Why are the financial results late?

[trousers]

"Company Southampton Leisure

TIDM SOO

Headline Trading Statement

Released 10:40 24-Jul-08 Number 7866Z10

/**/ RNS Number : 7866Z

Southampton Leisure Holdings PLC

24 July 2008

 

Southampton Leisure Holdings Plc

('the Company')

 

Trading Update

 

 

The Board of Southampton Leisure Holdings Plc is today providing a Trading Update prior to the release of its financial results for the year ended 30 June 2008 and in advance of the start of the 2008/09 football season.

 

Finance Director David Jones said 'The Company has seen a number of management changes during the financial year and with the preliminary announcement of the years results to 30 June 2008 not due for 10 to 12 weeks, we thought it would be appropriate to provide all stakeholders with an indication of the financial results for the year just completed. With the loss of the parachute payment from the Premier League and reduced ticket and commercial income, revenue for the year is expected to be around £14m with a loss before tax of around £5m".

 

The financial results will show an increase in the level of borrowings which has necessitated extensive discussions with the Company's bank and loan note holder, both of whom remain supportive of the board's approach.

 

Chairman Rupert Lowe added, " The Directors are aware that this is clearly not sustainable and are concentrating on reducing costs, however the Directors remain hopeful about the prospects for the forthcoming season. Jan Poortvliet and Mark Wotte are very excited about what will be a young dynamic team determined to play fast and attractive football. I hope everyone involved with the Club will get behind Jan, Mark and the team."

 

Southampton Leisure Holdings Plc expects to release its audited accounts in October.

 

This information is provided by RNS

The company news service from the London Stock Exchange

"

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1909467&source=RNS

 

12 weeks from 24th July was last Thursday (16th October) by my calculations.

 

Why the delay in formally announcing the half year results?

 

Is there a statutory date they have to adhere to?

Edited 20 October, 2008 by trousers

[Window Cleaner]

"Company Southampton Leisure

TIDM SOO

Headline Trading Statement

Released 10:40 24-Jul-08 Number 7866Z10

/**/ RNS Number : 7866Z

Southampton Leisure Holdings PLC

24 July 2008

 

Southampton Leisure Holdings Plc

('the Company')

 

Trading Update

 

 

The Board of Southampton Leisure Holdings Plc is today providing a Trading Update prior to the release of its financial results for the year ended 30 June 2008 and in advance of the start of the 2008/09 football season.

 

Finance Director David Jones said 'The Company has seen a number of management changes during the financial year and with the preliminary announcement of the years results to 30 June 2008 not due for 10 to 12 weeks, we thought it would be appropriate to provide all stakeholders with an indication of the financial results for the year just completed. With the loss of the parachute payment from the Premier League and reduced ticket and commercial income, revenue for the year is expected to be around £14m with a loss before tax of around £5m".

 

The financial results will show an increase in the level of borrowings which has necessitated extensive discussions with the Company's bank and loan note holder, both of whom remain supportive of the board's approach.

 

Chairman Rupert Lowe added, " The Directors are aware that this is clearly not sustainable and are concentrating on reducing costs, however the Directors remain hopeful about the prospects for the forthcoming season. Jan Poortvliet and Mark Wotte are very excited about what will be a young dynamic team determined to play fast and attractive football. I hope everyone involved with the Club will get behind Jan, Mark and the team."

 

Southampton Leisure Holdings Plc expects to release its audited accounts in October.

 

This information is provided by RNS

The company news service from the London Stock Exchange

"

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1909467&source=RNS

 

12 weeks from 24th July was last Thursday (16th October) by my calculations.

 

Why the delay in formally announcing the half year results?

 

Is there a statutory date they have to adhere to?

 

It was the 26th November last year, plenty of time as yet.

Although I would have thought that the new team would want to get them out to highlight the mess we were in when they took over.

Those accounts aren't going to be pretty reading with administration and player salary costs sky high,nearly to a laughable extent.Plenty of snouts in the trough gobbling up their fill methinks.

If you look at the accounts for 2007 they weren't that bad, we reduced our losses AND our debts, that despite buying quite a few players in the summer of 2006. But with the sale of Bale we actually made a profit on player trading in that year.

In fact in the year 2006/7 the club was quite well run. Then came the nitty gritty-loss of parachute payments-and the sh!t started. We increased our wage bill and didn't do very well on the field. All our problems are generated by those disastrous 12 months, especially the ones from December 2007 to June 2008.

Edited 20 October, 2008 by Window Cleaner

[trousers]

It was the 26th November last year, plenty of time as yet.

Although I would have thought that the new team would want to get them out to highlight the mess we were in when they took over.

 

Indeed, which is why I assume they set out a "10 - 12 week" timeframe in July for doing just that.

 

It's a good job there aren't any conspiracy theorists around to read too much into this 'delay'.....

[Long Shot]

I hear Rupert has fallen out with Barclays, big time after our overdraft increased from 6 to 8 million.

[trousers]

I hear Rupert has fallen out with Barclays, big time after our overdraft increased from 6 to 8 million.

 

Did you hear it from Marvyn Gaye? ;)

[broncoboy]

If only his dad had shot RL

[Window Cleaner]

Did you hear it from Marvyn Gaye? ;)

 

Nothing so clandestine, he's just the latest in the long line of Fulthorpe's 00?"licence to spread shîte about" brigade.

 

FF,LongShot,Nick01 might be the very same as LS) who wants to be next?.

 

NB. It would be particularily alarming if our overdraft had increased (rather than decreased) at this stage of the season.

Face it, our revenue is about 6000(if that)x£24=£144000 every two weeks. So unless we're paying the totality of our players,coaches,admin staff, academy staff etc less than £72000 per week it is unthinkable,especially as we are 2 months or more off the transfer window (unless there are instalments due on players). So far we've whipped up about 4.5 million in transfers and add ons, we got the season ticket money in and we have made some cash on the home games. I would very very much doubt that our overdraft has increased (it's not the period in which than happens). If we're minus 8 million now, we'll be all done by the end of November, ain't going to happen because what you say probably isn't correct.

Edited 20 October, 2008 by Window Cleaner

[Charlie Wayman]

Why not ask them if you are a shareholder

[Long Shot]

Nothing so clandestine, he's just the latest in the long line of Fulthorpe's 00?"licence to spread shîte about" brigade.

 

FF,LongShot,Nick01 might be the very same as LS) who wants to be next?.

 

 

NI is the future of Southampton FC - fact!

[Long Shot]

Did you hear it from Marvyn Gaye? ;)

 

"I bet you wondered how I knew"

[Weston Saint]

I hear Rupert has fallen out with Barclays, big time after our overdraft increased from 6 to 8 million.

 

I heard about the increased overdraft and Barclays concern the week after the Doncaster game by a good source and have since had it confirmed from a totally separate source this week.

 

Nothing new though, we knew the falling gates and the inability to sell any more of our high earners would result in a bigger losses. £2m in 3mths is worrying and just not sustainable.

[Long Shot]

"I bet you wondered how I knew"

 

 

And while on the subject of Rupert Lowe and soul legends can I just say Levi Stubbs RIP.

[Long Shot]

I heard about the increased overdraft and Barclays concern the week after the Doncaster game by a good source and have since had it confirmed from a totally separate source this week.

 

Nothing new though, we knew the falling gates and the inability to sell any more of our high earners would result in a bigger losses. £2m in 3mths is worrying and just not sustainable.

 

 

 

Window Cleaner still won't listen - perhaps he needs to clean his windows more often.

[trousers]

NI is the future of Southampton FC - fact!

 

Northern Ireland?

[Amesbury Saint]

NI is the future of Southampton FC - fact!

 

I dont understand what that means

[bridge too far]

Nick Illingsworth?

[Channon's Sideburns]

This is worrying, and possibly indicating Lowe and Wilde's big gameplan.

 

Come back, make 'urgent and necessary adjustments' then claim defeat, accepting administration, only to take control after admin (see Leeds and AFCB as examples) with no debt, full control...and oh look, Jacksons Farm.

 

Conspiracy theory? No, I actually believe this is what these tossers have planned all along.

 

It's Rupey's train set.

[DaveyR]

This is worrying, and possibly indicating Lowe and Wilde's big gameplan.

 

Come back, make 'urgent and necessary adjustments' then claim defeat, accepting administration, only to take control after admin (see Leeds and AFCB as examples) with no debt, full control...and oh look, Jacksons Farm.

 

Conspiracy theory? No, I actually believe this is what these tossers have planned all along.

 

It's Rupey's train set.

 

A very worrying scenario!!

[um pahars]

All our problems are generated by those disastrous 12 months,

 

As our current Football Club Chairman pointed out a little while back, all of our problems were generated from being relegated and having a cost base and structure that cannot work in the long term in this division.

 

£19m went out the door in our first year down and even now we're still losing money hand over fist.

 

especially the ones from December 2007 to June 2008.

 

Feel free to outline what happened in that short period that crippled this Club.:rolleyes:

[um pahars]

Should read:

 

£16m went out the door in our first year down (if you exclude the one off parachute payment) and even now we're still losing money hand over fist.

 

PS Granty sort out the editing problem.:smt110

[benjii]

This is worrying, and possibly indicating Lowe and Wilde's big gameplan.

 

Come back, make 'urgent and necessary adjustments' then claim defeat, accepting administration, only to take control after admin (see Leeds and AFCB as examples) with no debt, full control...and oh look, Jacksons Farm.

 

Conspiracy theory? No, I actually believe this is what these tossers have planned all along.

 

It's Rupey's train set.

 

I think you'll find Jacksons Farm (if it has any development value or appeal at all) would be sold as part of the administration.

[Chez]

This is worrying, and possibly indicating Lowe and Wilde's big gameplan.

 

Come back, make 'urgent and necessary adjustments' then claim defeat, accepting administration, only to take control after admin (see Leeds and AFCB as examples) with no debt, full control...and oh look, Jacksons Farm.

 

Conspiracy theory? No, I actually believe this is what these tossers have planned all along.

 

It's Rupey's train set.

 

Jackson's Farm would have to be sold off to pay debtors. I can't imagine debtors would allow it to be retained by any incoming buyer.

[benjii]

Jackson's Farm would have to be sold off to pay creditors. I can't imagine creditors would allow it to be retained by any incoming buyer.

 

!

[simo]

It's a conspiracy man!:smt109

[1965onwards]

Why do people assume that Lowe and Wilde will find it so easily to grab everything post administration,just because it happened elsewhere does not mean it will happen here.

 

Fulthorpe and others will be circling for sure.

 

Can't see the tight-fisted Lowe offering the most.

 

Wouldn't be surprised if Lowe and Wilde hadn't lost a lot of money recently in the stock market .

[Amesbury Saint]

I heard about the increased overdraft and Barclays concern the week after the Doncaster game by a good source and have since had it confirmed from a totally separate source this week.

 

Nothing new though, we knew the falling gates and the inability to sell any more of our high earners would result in a bigger losses. £2m in 3mths is worrying and just not sustainable.

 

in the absence of any good financial news, would it be better to go for administration now or in say 3 months.

 

If it is going to happen, is it not better to get it over and done with.

[1965onwards]

If your going to get shafted,get it out of the way as soon as possible.

 

Take your medicine and get on with things.

[Graffito]

" The Directors are aware that this is clearly not sustainable and are concentrating on reducing costs,.."

 

Cutting costs is the easy bit. Increasing revenue is the hard part. Great vision, poor execution, alienated core support, declining revenue.

[benjii]

in the absence of any good financial news, would it be better to go for administration now or in say 3 months.

 

If it is going to happen, is it not better to get it over and done with.

 

No, not really.

 

You put it off until the last minute because:

 

a) It completely shafts lots of other people;

 

b) There is a chance (hah!) that someone could find some money somewhere in the interim.

 

The only caveat is that if it is completely inevitable it would certainly be best to get it over with in time to ensure there is no point penalty next season. I can't believe it is that much of an inevitability though. NO ONE will benefit from it.

[Delmary]

Still not out yet!

[Mole]

I heard about the increased overdraft and Barclays concern the week after the Doncaster game by a good source and have since had it confirmed from a totally separate source this week.

 

Nothing new though, we knew the falling gates and the inability to sell any more of our high earners would result in a bigger losses. £2m in 3mths is worrying and just not sustainable.

 

It gets rather tiresome being right all the time, but as i've pointed out numerous times - SFC is like a runaway train heading for Administration. I think even the most happy clappy are starting to realise this now.

[trousers]

Still not out yet!

 

Indeed.

 

Curious.

Edited 6 November, 2008 by trousers

[Snowballs2]

Accounts late so they can get all their ducks in a row, and blame Crouch for everything that is not right. Fiddling while Rome burns or just fiddling ?? I smell cooking!!

[St Marco]

I would take a guess that they are waiting until/if we move away from the relegation zone. If we are in the bottom 3 and they deliver a report worse then the previous one then they will all looklike a bunch of hypocrites after what they did after the last game etc.. If they show it while we are moving up the league they can then say "were losing money but our team is doing better, we focused on the team!"..

 

Either way i can't wait to see what effect Lowe and Wilde have had on the club this time

[trousers]

I would take a guess that they are waiting until/if we move away from the relegation zone. If we are in the bottom 3 and they deliver a report worse then the previous one then they will all looklike a bunch of hypocrites after what they did after the last game etc.. If they show it while we are moving up the league they can then say "were losing money but our team is doing better, we focused on the team!"..

 

Either way i can't wait to see what effect Lowe and Wilde have had on the club this time

 

I believe the accounts being reported on will only cover up to 30th June, but I guess they will still have to/want to set the scene for the ensuing half-year in the commentary section....

[itchen]

I don't know an awful lot about stock exchange requirements, bankruptcy, company accounting and so on, so I don't tend to post on these threads. It doesn't seem to stop a lot of other people with a similar level of knowledge though.

[fos1]

Wilde likes his accounts late

have his building companies accounts been declared yet?

I believe they are well over due !!!

[trousers]

Wilde likes his accounts late

have his building companies accounts been declared yet?

I believe they are well over due !!!

 

Are they stockmarket listed PLCs though?

[OldNick]

The 8m overdraft is old news I thought. Wasn't it mentioned on a piece on the clubs site?

[trousers]

A couple of 'toe dipping' share trades again this week I see....

 

Last 5 trades

Time/Date...................Price Volume......Trade value .............Type

10:59:22 06-Nov-2008 27.63 13 ............ 3.59 ......... Ordinary Trade

14:02:01 05-Nov-2008 25.63 3,000 ........ 768.90 ...... Ordinary Trade

13:09:32 04-Nov-2008 27.63 3,619 ........ 999.93 ...... Ordinary Trade

12:51:31 04-Nov-2008 25.63 27 ............ 6.92 ........ Ordinary Trade

08:06:43 04-Nov-2008 25.63 400 ............102.52 ...... Ordinary Trade

Edited 6 November, 2008 by trousers

[Weston Saint]

The 8m overdraft is old news I thought. Wasn't it mentioned on a piece on the clubs site?

 

 

My post was 20th October Nick, not today!!!

[OldNick]

My post was 20th October Nick, not today!!!

yeah but......

[trousers]

[Fowllyd]

 

You win the annual 'Best thread-bumper' award hands down! And your question's still a valid one...

[Amesbury Saint]

are they late?

[Long Shot]

are they late?

 

Lowe has to line up the final nails in Wilde's coffin before the AGM can be announced. Ah well, if you sup with the devil......

[trousers]

are they late?

 

I'm not sure if they're late from a statutory point of view but they are "late" based on the trading statement released on 24th July 2008:

 

"the preliminary announcement of the years results to 30 June 2008 not due for 10 to 12 weeks"

[slickmick]

This is worrying, and possibly indicating Lowe and Wilde's big gameplan.

 

Come back, make 'urgent and necessary adjustments' then claim defeat, accepting administration, only to take control after admin (see Leeds and AFCB as examples) with no debt, full control...and oh look, Jacksons Farm.

 

Conspiracy theory? No, I actually believe this is what these tossers have planned all along.

 

It's Rupey's train set.

 

 

I'm no expert in these things, but wouldn't the same opportunity apply to other potential Investors ?

[SaintRichmond]

I hear Rupert has fallen out with Barclays, big time after our overdraft increased from 6 to 8 million.

 

 

 

I expect Lowe is trying to pencil in the January Sales of :-

 

Schneiderli

Lalana

Surman

 

...... and arranging the Loan of one other "Replacement" ........ ( we already have Pulis & Boyle .............

 

........ I can't wait for our meteoric rise up the Table .........

[um pahars]

I posted this a few weeks back, and it is still something that I can imagine is causing us problems:

 

 

The Annual Report and accounts do indeed relate to the financial period, which on the whole was before Lowe & co returned. But these reports also include a forward looking perspective, namely the concept of Going Concern (i.e. the concept that assumes that the Club will continue in business in the foreseeable future).

 

I wouldn't be at all surprised if there was much heated discussion between the Board, the Auditors and the Bank about this issue.

 

Signing off last years numbers won't be the issue, it will be convincing the auditors that we are a going concern that is probably causing us problems.

 

 

 

BTW, they aren't "late" as in overdue, as although in normal seasons they were often out in September, last year they came out late November (although that delay also probably had a lot to do with the SISU offer, Going Concern issues, forcing the Executives to jump etc etc etc).