oldskyblue58
CCFC Finance Director
Certainly not good news. continued losses but there are positive things they can point to. I am not going to analyse in great detail, just general points
- turnover is up compared to the first 6 months of the previous financial year by 400k. remains on course to match the previous year based on figures to 31/12/18
- cost of sales continues to increase mainly due to wage cost pressures and an increase in food & drink costs. Could exceed the 2018 accounts figure. Wage costs are a major concern for all clubs
- admin costs seem to be on course to be less than the full year to 30/06/2018
- no exceptional costs this time but there is an exceptional profit of 97k
- the new deal seems to have dropped the profit share element due to Compass or Delaware by 0.5m
- Loss 4.9m cannot be described as good or positive
- this is a period of restructuring due to the switch from Compass to Delaware so things may be set to improve under the new arrangement time will tell
- the Wasps performance on the pitch is going to damage any improvement
- fixed assets pretty much the same as at 30/06/2018 but revaluation of lease due this month
- Current assets are down 1.5m so overall total assets are down 1.4m compared to 30/06/2018
- They have had to pay off the Compass deal in this period by buying it out £6.8m that has been written off against reserves (not P&L acc). It wont reoccur
- loans in total are actually down by 470k compared to 30/06/2018
- current liabilities are down from 21m 30/06/2018 to 15.8m 31/12/2018 it is the inability to pay current liabilities that causes many insolvencies
- there are some big movements in respect of deferred income and i assume that's to do with the delaware deal
- despite all this the group is 1.4m cash flow positive in the period after buying out compass and spending 1.2m on assets
- the amount owed to richardson has actually gone down since 30/06/2018
- total liabilities are now £10m more than total assets
- these are not audited accounts
- the deal for CVC gets paid out since these figures and will be included in the year end accounts
- turnover is up compared to the first 6 months of the previous financial year by 400k. remains on course to match the previous year based on figures to 31/12/18
- cost of sales continues to increase mainly due to wage cost pressures and an increase in food & drink costs. Could exceed the 2018 accounts figure. Wage costs are a major concern for all clubs
- admin costs seem to be on course to be less than the full year to 30/06/2018
- no exceptional costs this time but there is an exceptional profit of 97k
- the new deal seems to have dropped the profit share element due to Compass or Delaware by 0.5m
- Loss 4.9m cannot be described as good or positive
- this is a period of restructuring due to the switch from Compass to Delaware so things may be set to improve under the new arrangement time will tell
- the Wasps performance on the pitch is going to damage any improvement
- fixed assets pretty much the same as at 30/06/2018 but revaluation of lease due this month
- Current assets are down 1.5m so overall total assets are down 1.4m compared to 30/06/2018
- They have had to pay off the Compass deal in this period by buying it out £6.8m that has been written off against reserves (not P&L acc). It wont reoccur
- loans in total are actually down by 470k compared to 30/06/2018
- current liabilities are down from 21m 30/06/2018 to 15.8m 31/12/2018 it is the inability to pay current liabilities that causes many insolvencies
- there are some big movements in respect of deferred income and i assume that's to do with the delaware deal
- despite all this the group is 1.4m cash flow positive in the period after buying out compass and spending 1.2m on assets
- the amount owed to richardson has actually gone down since 30/06/2018
- total liabilities are now £10m more than total assets
- these are not audited accounts
- the deal for CVC gets paid out since these figures and will be included in the year end accounts
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