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BIH Interim Accounts Released
Birmingham International Holdings have released their interim accounts for the six month period up until December 2014 to the HKSE.
The announcement confirms a loss of approx HK$9M – about £750,000 – but also confirms borrowings have cut in half, and that BIH have around HK$90million in cash in the bank.
There are other bits and pieces of interest – for example mention of HK$93,000 (about £8,000) in cash that has been allegedly misappropriated from the former BIH offices; that they are seeking legal advice over demands from Peter Pannu and Charlie Penn and are in negotiation with China Energy over their loan demand.
I will be publishing a video tomorrow morning talking more about the accounts with a more detailed analysis.
7 Responses to “BIH Interim Accounts Released”
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Wow, £7.5 million in the bank! I presume that’s for BIH in total rather then just BCFC. Still nice to know there is some money floating about which can only be a positive thing in terms of the sustainability of the club? Looking forward to your video and keep up the good work
Blues had more in the bank last season
As at 31 December 2014, the cash and bank balances of the Group amounted to approximately HK$90
million (£7.6 mill) , representing a decrease of 37% compared to the cash and bank balances of approximately HK$143 million (£12.1 mill ) as at the last financial year end.
This seemed the most interesting bit to me:
“For the six months ended 31 December 2014, the Group recorded a consolidated turnover of
approximately HK$144 million, representing an increase of 7.7% compared to the consolidated turnover of approximately HK$134 million in the six months ended 31 December 2013. Such increase was mainly due to the better performance of our football players in football matches during the 2014/2015 football season which drove increases in match receipts, television broadcasting and other commercial revenues.”
Thank you Sir Gary Rowett!!!
So by implication the imbecile Clark was costing us money in addition to making us a laughing stock?. God it gets better and better.
I would imagine £2m.has now come off that with EY fees. However pleasantly surprised. Good time now to reveal preferred bidders for the club. let’s keep up the heat on this.
That would be interesting to know of course but wholly unethical, unprofessional and a breach of trust. You wouldnt expect a Hollywood producer to reveal the names of the stars who they rejected or failed the audition for a role in a film. It’s just not cricket and a big no-no
I wonder when everyone says the accounts look far better; how is this so when these accounts include £7.3 million for 6 months in parachute payments(£5 million) and TV money (£2.3 million) and when going into this summer we will be millions worse off now as the parachute payments have finished?
£1.7 million more in June to Dec 2014 from transfers shows to repeat this improvement we will probably have more player sales.
Income of 12.1 million was turned into a loss by wages etc of £12.4 million, thats over 100% spent on wages which is unsustainable.
No parachute payments means a reduction of around £8 million (£4 million over this account period) as i believe the average TV money for championship clubs is £4 million (£2 million over this account period).
Am i wrong or missing something?