www.thisishullandeastriding.co.u ... ticle.html Losses heading in the right direction, and not as bad as predicted. At least this article should save someone a £1

www.thisishullandeastriding.co.u ... ticle.html Losses heading in the right direction, and not as bad as predicted. At least this article should save someone a £1

Not fiddling the assets either by including players in them either

its good we are heading in right direction but still room for improvement

Better to be heading in the right direction rather than the wrong one. We were never going to turn a circa £0.5m loss into a profit in a year so a 30%+ improved position shows a good trend. As has been said plenty of work still to be done but set against the economic backdrop it is positive news.

Mrs B will be flicking a bean with this news....

She'll be flicking something, that is for sure!

You should never over-use the word 'either' in a sentence, it makes you look stttttupid

The-thing-I'm-most-guilty-of-is-using-hyphens-where-they-are-not-required.

Makes-me-look-a-right-plank-that.

Along-with-wearing-trousers-that-are-so-tight-that-you-can-make-out-the-double-sphere-of-my-nadrigals.

You don't need hyphens to make you look a plank, honest.

As for the trousers, I would worry more about the rest of your appearance than your ball area. Mess of a bloke.

Are you trying to say that my bow and medallion combo are not up to the levels of sartorial elegance that are required?

Perhaps I should review them for a more sporty appearance.

I wonder if anyone is aware of any suppliers of quality sports wear?

I am not sure you have the body to carry off 'Sporty' clothing!

However try JDSports.

Looks like your heading in the right direction with what looks like an upcoming year of added merchandise sales and crowds to do even better next year, well done!

Good news for Rovers to be paying debt off slowly but surely. I'd be interested to know more about transferring the directors loans to shares though and what the value will be. Will 860k of loans transfer into 860k of shares for example or are the Directors writing an element of their money off and taking a smaller return.

I guess we will find out going forward. What is more interesting is wether this could change control of the company depending on what is owed to whom and how they structure the share capital.
At the end of the day it will make the balance sheet look better but its all pretty cosmetic because lets face it they were never getting their money back anyway!

It's likely to re-shape the company somehow isnt it. Not sure how i'd feel though as an existing shareholder if your shares are ultimately watered down by this move. I'm guessing the major shareholder must have had to agree with it.

Brscoe 50k
Fx 50k
Welham 30k
Webster 70k
Colbon 20k
Green 50k
Dobson 100k
Clinton 70k
Fisher 30k
Wheeldon 20k
Newton 70k
Mason 100k
Galea 50k

Hodgson 20k
Vella 40k
Cockayne 30k
Hall 20k

Remainder 100k in total

Puts us well into profit

Interesting point. I assume that there has to be some fair way of valuing the debt relative to the value of the company, or that the share issue would have to be open to the public/all existing shareholders. Otherwise an unscrupulous board or major shareholder could turn a £5 loan into 80% share holding or some such. None of which pertains to Hull KR, of course.

The figures are more encouraging, especially given the general economic climate. With Sportingbet coming on board hopefully we'll see further improvement in the figures for this year. Still a distance to go, but easier to imagine Hull KR surviving in SL (if not quite ready to thrive yet) beyond the tenure of this board.

Once the value is established could it turn into further financial good news if new or existing shareholders are permitted to purchase further shares?

I mentioned on a thread on the VT, if Widnes can turn in a £1M profit then SL clubs should be able to achieve even more than that (why they don't, or what Widnes did to achieve such a good result I don't know, but it is clearly doable) which, I guess, would make them very interesting to investors.

Blimey, the selectivity of information in Mullan's report is staggering even by his (and my

) standards.

Is it better that Rovers' loss is £298k rather than £450k? Of course.

One question that Mullan seems to have missed, is how, with 14 days of the financial year to go, and no further uncertainty over fixtures, gate receipts etc with it being off season, Neil Hudgell's declared loss of £450,000 in his online interview on 16th November improved to £298,000. To miss one's forecasted outturn by an amount this material so close to the year end is bizarre.

The other piece of context that is completely absent is the performance of the rest of Super League in this financial year. Mullan chooses to reference only St Helens whose position has deteriorated year on year due to failure to reach the CC final in 2009. Why is that, I wonder? There are other more noteworthy performances that he doesn't seem to have clocked. He doesn't mention Leeds, who stepped up from a loss of £300k to a profit of £700k, an improvement of £1m. He doesn't mention Salford who went from a loss of £800k to a loss of £19k. He doesn't mention that Warrington went from a loss of £200k to a profit of £200k. These are the biggest swings in performance. Why would an independent newspaper pick out only Saints, who buck the trend with a deterioration, as the only other club to compare Rovers results against. How odd.

He also fails to reference that in terms of profitability, Rovers are 9th out of 12 clubs to file for 2009, compared to 7th out of 12 for the previous year. Everyone has to raise their game now that licenses are up for review, particularly with Widnes posting £1m profit in a SL standard stadium. Many clubs have stepped up, and some have done more than others in this respect.

And finally Mullan fails to mention that, for the first time, the notes to the accounts include a "going concern" comment as follows:
"These accounts are prepared on a going concern basis. The Directors believe this to be appropriate following ongoing cost-cutting measures which have taken place since the year end together with the continued support of the Company's Bankers and Directors".
This is certainly not unusual amongst SL clubs, in fact most clubs supported by benefactors rather than a self-sustaining economic model have this note, but it is the first time Rovers have disclosed it in their accounts. Maybe it's a change in reporting standards, I'll ask Adeybull.

10 minutes of your life you'll not get back. Player valuations have nothing to do with profit.

read the first two lines then realised it was the usual bull, do us all a favour and go camping on a railway line for the night.

Would be just my luck that id be on the train and stuck for 2 hours mind !

You could have just stopped there. Surely nothing else in his report came as a surprise?