Interim Results
08 Maio 2006 - 12:40PM
UK Regulatory
Fundamental-e Investments Plc (the "Group" or "Fundamental-e")
Interim Results for the Six Months Ended 31 March 2006
CHAIRMAN'S STATEMENT
I am pleased to report that since the year end a number of initiatives have
been successfully concluded:-
On 5 December 2005 the Group disposed of the trade of its former loss making
subsidiary, Wilson & Garden Limited, yielding a book profit of approximately �
241,000;
On 26 January 2006 the Group concluded new banking facilities with the
Clydesdale bank, enabling it to develop its site in Kilsyth, Scotland;
On 14 March 2006 the Group was granted planning approval for the development of
72 apartments at this site; and
Alongside these initiatives the company has continued to work hard to reduce
its costs.
We continue to work hard to find opportunities to create shareholder value and
continue to be positive that suitable value creating opportunities will be
found.
Financial Results
The operating loss before taxation for the six months to 31 March 2006 was �
28,000 (2005 - Loss �1,563,000). Turnover was �551,000 (2005 - �7,358,000).
Loss per share is 0.003p (2005 - 0.52p), no interim dividend can be paid.
As at 31 March 2006 the Group had cash resources of �128,000 (as at 31 March
2005 - �14,000). The Group also had bank loans totalling �450,000 (2005 - �
nil).
Stephen Thomson
Chairman
Consolidated Profit & Loss Account
Unaudited Unaudited Audited year
ended
half year half year
ended ended 30 September
2005
31 March 31 March
2006 2005
�'000 �'000 �'000
Turnover 551 7,358 9,057
Cost of Sales 351 (5,061) (6,162)
Gross Profit 200 2,297 2,895
Net Operating Expenses
Distribution costs (59) (274) (275)
Administrative expenses (390) (3,476) (4,138)
Other operating income 0 16 0
Operating Loss (249) (1,437) (1,518)
Exceptional Items 241 0 103
Interest payable (20) (126) (129)
Loss on ordinary activities before tax (28) (1,563) (1,544)
Tax 0 0 0
Loss on ordinary activities after tax (28) (1,563) (1,544)
Minority interest 0 52 (70)
Dividends 0 0 0
Accumulated Loss (28) (1,511) (1,614)
Loss per share (0.003)p (0.52)p (0.38)p
Consolidated Balance Sheet
Unaudited Unaudited Audited year
ended
half year half year
ended ended 30 September
2005
31 March 31 March
2006 2005
�'000 �'000 �'000
Fixed Assets
Tangible assets 597 1,253 732
Intangible assets 0 0 0
Current Assets
Stocks 18 1,359 286
Trade debtors 110 1,766 811
Other debtors 54 450 0
Cash at bank 128 14 219
Creditors less than 1 year (327) (5,304) (1,609)
Net Current Liabilities (17) (1,715) (293)
Total Assets less Current Liabilities 490 (462) 439
Creditors greater than 1 year (525) 0 (155)
Other Provisions (26) (246) (227)
29 (708) 57
Capital and Reserves
Share Capital 3,619 2,915 3,619
Profit and loss account (14,302) (14,171) (14,274)
Share premium 9,962 8,364 9,962
Other Reserves 750 2,184 750
29 (708) 57
Consolidated Cashflow statement
Unaudited Unaudited Audited year
ended
half year half year
ended ended 30 September
2005
31 March 31 March
2006 2005
�'000 �'000 �'000
Net Cash outflow from operating (388) (344) (1,341)
activities
Net Cash outflow from returns on (20) (148) (129)
investments and servicing of finance
Taxation 0 0 (21)
Net Cash inflow in respect of capital (64) 0 38
items
Net Cash outflow from acquisitions and (33) 0 416
disposals
Cash outflow before financing (505) (492) (1,037)
Cash inflow from financing 442 0 769
Decrease in cash (63) (492) (268)
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated interim financial statements are unaudited and do not
constitute accounts within the meaning of section 240 of the Companies Act
1985.
The statements have been prepared using accounting policies and presentation
consistent with those applied in the audited accounts for the year ended 30
September 2005.
The information in respect of the year ended 30 September 2005 has been
extracted from the audited statutory accounts of that year which have been
delivered to the Registrar of Companies. The report of the auditors on those
statutory accounts was qualified.
2. Taxation
There is no provision for corporation tax for the half year, on the basis that
no liability will arise for the 6 months to 31 March 2006.
3. Earnings per share
Unaudited Unaudited Audited year
ended 30
half year ended half year ended September 2005
31 March 2006 31 March 2005
�'000 �'000 �'000
Loss for the financial 28 1,511 1,614
period
Weighted average number of 961 million 291 million 426 million
shares
4. Dividend
The directors cannot recommend payment of a dividend for the six months ended
31 March 2006.
Contact details:
Liam Murray City Financial Associates 020 7090 7800
Limited
Nominated Adviser
END
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