Interim Results
12 Fevereiro 2007 - 1:51PM
UK Regulatory
RNS Number:1221R
Poole Investments PLC
12 February 2007
Poole Investments PLC
12 February 2007
POOLE INVESTMENTS PLC
("The Company")
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDING 30 NOVEMBER 2006
Financial highlights
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
(#'000) (#'000) (#'000)
Turnover:
Rental income 170 170 335
Operating profit 137 130 260
Loss before tax (6) (14) (22)
Loss per share (p) (0.00) (0.01) (0.01)
Operational results
Operating profit for the six months ended 30th November 2006 was a little above
the previous year. Underlying revenues and costs remain broadly the same. There
was very little expenditure made in connection with activities associated with a
possible planning application. Interest costs were much as last year.
The arrangements made to fix interest rates on the bank loan facility were due
to expire in May 2007. During the current period it was decided that these be
extended for a further year, at similar fixed rates so as to have some certainty
on finance costs during the next financial year.
Strategy
The strategy remains as set out in the last Report and Accounts. The Company is
an Investment Company and derives its income from the rental of its Investment
Property. The Directors seek to minimize expenditure whilst exploring ways to
maximize the potential value of the Property. With this in mind and given the
planned regeneration of Poole and Hamworthy it is hoped that a planning
application can be submitted for the site. Before incurring expenditure on this
the Board needs to be satisfied that this will be commercially viable by
reaching an understanding with Poole Council. Key to this is mix usage within an
application between residential and commercial, and agreeing an equitable
apportionment of any regeneration costs between landowners within the
regeneration area. The timing of this is still not as clear as the Directors
would like although it is thought discussions may commence shortly.
H A (Tony) Palmer
Chairman
12 February 2007
Unaudited Group Profit & Loss Account
for the six months ended 30 November 2006
Notes 6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover:
-rental income 2 170 170 335
Operating profit 137 130 260
Interest and similar charges (143) (144) (282)
Loss on ordinary activities before taxation (6) (14) (22)
Taxation - - -
Loss transferred to reserves (6) (14) (22)
Loss per ordinary share
-basic and diluted 5 (0.00)p (0.01)p (0.01)p
Group Statement of Total Recognised Gains and Losses
for the six months ended 30 November 2006
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Loss for the period (6) (14) (22)
Revaluation of Investment Property - - 1,750
Total recognised gains and losses relating to the period (6) (14) 1,728
Reconciliation of Shareholders' Funds
for the six months ended 30 November 2006
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Total recognised gains and losses (6) (14) 1,728
Shareholders' funds at 1 June 3,432 1,704 1,704
Shareholders' funds at 30 November/31 May 3,426 1,690 3,342
Summarised Statement of Group Cash Flows
for the six months ended 30 November 2006
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Cash inflow from operating activities 124 115 245
Returns on investments and servicing of finance:
Interest paid (129) (130) (255)
Management of liquid resources:
Decrease in short term deposits 5 11 8
Decrease in cash - (4) (2)
Unaudited Consolidated Balance Sheet
As at 30 November 2006
As at As at As at
30 November 2006 30 November 31 May
(Unaudited) 2005 2006
(Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Tangible assets 6,500 4,750 6,500
Investments - - -
6,500 4,750 6,500
Current Assets
Debtors - 20 20
Cash at bank 15 12 15
Short term deposits 140 143 145
155 175 180
Creditors: amounts falling due (469) (393) (405)
within one year
Net current liabilities (314) (218) (225)
Total assets less current liabilities 6,186 4,532 6,275
Creditors: amounts falling due after (2,760) (2,842) (2,843)
more than one year
Net Assets 3,426 1,690 3,342
Capital and reserves
Called up share capital 9,247 9,247 9,247
Special reserve 13,130 13,130 13,130
Revaluation reserve 5,540 3,790 5,540
Profit and loss account (24,491) (24,477) (24,485)
Equity shareholders' funds 3,426 1,690 3,432
Reconciliation of net cash flow to movement in net debt
for the six months ended 30 November 2006
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Decrease in cash and short term deposits in the (5) (15) (10)
period
Change in net debt resulting from cash flows (5) (15) (10)
Other non cash movements (14) (14) (28)
Movement in net debt (19) (29) (38)
Opening net debt (2,993) (2,955) (2,955)
Closing net debt (3,012) (2,984) (2,993)
Reconciliation of operating profit to net cash inflow from operating activities
for the six months ended 30 November 2006
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Operating profit 137 130 260
Decrease in debtors 20 - -
Decrease in creditors (33) (15) (15)
Net cash inflow from operating activities 124 115 245
Notes to the Interim Accounts
1. The Interim Accounts, which are unaudited, have been prepared using accounting policies stated in
the Company's Report and Accounts for the year ended 31 May 2006.
2. All rental income is derived from the United Kingdom.
3 No deferred tax asset has been recognised due to the low level of the loss for the period and the
uncertainty and timing of future profits.
4. The Directors do not recommend the payment of an interim dividend.
5. The earnings per share figures are based on the result after taxation for the respective periods
divided by the weighted average number of shares in issue as follows:
6 months to 6 months to 12 months to
30 November 30 November 31 May
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Loss on ordinary activities after taxation (6) (14) (22)
Thousands Thousands Thousands
Basic weighted average number of shares 184,949 184,949 184,949
There are no outstanding share options.
6. The valuation of the Investment Property as at 31 May 2006 was performed by Edward Symmons &
Partners in August 2006 in accordance with the Appraisal and Valuation Manual of The Royal
Institution of Chartered Surveyors. The Property continues to be held by the Group for long-term
investment. Accordingly, the property is recorded as an Investment Property and is valued on an
open market basis. The Investment Property is not depreciated.
7. Contingent liabilities were set out in the Report and Accounts for the 12 months to 31 May 2006 and
remain unchanged, except as noted as follows. H A Palmer and D E Cicurel have agreed to defer the
payment of any directors' fees until a sale of the Company's land and buildings or an offer for the
share capital of the Company being received and recommended. In that event, the Company would have
to pay H A Palmer and D E Cicurel the amount of the outstanding fees based on the number of their
completed months of service. These directors receive no other payments or benefits for their
services. For the 6 months to 30 November 2006 the cost of this would be #17,500 in addition to
the amounts due to them as set out in the Report and Accounts for the 12 months to 31 May 2006.
8. The financial information contained in this interim statement does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985. The financial information for the
full preceding year is based on the statutory accounts for the financial year ended 31 May 2006.
Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the
Registrar of Companies.
9. Additional copies of the Interim Report are available from the Registered Office of the Company at
Unit 19, 21 Charlwoods Road, East Grinstead, West Sussex RH19 2HL (Telephone 07973 820492).
Access shareholder information on Interactive Voice Response on 0870 707 1232.
Independent Review Report to Poole Investments plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 November 2006, which comprises the Group Profit and Loss
Account, Group Statement of Total Recognised Gains and Losses, Reconciliation of
Shareholders' Funds, Summarised Group Statement of Cash Flows, Consolidated
Balance Sheet, and the related notes 1 to 9. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by the law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report as required by the AIM Rules
issued by the London Stock Exchange.
Review work performed
We conducted our review having regard to the guidance contained in Bulletin
1999/4 'Review of interim financial information' issued by the Auditing
Practices Board for use in the United Kingdom. A review consists principally
of making enquiries of Group management and applying analytical procedures to
the financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied, unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 November 2006.
Ernst & Young LLP
Manchester
12 February 2007
Contact details: Kevin Wilson - 0161 831 1512
Zeus Capital
Nick Cowles - 0161 831 1512
Zeus Capital
David Booth - 07973 820 492
Poole Investments plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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