RNS Number:1712P
Public Network PLC
21 December 2001
PUBLIC NETWORK PLC
CHAIRMAN'S STATEMENT
The first 6 months of this financial year have been an interesting and
fruitful period for Public Networks plc.
During the early part of the year we spent much time reorganizing our estate
of some 280 units to maximize our revenue and saw a significant growth as a
result. Effectively this saw a switch in our activity to higher earning
installations.
From June to October we were heavily involved in raising more capital and had
an extremely successful offer to existing shareholders on OFEX which was
oversubscribed after some 12 days and was closed early. Our subsequent fund
raising in September and October, as we moved onto AIM, was successful by
raising the minimum subscription, despite the difficult prevailing market
conditions.
We have continually sought ways to increase the number of units available to
us for installation and on 20 December 2001 we announced the acquisition of
the entire issued share capital of a newly formed subsidiary of Yava Limited,
which owns some 775 internet kiosks. The initial instalment has been paid and
we are in negotiations to secure the finance required to pay the two remaining
instalments, #50,000 each of which is due on 28 January and 11 March next
year.
The Directors remain fully aware of the need to manage the cash resources in a
conservative manner having regard to the working capital available to the
company.
We continue to develop our links with Government agencies, and their online
services. With a growing number of new enquiries from the UK as well as
overseas we have every confidence that our targets set for the end of March
2002 will be achieved.
Alan Grace
Chairman
21 December 2001
Public
Network PLC
Public Network PLC
Consolidated Profit & Loss Account Consolidated Cash Flow Statement
unaudited audited unaudited unaudited audited unaudited
6 mths Year 6 mths 6 mths Year 6 mths
Sep-01 Mar-01 Sep-00 Sep-01 Mar-01 Sep-00
Turnover 94,937 87,988 32,026 Net cash (418,116)(1,031,533) (714,469)
outflow from
operating
activities
Cost (325,213)(388,371) (219,672) Returns on (5,553) 39,239 34,280
of Investments
sales and servicing
of finance
Opera- (243,502)(1,253,795)(546,342) Capital (47,584) (626,571) (148,693)
ting Expenditure
costs
Oper- (473,778)(1,554,178)(733,988) Net cash (471,253)(1,618,865) (828,882)
ating outflow
(Loss) before
financing
Interest 70 41,469 34,627 Financing 474,753 100,000 -
receivable
Interest (5,623) (2,230) (347)
payable
(Decrease) in 3,500 (1,518,865)(828,882)
cash in
period
(Loss) (479,331)(1,514,939)(699,708)
for the
financial
Year
Reconciliation of net cash flow to
movement in net funds
Basic (3.18)p (11.10)p (5.11)p
(loss)
per share
(Decrease) 3,500 (1,518,865) (828,882)
in cash
in period
There are no recognised gains or
losses other than those reported
above.
All of the above figures are for
continuing operations.
Loan - (100,000) -
repaid/
(received)
Consolidated Balance Sheet
unaudited audited unaudited Opening (256,599) 1,362,266 1,362,266
6 mths Year 6 mths net
Sep-01 Mar-01 Sep-00 funds
Closing (253,099) (256,599) 533,384
net funds
Fixed
Assets
Intangi 624,933 642,788 678,498 Reconciliation of operating loss to net
bles cash flow
Tangibl 276,475 378,873 170,794
es
901,408 1,021,661 849,292 Operating (473,778)(1,554,178) (733,988)
(loss)
Current
Assets
Deprecia- 167,837 311,678 6,169
tion
Stocks 2,891 - -
Debtors 97,465 108,315 87,810 (Increase) (2,891) - -
/Decrease
in stocks
Cash 473 173 683,384
at bank
100,829 108,488 771,194 Increase/ (120,134) 280,113 61,991
(Decrease)
in creditors
Creditors
Due (473,605)(596,939)(272,045)(Increase) 10,850) (69,146) (48,641)
within /Decrease
one year in debtors
Net (372,776)(488,451) 499,149 (418,116)(1,031,533) (714,469)
current
assets
Total 528,632 533,210 1,348,441
net
assets
Capital and Reserves
Called 1,973,819 1,372,109 1,372,109
up
share
capital
Share 1,170,993 1,297,950 1,297,950
premium
account
Profit (2,616,180)(2,136,849) (1,321,618)
& loss
account
Share- 528,632 533,210 1,348,441
holders'
funds
Notes to the Interim Financial Statements
The board approved the financial information set out in this report on 19
December 2001.
This statement does not comprise statutory accounts under the meaning of
Section 240 of the Companies Act 1985 (as amended) ("the Act")
The financial information for the year ended 31 March 2001 is an extract from
Public Network's latest Group accounts. Full accounts for the year then
ended, which contain an unqualified auditor's report
and no statement under Section 237(2) or (3) of the Act, have been delivered
to the Registrar of Companies
Earnings per share for the half year ended 30 September 2001 have been
calculated on the loss after taxation and on 15,073,940 ordinary shares (6
months to 30 September 2000: 13,721,094 and full year
to March 2001: 13,721,940), being the weighted average of ordinary shares in
issue and ranking for dividend during the period.
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