Interim Results
19 Maio 2006 - 7:34AM
UK Regulatory
RNS Number:2537D
Penmc PLC
19 May 2006
PenMc plc
Interim Results Statement
for the half year ended 28 February 2006
Chairman's statement
The executive director's activities in the first half of the current financial
year have again been concentrated on the ongoing resolution of prior year
disposal issues.
At the Annual General Meeting of the Company held on 30 March 2006, the
Investment Strategy of the Company in the context of the current AIM rules was
approved as follows:
The Directors will be actively seeking to invest in a company or business that
is well positioned in a business sector with above average growth potential.
The chosen business sector is likely to be in consumer services. The Directors
have extensive experience of acquiring and managing both public and private
companies and this experience will be used to carry out due diligence,
supplemented by investigating accountants as appropriate, and to evaluate
proposed investments.
The executive directors are in the process of reviewing such investment
opportunities and will communicate with shareholders at the appropriate time.
Eric Cater
Non-Executive Chairman
Consolidated profit and loss account
for the half year ended 28 February 2006
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
TURNOVER 25 2 2
-------- --------- ---------
OPERATING LOSS (7) (30) (64)
Exceptional item - profit on disposal of
discontinued operations
- 27 27
Net interest payable - - -
------- -------- ---------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION (7) (3) (37)
- after exceptional items (7) (3) (37)
Exceptional items
- profit on disposal of discontinued operations - (27) (27)
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION AND EXCEPTIONAL ITEMS (7) (30) (64)
======== ========= ========
Tax on loss on ordinary activities - - -
------- -------- --------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION (7) (30) (37)
======== ======== ========
(Loss)/earnings per share:
Basic (0.01) - (0.04p)
Basic excluding exceptional items (0.01) (0.03p) (0.06p)
Diluted (0.01) - (0.04p)
======== ======== =========
All of the Group's turnover and operating loss in the period relate to discontinued activities.
There is no difference between the loss on ordinary activities before taxation and the loss sustained for the half
year ended 28 February 2006 and their historical cost equivalents.
The Group has no recognised gains or losses other than those included in the results above.
Consolidated Balance Sheet
as at 28 February 2006
Unaudited Unaudited Audited
as at as at as at
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
CURRENT ASSETS
Debtors - 20 9
Loan note deposit - 187 120
Cash at bank and in hand 34 63 43
--------- -------- ---------
34 270 172
CREDITORS: Amounts falling due within
one year (64) (259) (195)
--------- --------- ---------
NET ASSETS/(LIABILITIES) (30) 11 (23)
========== ========== ==========
CAPITAL AND RESERVES
Called-up share capital 981 981 981
Share premium account 20,113 20,113 20,113
Profit and loss account (21,124) (21,083) (21,117)
---------- ---------- ----------
SURPLUS OF/(DEFICIENCY IN) EQUITY
SHAREHOLDERS' FUNDS (30) 11 (23)
========== ========== ==========
Consolidated cash flow statement
for the half year ended 28 February 2006
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (9) (32) (52)
Returns on investments and servicing of finance - - -
Taxation repaid/(paid) - - -
Capital expenditure and financial investment - - -
Acquisitions and disposals - 27 27
---------- ---------- ---------
(DECREASE)/INCREASE IN CASH (9) (5) (25)
========== ========== =========
Reconciliation of movements in group equity shareholders' funds
for the half year ended 28 February 2006
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
Loss for the period (7) (3) (37)
--------- ---------- ---------
Net reduction in equity shareholders' funds (7) (3) (37)
Opening (deficiency in)/surplus of
equity shareholders' funds (23) 14 14
--------- --------- ---------
Closing surplus of/(deficiency in)
equity shareholders' funds (30) 11 (23)
========= ========== =========
Notes to financial statements
1. (LOSS)/EARNINGS PER SHARE
The calculations of (loss)/earnings per share are based on the following losses
or profits and numbers of shares:
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
(Loss)/profit on ordinary activities
after taxation (7) (3) (37)
Exceptional items -
- profit on disposal of discontinued operations - (27) (27)
--------- --------- ---------
Loss before exceptional items (7) (30) (64)
========= ========= =========
Number Number Number
of shares of shares of shares
000 000 000
Weighted average number of shares:
For basic (loss)/earnings per share 98,147 98,147 98,147
--------- --------- ---------
For diluted (loss)/earnings per share 98,147 98,147 98,147
========= ========= =========
Basic (0.01p) - (0.04p)
Basic excluding exceptional items (0.01p) (0.03p) (0.06p)
Diluted (0.01p) - (0.04p)
========= ========= =========
The directors have presented an alternative earnings per share figure to give a better indication of the long term
results of the business. FRS14 requires presentation of diluted earnings per share when a company could be called
upon to issue shares that would decrease net profit or increase net loss per share. Since it seems inappropriate to
assume that option and warrant holders would act irrationally, no adjustment has been made to diluted (loss)/earnings
per share for out-of-the-money share options and warrants. As there is no potential dilution, the basic and diluted
(loss)/earnings per share figures are the same.
2. RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
Operating loss (7) (30) (64)
Decrease (increase) in debtors 9 8 19
Decrease in creditors (11) (10) (7)
--------- --------- ---------
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (9) (32) (52)
======== ======== =========
3. ANALYSIS OF CASH FLOWS
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
Returns on investments and servicing of finance
Interest received 2 4 7
Interest paid (2) (4) (7)
--------- --------- ---------
NET CASH OUTFLOW - - -
========= ========= =========
Taxation
UK corporation tax repaid/(paid) - - -
========= ========= =========
Capital expenditure and financial investment
Sale of tangible fixed assets - - -
--------- --------- ---------
NET CASH INFLOW - - -
========= ======== ========
Acquisitions and disposals
Disposal of subsidiary undertakings - 27 27
========= ========= =========
4. ANALYSIS AND RECONCILIATION OF NET FUNDS
At 1 September At 28 February
2005 Cash flow 2006
#000 #000 #000
Cash in hand, at bank 43 (9) 34
-------- -------- ---------
43 (9) 34
-------- -------- ---------
Investment-Loan note deposit 120 (120) -
Loan notes due within 1 year (120) 120 -
-------- -------- ---------
Net funds 43 (9) 34
======== ======== ========
Unaudited Unaudited Audited
Half Year Half Year Year
to to to
28 February 28 February 31 August
2006 2005 2005
#000 #000 #000
(Decrease)/increase in cash in the
period (9) (5) (25)
-------- -------- --------
Change in net debt resulting from
cash flows (9) (5) (25)
-------- -------- --------
Movement in net debt in period (9) (5) (25)
Net funds/(debt) at start of period 43 68 68
-------- -------- --------
Net funds/(debt) at end of period 34 63 43
======== ========= ========
5. BASIS OF PREPARATION
The financial information included in this interim statement for the half year ended 28 February 2006 does not
constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 and is neither audited nor
reviewed. The financial information has been prepared on the basis of accounting policies consistent with those set
out in the statutory financial statements for the year ended 31 August 2005, which have been filed with the Registrar
of Companies and on which the auditors gave an unqualified opinion.
6.
The Interim Statement was approved by the Board on 19 May 2006.
7.
Copies of this announcement are available to members of the general public from the company's Registered Office at
Barton Hall, Hardy Street, Eccles, Manchester, M30 7NB.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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