Interim Results
29 Setembro 2006 - 4:02AM
UK Regulatory
RNS Number:6474J
Bright Futures Group PLC
29 September 2006
BRIGHT FUTURES GROUP PLC
INTERIM STATEMENT
for the six months ended 30 JUNE 2006
CHAIRMAN'S STATEMENT
Six months ended 30 June 2006
Introduction and Finance Overview
The trading subsidiaries were disposed of to Sussex Wellbeing Limited for a
consideration of #913,719 on 30 March 2006, which gave rise to a loss on
disposal of these discontinued operations of #471,000. The operating loss of the
subsidiaries for the 3 months prior to 30 March 2006 are incorporated in the
consolidated unaudited profit and loss account, and amounted to #21,000.
Following the disposal of the trading subsidiaries, Bright Futures Group PLC
("the Company") has not had any trading businesses.
The funds from the disposal, after the deduction of transaction costs and other
ongoing company expenses, amounted to #768,000 as at 30 June 2006. The majority
of these funds are invested on bank deposit attracting interest at market rates.
Costs are restrained to the absolute minimum necessary to maintain our AIM
listing whilst actively seeking a new acquisition opportunity.
Change of Directors and acquisition search
The former directors of the company resigned on 30 May 2006 and myself and
Marcus Yeoman were appointed as non-executive Directors with the objective of
identifying a business that could be acquired by the Company and which has a
good prospect of increasing shareholder value over time.
We have looked at a number of opportunities in a variety of sectors to date and
will continue to search selectively for the right value proposition for the
Company. We anticipate that the current non-executive Directors will be
compensated by the issue of warrants in the Company for the successful
identification and acquisition of a new trading operation.
Our aim is to have completed this process and seek shareholder approval for the
acquisition as soon as possible prior to 31 March 2007.
Duncan Ralph
Non-Executive Chairman
27 September 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2006
6 months ended 6 months ended Year ended
30 June 2006 June 2005 31 December 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
GROUP TURNOVER 791 1,733 3,525
Cost of sales (348) (942) (1,957)
-------------- -------------- --------------
GROSS PROFIT 443 791 1,568
Goodwill impairment - - (2,036)
Goodwill amortisation (2) (65) (130)
Operating costs (517) (1,126) (2,487)
-------------- -------------- --------------
OPERATING LOSS (76) (400) (3,085)
-------------- -------------- --------------
LOSS ON ORDINARY
ACTIVITIES BEFORE
INTEREST (76) (400) (3,085)
Net interest income 7 1 8
Loss on sale of
discontinued operations (471) - -
-------------- -------------- --------------
LOSS ON ORDINARY
ACTIVITIES BEFORE
TAXATION (540) (399) (3,077)
Taxation - - -
-------------- -------------- --------------
LOSS FOR THE PERIOD (540) (399) (3,077)
-------------- -------------- --------------
LOSS PER SHARE
- BASIC AND DILUTED (1.13)p (0.83)p (6.43)p
-------------- -------------- --------------
BALANCE SHEET
AS AT 30 JUNE 2006
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
FIXED ASSETS
Intangible assets - 2,197 97
Tangible assets - 412 440
------------ ------------ ------------
- 2,609 537
CURRENT ASSETS
Stocks - 966 722
Debtors 25 596 381
Cash at bank 768 559 403
------------ ------------ ------------
793 2,121 1,506
CREDITORS: amounts falling
due within one year (11) (612) (489)
------------ ------------ ------------
NET CURRENT ASSETS 782 1,509 1,017
------------ ------------ ------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 782 4,118 1,554
------------ ------------ ------------
CREDITORS: Amounts falling
due after more than one year - (118) (137)
PROVISIONS FOR LIABILITIES - - (95)
------------ ------------ ------------
NET ASSETS 782 4,000 1,322
------------ ------------ ------------
Represented by:
CAPITAL AND RESERVES
Called up share capital 2,393 2,393 2,393
Share premium 148 148 148
Other reserves - 2,023 -
Profit and loss account (1,759) (564) (1,219)
------------ ------------ ------------
SHAREHOLDERS' FUNDS 782 4,000 1,322
------------ ------------ ------------
CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2006
6 months ended 6 months ended Year ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES (59) (266) (364)
RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE
Interest received 9 1 15
Interest paid (2) - (7)
CAPITAL EXPENDITURE
Payments to acquire intangible
fixed assets - (100) -
Payments to acquire tangible
fixed assets (11) (111) (229)
---------- ---------- ----------
NET CASH OUTFLOW FROM CAPITAL
EXPENDITURE (11) (211) (229)
---------- ---------- ----------
DISPOSALS
Disposal proceeds (net
of costs) 831 - -
Cash disposed of with
business (397) - -
---------- ---------- ----------
NET CASH INFLOW FROM
DISPOSALS 434 - -
---------- ---------- ----------
NET CASH INFLOW /
(OUTFLOW) BEFORE FINANCING 371 (476) (586)
NET CASH (OUTFLOW)/INFLOW
FROM FINANCING (6) 24 (23)
---------- ---------- ----------
INCREASE/(DECREASE) IN CASH
IN THE PERIOD 365 (452) (608)
---------- ---------- ----------
CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2006
(a) Reconciliation of operating loss to net cash outflow from operating
activities
6 months ended 6 months ended Year ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Operating loss (76) (399) (3,085)
Amortisation 2 65 130
Impairment - - 2,036
Depreciation 35 54 125
Loss on disposal of fixed assets - - 50
(Increase)/decrease in stocks (16) (126) 118
(Increase)/Decrease in debtors (317) 113 329
Increase/(decrease) in creditors 313 27 (162)
Increase in provisions - - 95
---------- ---------- -----------
Net cash outflow from
operating activities (59) (266) (364)
---------- ---------- ----------
(b) Reconciliation of net
cash flow to movement in net funds
6 months ended 6 months ended Year ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Increase/(Decrease) in cash
in the period 365 (452) (608)
Cash flow in respect of
hire purchase (6) 17 23
----------- ----------- -----------
Change in net funds
resulting from cash flows 359 (435) (585)
New hire purchase - (43) (133)
Disposal of hire purchase 208 - -
----------- ----------- -----------
Movement in net funds in
the period 567 (478) (718)
Opening net funds at 1
January 2006 201 919 919
----------- ----------- ----------
Closing net funds at 30
June 2006 768 441 201
----------- ----------- ----------
(c) Analysis of net funds
At 30 June At 30 June At 31 December
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Cash at bank 768 559 403
Hire purchase agreements - (118) (202)
----------- ----------- -----------
768 441 201
----------- ----------- -----------
NOTES TO THE INTERIM ACCOUNTS
FINANCIAL INFORMATION
The interim financial information has been prepared on the basis of the
accounting policies as set out in the Statutory Financial Statements for the
year ended 31 December 2005. The financial information set out herein does not
constitute statutory accounts.
AUDIT REVIEW
These interim results have not been subject to a full review by our company
auditors which is in accordance with our normal interim procedures.
RESERVES
Profit
Year ended Share Revaluation and loss
31 December 2005 premium reserve account Total
#'000 #'000 #'000 #'000
At 1 January 2005 148 2,024 (166) 2,006
Loss for the period - - (3,077) (3,077)
Transfer - goodwill
impairment - (2,024) 2,024 -
------------ ----------- ----------- ----------
At 31 December 2005 148 - (1,219) (1,071)
------------ ----------- ----------- ----------
Profit
Share Revaluation and loss
premium reserve account Total
#'000 #'000 #'000 #'000
Period ended
30 June 2005
At 1 January 2005 148 2,024 (166) 2,006
Loss for the period - - (399) (399)
------------ ----------- ----------- ----------
At 30 June 2005 148 2,024 (565) 1,607
------------ ----------- ----------- ----------
Profit
Share Revaluation and loss
premium reserve account Total
#'000 #'000 #'000 #'000
Period ended
30 June 2006
At 1 January 2006 148 - (1,219) (1,071)
Loss for the period - - (540) (540)
------------ ----------- ----------- ----------
At 30 June 2006 148 - (1,759) (1,611)
------------ ----------- ----------- ----------
NOTES TO THE INTERIM ACCOUNTS
LOSS PER SHARE
The loss per share calculations have been arrived at by reference to the
following earnings and weighted average number of shares in issue during the
period.
6 months ended 6 months ended Year ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Basic loss
after 540 399 3,077
taxation
-------------- -------------- --------------
No. No. No.
Weighted number of
shares in issue 47,850,020 47,850,020 47,850,020
-------------- -------------- --------------
DISPOSAL OF SUBSIDIARIES
On 30 March 2006 the Company completed the sale of all its subsidiaries and
certain of its assets and liabilities to Sussex Wellbeing Limited for a cash
consideration of #913,719.
#'000 #'000
Fixed assets 520
Other assets 1,410
Cash 397
Liabilities (1,025)
--------------
Net assets disposed of 1,302
Proceeds:
Cash 913
Transaction expenses (82)
--------------
(831)
--------------
Loss on disposal of subsidiaries 471
--------------
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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