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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adams Plc | AQSE:ADA.GB | Aquis Stock Exchange | Ordinary Share | IM00B986V543 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 5.00 | 8.00 | 6.50 | 6.50 | 6.50 | 0.00 | 06:56:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMADA
RNS Number : 3517Q
Adams PLC
29 November 2016
Adams PLC
("Adams" or the "Company")
Interim Results for the Six Months ended 30 September 2016
Adams Plc (AIM: ADA), an investing company focusing on the technology and life sciences sectors, is pleased to announce its unaudited interim results for the six months ended 30 September 2016.
Chairman's statement
Adams generated a gross investment return of EUR127,000 in the six months ended 30 September 2016, which resulted in profit after tax of EUR24,000 after deduction of overheads and other costs. This compares to an investment return of EUR24,000 in the half year to 30 September 2015 and with a corresponding loss after tax of EUR95,000.
During the six months ended 30 September 2016, the Company spent EUR110,000 on a new quoted investment which was subsequently exchanged for shares and loan notes in a private company under the terms of a recommended acquisition offer. In addition, the Company generated cash proceeds of EUR65,000 from the partial realisation of an existing investment.
Adams currently holds 5 investments of which are 4 are quoted and 1 is unquoted, and for which the total investment carrying value at 30 September 2016 was EUR1,037,000 (31 March 2016: EUR871,000 represented by 4 quoted holdings).
The Company held cash balances of EUR96,000 at 30 September 2016, compared to cash balances of EUR258,000 at the previous 31 March 2016 year end. Net assets attributable to holders of Adams at 30 September 2016 were EUR1,124,000 versus EUR1,100,000 at 31 March 2016.
Business model
Adams is an investment company focused on targeting businesses in the technology and life sciences sectors which present opportunities for value creation, but will also consider investments in other sectors where appropriate.
Investments
The 4 listed investments currently held by the Company comprise GVC Holdings Plc, Oxford Pharmascience Group Plc, Imagination Technologies Group Plc and Communisis Plc. In addition, the Company holds shares and loan notes in unquoted Sherwood Holdings Limited, which completed the acquisition of Source Bioscience Plc as its principal asset in September 2016.
GVC Holdings Plc is a global online gaming and sports betting company with a solid on-line platform technology from which it operates some of the leading brands in the gaming sector including bwin, sporting bet, partypoker and foxy bingo.
Oxford Pharmascience Group Plc is a drug development company that re-develops approved drugs to make them better, safer and easier to take and it has a current focus to develop improved formulations of non-steroidal anti-inflammatory drugs (NSAIDs) and statins for global markets.
Imagination Technologies Group Plc is a global technology leader whose products include the key multimedia, communications and general purpose processors needed to power all mobile, consumer, automotive, enterprise and embedded electronics.
Communisis Plc is a leading provider of outsourced digital asset management and personalised customer communication services.
Source Bioscience Plc is an international provider of state of the art laboratory services and products and has an expertise in clinical diagnostics, genomics, proteomics, drug discovery & development research and analytical testing services.
Outlook
Financial markets were in recovery mode during the six-month reporting period to 30 September 2016, following the sharp falls in the early part of the year consequent to disappointing manufacturing data from China which also adversely impacted oil and commodity prices. The potential for volatility in capital markets remains given the continued economic uncertainty in the Eurozone post the Brexit vote and given that Donald Trump's victory in the US presidential elections will have implications for the whole global economy.
The Board will, therefore, continue to maintain a highly selective investment approach in these uncertain and challenging markets.
Michael Bretherton
Chairman
29 November 2016
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
Enquiries:
Adams plc Mike Bretherton Tel: +44 1534 719 760 Nomad - Cairn Financial Advisers LLP Sandy Jamieson, James Caithie Tel: +44 207 148 7900 Broker - Peterhouse Corporate Finance Limited Heena Karani Tel: +44 207 469 3393
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2016
Hot Features
Premium
6 months 6 months
ended Year ended ended
30 Sep 31 Mar 30 Sep
2016 2016 2015
Note (Unaudited) (Audited) (Unaudited)
EUR'000 EUR'000 EUR'000
Gain on investments 5 121 30 24
Dividend income 5 6 - -
------------ ----------- ------------
Gross investment return 127 30 24
Expenses
Net foreign exchange
loss (15) (45) (3)
Administrative expenses (88) (219) (116)
Operating profit/(loss) 24 (234) (95)
------------ ----------- ------------
Profit/(loss) on ordinary
activities before
taxation 24 (234) (95)
Tax on profit/(loss)
on ordinary activities - - -
Profit/(loss) for
the period 24 (234) (95)
------------ ----------- ------------
Total comprehensive income/(loss)
for the period 24 (234) (95)
Earnings/(loss) per
ordinary share
Basic and diluted 10 0.06EURc (0.72)EURc (0.40)EURc
------------ ----------- ------------
There are no other items of comprehensive income/(loss).
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2016
As at As at As at
30 Sep 31 Mar 30 Sep
2016 2016 2015
(Unaudited) (Audited) (Unaudited)
Note EUR'000 EUR'000 EUR'000
Assets
Non-current assets
Investments 6 1,037 871 247
Current assets
Trade and other
receivables 7 8 3 5
Cash and cash
equivalents 96 258 1,012
------------ ---------- ------------
104 261 1,017
Total assets 1,141 1,132 1,264
------------ ---------- ------------
Liabilities
Current liabilities
Trade and other
payables 8 (17) (32) (25)
------------ ---------- ------------
Total liabilities (17) (32) (25)
Net current assets 87 229 992
Net assets 1,124 1,100 1,239
============ ========== ============
Equity
Called up share
capital 9 413 413 413
Share premium 9 1,116 1,116 1,116
Retained earnings
deficit (405) (429) (290)
------------ ---------- ------------
Total shareholder
equity 1,124 1,100 1,239
============ ========== ============
STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2016
Retained
Share Share Earnings
Capital Premium Deficit Total
EUR'000 EUR'000 EUR'000 EUR'000
At 1 April 2015 231 214 (195) 250
----------------------- --------- --------- ---------- --------
Issue of shares 182 902 - 1,084
Total comprehensive
loss for period - - (95) (95)
At 30 September 2015 413 1,116 (290) 1,239
----------------------- --------- --------- ---------- --------
Total comprehensive
loss for period - - (139) (139)
At 31 March 2016 413 1,116 (429) 1,100
----------------------- --------- --------- ---------- --------
Total comprehensive
gain for period - - 24 24
At 30 September 2016 413 1,116 (405) 1,124
======================= ========= ========= ========== ========
Share capital is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.
Retained earnings deficit represents the cumulative losses of the Company attributable to equity shareholders.
STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 SEPTEMBER 2016
6 months Year 6 months
ended ended ended
30 Sep 31 Mar 30 Sep
2016 2016 2015
(Unaudited) (Audited) (Unaudited)
EUR'000 EUR'000 EUR'000
Profit/(loss) for the period 24 (234) (95)
Unrealised (gain)/loss
on revaluation of investments (107) 32 (4)
Realised gain on disposal
of investments (14) (62) (20)
(Increase)/decrease in
trade and other receivables (5) 7 5
(Decrease) in trade and
other payables (15) (60) (67)
Net cash outflows from
operating activities (117) (317) (181)
------------ ---------- ------------
Cash flows from investing
activities
Proceeds from sales of
investments 65 357 193
Purchase of investments (110) (1,024) (242)
Net cash used in investing
activities (45) (667) (49)
------------ ---------- ------------
Cash flows from financing
activities
Issue of ordinary share
capital - 182 182
Issue of premium share
capital - 902 902
Net cash generated from
financing activities - 1,084 1,084
------------ ---------- ------------
Net (decrease)/increase
in cash and cash equivalents (162) 100 854
Cash and cash equivalents
at beginning of period 258 158 158
Cash and cash equivalents
at end of period 96 258 1,012
============ ========== ============
NOTES TO THE STATEMENT OF FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2016
1 General information
Adams Plc is a company incorporated in the Isle of Man and is listed on the AIM market of the London Stock Exchange.
2 Basis of preparation
The interim financial statements of Adams Plc are unaudited condensed financial statements for the six months ended 30 September 2016. These include unaudited comparatives for the six months ended 30 September 2015 together with audited comparatives for the year ended 31 March 2016.
These interim condensed consolidated financial statements have been prepared on the basis of the accounting policies expected to apply for the financial year to 31 March 2016 which are based on the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The financial statements have been prepared under the historical cost convention. The Company's presentation and functional currency is Euros.
The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim Financial Reporting', and should be read in conjunction with the Company's annual financial statements to 31 March 2016. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS.
The preparation of financial statements in conformity with IFRS as adopted by the EU requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.
3 Going concern
Information on the business environment, financial position and the factors underpinning the Company's future prospects and portfolio are included in the Chairman's Statement. The Directors confirm that they are satisfied that the Company has adequate resources to continue in business for the medium term based on the current liquid resources available. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
4 Significant accounting policies
The accounting policies adopted are consistent with those followed in the preparation of the annual financial statements of Adams Plc for the year ended 31 March 2016 which received an unqualified audit opinion. A copy of these financial statements are available on the website at www.adamsplc.co.uk
5 Gross investment return
The principal sources of revenue for the Company in the period to 30 September 2016 were as follows:
6 months 6 months
ended 30 Year ended ended
Sep 2016 31 Mar 30 Sep
2016 2015
EUR'000 EUR'000 EUR'000
Unrealised gain/(loss)
on investments 107 (32) 4
Realised gain on investments 14 62 20
---------- ----------- ---------
Total gain on investments 121 30 24
Dividend income 6 - -
---------- ----------- ---------
Gross investment return 127 30 24
========== =========== =========
6 Investments
An analysis of movements in the value of the Company's investments is as follows:
Quoted Equity Shares Unquoted Equity Shares Unquoted Loan Notes Total
EUR'000 EUR'000 EUR'000 EUR'000
Fair value at 31 March 2015 174 - - 174
Additions at cost 242 - - 242
Disposals (173) - - (173)
Unrealised gain on the revaluation
of investments 4 - - 4
--------
Fair value at 30 September 2015 247 - - 247
Additions at cost 782 - - 782
Disposals (122) - - (122)
Unrealised loss on the revaluation
of investments (36) - - (36)
--------
Fair value at 31 March 2016 871 - - 871
Additions at cost 110 - - 110
Disposals (51) - - (51)
Transfer exchange* (103) 6 97 -
Unrealised gain on the revaluation
of investments 107 - - 107
--------
Fair value at 30 September 2016 934 6 97 1,037
===================== ======================= ==================== ========
*A quoted investment was exchanged for shares and loan notes in a private company under the terms of a recommended acquisition offer. The unquoted loan notes carry an interest coupon of 10 per cent per annum payable annually in December. The loan notes are repayable in full at their principal amount on 31 December 2023.
7 Trade and other receivables
As at As at As at
30 Sep 31 Mar 30 Sep
2016 2016 2015
EUR'000 EUR'000 EUR'000
Prepayments and accrued
income 8 3 5
-------- -------- --------
8 3 5
======== ======== ========
8 Trade and other payables
As at As at As at
30 Sep 31 Mar 30 Sep
2016 2016 2015
EUR'000 EUR'000 EUR'000
Trade payables 12 14 12
Accruals 5 18 13
17 32 25
======== ======== ========
Accruals principally comprise amounts outstanding for ongoing expenses. The carrying amount of trade payables approximates to their fair value.
9 Share capital and share premium
Number
of shares
issued Share Share
and fully capital premium
Ordinary shares of EUR0.01 paid up EUR'000 EUR'000
At 1 April 2015 23,094,798 231 214
----------- --------- ---------
Issue of shares 6,928,406 69 81
At 30 September 2015, 31
March 2016 and 30 September
2016 41,276,616 413 1,116
=========== ========= =========
On 23 September 2015 the Company issued 18,181,818 new ordinary shares of EUR0.01 each by way of a placing at 4.4p (5.962 Euro cents) each.
The authorised Ordinary Share capital of the Company at 30 September 2016 is 350,000,000 Ordinary Shares of EUR0.01 each (31 March 2016 and 30 September 2015: 350,000,000 Ordinary Shares of EUR0.01 each).
10 Earnings / (loss) per share
The basic earnings / (loss) per share is calculated by dividing the profit / (loss) after tax attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:
6 months Year 6 months
ended ended ended
30 Sep 31 Mar 30 Sep
2016 2016 2015
Profit/(loss) after tax
attributable to equity
holders of the Company
(EUR'000) 24 (234) (95)
Weighted average number
of ordinary shares 41,276,616 32,559,306 23,889,632
Basic and diluted earnings/(loss) 0.06EURc (0.72)EURc (0.40)EURc
per share
There were no potentially dilutive shares in issue as at 30 September 2016, 31 March 2016 and 30 September 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DVLFLQFFFFBB
(END) Dow Jones Newswires
November 29, 2016 02:00 ET (07:00 GMT)
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