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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adams Plc | LSE:ADA | London | Ordinary Share | IM00B986V543 | ORD GBP0.01 |
| 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 | 08:00:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -2.19M | -2.37M | -0.0162 | -4.01 | 9.48M |
From May 2019 to May 2024
TIDMADA
RNS Number : 1368H
Adams PLC
27 November 2015
Adams PLC
("Adams" or the "Company")
Interim Results for the Six Months ended 30 September 2015
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 2015.
Chairman's Statement
I was appointed to the Board as a non-executive director in May of this year and subsequently took over the role of Chairman from Nicholas Nelson on his retirement at the Annual General Meeting of the Company on 11 September 2015. I thank Nicholas for all his work in completing the restructuring process of Adams (formerly Carpathian Plc) in to an investing company. The Company also announced the appointment of Dr Andrew Mitchell as a non-executive director on 6 August 2015.
One of my first priorities on joining the Board was to seek to strengthen the Company's balance sheet by raising additional funds to be used to make investments in accordance with the Company's investing policy and for general working capital purposes. This was achieved by way of a placing of 18,181,818 new ordinary shares of EUR0.01 each with new and existing investors at a placing price of 4.4p (5.962 EURcents) per ordinary share to raise GBP800,000 (EUR1,084,000) for the Company before expenses. The new shares were admitted to trading on AIM on 23 September 2015.
The Company is an investing company focusing on the technology and life sciences sectors and incurred a loss after tax for the six months ended 30 September 2015 of EUR95,000 compared to a loss of EUR72,000 in the previous 2014 half year. The reported loss mainly reflects administration expenses of EUR116,000 less gains amounting to EUR24,000 on portfolio investments in the six month period.
During the six months to 30 September 2015, the Company invested EUR242,000 in two AIM listed technology businesses. One is a global online gaming and sports betting company and the other is a leading processor technology company that creates unique, patented semiconductor IP for multimedia and communication applications.
The Company also disposed of the two investments that it held at the 31 March 2015 year end for a total cash sale consideration of EUR193,000.
As at 30 September 2015, the two new investments had a carrying value of EUR247,000 (31 March 2015: EUR174,000 represented by the two quoted holdings that have since been sold).
Subsequent to the 30 September 2015 period end, the Company invested EUR121,000 in a leading AIM listed provider of outsourced digital asset management and personalised customer communication services.
At 30 September 2015, the Company had net assets of EUR1,239,000 inclusive of cash balances of EUR1,012,000 compared with net assets of EUR250,000 at 31 March 2015 inclusive of cash balances of EUR158,000. The increase in net assets is attributable to the receipt of EUR1,084,000 of share issue proceeds less the loss of EUR95,000 in the period.
Outlook
Equity markets had a difficult six months to the end of September 2015 reflecting a significant slowdown in China's economy, together a myriad of other challenges including the ongoing European debt crisis, conflicts in the Ukraine and the Middle East, uncertainty over the UK referendum on its EU membership and also an expectation that a US interest rate rise is probable later this year.
It remains the Board's intention to acquire additional investments in the technology and biotechnology sectors. However, given the uncertain and challenging markets, the Board will continue to maintain a highly selective investment approach. I am confident that this will enable us to build considerable value for shareholders going forward.
Michael Bretherton
Chairman
27 November 2015
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 SIX MONTH PERIOD ENDED 30 SEPTEMBER 2015
Hot Features
Premium
6 months ended Year ended 6 months ended
30 September 31 March 30 September
2015 2015 2014
Note (Unaudited) (Audited) (Unaudited)
EUR'000 EUR'000 EUR'000
Net change in fair value
of investments at fair value
through profit or loss 6 24 172 1
--------------- ----------- ---------------
Total income 24 172 1
Expenses
Net foreign exchange (loss)
/gain (3) 14 6
Administrative expenses (116) (211) (79)
--------------- ----------- ---------------
Operating loss (95) (25) (72)
Loss on ordinary activities
before taxation (95) (25) (72)
Tax on loss on ordinary activities - - -
Loss for the period (95) (25) (72)
=============== =========== ===============
Basic and diluted loss per
share (EUR cents) 10 (0.4) (0.1) (0.4)
Since there is no other comprehensive loss, the loss for the period is the same as the total comprehensive loss for the period attributable to the owners of the Company.
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2015
As at As at As at
30 September 31 March 30 September
2015 2015 2014
(Unaudited) (Audited) (Unaudited)
Note EUR'000 EUR'000 EUR'000
Assets
Non-current assets
Investments 5 247 174 61
Current assets
Trade and other receivables 7 5 10 6
Cash and cash equivalents 5 1,012 158 154
-------------- ---------- --------------
1,017 168 160
-------------- ---------- --------------
Total assets 1,264 342 221
============== ========== ==============
Equity and Liabilities
Called up share capital 9 413 231 231
Share premium 1,116 214 214
Retained earnings (290) (195) (242)
-------------- ---------- --------------
Total equity 1,239 250 203
============== ========== ==============
Current liabilities
Trade and other payables 8 25 92 18
-------------- ---------- --------------
Total current liabilities 25 92 18
-------------- ---------- --------------
Total liabilities 25 92 18
-------------- ---------- --------------
Total equity and liabilities 1,264 342 221
============== ========== ==============
The interim report on was approved and authorised for issue by the Board of Directors on 27 November 2015 and signed on its behalf by:
Michael Bretherton
Chairman
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2015
Share Share Retained
Capital Premium Losses Total
EUR'000 EUR'000 EUR'000 EUR'000
At 1 April 2014 162 133 (170) 125
------------------------------- -------- -------- --------- --------
Issue of shares 69 81 - 150
Total comprehensive loss for
the period - - (72) (72)
At 30 September 2014 231 214 (242) 203
------------------------------- -------- -------- --------- --------
Total comprehensive gain for
period - - 47 47
At 31 March 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
=============================== ======== ======== ========= ========
Share capital is the amount subscribed for shares at nominal value.
(MORE TO FOLLOW) Dow Jones Newswires
November 27, 2015 02:00 ET (07:00 GMT)
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 losses represent the cumulative losses of the Company attributable to equity shareholders.
STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2015
6 months
ended Year ended 6 months ended
30 September 31 March 30 September
2015 2015 2014
(Unaudited) (Audited) (Unaudited)
EUR'000 EUR'000 EUR'000
Loss for the period (95) (25) (72)
Adjustment for:
Exclude net changes in fair value
of investments (24) (172) (1)
Decrease /(increase) in trade
and other receivables 5 (3) 1
(Decrease)/increase in trade and
other payables (67) 79 5
Net cash outflows from operating
activities (181) (121) (67)
--------------- ----------- ---------------
Cash flows from investing activities
Proceeds from sales of investments 193 79 7
Payments to acquire investments (242) (67) (53)
Net cash (used)/generated in investing
activities (49) 12 (46)
--------------- ----------- ---------------
Cash flows from financing activities
Issue of ordinary share capital 182 69 69
Issue of premium share capital 902 81 81
Net cash from financing 1,084 150 150
--------------- ----------- ---------------
Net increase in cash and cash
equivalents 854 41 37
Cash and cash equivalents at beginning
of period 158 117 117
Cash and cash equivalents at end
of period 1,012 158 154
=============== =========== ===============
NOTES TO THE STATEMENT OF FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2015
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. The principal activities of the Company are described in the Chairman's Statement.
2 Basis of preparation
The interim financial statements of Adams Plc are unaudited condensed financial statements for the six months ended 30 September 2015. These include unaudited comparatives for the six months ended 30 September 2014 together with audited comparatives for the year ended 31 March 2015.
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 2015. 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 European Union 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 2015 which received an unqualified audit opinion. A copy of these financial statements are available on the website at www.adamsplc.co.uk
5 Financial assets at fair value through profit and loss
As at As at As at
30 September 31 March 30 September
2015 2015 2014
EUR'000 EUR'000 EUR'000
Equity investments 247 174 61
Cash at bank 1,012 158 154
1,259 332 215
============== ========== ==============
6 Net change in fair value of investments at fair value through profit or loss
As at As at As at
30 September 31 March 30 September
2015 2015 2014
EUR'000 EUR'000 EUR'000
Movement in unrealised (losses)/gains
on investments (126) 128 1
Realised gain on investments 150 44 -
24 172 1
=============== =========== ==============
7 Trade and other receivables
As at As at As at
30 September 31 March 30 September
2015 2015 2014
EUR'000 EUR'000 EUR'000
Prepayments 5 10 6
5 10 6
============== ========== ==============
8 Trade and other payables
As at As at As at
30 September 31 March 30 September
2015 2015 2014
EUR'000 EUR'000 EUR'000
Trade payables 12 6 16
Accruals 13 86 2
25 92 18
============== ========== ==============
Accruals principally comprise amounts outstanding for ongoing expenses. The carrying amount of trade payables approximates to its fair value.
9 Share capital and share premium
Number of Share Share
shares issued capital premium
and fully paid up EUR'000 EUR'000
Ordinary shares of EUR0.01
At 1 April 2014 16,166,392 162 133
----------------------------- ----------- --------- ---------
Issue of shares 6,928,406 69 81
At 30 September 2014 23,094,798 231 214
----------------------------- ----------- --------- ---------
Issue of shares - - -
At 31 March 2015 23,094,798 231 214
----------------------------- ----------- --------- ---------
Issue of shares 18,181,818 182 902
At 30 September 2015 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 EURcents) each.
During September 2014, warrant holders exercised warrants and subscribed for 6,928,406 Ordinary Shares of EUR0.01 each in the Company at an exercise price of 2.165 EURcents per share. Following these exercises, there are no further warrants outstanding.
The authorised Ordinary Share capital of the Company at 30 September 2015 is 350,000,000 Ordinary Shares of EUR0.01 each (31 March 2015 and 30 September 2014: 350,000,000 Ordinary Shares of EUR0.01 each).
10 Loss per share
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November 27, 2015 02:00 ET (07:00 GMT)
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