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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Advance Capital | LSE:ACN | London | Ordinary Share | GB0002632569 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8238U
Advance Capital Invest PLC
30 January 2004
Immediate Release: Friday 30 January 2004
Advance Capital Invest plc
Preliminary Results for Year ended 31st October 2003
Chairman's statement
Results
Advance Capital Invest, the investment vehicle, was incorporated on 20 October
2000. In conjunction with its admission to AIM on 1 December 2000, the Company
raised a total of approximately #2 million cash. During the period under review,
ACI has not undertaken any trading activities, but incurred certain staff and
operational costs associated with reviewing a number of acquisitions.
As a result of the Board's decision to halve their remuneration the loss for the
year was reduced to #30,000 (2002: #68,000) and the cash outflow was reduced to
#30,000.
Outlook
The Board continues to actively review potential acquisitions. Since conditions
in the market have improved and there is positive investor sentiment the Board
believes this will make finding a suitable transaction easier than in the
previous two years.
ACI remains an attractive investment vehicle and if necessary, one capable of
providing additional managerial and capital input into a suitable opportunity,
once identified. The Company continues to have a strong balance sheet with net
assets per share of approximately 16.4p, consisting predominantly of cash at
bank and in hand.
Nigel Whittaker
Chairman
30 January 2003
For further information, please contact:
Nigel Whittaker, Chairman
Charles Fairbairn, Finance Director
Advance Capital Invest Tel: 020 7796 4133
Alistair Mackinnon-Musson / Philip Dennis
Hudson Sandler Tel: 020 7796 4133
Email: aci@hspr.co.uk
Advance Capital Invest plc
PROFIT AND LOSS ACCOUNT
Notes 31 October 31 October
2003 2002
(unaudited) (audited)
#'000 #'000
Administrative expenses (73) (117)
Operating Loss (73) (117)
Interest receivable from bank deposits 43 49
Loss on ordinary activities before taxation (30) (68)
Tax on loss on ordinary activities - -
Loss for the financial period (30) (68)
Basic loss per share 2 (0.37)p (0.84)p
Diluted loss per share 2 (0.37)p (0.84)p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
Recognised gains and losses
There are no recognised gains and losses other than those dealt with through the
profit and loss account.
BALANCE SHEET
As at 31 As at 31 October
October 2003 2002
(unaudited) (audited)
#'000 #'000
Current assets
Cash at bank and in hand 1,337 1,367
1,337 1,367
Creditors: Amounts falling due within one year (10) (10)
Net assets 1,327 1,357
Capital and reserves
Called up share capital 810 810
Share premium account 1,102 1,102
Profit and loss account (585) (555)
Equity shareholders' funds 1,327 1,357
Advance Capital Invest plc
CASH FLOW STATEMENT
Notes Year Ended Year Ended
31 October 2003 31 October 2002
(unaudited) (audited)
#'000 #'000
Net cash outflow from operating activities B (73) (377)
Returns on investment and servicing of finance
Interest received 43 49
Decrease in cash in period (30) (328)
Notes to Cashflow Statement
A. Reconciliation of net cash flow
to movement in net funds
(Decrease) / increase in cash in the period (30) (328)
Net funds at beginning of period 1,367 1,695
Net funds at end of period 1,337 1,367
B. Reconciliation of operating loss to
net cash outflows from operating activities
#'000 #'000
Operating loss (73) (117)
Decrease in debtors 4
Decrease in creditors (264)
Net cash outflow from operating activities (73) (377)
There were no other sources of funding other than cash so all funds flows are
shown in the cashflow statement
Advance Capital Invest plc
Notes to the financial statements
1. Basis of preparation
The profit and loss account, balance sheet and cashflow statement which are
unaudited have been prepared in accordance with the accounting policies set out
in the 2002 Annual Report. The financial information contained in the financial
statements does not constitute statutory accounts within the meaning of section
240 of the Act.
The results for 2002 full year are an abridged review of the full accounts which
have received an unqualified audit report and have been filed with the Registrar
of Companies.
2. Loss per share
The basic loss per share calculation has been based on the loss attributable to
ordinary shareholders of #30,000 divided by 8,100,000 shares, being the entire
issued share capital of the company.
There is no difference between the basic and fully diluted earnings per Ordinary
Share, as no Ordinary Shares are issuable under the Share Options until the
completion by the Company of a business acquisition, and this condition had not
been met at the end of the reporting period.
3. Dividends
The Board has not declared a dividend in respect of this period.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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