We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bright Future | LSE:BRF | London | Ordinary Share | GB0031880445 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 IR EVLFLQKBLBBE
1 Year Bright Futures Chart |
1 Month Bright Futures Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions