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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dietbrown | LSE:DTB | London | Ordinary Share | GB00B13JQB31 | ORD 3.8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.105 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
DietBrown PLC 27 June 2008 DietBrown Plc (formerly Citel PLC) Interim Results for the 6 months ended 31 March 2008 Asset Sale and Investing Strategy The Board of Citel plc ("Citel" or the "Company") announced on 4 June 2008 that Citel had completed the sale of the business and certain assets, comprising substantially all the assets underlying the Company's trading operations, to Tortel USA, LLC for US$2,600,000 (the "Disposal") and received a payment of US$1,850,000, less a US$50,000 deposit received on signing the Letter of Intent. The remaining amount of US$750,000 is due to be received on 30 September 2008. The strategy of the Company remains to use the proceeds from the Disposal to satisfy obligations to creditors and employees and to then seek, as soon as possible after 30 September 2008, to return residual cash (if any) to shareholders. Residual proceeds (if any) and timing will be a function of the successful negotiation of outstanding obligations, collectability from debtors as well as the outcome of outstanding legal cases (including the Entrada legal case as announced on 25 June 2008). Whilst these variables make forecasting imprecise, the Company expects to have a cash balance of approximately £250,000 at 30 September 2008. Once any residual proceeds have been distributed to shareholders management intend to seek a members' voluntary liquidation and cancel the Company's listing on AIM. Review of the 6 months to 31 March 2008 Operating results, which are now classified in the income statement as discontinued, showed an operating loss of £1.1 million for the six months ended 31 March 2008 compared with an operating loss of £1.5 million for the six months ended 31 March 2007. The Company let a majority of the operating personnel go when the decision to sell the trading assets was made, as a result the sales resource within the firm was diminished, causing sales in the period to fall to £1.0 million from £1.3 million in the equivalent prior year period. Operating expenses were lower at £1.8 million (2007: £2.5 million) due to lower staff costs. The sale of the operating assets resulted in a provision for loss on sale of the assets of £1.3 million. The largest portion was a £0.7 million write-off of goodwill. The remaining loss was spread across the sold assets and other assets with approximately £0.4 million attributable to inventory. Net finance income (expense) included only £10,000 of interest income for the six months ended 31 March 2008. For the six months ended 31 March 2007 net finance income was £95,000. Change of Name As announced on 13 June 2008 the Company changed its name to DietBrown plc and the London Stock Exchange TIDM code for the Company was changed to DTB. Tortel USA, LLC plans to operate the business and support the existing customer base under Citel Technology LLC in the USA and Citel Technology Limited in the UK. Change of Accounting Date The Company has received notice that the accounting reference date of the Company has changed from 31 March to 30 June. As a result the deadline for publication of the audited accounts for the 15 months to 30 June 2008 will be 31 December 2008 on the basis that the Company remains listed on AIM. Contact Details: DietBrown Plc Jose David, CEO 001 206 965 8925 Panmure Gordon (UK) Limited Dominic Morley +44 (0)20 7459 3600 Giles Stewart DIETBROWN PLC (formerly CITEL PLC) INTERIM REPORT For the six months ended 31 March 2008 Directors and Professional Advisers Company registration number 05690534 Registered office Wheatcroft Business Park Landmere Lane Edwalton, Nottingham NG12 4DG Website www.citel.com Directors C. Heintzlemen (Chairman) J. Cunningham S. Davies J. David (Interim CEO, CFO and Secretary) Bankers National Westminster Plc Nottingham City Branch 148 - 149 Victoria Centre Nottingham, NG1 3QT Auditor Grant Thornton UK LLP Chartered Accountants Registered Auditor 30 Hounds Gate Nottingham, NG1 7DH Legal Advisor DLA Piper UK LLP Victoria Square House Victoria Square Birmingham, B2 4DL Nominated Adviser and Broker Panmure Gordon (UK) Limited Moorgate Hall 155 Moorgate London, EC2M 6XB Registrar Capita Registrars The Registry 34 Beckenham Road Beckenham Kent, BR3 4TU CEO's statement Asset Sale and Investing Strategy The Board of Citel plc ("Citel" or the "Company") announced on 4 June 2008 that Citel had completed the sale of the business and certain assets, comprising substantially all the assets underlying the Company's trading operations, to Tortel USA, LLC for US$2,600,000 (the "Disposal") and received a payment of US$1,850,000, less a US$50,000 deposit received on signing the Letter of Intent. The remaining amount of US$750,000 is due to be received on 30 September 2008. The strategy of the Company remains to use the proceeds from the Disposal to satisfy obligations to creditors and employees and to then seek, as soon as possible after 30 September 2008 to return residual cash (if any) to shareholders. Residual proceeds (if any) and timing will be a function of the successful negotiation of outstanding obligations, collectability from debtors as well as the outcome of outstanding legal cases (including the Entrada legal case as announced on 25 June 2008). Whilst these variables make forecasting imprecise, the Company expects to have a cash balance of approximately £250,000 at 30 September 2008. Once any residual proceeds have been distributed to shareholders management intend to seek a members' voluntary liquidation and cancel the Company's listing on AIM. Review of the 6 months to 31 March 2008 Operating results, which are now classified in the income statement as discontinued, showed an operating loss of £1.1 million for the six months ended 31 March 2008 compared with an operating loss of £1.5 million for the six months ended 31 March 2007. The Company let a majority of the operating personnel go when the decision to sell the trading assets was made, as a result the sales resource within the firm was diminished, causing sales in the period to fall to £1.0 million from £1.3 million in the equivalent prior year period. Operating expenses were lower at £1.8 million (2007: £2.5 million) due to lower staff costs. The sale of the operating assets resulted in a provision for loss on sale of the assets of £1.3 million. The largest portion was a £0.7 million write-off of goodwill. The remaining loss was spread across the sold assets and other assets with approximately £0.4 million attributable to inventory. Net finance income (expense) included only £10,000 of interest income for the six months ended 31 March 2008. For the six months ended 31 March 2007 net finance income was £95,000. Change of Name As announced on 13 June 2008 the Company changed its name to DietBrown plc and the London Stock Exchange TIDM code for the Company was changed to DTB. Tortel USA, LLC plans to operate the business and support the existing customer base under Citel Technology LLC in the USA and Citel Technology Limited in the UK. Change of Accounting Date The Company has received notice that the accounting reference date of the Company has changed from 31 March to 30 June. As a result the deadline for publication of the audited accounts for the 15 months to 30 June 2008 will be 31 December 2008 on the basis that the Company remains listed on AIM. Dietbrown plc (formerly Citel plc) Condensed Consolidated Interim Income Statement For the Six Months Ended 31 March 2008 Six months Six Months To 31 Mar To 31 Mar 2008 2007 £000s £000s Note Unaudited Unaudited Discontinued operations 2 Revenue £998 £1,342 Cost of sales (394) (507) ---------- ---------- Gross profit 604 835 Operating expenses (1,788) (2,549) ---------- ---------- Operating loss before tax (1,184) (1,714) Income taxes 3 52 213 ---------- ---------- Operating loss (1,132) (1,501) Provision for loss on sale of assets (1,304) - ---------- ---------- Loss on discontinued operations (2,436) (1,501) Finance income (expense) Interest income 10 127 Borrowing costs - (30) Finance cost of conversion of debt to equity - (2) ---------- ---------- Net finance income (expense) 10 95 ---------- ---------- Loss for the period £(2,426) £(1,406) ========== ========== Loss for the period per share 4 Basic and diluted (11.1p) (6.5p) Dietbrown plc (formerly Citel plc) Condensed Consolidated Interim Balance Sheet 31 March 2008 31 Mar 2008 31 Mar 2007 £000s £000s Note Unaudited Unaudited Assets (all held for sale) 2 Goodwill £- £742 Other intangible assets - 12 Plant and equipment - 153 ----------- ----------- Non-current assets held for sale - 907 Current assets Cash and cash equivalents 219 4,595 Trade and other receivables 381 1,159 Assets held for sale 2 Inventories 1,335 589 Prepayments - 72 ----------- ----------- Total held for sale 1,335 661 ----------- ----------- Total current assets 1,935 6,415 Current liabilities Borrowings 150 1,524 Trade and other payables 672 462 Provisions 219 61 Liabilities held for sale 2 Provisions - 88 ----------- ----------- Total current liabilities 1,041 2,135 Net current assets 894 4,280 ----------- ----------- Net assets £894 £5,187 =========== =========== Equity Share capital £830 £825 Share premium 8,757 8,724 General reserves 21,286 21,286 Foreign exchange reserve 13 (25) Retained earnings (29,992) (25,623) ----------- ----------- Total equity £894 £5,187 =========== =========== Dietbrown plc (formerly Citel plc) Condensed Consolidated Interim Cash Flow Statement For the Six Months Ended 31 March 2008 Six Months Six Months To 31 Mar To 31 Mar 2008 2007 £000s £000s Note Unaudited Unaudited Operating activities - continuing operations Loss for the period £(2,426) £(1,406) Less discontinued and non-operating (loss) income Loss on discontinued operations 2,436 1,501 Net finance (income) expense (10) (95) (Increase) decrease in receivables 259 (526) (Decrease) increase in payables 298 129 (Decrease) increase in provisions 160 (36) ---------- ---------- 717 (433) Operating activities - discontinued operations 2 Loss on discontinued operations (2,436) (1,501) Non-cash expenses Depreciation and amortization 31 37 Impairments of non-current assets 831 - Share based payments 26 196 Foreign exchange translation 61 66 (Increase) decrease in inventories (354) (102) (Increase) decrease in prepayments 98 (48) (Decrease) increase in provisions (74) (101) ---------- ---------- (1,817) (1,453) Investing activities - discontinued operations 2 Purchase of a business - (80) Purchases of non-current assets - (44) ---------- ---------- - (124) Financing activities - continuing operations Issue of equity share capital - 8 Expenses of initial public offerings - (23) Net (payments) receipts of borrowings 150 (2) Foreign exchange effects of borrowings - (90) Net interest (paid) received 10 85 ---------- ---------- 160 (22) ---------- ---------- Net (decrease) in cash, cash equivalents and bank overdrafts £(940) £(2,023) Cash, cash equivalents, and bank overdrafts at beginning of period 1,159 6,205 ---------- ---------- Cash, cash equivalents, and bank overdrafts at end of period £219 £4,173 Dietbrown plc (formerly Citel plc) Condensed Consolidated Interim Statement of Changes in Equity For the Six Months Ended 31 March 2008 Foreign Share Share General Exchange Retained Total Capital Premium Reserves Reserve Earnings Equity £000s £000s £000s £000s £000s £000s Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Balance 30 September £824 £8,742 £21,284 £(91) £(24,413) £6,346 2006 Loss for the period - - - - (1,406) (1,406) Share based payments - - - - 196 196 Foreign exchange differences - - - 66 - 66 ----------------------------------------------------------- Subtotal - gains and losses - - - 66 (1,210) (1,144) Expenses of issuing new shares (25) 2 - - (23) Exercise of stock options 1 7 - - - 8 Balance 31 March £825 £8,724 £21,286 £(25) £(25,623) £5,187 2007 Loss for the period - - - - (1,995) (1,995) Share based payments - - - - 26 26 Foreign exchange differences - - - (29) - (29) ----------------------------------------------------------- Subtotal - gains and losses - - - (29) (1,969) (1,998) Shares issued in debt buyout 2 33 - - - 35 Exercise of stock options 3 - - - - 3 Balance 30 September £830 £8,757 £21,286 £(54) £(27,592) £3,227 2007 Loss for the period - - - - (2,426) (2,426) Share based payments - - - - 26 26 Foreign exchange differences - - - 67 - 67 ----------------------------------------------------------- Subtotal - gains and losses - - - 67 (2,400) (2,333) ----------------------------------------------------------- Balance 31 March £830 £8,757 £21,286 £13 £(29,992) £894 2008 Dietbrown plc (formerly Citel plc) Notes to Condensed consolidated Interim Financial Statements For the Six Months Ended 31 March 2008 1. Basis of presentation The accompanying condensed consolidated interim financial statements reflect a change in the Group's fiscal year. The current fiscal year will include the 15 months ending 30 June 2008. Previously the Group's fiscal years were composed of 12 month periods ending every 31 March. The change is being made following the changes in the Group explained in Note 2. The comparative reporting basis for the six months ended 31 March 2008 is the six months ended 31 March 2007, the corresponding period in the prior fiscal year. The financial information for the six months ended 31 March 2007 has been restated for effects of the Group's new accounting policies, which reflect the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the EU. The new policies replaced those used in the Group's financial statements for the fiscal year ended 31 March 2007 that reflected United Kingdom Generally Accepted Accounting Principles (UK GAAP). The new accounting policies and reconciling changes to IFRS from UK GAAP were reported in the notes to condensed consolidated interim financial statements included in the Group's interim report for the six months ended 30 September 2007. The condensed consolidated interim financial statements do not represent full financial statements and should be read in conjunction with the interim financial statements issued for the six months ended 30 September 2007 and the full financial statements issued for the year ended 31 March 2007. Although most of the Group's trading is denominated in US dollars, which therefore is the Group's functional currency, the Group has retained £ sterling as its presentation currency being consistent with previous periods and the currency of investment. 2. Sale of operating assets and discontinued operations During January 2008 the board of directors made the decision to sell the Group's operating assets and discontinue all operations. The decision reflected a judgment that the Group would be unlikely to reach cash breakeven within a reasonable period of time counting from the Group's initial public offering in July 2006. A buyer was found, and a purchase and sale agreement was signed on 2 May 2008. The sale closed on 3 June 2008. The sold assets include inventory, plant and equipment, and intangible assets except goodwill. Other net assets abandoned in conjunction with the sale include goodwill, prepayments, and provisions relating to operating activities. A summary of the sale transaction is as follows (£000): Estimated proceeds of sale £1,304 Estimated carrying basis of sold assets plus expenses of sale Inventory 1,688 Plant and equipment 82 Intangible assets except goodwill 9 Expenses of sale 108 -------- 1,887 Estimated loss on sold assets 583 Estimated carrying basis of net assets abandoned in conjunction with sale Goodwill 740 Prepayments 87 Provisions (106) -------- 721 -------- Provisions for loss on sale of assets £1,304 Upon completion of the sale of its operating assets, the Group will commence closing its administrative activities preparatory to liquidating all of its net assets and distributing the residual to shareholders. 3. Income taxes No deferred tax assets have been recorded because a profit trend was never established in the Group. 4. Loss per Share Six Months Six Months to 31 Mar to 31 Mar 2008 2007 ---------- ---------- Loss for the period (£000) £(2,426) £(1,406) Weighted average number of outstanding shares (000) 21,817 21,720 Basic and diluted loss per share (11.1p) (6.5p) 5. Publication of non-statutory accounts The financial information set out in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information presented for the six months ended 31 March 2008 and six months ended 31 March 2007 is unaudited.
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