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 |
---|---|---|---|---|---|
Exc | LSE:EXC | London | Ordinary Share | GB00B01JC987 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEXC 30 September 2009 EXC PLC ("EXC" or "the Company") Half-yearly results for the six months ended 30 June 2009 CHAIRMAN'S STATEMENT Introduction I report on the Group's results for the interim period 1 January 2009 to 30 June 2009. Results and dividends The loss after taxation for the six month period amounted to GBP256,000 (six month period ended 30 June 2008 - GBP701,000) and the loss per share was 0.07 pence (six month period ended 30 June 2008 - 0.19 pence). The directors do not recommend the payment of a dividend. Trading Although the Group's revenues and gross margins have improved compared to the same period in 2008, the Group has continued to generate operating losses. The Group's core procurement services are beginning to show signs of revenue growth as customers enter into new budgetary phases, although gross margins remain tight due to competition for orders. The Group's rental division currently has 27 pieces of heavy equipment leased out to customers and this area continues to be a relatively small but stable profit centre. Our ground work to obtain orders in the oil sector continues, but after two years we are still waiting for our first order in this area, although negotiations are progressing very slowly. Outlook In my statement dated 30 June 2009 covering the Group's financial statements for the year ended 31 December 2008, I reported that, in addition to cutting Group costs, in line with many AIM quoted companies, serious consideration was being given to de-listing the Company from AIM. The Board have subsequently concluded that de-listing is in the best interests of shareholders. A circular is due to be posted to all shareholders shortly outlining the Board's rationale for proposing the de-listing, together with a notice of general meeting at which shareholders will be asked to approve the proposal which, to be passed, must be approved by at least 75 per cent of the votes cast on the resolution. Michael Edelson Chairman 30 September 2009 FURTHER ENQUIRIES EXC plc Tel: 0161 975 0434 Michael Edelson - Chairman John East & Partners Limited, a subsidiary of Merchant Tel: 020 7628 2200 Securities plc David Worlidge / Simon Clements CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2009 1 January 1 January Year 2009 2008 ended to 30 June to 30 June 31 December 2009 2008 2008 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Continuing operations Revenue 1,281 756 1,468 Cost of sales (1,159) (692) (1,230) Gross profit 122 64 238 Administrative expenses (376) (313) (813) Operating loss (254) (249) (575) Investment income - 6 14 Finance costs (9) (7) (24) Loss on ordinary activities before (263) (250) (585) taxation Income tax credit 7 - 6 Loss from continuing operations (256) (250) (579) Loss from discontinued operations - (451) (518) Loss for the financial period (256) (701) (1,097) Other comprehensive (expense)/ income Foreign currency translation (121) (10) 51 differences for foreign operations Total comprehensive loss for the (377) (711) (1,046) period Loss per share - basic and diluted From continuing operations (0.07p) (0.07p) (0.15p) From discontinued operations - (0.12p) (0.14p) From continuing and discontinued (0.07p) (0.19p) (0.29p) operations CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2009 1 January 1 January Year 2009 2008 ended to 30 June to 30 June 31 December 2009 2008 2008 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Balance at the beginning of the 1,281 1,985 1,985 period Total comprehensive loss for the period Loss for the period (377) (711) (1,046) Other comprehensive income Foreign currency translation - - 342 differences Balance at the end of the period 904 1,274 1,281 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2009 30 June 30 June 31 December 2009 2008 2008 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 Assets Non-current assets Intangible assets 108 108 108 Property, plant and equipment 753 618 886 861 726 994 Current assets Trade and other receivables 404 520 941 Cash and cash equivalents 183 245 380 587 765 1,321 Assets of a disposal group classified as 3 533 13 held for sale 590 1,298 1,334 Total assets 1,451 2,024 2,328 Current liabilities Trade and other payables (297) (236) (400) Current borrowings (213) (86) (607) (510) (322) (1,007) Liabilities of a disposal group (37) (428) (40) classified as held for sale (547) (750) (1,047) Total liabilities (547) (750) (1,047) Net current assets 43 548 287 Net assets 904 1,274 1,281 Equity attributable to equity holders of the parent Called up share capital 373 373 373 Share premium account 185 185 185 Translation reserve 214 (128) 214 Retained earnings 132 844 509 Total equity 904 1,274 1,281 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2009 1 January 1 January Year 2009 2008 ended to 30 June to 30 June 31 December 2009 2008 2008 GBP000 GBP000 GBP000 Cash flows from operating activities Net cash from continuing operations 201 723 294 Net cash (used in)/generated from (11) 1,266 1,313 discontinued operations Cash generated from operations 190 1,989 1,607 Investment income - (6) (14) Finance costs 9 7 24 Net cash generated from operating 199 1,990 1,617 activities Cash flow used in investing activities Investment income received - 6 14 Purchase of property, plant and equipment (1) (122) (339) Net cash used in investing activities (1) (116) (325) Cash flow used in financing activities Finance costs paid (9) (7) (24) Net cash used in financing activities (9) (7) (24) Net increase in cash and cash equivalents 189 1,867 1,268 Effects of exchange rate changes 12 (10) 205 Cash and cash equivalents at the (228) (1,701) (1,701) beginning of the period Cash and cash equivalents at the end of (27) 156 (228) the period Cash and cash equivalents per balance (30) 159 (227) sheet Cash and cash equivalents classified as 3 (3) (1) held for sale Cash and cash equivalents at the end of (27) 156 (228) the period NOTES TO THE INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009 1. Reporting entity EXC plc (the "Company") is a company registered in England and Wales. The condensed consolidated interim financial statements of the Company for the six month period ended 30 June 2009 comprise the Company and its subsidiaries (together the "Group"). 2. Statement of compliance This interim financial report has been prepared on the basis of the recognition and measurement requirements of IFRS in issue that are either endorsed by the EU and effective (or available for early adoption) at 31 December 2009. These condensed consolidated interim financial statements should be read in conjunction with the Report and Accounts for the year ended 31 December 2008, which were approved for issue by the Board of Directors on 30 June 2009, as it provides an update of previously reported information. The comparative figures for the year ended 31 December 2008 are not the company's statutory accounts for the financial year. The comparative figures for the year ended 31 December 2008 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts received an unqualified audit report which did not contain statements under sections 498 (2) or (3) of the Companies Act 2006. These condensed consolidated interim financial statements were approved by the Board on 30 September 2009. The financial information contained therein for the six month period ended 30 June 2009 and similarly the six month period ended 30 June 2008 has neither been audited nor reviewed. 3. Significant accounting policies The accounting policies used in the presentation of these condensed consolidated interim financial statements are consistent with those used in the consolidated financial statements for the year ended 31 December 2008. 4. Estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2008. 5. Operating segments The Group operates in a sector where no significant seasonal or cyclical variations in revenues and operating results are experienced during the financial year. Subsequent to the close down of operations of David Conrad (International) Limited during the year ended 31 December 2008, the Group is currently organised into one operating subsidiary, Excalibur Ventures Limited, and its UK holding company EXC plc. This is the basis on which the Group reports its primary segmental information. In the table below, all revenues are generated by sales to external parties. Excalibur EXC Total GBP000 GBP000 GBP000 Performance by activity: Revenue: - six months ended 30 June 2009 1,281 - 1,281 - six months ended 30 June 2008 756 - 756 - year ended 31 December 2008 1,468 - 1,468 Operating loss: - six months ended 30 June 2009 (170) (84) (254) - six months ended 30 June 2008 (173) (76) (249) - year ended 31 December 2008 (434) (141) (575) Total assets: - 30 June 2009 1,419 24 1,443 - 30 June 2008 1,464 27 1,491 - 31 December 2008 2,304 11 2,315 6. Financial risk management The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements for the year ended 31 December 2008. 7. Loss per share The calculation of basic loss per share is based on the following: 1 January 1 January Year 2009 to 2008 to ended 30 June 30 June 31 December 2008 2008 2008 Loss for the period from (256) (250) (579) continuing operations (GBP000) Loss for the period from - (451) (518) discontinued operations (GBP 000) Loss for the period from (256) (701) (1,097) continuing and discontinued operations (GBP000) Weighted average number of 372,669,990 372,669,990 372,669,990 shares Loss per share from (0.07) (0.07) (0.15) continuing operations (pence) Loss per share from - (0.12) (0.14) discontinued operations Loss per share from (0.07) (0.19) (0.29) continuing and discontinued operations (pence) Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming conversion of all dilutive potential ordinary shares. The Company's potential ordinary shares consist of share options. Due to losses in the current and preceding periods there are no dilutive ordinary shares. 8. Dividends No dividend is proposed for the six month period ended 30 June 2009. No dividend was paid in or proposed for the year ended 31 December 2008. 9. Analysis of cash and cash equivalents Six months Six months Year ended ended ended 30 June 30 June 31 December 2009 2008 2008 GBP000 GBP000 GBP000 Bank balances 183 245 380 Bank overdrafts (213) (86) (607) (30) 159 (227) 10. Copies of the Report & Accounts Copies of this half-yearly report will be posted to all of the Company's shareholders shortly. Further copies can be obtained by writing to The Company Secretary, EXC plc, Number 14, The Embankment, Vale Road, Heaton Mersey, Stockport, Cheshire SK4 3GN, England. This half-yearly report can also be found on the Company's website, www.excplc.com. END
1 Year Exc Chart |
1 Month Exc 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