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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fund-E Inv | LSE:FEI | London | Ordinary Share | GB0002910312 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.02 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Fundamental E Investments plc (the "Company" or "Fundamental") Preliminary Results for the year to 30 September 2006 CHAIRMAN'S STATEMENT Results I am pleased to report that the Group's results for the year ended 30 September 2006 show a profit on ordinary activities before taxation of £51,000 (2005 - loss of £1,544,000) on a turnover of £677,000 (2005 - £9,057,000). The profit for the year is in the main attributable to the sales of the trading assets of Kilsyth Property Developments Limited (formerly Wilson & Garden Limited), recoveries made in respect of subsidiaries disposed of in previous years and the forfeiture of shares previously issued to satisfy the purchase of software licences. As the directors are intent on growing the company any internally generated cash is being used for this purpose and as such no dividend is being declared in these results (2005 - 0p per share). On 5 December 2005 the Group disposed of the trade of its loss making Wilson and Garden subsidiary, yielding a book profit of £241,000. During the year the Group was also able to release provisions of £227,000 in respect of guarantees given against former subsidiaries bank facilities. On 26 January 2006 the Group concluded new banking facilities with the Clydesdale Bank, enabling it to develop its site in Kilsyth, Scotland. Planning approval for the development of 72 apartments was granted on 14 March 2006. The first of two options over adjoining property was exercised in October 2006. On 2 August 2006 various warrant holders exercised warrants over 140,400,000 new Ordinary `A' shares in the Company with the proceeds amounting to £175,500. Financial Position As at 30 September 2006 the Group had cash resources of £180,000. At the same date the Group had drawn down £465,000 against its Development Loan facility with the Clydesdale Bank. Strategy The strategy of the Group is to continue to develop the site at Kilsyth, and other suitable property opportunities as they become available and to invest in small and medium sized technology led, and other businesses in the industrial sector in Europe and Africa which could benefit from access to capital markets using an AIM listed parent company. Current Trading The Group's current business activity is to develop its wholly owned property site in Kilsyth. The tenant on our Kilsyth site vacated the premises at the end of April 2007 which has now allowed the site development to move forward. It is planned that the demolition of the current buildings on the site be started in July 2007 and that construction work be commenced in October 2007. It will be pleasing to see this development start and see the profit potential of the site realised in what is an appreciating Scottish property market. Using the considerable property expertise within the board other property opportunities are being considered and if found to offer good returns will be pursued. Up until the end of April 2007 the Group continued to receive rental income from the purchasers of the Wilson & Garden business from their occupation of the Kilsyth site. Forfeiture of Issued Shares and Change in Articles In last year's Chairman's statement I detailed the board's intention to impose a share forfeiture on Castell Trading Investment, SL, in respect of inadequate services provided to the Group. I can confirm that the Company's Articles were altered to allow such a forfeiture and on 21 June 2006 46,020,918 Ordinary `A' shares were cancelled. Finally, I would like to take this opportunity to thank our shareholders for their support at this time. This is particularly relevant since on 27 March 2007 the Company's shares were suspended as it was unable to issue its annual financial statements within the required timeframe. The Board regrets this inconvenience to shareholders. We do not anticipate a further occurrence of this nature. Stephen Thomson Chairman 29 June 2007 Consolidated Profit and Loss Account for the year ended 30 September 2006 Year ended Year ended 30 30 September September 2005 2006 £'000 £'000 Turnover Continuing operations 165 - Discontinued operations 512 9,057 677 9,057 Cost of sales (333) (6,162) Gross profit 344 2,895 Distribution costs (20) (275) Administrative expenses (511) (4,138) Operating loss Continuing operations (226) (585) Discontinued operations 39 (933) (187) (1,518) Exceptional items Profit on sale of operations 241 103 Surplus on forfeiture of 46 - shares Net interest payable (49) (129) Profit/(loss) on ordinary activities before taxation 51 (1,544) Taxation on loss on ordinary activities - - Profit/(loss) on ordinary activities After taxation 51 (1,544) Minority interest - (70) Profit/(loss) for the 51 (1,614) financial year Basic Profit/(loss) per share 0.005p (0.38)p Diluted Profit/(loss) per 0.005p (0.35)p share Consolidated Balance Sheet At 30 September 2006 As at As at 30 30 September September 2006 2005 £'000 £'000 £'000 £'000 Fixed assets Tangible assets 664 732 664 732 Current assets Stocks - 286 Debtors 149 811 Cash at bank and in hand 180 219 329 1,316 Creditors: amounts falling due within one year (755) (1,609) Net current liabilities (426) (293) Total assets less current 238 439 liabilities Creditors: amounts falling due after more than one year - (155) Provisions for liabilities - (227) and charges 238 57 Capital and reserves Called up share capital 3,714 3,619 Share premium account 9,997 9,962 Merger reserve 750 750 Other reserve 46 - Profit and loss account (14,269) (14,274) Equity shareholders' funds 238 57 Cashflow Statement for the year ended 30 September 2006 2006 2005 £'000 £'000 Operating profit/(loss) after 100 (1,415) exceptional items Depreciation 46 286 Profit on disposal of subsidiary - (103) undertakings Loss on sale of tangible fixed assets 106 48 Decrease in stocks 286 111 Decrease/(increase) in debtors 662 (362) (Decrease)/increase in creditors (1,260) 507 Decrease in provisions (227) (413) Net cash outflow from operating (287) (1,341) activities Net cash outflow from returns on investments and servicing of finance (49) (129) Taxation - (21) Net cash (outflow)/inflow from capital expenditure and financial investment (84) 38 Net cash inflow from acquisitions and - 416 disposals Cash outflow before financing (420) (1,037) Net cash inflow from financing 130 769 (Decrease)/increase in cash (290) (268) Reconciliation of Movements in Shareholders' Funds for the year ended 30 September 2006 2006 2005 £'000 £'000 Profit/(loss) for the year 51 (1,614) Net issue of shares 130 868 Net increase/(decrease) in 181 (746) shareholder's funds Opening equity shareholders' funds 57 803 Closing equity shareholders' funds 238 57 Notes to the Preliminary Announcement For the year ended 30 September 2006 1. The preliminary announcement has been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the group have remained unchanged from those set out in the group's 2005 annual report and accounts. 2. The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The summarised balance sheet at 30 September 2006 and the summarised profit and loss account, summarised cash flow statement and associated notes for the year then ended have been extracted from the Group's 2006 statutory financial statements upon which the auditors' opinion is qualified on the basis of the limitation in scope. This arises from the lack of availability of accounting records for the businesses and subsidiaries disposed by the group during the year and preceding year. Those financial statements have not yet been delivered to the registrar of companies. 3. There is no provision for corporation tax on the basis that no liability arose in the year. 4. The Directors are not able to recommend the payment of a dividend. 5. The basic profit (loss) per share is based on profits (losses) attributable to ordinary shareholders of approximately £51,000 (2005 - Loss £1,614,000) divided by the weighted average number of shares in issue during the period of 1,007,342,136 (2005 - 426,541,014). 6. The Annual Report and Accounts will be mailed to registered shareholders at their registered address and from the date of release copies of the Annual Report will be made available to the public free of charge for one month at the Company's registered office, Birketts LLP, 16-18 Queen Street, Norwich, NR2 4SQ, at the offices of City Financial Associates Limited, Pountney Hill House, 6 Laurence Pountney Hill, London, EC4R 0BL. Contact Liam Murray, Nominated Adviser City Financial Associates Limited Tel 020 7090 7800 END
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