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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 |
Hot Features
Premium
Fundamental E Investments plc (the "Company" or the "Group")
Preliminary Results for the year to 30 September 2007
CHAIRMAN'S STATEMENT
Results
I am pleased to report that the Group's results for the year ended 30 September
2007 show a small loss on ordinary activities before taxation of £23,000 (2006
- profit of £51,000) on a turnover of £181,000 (2006 - £677,000). The result
for the year derives from rental income less administrative costs of running
the Group.
The Company does not have distributable reserves and until such time as a
reorganisation is effected it is unable to pay dividends (2006 - £nil).
Financial Position
Net assets at 30 September 2007 were £215,000, compared with £238,000 at the
end of 2006, of which the Group had cash resources of £114,000. At the same
date the Group had drawn down £980,000 against its loan facility with the
Clydesdale Bank. The cash balance at 29 February 2008 was £54,000. The Group
continues to meet its working capital needs from debtor collections and the
Clydesdale Bank loan facility.
Strategyand Current Trading
Having received planning approval for the development of 72 apartments on its
freehold site in Kilsyth in March 2006, two options over adjoining property
were exercised to complete the development site. The two properties were
purchased at a combined cost of £500,000 utilising the Company's Clydesdale
Bank loan facility.
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.
Since April 2007, the Group has enhanced the value of the development site
through the demolition of all buildings on the site and the levelling of the
ground in readiness for development.
The Board has now reviewed their strategy with regard to the Kilsyth site and
it is their intention to realise this investment in the short term in order to
provide the Company with additional financial resources to allow it to pursue
other, hopefully more profitable, opportunities. Disposal of the investment is
being progressed and the site is now being marketed. The directors consider
that its disposal value is in excess of its book value. On sale of the site,
the Clydesdale Bank loan will be repaid allowing the Group to utilise its
remaining financial resources in pursuit of other opportunities.
The Group is currently actively seeking alternative investment opportunities.
As we have previously affirmed, businesses that could benefit from access to
capital markets using an AIM quoted parent company are of particular interest.
Finally, I would like to take this opportunity to thank our shareholders for
their support at this time.
Stephen Thomson
Chairman
28 March 2008
Consolidated Profit and Loss Account
for the year ended 30 September 2007
Year ended Year ended
30 September 30 September
2007 2006
£'000 £'000
Turnover
Continuing operations 181 165
Discontinued operations - 512
181 677
Cost of sales - (333)
Gross profit 181 344
Distribution costs - (20)
Administrative expenses (153) (511)
Operating profit/(loss)
Continuing operations 28 (226)
Discontinued operations - 39
28 (187)
Exceptional items
Profit on sale of operations - 241
Surplus on forfeiture of - 46
shares
Profit on ordinary activities 28 100
before interest
Net interest payable (51) (49)
(Loss)/profit on ordinary
activities before taxation (23) 51
Taxation on (loss)/profit on - -
ordinary activities
(Loss)/profit for the
financial year transferred
(from)/to reserves (23) 51
Basic (Loss)/profit per share (0.002)p 0.005p
Basic loss per share - (0.002)p (0.022)p
continuing operations
Basic profit per share - - 0.027p
discontinued operations
Consolidated Balance Sheet
At 30 September 2007
As at As at
30 September 30 September
2007 2006
£'000 £'000 £'000 £'000
Fixed assets
Tangible assets 1,312 664
1,312 664
Current assets
Debtors 77 149
Cash at bank and in hand 114 180
191 329
Creditors: amounts falling
due within one year (1,288) (755)
Net current liabilities (1,097) (426)
Total assets less current 215 238
liabilities
Capital and reserves
Called up share capital 3,714 3,714
Share premium account 9,997 9,997
Merger reserve 750 750
Other reserve 46 46
Profit and loss account (14,292) (14,269)
Equity shareholders' funds 215 238
Consolidated Cash Flow Statement
for the year ended 30 September 2007
2007 2006
£'000 £'000
Operating profit after exceptional 28 100
items
Depreciation - 46
Loss on sale of tangible fixed assets - 106
Decrease in stocks - 286
Decrease in debtors 72 662
Increase/(decrease) in creditors 32 (1,260)
Decrease in provisions - (227)
Net cash inflow/(outflow) from 132 (287)
operating activities
Net cash outflow from returns on
investments
and servicing of finance (51) (49)
Taxation - -
Net cash outflow from capital
expenditure
and financial investment (648) (84)
Cash outflow before financing (567) (420)
Net cash inflow from financing - 130
Decrease in cash (567) (290)
Reconciliation of Movements in Shareholders' Funds
for the year ended 30 September 2007
2007 2006
£'000 £'000
(Loss)/profit for the year (23) 51
Net issue of shares - 130
Net (decrease)/increase in (23) 181
shareholder's funds
Opening equity shareholders' funds 238 57
Closing equity shareholders' funds 215 238
Notes to the Preliminary Announcement
for the year ended 30 September 2007
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 2006 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 balance sheet at 30 September 2007 and the profit and loss
account, cash flow statement and associated notes for the year then ended
have been extracted from the Group's 2007 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 Wilson & Garden business disposed by the group
during the year ended 30 September 2006. 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 (loss)/profit per share is based on (losses)/profits attributable
to ordinary shareholders of £(23,000) (2006 - Profit £51,000) divided by
the weighted average number of shares in issue during the period of
1,089,826,447 (2006 - 1,007,342,136). Basic loss per share for continuing
operations is based on losses of £23,000 (2006 - £229,000). Basic profit
per share for discontinued operations is based on profits of £Nil (2006 - £
280,000). Diluted (loss)/profit per share is not presented on the basis
that the share options in place are currently anti-dilutive.
6. The Annual General Meeting will be held at 10.00 a.m. on 29 April 2008 at the
office of Birketts LLP, Paston House, 11-13 Princes Street, Norwich, NR3 1AZ.
7. The Annual Report and Accounts will be mailed to registered shareholders
today 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, Paston House,
11-13 Princes Street, Norwich, NR3 1AZ, and from the Company's website,
www.feiplc.co.uk.
For further information please contact:
Fundamental-E Investments plc
Michael Hill
Finance Director
Tel: 07736 714577
Nominated Adviser
City Financial Associates Limited
Tony Rawlinson
Tel: 020 7492 4777
END
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