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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hanson West (See "LSE:WHL") | LSE:HWH | London | Ordinary Share | JE00B4N02Q47 | ORD 0.005P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 62.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMHWH
RNS Number : 8042Z
Hanson Westhouse Holdings PLC
29 September 2009
Hanson Westhouse Holdings plc
Interim Results
Hanson Westhouse Holdings plc (the "Company"), the integrated corporate finance
and broking house focusing on small and mid-cap companies, today announces its
maiden interim results for the six months ended 30 June 2009.
In accordance with International Financial Reporting Standards these unaudited
results comprise those of Hanson Westhouse Group Limited for the six month
period ended 30 June 2009 together with those of Hanson Westhouse Holdings plc
(previously SovGEM Limited) from 15 June 2009 to 30 June 2009.
Highlights
* Reverse takeover of SovGEM and integration of businesses successfully completed
* Strong uplift in value of investments
* Well capitalised to continue growth of the business
* Regulatory capital now six times covered
* Significant improvement in fees and commissions since period end with
consequential benefit to cash position
* Expansion plans in place and new hires to boost future growth
This is our first set of results after the reverse takeover on 15 June 2009,
only a few days before the period end.
We are pleased that the reverse takeover of SovGEM Limited, which received the
unqualified support of shareholders and staff, has been completed smoothly and
successfully. The two businesses have been fully integrated as planned and we
can look forward, with a strong capital base, to expanding our corporate
advisory and broking activities as markets recover.
Trading conditions in the first half of the year, particularly on the AIM
market, continued to be extremely difficult and this was reflected in the
disappointing revenue for the period. However, the recent general market
recovery has resulted in a significant up-turn in activity in both broking and
corporate advisory work.
Despite these difficult conditions our portfolio of investments (including
financial assets held at fair value) has seen a pleasing recovery in value. Our
balance sheet at 30 June 2009 shows GBP4.2 million of value and in addition to
this we have realised GBP260,000 in the period under review. From December 2008
to date this portfolio, including realised investments, has seen an increase of
34 per cent in value.
Current trading and business outlook
Since the period end we have seen a marked improvement and we have generated
more trading revenue in the third quarter than in the whole of the first half.
We have also significantly strengthened our cash position. Although it is
difficult to predict the outcome for the remainder of the year, we are seeing an
encouraging pipeline of business developing.
The Hon Robert Hanson
Mr Hanson, who has been enormously supportive, first as non-executive Chairman
of Hanson Westhouse (the predecessor company) and lately as a member of the
Advisory Panel, has informed the Board that he has decided to pursue other
family business interests. As a consequence Mr Hanson has resigned from the
Advisory Panel and he goes with our best wishes.
Mr Hanson remains supportive of the Company and his shares (which amount to
19.62 per cent of the issued share capital) are bound by the Orderly Market
Agreement entered into at the time of the Company's admission to AIM in June.
It is proposed that the name of the Company will be changed to Westhouse
Holdings plc and a notice of EGM will shortly be sent to shareholders to effect
this change.
Staff
The Board appreciates the staff's support throughout what has been an
extraordinary time in the financial markets. The Board wishes to reiterate that
the business depends on the skill, experience and efforts of its dedicated and
hard working staff.
We are continuing to strengthen our broking, advisory and research teams. We
have already made a number of appointments and anticipate announcing further
appointments in due course.
Commenting on the results, William Staple, Chief Executive said, "In the last 18
months we have seen very challenging trading conditions and these results
reflect this. Despite these conditions, we have successfully weathered the storm
and are now seeing a more positive trading climate. By combining the Hanson
Westhouse business with SovGEM we have created a strong base which will enable
us to take full advantage of the upturn we are beginning to see."
For further information:
+--------------------------------------+----------------------------+
| Hanson | |
| Westhouse | |
| Holdings | |
| plc | |
+--------------------------------------+----------------------------+
| William | Tel: +44 |
| Staple, | (0) 20 |
| Chief | 7601 6100 |
| Executive | |
+--------------------------------------+----------------------------+
| william.staple@hansonwesthouse.com | www.hansonwesthouse.com |
+--------------------------------------+----------------------------+
| | |
+--------------------------------------+----------------------------+
| Nominated | |
| Adviser | |
| Smith & | |
| Williamson | |
| Corporate | |
| Finance | |
| Limited | |
+--------------------------------------+----------------------------+
| Azhic | Tel: +44 |
| Basirov | (0) 20 |
| | 7131 4000 |
+--------------------------------------+----------------------------+
| azhic.basirov@smith.williamson.co.uk | www.smith.williamson.co.uk |
+--------------------------------------+----------------------------+
| | |
+--------------------------------------+----------------------------+
| Broker | |
| Hanson | |
| Westhouse | |
| Limited | |
+--------------------------------------+----------------------------+
| Tim | Tel: +44 |
| Metcalfe | (0) 20 |
| | 7601 6100 |
+--------------------------------------+----------------------------+
| tim.metcalfe@hansonwesthouse.com | www.hansonwesthouse.com |
+--------------------------------------+----------------------------+
Media enquiries:
+---------------------------------+------------------------+
| Abchurch | |
| Communications | |
| Limited | |
+---------------------------------+------------------------+
| Charlie | Tel: |
| Jack / | +44 |
| Monique | (0) 20 |
| Tsang | 7398 7714 |
+---------------------------------+------------------------+
| charlie.jack@abchurch-group.com | www.abchurch-group.com |
+---------------------------------+------------------------+
Consolidated income statement
Six month period ended 30 June 2009
+--------------------------------------------+------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Unaudited |
| | | Six | Six | Year ended |
| | | months | months to | 31 December |
| | | to 30 | 30 June | 2008 |
| | | June | 2008 | |
| | | 2009 | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| | Note | GBP | GBP | GBP |
+--------------------------------------------+------+-------------+-------------+-------------+
| Revenue from continuing operations | 4 | 1,490,834 | 2,763,459 | 4,478,460 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Operating expenses | | (2,260,012) | (2,681,470) | (4,925,044) |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Operating profit/(loss) | | (769,178) | 81,989 | (446,584) |
+--------------------------------------------+------+-------------+-------------+-------------+
| Gain on acquisition | | 1,241,269 | - | - |
+--------------------------------------------+------+-------------+-------------+-------------+
| Gains/(losses) in fair value of assets | | 4,072 | (78,123) | (237,110) |
| held at fair value through profit or loss | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Gains/(losses) on investments | | 32,049 | 4,028 | (94,466) |
+--------------------------------------------+------+-------------+-------------+-------------+
| Interest receivable | | 1,928 | 43,704 | 68,933 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Interest payable | | (10) | - | - |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Profit / (losses) before tax | | 510,130 | 51,598 | (709,226) |
+--------------------------------------------+------+-------------+-------------+-------------+
| Tax expense | | - | - | 96,123 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Net result for the period | | 510,130 | 51,598 | (613,103) |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Total and continuing | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Basic earnings per share | 2 | 0.05 p | 0.05 p | (0.61) p |
| Diluted earnings per share | | 0.05 p | 0.05 p | (0.61) p |
| | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
All activities relate to continuing operations.
Consolidated statement of comprehensive income
+--------------------------------------------+------+-----------+-----------+------------+
| | |Unaudited |Unaudited | Unaudited |
| | | Six | Six | Year ended |
| | | months | months | 31 |
| | | to 30 | to 30 | December |
| | | June | June | 2008 |
| | | 2009 | 2008 | |
+--------------------------------------------+------+-----------+-----------+------------+
| | | GBP | GBP | GBP |
+--------------------------------------------+------+-----------+-----------+------------+
| Profit / (loss) for the period | | 510,130 | 51,598 | (613,103) |
+--------------------------------------------+------+-----------+-----------+------------+
| Other comprehensive income: | | | | |
+--------------------------------------------+------+-----------+-----------+------------+
| Change in value of available for sale | | 139,303 | 139,680 | 60,625 |
| financial instruments | | | | |
+--------------------------------------------+------+-----------+-----------+------------+
| Total comprehensive income/(loss) for the | | 649,433 | 191,278 | (552,478) |
| period | | | | |
+--------------------------------------------+------+-----------+-----------+------------+
All activities relate to continuing operations.
Consolidated statement of financial position
As at 30 June 2009
+-------------------------------------------+------+-------------+-----------+------------+
| | Note | Unaudited | Unaudited | Unaudited |
| | | 30 June | 30 June | 31 |
| | | 2009 | 2008 | December |
| | | GBP | GBP | 2008 |
| | | | | GBP |
+-------------------------------------------+------+-------------+-----------+------------+
| Assets | | | | |
| Non current assets | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Goodwill | 1.5 | 306,750 | 306,750 | 306,750 |
+-------------------------------------------+------+-------------+-----------+------------+
| Property plant and equipment | | 176,366 | 212,990 | 189,706 |
+-------------------------------------------+------+-------------+-----------+------------+
| Total non current assets | | 483,116 | 519,740 | 496,456 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Current assets | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Investments | | 3,689,799 | 831,193 | 515,465 |
+-------------------------------------------+------+-------------+-----------+------------+
| Financial assets held at fair value | | 548,757 | 158,990 | 86,868 |
+-------------------------------------------+------+-------------+-----------+------------+
| Trade and other receivables | | 607,398 | 255,499 | 246,523 |
+-------------------------------------------+------+-------------+-----------+------------+
| Prepaid expenses | | 440,194 | 441,313 | 480,635 |
+-------------------------------------------+------+-------------+-----------+------------+
| Cash and cash equivalents | 1.12 | 517,293 | 1,370,270 | 609,833 |
+-------------------------------------------+------+-------------+-----------+------------+
| Total current assets | | 5,803,441 | 3,057,265 | 1,939,324 |
+-------------------------------------------+------+-------------+-----------+------------+
| Total assets | | 6,286,557 | 3,577,005 | 2,435,780 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Equity | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Share capital | 5 | 572 | 100,002 | 108,602 |
+-------------------------------------------+------+-------------+-----------+------------+
| Share premium account | | 3,652,376 | 757,872 | 1,007,272 |
+-------------------------------------------+------+-------------+-----------+------------+
| Merger reserve | | 2,025,708 | - | - |
+-------------------------------------------+------+-------------+-----------+------------+
| Perpetual subordinated loan | 1.3 | 375,000 | 500,000 | 500,000 |
+-------------------------------------------+------+-------------+-----------+------------+
| Reserve in respect of share based | | 312,168 | 242,718 | 270,677 |
| payments | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Revaluation reserve | | 288,028 | 329,980 | 148,726 |
+-------------------------------------------+------+-------------+-----------+------------+
| Reverse acquisition reserve | 1.2 | (1,686,801) | - | - |
+-------------------------------------------+------+-------------+-----------+------------+
| Profit and loss account | | 455,382 | 616,432 | (54,749) |
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Total equity | | 5,422,433 | 2,547,004 | 1,980,528 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Current Liabilities | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Accounts payable and accrued liabilities | | 461,152 | 657,474 | 244,420 |
+-------------------------------------------+------+-------------+-----------+------------+
| Short term provisions | | 402,972 | 372,527 | 210,832 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Total current liabilities | | 864,124 | 1,030,001 | 455,252 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Total liabilities | | 864,124 | 1,030,001 | 455,252 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
| Total equity and liabilities | | 6,286,557 | 3,577,005 | 2,435,780 |
+-------------------------------------------+------+-------------+-----------+------------+
| | | | | |
+-------------------------------------------+------+-------------+-----------+------------+
Consolidated statement of cash flows
Six Month Period Ended 30 June 2009
+--------------------------------------------+-------------+------------+-------------------------------+
| | Unaudited | Unaudited | Unaudited |
| | Six | Six months | Year ended |
| | months | to 30 June | 31 December |
| | to 30 | 2008 | 2008 |
| | June | GBP | GBP |
| | 2009 | | |
| | GBP | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Cash flows from operating activities | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Profit after tax | 510,130 | 51,598 | (613,103) |
+--------------------------------------------+-------------+------------+-------------------------------+
| Adjustments for: | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Revenue relating to financial assets held | - | 78,123 | (86,865) |
| at fair value | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| (Gains) / losses in fair value assets held | (4,072) | - | 237,110 |
| at fair value | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| (Gains) / losses on investments | (32,049) | (4,028) | 94,466 |
+--------------------------------------------+-------------+------------+-------------------------------+
| Gain on acquisition | (1,241,269) | - | - |
+--------------------------------------------+-------------+------------+-------------------------------+
| Interest receivable | (1,928) | (43,704) | (68,933) |
+--------------------------------------------+-------------+------------+-------------------------------+
| Interest expense | 10 | - | - |
+--------------------------------------------+-------------+------------+-------------------------------+
| Depreciation | 24,453 | 27,586 | 57,186 |
+--------------------------------------------+-------------+------------+-------------------------------+
| Share based expense | 49,736 | 105,929 | 134,083 |
+--------------------------------------------+-------------+------------+-------------------------------+
| Taxation expense recognised in profit or | - | - | (96,123) |
| loss | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Decrease / (increase) in receivables | (256,533) | (41,503) | 64,797 |
+--------------------------------------------+-------------+------------+-------------------------------+
| (Decrease) / increase in payables | (57,761) | (452,169) | (809,503) |
+--------------------------------------------+-------------+------------+-------------------------------+
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Net cash flows from operating activities | (1,009,283) | (278,168) | (1,086,885) |
+--------------------------------------------+-------------+------------+-------------------------------+
| Investing activities | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Purchase of equipment | (11,113) | (19,769) | (26,087) |
+--------------------------------------------+-------------+------------+-------------------------------+
| Proceeds from sale of investments | 260,095 | 112,821 | 187,127 |
+--------------------------------------------+-------------+------------+-------------------------------+
| Purchase of investments | (14,042) | (6,500) | (45,020) |
+--------------------------------------------+-------------+------------+-------------------------------+
| Interest received | 1,928 | 43,704 | 68,933 |
+--------------------------------------------+-------------+------------+-------------------------------+
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Net cash flows used in investing | 236,868 | 130,256 | 184,953 |
| activities | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Cash flows from financing activities | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Ordinary share capital | 825,008 | - | 236,000 |
+--------------------------------------------+-------------+------------+-------------------------------+
| Issue of shares | 22,000 | - | - |
+--------------------------------------------+-------------+------------+-------------------------------+
| Transaction costs in connection with share | (40,724) | - | - |
| issue | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Net repayment of perpetual subordinated | (125,000) | - | - |
| loan | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Cash acquired from acquisitions | 1,885 | - | - |
+--------------------------------------------+-------------+------------+-------------------------------+
| Interest paid | (10) | - | - |
+--------------------------------------------+-------------+------------+-------------------------------+
| Interest on perpetual subordinated loan | - | (43,612) | (43,612) |
+--------------------------------------------+-------------+------------+-------------------------------+
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Net cash flows from financing activities | 683,159 | (43,612) | 192,388 |
+--------------------------------------------+-------------+------------+-------------------------------+
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Taxes paid | (3,284) | - | (242,417) |
+--------------------------------------------+-------------+------------+-------------------------------+
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Net decrease in cash and cash equivalents | (92,540) | (191,524) | (951,961) |
| | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Cash and cash equivalents at beginning of | 609,833 | 1,561,794 | 1,561,794 |
| period | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
| Cash and cash equivalents at end of period | 517,293 | 1,370,270 | 609,833 |
| 1.12 | | | |
+--------------------------------------------+-------------+------------+-------------------------------+
Consolidated statement of changes in equity
+---------------+-----+-----+-------+-----+-----+-----+--------+-----+-------+-----+-------------+----------+-----------+
| | Share | Other | Merger | Perpetual | Reverse | Revaluation | Retained | Total |
| | capital | reserves | reserve | subordinated | acquisition | reserve | earnings | equity |
| | GBP | GBP | GBP | loan | reserve | GBP | GBP | GBP |
| | | | | GBP | GBP | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Balance | 108,602 | 1,277,949 | - | 500,000 | - | 148,725 | (54,748) | 1,980,528 |
| at 1 | | | | | | | | |
| January | | | | | | | | |
| 2009 | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Reverse | (108,602) | (1,007,272) | 2,025,708 | - | (1,686,801) | - | - | (776,967) |
| acquisition | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Issued | 572 | 3,652,376 | - | - | - | - | - | 3,652,948 |
| share | | | | | | | | |
| capital | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Perpetual | - | - | - | (125,000) | - | - | - | (125,000) |
| subordinated | | | | | | | | |
| loan | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Transactions | 572 | 3,923,053 | 2,025,707 | 375,000 | (1,686,801) | 148,725 | (54,748) | 4,731,509 |
| with owners | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Profit | - | - | - | - | - | - | 510,130 | 510,130 |
| for | | | | | | | | |
| the | | | | | | | | |
| period | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Share | - | 41,491 | - | - | - | - | - | 41,491 |
| option | | | | | | | | |
| expense | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Revaluation | - | - | - | - | - | 139,303 | - | 139,303 |
| reserve | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Total | - | 41,491 | - | - | - | 139,303 | 510,130 | 690,924 |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| | | | | | | | | |
+---------------+-----------+-------------+-----------+--------------+-------------+-------------+----------+-----------+
| Balance | 572 | 3,964,544 | 2,025,707 | 375,000 | (1,686,801) | 288,028 | 455,382 | 5,422,433 |
| at 30 | | | | | | | | |
| June | | | | | | | | |
| 2009 | | | | | | | | |
+---------------+-----+-----+-------+-----+-----+-----+--------+-----+-------+-----+-------------+----------+-----------+
Consolidated statement of changes in equity: continued
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | Share | Other | Perpetual | Revaluation | Retained | Total | Minority | Net assets |
| | capital | reserves | subordinated | reserve | earnings | equity | interest | |
| | | | | | | | | |
| | | | loan | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Balance at 1 | 100,002 | 909,936 | 500,000 | 88,100 | 581,294 | 2,179,332 | (15,368) | 2,163,964 |
| January 2008 | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Issued share | 8,600 | 249,400 | - | - | - | 258,000 | - | 258,000 |
| capital | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Transactions | 108,602 | 1,159,336 | 500,000 | 88,100 | 581,294 | 2,437,332 | (15,368) | 2,421,964 |
| with owners | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Loss for the | - | - | - | - | (613,103) | (613,103) | 15,368 | (597,735) |
| year | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Available for | - | - | - | 60,626 | - | 60,626 | - | 60,626 |
| sale financial | | | | | | | | |
| assets | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Interest on | - | - | - | - | (22,940) | (22,940) | - | (22,940) |
| perpetual | | | | | | | | |
| subordinated | | | | | | | | |
| loan | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Share option | - | 118,613 | - | - | - | 118,613 | - | 118,613 |
| expense | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Total | - | 118,613 | - | 60,626 | (636,043) | (456,804) | 15,368 | (441,436) |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Balance at 31 | 108,602 | 1,277,949 | 500,000 | 148,726 | (54,749) | 1,980,528 | - | 1,980,528 |
| December 2008 | | | | | | | | |
+------------------+------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
Other reserves
These relate to the share premium on the acquisition of Hanson Westhouse Ltd
(which was acquired on 22 May 2007 in exchange for the issue of shares by the
Company) and the aggregate of the share option expenses arising on the issue of
share options over shares in the Company to employees of Hanson Westhouse Ltd.
The acquisition of Hanson Westhouse Ltd was a result of a share exchange
re-organisation and has been accounted for as a pooling of interests.
Consolidated statement of changes in equity: continued
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | Share | Other | Perpetual | Revaluation | Retained | Total | Minority | Net assets |
| | capital | reserves | subordinated | reserve | earnings | equity | interest | |
| | | | loan | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Balance at 1 | 100,002 | 909,936 | 500,000 | 88,100 | 581,294 | 2,179,332 | (15,368) | 2,163,964 |
| January 2008 | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Issued share | - | - | - | - | - | - | - | - |
| capital | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Transactions with | 100,002 | 909,936 | 500,000 | 88,100 | 581,294 | 2,179,332 | (15,368) | 2,163,964 |
| owners | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Profit for the | - | - | - | - | 51,598 | 51,598 | 15,368 | 66,966 |
| period | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Available for sale | - | - | - | 241,880 | - | 241,880 | - | 241,880 |
| financial assets | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Interest on | - | - | - | - | (16,460) | (16,460) | - | (16,460) |
| Perpetual | | | | | | | | |
| subordinated loan | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Share option | - | 90,654 | - | - | - | 90,654 | - | 90,654 |
| expense | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Total | - | 90,654 | - | 241,880 | 35,138 | 367,672 | 15,368 | 383,040 |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
| Balance at 30 June | 100,002 | 1,000,590 | 500,000 | 329,980 | 616,432 | 2,547,004 | - | 2,547,004 |
| 2008 | | | | | | | | |
+--------------------+-------------+-------------+--------------+-------------+-------------+-------------+-------------+-------------+
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
1.1 Basis of Preparation
These financial statements do not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006.
These interim financial statements are for the six months ended 30 June 2009.
The statutory accounts for the financial year ended 31 December 2008 of Hanson
Westhouse Holdings Plc (previously SovGEM Ltd) which were prepared in accordance
with International Financial Reporting Standards as adopted by the EU (IFRSs)
and with those parts of the Companies Act 1985 applicable to companies reporting
under IFRS have been delivered to the Registrar of Companies. The report of the
auditors of SovGEM Ltd contained a qualified opinion arising from a limitation
in audit scope and did not contain a statement under section 237 (2) or (3) of
the Companies Act 1985. The report of the auditors of Hanson Westhouse Group
Ltd did not contain a statement under section 237 (2) or (3) of the Companies
Act 1985. Copies of the financial statements for 2008 are available from the
Company's registered office at 3rd Floor, Windward House, La Route de la
Liberation, St Helier, JE2 3BQ, Channel Islands or from the Company's
website. The financial statements have been prepared in accordance with
applicable International Financial Reporting Standards (IFRS) as adopted by the
EU.
The interim financial information has been prepared in accordance with the
Group's principal accounting policies and estimation techniques as will be
adopted in the Group financial statements for the year ending 31 December 2009.
These interim financial statements have been prepared on a consistent basis and
format; however IAS 34 'Interim Financial Reporting' has not been applied, since
this is not required for AIM listed companies.
The adoption of IAS 1 (Revised 2007) does not affect the financial position
or profits of the Group, but gives rise to additional disclosures. The
measurement and recognition of the Group's assets, liabilities, income and
expenses is unchanged. IAS 1 (Revised 2007) affects the presentation of owner
changes in equity and introduces a 'Statement of comprehensive income'. In
accordance with the new standard the entity does not present a 'Statement of
recognised income and expenses (SORIE)', as was presented in the 2008
consolidated financial statements. Further a 'Statement of changes in equity' is
presented.
The preparation of financial statements in conformity with adopted IFRSs
requires the directors to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expense. The estimates and judgements are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making judgements
about carrying amounts of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The consolidated financial statements for the financial year ended 31 December
2008 of Hanson Westhouse Group Ltd (then called Hanson Westhouse Holdings Ltd)
that were delivered to the Registrar of Companies were prepared in accordance
with United Kingdom Generally Accepted Accounting Practice. The comparative
figures shown for the year ended 31 December 2008 shown in these financial
statements are taken from the financial information prepared for the purposes of
the admission document published on 20 May 2009 in connection with the share for
share transaction described below.
They are prepared in accordance with the Company's accounting policies as set
out in note 1.
1.2Consolidation
This consolidated financial information includes the accounts of the Company and
its subsidiaries, after the elimination of inter-company transactions and
balances.
On 15 June 2009 SovGEM Ltd became the legal parent company of Hanson Westhouse
Group Limited in a share for share transaction. Due to the relative sizes of
the companies, Hanson Westhouse Group Limited shareholders became the majority
shareholders of the enlarged share capital. Furthermore, the Company's
continuing operations and executive management became those of Hanson Westhouse
Group Limited. Under IFRS3 this combination has been accounted for as a reverse
acquisition. On the same day SovGEM Ltd changed its name to Hanson Westhouse
Holdings plc.
In accordance with IFRS 3, the directors have treated the consolidated financial
statements as being a continuation of Hanson Westhouse Group Limited.
Accordingly the figures presented are those of Hanson Westhouse Group Limited
for the year ended 31 December 2008 and six months ended 30 June 2008.
In a reverse acquisition, the cost of the business combination is deemed to have
been incurred by the legal subsidiary (i.e. the acquirer for accounting
purposes) in the form of equity instruments to the owners of the legal parent
(i.e. the acquiree for accounting purposes). Because such consolidated
financial statements represent a continuation of the financial statements of the
legal subsidiary, the assets and liabilities of Hanson Westhouse Group Limited
have been recognised and measured in the consolidated financial statements at
their pre-combination carrying amounts. The retained earnings and other equity
balances recognised in the consolidated financial statements are the retained
earnings and other equity balances of Hanson Westhouse Group Limited immediately
before the business combination. The amount recognised as issued equity
instruments in the consolidated financial statements has been determined by
adding to the issued equity of SovGEM Ltd immediately before the business
combination the cost of the combination, being the market value of the shares of
SovGEM Ltd.
Minority interests shown in the statement of changes in equity represent the
portion of the Group's profit or loss and net assets that was not held by the
parent company's equity shareholders and is presented on the consolidated
balance sheet separately from the Company's shareholders' equity. There ceased
to be a minority interest on 21 February 2008 when the outstanding shares were
purchased by the Group.
1.3 Perpetual subordinated loan
The perpetual subordinated loan is classified as shareholders' equity and the
interest payments are treated as distributions.
1.4 Segmental reporting
Business segments are distinguishable components of the Group's business that
provide products or services that are subject to risks and rewards that are
different from those of other business segments.
1.5Goodwill
The goodwill arose from the acquisition of a business in 2007. Subsequently in
the same period there was a reconstruction whereby a new holding company was
established. This was treated as a continuation of the existing business.
Goodwill was reviewed for impairment on the basis of fair value less costs to
sell determined by the board of the Company, based on external information where
appropriate, using:
* The quoted market value for the Group's shares on AIM
* The price at which shareholders are willing to subscribe for shares in the Group
* The valuation placed on the Group by the recent reverse acquisition
Business combinations: gain on acquisition
Under IFRS 3, goodwill represents the excess of the cost of the acquisition over
the Group's interest in the net fair value of the identifiable assets. When the
excess is negative (a gain on acquisition), it is recognised immediately in
profit or loss. The gain on acquisition is recognised by the Group on the
reverse acquisition by Hanson Westhouse Group Ltd of SovGEM Ltd as a gain in the
income statement on acquisition.
1.6Revenue
Revenue represents the fair value of the consideration received or receivable,
excluding value added tax, in respect of corporate finance fees, fees, retainer
fees and charges. The Group recognises revenue at the point of completing an
assignment to the extent that it has obtained the right to consideration through
performance of its services to clients. Where the consideration includes
financial instruments or other non-cash items, revenue is measured at fair value
using an appropriate valuation method and taken to turnover with a corresponding
asset being carried forward in the balance sheet as current asset investments.
Contingent revenue is not recognised until the contingent events have occurred
and the Group has a legally enforceable right to claim that revenue.
Interest income is accrued on a time basis by reference to the principal
outstanding and at the effective interest rate applicable. Fee income is
recognised as earned in line with the delivery of the relevant services.
Gains and losses are measured by reference to the fair value of consideration
received or receivable by the Company for the sale of long term financial
assets. Gains and losses are recognised upon completion of the transaction.
Gains and losses from the sale of long term financial assets are recognised when
both of the following conditions have been satisfied:
*
* Sale documentation completedTitle of the long term financial asset has been transferred to the purchaser
Dividends received are recognised at the time of their distribution.
1.7Operating expenses
Operating expenses are recognised in the income statement upon utilisation of
the service or at the date of their origin.
1.8 Foreign currency translation
Hanson Westhouse Holdings plc's financial statements are presented in Sterling,
denoted by the symbol "GBP", which is the Company's functional and
presentational currency.
Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
re-measurement of monetary balance sheet items at year-end exchange rates are
recognised in the income statement and are included in administrative expenses.
The Company holds financial assets held in foreign currencies that are
re-measured at fair value at year end. At year end the fair value of these
financial assets are translated into the functional currency using the
appropriate closing exchange rate.
1.9Accounting for long term financial assets
Financial assets are divided into the following categories:
? Available-for-sale financial assets
? Derivative financial instruments
Derivative financial instruments include warrants and convertible debt where the
embedded derivative is not separable from the underlying instrument.
Derivative financial instruments are initially recognised at fair value and are
subsequently carried at fair value. Gains and losses arising from the changes in
the Derivative financial instruments are included in the income statement in the
period in which they arise. Where investments have a separate embedded
derivative, but it is not possible to measure the embedded derivative separately
either at acquisition or at a subsequent financial reporting date, the Company
shall designate the entire hybrid (combined) investment as a derivative
financial instrument.
Available-for-sale financial assets are those intended to be held for an
indefinite period of time, which may be sold in response to needs for liquidity
or changes in interest rates, exchange rates or equity prices.
Available-for-sale financial assets are initially recognised at fair value and
are subsequently carried at fair value net of transaction costs. Gains and
losses arising from the changes in the fair value of available for sale
financial assets are recognised directly to the revaluation reserve through the
statement of total recognised income and expense, until the financial asset is
derecognised or impaired at which time the cumulative gain or loss previously
recognised in equity is recognised in the income statement.
The fair values of quoted investments in active markets are based on current mid
prices. If the market for a financial asset is not active (and for unlisted
securities) fair values are established by using valuation techniques. These
include the use of recent arm's length transactions, discounted cash flow
analysis and available financial information.
The principal area of critical judgement is establishing the fair value of the
unquoted portfolio. However, in almost every unquoted investment that is held a
transaction has occurred, or is proceeding that provides an independent
assessment of fair value. Where this is not possible the Company uses the
Directors' valuation, based on recent market information.
1.10Impairments
Available-for-sale assets are reviewed for impairment by reference to current
market prices and the latest financial information. In the case of impairment of
available-for-sale assets, any loss previously recognised in equity is
transferred to the income statement. Impairment losses recognised in the income
statement on equity instruments are not reversed through the income statement.
Impairment losses recognised previously on debt securities are reversed through
the income statement when the increase can be related objectively to an event
occurring after the impairment loss was recognised in the income statement.
An assessment for impairment is undertaken at least at each balance sheet date.
1.11Income taxes
Although the Company is registered in Jersey it has been resident in the UK
for tax purposes since June 16, 2009 and is no longer out with the scope of UK
taxation.
1.12Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together
with other short term, highly liquid investments that are readily convertible
into known amounts of cash which are subject to insignificant risk of change in
value.
1.13Share based payments
Where employees are rewarded using share-based payments, the fair values of
employees' services are determined indirectly by reference to the fair value of
the instrument granted to the employee. This fair value is appraised at the
grant date and excludes the impact of non-market vesting conditions (for
example, profitability and sales growth targets).
All equity-settled share-based payments are ultimately recognised as an expense
in the income statement with a corresponding credit to "other reserves".
If vesting periods or other non-market vesting conditions apply, the expense is
allocated over the vesting period, based on the best available estimate of the
number of share options expected to vest. Estimates are revised subsequently if
there is any indication that the number of share options expected to vest
differs from previous estimates. Any cumulative adjustment prior to vesting is
recognised in the current period. No adjustment is made to any expense
recognised in prior periods if share options that have vested are not exercised.
Upon exercise of share options, the proceeds received net of attributable
transaction costs are credited to share capital, and, where appropriate, share
premium.
Retained earnings include all current and prior period results as disclosed in
the income statement.
1.14Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and
are recognised when the group becomes a party to the contractual provisions of
the instrument. Financial liabilities are recorded initially at fair value, net
of direct issue costs.
Financial liabilities are recorded at amortised cost using the effective
interest method, with interest-related charges recognised as an expense in
finance cost in the income statement. Finance charges, including premiums
payable on settlement or redemption and direct issue costs, are charged to the
income statement on an accruals basis using the effective interest method and
are added to the carrying amount of the instrument to the extent that they are
not settled in the period in which they arise.
A financial liability is derecognised only when the obligation is extinguished,
that is, when the obligation is discharged or cancelled or expires.
1.15Trade receivables
Trade receivables are initially measured at fair value and subsequent to initial
recognition at amortised cost using the effective interest method, less
provision for impairment. Any change in their value through impairment or
reversal of impairment is recognised in the income statement.
Provision against trade receivables is made when there is objective evidence
that the group will not be able to collect all amounts due to it in accordance
with the original terms of those receivables. The amount of the write-down is
determined as the difference between the asset's carrying amount and the present
value of estimated future cash flows.
1.16Reserves
The company has the following reserves:
? Share capital
? Reserve in respect of share options
? Share premium account
? Revaluation reserve
? Reverse acquisition reserve
? Retained earnings.
Share capital is determined using the nominal value of shares that have been
issued.
Equity settled share-based employee remuneration is also credited to reserves in
respect of share options until the related stock options are exercised.
The Share premium account hold the excess amount over the nominal value of
shares issued and price paid for shares, net of listing expenses.
Revaluation reserve includes gains and losses due to the revaluation of certain
financial assets.
The Reverse acquisition reserve arises as a result of the method of accounting
for the acquisition of Hanson Westhouse Group Ltd by the Company on June 15,
2009. As a result of applying reverse acquisition accounting, the consolidated
IFRS financial information of Hanson Westhouse Holdings plc (the company
previously called SovGEM Ltd) is a continuation of the financial information of
Hanson Westhouse Group Ltd and its subsidiaries. The reserves shown as at 1
January 2009 are those for Hanson Westhouse Group Ltd and its subsidiaries and a
reverse acquisition reserve has been created.
Retained earnings include all current and prior period results as disclosed in
the income statement.
1.17Areas of critical judgement
Valuation of unquoted investments
The principal area of critical judgement is establishing the fair value of the
unquoted portfolio. However, in almost every unquoted investment that is held a
transaction has occurred, or is proceeding, that provides an independent
assessment of fair value. Where this is not possible the Company uses the
Directors' valuation, which is based on recent market information.
Impairments
Available-for-sale assets are reviewed for impairment by reference to current
market prices and the latest financial information. The Directors monitor the
Company's portfolio on a daily basis. If a financial asset falls significantly
in value the Directors will review the available financial information on the
financial assets in order to determine whether the asset is impaired.
An assessment for impairment is undertaken at least at each balance sheet date.
Designation of financial assets as fair value through profit or loss
The Directors will consider whether the embedded derivative in a financial
instrument can be separately valued. Where the Directors are unable to
separately value the embedded derivative, the financial assets will be
designated at fair value through profit or loss. All warrants that are held by
the Company are held for trade at fair value through profit or loss.
2. Earnings per share
The basic earnings per share is based on the profit attributable to ordinary
shareholders divided by the weighted average number of shares issued during the
period.
+---------------------------------------+--------------+--------------+--------------+
| | Six months | Six months | Year ended |
| | to 30 June | to 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP | GBP | GBP |
+---------------------------------------+--------------+--------------+--------------+
| Net result for the period | 510,130 | 51,598 | (613,103) |
+---------------------------------------+--------------+--------------+--------------+
| Weighted average number of ordinary | | | |
| shares | | | |
+---------------------------------------+--------------+--------------+--------------+
| Issued ordinary shares at beginning | 10,030,625 | 1,000,020 | 1,000,020 |
| of year | | | |
+---------------------------------------+--------------+--------------+--------------+
| Effect of shares issued during the | 119,048 | - | 4,637 |
| period | | | |
+---------------------------------------+--------------+--------------+--------------+
| Basic weighted average number of | 10,149,673 | 1,000,020 | 1,004,657 |
| shares | | | |
+---------------------------------------+--------------+--------------+--------------+
| Diluted weighted average number of | 10,149,673 | 1,000,020 | 1.004,657 |
| shares | | | |
+---------------------------------------+--------------+--------------+--------------+
| Effect of options | - | - | - |
+---------------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------------+--------------+--------------+--------------+
| Basic earnings per share | 0.05 p | 0.05 p | (0.61) p |
+---------------------------------------+--------------+--------------+--------------+
| Diluted earnings per share | 0.05 p | 0.05 p | (0.61) p |
+---------------------------------------+--------------+--------------+--------------+
3 investments
3.1 Available for sale financial assets
+----------------------------------------+-------------+-------------+-------------+
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP | GBP | GBP |
+----------------------------------------+-------------+-------------+-------------+
| Listed equity securities | 2,964,348 | 689,683 | 343,445 |
+----------------------------------------+-------------+-------------+-------------+
| Unlisted financial assets | 725,451 | 141,510 | 172,020 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | 3,689,799 | 831,193 | 515,465 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
The listed financial assets have been stated at fair value. Fair value is
determined by valuing the financial assets at the appropriate closing mid price
on 30 June 2009.
The unlisted financial assets have been stated at fair value. Fair value is
determined by using recent arms length transactions and valuation models where a
recent arms length transaction does not exist. Where this is not possible the
Company uses the Directors' valuation.
All the listed equity securities have been issued by publicly traded companies.
3.2 Financial assets at fair value through profit and loss
+----------------------------------------+-------------+-------------+-------------+
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP | GBP | GBP |
+----------------------------------------+-------------+-------------+-------------+
| Convertible debt | 366,010 | - | - |
+----------------------------------------+-------------+-------------+-------------+
| Stock warrants and options | 182,747 | 158,990 | 86,868 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | 548,757 | 158,990 | 86,868 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
Convertible debt has been designated at fair value through profit or loss where
it has not been possible to separately value the embedded derivative. The
financial instrument has been included at its fair value.
Stock warrants and options are held for trade and have been valued using an
appropriate option pricing model at the time of acquisition and as at 30 June
2009.
4. Segmental reporting
+----------------------------------------+--------------+--------------+--------------+
| Revenue | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP | GBP | GBP |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Equity based commissions | 866,026 | 1,847,003 | 2,547,538 |
+----------------------------------------+--------------+--------------+--------------+
| Corporate finance | 624,808 | 916,456 | 1,930,922 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Total revenue | 1,490,834 | 2,763,459 | 4,478,460 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
Revenue is wholly attributable to the principal activity of the Group and arises
solely within the UK.
5. Share capital
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| | 30 June | 30 June | 30 June | 30 June | 31 | 31 |
| | 2009 | 2009 | 2008 | 2008 | December | December |
| | Number | GBP | Number | GBP | 2008 | 2008 |
| | | | | | | |
| | | | | | Number | GBP |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| At start of the | 1,086,020 | 108,602 | 1,000,020 | 100,002 | 1,000,020 | 100,002 |
| period | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| Issued prior to | 4,555,000 | 227 | - | - | - | - |
| share for share | | | | | | |
| exchange | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| Share for share | (1,086,020) | (108,602) | - | - | - | - |
| exchange relating | | | | | | |
| to reverse | | | | | | |
| acquisition | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| Issued in the | 6,904,196 | 345 | - | - | 86,000 | 8,600 |
| period | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
| At end of the | 11,459,196 | 572 | 1,000,020 | 100,002 | 1,086,020 | 108,602 |
| period | | | | | | |
+-------------------+-------------+-----------+-----------+-----------+-----------+-----------+
6Related party transactions
The Perpetual Subordinated Loan was made to the Company by The Hon Robert
Hanson.
7Availability of Interim Report
The Company's Interim Report will be available for one month from the Company's
registered office at 3rd Floor Windward House La Route de la Liberation St
Helier Jersey JE2 3BQ Channel Islands and also pursuant to Rule 26 of the AIM
Rules for Companies on the investor relations section of the Company's website:
www.hansonwesthouse.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUUQPBUPBGMR
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