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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Huy | LSE:HUY | London | Ordinary Share | GB00B06HJN03 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.85 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 9404K
Huy PLC
31 December 2008
31 December 2008
Huy PLC
Interim Results
Huy PLC ("Huy"), announces its interim results for the period ended 30 September 2008.
Results
- Profit before tax £21,000 (2007: loss £62,000)
- Completed sale of trading businesses in May 2008
- Identified possible new business opportunities
- Cash balance £118,000 (2007: £163,000)
For further Information, please contact
David Cromwell John Depasquale
Chairman Seymour Pierce Limited
Tel: 0207 317 2300 Tel: 020 7107 8010
Michael Slater
Director and Company Secretary
Tel: 0207 317 2300
HUY PLC
Chairman*s statement AnD review of business
Principal activities and review of the business
Following the disposal of its trading businesses in May 08, the business is a cash shell listed on AIM.
We have achieved our objective of all of our subsidiaries and have collected the £50,000 of deferred consideration that was due in
November. The full details of the sale are outlined in note 5 of this announcement.
I reported earlier that we would wind up the Company within six months unless we could otherwise dispose of the Company. I can report
that we have been approached by a number of parties interested in making a reverse takeover of the Company. Whilst current Market conditions
are very difficult we consider that it is in shareholders interests to allow some time for ongoing discussions to develop further in order
to seek the best possible outcome for Shareholders. We will review the situation at the end of March 2009 and will move to wind the company
up, unless the ongoing discussions have a realistic prospect of proceeding.
Principal risks and uncertainties
On 8th May 2008 the company sold it's trading subsidiaries to Bluestar International Limited, a company controlled by the executive
directors.
The ongoing risk and uncertainty is that the listed shell is unable to identify any new business opportunities and will therefore cease
to trade.
Key performance indicators
The directors consider that gross profit, operating profit, earnings per share and net cash are the key performance indicators of the
business. These figures are set out on the face of the Consolidated Income Statement and Consolidated Cashflow statement.
Results and dividends
The results for the period are set out below.
The directors do not recommend the payment of a dividend.
David Cromwell
Chairman
HUY PLC
CONSOLIDATED INCOME STATEMENT
for the PERIOD ended 30 September 2008
UnauditedPeriod UnauditedPeriod UnauditedPeriod UnauditedPeriod Year
ended 31
ended 30 ended 30 September ended 30 ended 30
March2008
September2008( 2008(continuing) September2008 September2007
discontinuing)
£'000 £'000 £'000 £'000
£'000
Revenue 242 - 242 2,118
3,249
Cost of sales (128) - (128) (1,138)
(1,949)
gross profit 114 - 114 980
1,300
Administrative expenses (125) (34) (159) (1,038)
(1,941)
Share based payments charge - - - (8)
-
Impairment of goodwill - - - -
(426)
Operating (loss) /profit (11) (34) (45) (66)
(1,067)
Interest receivable - 3 3 5
6
Finance costs - - - (1)
(2)
Profit on sale of subsidiaries - 63 63 -
-
(Loss)/profit on ordinary (11) 32 21 (62)
(1,063)
activities before tax
Tax expense (-) - - (-)
(22)
(Loss)/ profit for the period (11) 32 21 (62)
(1,085)
Profit/(Loss) per share pence 0.09 (0.21)
(3.7)
Basic and diluted
HUY PLC
CONSOLDATED STATEMENT OF RECOGNISED INCOME AND EXPENDITURE
FOR THE period ended 30 september 2008
Period ended 30 Period ended 30 Year ended 31 March
September September
2008 2007 2008
£'000 £'000 £'000
Exchange differences on - (2) 2
translation of foreign
operations
Net profit recognised directly - (2) 2
in equity
Profit/ (loss) for the period 21 (62) (1,086)
Total recognised income and 21 (64) (1,084)
expense for the financial
period
HUY PLC
GROUP BALANCE SHEET
as at 30 september 2008
As at30 As at30 September2007 As at31 March2008
September2008
Note
£'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets - 51 51
Goodwill - 426 -
Property, plant and equipment - 38 33
- 515 84
Current assets
Trade and other receivables 64 1,601 666
Cash and cash equivalents 118 163 73
182 1,764 739
LIABILITIES
Current liabilities
Trade and other payables (65) (1,221) (917)
117 543 (917)
Net current assets/ 117 1,058 (178)
(liabilities)
Provision for liabilities and - (125) -
charges
NET ASSETS/(LIABILITIES) 117 933 (94)
SHAREHOLDERS' EQUITY
Called up share capital - 4 295 295 295
equity
Share premium account 1,225 1,225 1,225
Share based payments reserve - 29 21
Other reserves - (211) (211)
Retained earnings (1,403) (405) (1,424)
TOTAL EQUITY 117 (933) (94)
HUY PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
Period ended 30 Period ended 30 Year ended 31 March
September September
2008 2007 2008
£'000 £'000 £'000
Cash flows from operating
activities
Cash used in operations (70) 54 (185)
Net cash (used in)/generated (70) 54 (185)
from operating activities
Cash flows from investing
activities
Purchase of intangible fixed - (153) -
assets
Purchase of tangible fixed - (14) (21)
assets
Sale of business 175
Less associated costs (63)
Interest received 3 5 7
Interest paid - (1) (2)
Net cash from/(used in) 115 (163) (16)
investing activities
Increase/(Decrease) in cash 45 (109) (201)
and cash equivalents
Reconciliation of net cash
flow to movement in net funds
Increase/(Decrease) in cash 45 (109) (201)
and cash equivalents
Foreign Currency translation (2)
difference
Change in net funds 45 (111) (201)
Net funds at start of period 73 274 274
Net funds at end of period 118 163 73
HUY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
CONSOLIDATED
Share capital - Share based payments Profit
equity reserve and loss account
Share premium Other reserves Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2008 295 1,225 21 (211) (1,424) (94)
Profit/(Loss) for the period - - - - 21 21
Released on sale (21) 211 - 190
At 30 September 2008 295 1,225 - - (1,403) 117
HUY PLC
notes to the interim announcement
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
GENERAL INFORMATION
HUY PLC is a PLC company domiciled in England and incorporated in the United Kingdom. Its registered office is 116 Gloucester Place,
London, W1U 6HZ
1.1 basis of preparation
The group has adopted International Financial Reporting Standards ("IFRS") as the group is required to present its annual consolidated
financial statements in accordance with accounting standards adopted for use in the European Union including International Accounting
Standards ("IAS") and interpretations issued by the International Accounting Standards Board.
1.2 basis OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company made
up to 30 September 2008. The excess of cost of acquisition over the fair values of the Group's share of identifiable net assets acquired is
recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of identifiable net assets acquired is recognised
directly in the income statement.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is
measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus
costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a
business combination are initially measured at fair value at acquisition date irrespective of the extent of any minority interest.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with
those used by other members of the Group.
All intra-group transactions, balances, and unrealised gains on transactions between group companies are eliminated on consolidation.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
2. ACcounting policies
2.1 Turnover
Turnover is the total amount receivable by the Group in the ordinary course of business with outside customers for services supplied,
excluding value added tax and trade discounts. Revenue is recognised upon delivery of goods and service income is recognised upon the
related service having been completed, milestone achieved or over the term of the contract where relevant.
2.2 Goodwill
Goodwill is subject to an impairment review each year.
2.3 Intangible and tangible fixed assets, amortisation and depreciation
Intangible and tangible fixed assets are stated at cost less amortisation/depreciation.
Amortisation is provided on all intangible fixed assets at rates calculated to write off the cost less estimated residual value over its
expected useful life. IP/Software is being amortised against the anticipated revenues from the IP/Software.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value over its
expected useful life, as follows:
- Fixtures, fittings & equipment - 33.33% Straight line basis
2.4 Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a
right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing
differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which
they are included in the financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed
assets where there is no commitment to sell the assets. Deferred tax assets are recognised to the extent that it is regarded as more likely
than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
2.5 Financial Instruments
Financial assets and financial liabilities are recognised in the Group's balance sheet when the Group has become a party to the
contractual provisions of the instrument.
2.6 Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Monetary
assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Any exchange
differences are taken to the Income statement.
For consolidation purposes, the assets and liabilities of overseas subsidiaries are translated at closing exchange rates. Income
statements of overseas subsidiaries are consolidated at the average exchange rate during the year.
2.7 Leased assets
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the lease term.
2.8 Cash and Cash equivalents
Cash and Cash equivalents comprise cash balances and deposits held on call with the bank.
3. Profit/ (Loss) per share
30 September 2008 30 September 2007 31 March 2008
Basic
Profit/ (Loss) 21 (62) (1,085)
attributable to
ordinary
shareholders (£'000)
Weighted average 24,401,627 29,528,163 29,528,163
number of shares
(number)
Basic profit/(loss) 0.09 (0.21) (3.70)
per share (p)
There was no dilutive effect from the share options outstanding during the year.
The deferred shares have been excluded from the calculation of EPS.
4. Group Share capital
30 September 30 September 31 March
2008 2007 2008
£'000 £'000 £'000
Authorised
Ordinary Shares of 1p each 900 1,000 1,000
Deferred ordinary shares 100 - -
1,000 1,000 1,000
Allotted, called up and fully
paid
23,058,123 Ordinary Shares of 230 295 295
1p each ( 31March 2008:
29,528,163)
6,470,040 deferred ordinary 65 - -
shares
295 295 295
As part of the sale of subsidiaries (see note 5) the executive directors agreed to convert their shares into deferred shares.
The deferred shares shall carry no right to payment of any dividend or to receive notice of or to attend, speak or vote at any general
meeting of the Company or on a return of capital (whether in a winding up or otherwise) to the repayment of the amount paid up on such
deferred shares until after the repayment of the capital paid up on the ordinary shares together with the payment of £5,000,000 on each such
ordinary share whereupon the deferred shares carry the right to repayment of the nominal capital paid up thereon and no more.
Share options
Following the disposal of the trading businesses all options have lapsed and no options are outstanding.
5. Sale of subsidiaries
On 8th May 2008 the Company approved the sale of the trading subsidiaries for a total consideration
of £225,000. On completion the Buyer paid £175,000 to the Company. A further and final instalment of £50,000 was paid by the Buyer to
the Company on expiry of six months after completion. The payment of this instalment is unconditional and has now been received. In addition
the executive directors agreed to convert their shares in the business into deferred shares.
The Agreement contains basic warranties as to capacity and authority and title from the Company and no other warranties.
The Company's liability for a claim cannot exceed the level of the consideration and all claims must be brought within six months from
the date of completion.
The Buyer agrees to indemnify the Company against any loss it might suffer in respect of a number of matters. These include any
litigation, any claims in respect of properties occupied by the Company and any claims brought in respect of the operation of the Companies
while the Executive Board was running them and any claim in respect of the acts or omissions of individual members of the Executive Board.
This Agreement contains provisions requiring the Buyer to produce documentation effecting the valid transfer of the Company's wholly
owned non UK registered subsidiaries Blue Star Mobile Inc and Blue Star Beijing (Tech) Ltd in accordance with the laws of their
incorporation procuring that all necessary procedures under those laws have taken place in order to transfer ownership of them from the
Seller to the Buyer. If the Buyer fails to discharge its responsibilities under these provisions after three months following the signing of
the Agreement have passed, the Company may, under certain conditions, elect to take over these responsibilities at the Buyer's cost. If the
Company does not so elect, the Buyer remains responsible and if it has not fulfilled its responsibilities after the expiry of six months
following the signing of the Agreement, the Company may elect to take these over, at the Buyer's cost, unconditionally.
The Company and the Buyer have entered into a separate anti-embarrassment agreement whereby the Company will receive 25 per cent. of any
sale proceeds in excess of £225,000, if the Buyer or Blue Star Mobile Limited is sold within six months of the signing of the Agreement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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