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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Innobox | LSE:INO | London | Ordinary Share | GB0000528181 | ORD 0.05P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Innobox plc ("Innobox" or the "Company") Interim results for the six months ended 31 October 2007 Chairman's statement I report the Company's results for the six months ended 31 October 2007. The loss for the period after taxation and minority interests was £234,300 (2006: loss of £259,125), which represents a loss per share of 0.64p (2006: loss per share of 0.71p). These results for the half year, which are unaudited, have been prepared in accordance with IFRS 1 being the first time adoption of International Financial Reporting Standards (IFRS). The Company currently owns and operates two pub / restaurant / hotel sites, which are: The Moss Cottage in Ripley, Derbyshire and The Royal Oak in Leominster, Herefordshire. Innobox also owns the freehold interest of The Three Tuns in Pettistree, Suffolk, which is leased out to private tenants under a three year lease agreement. Since my statement at the time of the annual results, difficult market conditions have unfortunately continued and have in fact deteriorated. Since the interim period end anticipated levels of trade over the traditionally busy Christmas period were not up to expectations. Our experience reflects the difficult market conditions experienced by other small pub / restaurant / hotel companies who have reported their Christmas trading. As a result of these prolonged difficult trading conditions, the directors have taken the advice of an insolvency practitioner to determine the best course of action to provide a maximum return to members and creditors. Following these discussions the directors intend to propose a Company Voluntary Arrangement ("CVA") for each of the subsidiary companies Moss Cottage Hotels Limited and I M Hotels Limited and creditors' meetings to consider these proposals are expected to be held in February 2008. The AIM-quoted holding company, Innobox plc, is not contemplating any form of insolvency procedure. If these CVAs are approved, this will enable Innobox to release its guarantees to the subsidiaries and then potentially dispose of them. As I reported in my Chairman's Statement of 30 October 2007, the board has been reviewing a strategy to exit the licensed trade sector. We have held discussions with several possible interested parties and the board is hopeful that as a result of these discussions it will lead to a better outcome for shareholders. Further announcements will be made in due course. Finally, I would like to take this opportunity to thank my colleagues and our dedicated employees for their hard work during these continuing difficult trading times. A Baker Non Executive Chairman 30 January 2008 Consolidated Income Statement for the six months ended 31 October 2007 Notes 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £ £ £ Revenue 336,253 375,717 701,352 Cost of sales (231,167) (269,073) (487,697) ----------- ----------- ----------- Gross profit 105,086 106,644 213,655 Administrative expenses - (263,358) (297,969) (623,132) continuing Administrative expenses - (222) - 190,897 exceptional ----------- ----------- ----------- Total administrative (263,580) (297,969) (432,235) expenses ----------- ----------- ----------- Operating loss (158,494) (191,325) (218,580) Profit on disposal of fixed - - 1,116 assets Finance income 2,565 - 94 Finance costs (78,371) (67,800) (141,857) ----------- ----------- ----------- Net finance cost (75,806) (67,800) (141,763) Loss before taxation (234,300) (259,125) (359,227) Taxation 5 - - - ----------- ----------- ----------- Loss after taxation (234,300) (259,125) (359,227) ----------- ----------- ----------- Attributable to: Parent company's (234,300) (259,125) (359,227) shareholders Minority interests - - - ----------- ----------- ----------- Loss transferred to (234,300) (259,125) (359,227) reserves ----------- ----------- ----------- Basic loss per share 6 (0.64) (0.71) (0.98) (pence) ----------- ------------ ---------- The Company has no recognised gains or losses other than the losses for the periods. Consolidated Balance Sheet as at 31 October 2007 Note As at As at As at 31 October 31 October 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £ £ £ Non-current assets Property, plant and equipment 1,895,056 1,995,443 1,945,298 Current assets Inventories 8,812 12,517 10,598 Trade and other receivables 80,389 41,951 97,142 Short term investment - 627,260 - Cash and cash equivalents 9,433 2,617 172,672 ----------- ----------- ------------ 98,634 684,345 280,412 ----------- ----------- ------------ Total assets 1,993,690 2,679,788 2,225,710 Current liabilities Bank loans and overdrafts (308,018) (1,137,961) (280,405) Trade and other payables (872,187) (868,416) (874,216) Financial Liabilities (11,482) (9,278) (10,846) ----------- ----------- ------------ (1,191,687) (2,015,655) (1,165,467) ----------- ----------- ------------ Non-current liabilities Bank loan (1,325,428) (856,321) (1,346,852) Financial liabilities (3,708) (543) (6,224) ----------- ----------- ------------ (1,329,136) (856,864) (1,353,076) ----------- ----------- ------------ Total liabilities (2,520,823) (2,872,519) (2,518,543) ----------- ----------- ------------ Net liabilities (527,133) (192,731) (292,833) ----------- ----------- ------------ Shareholder funds Issued capital 730,000 730,000 730,000 Share premium account 1,062,364 1,062,364 1,062,364 Profit and loss account (2,319,497) (1,985,095) (2,085,197) ----------- ----------- ------------ Equity shareholders' funds 7 (527,133) (192,731) (292,833) Minority interests (equity) - - - ----------- ----------- ------------ Total equity (527,133) (192,731) (292,833) ----------- ----------- ------------ Consolidated Cash Flow Statement for the six months ended 31 October 2007 Notes 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £ £ £ Cash (outflow)/inflow from 8 (79,612) 57,075 41,460 operating activities Cash (outflow)/inflow from investing activities Finance income received 2,565 - 94 Purchase of property, plant (12,130) (46,205) (55,172) and equipment Proceeds from disposal of short term investments - - 628,376 ----------- ----------- ------------ Net cash (outflow)/inflow (9,565) (46,205) 573,298 from investing activities Cash (outflow)/inflow from financing activities Finance cost paid (78,371) (67,800) (141,857) Repayment of borrowings in - - (352,625) full Repayment of borrowings (11,544) (9,535) (16,309) Increase in borrowings 17,363 - 22,500 New finance leases and hire - - 11,719 purchase contracts Capital element of finance (1,880) (5,072) (9,542) lease rentals ----------- ----------- ------------ Net cash outflow from (74,432) (82,407) (486,114) financing activities ----------- ----------- ------------ Net (decrease)/increase in 9 (163,609) (71,537) 128,644 cash and cash equivalents Cash and cash equivalents at (29,157) (157,801) (157,801) beginning of period ----------- ----------- ------------ Cash and cash equivalents at (192,766) (229,338) (29,157) end of period ----------- ----------- ------------ Notes to the Interim Report for the six months ended 31 October 2007 1 Basis of preparation These interim condensed consolidated financial statements are for the six months ended 31 October 2007. In compliance with the AIM Rules they have been prepared in accordance with IAS 34 "Interim Financial Reporting" and the requirements of IFRS 1 "First-time Adoption of International Reporting Standards" relevant to interim reports, because they are part of the period covered by the Group's first IFRS financial statements for the year ended 30 April 2008. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group for the year ended 30 April 2007. These consolidated interim financial statements (the "interim financial statements") have been prepared with the accounting policies set out below which are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and are effective at 30 April 2008 or are expected to be adopted and effective at 30 April 2008. Innobox plc's consolidated financial statements were prepared in accordance with United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice) until 30 April 2007. The date of transition to IFRS was 1 May 2006. The comparative figures in respect of 2006/07 have been restated, where required, to reflect changes in accounting policies as a result of adoption of IFRS. The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS are given in reconciliation schedules and presented as they are required in the notes to the interim report. The financial information set out in this report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The figures for the year ended 30 April 2007 have been extracted from the statutory financial statements, which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified 2 Accounting policies The accounting policies have been applied consistently throughout the Group for the purposes of the preparation of these consolidated interim financial statements. Where required under IFRS the principal accounting policies of the Company have been transitioned from those set out in the Company's 2007 annual report and financial statements. Leases In accordance with IAS 17 (revised 2003), the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks and rewards related to the ownership of the leased asset. The related asset is recognised at the time of inception of the lease at the fair value of the leased asset or, if lower, the present value of the lease payments plus incidental payments, if any, to be borne by the lessee. A corresponding amount is recognised as a finance leasing liability, irrespective of whether some of these lease payments are payable up-front at the date of inception of the lease. Subsequent accounting for assets held under finance lease arrangements, i.e. depreciation methods and useful economic lives, correspond to those applied to comparable acquired assets. 3 Consolidation and investments in subsidiaries Subsidiaries are all entities over which the Group has the power to control the financial and operating policies. The Group obtains and exercises control through voting rights. The consolidated financial statements of the Group incorporate the financial statements of the parent company as well as those entities controlled by the Group by full consolidation. Material intra-group balances and transactions, and any unrealised gains or losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. 4 Dividends No dividend is proposed for the six months ended 31 October 2007. 5 Taxation On the grounds that year to date losses have been made which are not expected to be relieved in the forthcoming period, there is no taxation charged or credited to the profit and loss account in this period. Subsequently no provision has been provided for deferred tax as it is deemed that should any liability fall due that these will be offset against brought forward and current trade losses. 6 Loss per share The calculation of the basic loss per share is based on the loss on ordinary activities after tax and minority interests and on the weighted average number of shares in issue during the period. The impact of share options is anti dilutive. The loss and weighted average number of shares used in the calculations are set out below: Weighted Loss per Loss average number share £ of shares (pence) Basic earnings per share: 6 months ended 31 (234,300) 36,500,000 (0.64) October 2007 6 months ended 31 (259,125) 36,500,000 (0.71) October 2006 Year ended 30 April (359,227) 36,500,000 (0.98) 2007 7 Consolidated statement of changes in equity shareholders' funds 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £ £ £ Loss for the financial period (234,300) (259,125) (359,227) after taxation ----------- ----------- ------------ Net reduction in equity (234,300) (259,125) (359,227) shareholders' funds Equity shareholders' funds (292,833) 66,394 66,394 brought forward ----------- ----------- ------------ Equity shareholders' funds at the end of the period (527,133) (192,731) (292,833) ----------- ----------- ------------ 8 Reconciliation of operating loss with net cash flow from operating activities 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £ £ £ Operating loss (158,494) (191,325) (218,580) Depreciation, amortisation and 62,372 56,620 115,732 impairment Decrease in stocks 1,786 10,861 12,780 Decrease/(increase) in debtors 16,753 43,736 (11,455) (Decrease)/increase in creditors (2,029) 137,183 142,983 ----------- ----------- ------------ Net cash (outflow)/inflow from (79,612) 57,075 41,460 operating activities ----------- ----------- ------------ 9 Reconciliation of net cash flow to movement in net funds 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £ £ £ (Decrease)/increase in cash (163,609) (71,537) 128,644 and cash equivalent for the period Repayment of borrowings 11,544 9,535 368,934 Increase in borrowings (17,363) - (22,500) Increase in finance leases and - - (11,719) hire purchase contracts Repayment of finance leases 1,880 5,072 9,542 and hire purchase contracts ------------ ------------ ------------ Movement in net borrowings for (167,548) (56,930) 472,901 the period (note 10) Net borrowings at the (1,569,655) (2,042,556) (2,042,556) beginning of the period ------------ ------------ ------------ Net borrowings at the end of (1,737,203) (2,099,486) (1,569,655) the period ------------ ------------ ------------ 10 Analysis of changes in net debt As at Cash flow As at 1 May 31 October 2007 2007 (audited) (unaudited) £ £ £ Cash at bank 172,672 (163,239) 9,433 Bank overdrafts (201,829) (370) (202,199) ------------ ------------ ------------ Cash and cash equivalents (29,157) (163,609) (192,766) Bank loans (1,425,428) (5,819) (1,431,247) Loan notes (98,000) - (98,000) Finance leases and hire (17,070) 1,880 (15,190) purchase contracts ------------ ------------ ------------ Net debt (1,569,655) (167,548) (1,737,203) ------------ ------------ ------------ 11 Copies of the Interim Results are available for download from the Company's website at www.innobox.co.uk or by request from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West Midlands B63 3AB. Enquiries: Russell Stevens 07860 562621 Chief Executive, Innobox Plc russell@innobox.co.uk Tim Feather / Matthew Johnson 0113 246 2610 Hanson Westhouse Limited tim.feather@hansonwesthouse.com END
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