We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 (the "Company") Interim results for the six months ended 31 October 2006 29 November 2006 Chairman's statement I report the Company's results for the half year ended 31 October 2006. The loss for the period after taxation and minority interests was £259,125 (2005: loss of £265,971), which represents a loss per share of 0.71p (2005: loss per share of 1.24p). The Company currently owns and operates two pub / hotel / restaurant sites, which are: The Moss Cottage in Ripley, Derbyshire and The Royal Oak in Leominster, Herefordshire. We also own the freehold interest of The Three Tuns in Pettistree, Suffolk, which is leased out to private tenants under a three year lease agreement, and the freehold property at Fishmore Hall near Ludlow, Shropshire which is currently in the process of being sold. Since my statement at the time of the annual results, difficult market conditions have unfortunately continued and this has meant that we again incurred trading losses in the interim period. We still manage to achieve good hotel occupancy levels during the week, but continue to see lower than anticipated levels of week-end break bookings. This has had a negative impact on turnover. Overall we believe that our rationalisation and cost cutting measures have ensured that our sites are positioned to return to profitability when market conditions improve, and we hope that a break even position can be achieved in the short term. As reported in my last statement the previously planned refurbishment and development of Fishmore Hall is unfortunately no longer moving forward and the decision to sell the site was taken. The site is currently being marketed by two joint agents and we have received an encouraging level of interest and we hope to be able to announce a sale of this site shortly. As I commented in my annual statement, the Board had reviewed the need for the Company to be able to raise finance and the necessary resolutions to reorganise the share capital were approved at the EGM held on 9 October 2006. Following the release of these interim results, the Directors propose to seek further equity funding to provide working capital for the continuity of the Company until the trading conditions improve. 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 29 November 2006 Consolidated Profit and Loss Account for the six months ended 31 October 2006 Notes 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Turnover 375,717 487,603 939,936 Cost of sales (269,073) (372,383) (739,035) ----------- ----------- ----------- Gross profit 106,644 115,220 200,901 Administrative expenses - (297,969) (318,711) (697,748) continuing Administrative expenses - - (5,816) (500,000) exceptional ----------- ----------- ----------- Total administrative (297,969) (324,527) (1,197,748) expenses ----------- ----------- ----------- Operating loss (191,325) (209,307) (996,847) Loss on sale of investments - (16,642) (16,929) Interest receivable - 3,038 4,079 Interest payable (67,800) (74,581) (138,588) ----------- ----------- ----------- Loss on ordinary activities (259,125) (297,492) (1,148,285) before taxation Taxation 5 - - - ----------- ----------- ----------- Loss for period (259,125) (297,492) (1,148,285) Minority interests - 31,521 (66,472) ----------- ----------- ----------- Retained loss (259,125) (265,971) (1,214,757) ----------- ----------- ----------- Basic loss per share 6 (0.71) (1.24) (5.04) (pence) ----------- ----------- ----------- The Company has no recognised gains or losses other than the losses for the periods. Consolidated Balance Sheet as at 31 October 2006 Note As at As at As at 31 October 31 October 30 April 2006 2006 2005 (audited) (unaudited) (unaudited) £ £ £ Fixed assets Tangible fixed assets 1,995,443 2,846,773 2,005,858 Intangible fixed assets - 185,417 - Investments - 34,112 - ----------- ----------- ----------- 1,995,443 3,066,302 2,005,858 Current assets Stocks 12,517 22,163 23,378 Debtors 41,951 110,324 85,687 Investments 627,260 - 627,260 Cash at bank and in hand 2,617 63,454 31,317 ----------- ----------- ------------ 684,345 195,941 767,642 ----------- ----------- ------------ Creditors: Amounts falling due within (2,015,655) (1,341,603) (1,875,936) one year ----------- ----------- ------------ Net current liabilities (1,331,310) (1,145,662) (1,108,294) ----------- ----------- ------------ Total assets less current 664,133 1,920,640 897,564 liabilities Creditors: Amounts falling due after more than one year (856,864) (1,295,453) (831,170) ----------- ----------- ------------ Net (liabilities)/assets (192,731) 625,187 66,394 ----------- ----------- ------------ Capital and reserves Called up share capital 730,000 430,000 730,000 Share premium 1,062,364 1,070,364 1,062,364 Profit and loss account (1,985,095) (777,184) (1,725,970) ----------- ----------- ------------ Shareholders' funds 7 (192,731) 723,180 66,394 Minority interests - (97,993) - ----------- ----------- ------------ Total capital employed (192,731) 625,187 66,394 ----------- ----------- ------------ Consolidated Cash Flow Statement for the six months ended 31 October 2006 Notes 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Net cash inflow from 8 57,075 334,015 212,542 operating activities Return on investments and servicing of finance Interest received - 3,038 4,079 Interest paid (66,856) (73,005) (134,987) Interest element of finance (944) (1,576) (3,601) lease rentals ----------- ----------- ------------ (67,800) (71,543) (134,509) Capital expenditure and financial investment Payments to acquire tangible (46,205) (230,039) (394,987) fixed assets Proceeds from disposal of investments - 219,646 253,471 ----------- ----------- ------------ Net cash (outflow)/inflow (56,930) 252,079 (63,483) before financing Financing Issue of ordinary shares for - - 292,000 cash Issue of minority interest - 1,000 1,000 shares for cash Repurchase of minority - (2,255) (2,255) shares for cash Part disposal of minority - 24,445 24,445 interests Capital element of bank loan (9,535) (262,500) (271,563) repayments Capital element of finance (5,072) (4,655) (9,183) lease rentals ----------- ----------- ------------ (Decrease)/increase in cash 9 (71,537) 8,114 (29,039) in the period ----------- ----------- ------------ Notes to the Interim Report for the six months ended 31 October 2006 1 Accounting policies The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the Company have remained unchanged from those set out in the Company's 2006 annual report and financial statements. 2 Basis of consolidation The consolidated interim financial statements consolidate those of the Company and its subsidiary undertakings. Intra-group transactions have been eliminated in full. 3 Basis of preparation 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 2006 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. 4 Dividends No dividend is proposed for the six months ended 31 October 2006. 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. 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 average number of shares Loss per share Loss (pence) £ Basic earnings per share: 6 months ended 31 (259,125) 36,500,000 (0.71) October 2006 6 months ended 31 (265,971) 21,500,000 (1.24) October 2005 Year ended 30 April (1,214,757) 24,089,041 (5.04) 2006 7 Reconciliation of movements in equity shareholders' funds 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Loss on ordinary activities (259,125) (265,971) (1,214,757) after taxation Share subscription - - 300,000 Share subscription costs - - (8,000) ----------- ----------- ------------ Net reduction in shareholders' (259,125) (265,971) (922,757) funds Equity shareholders' funds 66,394 989,151 989,151 brought forward ----------- ----------- ------------ Equity shareholders' funds at the end of the period (192,731) 723,180 66,394 ----------- ----------- ------------ 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 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Operating loss (191,325) (209,307) (996,847) Depreciation, amortisation and 56,620 57,730 621,750 impairment Decrease in stocks 10,861 3,034 1,819 Decrease in debtors 43,736 473,302 497,939 Increase in creditors 137,183 9,256 87,881 ----------- ----------- ------------ Net cash inflow from operating 57,075 334,015 212,542 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 2006 2005 2006 (unaudited) (unaudited) (audited) £ £ £ Decrease in cash for the (71,537) 8,114 (29,039) period Repayment of bank loans 9,535 262,500 271,563 Repayment of finance lease and 5,072 4,655 9,183 hire purchase contracts ------------ ------------ ------------ Movement in net funds for the (56,930) 275,269 251,707 year (note 10) Net funds at the beginning of (2,042,556) (2,294,263) (2,294,263) the period ------------ ------------ ------------ Net funds at the end of the (2,099,486) (2,018,994) (2,042,556) period ------------ ------------ ------------ 10 Analysis of changes in net funds As at Cash flow As at 1 May 31 October 2006 2006 (audited) (unaudited) £ £ £ Cash at bank and in hand 31,317 (28,700) 2,617 Bank overdraft (189,118) (42,837) (231,955) ------------ (71,537) Bank loans (1,771,862) 9,535 (1,762,327) Loan notes (98,000) - (98,000) Finance leases and hire (14,893) 5,072 (9,821) purchase contracts ------------ ------------ ------------ (2,042,556) (56,930) (2,099,486) ------------ ------------ ------------ 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 0113 246 2611 Hanson Westhouse LLP tim.feather@hansonwesthouse.com END
1 Year Innobox Chart |
1 Month Innobox Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions