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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Limitless Earth Plc | LSE:LME | London | Ordinary Share | GB00BKXP5L71 | 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% | 2.25 | 2.00 | 2.50 | 2.25 | 2.25 | 2.25 | 0.00 | 07:36:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 0 | -476k | -0.0073 | -3.08 | 1.47M |
TIDMLME 31 October 2017 LIMITLESS EARTH PLC ("Limitless" or the "Company") UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHSED 31 JULY 2017 The Company is pleased to announce its half-yearly result for the six months to 31 July 2017. CHIEF EXECUTIVE'S STATEMENT Limitless is a proactive investing company that focuses on making investments in and assisting companies that show the potential to generate returns through capital appreciation. The directors look to make investments into small companies which have clear routes to value appreciation and which operate in sectors with long term growth prospects that are driven by demographic change. Examples of such sectors include Cleantech, Life Sciences and Technology. During the reporting period, the Company invested GBP239,000, by way of 10 per cent. senior secured notes plus equity option, in Saxa Gres S.p.A ("Saxa Gres"), a company specialising in Industrial Material Recycling and Waste to Energy. The investment was made on the basis of progress made by Saxa Gres in having developed its production process. As previously announced, Saxa Gres is operating at full capacity having completed a re-start process and having hired more than 70 workers. More recently, Saxa Gres announced that it has refined it manufacturing process sufficiently such that it will start incorporating incinerator ashes in its tile composition from November 2017. Tile produced will be targeted for large city restructuring projects and management of Saxa Gres have stated that it expects these sales to contribute significantly to management's revenue forecasts which more than double the 2017 year end estimates in the financial year for 2018. The Company is also pleased to advise that its investee company, V-Nova, has won further international praise for its next-generation V-Nova PERSEUST 2 codec which was awarded 'Best Digital Video Processing Technology' at this year's CSI Awards. The all other current investments are progressing in line with management expectations. The Board continues to actively source suitable investments and thanks all the shareholders for their support. The Board understands as per previous years, that cost control is important at all times and on behalf of the shareholders, the directors carefully keep operating costs to a minimum to preserve shareholder value. For the period, Limitless made a net loss on operations of GBP61,320 (2016: GBP 65,477) and the unaudited balance sheet reflects the cash and cash equivalents, having made a further investment in the period of GBP239,208, at the reporting date of GBP791,261 (2016: GBP1,242,626) and Investments held for trading totalling GBP1,535,651 (2016: GBP1,296,443). For further information, please contact: Limitless Earth plc www.limitlessearthplc.com Guido Contesso - CEO +44 7780 700 091 Cairn Financial Advisers LLP +44 20 7213 0880 Nominated Adviser www.cairnfin.com Jo Turner/Tony Rawlinson Peterhouse Corporate Finance Limited +44 20 7469 0930 Joint Broker www.pcorpfin.com Peter Greensmith UNAUDITED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME 6 MONTHSED 31 JULY 2017 Notes Unaudited Unaudited Audited 31/07/17 31/07/16 31/01/17 Continuing operations GBP GBP GBP Administration expenses (67,549) (66,702) (185,244) Operating loss (67,549) (66,702) (185,244) Finance Income 6,229 1,225 43,136 Loss before taxation (61,320) (65,477) (142,108) Taxation - - - Loss for the period (61,320) (65,477) (142,108) Total Comprehensive loss for the period (61,320) (65,477) (142,108) Loss attributable to: Equity Holders (61,320) (65,477) (142,108) Earnings per share: Basic and diluted loss per share 3 (0.10p) (0.10p) (0.22p) There are no items of other comprehesive income. UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2017 Unaudited Unaudited Audited 31/07/17 31/07/16 31/01/17 GBP GBP GBP Current assets Investments held for trading 1,535,651 1,296,443 1,296,443 Trade and Other receivables 51,102 - 45,102 Cash 791,261 1,242,626 1,141,584 2,378,014 2,539,069 2,483,129 Total Assets 2,378,014 2,539,069 2,483,584 Current Liabilities Trade and other payables (37,688) (60,791) (81,482) Net Assets 2,340,326 2,478,278 2,401,647 Equity Issued Share Capital 654,000 654,000 654,000 Share Premium 2,350,630 2,350,630 2,350,630 Share Warrant Reserve 14,095 14,095 14,095 Retained Earnings (678,399) (540,447) (617,078) Total Equity 2,340,326 2,478,278 2,543,755 UNAUDITED CASH FLOW STATEMENT FOR THE 6 MONTHSED 31 JULY 2017 Unaudited Unaudited Audited Note 31/07/17 31/07/16 31/01/17 GBP GBP GBP Cash flows from operating activities Net cash absorbed by operating activities 4 (117,344) (80,901) (223,854) Cash Flows from Investing Activities Finance income received net 6,229 1,225 43,136 Purchase of investments (239,208) (208,102) (208,102) Net Cash Used in Investing activities (232,979) (206,877) (164,966) Net increase in cash (350,323) (287,778) (388,820) Cash at the beginning of period 1,141,584 1,530,404 1,530,404 Cash at the end of the period 791,261 1,242,626 1,141,584 Statement of Changes in Shareholders' Equity for the period ended 31 July 2017 Share Share Share Retained Total capital premium warrant earnings reserve GBP GBP GBP GBP GBP Audited Changes in Equity for the period ended 31 January 2016 Comprehensive income Loss for the period - - - (175,299) (175,299) Total Comprehensive loss for the - - - (175,299) (175,299) period Transactions with owners Warrant cancellation - 28,190 (28,190) - - Total contributions by the - 28,190 (28,190) - - owners At 31 January 2016 654,000 2,350,630 14,095 (474,971) 2,543,755 Audited Changes in Equity for the period ended 31 January 2017 Comprehensive income Loss for the period - - - (142,108) (142,108) Total contributions by the - - - (142,108) (142,108) owners At 31 January 2017 654,000 2,350,630 14,095 (617,079) 2,401,647 Un audited Changes in Equity for the period ended 31 July 2017 Comprehensive income Loss for the period Total Comprehensive loss for the - - - (61,320) (61,320) period Total contributions by the - - - (61,320) (61,320) owners At 31 July 2017 654,000 2,350,630 14,095 (678,399) 2,340,326 NOTES TO THE FINANCIAL STATEMENTS 1. General Information Limitless Earth plc is a company incorporated and domiciled in England and Wales. The Company's ordinary shares are traded on AIM of the London Stock Exchange. The address of the registered office is 30 Percy Street, London W1T 2DB. The principal activity of the Company is that of an investing company pursuing a strategy 2. Accounting policies The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these financial statements. Basis of preparation The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial statements have been prepared under the historical cost convention. The interim financial information for the six months ended 31 July 2017 has not
been reviewed or audited. The interim financial report has been approved by the Board on 30 October 2017. 3. Loss per share The basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the same weighted average number of shares during the period adjusted for the dilutive effect of share warrants and convertible loans outstanding during the period. Unaudited Unaudited Audited 31/07/17 31/07/16 31/01/17 Loss from continuing operations (65,476) (65,476) (142,108) attributable to equity holders of the company Weighted average number of 65,400,000 65,400,000 65,400,000 ordinary shares in issue Pence Pence Pence Basic and fully diluted loss per (0.10) (0.10) share from continuing operations (0.22) IAS 33 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease earnings per share or increase net loss per share. For a loss making company with outstanding share options and warrants, net loss per share would only be increased by the exercise of out-of-the money options and warrants. Since it seems inappropriate that option holders would act irrationally, no adjustment has been made to diluted earnings per share for out-of-the money options and warrants in the comparatives. There are no other diluting share issues. 4. Cash absorbed by operations Unaudited Unaudited Period to 31/07 31/07/2016 31/ /2017 01/2017 GBP GBP GBP Loss for the period (67,549) (66,702) (185,244) Finance income (1,392) Increase decrease in (6,000) - (45,710) receivables Decrease / increase in (43,795) (14,199) 6,492 payables Cash absorbed by (117,344) (80,901) (223,854) operations 5. Copies of Interim Accounts Copies of the interim results are available at the Group´s web site at www.limitlessearthplc.com . END
(END) Dow Jones Newswires
October 31, 2017 03:00 ET (07:00 GMT)
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