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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Newmarket Inv. | LSE:NWN | London | Ordinary Share | GB0001288504 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Newmarket Investments Plc
Group Income Statement
For the six months ended 30 September 2007
Six months ended Year ended
Notes 30 September 31 March
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
Continuing operations
Revenue 69 4 162
Administrative expenses (177) (181) (426)
Other operating income - - (9)
Operating profit (108) (177) (273)
Amounts written off investments - - (28)
Finance costs (3) - (2)
Loss before taxation (111) (177) (303)
Taxation - - -
Loss for the period (111) (177) (303)
Loss per share - basic and diluted (1.30)p (2.00)p (3.40)p
Statement of changes in shareholders' equity
for the six months ended 30 September 2007
Six months ended Year ended
30 September 31 March
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£ £ £
Opening shareholders' equity (276) 27 27
Loss for the period (111) (177) (303)
Closing shareholders' equity (387) (150) (276)
Group balance sheet
as at 30 September 2007
30 September 31 March
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
ASSETS
Non current assets
Property, plant and equipment 10 15 12
Intangible asset - goodwill 7 - -
Investments 1 39 1
18 54 13
Current assets
Trade and other receivables 154 193 232
Cash and cash equivalents 98 84 74
252 277 306
Total assets 270 331 319
LIABILITIES
Current liabilities
Interest bearing loans and borrowings (245) - (129)
Trade and other payables (412) (481) (466)
Total current liabilities (657) (481) (595)
Total assets less current liabilities (387) (150) (276)
SHAREHOLDERS' EQUITY
Called up share capital 2,188 2,188 2,188
Share premium account 117 117 117
Capital redemption reserve 579 579 579
Retained earnings (3,271) (3,034) (3,160)
Total shareholders' equity (387) (150) (276)
Group cash flow statement
for the six months ended 30 September 2007
Six months ended Year ended
30 September 31 March
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
Cash flows from operating activities
Operating loss (108) (177) (273)
Depreciation 2 3 6
Loss on disposal of investments - 9
Decrease/(increase) in trade and other receivables 108 (19) (58)
(Decrease)/increase in trade and other payables (61) 219 204
Cash (used in)/generated from operations (59) 26 (112)
Interest paid (3) - (2)
Net cash (used in)/generated from operating activities (62) 26 (114)
Cash flow from investing activities
Sale of investments - - 1
Purchase of subsidiary (net of cash received) (30) - -
Net cash (used in)/generated from investing activities (30) - 1
Cash flow from financing activities
Other new short term loans 145 - 65
Net cash flow from financing activities 145 - 65
Net increase/(decrease) in cash and cash equivalents 53 26 (48)
Cash and cash equivalents at start of period 10 58 58
Cash and cash equivalents at end of period 63 84 10
Notes to the consolidated half-yearly financial information
1 General information
The principal activities of Newmarket Investments Plc ('the Company') and its
subsidiaries ('the Group') are to act as brokers for nominations to stallions
and for bloodstock insurance products. The Group provides these services
principally in the UK.
The Company is incorporated in the United Kingdom under the Companies Act
1985.
The comparative figures for the year ended 31 March 2007 and the six months
ended 30 September 2006 have been restated for the adoption of IFRS. The
comparative figures for the year ended 31 March 2007 are not the Company's
statutory accounts for that financial year. The Company's statutory accounts
for the year ended 31 March 2007, prepared under UK GAAP, have been delivered
to the Registrar of Companies; the report of the auditors on these accounts
was unqualified and did not contain a statement under Section 237 (2) or (3)
of the Companies Act 1985.
The interim financial information has not been audited and does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985.
2 First-time adoption of International Financial Reporting Standards
For the periods up to and including the year ended 31 March 2007, the Group
prepared its audited financial statements under UK GAAP. For the year ending
31 March 2008, the Group is required to prepare its annual financial
statements in accordance with International Financial Reporting Standards as
adopted by the European Union. As such, those financial statements will take
account of the requirements and options of IFRS 1 "First-Time Adoption of
International Financial Reporting Standards" as they relate to the 2007
comparatives included therein.
The financial information within this report for the six months ended 30
September 2007 has been prepared in accordance with the Group's accounting
policies, based on IFRS that are expected to apply for the year ending 31
March 2008.
The transition to IFRS has had no effect on the loss, net liabilities and cash
flow previously reported under UK GAAP. The only changes that have been made
are presentational.
3 Basis of preparation
The Group financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS') and International
Financial Reporting Interpretations Committee ('IFRIC') interpretations that
have been adopted for use in the European Union and with those parts of the
Companies Act 1985 applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost
convention.
4 Basis of consolidation
The Group financial statements consolidate those of the Company and its
subsidiaries for the year ended 30 September 2007. The results and net assets
of undertakings acquired or disposed of during a financial year are included
in the Group income statement and balance sheet from the effective date of
acquisition or to the effective date of disposal.
5 Accounting policies
Revenue recognition
Revenue is measured at the fair value of the consideration received or
receivable, once the right to consideration has been obtained, and represents
amounts receivable for goods and services provided in the normal course of
business, net of discounts, VAT and other sales-related taxes. Revenue from
bloodstock nominations and ancillary services is the amount of commissions and
other income earned during the period. As the Group acts as a disclosed agent,
the net amount of commission received is included as the revenue. Revenue from
insurance is the commissions earned on insurance policies brokered during the
period.
Taxation
The tax expense represents the sum of tax currently payable and deferred tax.
The tax currently payable is based on the taxable loss for the year using the
tax rates that have been enacted or substantially enacted by the balance sheet
date. Taxable loss differs from the net loss as reported in the income
statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable
or deductible.
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax is determined
using tax rates that have been enacted or substantially enacted at the balance
sheet date and are expected to apply when the related deferred income tax
asset is realised or the deferred tax liability is settled.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited to equity, in which case the deferred tax
is also dealt with in equity.
Deferred tax assets are only recognised to the extent that it is probable that
future taxable profit
will be available against which the asset can be utilised.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated
depreciation. The carrying value of property, plant and equipment are reviewed
for impairment when events or changes in circumstances indicate the carrying
value may not be recoverable.
Depreciation is provided at the following rates per annum to write off the
cost of property, plant and equipment, less estimated residual value, from the
date on which they are brought into use:
Plant and machinery 5%-33% per annum straight line, 20%-25% per
annum reducing balance
Fixtures, fittings and equipment 10%-15% per annum straight line
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair
value of the group's share of the net identifiable assets of the acquired
subsidiary at the date of acquisition. Goodwill on acquisitions is included in
intangible assets and is tested for impairment and carried at cost less
accumulated impairment losses. Impairment losses on goodwill are not reversed.
Gains and losses on the disposal of an entity include the carrying amount of
goodwill relating to the entity sold.
Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill, are not
subject to amortisation and are tested annually for impairment. Assets that
are subject to amortisation are tested annually for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount. The recoverable amount
is the higher of an asset's fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows (cash-generating
units). Non-financial assets other than goodwill that suffered an impairment
are reviewed for possible reversal of the impairment at each reporting date.
Investments
The group classifies its investments as available-for-sale financial assets in
accordance with IAS 39.
Available-for-sale financial investments are non-derivative assets. They are
included in non-current assets unless management intends to dispose of the
investment within 12 months of the balance sheet date. After initial
recognition available-for-sale assets are measured at fair value with gains or
losses being recognised as a separate component of equity until the investment
is de-recognised or until the investment is determined to be impaired at which
time the cumulative gain or loss previously reported in equity is included in
the income statement. If a fair value for an investment cannot be reliably
measured that investment will be carried at cost.
An impairment test is performed annually on the carrying value of each
investment. If an available-for-sale asset is impaired, an amount comprising
the difference between its carrying value and its cost and its fair value is
transferred from equity to the income statement.
Trade and other receivables
Trade and other receivables are recognised and carried at the lower of their
original amount less an allowance for any doubtful amounts. An allowance is
made when collection of the full amount is no longer considered possible.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short-term
deposits with an original maturity of three months or less. The Group
considers overdrafts (repayable on demand) to be an integral part of its cash
management activities and these are included in cash and cash equivalents for
the purposes of the cash flow statement.
Trade payables
Trade payables are stated at their nominal value.
Foreign currency translation
Items included in the financial statements of the Group are measured in pounds
sterling, the currency of the primary economic environment in which the Group
operates ("the functional currency").
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. Monetary
assets and liabilities denominated in foreign currencies are translated into
pounds sterling at the rates of exchange ruling at the balance sheet date.
Differences on exchange are taken to the income statement.
Financial instruments
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument
is any contract that evidences a residual interest in the assets of the entity
after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share
capital) are equivalent to a similar debt instrument, those financial
instruments are classed as financial liabilities. Financial liabilities are
presented as such in the balance sheet. Finance costs and gains or losses
relating to financial liabilities are included in the profit and loss account.
Finance costs are calculated so as to produce a constant rate of return on the
outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the
definition of a financial liability then this is classed as an equity
instrument. Dividends and distributions relating to equity instruments are
debited direct to equity.
New standards and interpretations
During the period the International Accounting Standards Board ('IASB') issued
the following standards which are effective for annual accounting periods
beginning on or after the stated effective date. These standards are not
effective for and have not been applied in the preparation of this financial
information. The Group does not anticipate that the adoption of these
standards will have a material impact on the Group's financial statements on
adoption.
Date effective
International Accounting Standards (IFRS/IAS)
IFRS 7 Financial instruments: Disclosures 1 January 2007
IFRS 8 Operating segments 1 January 2009
IAS 1 Amendments - presentation of financial
statements:
Capital disclosures 1 January 2007
The International Financial Reporting Interpretations Committee have also
issued interpretations which the Group does not consider will have a
significant impact on the financial statements.
6 Segmental information
Nominations Insurance Central Group
Six months ended brokers costs
30 September 2007 £'000 £'000 £'000 £'000
Revenue 19 50 - 69
Operating loss (20) 2 (90) (108)
Six months ended
30 September 2006
Revenue (33) 37 - 4
Operating loss (68) (1) (108) (177)
The group was involved in one major transaction in June 2007 when it acquired
a new subsidiary, Equine Risk management Limited (note ).
7 Taxation
On the basis of these accounts there is no provision for taxation.
8 Earnings per ordinary shares
Half Year Ended
30 September Year Ended
(Unaudited) 31 March
2007 2006 2007
Basic and diluted
Loss for the financial period (111,000) (177,000) (303,000)
Weighted average number of ordinary shares 8,750,000 9,500,000 8,750,000
Loss per share (1.3)p (2.0)p (3.4)p
There was no dilutive effect from the warrants or options outstanding during the period.
9 Dividends
The directors do not recommend the payment of a dividend in respect of the
period.
10 Capital expenditure
Six months ended 30 September 2007 Tangible and intangible
assets
£'000
Opening net book value at 1 April 12
2007
Addition on acquisition of Equine 7
Risk Management Limited
Depreciation and amortisation (2)
Closing net book value at 30 17
September 2007
Six months ended 30 September 2006 Tangible and intangible
assets
£'000
Opening net book value at 1 April 18
2006
Depreciation and amortisation (3)
Closing net book value at 30 15
September 2006
11 Business combination
On 23 May 2007, the group acquired 100% of the share capital of Equine Risk
Management Limited, a specialist insurance company focused on show jumpers and
eventer, for a cash consideration of £75,000, plus costs.
The acquired business contributed revenues of £4,000 and net profit of £1,000
to the group for the period from acquisition to 30 September 2007. If the
acquisition had occurred on 1 April 2007, the business would have contributed
for the half-year ended 30 September 2007 £74,000 to revenue and £58,000 to
net profit.
Details of net assets acquired and goodwill are as follows:
Purchase consideration: £'000
Cash paid 75
Direct costs relating to the acquisition 2
Total purchase consideration 77
Fair value of net identifiable assets acquired 70
(see below)
Goodwill 7
The goodwill is attributable to Equine Risk Management Limited due to the
synergies expected to arise after its acquisition by the group.
The group has yet to finalise the amount of the fair value of the net
identifiable assets acquired.
The assets and liabilities arising from the acquisition are as follows:
Acquiree's carrying
amount and provisional
fair value
£'000
Cash and cash equivalents 47
Receivables 30
Payables (7)
Net identifiable assets acquired 70
Outflow of cash to acquire business, net
of cash acquired
Cash consideration 75
Costs 2
77
12 Copies of this announcement on Newmarket's website,
www.newmarketinvestmentsplc.com
For further information please contact:
Newmarket Investments plc
John Carrington
Chairman
Tel: 020 7486 8985
Nominated Adviser to Newmarket
City Financial Associates Limited
Liam Murray
Tel: 020 7492 4777
END
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