We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Viridas | LSE:VIR | London | Ordinary Share | GB0001636918 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMVIR
RNS Number : 9475I
Viridas PLC
23 June 2011
Viridas plc
("Viridas" or the "Company")
Preliminary results for the year ended 31 December 2010
Viridas, the AIM listed investing company (AIM:VIR), announces its preliminary results for the year ended 31 December 2010.
For more information please contact:
Viridas Plc: +44 (0)7973 616952
Nicholas Lee, Chairman
Nominated Adviser and Joint Broker: +44 (0) 20 7012 2000
Arbuthnot Securities
Antonio Bossi/Paul Gillam
Joint Broker: +44 (0) 20 7562 3351
Rivington Street Corporate Finance
Peter Greensmith
Chairman's statement
Introduction
The year ended 31 December 2010 was a difficult year for the Company as it became clear that its strategy to develop a commercial biofuel operation in Brazil was becoming increasingly difficult to implement, principally due to the lack of clarity on the Government's support for the use of biomass in the UK meant it was very difficult to raise the necessary finance from investors.
Consequently, and with very limited funding remaining available within the Company, in early 2011 it was decided to reposition the Company to focus on opportunities within the natural resources sector and raise funds for this purpose. Against this background, the Company raised GBP1,050,000 principally from new investors via a placing to enable the Company to fund its new strategy in the medium term. On 10 May 2011, shareholders also approved the Company's new investing strategy and a restructuring of the Company's share capital.
Following the adoption of this new strategy, the majority of the Company's directors have stepped down and I have been appointed as Chairman. The Company will make new appointments to the Board, as appropriate, consistent with this new strategic direction.
Financials
The period under review relates to the Company's previous strategy and, accordingly, does not reflect the current operations of the Company. The results for this period comprised a loss after taxation of GBP362,053 (2009: loss GBP565,676). At 31 December 2010, the Company had cash balances of GBP42,461.
Outlook
The Board believes that the Company is well placed to progress its new strategy within the natural resources sector and a number of interesting opportunities have already been identified and are currently under assessment. The Board is confident that there is considerable opportunity to develop shareholder value in the medium term.
I would like to take this opportunity to thank the team and shareholders for their support during this transitional time for the Company.
Nicholas Lee
Chairman
Consolidated income statement
For the year ended 31 December 2010
Hot Features
Premium
Year ended Year ended
31 December 31 December
Note 2010 2009
GBP GBP
Operating loss (471,826) (681,670)
Finance income 407 -
Finance expense - (535)
-------------- --------------
Loss before taxation (471,419) (682,205)
Taxation - -
-------------- --------------
Loss for the year from
continuing operations 2 (471,419) (682,205)
Profit for the year from 109,366 116,529
discontinued operations Loss for --------------- ---------------
the financial year attributable (362,053) (565,676)
to equity holders of the parent 2 --------------- --------------
(Loss)/earnings per share
- Basic and diluted
continuing operations
- Basic and diluted
discontinued 3 (1.43p) (2.69p)
operations 3 0.33p 0.46p
-Total basic and diluted 3 (1.10p) (2.23p)
Consolidated Statement of Comprehensive Expense
Loss for the financial year (362,053) (565,676)
Exchange differences on translating (10,753) (50,657)
foreign operations Total comprehensive --------------- ---------------
expense for the year (372,806) (616,333)
--------------- --------------
Consolidated statement of changes in equity
For the year ended 31 December 2010
Capital
Share Share Redemption Translation Retained Total
Capital Premium Reserve Reserve Earnings Equity
Balance at 1
January 2009 2,435,796 2,007,339 27,000 169,200 (4,233,362) 405,973
Issue of share
capital 850,000 - - - - 850,000
Cost of shares
issued - (155,000) - - - (155,000)
Transactions ------------ -------------- ------------- ------------- --------------
with owners 850,000 (155,000) ------------ - - 695,000
------------- ------------- -------------- -------------- ------------- --------------
Loss for the
financial
year - - - - (565,676) (565,676)
Other
comprehensive
expense
Exchange
differences
on
translating
foreign
operations - - - (50,657) - (50,657)
------------- ------------- --------------- -------------- --------------- --------------
Total
comprehensive
expense for
the year - - - (50,657) (565,676) (616,333)
-------------- -------------- -------------- -------------- --------------- --------------
Balance at 31
December 2009 3,285,796 1,852,339 27,000 118,543 (4,799,038) 484,640
Loss for the
financial
year - - - - (362,053) (362,053)
Other
comprehensive
expense
Exchange
differences
on
translating
foreign
operations - - - (10,753) - (10,753)
-------------- -------------- ------------- -------------- --------------- --------------
Total
comprehensive
expense for
the year - - - (10,753) (362,053) (372,806)
Recognition of
foreign
exchange
gains on
discontinued
activities
(note 2) - - - (107,790) - (107,790)
-------------- -------------- ------------- ------------- --------------- --------------
Balance at 31
December 2010 3,285,796 1,852,339 27,000 - (5,161,091) 4,044
======== ======== ======= ======= ========= ========
Consolidated statement of financial position
As at 31 December 2010
2010 2009
GBP GBP
Current assets
Trade and other receivables 8,578 29,696
Cash and cash equivalents 42,461 657,265
------------ -------------
51,039 686,961
------------ -------------
Total Assets 51,039 686,961
------------ -------------
Current liabilities
Trade and other payables 46,995 112,852
Income tax payable - 89,469
------------ -------------
46,995 202,321
------------ ------------
------------ ------------
Net assets 4,044 484,640
======= =======
EQUITY
Share capital 3,285,796 3,285,796
Share premium account 1,852,339 1,852,339
Capital redemption reserve 27,000 27,000
Translation reserve - 118,543
Retained deficit (5,161,091) (4,799,038)
--------------- ---------------
Total equity 4,044 484,640
--------------- ---------------
Consolidated statement of cash flows
For the year ended 31 December 2010
Note 2010 2009
GBP GBP
Cash flows from operating activities
Loss before taxation - continuing operations (471,419) (682,205)
Profit before taxation - discontinued
operations 2,306 119,368
Depreciation of property, plant and equipment - 3,679
Interest receivable (1,323) (2,034)
Interest payable - 2,129
Decrease in trade and other receivable 21,118 248,277
Decrease in trade and other payables (65,857) (80,592)
Foreign exchange movement (10,753) (50,657)
------------- -------------
(525,928) (442,035)
Interest paid - (2,129)
Tax paid (90,199) 36,821
------------- -------------
Net cash used by operating activities (616,127) (407,343)
------------- -------------
Cash flows from investing activities
Interest received 1,323 2,034
------------- -------------
Net cash from investing activities 1,323 2,034
------------- -------------
Cash flows from financing activities
Issue of shares - net proceeds - 695,000
Repayment of loans - (384)
Repayment of finance leases - (3,220)
------------- -------------
Net cash generated from financing activities - 691,396
Net (decrease)/ increase in cash and cash
equivalents (614,804) 286,087
Cash and cash equivalents at the beginning
of the year 657,265 371,178
------------- -------------
Cash and cash equivalents at the end of
the year 42,461 657,265
------------- -------------
Notes
1. Basis of preparation
The financial information set out in this announcement does not constitute the statutory accounts of the Group (within the meaning of section 435 of the Companies Act 2006) for the year ended 31 December 2010. The auditors reported on those accounts and their report was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The statutory accounts for the year ended 31 December 2010 will be delivered to the registrar of Companies following the Company's Annual General Meeting.
Whilst the financial information included in this preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRS), this announcement in itself does not contain sufficient information to comply with IFRS.
Going Concern
The financial statements have been prepared on a going concern basis.
Overheads have been significantly reduced and comprise only the remuneration of the Directors, establishment costs, adviser costs and listing fees.
The company has raised GBP1,050,000 in additional funding in May 2011 which is sufficient to run the company and to pursue opportunities in line with its new strategy of seeking investments in the natural resources sector.
The Directors therefore believe that the going concern basis is appropriate for the preparation of the financial statements as they are in a position to meet all its liabilities as they fall due.
2. Discontinued operations
During the prior year, the previous business activities relating to distribution of underwear and Ninaclip products were discontinued. The income and expenditure account and cash flows have been split between continuing and discontinued activities in accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations".
Continuing Discontinued Total Continuing Discontinued Total
2010 2010 2010 2009 2009 2009
GBP GBP GBP GBP GBP GBP
Administrative
expenses (471,826) - (471,826) (681,670) - (681,670)
Other income - 1,390 1,390 - 118,928 118,928
Operating
(loss)/profit (471,826) 1,390 (470,436) (681,670) 118,928 (562,742)
Net finance
income/(expenses) 407 916 1,323 (535) 440 (95)
(Loss)/profit
before taxation (471,419) 2,306 (469,113) (682,205) 119,368 (562,837)
Taxation - (730) (730) - (2,839) (2,839)
(Loss)/profit
after taxation (471,419) 1,576 (469,843) (682,205) 116,529 (565,676)
Recognition of
foreign exchange
gains on
discontinued
foreign
operations - 107,790 107,790 - - -
(Loss)/profit
for the year (471,419) 109,366 (362,053) (682,205) 116,529 (565,676)
========== ============ ========= ========== ============ =========
Net cash used by
operating
activities (616,787) 660 (616,127) (863,347) 456,004 (407,343)
Net cash from
investing
activities 407 916 1,323 - 2,034 2,034
Net cash generated
from financing
activities - - - 691,396 - 691,386
========== ============ ========= ========== ============ =========
3. Loss per share
The basic loss per share is based on the loss of GBP 362,053 (2009: GBP565,676) and 32,857,796 (2009:25,336,038) ordinary shares of 10p each, being the weighted average number of shares in issue during the year. The weighted average number of ordinary shares for the year ended 31 December 2010 assumes that all shares have been included in the computation based on the weighted average number of days since issue.
2010 2009
GBP GBP
Loss attributable to equity holders
of the Group (362,053) (565,676)
Weighted average number of ordinary
shares in issue 32,857,956 25,336,038
Basic & diluted loss per share (pence) (1.10) (2.23)
---------------- ----------------
The share options in issue are anti-dilutive in respect of the basic loss per share calculation and have therefore not been included.
On the same basis as above the loss per share for continuing activities is 1.43 pence (2009: 2.69 pence) and the profit per share for discontinued activities is 0.33 pence (2009: profit per share of 0.46 pence).
4. Annual Report and Notice of Annual general Meeting
The annual report and the notice of annual general meeting will be mailed to shareholders on or around 24th June 2011. Copies will be available after that date from: The Secretary, Viridas plc, 31 Harley Street, London W16 9QS.
The Annual General Meeting will be held at Arbuthnot House, 20 Ropemaker Street, London EC2Y 9AR on 26th July 2011 at 11.00 a.m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUMAQUPGGQP
1 Year Viridas Chart |
1 Month Viridas 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
