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| 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 : 0419P
Viridas PLC
28 September 2011
VIRIDAS PLC
"Viridas" or the "Company"
Results for 6 months ended 30 June 2011
Viridas is pleased to announce its interim results for the six months ended 30 June 2011.
Financial results
The group operating loss for the half year ended 30 June 2011 amounted to GBP308,810 (30 June 2010: GBP294,612). A retained loss GBP308,810 (30 June 2010: GBP294,612) has been transferred to reserves. Net assets as at 30 June 2011 stood at GBP690,614 (30 June 2010: GBP185,392).
Operational review and outlook
During the six months to 30 June 2011, the Company completed its financial restructuring as set out in the Chairman's statement dated 23 June 2011 and changed its investment strategy. Going forward, overheads have been reduced significantly and the Company has also raised an additional GBP500,000 during July 2011 in order to strengthen its balance sheet and to ensure that it is well placed to take advantage of market opportunities as they arise.
A number of investment opportunities have been reviewed during this period and work is continuing on a small number of these. In particular, these include an interesting manganese opportunity in Southern Africa - manganese is relatively easy to mine and is a key component in the production of steel. A gold asset in Chile in an area that is well known for both gold and copper and a copper/gold property in Spain in an area where there are existing mining operations.
The Company is very much focused on creating value for shareholders and looks forward to announcing the progress of its strategy in due course.
N Lee
Chairman
28 September 2011
For more information:
For more information please contact:
Viridas Plc: +44 (0) 20 7580 7576
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
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Hot Features
Premium
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
Operating loss (305,240) (294,101) (471,826)
Finance income - 341 407
Finance expense - (1) -
----------- ----------- ------------
Loss before taxation (305,240) (293,761) (471,419)
Taxation - - -
----------- ----------- ------------
Loss for the period from continuing
operations (305,240) (293,761) (471,419)
----------- ----------- ------------
(Loss)/profit for the period from
discontinued operations (3,570) (851) 109,366
----------- ----------- ------------
Loss for the period (308,810) (294,612) (362,053)
----------- ----------- ------------
(Loss)/earnings per share
Basic and diluted continuing
operations (0.87p) (0.89p) (1.43p)
Basic and diluted discontinued
operations (0.01p) (0.01p) 0.33p
----------- ----------- ------------
Total basic and diluted (0.88p) (0.90p) (1.10p)
----------- ----------- ------------
Dividend per share - - -
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
Loss for the period (308,810) (294,612) (362,053)
Exchange differences on translating
foreign operations 370 (4,636) (10,753)
----------- ----------- ------------
Total comprehensive expense for the
period (308,440) (299,248) (372,806)
----------- ----------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Capital
Share Share Redemption Translation Redenomination. Retained Total
Capital Premium Reserve Reserve Reserve Earnings Equity
Balance at
1 January
2010 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 - - - (107,790) - - (107,790)
Balance at
31 December
2010 3,285,796 1,852,339 27,000 - - (5,161,091) 4,044
Issue of share
capital 420,000 630,000 - - - - 1,050,000
Cost of shares
issued - (54,990) - - - - (54,990)
Reduction
in par value (3,252,938) - - - 3,252,938 - -
Transactions
with owners (2,832,938) 575,010 - - 3,252,938 - 995,010
Loss for the
period - - - - - (308,810) (308,810)
Other
comprehensive
expense
Exchange
differences
on
translating
foreign
operations - - - 370 - - 370
Total
comprehensive
expense for
the period - - - 370 - (308,810) (308,440)
Balance at
30 June 2011 452,858 2,427,349 27,000 370 3,252,938 (5,469,901) 690,614
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2011
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment - - -
----------- ----------- ------------
Total non-current assets - - -
----------- ----------- ------------
Current assets
Trade and other receivables 18,867 31,675 8,578
Cash and cash equivalents 730,693 289,851 42,461
----------- ----------- ------------
Total current assets 749,560 321,526 51,039
----------- ----------- ------------
Total assets 749,560 321,526 51,039
----------- ----------- ------------
LIABILITIES
Current liabilities
Trade and other payables 58,946 53,939 46,995
Current tax payable - 82,195 -
Bank overdraft - - -
----------- ----------- ------------
Total current liabilities 58,946 136,134 46,995
----------- ----------- ------------
Net assets 690,614 185,392 4,044
----------- ----------- ------------
EQUITY
Share capital 452,858 3,285,796 3,285,796
Share premium account 2,427,349 1,852,339 1,852,339
Redenomination reserve 3,252,938 - -
Capital redemption reserve 27,000 27,000 27,000
Translation reserve 370 113,907 -
Retained losses (5,469,901) (5,093,650) (5,161,091)
----------- ----------- ------------
Total equity 690,614 185,392 4,044
----------- ----------- ------------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2011
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
Cash flows from operating activities
Loss before taxation - continuing
operations (305,240) (293,761) (471,419)
(Loss)/profit before taxation -
discontinued operations (3,570) (851) 2,306
Depreciation of property, plant
and equipment - - -
Interest receivable - (1,041) (1,323)
Interest payable - 1 -
(Increase)/Decrease in trade and
other receivables (10,289) (1,979) 21,118
Increase/(decrease) in trade and
other payables 11,951 (58,913) (65,857)
Foreign exchange movement 370 (4,636) (10,753)
----------- ----------- ------------
(306,778) (361,180) (525,928)
Interest paid - (1) -
Tax paid - (7,274) (90,199)
----------- ----------- ------------
Net cash used by operating activities (306,778) (368,455) (616,127)
----------- ----------- ------------
Cash flows from investing activities
Interest received - 1,041 1,323
Net cash from investing activities - 1,041 1,323
----------- ----------- ------------
Cash flows from financing activities
Issue of shares - net proceeds 995,010 - -
Repayment of loans - - -
Repayment of finance leases - - -
----------- ----------- ------------
Net cash generated from financing
activities 995,010 - -
----------- ----------- ------------
Net increase/(decrease) in cash
in the period 688,232 (367,414) (614,804)
Cash and cash equivalents at beginning
of period 42,461 657,265 657,265
Cash and cash equivalents at end
of period 730,693 289,851 42,461
----------- ----------- ------------
NOTES TO THE INTERIM REPORT
1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2010, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2010. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern basis under the historical cost convention.
The Directors 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. The calculation of basic and diluted earnings per share is based on the loss for the period of GBP308,810 (2010: loss GBP294,612) and a weighted average number of ordinary shares of 35,080,331 (2010: 32,857,956).
3. No interim dividend will be paid.
4. On 11 May 2011, the Company redenominated its share capital to 0.1p from 10p.
5. Copies of the interim report can be obtained from: The Company Secretary, Viridas PLC, 31, Harley Street, London W16 9QS and are available to view and download from the Company's website : www.viridasplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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