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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Advance Capital | LSE:ACN | London | Ordinary Share | GB0002632569 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2183O
Advance Capital Invest PLC
31 July 2003
Chairman's Statement
Results
Advance Capital Invest, the investment vehicle, was incorporated on 20 October
2000. In conjunction with its admission to AIM on 1 December 2000, the Company
raised a total of approximately #2 million cash. During the year under review,
ACI has not undertaken any trading activities, but incurred certain staff and
operational costs associated with reviewing a number of potential acquisitions.
Since 1 August 2002 the Board has agreed to halve its' remuneration to preserve
the company's primary asset, its cash resource. The Board does not expect this
to materially diminish whilst the company reviews potential acquisitions. In the
first half of the year the loss before tax was #11,000 (2002 #68,000)
Outlook
The Board continues to review potential acquisitions. ACI remains an attractive
investment vehicle and if necessary, one capable of providing additional
managerial and capital input into a suitable opportunity, once identified. The
Company continues to have a strong balance sheet with net assets per share of
approximately 16.6p, consisting predominantly of cash at bank and in hand.
Nigel Whittaker
Chairman
31 July 2003
Profit and Loss Account
6 months 6 months Year Ended
Ended Ended 31 October
Notes 30 April 30 April 2002
2003 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Administrative expenses (33) (69) (117)
--------- --------- ---------
Operating Loss (33) (69) (117)
Interest receivable from
bank deposits 22 25 49
--------- --------- ---------
Loss on ordinary
activities before
taxation (11) (44) (68)
Tax on loss on ordinary - - -
activities --------- --------- ---------
Loss for the financial (11) (44) (68)
period --------- --------- ---------
Basic loss per share 2 (0.14)p (0.54)p (0.84)p
Diluted loss per share 2 (0.14)p (0.54)p (0.84)p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
Recognised gains and losses
There are no recognised gains and losses other than those dealt with through the
profit and loss account.
Balance Sheet
As at 30 As at 30 As at 31
April 2003 April 2002 October
2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Current assets
Prepayments 2 4 4
Cash at bank and in hand 1,347 1,394 1,367
--------- --------- ----------
1,349 1,398 1,367
Creditors: Amounts falling due
within one year (3) (17) (10)
--------- --------- ----------
Net assets 1,346 1,381 1,357
--------- --------- ----------
Capital and reserves
Called up share capital 810 810 810
Share premium account 1,102 1,102 1,102
Profit and loss account (566) (531) (555)
--------- --------- ----------
Equity shareholders' funds 1,346 1,381 1,357
--------- --------- ----------
Cash Flow statement
Notes 6 Months Ended 6 months Year
30 April 2003 Ended 30 Ended 31
April 2002 October 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Net cash outflow from B (42) (326) (377)
operating activities
Returns on investment
and servicing of
finance
Interest received 22 25 49
---------- ---------- ----------
Decrease in cash in (20) (301) 1,695
period ---------- ---------- ----------
Notes to Cashflow Statement
A. Reconciliation of net cash flow to movement in net funds
6 Months Ended 6 Months Ended Year ended 31
30 April 2003 30 April 2002 October 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Decrease in cash in the (20) (301) (328)
period
Net funds at beginning of 1,367 1,695 1,695
period --------- --------- ----------
Net funds at end of period 1,347 1,394 1,367
--------- --------- ----------
There were no other sources of funding other than cash so all funds flows are
shown in the cashflow statement
B. Reconciliation of operating loss to net cash outflows from operating
activities
6 Months ended 6 Months ended Year ended 31
30 April 2003 30 April 2002 October 2002
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Operating loss (33) (69) (570)
Increase/(decrease) in
debtors (2) - 4
Decrease in creditors (7) (257) (264)
--------- --------- -----------
Net cash outflow from (42) (326) (377)
operating activities --------- --------- -----------
Notes to the interim financial statements
1. Basis of preparation
The profit and loss account, balance sheet and cashflow statement which are
unaudited have been prepared in accordance with the accounting policies set out
in the 2002 Annual Report. The financial information contained in the financial
statements does not constitute statutory accounts within the meaning of section
240 of the Act.
The results for 2002 full year are an abridged review of the full accounts which
have received an unqualified audit report and have been filed with the Registrar
of Companies.
2. Loss per share
The basic loss per share calculation has been based on the loss attributable to
ordinary shareholders of #11,000 divided by 8,100,000 shares, being the entire
issued share capital of the company.
There is no difference between the basic and fully diluted earnings per Ordinary
Share, as no Ordinary Shares are issuable under the Share Options until the
completion by the Company of a business acquisition, and this condition had not
been met at the end of the reporting period.
3. Dividends
The Board has not declared a dividend in respect of this period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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