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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Cimarex Energy Co | NYSE:XEC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 87.20 | 0 | 01:00:00 |
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RNS Number:4571K
XecutiveResearch Group PLC
28 April 2003
XecutiveResearch Group PLC
Interim Announcement
28 April 2003
CHAIRMAN'S STATEMENT
FOR THE SIX MONTHS ENDED 31 JANUARY 2003
The Directors' report the results for the six months to 31 January 2003.
Financial Results
In the six months to 31 January 2003 the group incurred an unaudited loss before
tax of #352,974 on a turnover of #93,282. There was no comparable period in the
prior year and therefore no comparative figures are shown.
Subsequent Events
Trading in the Company's subsidiary XecutiveResearch Limited ("XRL") showed
signs of improvement during the autumn after a slow summer. However, following
the Christmas and New Year break most of the work in progress and promised new
assignments were either cancelled or put on hold. Cost cutting measures had
already been put in place in early winter, in particular senior staff agreed to
be paid on a percentage of fees earned instead of a fixed salary. This gave the
group's subsidiary a sensible way forward. However, in the New Year the downturn
in the business continued and put intense pressure on liquidity, to the extent
that the Directors of the Company concluded, after taking professional advice,
that it was no longer in the interests of the Company and its shareholders to
support the continuing losses in XRL, as announced on 28 February 2003.
Accordingly XecutiveResearch Ltd went into liquidation on 17 March 2003.
With the balance sheet of the Company strengthened by the share exchange with
Jubilee Investment Trust PLC announced in January 2003, your Board continues to
explore opportunities for the development of the Company for the benefit of all
shareholders, so as to exploit its AIM listing and the net worth of
approximately #412,000 shown in the group balance sheet. An appropriate
announcement will be made in due course.
David Heynes
Chairman
28 April 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 JANUARY 2003
6 months ended
31 January 2003
(Unaudited)
Notes #
Turnover 93,282
Cost of sales 45,800
---------------
Gross Profit 47,482
Administrative expenses 381,017
---------------
Operating loss (333,535)
Other provisions -
---------------
(333,535)
Interest payable 19,439
---------------
Loss on ordinary activities (352,974)
Tax on loss on ordinary activities -
---------------
Loss on ordinary activities after taxation 4 (352,974)
===============
Loss per share (0.071)p
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2003
As at
31 January 2003
Notes (Unaudited)
#
Fixed assets
Tangible assets 138,655
Investments 1,455,000
---------------
1,593,655
Current assets
Debtors 18,218
Current liabilities
Creditors: amounts falling due within one (764,669)
year
---------------
Net current liabilities (746,451)
---------------
Total assets less current liabilities 847,204
Non-current liabilities
Creditors: amounts falling due after more than one year (434,750)
---------------
Net assets 412,454
===========
Capital and reserves
Called-up equity share capital 5 695,250
Share premium account 6 1,905,413
Profit and Loss Account 6 (2,188,209)
---------------
Shareholders' funds 412,454
===============
CONSOLIDATED CASHFLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JANUARY 2003
6 months ended
31 January 2003
(Unaudited)
#
Net cash (outflow) from operations (9,850)
Returns on investments and servicing of finance
Interest paid (19,439)
---------------
Net (outflow) from returns on investments and (19,439)
servicing of finance
Capital expenditure
Payments to acquire tangible fixed assets (723)
Acquisition of investments (1,455,000)
---------------
Net cash (outflow) from capital expenditure (1,455,723)
---------------
Net cash (outflow) before financing (1,485,012)
Financing
Issue of equity share capital 200,000
Share premium on issue of equity share capital 1,255,000
---------------
Net inflow from financing 1,455,000
---------------
Net (decrease) in cash (30,012)
===============
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JANUARY 2003
1 BASIS OF PREPARATON
The interim unaudited financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention. The
principal accounting policies of the group have remained unchanged from those
set out in the group's 2002 annual report and financial statements.
As there is no comparable period for the group, comparative figures are not
given in these accounts.
The financial information set out above does not comprise the statutory accounts
of the company within the meaning of Section 240(5) of the Companies Act 1985.
2 TAXATION
On the grounds that losses have been made in the period, there is no taxation
charged to the profit and loss account in this period.
3 DIVIDENDS
The Directors are not declaring a dividend for the six months ended 31 January
2003.
4 LOSS PER SHARE
The calculation of the basic loss per share is based on the loss attributed to
ordinary shareholders divided by the weighted average number of shares in issue
during the period.
Reconciliation of the loss and weighted average number of shares in issue used
in the calculations are set out below:
Six months ended 31 January 2003
Loss Weighted Loss per share
average Number
of shares
#
Basic loss per share
Loss attributed to Ordinary (352,974) 499,621,585 (0.071)p
shareholders
5 SHARE CAPITAL
As at
31 January
2003
#
695,250,000 ordinary shares of 0.1p each 695,250
=======
Movement in allocated and fully paid capital
Ordinary shares Ordinary shares
Number Capital
#
1 August 2002 495,250,000 495,250
New shares allotted 200,000,000 200,000
--------------- ---------------
31 January 2003 695,250,000 695,250
=========== =======
The Company issued 200,000,000 shares, at par, on 27 January 2003 in exchange
for 1,500,000 shares in Jubilee Investment Trust Plc, which were valued at 97p
on that date.
6 RESERVES
Share premium Profit and loss
account account
# #
Opening balance 650,413 (1,835,235)
Loss for the period - (352,974)
New share issue 1,255,000 -
--------------- ---------------
Balance carried forward 1,905,413 (2,188,209)
========= ==========
7 NET CASH OUTFLOW FROM OPERATING ACTIVITIES
6 months ended
31 January 2003
#
Operating loss (333,535)
Depreciation 64,420
Profit on disposal of fixed assets -
Decrease/(Increase) in debtors 154,559
Increase in creditors 104,706
---------------
Net cash (outflow) from operating activities (9,850)
===============
8 POST BALANCE SHEET EVENTS
On 17 March 2003, the company's subsidiary XecutiveResearch Limited went into
liquidation and further details are given in the Chairman's Report.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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