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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Inseego Corp | TG:INO | Tradegate | Ordinary Share |
| 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 | - |
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RNS Number:1788L
Innobox PLC
16 May 2003
Innobox Plc (the "Company")
Preliminary results announcement for the year ended 30 April 2003
16 May 2003
Chairman's Statement
I am pleased to report the Company's results for the year ended 30 April 2003.
The profit for the year before taxation was #595,655 (2002: (#61,793)), which
represents earnings per share of 4.77p (2002: (0.49p) per share).
The Board is delighted with the profit generated from the investment in ACS,
which is reflected by the Company's shareholding in AeroBox Plc, an AIM listed
company. The Board is confident that the value of the investment in AeroBox Plc
will be maintained.
The Board has completed its review of the future strategy of the Company and has
today issued an announcement and distributed a circular to shareholders
detailing a proposed change in the strategic direction of the Company.
The Company has chosen, subject to shareholder approval at an EGM to be held on
9 June 2003, to build a group in the licensed trade sector and proposes to
develop a portfolio of businesses in this sector to include:
- managed public houses which have, in the opinion of the board, attractive
capital growth prospects in terms of property and business development;
- small hotels, being hotels with thirty bedrooms or less; and
- businesses ancillary to the licensed trade.
The Company has identified a suitable individual, Arthur Baker with the relevant
expertise to help the Company pursue this strategy and it is proposed that he
will replace me as Chairman. Subject to the passing of the resolutions at the
EGM, I will be stepping down to concentrate my efforts on my new position as
Chief Executive of AeroBox Plc. In addition, it is proposed that Mark Jones will
step down as Chief Executive, taking up the position of Non-Executive director,
and that Russell Stevens will take up the position of part time Chief Executive.
The Directors are confident in the proposed future strategy of the Company and
that it will be approved by shareholders at the forthcoming EGM.
I would like to take this opportunity to thank my colleagues for all their
efforts for the Company and wish the Company every success with its proposed new
strategy.
R C Bushman
Chairman
15 May 2003
Profit and Loss Account for the year ended 30 April 2003
Note Year Year
ended ended
30 April 2003 30 April 2002
# #
Administration expenses (99,477) (112,261)
----------- -----------
Operating loss (99,477) (112,261)
Profit on sale of fixed asset 654,878 -
investments
Bank interest receivable 40,254 50,468
----------- ------------
Profit/(loss) on ordinary 595,655 (61,793)
activities before taxation
Taxation - -
----------- ------------
Profit/(loss) for year 595,655 (61,793)
----------- ------------
Basic and diluted earnings/(loss) 2 4.77 (0.49)
per share
----------- ------------
The company has no recognised gains or losses other than the profit for the
year.
Balance Sheet as at 30 April 2003
Note As at As at
30 April 2003 30 April 2002
# #
Fixed assets
Fixed asset investments 900,001 225,587
Current assets
Debtors 19,035 3,329
Cash at bank and in hand 647,729 745,907
------------ ------------
666,764 749,236
------------ ------------
Creditors:
Amounts falling due within one 84,152 (87,865)
year
------------ ------------
Net current assets 582,612 661,371
------------ ------------
Total assets less current 1,482,613 886,958
liabilities
------------ ------------
Capital and reserves
Called up share capital 250,000 250,000
Share premium 764,004 764,004
Profit and loss account 468,609 (127,046)
------------ ------------
Equity shareholders' funds 3 1,482,613 886,958
------------ ------------
Cash Flow Statement for the year ended 30 April 2003
Note Year Year
ended ended
30 April 2003 30 April 2002
# #
Net cash outflow from operating 4 (118,896) (122,460)
activities
Return on investments and
servicing of finance
Interest received 40,254 50,468
Capital expenditure and financial
investment
Cash payments to acquire long term (19,536) (225,587)
investments
------------ ------------
Net cash outflow (98,178) (297,579)
------------ ------------
Decrease in cash 5 (98,178) (297,579)
------------ ------------
Notes to the Preliminary Results for the year ended 30 April 2002
1 Basis of Preparation
The preliminary announcement has been prepared in accordance with
applicable accounting standards and under the historical cost convention.
2 Earnings/(loss) per share
The calculation of the basic earnings/(loss) per share is based on the
profit/(loss) on ordinary activities after taxation and on the weighted
average number of shares in issue during the year. The profit/(loss) and
weighted average number of shares used in the calculations are set out
below:
Weighted Basic
average number earnings/(loss)
of shares per share
Profit/ (pence)
(loss)
#
Basic and diluted earnings/
(loss) per share:
Year ended 30 April 2003 595,655 12,500,000 4.77
Year ended 30 April 2002 (61,793) 12,500,000 (0.49)
------------ ------------ ------------
3 Reconciliation of movements in shareholders' funds
30 April 2003
#
Profit on ordinary activities after taxation 595,655
Shareholders' funds at 1 May 2002 886,958
------------
Shareholders' funds at 30 April 2003 1,482,613
------------
4 Reconciliation of operating loss with net cash outflow from operating
activities
Year Year
ended ended
30 April 2003 30 April 2002
# #
Operating (loss) (99,477) (112,261)
(Increase) in debtors (15,706) -
(Decrease) in creditors (3,713) (10,199)
------------ ------------
Net cash outflow from operating (118,896) (122,460)
activities
------------ ------------
5 Analysis of changes in net
funds
1 May 2002 Cash Flow 30 April 2003
# # #
Cash at bank and in hand 745,907 (98,178) 647,729
------------ ------------ ------------
6 Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies
Act 1985. The summarised balance sheet at 30 April 2003 and the summarised
profit and loss account, summarised cashflow statement and associated notes
for the year then ended have been extracted from the company's 2003
statutory financial statements upon which the auditors opinion is
unqualified and does not contain any statement under section 237 of the
Companies Act 1985.
7 Availability of Annual Report
The Annual Report will be posted to shareholders today and copies will be
available from the registered office of the Company or as a download from
the Company's website at www.innobox.co.uk.
8 Annual General Meeting
The Annual General Meeting of the Company will be held at Meriden House, 6
Great Cornbow, Halesowen, West Midlands B63 3AB at 10.00am on Monday, 9
June 2003.
Enquiries:
Russell Stevens 07860 562 621
Non-executive Deputy Chairman, Innobox Plc russell@innobox.co.uk
Philip Johnson 0161 214 6540
Brown, Shipley & Co. Limited philip.johnson@brownshipley.co.uk
Trevor Phillips 020 7929 5599
Holborn Public Relations Limited trevor.phillips@holbornpr.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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