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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vossloh AG | TG:VOS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.45 | 0.92% | 49.35 | 49.20 | 49.50 | 49.65 | 48.10 | 49.00 | 7,602 | 22:50:02 |
RNS Number:3987S Voss Net PLC 24 November 2003 VOSS NET PLC Announcement of Unaudited Interim Results for the 6 Months Ended 30 June 2003 CHAIRMAN'S STATEMENT The unaudited results for the six months ended 30 June 2003 show that your Company incurred a loss before and after tax of #338,000 (2002: profit before tax #175 and profit after tax #12,000) on turnover of #377,000 (2002: #447,000). The directors are not recommending payment of a dividend. The results were adversely affected by the cessation of trading in the Company's training business following the dispute over non-payment of the group's invoices at the end of May 2003. Your Company therefore incurred expenses for the remainder of the period without earning any income from its principal training activities. As reported in the Company's 2002 annual report and accounts, your directors have recommended that the Company enter into a Company Voluntary Arrangement. Meetings of creditors and shareholders have been convened for 24 November 2003 for this purpose, and the Annual General Meeting will take place on the same day. Future Development We look forward to welcoming our proposed new directors, Leo Knifton and Nigel Weller, who are due to join the Board at the Annual General Meeting. I shall be retiring from the Board at the AGM. Messrs Knifton and Weller will be actively seeking a new business activity for Voss Net so as to provide a new future for your Company. We believe this offers the best way forward for Voss Net and its shareholders, and we look forward to a brighter future for your Company. Barry O'Connell Chairman 24 November 2003 UNAUDITED GROUP PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30 JUNE 2003 Note Unaudited Unaudited Audited Half year Half year Year ended Ended Ended 30.6.2003 0.6.2002 31.12.2002 # # # Turnover 377,414 446,715 1,131,739 Cost of sales 90,885 68,219 277,184 ------------ ------------ ------------ Gross profit 286,529 378,496 854,555 Administrative expenses 424,069 377,846 882,281 ------------ ------------ ------------ Operating(loss)/profit before exceptional charges (137,540) 650 (27,726) Provision for doubtful debts (132,270) - (127,280) Business closure costs (62,047) - - Goodwill written off - - (162,500) ------------ ------------ ------------ Operating (loss)/profit after exceptional charges (331,857) 650 (317,506) Interest payable/(receivable) - net 6,566 475 (367) ------------ ------------ ------------ (Loss)/profit on ordinary activities before taxation (338,423) 175 (317,139) Taxation on profit/loss on 2 ordinary activities - 12,000 18,000 ------------ ------------ ------------ (Deficit)/ surplus (338,423) 12,175 (303,338) for the period ========= ======== ======== (Loss)/profit per ordinary share after exceptional charges (1.00p) 0.04p (0.90p) (Loss)/profit per ordinary share before exceptional charges (0.42p) 0.04p (0.04p) The group has no gains or losses other than the results for the above periods. The entire activities of the group ceased in the half year ended 30 June 2003 other than those of Sigma Freight Systems Limited and, subject to contract, that company is to be sold to its management. UNAUDITED GROUP BALANCE SHEET 30 JUNE 2003 Unaudited Unaudited Audited 30.6.2003 30.6.2002 31.12.2002 # # # Fixed assets Intangible fixed assets - 158,066 - Tangible fixed assets 6,658 28,242 5,541 ------------ ------------ ----------- 6,658 186,308 5,541 ========= ======== ======== Current assets Debtors 14,300 411,623 235,635 Cash at bank and in hand 23,189 31,502 66,556 ------------ ------------ ------------ 37,489 443,125 302,191 Creditors: amounts 479,684 411,034 404,846 falling due within one year ------------ ------------ ------------ Net current (442,195) 32,091 (102,655) (liabilities)/assets ======== ======== ======== Total assets less (435,537) 218,399 (97,114) current liabilities ======== ======== ======== Capital and reserves Called up share capital 657,710 657,710 657,710 Share premium account 3,803,755 3,803,755 3,803,755 Profit and loss account (4,897,002) (4,243,066) (4,558,579) ------------ ------------ ------------ (Deficiency) of (435,537) 218,399 (97,114) shareholders' funds ======== ======== ======== RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (Loss)/profit for the (338,423) 12,175 (303,338) financial period Issues of share - 259,750 259,750 capital Expenses of issues of - (28,326) (28,326) share capital ------------ ------------ ------------ (Decrease)/increase in (338,423) 243,599 (71,914) shareholders' funds ------------ ------------ ------------ Opening (deficiency) of shareholders' funds At 1 January (97,114) 9,835 9,835 Prior year adjustment - (35,035) (35,035) ------------ ------------ ------------ At 1 January restated (97,114) (25,200) (25,200) ------------ ------------ ------------ Closing (deficiency) of shareholders' funds at 30 June/ 31 December (435,537) 218,399 (97,114) ========= ========= ========= The interim accounts were approved by the Board on 21 November 2003. UNAUDITED GROUP CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2003 Note Unaudited Unaudited Audited Half year Half year Year ended Ended Ended 30.6.2003 30.6.2002 31.12.2002 # # # Net cash inflow /(outflow) from Operating activities 4 31,254 (324,912) (303,274) ======== ======== ======== Returns on investments And servicing of finance Interest paid (6,941) (475) (4,199) Interest received 375 - 367 ------------ ------------ ------------ (6,566) (475) (3,832) ======== ======== ======== Taxation - - 18,000 ========= ========= ========= Capital expenditure and financial investment Purchase of tangible (2,035) (6,825) (10,775) fixed assets ======== ======== ======== Cash inflow/ (outflow) before use of Financing 22,653 (332,212) (299,881) ========= ======== ======== Financing Issues of share capital - 259,750 259,750 Expenses of issues of - (28,326) (28,326) share capital Factor (66,003) 63,297 66,003 ------------ ------------ ------------ (43,350) 294,721 297,427 ======== ======== ======== (Decrease) in cash In the period 5 (43,350) (37,491) (2,454) ======== ======= ======== NOTES 1 Full accounts The comparative figures for the financial year ended 31 December 2002 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and will be delivered to the Registrar of Companies. The report of the independent auditors was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. 2 Taxation The tax credits shown for the previous periods relate to payments receivable from the Inland Revenue in respect of a tax relief claims for research and development expenditure. 3. Loss per share The calculation of loss/profit per ordinary share is based on a loss of #338,423 after exceptional charges (2002: #12,175 profit) and on a loss of #144,106 before exceptional charges (2002: #12,175 profit) together with 33,934,196 ordinary shares (2002: 33,578,945), being the weighted average number of ordinary shares in issue during the period. 4 Reconciliation of operating loss to net cash inflow/(outflow) from operating activities Half year Half year Year ended Ended Ended 30.6.2003 30.6.2002 31.12.2002 # # # Operating (loss)/ profit (137,540) 650 (27,726) Amortisation of - 4,434 - intangible assets Depreciation charges 918 6,357 33,008 Exceptional charges (194,317) - (127,280) Decrease/(increase) in 221,335 (270,217) (119,967) debtors Increase/(decrease) in 140,858 (66,136) (61,309) creditors ------------ ------------ ---------- 31,254 (324,912) (303,274) ======== ======== ======== 5 Analysis of changes in net funds Net funds Net funds At at 31.12.2002 Cash flow 30.6.2003 # # # Cash at bank and in hand 66,539 (43,350) 23,189 Debt due within one year (66,003) 66,003 - ------------ ----------- ------------ 536 22,653 23,189 ========== ======== ======== 6. *Interim report Additional copies of the interim report may be obtained from the Company's registered office at 11 Marlborough Place, Brighton, East Sussex, BN1 1UB. This information is provided by RNS The company news service from the London Stock Exchange END IR GGMZMGDGGFZM
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