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Share Name | Share Symbol | Market | Type |
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Regent Pacific Properties Inc | TSXV:RPP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.02 | 0.02 | 0.025 | 0 | 01:00:00 |
RNS Number:9228M Ringprop PLC 30 June 2003 For Immediate Release 30 June 2003 RINGPROP PLC Interim Results for the six months ended 31 March 2003 RingProp plc, the UK based company formed to exploit the potential of a revolutionary marine propeller technology, announces interim results for the six months ended 31 March 2003, its first results since its successful admission to AIM in November last year Highlights Successfully completed placing at 130p per share and admission to AIM in November 2002, raising #3.052m Decision to manufacture in aluminium Landmark US Supreme Court Ruling on personal injury claims Offices established at the Haslar Marine Technology Park Interim results show net loss before tax of #359,000 (no commercial sales during period) Cash balances at half-year of #2.416m Changes to board team For Further Information: RingProp Plc: Johnny Townsend, Executive Chairman 020 7585 0924 Binns & Co Public Relations: Paul Vann Emmie Peryer 020 7786 9600 Flotation The successful flotation on 22 November 2002 raised #3,052,000 (before expenses); post flotation the company was able to issue a further 116,225 new shares at prices of between 147p and 151p per share for a total consideration of #174,250 under the section 89 authority taken out at the time of flotation. This authority can be utilised in the future should the board consider it to be in the interests of the company. Manufacturing While the directors believe that manufacturing the RingProp using an injection moulding process in modern composite materials remains a viable proposition, our research with die casting companies has identified the opportunity to manufacture in aluminium. Despite a short delay which means that there will be no revenues in the current financial year, this move to aluminium should accelerate acceptance in the marketplace worldwide and lead to a faster build-up of sales volumes. The directors expect to be able to make an announcement shortly. Aluminium open-bladed propellers currently hold 82% of the world's market while composites only account for 3-4%. The directors believe that launching the propeller range in aluminium will allow RingProp to set competitive prices while maintaining the targeted profit margins. Progress to date RingProp moved into premises in the Haslar Marine Technology Park during December 2002. The offices are leased from QinetiQ (formerly part of the Defence Evaluation and Research Agency), which has on-site some of the test and research facilities which RingProp has already been using. The testing of the first two propellers designed for manufacture has now been completed at the QinetiQ cavitation tunnel at Haslar. The testing was carried out under the direction of Carl Morley, a graduate naval architect from the Australian Maritime College and a former student of Dr. Martin Renilson (the non-executive director of the company). He has now accepted the position of head of Research and Development on a full-time basis. He is responsible for the hydrodynamic design, testing and development of RingProp's propellers and is working to ensure that the first range of propellers is available commercially for the summer of 2004. RingProp has established R&D premises in Melbourne, Australia and will commence testing the initial propellers on a variety of engine and hull designs during July in a newly designed test instrumentation system. Landmark US Supreme Court Ruling In the Company's prospectus, reference was made to the safety features of the RingProp compared to open bladed propellers. The directors believed at that time that the issue of marine safety would become increasingly important. Within three weeks of flotation, an important landmark judgment was handed down from the Supreme Court of the United States concerning a public liability action against a conventional propeller manufacturer (Sprietsma vs. Mercury Marine) which could pave the way for a large number of further law suits. The implications for public liability and increased insurance premiums could be significant. The directors believe that, together with the obvious inherent safety advantages of the RingProp and its performance characteristics, this development will aid market penetration. Financial The results for the accounting period up to the 31st March 2003 show a net loss of #359,000 and cash balances of #2,416,000 after flotation costs of #423,000. No interim dividend is declared. Our auditors, BDO Stoy Hayward, have provided an independent review of the interim accounts and notes. Governance Immediately post flotation the board appointed Nick Kuenssberg to chair the remuneration committee with Denis Mulhall and Dr. Martin Renilson as members. Similarly Denis Mulhall chairs the audit committee with Nick Kuenssberg and Dr. Martin Renilson also members. All three are independent non-executive directors in line with best corporate governance practice. Board changes Now that the company is properly established, it is an appropriate time for me to step back from the role of executive chairman to become part-time non-executive chairman. This will be effective from 1 July. Martin Jackson, our part-time finance director, has found that his other activities have developed to the extent that he is unable to commit sufficient time for the company's needs, and will resign on 30 June. He will be succeeded by Giselle Sweet-Escott, an experienced financial executive, who becomes Finance Director with effect from 1 July. Prospects The company looks to the future with confidence. The decision to market the "RingProp" in aluminium should accelerate its acceptance in the market place and lead to a faster build-up of sales volume. We intend to establish the "RingProp" product and brand as an important new concept in the significant international market place for propellers for outboard motors. Major work remains to be done but we believe that we have the team to build RingProp plc into a successful and profitable organization with first sales being achieved in summer 2004. Johnny Townsend Chairman Tel: 020 7585 0924 RINGPROP PLC - CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 31 March 2003 2003 #'000 Operating expenses (269) Amortisation of intangible assets (116) ---- LOSS BEFORE INTEREST & TAX (385) Interest earned 26 ---- LOSS BEFORE TAX (359) Taxation (6) - ---- LOSS FOR THE PERIOD (359) ==== There are no other recognised gains or losses RINGPROP PLC - CONSOLIDATED BALANCE SHEET 31 March 2003 At 31 March 2003 #'000 #'000 FIXED ASSETS (2) Intangible assets (3) 4,522 Tangible assets 26 ---- 4,548 ---- CURRENT ASSETS Debtors 55 Cash at bank and in hand and short term deposits 2,416 ---- 2,471 CREDITORS: amounts falling due within one year (51) ---- NET CURRENT ASSETS 2,420 ---- TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: amounts falling due after more than one year - ---- 6,968 ====== CAPITAL AND RESERVES Called up share capital (4) 594 Share premium account (5) 6,733 Profit and loss account (5) (359) ---- 6,968 ==== RINGPROP PLC - CONSOLIDATED CASH FLOW STATEMENT For the six months ended 31 March 2003 2003 #'000 Net cash outflow from operating activities (7) (279) ---- Returns on investments and servicing of finance Interest received 26 ---- Capital Expenditure and financial investment Payments to acquire tangible fixed assets (28) Payments to acquire intangible assets (132) Acquisitions and disposals Cash acquired with subsidiary 26 ---- Net cash outflow before financing (387) ---- Financing Issue of share capital 3,226 Financing costs (423) ---- Cash inflow from financing 2,803 ---- Increase in cash 2,416 ===== RINGPROP PLC - NOTES TO THE INTERIM RESULTS For the six months ended 31 March 2003 1. Basis of preparation The interim results have been prepared in accordance with applicable accounting standards and under the historical cost convention. The interim results, which were approved by the Directors on 27 June 2003, are unaudited but have been reviewed in accordance with Auditing Practices Board Bulletin "Review of Interim Financial Information" by the auditors. The interim results do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. 2. Accounting Policies Intangible assets Intangible assets consists of purchased goodwill. This has been capitalised on the balance sheet and is being written off through the profit and loss account over a term of 20 years. Depreciation Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated realisable value, of each asset evenly over its expected useful life, as follows: Plant & Equipment - over 3-10 years Motor Vehicles - over 3 years 3. Intangible Assets Goodwill #'000 Cost At 1 October 2002 - Additions 4,638 ----- At 31st March 2003 4,638 Amortisation At 1 October 2002 - Provision for half year (116) ----- At 31st March 2003 (116) Net Book Value ----- At 31st March 2003 4,522 ===== RINGPROP PLC - NOTES TO THE INTERIM RESULTS For the six months ended 31 March 2003 4. Share Capital At 31 March 2003 Allotted Allotted, Authorised Called up Called up No. & fully paid Authorised & fully paid No. #'000 #'000 Ordinary Shares - 200,000,000 5,943,250 20,000,000 594,325 10p each __________ ________ _________ _______ On 21st October 2002, RingProp plc issued 650,000 shares of 10p each, at a premium of 120p, for the main purpose of acquiring the entire issued share capital of RingProp Trading Limited. A total of 2,347,550 shares were issued under the placing and admission on 22nd November 2002. A total of 2,829,475 shares were issued on 22nd November 2002 as consideration under the various agreements relating to the acquisition of the Ringprop technology as described in the prospectus dated 30 October 2002. A further 116,225 shares have been issued in the period from 19th November 2002 to 31 March 2003 in accordance with section 80 of the Companies Act 1985 (as amended by the Companies Act 1989). 5. Reserves Share Premium Profit & loss Account Account #'000 #'000 At flotation 7,156 - Share issue costs (423) - Loss for half year - (359) ---- ---- At 31st March 2003 6,733 (359) ===== ===== 6. Taxation As the company has not yet achieved a cumulative profit, there is no tax charge for the period. RINGPROP PLC - NOTES TO THE INTERIM RESULTS For the six months ended 31 March 2003 7. Notes to the statement of cash flows (a) Reconciliation of operating profit to net cash outflow from operating activities 2003 #'000 Operating loss (269) Depreciation of tangible fixed assets 2 Increase in working capital (12) ---- Net cash outflow from operating activities (279) ===== (b) Reconciliation of cash movements to net funds 2003 #'000 Increase in cash in the period 2,416 Net funds at beginning of year - ---- Net funds at end of the period 2,416 ==== (c) Analysis of changes in net At 31 funds At 1 October Cash March 2002 Flow 2003 #'000 #'000 #'000 Cash in bank and in hand - 2,416 2,416 ----- ---- ---- RINGPROP PLC - NOTES TO THE INTERIM RESULTS For the six months ended 31 March 2003 8. Related Party Transactions In addition to the remuneration for his services, a payment of #95,000 was made to the Executive Chairman in recognition of his efforts in connection with securing finance for the AIM flotation of the company, as detailed on page 10 of the prospectus. RingProp Pacific Pty Ltd. (RPPL), which is controlled by Don Hoult's wife, received #50,000 and expenses in recognition of consultancy and work put into the RingProp venture, as detailed on page 41 of the prospectus. RINGPROP PLC - INDEPENDENT REVIEW REPORT TO RINGPROP PLC Introduction We have been instructed by the company to review the financial information for the six months ended 31 March 2003 on pages 5 to 10. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' Responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review Work Performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom by auditors of fully listed companies. A review consists principally of making enquiries of RingProp PLC's management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope that an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 March 2003. BDO Stoy Hayward Chartered Accountants Southampton Date: 30 June 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR MGGFVNGVGFZG
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