We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Addworth | LSE:ADW | London | Ordinary Share | GB00B05KLT09 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 7526E Addworth PLC 30 September 2008 ADDWORTH PLC Interim report for the half year ended 30 JUNE 2008 Chairman's Statement Highlights for the half year to 30 June 2008 (compared to 30 June 2007) * Turnover £1.08 million (£2.89 million) * Consolidated Pre-tax loss £0.32million (profit: £0.02 million) * Current investments stated at fair value of £0.86 million (£0.86 million) * Non-current investments stated at fair value of £3.03 million (£3.23 million) The first half of this trading year showed a substantial reduction of turnover, falling from a comparable £2.89m in 2007 to just £1.08m in the six months to 30th June 2008. That reflected the Company's inability to fund and float a number of planned new issues. The resultant pre-tax loss was £0.32m against a £0.02m pre-tax profit in 2007. The trading update issued on 15 August 2008 erroneously reported that the loss for the period was expected to be £560,000. This statement did not take into account the elimination on consolidation of the £250,000 inter-company impairment charge. The equity market, and therefore investor appetite for new issues, has remained very weak in the second half. In late August the Board of the Company took the decision that operating costs needed to be significantly cut back, accordingly four of the six Directors have resigned and there has been a staff downsizing. The London office is to be turned into a serviced office facility, which in due course should cover all of its overheads and create a revenue stream. The Company's business model is now in a transitional stage. It may well take until Spring of next year, possibly even later, before investors view positively the smaller company new issue market. In the meantime, whilst potential funding possibilities will continue to be identified, the Company's investment portfolio will be monitored and disposals made where appropriate. On behalf of the Company the Directors are currently investigating a number of new business alternatives. It was announced on 1st September 2008 that the Company's Nominated Adviser Nabarro Wells would be resigning its position at the end of September. The Company is considering its various options and accordingly its shares will be suspended from trading on AIM from 1st October 2008, as described in that announcement. Mark Watson-Mitchell Executive Chairman UNAUDITED CONSOLIDATED INCOME STATEMENT For the half year ended 30 June 2008 Notes Half yearended30 Half yearended30 Year ended31 June 2008£ June 2007£ December2007£ Income Sale of investments 826,640 2,587,127 4,588,059 Fee income 76,250 66,741 168,508 Gains on investments 174,316 224,548 206,501 at fair value through profit or loss Other income 2,698 12,992 2,789 1,079,904 2,891,408 4,965,857 Cost of sales (867,233) (2,451,983) (4,505,772) Gross profit 212,671 439,425 460,085 Expenses Administration (500,650) (425,780) (1,095,895) expenses Share based payment (34,000) - (17,000) transactions Total administration (534,649) (425,780) (1,112,895) expenses Operating (321,978) 13,645 (652,810) profit/(loss) Interest income 4,361 5,463 26,448 Profit/(loss) before (317,617) 19,108 (626,362) taxation Taxation - - (1,978) Net profit after tax (317,617) 19,108 (628,340) for the period Return per ordinary share Basic (0.23)p 0.01p (0.46)p Diluted (0.23)p 0.01p (0.46)p UNAUDITED CONSOLIDATED BALANCE SHEET As at 30 June 2008 Notes 30 June 30 June 31 2008£ 2007£ December2007£ Non-current assets Plant & equipment 81,647 62,255 52,097 Intellectual - 45,225 - property Available for sale 3,032,829 3,230,091 3,664,272 investments Total non-current 3,114,476 3,337,581 3,716,369 assets Current assets Trade and other 297,912 261,763 174,180 receivables Cash and cash 30,770 433,779 318,681 equivalents Investments at fair 857,521 856,701 790,427 value through profit and loss Total current assets 1,186,203 1,552,243 1,283,288 Total assets 4,300,679 4,889,814 4,999,657 Equity and liabilities Ordinary share 703,334 703,334 703,334 capital Share premium 1,924,550 1,924,550 1,924,550 Share based payment 108,600 57,600 74,600 reserve Investment 1,443,666 1,532,940 1,957,229 revaluation reserve Retained earnings (1,231,579) (197,262) (844,709) Total equity 2,948,571 4,021,162 3,815,004 Non current liabilities Deferred tax 561,426 656,974 763,123 liability Current liabilities Trade and other 790,682 211,678 421,530 payables Total liabilities 1,352,108 868,652 1,184,653 Total equity and 4,300,679 4,889,814 4,999,657 liabilities UNAUDITED CONSOLIDATED CASHFLOW STATEMENT For the half year ended 30 June 2008 Notes Half yearended30 Half yearended30 Year ended31 June 2008£ June 2007£ December2007£ Net cash (used (202,328) (216,170) (883,697) in)/from operating activities Investing activities Purchases of non (47,532) (603,454) (336,071) current investments Disposals of non - - 265,364 current investments Purchases of (42,412) (17,774) (18,827) tangible assets Increase in - - (250) intangible assets Net cash used in (89,944) (621,228) (89,784) investing activities Financing activities Finance income 4,361 5,463 26,448 Proceeds from issues - 522,000 522,000 of shares Net cash from 4,361 527,463 548,448 financing activities Net (287,911) (309,935) (425,033) (decrease)/increase in cash and cash equivalents Cash and cash 318,681 743,714 743,714 equivalents at the start of the period Cash and cash 30,770 433,779 318,681 equivalents at the end of the period Notes to the Consolidated Interim Financial Statements As at 30 June 2008 1. Accounting policies The principal accounting policies are as set out in the December 2007 annual report. The financial statements of Addworth Plc have been prepared in accordance with International Financial Reporting Standards (IFRS), IFRIC interpretations endorsed by the European Union and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. These financial statements have been prepared under the historic cost convention. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that effect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. 2. Earnings per share Half yearended30 Half yearended30 Year ended31 June 2008£ June 2007£ December2007£ EarningsEarnings for the (317,617) 19,108 (628,340) purpose of basic and diluted earnings per share Number of sharesWeighted 140,66,666 134,633,517 137,674,885 average number of ordinary shares for the purpose of basic earnings per share Weighted average number of 35,855,000 2,855,000 23,279,658 dilutive shares under warrant and options Weighted average number of 176,521,666 137,488,517 160,954,543 ordinary shares for the purpose of dilutive earnings per share Return per ordinary share: Basic (0.23)p 0.01p (0.46)p Diluted (0.23)p 0.01p (0.46)p Basic earnings per share in each period are based on the return on ordinary activities after taxation attributable to equity shareholders. The calculation of diluted earnings per share assumes conversion of all potentially dilutive ordinary shares, all of which arise from share warrants. Given the Group's reported loss for the period, outstanding share options and warrants are not taken into account when determining the weighted average number of ordinary shares in issue during the year, and therefore the basic and diluted earnings per share are the same. 3. Loss for the half year The loss of the parent company dealt with in these consolidated interim financial statements is £451,646 (30/06/2007: profit £138,736). This loss is arrived at after an impairment charge of £250,000 made in respect of the Company*s investment in Risk Transfer Limited, a wholly owned subsidiary. In consolidation, this figure is eliminated, resulting in a consolidated loss for the Group of £371,617 (30/06/2007: profit £19,108). The trading update issued on 15 August 2008 erroneously reported that the loss for the period was expected to be £560,000. This statement did not take into account the elimination on consolidation of the £250,000 inter-company impairment charge. 4. Share capital Half yearended30 Half yearended30 Year ended31 June 2008£ June 2007£ December2007£ Authorised At 1 January 2008 2,000,000 1,000,000 1,000,000 400,000,000 ordinary shares of 0.5p each IncreaseApril 2007 200,000,000 ordinary shares of 1,000,000 1,000,000 0.5p each Balance at end of period: 400,000,000 ordinary shares of 2,000,000 2,000,000 2,000,000 0.5p Allotted and called up At 1 January 2008 140,666,666 ordinary shares of 703,334 583,334 583,334 0.5p each Allottedto 30 June 200724,000,000 ordinary shares of 0.5p each 24,000,000 ordinary shares of - 120,000 120,000 0.5p each Balance at end of period: 140,666,666 ordinary shares of 703,334 703,334 703,334 0.5p each 5. Cash generated from/(used in) operations Half yearended30 Half yearended30 Year ended31 June 2008£ June 2007£ December2007£ Cash flows from operating activities (Loss)/profit before taxation (317,617) 19,108 (626,362) Adjustments for: Depreciation charges 9,516 13,594 20,032 Fair value increase through (102,192) - - profit and loss Impairment of intangible asset - - 50,248 Interest receivable (4,361) (5,463) (26,448) Share based payment 34,000 - 17,000 transactions (Increase)/decrease in debtors (123,732) (197,209) (109,626) Increase in current asset (67,094) (375,561) (309,287) investments Increase in creditors 369,152 329,361 100,746 Net cash from operating (202,328) (216,170) (883,697) activities 6. Events after balance sheet date On 1 August 2008, the Company announced the allotment of 6,000,000 new ordinary shares of 0.5p each, bringing the total ordinary shares in issue to 146,666,666. On 15 August 2008 the Company disposed of one of its investments, realising a book loss of approximately £350,000. On 26 August 2008, the Company announced the resignations from the board of Melissa Gilmour, Frans Timmermans, Robert Painting and Anthony Scutt. Having given the Company notice at the start of July, on 1 September 2008, the Company announced the resignation of Nabarro Wells & Co Limited as the Company*s nominated advisor, with effect from 30 September 2008. This information is provided by RNS The company news service from the London Stock Exchange END IR KGGFLKGDGRZM
1 Year Addworth Chart |
1 Month Addworth Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions