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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adorian | LSE:ADP | London | Ordinary Share | GB00B1FNDK14 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7856E
Adorian PLC
28 September 2007
For immediate release 28 September 2007
ADORIAN PLC
CHAIRMAN'S STATEMENT
Interim accounts for the months ended 30 June 2007
Overview
The Company remains a cash shell at present, although continuing actively to
seek new opportunities to enhance shareholder value. Trading on AIM was restored
on 10 August 2006 on the withdrawal from the takeover bid for Anglo Biotrans Plc
however the shares were suspended from trading again on the 28 June 2007 as the
Company had not found a suitable acquisition. The Company's AGM on the 31st July
2007 passed a resolution to consolidate the Company's shares from 0.01p to 75p,
and this was implemented on the same day. Subsequently the Company withdrew from
Crest and the Company now maintain its own register.
Financial Results
The unaudited financial results for the six months to 30 June 2007 show an
operating loss of #28,000; earnings per share are negative, being 0.20p (basic
and diluted).
Cash Flow and Funding
The Directors have committed themselves to the financial support of the Company
until such time as a reorganisation of the Company's finances are effected on an
acquisition.
Outlook
The Board continues to seek ways, by acquisition, to enhance shareholder value.
It was disappointed that the proposed Anglo Biotrans transaction did not take
place but feel confident that a further acquisition will be found. Shareholders
should be aware that the Company's trading facility on AIM will be cancelled on
the 29 September 2007.
W N V Weller
Director
28th September 2007
ADORIAN PLC
Income Statement
for the six months ended 30 June 2007
Six months Six months Year ended
to 30 June 30 June 31 December
2007 2006 2006
Unaudited Audited Audited
#'000 #'000 #'000
Continuing Operations
Revenue - - -
Cost of Sales - - -
--------- ---------- ----------
Gross Profit - - -
Administrative
expenses (29) (29) (83)
--------- ---------- ----------
Operating Loss (29) (29) (83)
Investment revenues 1 - -
Finance costs - - -
--------- ---------- ----------
Loss before tax (28) (29) (83)
Income tax charges - - -
--------- ---------- ----------
Loss for the period
from continuing (28) (29) (83)
operations attributable to
shareholders
Loss per share
From continuing operations:
Basic and diluted (0.20p) (0.24p) (0.61p)
The company's turnover and operating loss arise from continuing operations.
There were no recognised gains or losses other than those recognised in the
income statement above.
ADORIAN PLC
Balance Sheet as at 30 June 2007
As at 30 June As at 30 June As at 31
2007 2006 December 2006
Unaudited Unaudited Audited
#'000 #'000 #'000
Assets
Non-current assests
Property, plant and equipment - - -
Goodwill - - -
Other intangibles - - -
--------- --------- ---------
- - -
--------- --------- ---------
Current assets
Inventories - - -
Trade and other receivables 8 8 10
Cash and cash equivalents 16 3 60
--------- --------- ---------
24 11 70
--------- --------- ---------
--------- --------- ---------
Total assets 24 11 70
--------- --------- ---------
Equity and liabilities
Capital and reserves
Share capital 9,820 9,803 9,820
Capital Reserves 10,116 10,116 10,116
Retained earnings (20,129) (20,047) (20,101)
--------- --------- ---------
Total equity (193) (128) (165)
--------- --------- ---------
Non current liabilities
Other loans 140 51 140
--------- --------- ---------
140 51 140
--------- --------- ---------
Current liabilities
Trade and other payables 77 88 95
Other loans - - -
--------- --------- ---------
77 88 95
--------- --------- ---------
--------- --------- ---------
Total liabilities 217 139 235
--------- --------- ---------
--------- --------- ---------
Total equity and liabilities 24 11 70
--------- --------- ---------
ADORIAN PLC
Cash Flow Statement
for the six months ended 30 June 2006
Six months Six months Year ended
to 30 June to 30 June 31 December
2007 2006 2006
Unaudited Unaudited Audited
#'000 #'000 #'000
Operating activities (45) (9) (57)
Investing activities
Interest received 1 - -
Interest paid - - -
Purchases of plant and equipment - - -
---------- --------- ----------
1 - -
---------- --------- ----------
Financing activities
Proceeds on issues of shares - - -
Increase in long term debt - - 105
---------- --------- ----------
- - 105
---------- --------- ----------
Net cash inflow/(outflow) (44) (9) 48
Cash and cash equivalents at
the beginning of the period 60 12 12
---------- --------- ----------
Bank balances and cash 16 3 60
---------- --------- ----------
Statement of changes in equity
Unaudited Unaudited Audited
6 Months 6 months Year ended
ended ended 31 December
30 June 2007 30 June 2006 2006
#'000 #'000 #'000
As at the beginning of period (165) (102) (102)
Deficit for the period (28) (29) (83)
Issue of share capital net of expenses - - 20
Issue of convertible loan stock (net) - 3 -
---------- --------- ----------
As at end of period (193) (128) (165)
---------- --------- ----------
ADORIAN PLC
Notes to the Interim Report
1. Significant Accounting Policies
These accounts have been prepared in accordance with International Financial
Reporting Standards and on the historical cost basis, using generally recognised
accounting principals. Consistent with those used in the annual report and
accounts for the year ended 31 December 2006.
The interim report for the six months to 30 June 2007 was approved by the Board
on 28 September 2007.
2. Loss per Share
Six months to 30 Six Months to 30 Year ended 31
June 2007 June 2006 December 2006
Earnings per
ordinary shares
Basic and diluted (0.20p) (0.24p) (0.61p)
The loss per ordinary share is based o the company's loss for the period of
#28,000 (30 June 2006 - Loss #29,000; 31 December 2006 - Loss #83,000) and a
basic and diluted weighted average number of shares in issue of #13,789,299 (30
June 2006 - 12,062,780; 31 December 2006 12,853,957).
3. Reconciliation of operating loss to net cash outflow from operating
activities.
Six Months Six months Year ended
To 30 June 30 June 31 December
2007 2006 2006
#'000s #'000s #'000s
Loss for the period (29) (29) (83)
Adjustments for :
Amortisation of other - - -
intangibles
(Increase)/Decrease in - - -
inventories
(Increase)
Decrease in receivables 2 (2) (4)
Increase/(Decrease) in
payables (18) 22 30
------------ ---------- ----------
Net cash from
operating
activities (45) (9) (57)
------------ ---------- ----------
4. Called up Share Capital
The issued share capital as at 31 December 2006, per the audited accounts was
13,789,299 Ordinary Shares of 0.1p each.
5. The unaudited results for period ended 30 June 2007 do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985. The comparative figures for the year ended 31 December 2006 are
extracted from the statutory financial statements which have been filed with
the Registrar of Companies and which contain an unqualified audit report and
did not contain statements under Section 237(2) or (3) of the Companies Act
1985.
ADORIAN PLC
Notes to the Interim Report
6. Copies of this interim statement are available from the Company at its
registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
7. Events subsequent to 30 June 2007
The Company will lose its quote on the 29 September as it has failed to do
a reverse acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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