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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advance Visual | LSE:ACV | London | Ordinary Share | GB0002565355 | 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% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0892B Advance Visual Communications PLC 12 September 2002 Chairman's Statement Preliminary results for the year ended 4 July 2002 Background These past twelve months have proved to be a very difficult time for your Company. The market for Internet related companies has continued to decline against a backdrop of World events and the ending of the dotcom boom. In November last year the Board made the strategic decision to close or sell the Group's operations in France, Germany and Switzerland. The events leading up to this decision were detailed in the Interim report of the Company for the six months ended 31st December 2001. The Group entered 2002 with a much smaller, focussed and more flexible business, employing less than 30 staff in Bradford and London. Your Board sought to safeguard the future of the Company by focusing upon the existing UK business streams, improving sales, further reducing costs and thus move the Group towards profitability. Despite the ongoing cost reductions we achieved in the early part of the year, the marketplace for the Group deteriorated significantly, revenues failed to stabilise and the essential contract wins that I referred to in the Interim Report were not achieved. The pipeline of order enquiries, upon which so much effort was placed, failed to translate into tangible business. Against this background on 4th July 2002, your Board reluctantly concluded that the Group no longer had a viable business to run due to the levels of sales enquiries being achieved and decided to withdraw support for the two remaining trading subsidiaries, Advance Digital Productions Ltd and Advance London Ltd. Both these companies have subsequently appointed a liquidator. The AVC Group is their largest creditor and does not expect to make any material recovery. Results Revenues for the 12 months ended 4 July 2002 were #1,081,102 against sales for the previous 12 months of #2,053,783. This is a 47% decline, which reflects the European closure during the first half of the year and a fundamental reduction in UK revenues from #1,152,284 to #682,838 (41%) during the year. Revenues from Digital Video, Multimedia and Events, which were traditionally stable parts of the AVC business, declined rapidly. Losses for the year were #4,436,058 compared with a loss of #2,616,194 for the previous 12 months. More than #2,318,000 of the loss incurred in the period was associated with the write-off of goodwill, primarily relating to the European activities that were closed in November. Loss on disposal of fixed assets accounted for a further #331,000. Future Prospects Your Company is now effectively a cash shell with cash and liquid resources of approximately #250,000. As such your Board will continue to consider the immediate future and strategic direction for the Group and is assessing various appropriate opportunities. The running costs have been cut to a minimum and the Company has no full time employees, other than the Finance Director. In light of the poor IPO market in the UK, your Board is seeking to identify good quality businesses, which in more normal market conditions might have been seeking to float on the Stock Exchange. A reverse acquisition of such a business by AVC could prove to be a more certain route for them to achieve this objective and may offer the route for your Board to create value over the longer term for shareholders. I am deeply disappointed that this Company has failed to deliver for shareholders the vision that was put forward at the time of flotation in November 2000. It is of little solace that the world has changed greatly since then and that many companies in this sector find themselves in a similar position. The Board is committed to doing its utmost to find a way to restore some value to the Group's shareholders. Barclay Douglas Chairman of the Board 11 September 2002 Advance Visual Communications PLC Consolidated Profit and Loss Account Note 12 months ended 12 months ended 4 July 2002 30 June 2001 # # Turnover Continuing operations - - Discontinued operations 1,081,102 2,053,783 1,081,102 2,053,783 Operating loss Continuing operations - - Discontinued operations (1,795,915) (2,655,314) (1,795,915) (2,655,314) Loss on disposal and liquidation of subsidiaries (2,649,907) - Interest receivable (bank interest) 31,750 94,520 Interest payable and similar charges (10,179) (17,218) Loss on ordinary activities before taxation (4,424,251) (2,578,012) Tax on loss on ordinary activities (11,807) (38,182) Loss on ordinary activities after taxation for (4,436,058) (2,616,194) the financial year withdrawn from reserves Basic loss per ordinary share 2 (2.8)p (2.0)p Diluted loss per ordinary share 2 (2.8)p (2.2)p Consolidated Balance Sheet as at 4 July 2002 As at As at 4 July 2002 30 June 2001 Fixed assets # # Intangible - 2,102,457 Tangible 858 431,668 858 2,534,125 Current assets Stocks - 176,452 Debtors 12,925 404,635 Cash at bank and in hand 410,785 2,287,166 423,710 2,868,253 Creditors: amounts falling due within one year (58,219) (693,188) Net current assets 365,491 2,175,065 Total assets less current liabilities 366,349 4,709,190 Creditors: amounts falling due after more than one year - (39,408) Net Assets 366,349 4,669,782 Capital and reserves Called up share capital 1,615,755 1,566,255 Share premium account 6,634,893 6,634,893 Merger reserve 1,645,924 1,562,799 Other reserves - (25,721) Profit and loss account (9,530,223) (5,068,444) Equity shareholders funds 366,349 4,669,782 Consolidated Cash Flow Statement Note 12 months ended 12 months ended 4 July 2002 30 June 2001 # # Net cash outflow in respect of discontinued 3 (1,692,718) (2,506,448) activities Returns on investments and servicing of finance Interest received 31,750 94,520 Interest element of finance lease rentals (10,179) (17,218) Net cash inflow from returns on investments and servicing of finance 21,571 77,302 Purchase of tangible fixed assets (41,480) (186,442) Disposal of tangible fixed assets - 38,044 Net cash outflow from capital expenditure and financial investment (41,480) (148,398) Taxation Overseas taxation paid (11,807) - Acquisitions and disposals Purchase of subsidiary undertaking (20,856) (36,049) Net cash acquired with subsidiary/business 2,448 16,455 Net cash outflow from acquisitions and disposals (18,408) (19,594) Net cash outflow before financing (1,742,842) (2,597,138) Financing Capital element of finance lease rentals (54,384) (127,546) Repayment of long term loans (81,155) (69,000) Issue of ordinary share capital 2,000 5,758,346 Expenses paid in connection with issue of shares - (664,048) Net cash (outflow) / inflow from financing (133,539) 4,897,752 (Decrease)/Increase in cash (1,876,381) 2,300,614 Statement of Total Recognised Gains and Losses 12 months ended 4 12 months ended July 2002 30 June 2001 # # Loss for the financial year (4,436,058) (2,616,194) Currency translation differences - (25,270) Total recognised gains and losses relating to the year (4,436,058) (2,641,464) Notes on the Preliminary Results 1. The financial information incorporated in this announcement does not constitute full statutory accounts within the meaning of the Companies Act 1985. Full accounts for the year ended 30 June 2001 upon which Deloitte & Touche have given an unqualified audit report have been filed with the Registrar of Companies. Full accounts for the year ended 4 July 2002 upon which Deloitte & Touche have given an unqualified audit report will be filed with the Registrar of Companies in due course. Neither report contained statements under Section 237 (2) or (3) of the Companies Act 1985. 2. The calculation of basic loss per share is based on the loss attributable to shareholders and the weighted average number of ordinary shares in issue of 160,683,819 (2001: 133,465,550). FRS 14 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. For a loss making company with outstanding share options, net loss per share would only increase by the exercise of out-of-the-money options. Since it is inappropriate to assume that the option holders would act irrationally and there are no other diluting future share issues for the current year, diluted loss per share equals basic loss per share. 3. Reconciliation of operating loss to net cash outflow from discontinued activities 12 months ended 12 months ended 4 July 2002 30 June 2001 # # Operating loss (1,795,915) (2,655,314) Loss on disposal and liquidation of subsidiaries (2,649,907) - Loss before interest and tax (4,445,822) (2,655,314) Depreciation 160,993 185,051 Amortisation of intangible assets 2,322,299 101,430 Provision against investment - 25,000 Loss on disposal of tangible fixed assets 331,228 25,556 Decrease/(Increase) in stock 176,452 (109,526) Decrease in debtors 408,634 125,531 (Decrease) in creditors (552,000) (152,558) Non cash movement (94,502) (51,618) Net cash outflow in respect of discontinued activities (1,692,718) (2,506,448) 4. Reconciliation of movements in shareholders' funds 12 months ended 12 months ended 4 July 2002 30 June 2001 # # Loss for the financial year (4,436,058) (2,616,194) Issue of shares 132,625 6,040,500 Expenses paid in connection with issue of shares - (664,048) Exchange rate movement on other reserves - (25,270) Transfer to profit/loss of lapsed warrant - (3,500) instrument Net (reduction)/addition to shareholders funds (4,303,433) 2,731,488 Opening shareholders funds 4,669,782 1,938,294 Closing shareholders funds 366,349 4,669,782 5. The Registered Office of the Company is Units 3 and 4 Colbeck Row Business Park, Birstall, Batley, WF17 9NR. Copies of the Annual Report and Accounts may be obtained from the Company Secretary at this address. 6. This announcement has been prepared on the basis of the accounting policies as stated in the previous years financial statements. The group has adopted Financial Reporting Standards No 19 Deferred Tax which became applicable during the year. This has had no effect on the reported results. In addition, these financial statements have been prepared under the going concern basis. This information is provided by RNS The company news service from the London Stock Exchange END FR SFSSUESESEIU
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