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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:3586T Advance Visual Communications PLC 17 December 2003 For immediate release 17 December 2003 Advance Visual Communications Plc ("AVC" or the "Company") Preliminary results for the year ended 30th June 2003 Chairman's Statement Background As mentioned in the interim report, the first half of the financial year was a period for tidying up the Group's remaining business interests following the closure of the last two operating subsidiaries, Advance Digital Productions Limited and Advance London Limited, on 4 July 2002. The Head Office premises were closed, all remaining office equipment and assets disposed of and all related trade creditors settled. After completing these and a number of other outstanding tasks, Andrew Cooke resigned from the Board on 31 December 2002. Group costs have now been reduced to a minimum and there are no full time employees in the Company. Ongoing operating costs relate principally to maintaining the Company's trading facility on AIM. The Board consists of myself, Graham Leask and Massoud Amiri, all non-executive directors. Advance Visual Communications SA in Geneva made a distribution of #40,000 to AVC in December following the sale of its business assets and operations last year. The liquidation process for this Company is nearly complete and any further distributions are expected to be very modest. Results Revenues for the twelve months ended 30 June 2003 were #Nil, which reflects the closure of the Group's remaining operating activities at the end of the previous year. Losses after taxation for the year were #197,522 compared with a #4,436,058 loss for the prior year. This reflects the greatly reduced running costs and the second half loss from continuing operations of #54,026 is a clear indication of the current running costs of the Company. The UK cash balances at the end of the year were #189,000. By 30 November 2003, these had reduced to #135,000. Prospects Your Board continues to assess various appropriate opportunities with a view to seeking a new business for the Company. The criterion which the Board had set was to identify good quality profitable businesses, the logic being that a reverse acquisition of such a business by AVC could prove to be an attractive route to market for the target Company and one which may allow your Board to create value over the longer term for shareholders. During the first half of the year, the vast majority of approaches were from businesses at an early stage of their development and which were considered to have an inappropriate risk profile. The level of market uncertainty also proved to be a limiting factor affecting both the quality and the number of the approaches received, as well as the prospects of a fundraising to support an acquisition. There has been a distinct improvement since the ending of the Iraq war and confidence has gradually returned to the market. We started to see a number of better quality opportunities emerging during the summer and this situation has continued to be the case since the year end. The prospects of a reverse takeover being achieved have certainly improved in recent months and we remain focussed upon succeeding in finding the right opportunity. Barclay Douglas Chairman of the Board 17 December 2003 Advance Visual Communications Plc Consolidated Profit and Loss Account Year ended 30 June 2003 Consolidated profit and loss account Note Year ended Year ended 30 June 4 July 2003 2002 # # TURNOVER Continuing operations - - Discontinued operations - 1,081,102 OPERATING LOSS Continuing operations (145,021) - Discontinued operations (99,336) (1,795,915) (244,357) (1,795,915) Profit/(Loss) on disposal and liquidation of 40,070 (2,649,907) subsidiaries Interest receivable (bank interest) 7,052 31,750 Interest payable and similar charges (287) (10,179) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (197,522) (4,424,251) Tax on loss on ordinary activities - (11,807) LOSS ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE FINANCIAL YEAR WITHDRAWN FROM RESERVES (197,522) (4,436,058) BASIC LOSS PER ORDINARY SHARE 2 (0.1)p (2.8)p DILUTED LOSS PER ORDINARY SHARE 2 (0.1)p (2.8p) Advance Visual Communications Plc Consolidated Balance Sheet as at 30 June 2003 Consolidated Balance Sheet Note 30 June 4 July 2003 2002 # # FIXED ASSETS Tangible - 858 CURRENT ASSETS Debtors 15,175 12,925 Cash at bank and in hand 200,886 410,785 216,061 423,710 CREDITORS: amounts falling due within one year (47,234) (58,219) NET CURRENT ASSETS 168,827 365,491 TOTAL ASSETS LESS CURRENT LIABILITIES 168,827 366,349 CAPITAL AND RESERVES Called up share capital 1,615,755 1,615,755 Share premium account 6,634,893 6,634,893 Merger reserve 1,645,924 1,645,924 Profit and loss account (9,727,745) (9,530,223) TOTAL EQUITY SHAREHOLDERS' FUNDS 4 168,827 366,349 Advance Visual Communications Plc Consolidated Cash Flow Statement Year ended 30 June 2003 Consolidated cash flow statement Note Year ended Year ended 30 June 4 July 2003 2002 # # Net cash outflow in respect of operating activities 3 (256,734) (1,692,718) Returns on investments and servicing of finance Interest received 7,052 31,750 Interest and interest element of finance lease (287) (10,179) rentals Net cash inflow from returns on investments and servicing of finance 6,765 21,571 Purchase of tangible fixed assets - (41,480) Net cash outflow from capital expenditure and financial investment - (41,480) Taxation Overseas taxation paid - (11,807) Acquisitions and disposals Purchase of subsidiary undertaking - (20,856) Net cash acquired with subsidiary/business - 2,448 Distribution from subsidiary in liquidation 40,070 - Net cash inflow / ( outflow) from acquisitions and disposals 40,070 (18,408) Net cash outflow before financing (209,899) (1,742,842) Financing Capital element of finance lease rentals - (54,384) Repayment of long term loans - (81,155) Issue of ordinary share capital - 2,000 Net cash outflow from financing - (133,539) Decrease in cash (209,899) (1,876,381) Advance Visual Communications Plc Consolidated Statement of Total Recognised Gains and Losses Year ended 30 June 2003 Statement of total recognised gains and losses Year ended Year ended 30 June 4 July 2003 2002 # # Loss for the financial year and total recognised gains and losses relating to the year (197,522) (4,436,058) 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 but is derived from those accounts. Full accounts for the year ended 4 July 2002 upon which Deloitte & Touche have given an unqualified audit report have been filed with the Registrar of Companies. Full accounts for the year ended 30 June 2003 upon which Deloitte & Touche LLP 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 ordinary shareholders divided by the weighted average number of shares in issue during the period of 161,575,486 (2002: 160,683,819). 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 operating activities: Year ended Year ended 30 June 4 July 2003 2002 # # Operating loss (244,357) (1,795,915) Profit/(loss) on disposal and liquidation of - (2,649,907) subsidiaries. Loss before interest and tax (244,357) (4,445,822) Depreciation 858 160,993 Amortisation of intangible assets - 2,322,299 Loss on disposal of tangible fixed assets - 331,228 Decrease in stock - 176,452 (Increase)/decrease in debtors (2,250) 408,634 (Decrease) in creditors (10,985) (552,000) Non cash movement - (94,502) Net cash outflow in respect of operating activities (256,734) (1,692,718) 4. Reconciliation of movements in consolidated equity shareholders' funds: Year ended Year ended 30 June 4 July 2003 2002 # # Loss for the financial year (197,522) (4,436,058) Issue of shares - 132,625 Net reduction in equity shareholders' funds (197,522) (4,303,433) Opening equity shareholders' funds 366,349 4,669,782 Closing equity shareholders' funds 168,827 366,349 5. The Registered Office of the Company is 1 City Square, Leeds, West Yorkshire, LS1 2AL. 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. Enquiries: Advance Visual Communications Plc Graham Leask 01628 552 000 Shore Capital Alex Borrelli / Simon Edwards 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange END FR FFSFSWSDSEIE
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