We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 |
Hot Features
Premium
RNS Number:6246J
Advance Visual Communications PLC
11 March 2005
11 March 2005
Embargoed for 7.00am
Advance Visual Communications plc
('AVC' or 'the Company')
Interim results for the six months ended 31 December 2004
Chairman's Statement
Following upon the announcement on 22nd February 2005 of a #75,000 loan to the
Company by Milebeach Limited ("Milebeach") and proposed share subscription, I
have recently taken over the Chairmanship from Barclay Douglas and would like to
thank him for all he has done to date. Milebeach is a Company controlled by
myself and John Shaw.
The first half of our financial year, being the six months ended 31 December
2004, has been a period during which your Board has continued to assess various
appropriate opportunities to reverse a new business into the Company.
Results
Revenues for the six months ended 31 December 2004 were #nil.
Losses after taxation for the six month period were #26,447 compared with a
#50,655 loss for the prior year comparable period. Running 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 cash balances at the end of the period were #57,692 of which #48,292 was
held by the Company in the UK. By 28 February 2005, these had increased to
#121,473 and #112,073 respectively, primarily as a result of the #75,000 loan
received from Milebeach Limited in February 2005.
Prospects
We have sent a circular to shareholders containing details of the proposed
increase in Share Capital and the conversion by Milebeach Limited of their
#75,000 loan into Ordinary Shares of 0.1p each, as a result of which I became
Chairman and John Shaw was appointed a Director. Graham Leask has resigned from
the Board, but remains as Company Secretary. We would like to thank him for his
contribution to AVC. Consequently the Board consists of myself, Barclay Douglas,
Massoud Amiri and John Shaw, all non-executive directors.
We are considering proposals which we have received and anticipate that we will
be able to identify and negotiate a suitable acquisition within the next six
months and will report to you accordingly at that time.
Sincerely,
Stephen Barclay
Chairman of the Board
11 March 2005
Advance Visual Communications plc
Consolidated Profit and Loss Account
6 months ended 6 months ended Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
Turnover # # #
Continuing operations - - -
Discontinued operations - - -
- - -
Operating loss
Continuing operations (27,493) (53,209) (139,142)
Discontinued operations - -
Profit / (Loss) on disposal and liquidation of
subsidiaries -
22,527
(27,493) (53,209) (116,615)
Net interest receivable 1,046 2,554 4,295
Loss on ordinary activities before taxation (26,447) (50,655) (112,320)
Tax on loss on ordinary activities - - -
Loss on ordinary activities after taxation (26,447) (50,655) (112,320)
Basic loss per ordinary share (note 3) (0.1)p (0.1)p (0.1)p
Diluted loss per ordinary share (note 3) (0.1)p (0.1)p (0.1)p
Consolidated Balance Sheet
As at As at As at
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
Current assets
Debtors - 16,621 -
Cash at bank 57,692 140,863 87,999
57,692 157,484 87,999
Creditors: amounts falling due within one year (27,632) (39,312) (31,492)
Net current assets 30,060 118,172 56,507
Total assets less current liabilities 30,060 118,172 56,507
Creditors: amounts falling due after more than one
year - - -
30,060 118,172 56,507
Capital and reserves
Called up share capital 1,615,755 1,615,755 1,615,755
Share premium account 6,634,893 6,634,893 6,634,893
Merger reserve 1,645,924 1,645,924 1,645,924
Profit and loss account (9,866,512) (9,778,400) (9,840,065)
Equity shareholders' funds 30,060 118,172 56,507
Consolidated Cash Flow Statement
6 months ended 6 months ended Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
Net cash outflow (note 4) (40,753) (62,577) (139,709)
Returns on investments and servicing of finance
Interest received 1,046 2,554 4,295
Net cash inflow from returns on investments and
servicing of finance 1,046 2,554 4,295
Distribution from subsidiary in liquidation - - 22,527
Net cash inflow from acquisitions and disposals - - 22,527
Decrease in cash (39,707) (60,023) (112,887)
Statement of Total Recognised Gains and Losses
6 months ended 6 months ended Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (26,447) (50,655) (112,320)
Total recognised gains and losses relating to the
period (26,447) (50,655) (112,320)
Notes on the Interim Results
1. The results for the six months ended 31 December, 2004, which are
neither audited nor reviewed by the auditors have been prepared on the basis of
the accounting policies adopted for the year ended 30 June 2004 as set out in
the Company's annual report and accounts after taking into account any
accounting standards issued since that date, none of which have resulted in any
changes to the accounting policies of the Company.
2 The results for the year ended 30 June 2004 are an abridged
version of the Group's full accounts for that period, which carry unqualified
auditors' reports and do not contain any statements under S237 (2) or (3) of the
Companies Act 1985. The full accounts for the year ended 30 June 2004 have been
filed with the Registrar of Companies.
3. The calculation of earnings per share is based on the loss
attributable to shareholders and the weighted average number of ordinary shares
in issue of 161,575,486 (2003: 161,575,486). The calculation of earnings per
share on a diluted basis takes account of the dilutive effect of outstanding
share options giving a weighted average number of ordinary shares of 161,575,486
(2003: 161,575,486).
4. Reconciliation of operating loss to net cash outflow
6 months ended 6 months ended Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
Operating Loss (27,493) (53,309) (139,142)
Loss before interest and tax (27,493) (53,309) (139,142)
(Increase) Decrease in debtors - (1,446) 15,175
Decrease in creditors (13,260) (7,922) (15,742)
Net cash outflow in respect of discontinued
activities (40,753) (62,577) (139,709)
5. Reconciliation of movements in shareholders' funds
6 months ended 6 months ended Year ended
31 December 2004 31 December 2003 30 June 2004
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (26,447) (50,655) (112,320)
Issue of shares - - -
Exchange rate movement on other reserves - - -
Net reduction in shareholders funds
(50,655) (112,320)
Opening shareholders' funds 56,507 168,827 168,827
Closing shareholders' funds 30,060 118,172 56,507
6. The Registered Office of the Company is c/o MRI Moores Rowland
LLP, 3 Sheldon Square, London W2 6PS. Copies of the Interim Statement will be
posted to shareholders.
Enquiries:
Advance Visual Communications plc
Stephen Barclay 07767 444 114
Barclay Douglas 07771 824 440
Shore Capital
Alex Borrelli 020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KBLFFEXBZBBQ
1 Year Advance Visual Communications Chart |
1 Month Advance Visual Communications 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
