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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 |
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RNS Number:4339J
Advance Visual Communications PLC
31 March 2003
Advance Visual Communications plc
('AVC' or 'the Company')
Interim results for the six months ended 31 December 2002
Chairman's Statement
The first half of our financial year, being the six months ended 31 December
2002, has been 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 have been closed down, all remaining office equipment
and assets have been disposed of and trade creditors have largely been settled.
After completing these and a number of other outstanding tasks, Andrew Cooke
resigned from the Board on 31 December 2002. On behalf of the Board of AVC, I
would like to thank him for his contribution to managing the closedown process
and we wish him well in his new position.
Advance Visual Communications SA in Geneva has made a distribution of #44,000 to
AVC following the sale of its business assets and operations last year. We are
now in the process of formally liquidating this Company and any further
distributions are expected to be very modest.
Results
Revenues for the six months ended 31 December 2002 were nil, which reflects the
close-down of the Group's remaining operating activities at the end of the
previous period.
Losses after taxation for the six month period were #143,496 compared with a
#3,073,000 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 Board consists of myself, Graham Leask and Massoud Amiri,
all non-executive directors.
The cash balances at the end of the period were #239,000. By 28 February 2003,
these had reduced to #215,000.
Prospects
Your Board has continued to assess various appropriate opportunities with a view
to seeking a new business for the Company. Unfortunately, the vast majority of
approaches we have received are from businesses at an early stage of their
development and which were considered to have an inappropriate risk profile. In
a number of cases, a relatively significant fund raising would also have been
required in order to make the enlarged entity viable. In more normal market
conditions, this might have been possible to contemplate but your Board, in
conjunction with its advisers, has decided not to pursue such opportunities for
the present.
However, the continuing lack of interest in the IPO market in the UK does
present us with an opportunity to exploit and your Board is seeking to identify
good quality profitable businesses, which might otherwise have been seeking a
flotation on the Stock Exchange. A reverse acquisition of such a business by AVC
could currently prove to be an attractive alternative and may offer the route
for your Board to create value over the longer term for shareholders.
Sincerely,
Barclay Douglas
Chairman of the Board
31 March 2003
Advance Visual Communications plc
Consolidated Profit and Loss Account
6 months ended 6 months ended Year ended
31 December 2002 31 December 2001 4 July 2002
(unaudited) (unaudited) (audited)
Turnover # # #
Continuing operations - - -
Discontinued operations - 777,505 1,081,102
- 777,505 1,081,102
Operating loss
Continuing operations - (777,182) -
Acquisitions - (24,246) -
Discontinued operations (179,771) (527,276) (1,795,915)
Profit / (Loss) on disposal and liquidation
of subsidiaries 32,896 (1,752,078) (2,649,907)
(146,875) (3,080,782) (4,445,822)
Net interest receivable 3,379 18,685 21,571
Loss on ordinary activities before taxation (143,496) (3,062,097) (4,424,251)
Tax on loss on ordinary activities - (11,807) (11,807)
Loss on ordinary activities after taxation (143,496) (3,073,904) (4,436,058)
Basic loss per ordinary share (note 3) (0.1)p (1.9)p (2.8)p
Diluted loss per ordinary share (note 3) (0.1)p (1.9)p (2.8)p
Consolidated Balance Sheet As at As at As at
as at 31 December 2002 31 December 2002 31 December 2001 4 July 2002
(unaudited) (unaudited) (audited)
Fixed assets # # #
Intangible assets - 570,223 -
Tangible assets - 264,938 858
- 835,161 858
Current assets
Stock and work in progress - 11,906 -
Debtors 3,173 248,149 12,925
Cash at bank 239,680 1,066,796 410,785
242,853 1,326,851 423,710
Creditors: amounts falling due within one
year (20,000) (359,922) (58,219)
Net current assets 222,853 966,929 365,491
Total assets less current liabilities 222,853 1,802,090 366,349
Creditors: amounts falling due after more
than one year - (64,578) -
222,853 1,737,512 366,349
Capital and reserves
Called up share capital 1,615,755 1,615,755 1,615,755
Share premium account 6,634,893 6,718,018 6,634,893
Merger reserve 1,645,924 1,562,799 1,645,924
Other reserves - (21,025) -
Profit and loss account (9,673,719) (8,138,035) (9,530,223)
Equity shareholders' funds 222,853 1,737,512 366,349
Consolidated Cash Flow Statement 6 months ended 6 months ended Year ended
31 December 2002 31 December 2001 4 July 2002
(unaudited) (unaudited) (audited)
# # #
Net cash outflow in respect of discontinued
activities (note 4) (174,484) (1,121,830) (1,692,718)
Returns on investments and servicing of
finance
Interest received 3,379 24,878 31,750
Interest element of finance lease rentals - (6,193) (10,179)
Net cash inflow from returns on investments
and servicing of finance 3,379 18,685 21,571
Purchase of tangible fixed assets - (41,234) (41,480)
Disposal of tangible fixed assets - 11,422 -
Net cash outflow from capital expenditure
and financial investment - (29,812) (41,480)
Taxation
Overseas taxation paid - - (11,807)
Acquisitions and disposals
Purchase of subsidiary undertaking - (20,856) (20,856)
Net cash acquired with subsidiary - 2,448 2,448
Net cash outflow from acquisitions and
disposals - (18,408) (18,408)
Net cash outflow before financing (171,105) (1,151,365) (1,742,842)
Financing
Capital element of finance lease rentals - (33,088) (54,384)
Repayment of long term loans - (37,917) (81,155)
Issue of ordinary share capital - 2,000 2,000
Net cash outflow from financing - (69,005) (133,539)
Decrease in cash (171,105) (1,220,370) (1,876,381)
Statement of Total Recognised Gains and 6 months ended 6 months ended Year ended
Losses 31 December 2002 31 December 2001 4 July 2002
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (143,496) (3,073,904) (4,436,058)
Currency translation differences - 9,009 -
Total recognised gains and losses relating
to the period (143,496) (3,064,895) (4,436,058)
Notes on the Interim Results
1. The results for the six months ended 31 December, 2002, which are
neither audited nor reviewed by the auditors have been prepared on the basis of
the accounting policies adopted for the year ended 4 July 2002 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 4 July 2002 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 4 July 2002 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 (2001: 159,792,153). 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
(2001: 159,792,153).
4. Reconciliation of operating loss 6 months ended 6 months ended Year ended
to net cash outflow from discontinued 31 December 2002 31 December 2001 4 July 2002
activities (unaudited) (unaudited) (audited)
# # #
Operating Loss (179,771) (3,080,782) (1,795,915)
Profit/(Loss) on disposal and liquidation
of subsidiaries 32,896 - (2,649,907)
Loss before interest and tax (146,875) (3,080,782) (4,445,822)
Depreciation 858 95,192 160,993
Amortisation of intangible assets - 1,752,078 2,322,299
Loss on sale of fixed assets - 121,280 331,228
Decrease in stock - 164,546 176,452
Decrease in debtors 9,752 173,410 408,634
Decrease in creditors (38,219) (356,563) (552,000)
Non cash movement - 9,009 (94,502)
Net cash outflow in respect of discontinued
activities (174,484) (1,121,830) (1,692,718)
5. Reconciliation of movements in 6 months ended 6 months ended Year ended
shareholders' funds 31 December 2002 31 December 2001 4 July 2002
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (143,496) (3,073,904) (4,436,058)
Issue of shares - 132,625 132,625
Exchange rate movement on other reserves - 9,009 -
Net reduction in shareholders funds (143,496) (2,932,270) (4,303,433)
Opening shareholders' funds 366,349 4,669,782 4,669,782
Closing shareholders' funds 222,853 1,737,512 366,349
6. The Registered Office of the Company is c/o Deloitte & Touche, 1
City Square, Leeds, LS1 2AL. Copies of the Interim Statement will be posted to
shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EFLFXXXBXBBE
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