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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:1526X
Advance Visual Communications PLC
31 March 2004
31 March 2004
For immediate release
Advance Visual Communications plc
('AVC' or the 'Company')
Interim results for the six months ended 31 December 2003
Chairman's Statement
The first half of our financial year, being the six months ended 31 December
2003, 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 2003 were #nil.
Losses after taxation for the six month period were #50,655 compared with a
#143,496 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 #141,000 of which #130,000 was
held by the Company in the UK. By 28 February 2004, these had reduced to
#95,000 and #84,000 respectively.
Prospects
As I stated in the last Annual Report issued during December 2003, there had
been a distinct improvement in both the quality and number of approaches, this
trend has continued, but not in any great number. I would draw your attention to
the fact that the cash reserves are declining steadily and that in the absence
of a reverse acquisition proceeding in the near future, your Board will need to
consider approaching shareholders for further funding or alternatively consider
placing the Company into voluntary liquidation.
In the meantime your Board remains focused upon succeeding in finding the right
opportunity to create a reverse acquisition.
Barclay Douglas
Chairman of the Board
31 March2004
Advance Visual Communications plc
Consolidated Profit and Loss Account
6 months ended 6 months ended Year ended
31 December 2003 31 December 2002 30 June 2003
(unaudited) (unaudited) (audited)
# # #
Turnover - - -
Operating loss
Continuing operations (53,209) - (145,021)
Discontinued operations (179,771) (99,336)
Profit / (Loss) on disposal and liquidation of
subsidiaries 32,896
40,070
(53,209) (146,875) (204,287)
Net interest receivable 2,554 3,379 6,765
Loss on ordinary activities before taxation (50,655) (143,496) (197,522)
Tax on loss on ordinary activities - - -
Loss on ordinary activities after taxation (50,655) (143,496) (197,522)
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 31 December 2003
As at As at As at
31 December 2003 31 December 2002 30 June 2003
(unaudited) (unaudited) (audited)
# # #
Currentassets
Debtors 16,621 3,173 15,175
Cash at bank 140,863 239,680 200,886
157,484 242,853 216,061
Creditors: amounts falling due within one
year
(39,312) (20,000) (47,234)
Net current assets 118,172 222,853 168,827
Total assets less current liabilities 118,172 222,853 168,827
Creditors: amounts falling due after more
than one year
- - -
118,172 222,853 168,827
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 (9,778,400) (9,673,719) (9,727,745)
Equity shareholders' funds 118,172 222,853 168,827
Consolidated Cash Flow Statement
6 months ended 6 months ended Year ended
31 December 2003 31 December 2002 30 June 2003
(unaudited) (unaudited) (audited)
# # #
Net cash outflow (note 4) (62,577) (174,484) (256,734)
Returns on investments and servicing of
finance
Interest received 2,554 3,379 7,052
Interest element of finance lease rentals - - (287)
Net cash inflow from returns on
investments and servicing of finance
(60,023) 3,379 6,765
Distribution from subsidiary in - - 40,070
liquidation
Net cash inflow from acquisitions and
disposals
- - 40,070
Decrease in cash (60,023) (171,105) (209,899)
Statement of Total Recognised Gains and Losses
6 months ended 6 months ended Year ended
31 December 2003 31 December 2002 30 June 2003
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (50,655) (143,496) (197,522)
Total recognised gains and losses
relating to the period
(50,655) (143,496) (197,522)
Notes on the Interim Results
1. The results for the six months ended 31 December, 2003, 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 2003 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 2003 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 2003 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 (2002: 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
(2002: 161,575,486).
4. Reconciliation of operating loss to 6 months ended 6 months ended Year ended
net cash outflow
31 December 2003 31 December 2002 30 June 2003
(unaudited) (unaudited) (audited)
# # #
Operating Loss (53,309) (179,771) (244,357)
Profit/(Loss) on disposal and liquidation of 32,896 -
subsidiaries
-
Loss before interest and tax (53,309) (146,875) (244,357)
Depreciation - 858 858
(Increase) Decrease in debtors (1,446) 9,752 (2,250)
Decrease in creditors (7,922) (38,219) (10,985)
Non cash movement - - -
Net cash outflow in respect of discontinued
activities
(62,577) (174,484) (256,734)
5. Reconciliation of movements in 6 months ended 6 months ended Year ended
shareholders' funds
31 December 2003 31 December 2002 30 June 2003
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (50,655) (143,496) (197,522)
Issue of shares - - -
Exchange rate movement on other reserves - - -
Net reduction in shareholders funds
(143,496) (197,522)
Opening shareholders' funds 168,827 366,349 366,349
Closing shareholders' funds 118,172 222,853 168,827
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.
Enquiries:
Advance Visual Communications plc
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
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