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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bidtimes | LSE:BDT | London | Ordinary Share | GB0007773046 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 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 : 2672D
Bidtimes PLC
30 November 2009
BIDTIMES PLC
("Bidtimes" or "the Company")
Interim Results for six months ended
31 August 2009
Chairman's statement
I am pleased to present the interim results for the Group for the six
months ended 31 August 2009.
During the period the Company continued to pursue the investment strategy as
defined in the last annual report, albeit with a limited budget in order to
build value for its Shareholders.
Initial exploration work has been carried out on the exploration licence over
the Kyber Pass project where the company is earning a joint venture interest in
South Australia.
In light of the significant increases in the gold price and interest in uranium
the Directors believe that this property has the potential to deliver
significant exposure to both commodities. Work on the project will continue into
the coming half to determine its actual potential.
Additionally during the period under review the Company has continued to
identify and assess other investment opportunities in the minerals and energy
sectors in line with its investment strategy, and is also currently assessing
opportunities in the clean energy sector.
Over the interim period the Company has made a loss for the period of
GBP61,578 after taxation, compared with a loss of GBP91,938 in the corresponding
six month period in 2008.
Anthony Brennan
Executive Chairman
30 November 2009
Income Statement
for the six months ended 31 August 2009
+---------------------------------+------+-------------+-------------+--------------+
| | Note | Six months | Six months | Year |
| | | ended | ended | ended |
| | | 31 August | 31 August | 28 February |
| | | 2009 | 2008 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
| | | GBP | GBP | GBP |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Revenue | | - | - | - |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Administrative expenses | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Amounts written off investments | | - | (4,136) | (4,136) |
+---------------------------------+------+-------------+-------------+--------------+
| Other administration expenses | | (61,794) | (89,417) | (153,137) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Operating loss | | (61,794) | (93,553) | (157,273) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Loss on ordinary activities | | (61,794) | (93,553) | (157,273) |
| before taxation and finance | | | | |
| costs | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Finance income | | 216 | 1,615 | 3,814 |
+---------------------------------+------+-------------+-------------+--------------+
| Finance costs | | - | - | (237) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Loss before taxation | | (61,578) | (91,938) | (153,696) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Taxation | | - | - | - |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Loss after taxation | | (61,578) | (91,938) | (153,696) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Attributable to: | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Equity shareholders of the | | (61,578) | (91,938) | (153,696) |
| Company | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Loss transferred to reserves | | (61,578) | (91,938) | (153,696) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
| Basic loss per share (pence) | 5 | (0.06) | (0.21) | (0.22) |
+---------------------------------+------+-------------+-------------+--------------+
| | | | | |
+---------------------------------+------+-------------+-------------+--------------+
All activities relate to continuing operations
Balance Sheet
as at 31 August 2009
+-----------------------------------+---------+--------------+-------------+-------------+
| | Note | As at | As at | As at |
| | | 31 August | 31 August | 28 February |
| | | 2009 | 2008 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
| | | GBP | GBP | GBP |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Current assets | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Trade and other receivables | | 3,575 | 7,063 | 2,956 |
+-----------------------------------+---------+--------------+-------------+-------------+
| Cash and cash equivalents | | 258,353 | 367,644 | 319,897 |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | 261,928 | 374,707 | 322,853 |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Total assets | | 261,928 | 374,707 | 322,853 |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Current liabilities | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Trade and other payables | | (42,006) | (31,449) | (41,353) |
+-----------------------------------+---------+--------------+-------------+-------------+
| Total liabilities | | (42,006) | (31,449) | (41,353) |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Net assets | | 219,922 | 343,258 | 281,500 |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Shareholders funds | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Issued capital | | 1,268,676 | 1,268,676 | 1,268,676 |
+-----------------------------------+---------+--------------+-------------+-------------+
| Share premium account | | 714,948 | 714,948 | 714,948 |
+-----------------------------------+---------+--------------+-------------+-------------+
| Retained earnings | | (1,763,702) | (1,640,366) | (1,702,124) |
+-----------------------------------+---------+--------------+-------------+-------------+
| | | | | |
+-----------------------------------+---------+--------------+-------------+-------------+
| Total equity | 6 | 219,922 | 343,258 | 281,500 |
+-----------------------------------+---------+--------------+-------------+-------------+
Cash Flow Statement
for the six months ended 31 August 2009
+-----------------------------------------+------+-------------+--------------+--------------+
| |Note | Six months | Six months | Year |
| | | ended | ended | ended |
| | | 31 August | 31 August | 28 February |
| | | 2009 | 2008 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
| | | GBP | GBP | GBP |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Cash outflow from operating activities | 7 | (61,760) | (37,094) | (86,803) |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Cash inflow/(outflow) from investing | | | | |
| activities | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Finance income received | | 216 | 1,615 | 3,814 |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Net cash inflow from investing | | 216 | 1,615 | 3,814 |
| activities | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Cash inflow/(outflow) from financing | | | | |
| activities | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Finance cost paid | | - | - | (237) |
+-----------------------------------------+------+-------------+--------------+--------------+
| Proceeds from the issue of share | | - | 400,000 | 400,000 |
| capital | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Net cash inflow/(outflow) from | | - | 400,000 | 399,763 |
| financing activities | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Net (decrease)/increase in cash and | | (61,544) | 364,521 | 316,774 |
| cash equivalents | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Cash and cash equivalents at beginning | | 319,897 | 3,123 | 3,123 |
| of period | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Cash and cash equivalents at end of | 8 | 258,353 | 367,644 | 319,897 |
| period | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
Other primary statements the six months ended 31 August 2009
Statement of total recognised gains and losses
+-----------------------------------------+------+-------------+--------------+--------------+
| |Note | Six months | Six months | Year |
| | | ended | ended | ended |
| | | 31 August | 31 August | 28 February |
| | | 2009 | 2008 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
| | | GBP | GBP | GBP |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Loss for the financial year | | (61,578) | (91,938) | (153,696) |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| | | | | |
+-----------------------------------------+------+-------------+--------------+--------------+
| Total losses recognised for the period | | (61,578) | (91,938) | (153,696) |
+-----------------------------------------+------+-------------+--------------+--------------+
Notes to the interim results
for the six months ended 31 August 2009
1. Accounting policies
The interim financial statements have been prepared in accordance with IAS 34,
"Interim Financial Reporting" as adopted by the European Union. The principal
accounting policies of Bidtimes for the interim financial statements have
remained unchanged from those set out in Bidtimes' 2009 annual report and
financial statements, which have been prepared in accordance with IFRS as
adopted by the European Union.
2. Basis of preparation
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985. The
figures for the year ended 28 February 2009, have been extracted from the
statutory financial statements, prepared under IFRS, which have been filed with
the Registrar of Companies. The auditors report on those financial statements
was unqualified and did not contain a statement under Section 237(2) or Section
237(3) of the Companies Act 1985.
3. Dividends
No dividend is proposed for the six months ended 31 August 2009.
4. Taxation
On the grounds that year to date losses have been made there is no taxation
charged to the profit and loss account in this period.
5. Loss per share
The calculation of the basic loss per share is based on the loss on ordinary
activities after tax and on the weighted average number of shares in issue
during the period. The impact of the share options is anti-dilutive. The loss
and weighted average number of shares used in the calculations are set out below
+----------------------------------+--------------+-----------------+-------------+
| | Loss | Weighted | Loss per |
| | GBP | average | share |
| | | number of | (pence) |
| | | shares | |
+----------------------------------+--------------+-----------------+-------------+
| Basic Loss per share | | | |
+----------------------------------+--------------+-----------------+-------------+
| 6 months ended 31 August | (61,578) | 97,373,523 | (0.06) |
| 2009 | | | |
+----------------------------------+--------------+-----------------+-------------+
| 6 months ended 31 August | (91,938) | 44,330,045 | (0.21) |
| 2008 | | | |
+----------------------------------+--------------+-----------------+-------------+
| 12 months ended 28 February | (153,696) | 70,633,797 | (0.22) |
| 2009 | | | |
+----------------------------------+--------------+-----------------+-------------+
| | | | |
+----------------------------------+--------------+-----------------+-------------+
6. Reconciliation of movements in shareholders' funds
+---------------------------------+---------------+---------------+---------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 31 August | 31 August | 28 February |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
| | GBP | GBP | GBP |
+---------------------------------+---------------+---------------+---------------+
| | | | |
+---------------------------------+---------------+---------------+---------------+
| Loss on ordinary activities | (61,578) | (91,938) | (153,696) |
+---------------------------------+---------------+---------------+---------------+
| Share subscription | - | 440,000 | 440,000 |
+---------------------------------+---------------+---------------+---------------+
| Share subscription costs | - | (40,000) | (40,000) |
+---------------------------------+---------------+---------------+---------------+
| | | | |
+---------------------------------+---------------+---------------+---------------+
| Net (decrease)/increase in | (61,578) | 308,062 | 246,304 |
| shareholders' funds | | | |
+---------------------------------+---------------+---------------+---------------+
| Shareholders' funds brought | 281,500 | 35,196 | 35,196 |
| forward | | | |
+---------------------------------+---------------+---------------+---------------+
| | | | |
+---------------------------------+---------------+---------------+---------------+
| Shareholders' funds at the end | 219,922 | 343,258 | 281,500 |
| of the period | | | |
+---------------------------------+---------------+---------------+---------------+
7. Reconciliation of operating loss with net cash flow from operating
activities
+---------------------------------+---------------+---------------+---------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 31 August | 31 August | 28 February |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
| | GBP | GBP | GBP |
+---------------------------------+---------------+---------------+---------------+
| | | | |
+---------------------------------+---------------+---------------+---------------+
| Operating loss | (61,794) | (89,417) | (153,137) |
+---------------------------------+---------------+---------------+---------------+
| | | | |
+---------------------------------+---------------+---------------+---------------+
| (Increase)/decrease in debtors | (619) | 52,645 | 56,752 |
+---------------------------------+---------------+---------------+---------------+
| Increase/(decrease) in | 653 | (322) | 9,582 |
| creditors | | | |
+---------------------------------+---------------+---------------+---------------+
| | | | |
+---------------------------------+---------------+---------------+---------------+
| Net cash outflow from operating | (61,760) | (37,094) | (86,803) |
| activities | | | |
+---------------------------------+---------------+---------------+---------------+
8. Analysis of changes in cash and cash equivalents and net funds/(debt)
+----------------------------+-------------+------------+--------------+--------------+
| | As at | Cash | Non-Cash | As at |
| | 1 March | Flow | Movement | 31 August |
| | 2009 | GBP | GBP | 2009 |
| | (audited) | | | (unaudited) |
| | GBP | | | GBP |
+----------------------------+-------------+------------+--------------+--------------+
| | | | | |
+----------------------------+-------------+------------+--------------+--------------+
| Cash at bank and in hand | 319,897 | (61,544) | - | 258,353 |
+----------------------------+-------------+------------+--------------+--------------+
| | | | | |
+----------------------------+-------------+------------+--------------+--------------+
| | | | | |
+----------------------------+-------------+------------+--------------+--------------+
| Cash and cash equivalents | 319,897 | (61,544) | - | 258,353 |
+----------------------------+-------------+------------+--------------+--------------+
9.Copies of the Interim Results are available for download from the Company's
website at www.bidtimes.com
or by request from the Company's registered office, Meriden House, 6 Great
Cornbow, Halesowen, West
Midlands B63 3AB.
Enquiries:
+---------------------------------------------+-----------------------------------+
| | |
+---------------------------------------------+-----------------------------------+
| Katy Birkin | +44 (0) 121 265 6330 |
+---------------------------------------------+-----------------------------------+
| WH Ireland Limited | |
+---------------------------------------------+-----------------------------------+
| | |
+---------------------------------------------+-----------------------------------+
| Julian Moore | +44 (0) 778 782 5269 |
+---------------------------------------------+-----------------------------------+
| Non-Executive Director, Bidtimes Plc | |
+---------------------------------------------+-----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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