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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 |
TIDMBDT RNS Number : 6467T Bidtimes PLC 30 September 2010 30 September 2010 BIDTIMES PLC ("Bidtimes" or "the Company") Interim Results for six months ended 30 June 2010 Chairman's statement I am pleased to present the interim results of the Company for the six month period ended 30 June 2010 in which the Company continued to pursue its stated investment strategy, albeit with a limited budget, in order to build value for its shareholders. During the period under review, the Company continued to focus on identifying and assessing investment opportunities in the energy sector, particularly the alternative energy sector. The Company is continuing to assess an opportunity in the clean energy sector which was highlighted in the Company's last annual report, as the Directors believe that considerable opportunities with the potential to create shareholder value exist within this industry. Very limited exploration work has been carried out on the exploration licence over the Kyber Pass project, the Company's joint venture interest in South Australia. The Company continues to review the data generated from this work, in order to assess whether further investment is warranted. During the six month period, the Company made a loss of GBP26,421 after taxation, compared with a loss of GBP101,358 in the ten months ended 31 December 2009. Anthony Brennan Executive Chairman 30 September 2010 Enquiries: +-------------------------------------------+----------------------------+ | | | +-------------------------------------------+----------------------------+ | Simon Clements | +44 (0) 20 7628 2200 | +-------------------------------------------+----------------------------+ | David Worlidge | | +-------------------------------------------+----------------------------+ | Merchant Securities Limited | | +-------------------------------------------+----------------------------+ | | | +-------------------------------------------+----------------------------+ | Julian Moore | +44 (0) 778 782 5269 | +-------------------------------------------+----------------------------+ | Non-Executive Director, Bidtimes Plc | | +-------------------------------------------+----------------------------+ Income Statement for the six months ended 30 June 2010 +----------------------------+------+-------------+-------------+-----------+ | | | Six | Six | Ten | | | | months | months | Months | | | | ended | ended | ended | | | | 30 June | 31 | 31 | | | | 2010 | August | December | | | Note | (unaudited) | 2009 | 2009 | | | | GBP | (unaudited) | (audited) | | | | | GBP | GBP | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Revenue | | - | - | - | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Administrative expenses | | | | | +----------------------------+------+-------------+-------------+-----------+ | Other administration | | (26,482) | (61,794) | (101,486) | | expenses | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Operating loss | | (26,482) | (61,794) | (101,486) | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Loss on ordinary | | | | | | activities before taxation | | (26,482) | (61,794) | (101,486) | | and finance costs | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Finance income | | 69 | 216 | 332 | +----------------------------+------+-------------+-------------+-----------+ | Finance costs | | (8) | - | (204) | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Loss before taxation | | (26,421) | (61,578) | (101,358) | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Taxation | | - | - | - | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Loss after taxation | | (26,421) | (61,578) | (101,358) | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Attributable to: | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Equity shareholders of the | | (26,421) | (61,578) | (101,358) | | Company | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Loss transferred to | | (26,421) | (61,578) | (101,358) | | reserves | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ | Basic loss per share | 5 | (0.03) | (0.06) | (0.10) | | (pence) | | | | | +----------------------------+------+-------------+-------------+-----------+ | | | | | | +----------------------------+------+-------------+-------------+-----------+ All activities relate to continuing operations Balance Sheet as at 30 June 2010 +------------------------------+------+-------------+-------------+-------------+ | | | As at | As at | As at | | | | 30 June | 31 | 31 | | | | 2010 | August | December | | | | (unaudited) | 2009 | 2009 | | |Note | GBP | (unaudited) | (audited) | | | | | GBP | GBP | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Non-current assets | | | | | +------------------------------+------+-------------+-------------+-------------+ | Investments | | 153,470 | - | - | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Current assets | | | | | +------------------------------+------+-------------+-------------+-------------+ | Trade and other receivables | | 7,087 | 3,575 | 1,519 | +------------------------------+------+-------------+-------------+-------------+ | Cash and cash equivalents | | 165,183 | 258,353 | 219,318 | +------------------------------+------+-------------+-------------+-------------+ | | | 172,270 | 261,928 | 220,837 | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Total assets | | 325,740 | 261,928 | 220,837 | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Current liabilities | | | | | +------------------------------+------+-------------+-------------+-------------+ | Trade and other payables | | (172,019) | (42,006) | (40,695) | +------------------------------+------+-------------+-------------+-------------+ | Total liabilities | | (172,019) | (42,006) | (40,695) | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Net assets | | 153,721 | 219,922 | 180,142 | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Shareholders funds | | | | | +------------------------------+------+-------------+-------------+-------------+ | Issued capital | | 1,268,676 | 1,268,676 | 1,268,676 | +------------------------------+------+-------------+-------------+-------------+ | Share premium account | | 714,948 | 714,948 | 714,948 | +------------------------------+------+-------------+-------------+-------------+ | Retained earnings | | (1,829,903) | (1,763,702) | (1,803,482) | +------------------------------+------+-------------+-------------+-------------+ | | | | | | +------------------------------+------+-------------+-------------+-------------+ | Total equity | 8 | 153,721 | 219,922 | 180,142 | +------------------------------+------+-------------+-------------+-------------+ Cash Flow Statement for the six months ended 30 June 2010 +-----------------------------------+------+-------------+-------------+-----------+ | | | Six | Six | Ten | | | | months | months | Months | | | | ended | ended | ended | | | | 30 June | 31 | 31 | | |Note | | August | December | | | | 2010 | 2009 | 2009 | | | | (unaudited) | (unaudited) | (audited) | | | | GBP | GBP | GBP | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Cash inflow/(outflow) from | 9 | 99,274 | (61,760) | (100,707) | | operating activities | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Cash (outflow)/inflow from | | | | | | investing activities | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Finance income received | | 69 | 216 | 332 | +-----------------------------------+------+-------------+-------------+-----------+ | Commitment to investments | | (153,470) | - | - | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Net cash (outflow)/inflow from | | (153,401) | 216 | 332 | | investing activities | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Cash outflow from financing | | | | | | activities | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Finance cost paid | | (8) | - | (204) | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Net cash outflow from financing | | (8) | - | (204) | | activities | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Net decrease in cash and cash | | (54,135) | (61,544) | (100,579) | | equivalents | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Cash and cash equivalents at | | 219,318 | 319,897 | 319,897 | | beginning of period | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Cash and cash equivalents at end | 10 | 165,183 | 258,353 | 219,318 | | of period | | | | | +-----------------------------------+------+-------------+-------------+-----------+ Other primary statements the six months ended 30 June 2010 Statement of total recognised gains and losses +-----------------------------------+------+-------------+-------------+-----------+ | | | Six | Six | Ten | | | | months | months | months | | | | ended | ended | ended | | | | 30 June | 31 | 31 | | |Note | | August | December | | | | 2010 | 2009 | 2009 | | | | (unaudited) | (unaudited) | (audited) | | | | GBP | GBP | GBP | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Loss for the financial period | | (26,421) | (61,578) | (101,358) | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Total losses recognised for the | | (26,421) | (61,578) | (101,358) | | period | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Attributable to: | | | | | +-----------------------------------+------+-------------+-------------+-----------+ | Equity Shareholders of the | | (26,421) | (61,578) | (101,358) | | company | | | | | +-----------------------------------+------+-------------+-------------+-----------+ Notes to the interim results for the six months ended 30 June 2010 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 434 of the Companies Act 2006. The figures for the ten month period ended 31 December 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, did not contain an emphasis of matter paragraph and did not contain a statement under Section 498 of the Companies Act 2006. 3. Dividends No dividend is proposed for the six months ended 30 June 2010. 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 30 June | (26,421) | 97,373,523 | (0.03) | | 2010 | | | | +----------------------------+-----------+--------------+----------+ | 6 months ended 31 August | (61,578) | 97,373,523 | (0.06) | | 2009 | | | | +----------------------------+-----------+--------------+----------+ | 10 months ended 31 | (101,358) | 97,373,523 | (0.10) | | December 2009 | | | | +----------------------------+-----------+--------------+----------+ | | | | | +----------------------------+-----------+--------------+----------+ 6. Investments This represents costs incurred on investigating and pursuing certain investment opportunities. 7. Trade and other payables Included in trade creditors is an unsecured interest-free loan of GBP138,571 advanced to the Company by a third party to fund the costs of investigating and pursuing an acquisition opportunity in the clean energy sector. In the event that the Company is unable to conclude the acquisition, the loan will be waived. 8. Reconciliation of movements in shareholders' funds +----------------------------+-------------+-------------+------------+ | | Six months | Six months | Ten months | | | ended | ended | | | | 30 June | 31 August | ended | | | 2010 | 2009 | 31 | | | (unaudited) | (unaudited) | December | | | GBP | GBP | 2009 | | | | | (audited) | | | | | GBP | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | Loss on ordinary | (26,421) | (61,578) | (101,358) | | activities | | | | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | Net decrease in | | | | | shareholders' funds | (26,421) | (61,578) | (101,358) | +----------------------------+-------------+-------------+------------+ | Shareholders' funds | 180,142 | 281,500 | 281,500 | | brought forward | | | | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | Shareholders' funds at the | | | | | end of the period | 153,721 | 219,922 | 180,142 | +----------------------------+-------------+-------------+------------+ 9. Reconciliation of operating loss with net cash flow from operating activities +----------------------------+-------------+-------------+------------+ | | Six months | Six months | Ten months | | | ended | ended | | | | 30 June | 31 August | ended | | | 2010 | 2009 | 31 | | | (unaudited) | (unaudited) | December | | | GBP | GBP | 2009 | | | | | (audited) | | | | | GBP | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | Operating loss | (26,482) | (61,794) | (101,486) | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | (Increase)/decrease in | (5,568) | (619) | 1,437 | | debtors | | | | +----------------------------+-------------+-------------+------------+ | Increase/(decrease) in | 131,324 | 653 | (658) | | creditors | | | | +----------------------------+-------------+-------------+------------+ | | | | | +----------------------------+-------------+-------------+------------+ | Net cash inflow/(outflow) | | | | | from operating activities | 99,274 | (61,760) | (100,707) | +----------------------------+-------------+-------------+------------+ 10. Analysis of changes in cash and cash equivalents and net funds +-----------------------+-----------+----------+----------+-------------+ | | As at | Cash | | As at | | | 1 | Flow | | 30 June | | | January | GBP | Non-Cash | 2010 | | | 2010 | | Movement | (unaudited) | | | (audited) | | GBP | GBP | | | GBP | | | | +-----------------------+-----------+----------+----------+-------------+ | | | | | | +-----------------------+-----------+----------+----------+-------------+ | Cash at bank and in | 219,318 | (54,135) | - | 165,183 | | hand | | | | | +-----------------------+-----------+----------+----------+-------------+ | | | | | | +-----------------------+-----------+----------+----------+-------------+ | | | | | | +-----------------------+-----------+----------+----------+-------------+ | Cash and cash | 219,318 | (54,135) | - | 165,183 | | equivalents | | | | | +-----------------------+-----------+----------+----------+-------------+ 11. 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. This information is provided by RNS The company news service from the London Stock Exchange END IR LMMATMBTJBLM
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