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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clerkenwell | LSE:CRK | London | Ordinary Share | GB00B3L0Q676 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3621N Clerkenwell Ventures PLC 06 December 2006 Clerkenwell Ventures PLC - Unaudited Preliminary Results Unaudited Preliminary Results for the year ended 30 September 2006 Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its preliminary results for the year ended 30 September 2006. Highlights : * Net cash as at 30 September 2006 of #4.3 million (2005: #4.3 million) * Profit before taxation for the year ended 30 September 2006 of #51,000 (2005: #77,000) David Page, Chairman, commented: "We continue to evaluate interesting investment opportunities in businesses with high growth potential." Enquiries Clerkenwell Ventures PLC David Page, Non-executive Chairman Telephone: 07836 346934 Seymour Pierce Limited Richard Feigen Telephone: 020 7107 8000 Gainsborough Communications Julian Walker Telephone: 020 7190 1705 Clerkenwell Ventures PLC Unaudited Preliminary Results for the period ended 30 September 2006 Chairman's Statement It gives me great pleasure to report the results of Clerkenwell Ventures for the year to 30 September 2006. Acquisition strategy The Company's acquisition strategy, as described in the Company's AIM admission document dated 25 October 2004, is guided by the following criteria: *The businesses should have the potential for rapid growth and/or above average cashflow; *Strong operational management, capable of forming the executive board of the Company; and *A proven business model and attractive returns on capital invested. The Directors, with their experience and contacts in the corporate finance and leisure sectors, have identified and investigated a number of businesses which could be reversed into the Company. Results Profit before taxation for the year ended 30 September 2006 was #51,000 (2005: #77,000). As at 30 September 2006, Clerkenwell Ventures' net cash balances amounted to #4.3 million (2005: #4.3 million). Dividends As described in the Company's AIM admission document dated 25 October 2004, it is the Board's policy that prior to making the first acquisition, no dividends will be paid. Following the first acquisition, subject to the availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so. However, the main focus of the Company will be in delivering capital growth for shareholders. Outlook We continue to evaluate interesting investment opportunities in businesses with high growth potential and will update the market when appropriate. David Page Non-executive Chairman 6 December 2006 Clerkenwell Ventures PLC Unaudited Profit and Loss Account for the year ended 30 September 2006 Notes Year ended Period from 30 September 13 May 2004 to 2006 30 September #'000 2005 #'000 Administrative expenses (148) (105) Operating loss (148) (105) Interest receivable 199 182 Profit on ordinary activities before taxation 51 77 Taxation on profit on ordinary 2 (17) (16) activities Profit for the year 34 61 Earnings per share Basic 3 0.05p 0.13p Diluted 3 0.05p 0.12p All the Company's activities derive from continuing operations. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the profit and loss account. Clerkenwell Ventures PLC Unaudited Balance Sheet as at 30 September 2006 Notes 2006 2005 #'000 #'000 Current assets Debtors 18 9 Cash at bank and in hand 4,345 4,320 4,363 4,329 Creditors: amounts falling due within one year (80) (80) Net current assets 4,283 4,249 Net assets 4,283 4,249 Capital and reserves Called-up share capital 689 689 Share premium 3,499 3,499 Profit and loss account 95 61 Equity shareholders' funds 4 4,283 4,249 Clerkenwell Ventures PLC Unaudited Cash Flow Statement for the period ended 30 September 2006 Notes Year ended Period from 30 13 May 2004 to September 30 September 2006 2005 #'000 #'000 Net cash out flow from operating 5a (145) (46) activities Returns on investments and servicing of finance 192 178 Taxation (22) - Cash inflow before management of liquid resources and financing 25 132 Management of liquid resources 5b (188) (4,156) Financing 5c - 4,188 (Decrease)/increase in cash in the year (163) 164 Reconciliation of net cash flow to movement in net funds Notes Year ended Period from 30 13 May 2004 to September 30 September 2006 2005 #'000 #'000 (Decrease)/increase in cash in the year (163) 164 Cash flow from increase in liquid 188 4,156 resources Movement in net funds in the year 25 4,320 Net funds at the beginning of the year 4,320 - Net funds at end of the year 5d 4,345 4,320 Clerkenwell Ventures PLC Notes to the Unaudited Preliminary Results for the period ended 30 September 2006 1. Basis of preparation The preliminary results have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. 2. Taxation Year ended Period from 30 September 13 May 2004 2006 to 30 September #'000 2005 #'000 Based on the result for the year: UK corporation tax at 19% (2005: 19%) 11 16 Under provision in earlier years 6 - Total current tax 17 16 Deferred taxation: Origination and reversal of timing - - differences Taxation payable 17 16 3. Earnings per share Basic earnings per ordinary share is based on the profit for the period of #34,000 (2005: #61,000) and on 68,911,145 (2005: 47,815,224) ordinary shares of 1p each being the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is based on the profit for the period of #34,000 (2005: #61,000) and on 70,504,065 (2005: 50,227,106) shares of 1p each being the weighted average number of shares in issue during the period after allowing for the dilutive effect of the conversion into ordinary shares of options outstanding during the period. 4. Reconciliation of movements in equity shareholders' funds 2006 2005 #'000 #'000 Ordinary shares issued (net of flotation expenses) - 4,188 Profit for the financial period 34 61 Net addition to shareholders' funds 34 4,249 Opening shareholders' funds 4,249 - Closing shareholders' funds 4,283 4,249 5. Notes to the cash flow statement a.Reconciliation of operating loss to net cash outflow from operating activities Year Period ended from 30 September 13 May 2004 2006 to 30 September #'000 2005 #'000 Reconciliation of operating loss to net cash outflow from operating activities Operating loss (148) (105) Increase in debtors (2) (5) Increase in creditors 5 64 Net cash outflow from operating activities (145) (46) b. Management of liquid resources Year ended Period from 30 September 13 May 2004 2006 to 30 September #'000 2005 #'000 Increase in short term deposits (188) (4,156) Net cash outflow from management of liquid resources (188) (4,156) c. Financing Year ended Period from 30 September 13 May 2004 2006 to 30 September #'000 2005 #'000 Gross proceeds of ordinary shares issued - 4,373 Issue costs - (185) Net cash inflow from financing - 4,188 d. Analysis of net funds At Cash flow At 1 October #'000 30 September 2005 2006 #'000 #'000 Cash in hand, at bank 164 (163) 1 Short term deposit 4,156 188 4,344 Total net funds 4,320 25 4,345 Cash at bank and in hand of #4,345,000 on the company's balance sheet includes short term deposits of #4,344,000 which are not classified as cash under FRS1 for the purposes of the cash flow statement. 6. Report and accounts The financial information set out in this preliminary announcement, which was approved by the Board on 6 December 2006, is unaudited and does not constitute the Company's statutory accounts for the year ended 30 September 2006, but is derived from those accounts. The statutory accounts for the year ended 30 September 2006 will be prepared following accounting policies consistent with those set out in the statutory accounts for the period ended 30 September 2005. The statutory accounts for the year ended 30 September 2006 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting. 7. Further copies The statutory accounts for the period will be posted to shareholders in due course and further copies will be available, free of charge, for a period of one month following posting to shareholders from the registered office of the Company or the Company's Nominated Adviser and Broker, Seymour Pierce Limited, Bucklersbury House, 3 Queen Victoria Street, London, EC4N 8EL, Telephone: 020 7107 8000. This information is provided by RNS The company news service from the London Stock Exchange END FR FSMFEMSMSEDE
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