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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 |
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RNS Number:4139F
Clerkenwell Ventures PLC
30 June 2006
Clerkenwell Ventures PLC - Unaudited Interim Results
30 June 2006
Unaudited Interim Results
for the period ended 31 March 2006
Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its
interim results for the period ended 31 March 2006.
Highlights :
*Net cash as at 31 March 2006 of #4.3 million (2005: #4.2 million)
*Profit before taxation for the period ended 31 March 2006 of #31,000
(2005: #50,000)
*Net assets per share as at 31 March 2006 of 6.19p (2005: 6.14p)
David Page, Chairman, commented:
"We have investigated several opportunities to acquire businesses with high
growth and consolidation potential. We are currently examining a number of
potential deals and given the recent stock market turbulence we have been
approached by businesses that wish to be listed. Given our AIM listing,
experience of the board of directors, clean balance sheet and #4.3 million net
cash balance, we offer an ideal IPO route for small to medium sized growth
companies."
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman Telephone: 07836 346934
Seymour Pierce Limited
Catherine Bond Telephone: 020 7107 8000
Gainsborough Communications
Andy Cornelius or Julian Walker Telephone: 020 7190 1703
Clerkenwell Ventures PLC
Unaudited Interim Results
for the period ended 31 March 2006
Chairman's Statement
It gives me pleasure to report the interim results of Clerkenwell Ventures for
the six months ended 31 March 2006.
Acquisition strategy
Following shareholders' approval for the Company to continue its stated
acquisition strategy at the Company's AGM in December 2005, we have continued to
investigate a number of businesses which could be reversed into the Company. We
are continuing discussions with several parties and will update the market when
appropriate.
Results
Profit before taxation for the six months ended 31 March 2006 was #31,000 (2005:
#50,000). As at 31 March 2006, Clerkenwell Ventures' net cash balances amounted
to #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.
David Page
Non-executive Chairman
30 June 2006
Clerkenwell Ventures PLC
Unaudited Profit and Loss Account
for the period ended 31 March 2006
Notes Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 2006 31 March 2005 30 September
Unaudited Unaudited 2005
#'000 #'000 Audited
#'000
Administrative expenses (67) (29) (105)
Operating loss (67) (29) (105)
Net interest receivable 98 79 182
Profit on ordinary activities 31 50 77
before taxation
Taxation 2 (12) (10) (16)
Profit for the period 19 40 61
Earnings per share
Basic 3 0.03p 0.11p 0.13p
Diluted 3 0.03p 0.11p 0.12p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 31 March 2006
Notes As at As at As at
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Current Assets
Debtors 15 14 9
Cash at bank and in hand 4,327 4,247 4,320
4,342 4,261 4,329
Current Liabilities
Creditors: amounts falling due (74) (28) (80)
within one year
Net assets 4,268 4,233 4,249
Capital and Reserves
Called up share capital 689 689 689
Share premium account 3,499 3,504 3,499
Profit and loss account 80 40 61
Equity shareholders' funds 4 4,268 4,233 4,249
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the period ended 31 March 2006
Notes Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Net cash outflow from operating 5a (69) (12) (46)
activities
Returns on investment and 89 66 178
servicing of finance
Taxation (13) - -
Cash inflow before use of
liquid resources and financing 7 54 132
Management of liquid resources 5b (163) (4,246) (4,156)
Financing 5c - 4,193 4,188
(Decrease)/increase in cash in (156) 1 164
the period
Reconciliation of net cash flow to movement in net funds
Notes Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
(Decrease)/increase in cash in (156) 1 164
the period
Cash flow from increase in 163 4,246 4,156
liquid resources
Change in net funds 7 4,247 4,320
Net funds at beginning of 4,320 - -
period
Net funds at end of period 5d 4,327 4,247 4,320
Clerkenwell Ventures PLC
Notes to the Unaudited Interim Results
for the period ended 31 March 2006
1. Basis of preparation
The interim results have been prepared under the historical cost convention and
in accordance with applicable United Kingdom accounting standards.
2. Taxation
Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Based on the result for the
period:
UK Corporation tax at 19% 7 10 16
Under provision in earlier 5 - -
periods
Total current tax 12 10 16
Deferred taxation:
Origination and reversal of - - -
timing differences
Taxation payable 12 10 16
3. Earnings per share
Basic earnings per share is based on the profit for the period of #19,000 (2005:
#40,000) and on 68,911,145 (2005: 35,826,000) 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 #19,000
(2005: #40,000) and on 70,500,487 (2005: 37,904,000) 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
Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Shares issued (net of flotation - 4,193 4,188
expenses)
Profit for the period 19 40 61
Total movements during the 19 4,233 4,249
period
Opening equity shareholders' 4,249 - -
funds
Closing equity shareholders' 4,268 4,233 4,249
funds
5. Notes to the cash flow statement
a. Reconciliation of operating loss to net cash flow from operating
activities
Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Operating loss (67) (29) (105)
Increase in debtors 3 (1) (5)
Increase in creditors (5) 18 64
Net cash outflow from operating (69) (12) (46)
activities
b. Management of liquid resources
Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Increase in short term deposits 163 4,246 4,156
c. Financing
Six Period from Period from
months 13 May 2004 13 May 2004
ended ended ended
31 March 31 March 30 September
2006 2005 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Gross proceeds of ordinary shares - 4,373 4,373
issued
Issue costs - (180) (185)
Net cash inflow from financing - 4,193 4,188
d. Analysis of net funds
As at As at
30 September 31 March
2005 Cash flow 2006
Audited Unaudited Unaudited
#'000 #'000 #'000
Cash in hand and at bank 164 (156) 8
Short term deposit 4,156 163 4,319
Net funds 4,320 7 4,327
Cash at bank and in hand of #4,327,000 (2005: #4,320,000) on the Company's
balance sheet includes short term deposits of #4,319,000 (2005: #4,156,000)
which are not classified as cash under FRS1 for the purposes of the cash flow
statement.
6. Interim financial statements
The financial information set out in this interim announcement does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985. The figures for the period ended 30 September 2005 are based upon the
latest statutory accounts, which have been delivered to the Registrar of
Companies, the report of the auditors on those accounts was unqualified and did
not contain a statement under Section 237(2) or (3) of the Companies Act 1985.
The six months figures use the same accounting policies as for the period ended
30 September 2005, and have not been audited or subject to review by the
Company's auditors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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