![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 5808J Clerkenwell Ventures PLC 05 December 2008 Clerkenwell Ventures PLC - Unaudited Preliminary Results 5 December 2008 Unaudited Preliminary Results for the year ended 30 September 2008 Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its preliminary results for the year ended 30 September 2008. Highlights: * Net cash as at 30 September 2008 of £29.9 million (2007: £29.2 million) * Profit before taxation for the year ended 30 September 2008 of £737,000 (2007: loss of £78,000) * Net cash today of £30.3 million David Page, Chairman, commented: "In response to dramatically altered market conditions, the Board has decided to explore in detail the process for returning capital to shareholders and is investigating the most efficient method for achieving this. Further details of this process will be announced when appropriate." Enquiries Clerkenwell Ventures PLC David Page, Non-executive Chairman Telephone: 07836 346934 Stefan Borson, Corporate Development Director 07824 638553 Seymour Pierce Limited Telephone: 020 7107 8000 Nicola Marrin Clerkenwell Ventures PLC Unaudited Preliminary Results for the year ended 30 September 2008 Chairman's Statement It gives me pleasure to report the preliminary results of Clerkenwell Ventures for the year ended 30 September 2008. Acquisition strategy Following shareholders' approval for the Company to continue its stated acquisition strategy at the Company's AGM on 30 April 2008, we have continued to evaluate a number of businesses which could have been reversed into the Company. Both valuations and debt availability across the leisure sector have been substantially impacted by economic conditions. Added to this, good businesses without a special need are reluctant to crystallise value at current levels. Accordingly, the Company withdrew from several negotiations where valuations were considered unrealistic. Results Profit after taxation for the year ended 30 September 2008 was £414,000 (2007: loss of £78,000). As at 30 September 2008, Clerkenwell Ventures' net cash balances amounted to £29.9 million (2007: £29.2 million). Impact of the adoption of International Financial Reporting Standards The financial information shown in this preliminary statement is presented for the first time in accordance with the recognition and measurement principles of International Financial Reporting Standards ("IFRS"). The comparative information for the year ended 30 September 2007 has been restated under these standards. There was no impact on the Company's income statement for the year ended 30 September 2008 as a result of the change from UKGAAP to IFRS. Outlook Pursuant to the Company's EGM circular dated 4 August 2007, as the Company will not make any acquisitions prior to 28 February 2009, and in response to dramatically altered market conditions, the Board has decided to explore in detail the process for returning capital to shareholders and is investigating the most efficient method for achieving this. Further details of this process will be announced when appropriate. David Page Non-executive Chairman 5 December 2008 Clerkenwell Ventures PLC Unaudited Income Statement for the year ended 30 September 2008 Notes Year ended Year ended 30 September 30 September 2008 2007 Unaudited Unaudited £'000 £'000 Administrative expenses (530) (377) Operating loss before share (530) (377) based payments Share based payments (307) (22) Operating loss (837) (399) Finance income 1,574 321 Profit/(loss) on ordinary 737 (78) activities before taxation Taxation 3 (323) - Profit/(loss) for the year 414 (78) Earnings/(loss) per share Basic 4 0.5p (0.4p) Diluted 4 0.5p (0.4p) All amounts relate to continuing activities. Clerkenwell Ventures PLC Unaudited Balance Sheet as at 30 September 2008 As at As at 30 September 30 September 2008 2007 Unaudited Unaudited £'000 £'000 Non current Assets Property, plant and equipment 3 4 3 4 Current Assets Trade and other receivables 276 59 Cash at bank and in hand 29,918 29,245 30,194 29,304 Total Assets 30,197 29,308 Current Liabilities Trade and other payables (107) (253) Current taxation liabilities (310) - (417) (253) Net current assets 29,777 29,051 Net assets 29,780 29,055 Equity Called up share capital 4,122 4,122 Share premium account 24,898 24,894 Retained earnings 760 39 Total shareholders' equity 29,780 29,055 Clerkenwell Ventures PLC Unaudited Cash Flow Statement for the year ended 30 September 2008 Notes Year ended Year ended 30 September 30 September 2008 2007 Unaudited Unaudited £'000 £'000 Net cash absorbed by operating 5 (905) (245) activities Investing activities Acquisition of property, plant - (4) and equipment Interest received 1,574 321 Net cash generated by 1,574 317 investing activities Financing activities Proceeds from issuance of new 4 24,828 ordinary shares (net of expenses) Net cash from financing 4 24,828 activities Net increase in cash and cash 673 24,900 equivalents Cash and cash equivalents at beginning of the period 29,245 4,345 Cash and cash equivalents at 29,918 29,245 end of period Clerkenwell Ventures Unaudited Statement of Changes in Shareholders' Equity for the year ended 30 September 2008 Share Share Retained Total capital premium earnings equity £'000 £'000 £'000 £'000 At 1 October 2006 689 3,499 95 4,283 Loss for the period - - (78) (78) Total recognised income and - - (78) (78) expense Ordinary shares issued (net of 3,433 21,395 - 24,828 expenses) Share based payments - - 22 22 At 30 September 2007 4,122 24,894 39 29,055 Profit for the period - - 414 414 Total recognised income and - - 414 414 expense Ordinary shares issued (net of - 4 - 4 expenses) Share based payments - - 307 307 At 30 September 2008 4,122 24,898 760 29,780 Clerkenwell Ventures PLC Notes to the Unaudited Preliminary Results for the year ended 30 September 2008 * General information Clerkenwell Ventures PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is 1 Park Row, Leeds, LS1 5AB, United Kingdom. Copies of this Preliminary Statement may be obtained from the above address or the investor section of the Company's website at http://www.clerkenwellventures.com. 2. Basis of preparation The Group has adopted International Financial Reporting Standards and IFRIC Interpretations ("IFRS"). The Group will apply IFRS as adopted by the European Union. The preliminary results for the year ended 30 September 2008 do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year ended 30 September 2007 were prepared under UK GAAP and have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237(3) of the Companies Act 1985. The financial information for the year ended 30 September 2007 has been extracted from the statutory accounts for the Group for the period, amended to conform to the IFRS accounting policies applied in the financial statements for the year ended 30 September 2008. Included within note 6 is an analysis of how balance sheets, income statements and cash flow statements primarily prepared under UK GAAP have changed under IFRS. The preliminary announcement has been prepared using the same accounting policies as published in the interim announcement for the period ended 31 March 2008. The preliminary announcement is presented in Pounds Sterling because that is the currency of the primary economic environment in which the group operates. All values are rounded to the nearest thousand Pounds (£'000) except when otherwise indicated. 3. Taxation Year ended Year ended 30 September 30 September 2008 2007 Unaudited Unaudited £'000 £'000 Based on the result for the period: UK Corporation tax at 29% 310 - Under provision in earlier 13 - periods Total current tax 323 - Deferred taxation: Origination and reversal of - - timing differences Taxation payable 323 - 4. Earnings per share Year ended Year ended 30 September 30 September 2008 2007 Unaudited Unaudited £'000 £'000 Earnings for the purposes of basic and diluted earnings per share: - Profit/(loss) for the period 414 (78) Share based payments 307 22 Adjusted profit/(loss) for the period for the purposes of 721 (56) headline basic and diluted earnings per share Weighted Weighted Average Average number number of shares of shares '000 '000 Weighted average number of shares in issue for the 82,447 18,597 purposes of basic earnings per share Effect of dilutive potential ordinary shares: - Share options 500 - Weighted average number of shares for the purposes of diluted earnings per share 82,947 18,597 Earnings per share: Basic 0.5p (0.4p) Diluted 0.5p (0.4p) Adjusted basic 0.9p (0.3p) Adjusted diluted 0.9p (0.3p) On 11 September 2007, every 5 ordinary shares of 1 pence each in the Company were consolidated into 1 new ordinary share of 5 pence each in the Company. The weighted average number of shares in issue for the year ended 30 September 2007 has therefore been restated assuming the consolidation had taken place. 5. Notes to the cash flow statement Reconciliation of net cash flow from operating activities Year ended Year ended 30 September 30 September 2008 2007 Unaudited Unaudited £'000 £'000 Profit/(loss) before taxation 737 (78) Adjustments: Investment revenues (1,574) (321) Depreciation and amortisation 1 - Share based payments expense 307 22 Operating cash flows before (529) (377) movements in working capital Increase in trade and other (217) (41) receivables (Decrease)/increase in (146) 184 payables Cash generated from operating (892) (234) activities Taxation (13) (11) Net cash from operating (905) (245) activities 6. Transition to IFRS BASIS OF PREPARATION OF IFRS FINANCIAL INFORMATION The Company's Annual Report for the year ended 30 September 2008 comprises its first annual consolidated financial statements that comply with IFRS. The Company has applied IFRS 1 (First time adoption of International Reporting Standards) in preparing these results. The Company's Annual Report for the year ended 30 September 2008 will provide one year of comparative financial information and the opening balance sheet date for adoption of IFRS at 1 October 2006. IFRS 1 EXEMPTIONS IFRS 1 sets out the procedures that the Company must follow when adopting IFRS for the first time as the basis for preparing its consolidated financial statements. The Company is required to establish its IFRS accounting policies as at 30 September 2008 and, in general, apply these retrospectively to determine the IFRS opening balance sheet at the date of transition which is 1 October 2006. The standard provides a number of optional exemptions to this general principle. IMPACT OF TRANSITION TO IFRS There were no material differences between IFRS and UK GAAP on the Company's total equity shareholders' funds and profit for the period for the periods previously reported under UK GAAP following the date of transition to IFRS. This information is provided by RNS The company news service from the London Stock Exchange END FR USRNRWSRURAA
1 Year Clerkenwell Ventures Chart |
1 Month Clerkenwell Ventures Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions