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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Crystalband | LSE:CRYB | London | Ordinary Share | GB00B05R5L10 | 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% | 2.74 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0769Z Crystalband PLC 26 June 2007 CRYSTALBAND PLC ("Crystalband" or the "Company") INTERIM RESULTS FOR THE SIX MONTHS' PERIOD ENDED 31 MARCH 2007 Chairman's Statement The first half of this current financial year saw the implementation of the management changes we had proposed in my Chairman's statement accompanying the results for the year ended 30 September 2006. I am pleased to report that, despite the significant operational changes implemented at the start of the period, turnover for the six months' period ended 31 March 2007 amounted to #2,813,201, an increase of #717,201 on the same period last year. Disappointingly however, I have to report that despite the increase in turnover further losses have been made during this period with the losses on ordinary activities before taxation amounting to #318,853. However, #191,684 of the costs incurred in the period are a direct result of the previous operational inefficiencies and, encouragingly, the last 2 months of the period saw the company move into profitability on a month by month basis which has continued into the current trading period. Given the losses sustained in the year the board does not recommend the payment of a dividend We believe the management changes implemented in November 2006 are now starting to flow through into the Company's financial results and we also believe the business is now in a position to expand in a controlled and manageable manner. We have continued to develop our relationships with key customers and I am delighted to report that we have been included in further local authority contracts and have begun to develop trading relationships with a number of other key customers. This is very pleasing and I believe has resulted directly from the changes that were implemented at the beginning of this period. In summary, the period has again been a challenging one, particularly in the first 4 months of the period under review, but I believe we now have a solid foundation for the future and have a team in place to deliver good operational and financial performance in the remainder of this financial year. Alan Rothwell Chairman 26 June 2007 Consolidated Profit and Loss Account 6 months to 6 months to Year end 31.03.07 31.03.06 30.09.06 Unaudited Unaudited Audited Notes #'000 #'000 #'000 Turnover 2,813 2,096 5,035 Cost of sales (2,116) (1,416) (3,731) Gross Profit 697 680 1,304 Administrative expenses (944) (926) (1,899) Other operating income - 31 3 Operating Loss (247) (215) (592) Exceptional item - restructuring costs - (5) - Interest receivable 11 - 73 Interest payable and similar charges (83) (23) (135) Loss on Ordinary Activities Before Taxation (319) (243) (654) Tax on loss on ordinary activities - - - Loss for the Financial Year/Period (319) (243) (654) Loss per ordinary share (pence) (1.1)p (0.87)p (2.3)p Consolidated Balance Sheet 6 months to 6 months to Year to 31.03.07 31.03.06 30.09.06 Unaudited Unaudited Audited Notes #'000 #'000 #'000 Fixed Assets Intangible assets 3 2,814 2,975 2,894 Tangible assets 4 514 603 535 3,328 3,578 3,429 Current Assets Stocks 208 181 252 Debtors 5 1,135 810 1,368 Short term deposits - 1,600 1,600 Cash in hand 96 - 1 1,439 2,591 3,221 Creditors: Amounts falling due within one year 6 (4,220) (4,813) (5,771) Net Current Liabilities (2,781) (2,222) (2,550) Total Assets Less Current Liabilities 547 1,356 879 Creditors: Amounts falling due after more than one year 7 (86) (165) (99) 461 1,191 780 Capital and Reserves Called-up equity share capital 139 139 139 Share premium account 2,769 2,769 2,769 Profit and loss account (2,447) (1,717) (2,128) Shareholders' Funds 461 1,191 780 Consolidated Cash Flow Statement 6 months to 6 months to Year end 31.03.07 31.03.06 30.09.06 Unaudited Unaudited Audited #'000 #'000 #'000 Net Cash Inflow from Operating Activities 89 154 107 Returns on Investments and Servicing of Finance Interest received 10 - 73 Interest paid (64) (9) (121) Interest element of hire purchase (19) (2) (14) Net Cash (Outflow) from Returns on Investments & Servicing (73) (11) (62) of Finance Capital Expenditure Payments to acquire tangible fixed assets (14) (326) (121) Receipts from sale of fixed assets - - 29 Net Cash (Outflow) from Capital Expenditure (14) (326) (92) Cash Inflow/(Outflow) Before Financing 2 (183) (47) Financing Proceeds from new short term loans 250 - - Principal payment on hire purchase agreements (39) (11) (55) Net Cash Inflow/(Outflow) from Financing 211 (11) (55) Increase/(Decrease) in Cash 213 (194) (102) RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES #'000 #'000 #'000 Operating loss (247) (215) (592) Exceptional costs - (5) - Amortisation 80 42 161 Depreciation 36 80 71 Loss on disposal of fixed assets - - 5 Decrease in stocks 44 110 38 Decrease/(Increase) in debtors 1,833 125 (432) (Decrease)/Increase in creditors (1,657) 17 856 Net Cash Inflow from Operating Activities 89 154 107 1 ACCOUNTING POLICIES Basis of preparation The unaudited results for the six month period have been prepared on a basis consistent with the accounting policies of the Group and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2 LOSS PER SHARE Loss per share has been calculated on the net basis on the loss on ordinary activities after taxation of dividend by the average number of ordinary shares in issue of 27,866,401 (2006: 27,866,401). 3 INTANGIBLE FIXED ASSETS Cost Goodwill #'000 At 30 September 2006 and 31 March 2007 3,216 Amortisation At 30 September 2006 322 Charge for the period 80 At 30 September 2006 402 Net Book Value At 31 March 2007 2,814 At 30 September 2006 2,894 4 TANGIBLE FIXED ASSETS Plant & Fixtures & Motor Machinery Fittings Vehicles Total Group #'000 #'000 #'000 #'000 At 30 September 2006 606 6 21 633 Additions 13 2 - 15 Disposals - - - - At 31 March 2007 619 8 21 648 Depreciation At 30 September 2005 82 3 13 98 Charge for the period 31 2 3 36 On disposals - - - - At 31 March 2007 113 5 16 134 Net Book Value At 31 March 2007 506 3 5 514 At 30 September 2006 524 3 8 535 6 months to 6 months to Year end 31.03.07 31.03.06 30.09.06 Unaudited Unaudited Audited #'000 #'000 #'000 5 DEBTORS Trade debtors 978 737 1,193 VAT recoverable 5 - 5 Prepayments & accrued income 152 73 170 1,135 810 1,368 6 CREDITORS: Amounts falling due within one year Bank loans and overdrafts - 218 117 Trade creditors 749 618 1,063 Other tax and social security payable 491 222 240 Hire purchase agreements 86 90 111 Other creditors 2,832 3,557 4,119 Accruals & deferred income 62 108 121 4,220 4,813 5,771 7 CREDITORS: Amounts due after more than one year Hire purchase agreements 86 165 99 8 SHARE CAPITAL Authorised share capital: 31.3.2007 30.09.2006 #'000 #'000 31,000,000 Ordinary shares of #0.005 each 155 155 Allotted, called up and fully paid 31.3.2007 30.09.2006 Number # Number # Ordinary shares of #0.005 each 27,886,401 139,432 27,886,401 139,432 9 RESERVES Share Premium P & L Account Account # #'000 Balance brought forward 2,769 (2,128) Loss for the year - (319) Balance carried forward 2,769 (2,447) This information is provided by RNS The company news service from the London Stock Exchange END IR FFMRTMMBTBPR
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