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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cupid | LSE:CUP | London | Ordinary Share | GB00B4NJ4984 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCSI
RNS Number : 0960Z
Castle Street Investments PLC
15 September 2015
Date: 15 September 2015 On behalf Castle Street Investments plc ('Castle of: Street Investments', the 'Company' or the 'Group')
Castle Street Investments plc
Half Yearly Report
Castle Street Investments plc (AIM: CSI), today announces its unaudited half-year results for the six months ended 30 June 2015 ("H1 2015").
Period highlights
-- Operating profit of GBP1.5m (H1 2014: loss GBP4.2m) -- Profit after tax of GBP1.6m (H1 2014: loss GBP2.4m) -- Earnings per share of 2.30p (H1 2014: loss 3.31p)
-- Strong cash position of GBP18m at 30 June 2015 (31 Dec 2014: GBP12.1m) plus deferred consideration of GBP4.8m receivable in instalments by December 2015.
Post period highlights
-- A further GBP2.7m of deferred consideration has been received since 30 June 2015 -- Net cash at the end of December 2015, expected to be in excess of GBP21.5m, 30.5p per share -- Capital reduction approved on 28 August 2015 -- Distributable reserves anticipated to be in excess of GBP21m by December 2015
Commenting on the results, Bill Dobbie, Chairman Castle Street Investments plc, said:
"We have continued to make strong progress in closing out our liabilities on favourable terms, thereby preserving cash for shareholders. Accordingly, the Directors anticipate that the Company's cash balance at December 2015, net of liabilities, is likely to be in excess of GBP21.5m. On this basis, estimated net cash balances at the year-end would represent 30.5p per share. With the reduction of capital approved we will have distributable reserves in excess of GBP21m.
We continue to evaluate acquisition targets in line with our stated investment policy, as an alternative to a cash distribution to shareholders."
For further information please contact:
Castle Street Investments plc Tel: +44 (0)131 526 3600 Niall Stirling, CFO Bill Dobbie, Chairman N+1 Singer (Nominated Adviser Tel: +44 (0)207 496 and Broker) 3000 Sandy Fraser Jen Boorer Ben Griffiths
Further information on the Company can be found at www.castlestreetinvestments.com .
Chairman's Statement
Introduction
Since the completion of the disposal of our Traditional Dating assets in December 2014 we have been focused on ensuring a smooth exit from the dating business and related liabilities and on turning the Company into a well-capitalised cash shell that can be utilised for new opportunities in line with our proposed Investing Policy or to support a return to shareholders. Outgoings are being kept to a minimum and significant progress has been made in closing the various of its liabilities on satisfactory terms, thereby preserving cash for shareholders. The Directors anticipate that the Company's cash balance at December 2015, net of liabilities, is likely to be in excess of GBP21.5m. On this basis, estimated net cash balances at the year-end would represent 30.5p per share.
We continue to evaluate acquisition targets in line with our stated investment policy, as an alternative to a cash distribution to shareholders. In the absence of identifying one or more suitable investment opportunities, we anticipate bringing a proposal to shareholders for an initial distribution before the end of December 2015.
Financial Review
Following the disposal of the trading assets in December 2014 revenue for the Group was insignificant. A profit before tax of GBP2m reflected the success in closing out historic liabilities. Provisions of GBP1.6m established in December in respect of US legal claims and UK property costs were released in the period being no longer required.
Financial income of GBP0.5m is largely due to the financial discount on the proceeds of sale of the casual dating business which unwinds as the terms of the deferred consideration are fulfilled. GBP6.7m of deferred consideration has been received in line with the agreed schedule.
Trade and other receivables of GBP4.7m relate to the remaining deferred consideration.
Provisions fell to GBP0.4m (December 2014: GBP3m) with GBP0.9m of costs absorbed and the balance released.
Events after the balance sheet date
A further GBP2.7m of deferred consideration has been received on schedule since June 2015. In addition the tax repayment has been received as expected. A number of smaller liabilities have been resolved and residual provisions are now c GBP0.2m.
The application to cancel the share premium account and the capital redemption reserve was heard by the Court and approved on 28 August 2015. Consequently, as at the end of August the Company had distributable reserves of GBP21.5m. A Company balance sheet as at 31 August is attached by way of illustration.
Bill Dobbie
Chairman
Castle Street Investments plc
Interim Results FY2015
Consolidated interim statement of comprehensive income
Six months ended 30 Discontinued Discontinued June 2015 Total Total Unaudited H1 2015 H1 2014 GBP000 GBP000 Revenue 88 7,177 Cost of sales (31) (8,416) ----------------------------------- ---- ----- ------------- --------------- Gross profit/ (loss) 57 (1,239) Administrative expenses 1,492 (2,926) ----------------------------------- ---- ----- ------------- --------------- Operating profit/(loss) Analysed as: 1,549 (4,165) ----------------------------------- ---- ----- ------------- --------------- Earnings before interest, tax, depreciation, amortisation, share based payments, and exceptional costs (135) (2,824) Share based payments - (11) Depreciation of plant and equipment - (123) Amortisation of intangible assets - (1,207) Release of exceptional 1,684 - cost provision Financial income 467 1,125 Gain on sale of tangible 11 - assets Profit/(loss) before taxation 2,027 (3,040) Taxation (charge)/ credit (391) 683 ----------------------------------- ---- ----- ------------- --------------- Profit/(loss) for the period after taxation 1,636 (2,357) ----------------------------------- ---- ----- ------------- --------------- Other comprehensive income: Items that are or may be classified subsequently to profit or loss: Foreign exchange translation differences - equity accounted investments 9 (79) ----------------------------------- ---- ----- ------------- --------------- Profit/(loss) for the period and total comprehensive income all attributable to equity holders of the parent 1,645 (2,436) ----------------------------------- ---- ----- ------------- --------------- Basic and diluted earnings per share Basic (p per share) 2.30 (3.31) Diluted (p per share) 2.30 (3.31) ----------------------------------- ---- ----- ------------- -------------
Castle Street Investments plc
Interim Results FY2015
Consolidated interim statement of financial position at 30 June 2015
Unaudited Unaudited Audited H1 2015 H1 2014 FY 2014 GBP000 GBP000 GBP000 ------------------------------ ---------- ---------- --------- Non-current assets Plant and equipment - 348 - Intangible assets - 4,167 - Trade and other receivables - 11,749 - ------------------------------ ---------- ---------- --------- - 16,264 - ------------------------------ ---------- ---------- --------- Current assets Trade and other receivables 4,760 10,969 11,974 Taxation 557 1,276 1,033 Cash and cash equivalents 17,954 11,355 12,139 23,271 23,600 25,146 ------------------------------ ---------- ---------- --------- Total assets 23,271 39,864 25,146 ------------------------------- ---------- ---------- --------- Current liabilities Trade and other payables 936 8,675 1,840 Provisions 391 - 2,753 1,327 8,675 4,593 ------------------------------ ---------- ---------- --------- Non-current liabilities Deferred tax liabilities - 553 - Provisions - - 254 - 553 254 Total liabilities 1,327 9,228 4,847
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