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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emerging Uk | LSE:EUI | London | Ordinary Share | GB00B03KMJ93 | 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% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8701R Emerging UK Investments Plc 26 February 2007 FOR IMMEDIATE RELEASE 26 February 2007 EMERGING UK INVESTMENTS PLC ("the Company") INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2006 Chairman's statement I am pleased to announce Emerging UK Investments plc results for the six months to 30 November 2006. The Company produced a loss before tax of #32,000 (Period ending 30 November 2005 profit #39,000). The net asset value of the Company was #708,000 or 7.4p per share compared to an average market price of approximately 5p over the last 6 months. During the period under review the Company made a number of new investments, including: Famous Retail Ltd Invested: #45,000 Date: September 2006 Famous Retail is a retailer of sports and celebrity memorabilia operating 19 stores throughout the UK. This investment was made as part of a consortium which invested a total of #350,000. Pathway One PLC Invested: #5,000 Date: November 2006 Pathway One is an investment Company making investments into the Software industry. The Company is seeking a listing in due course. During the period under review the Company made a number of disposals which included: Consolidated Vending plc Disposed of #50,335 Date: September 2006 This company was formed as a result of a merger between Bfresh Ltd a toiletries vending business and Snap Digital Ltd a photo booth vending business. Consolidated Vending plc listed on AIM in December 2006 and the Company's holding stands at a substantial premium to the book value of #49,665. Forknall Ltd Disposed of #5,000 Date: June 2006 This Company went into liquidation on 25th October 2006. The Company received #5,000 in consideration for its share capital before the company went into liquidation. The Directors have reviewed the Company's portfolio of investments and considers that these are in line with its book value having provided for the liquidation of Forknall Ltd. The Company continues to search for value enhancing investments. It is also looking at ways to realise value from certain companies within its portfolio and it is expecting to make a number of disposals over the coming months. Your board remains confident of its future prospects. Renwick Haddow Chairman EMERGING UK INVESTMENTS PLC Consolidated Income Statement for the six months ended 30 November 2006 Note Six months ended 30 Six months ended 30 Year ended 31 November 2006 November 2005 May 2006 Unaudited Unaudited Audited #000 #000 #000 Turnover 101 191 215 Profit on disposal of investments Cost of sales (73) (93) (93) -------- -------- -------- Gross profit 28 98 122 Administrative expenses (60) (62) (163) -------- -------- -------- (Loss)/profit from operations before other income (32) 36 (41) Investment income - 3 7 -------- -------- -------- (Loss)/profit on ordinary activities before taxation (32) 39 (34) Tax on (loss)/profit on ordinary activities 2 - - - -------- -------- -------- Retained (loss)/profit for the financial period (32) 39 (34) ======== ======== ======== ======== ======== ======== (Loss)/Earnings per ordinary share 3 (0.34)p 0.44p (0.36)p Basic and fully diluted ======== ======== ======== Consolidated Balance sheet at 30 November 2006 Note Six months ended 30 Six months ended 30 Year ended 31 November 2006 November 2005 May 2006 Unaudited Unaudited Audited #000 #000 #000 Non current assets Investments 4 652 599 581 Current assets Trade and other receivables 78 126 46 Investments held as current 5 - - 125 assets Cash at bank and in hand 34 106 17 -------- -------- -------- 112 232 188 Current liabilities (56) (32) (29) -------- -------- -------- Net current assets 56 200 159 -------- -------- -------- Total assets less current liabilities 708 799 740 ======== ======== ======== Capital and reserves Called up share capital 6 95 95 95 Share premium account 7 209 209 209 Revaluation reserve 7 14 - 14 Retained earnings 390 495 422 -------- -------- -------- Total shareholders equity 8 708 799 740 ======== ======== ======== Consolidated Cash flow statement for the six months ended 30 November 2006 Six months ended 30 Six months ended 30 Year ended 31 November 2006 November 2005 May 2006 #000 #000 #000 Operating activities (Loss)/Profit from activities (32) 36 (41) Adjustments for: Provision for permanent diminution in value of non current investments - - 32 Loan write off 25 - 14 (Profit) on disposal of investments (101) (191) (215) (Increase) in debtors (32) (111) (31) Increase in creditors 27 21 18 -------- -------- -------- Net cash generated/(used) by operating activities (113) (245) (223) ======== ======== ======== Investing Activities Interest received - 3 7 Purchase of fixed asset investments (21) (16) (128) Sale of fixed asset investments 151 423 430 -------- -------- -------- Net cash generated by investing activities 130 410 309 ======== ======== ======== Financing activities Share issue expenses - (4) (4) Loans made - (115) (125) -------- -------- -------- Net cash (used)/generat ed by financing activities - (119) (129) ======== ======== ======== Net(decrease)/inc rease in cash and cash equivalents 17 46 (43) Cash and cash equivalents at the start of the period 17 60 60 -------- -------- -------- Cash and cash equivalents at the end of the period 34 106 17 ======== ======== ======== Notes 1 BASIS OF PREPARATION The Directors approved the interim financial statements on 26 February 2007. The interim financial information for the six months to 30 November 2006 is unaudited and has been prepared based on the accounting policies set out in the statutory accounts for the year ended 31 May 2006. These accounting policies are also expected to be adopted in the statutory accounts for the year ended 31 May 2007. The interim financial information for the six months ended 30 November 2006 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 May 2006, which received an unqualified auditors' report, have been delivered to the Registrar of Companies. 2 TAXATION There is no tax liability for the periods reported and no deferred tax asset has been recognised in respect of the tax losses carried forward. 3 (LOSS)/EARNINGS PER ORDINARY SHARE The calculation of basic (loss)/earnings per share is based on loss of #32,000 (six months ended 30 November 2005: profit of #39,000, year ended 31 May 2006: loss of #34,000) and ordinary shares of 9,510,000 (30 November 2005: 8,914,167; 31 May 2006: 9,455,833) being the weighted average number of ordinary shares in issue during the period. 4 FIXED ASSET INVESTMENTS Six months ended 30 Six months ended 30 Year ended 31 May November 2006 November 2005 2006 #000 #000 #000 Listed investments 134 263 84 Unlisted investments 518 336 497 -------- -------- -------- 652 599 581 ======== ======== ======== 5 INVESTMENTS HELD AS CURRENT ASSETS Six months ended 30 Six months ended 30 Year ended 31 May November 2006 November 2005 2006 #000 #000 #000 Valuation at start of 125 228 228 period Additions - - 125 Disposals (125) (228) (228) -------- -------- -------- Valuation at - - 125 end of ======== ======== ======== period 6 SHARE CAPITAL Six months ended 30 Six months ended 30 Year ended 31 November 2006 November 2005 May 2006 #000 #000 #000 ======== ======== ======== Authorised: 150 150 150 15,000,000 Ordinary shares of 1p each ======== ======== ======== ======== ======== ======== Issued: 95 95 95 9,510,000 Ordinary shares of 1p each ======== ======== ======== 7 RESERVES Six months ended 30 Six months ended 30 Year ended 31 November 2006 November 2005 May 2006 #000 #000 #000 Share Premium Account 209 164 164 At start of period Issue of equity shares - 49 49 Expenses of share issue - (4) (4) -------- -------- -------- At end of period 209 209 209 Revaluation Reserve 14 80 80 At start of period Revaluation arising in period on investments - - 14 Revaluation released on disposal of investments - (80) (80) -------- -------- -------- At end of period 14 - 14 ======== ======== ======== 8 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Six months ended 30 Six months ended 30 Year ended 31 November 2006 November 2005 May 2006 #000 #000 #000 Profit/(loss) for the financial period (32) 39 (34) New share capital subscribed (including premium and expenses) - 51 51 Revaluation (released)/ ari - (80) (66) sing in period Opening shareholders' funds 740 789 789 -------- -------- -------- Closing shareholders' funds 708 799 740 ======== ======== ======== 9 EXPLANATION OF TRANSITION TO IFRS The group adopted IFRS for the first time for the audited financial statements for the year ended 31 May 2006. The interim results for the six months to 30 November 2005 were prepared under UK GAAP and hence have been restated to reflect IFRS. A detailed explanation of the transition to IFRS is given in the financial statements for the year ended 31 May 2006. The Group previously consolidated using merger accounting, which is prohibited under IFRS. Consequently, the merger reserve of #1,072,000 that existed under merger accounting has been taken to the income statement, under IFRS 3 Business Combinations, and hence the profit and loss account at 31 May 2005 under IFRS became #456,000 as opposed to a negative reserve of #616,000 under UK GAAP and the merger reserve became #nil. 10 COPIES OF INTERIM REPORT Copies of the interim report are available from the Company's Registered Office at 4 Sovereign Court, Graham Street, Birmingham, B1 3JR. Contact: Emerging UK Investments Plc Renwick Haddow Tel: +44 (0)20 7623 3345 Beaumont Cornish Limited Roland Cornish Tel: +44 (0)20 7628 3396. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLSFVIRFID
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