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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emmit | LSE:EMT | London | Ordinary Share | GB00BFN09H12 | ORD 0.001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
EMMIT PLC ("Emmit" or the "Company") Half Yearly Report For the Six Months ended 30 June 2014 Chairman's Statement I have pleasure in presenting the financial results for the six months to 30 June 2014. It has been a positive time compared to the traumas of the reorganisation and disposals last year. Following the adoption of an investing policy in November 2013, the Company made two investments. On 11 March 2014, Emmit announced that it had acquired a 20 per cent. holding in Ximax Environmental Solutions Plc ("XESS") for £30,000, satisfied through the issue of 500,000 new Emmit shares and the issue of 4,500,000 warrants at 6p per share. Then, on 25 March 2014, Emmit acquired 25 per cent. of Ximax Oil & Gas Solutions ("XOG"), an associate company to XESS, for £90,000, satisfied through the issue of 1,800,000 warrants at 6p per share. Ximax Environmental Solutions and Ximax Oil & Gas (www.ximaxes.com) Formed in 2009, XESS is a niche water treatment company, which has developed a proprietary high purity chlorine dioxide solution, XzioX, an environmentally friendly and trade-marked, cost effective biocide and disinfection product. XOG was formed in January 2011, to further develop and enhance Xziox for specialist water treatment applications in the Oil and Gas industry, under the registered brand name of FlowXcel. XzioX is currently used by 200 agricultural clients in the UK and Ireland, of which 50 have been secured in XESS's current financial year. This increase in clients is expected to lead to strong growth in XESS's turnover and profit for the year to February 2015. Overseas, XESS secured an order for £100,000 from a Dubai governmental body in April of this year and continues to engage in positive discussions in the United Arab Emirates regarding the supply of XzioX for the treatment of water in parks and fountains throughout the region. Turnover for the year to February 2014 was £2,080,927 (2013: £11,583,414). The drop was due to the inclusion in the previous year of specialist equipment for the oil and gas trials, which were successfully completed earlier this year. Pre-tax profit for the period was £373,667 (2013: £589,484). Turnover for the six months to September 2014 was £814,797, with profit of £397,415. In August 2014, following successful field trials earlier this year, XOG, through its US distributor, American Flo Excel, LLC, signed a 10 year agreement with ROLCO Energy Services (www.rolcoenergyservices.com) to supply Ximax's FlowXcel product for water treatment in the US unconventional oil and gas industry. This has resulted in two orders to date, each of £100,000, with the expectation of regular orders to follow in the future. Capital Structure and Financing Post the period end, Emmit agreed with Leo Knifton, that Mr Knifton would sell all his remaining convertible loan notes with the buyers agreeing immediately to convert the loan notes into shares. This resulted in a significant increase in the Company's issued share capital and simplified the Company's capital structure such that Emmit now has 18,268,743 ordinary shares in issue along with 4,800,000 outstanding warrants at 6p per share. This process, together with a subscription for £70,000, raised approximately £293,000 for the Company which has enabled the Company to discharge its current liabilities and also provide sufficient working capital for the next 12 months. Outlook As an investing company under AIM Rule 15, if the Company does not either substantially fulfill its investing policy or carry out a reverse takeover within 12 months from the date of the adoption of the investing policy (being 14 November 2013) then trading in its shares will be suspended. Notwithstanding this, we have confidence in the value enhancing properties of our investments and, with the Company's capital structure now simplified, we are working towards our objective of completing a reverse takeover as soon as practical. Dean Cook Chairman For further information, please contact: EMMIT PLC Directors - D Cook/ A Davies Tel: +44 (0)1473 604504 Nominated Adviser - Daniel Stewart & Company Plc Tel: +44 (0) 20 7776 6550 Antony Legge / Alex Brearley Broker - Alexander David Securities Ltd Tel: +44 (0)20 7404 9400 Consolidated Statement of Comprehensive Income For the Six Months ended 30 June 2014 Notes Six months Year Six months to 30 June to 31 to 30 June December 2014 2013 2013 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Revenue 2 - - 170 Cost of Sales - - (150) ─────── ─────── ─────── Gross Loss/(Profit) - - 20 Administrative expenses (78) (88) (156) ─────── ─────── ─────── Operating Loss (78) (88) (136) Non Operating Items Losses on disposal of - (196) - subsidiaries Surplus arising on - 1,938 - settlements with trade creditors ────── ─────── ─────── (78) 1,654 (136) Finance Costs (6) (1) (122) ────── ─────── ─────── Profit/(Loss) from (84) 1653 (258) continuing operations Loss from discontinued (278) operations (net of tax) Taxation - - - ─────── ─────── ─────── Total comprehensive income (84) 1,375 (258) for the period ═══════ ═══════ ═══════ Profit/(Loss) per share 4 (2.98p) (18.54p) (1.30p) from continuing operations - (57.91p) - Profit/(Loss) per share from discontinued operations ═══════ ═══════ ═══════ Consolidated Balance Sheet For the Six Months ended 30 June 2014 Notes Six months Year to Six months to 30 June 31 December to 30 June 2014 2013 2013 (Unaudited) (Audited) (Unaudited) ASSETS £'000 £'000 £'000 Non-current assets Investments in associate 120 - - Intangible Assets - - 10 ─────── ─────── ─────── 120 - 10 ─────── ─────── ─────── CURRENT ASSETS Trade and other 47 38 20 receivables Cash and cash equivalents 23 30 - ─────── ─────── ─────── 70 68 20 ─────── ─────── ─────── Total Assets 190 68 30 ═══════ ═══════ ═══════ EQUITY Shareholders' Equity Called up share capital 5 2,206 2,206 2,171 Share premium 5,124 5,056 4,760 Retained earnings (7,484) (7,400) (9,033) ─────── ─────── ─────── Total Equity (154) (138) (2,102) ─────── ─────── ─────── Liabilities - greater than one year Interest bearing loans 36 45 359 ─────── ─────── ─────── 36 45 359 ─────── ─────── ─────── LIABILITIES CURRENT LIABILITIES Trade and other payables 157 161 1,233 Financial liabilities 151 - 540 ─────── ─────── ─────── 308 161 1,773 ─────── ─────── ─────── Total Equity and 190 68 30 Liabilities ══════ ═══════ ═══════ Consolidated Statement of Changesin Equity For the Six Months ended 30 June 2014 Called up Share Retained Total Share Premium Earnings Equity Capital £'000 £'000 £'000 £'000 Balance at 1 January 2013 2,171 4,760 (8,775) (1,844) Loss for period - - (258) (258) ─────── ────── ─────── ─────── Balance at 30 June 2013 2,171 4,760 (9,033) (2,102) Profit/(Loss) for the period - - 1,634 1,634 Issue of shares 35 296 - 331 ─────── ────── ─────── ─────── Balance at 31 December 2013 2,206 5,056 (7,400) (138) Loss for the period - - (84) (84) Issue of ordinary shares - 68 - 68 ─────── ────── ─────── ─────── Balance at 30 June 2014 2,206 5,124 (7,484) (154) ══════ ══════ ═══════ ═══════ Consolidated Statement of Cash flows As at 30 June 2014 Six months Year Six months to 30 June to 31 December to 30 June 2014 2013 2013 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Cash flows from operating activities Loss before tax (78) (244) (136) Creditors written of under the - 1,938 - company voluntary arrangement Loss on disposal of subsidiaries - (196) - (Increase)/decrease in - 101 101 inventories (Increase)/decrease in trade and 20 36 54 other receivables (Increase)/decrease in trade and (94) (1,502) (73) other payables Increase/(decrease) in other 151 (386) - loans ─────── ─────── ─────── Net cash from operating (1) (253) (54) activities ─────── ─────── ─────── Cash flows from investing activities Purchase of intangible fixed - - - assets Purchase of tangible fixed assets - - - ─────── ─────── ─────── - - - ─────── ─────── ─────── Cash flows from financing activities New loans in the year - 44 - Issue of equity - 331 - Repayment of loan - - 155 Finance interest paid (6) (123) (122) Disposal of patents and - 10 - trademarks ─────── ─────── ─────── Net cash from financing (6) 262 31 activities ─────── ─────── ─────── Increase/(decrease) in cash and (7) 9 (21) cash equivalents Cash and cash equivalents at the 30 21 21 beginning of period ─────── ─────── ─────── Cash and cash equivalents at the 23 30 - end of period ══════ ═══════ ═══════ Notes to the Half Yearly Report As at 30 June 2014 1. General Information EMMIT PLC, formerly Eruma plc, is a public limited company incorporated and domiciled in the United Kingdom with its shares listed on the AIM market of the London Stock Exchange. The company is now an investment company, having disposed of all its trading subsidiaries in the previous financial period. The interim financial statements for the period ended 30 June 2014 were approved by the Board of Directors on 30 September 2014. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Company's statutory financial statements for the year ended 31 December 2013, prepared under International Financial Reporting Standards ("IFRS"), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Sections 498(2) and 498 (3) of the Companies Act 2006. The interim financial information has been prepared using the accounting policies set out in the Company's 2013 statutory accounts. Copies of the annual statutory accounts and the interim report may be obtained by writing to the company at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE and can be found on the Company's website at www.emmitplc.com. 2. Segmental Reporting There was no trade during the eighteen months to 30 June 2014, thus no segmental reporting is required. 3. Exceptional Items There were no exceptional items during the period. 4. Earnings/(loss) per share The calculation of earnings share is based on the net result and ordinary shares in issue during the period as follows: Six months Year Six months to 30 June to 31 December to 30 June 2014 2013 2013 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Loss for the financial period From continuing operations (84) (89) (258) From discontinued - (278) - operations Weighted average shares in 2,832,045 480,017 219,466,498 issue in the period Loss per share - pence From continuing operations (2.98p) (18.54p) (1.30p) From discontinued - (57.91p) - operations Diluted earnings per share has not been disclosed due to the anti-dilutive effects of the potential ordinary shares on the basic earnings per share. 5. Share Capital During the period the company had the following shares in issue: Ordinary shares of £0.0001 each In issue 1 January 2014 1,993,763 Issue during the period 2,600,000 ─────── In issue 30 June 2014 4,593,763 ═══════ Weighted average shares in issue in the period 2,832,045
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