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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Emondo.Com | LSE:EMO | London | Ordinary Share | GB0004635065 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3716P
emondo.Com PLC
2 January 2002
For Immediate Release
2 January 2002
EMONDO.COM PLC
("emondo", "the Company" or "the Group")
Interim Results for the six months ended 30 June 2001
and Appointment of Director
Chief Executive's Statement
In the six months ended 30 June 2001 the Company incurred a loss of #604,996.
This was due, in the main, to the cost of failed negotiations, relocation and
redundancy costs. No new sales were made during the period or in the second
half of the year. The six months to 31 December 2001 will also result in a
loss which represents the costs associated with finding new investors and
general overheads. The immediate prospects of the Company are extremely
uncertain and the Company will need to cease trading and enter into insolvency
proceedings unless funds are forthcoming.
Following the resignation of Mr L Ashenden the Company was left with just one
Director and in order to comply with the Companies Act 1985 (as amended) and
to enable the Financial Statements to be signed. Cosmos Holdings NV is
shortly to be replaced by an independent non-executive director.
Cosmos Holdings NV is a private holding company owning 50 per cent. of the
ordinary share capital of emondo, registered in the Netherlands Antilles,
controlled by Mr F Cavalli, Chief Executive of emondo, and has nothing to
declare in respect of Schedule 2(f) (ii) - (viii) of the Rules of the
Alternative Investment Market.
Fabio Cavalli
Chief Executive
31 December 2001
Consolidated Profit and Loss Account
for the six months ended 30 June 2001
Note Six months Period ended
30 June 31 December
2001 2000
# #
(Unaudited) (Audited)
Turnover - 124,827
Cost of sales - 229,075
-------- --------
Gross loss - (104,248)
Administrative expenses (598,552) (1,504,254)
-------- --------
Operating loss (598,552) (1,608,502)
Interest receivable and similar income 6,957 33,073
Interest payable and similar charges (13,401) (17,076)
-------- --------
Loss on ordinary activities before taxation (604,996) (1,592,505)
Tax on loss on ordinary activities - -
-------- --------
Loss on ordinary activities after taxation (604,996) (1,592,505)
Minority interest - 3,538
-------- --------
Loss for the period (604,996) (1,588,967)
======== ========
Loss per share 1 4.3p 15.6p
Consolidated Balance Sheet
as at 30 June 2001
As at As at
30 June 31 December
2001 2000
# #
(Unaudited) (Audited)
Fixed assets
Intangible assets - 27,134
Tangible assets - 77,810
-------- --------
- 104,944
Current assets
Debtors (1,630) 213,857
Cash at bank and in hand 87,387 470,164
-------- --------
85,757 684,021
Creditors: amounts falling due within one (317,998) (419,690)
year
-------- -------- --------
Net current assets (232,241) 264,331
-------- --------
Total net assets (232,241) 369,275
======== ========
Capital and reserves
Called up share capital 700,000 700,000
Share premium 1,275,781 1,275,781
Retained loss (1,603,026) -
Profit and loss account (604,996) (1,603,026)
-------- -------- -------
Shareholders' funds (232,241) 372,755
Minority interest - (3,480)
-------- --------
(232,241) 369,275
======== ========
Notes to the Interim Results for the six months ended
30 June 2001
1 Loss per share
The loss per share is 4.3 pence and is based on a loss of #604,996 and the
average number of shares in issue of 14,000,000.
2 Dividends
The Directors are not proposing the payment of a dividend in respect of the
six months ended 30 June 2001.
3 Publication of non-statutory accounts
The financial information set out in the Interim Results announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985 (as amended).
The consolidated balance sheet at 30 June 2001 and the consolidated profit and
loss account and associated notes for the period then ended have been
extracted from the Company's financial statements. Those financial statements
have not yet been delivered to the Registrar of Companies, nor have the
auditors reported on them.
4 Summary financial information
The summary financial information for the eleven months ended 31 December 2000
included above has been extracted from the full financial statements for the
period then ended which will be filed with the Registrar of Companies. The
auditors were not able to form an opinion on those financial statements due to
the level of uncertainty regarding the going concern status of the Company and
the Group.
As stated in note 1 to the financial statements for the eleven months ended 31
December 2000 a third party has indicated its interest in investing funds into
the Company subject to certain conditions being met. These conditions include
a settlement being agreed with the Company's creditors and the passing of
certain resolutions at a General Meeting of the Company.
The Board intends that, subsequent to the General Meeting, once the new funds
have been released to the Company and once the other matters referred to in
note 1 to the financial statements have been satisfied a formal statement will
be issued with regard to the going concern status of the Company and the
Group. The Board intends to have, and intends to request any new Board
howsoever constituted likewise to have, the auditors review and report on this
further statement.
5 Copies of the Interim Results are available from the Company's Registered
Office, New Garden House, 78 Hatton Garden, London EC1N 8JA and John East &
Partners Limited, Crystal Gate, 28-30 Worship Street, London EC2A 2AH.
For Further Information please contact:-
Emondo.com plc Tel: 0041 79 688 08 66
Fabio Cavalli
John East & Partners Ltd Tel: 020 7628 2200
Jeffrey Coburn
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