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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energy Asset | LSE:EAM | London | Ordinary Share | GB00B06LR386 | 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% | 0.15 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Embargoed: 0700hrs 29 September 2006 ENERGY ASSET MANAGEMENT PLC INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2006 Chairman's Statement Highlights * First results post reverse takeover of Energy Assets Limited ("EAL") - reflecting predominantly historic financials prior to acquisition * Significant progress made in the following areas: a. obtaining necessary regulatory and other approvals to allow EAL to service contracts b. installation and operation of the Company's information technology system which enables electronic, remote data collection c. product trials with major retail groups, subsequently leading to agreement to provide services to a significant part of one retailer's portfolio of stores Chairman's Statement These are the first results following the acquisition, in March of this year, of Energy Assets Limited, a company set up to provide meter asset management services, including utilising new forms of technology, to industrial and commercial users of gas and electricity and their suppliers. Losses before and after taxation for the period were £346,484. The cash balances at the period end were £725,812 and remain under strict control. Since the acquisition of EAL on 9 March 2006, the Company has obtained the necessary regulatory and other approvals to allow the servicing of contracts. This has enabled us to begin to install and operate our information technology system which enables energy suppliers to, among other things, collect data more efficiently from industrial and commercial users of gas and electricity. In this time we have commenced product trials with a number of major retail groups, the success of which has led, so far, to one major retailer commissioning our services for a significant part of their portfolio. We expect similar positive outcomes and roll-outs as we continue to expand our product trials. It was previously anticipated that as contracts were successfully negotiated with customers that their existing meter installations would be purchased from National Grid. However, a review of key portfolios has resulted in a significant percentage of existing industrial and commercial metering installations being unable to provide for future "Smart Measurement" and "Electronic Data Collection" requirements. We have developed a solution which allows for upgrading older meter installations and subsequent provision of the latest in "Smart Measurement Technology." This is an issue that customers have faced for some time and has been readily accepted by the companies target end user market, resulting in further trials with blue chip customers and a contract negotiation for EAL's "bundled service" offering of gas meter asset management, electricity meter ownership and data collection/management for both Gas and Electricity. We look forward to reporting further significant progress to you as it occurs. Stephen Barclay Chairman 28 September 2006 For further information please contact Stephen Barclay Chairman Tel. 07767 444 114 Alan McKeating Chief Executive Tel. 01506 425 660 Ben Simons Hansard Group Tel. 020 7245 1100 ENERGY ASSET MANAGEMENT PLC UNAUDITED PROFIT AND LOSS ACCOUNT For the six month period ended 30 June 2006 Note 30 30 31 December June June 2005 2006 2005 £ £ £ Turnover 450 - - Operating expenses (357,515) (8,655) (33,543) Operating loss (357,065) (8,655) (33,543) Interest income 10,581 1,903 8,657 Loss before taxation (346,484) (6,752) (24,886) Taxation - - - Loss after taxation (346,484) (6,752) (24,886) Dividends paid - - - Retained loss for the period (346,484) (6,752) (24,886) Loss per share (pence) - basic 2 (0.21) p (0.04) p (0.12) p and diluted The Company's expenses all relate to continuing operations. The Company has no recognised gains or losses other than the loss for the period, which has been calculated on the historical cost basis. The comparative results to 30 June 2005 reflect the four month period from incorporation on 4 March 2005. ENERGY ASSET MANAGEMENT PLC UNAUDITED BALANCE SHEET As at 30 June 2006 30 30 31 June June December 2006 2005 2005 £ £ Fixed Assets Tangible assets 22,531 - - Intangible assets- Goodwill 2,480,019 - - Current assets Cash at bank 725,812 323,923 312,378 Debtors and prepayments 27,050 8,119 4,431 752,862 332,042 316,809 Creditors: amounts falling due (75,169) (12,258) (15,159) within one year Net current assets 677,693 319,784 301,650 Net assets 3,180,243 319,784 301,650 Capital and reserves Called up share capital 3 2,467,684 219,351 219,351 Share premium account 1,083,929 107,185 107,185 Profit and loss account (371,370) (6,752) (24,886) Shareholders' funds 3,180,243 319,784 301,650 Reconciliation of movements in shareholders' funds for the period ended 30 June 2006 Share Share Profit & Total Capital Premium Loss Shareholders' Account Funds £ £ £ £ Balance at 31 December 2005 219,351 107,185 (24,886) 301,650 Acquisition of Energy Assets Ltd on 1,415,000 707,500 - 2,122,500 9 March 2006 Additional issues on 9 March 2006 833,333 416,667 - 1,250,000 Non capitalised costs - (147,423) - (147,423) (Loss) for the period - - (346,484) (346,484) Balance at 30 June 2006 2,467,684 1,083,929 (371,370) 3,180,243 ENERGY ASSET MANAGEMENT PLC UNAUDITED CASHFLOW STATEMENT For the Period ended 30 June 2006 30 June 30 June 31 December 2006 2005 2005 £ £ £ Reconciliation of operating loss to net cash outflow from operating activities Operating loss (357,065) (8,655) (33,543) Increase in debtors (11,210) (8,119) (4,431) Increase/(decrease) (53,081) 12,258 15,159 in creditors Net cash outflow from (421,356) (4,516) (22,815) operating activities Cash flow statement Net cash outflow from (421,356) (4,516) (22,815) operating activities Returns on investment and servicing of finance Interest income 10,581 1,903 8,657 Capital expenditure Payments to acquire (22,531) - - tangible fixed assets Acquisitions and disposals Purchase of (2,382,690) - - subsidiary undertaking Cash acquired with 4,353 - - subsidiary Net cash outflow from (2,378,337) - - acquisitions and disposals - Cash outflow before (2,811,643) (2,613) (14,158) financing Financing Issue of shares 3,372,500 398,701 398,701 Costs of issue (147,423) (72,165) (72,165) Net cash inflow from 3,225,077 326,536 326,536 financing Increase in cash 413,434 323,923 312,378 ENERGY ASSET MANAGEMENT PLC UNAUDITED CASHFLOW STATEMENT For the Period ended 30 June 2006 continued Analysis of changes in net funds Cash at bank: At start of the period 312,378 - - Cashflows 413,434 323,923 312,378 At period end 725,812 323,923 312,378 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1 The financial information for the period ended 30 June 2006 is unaudited and has been prepared on the basis of the Company's adopted accounting policies. This financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. 2 Loss per share The loss per share has been calculated by dividing the loss after taxation of £346,484 by the weighted average number of Ordinary Shares in issue for the period of 163,080,420. As the Company incurred a loss for the period, the warrants in existence do not have a dilutive effect and therefore the basic and diluted loss per share are the same. 3 Share capital At 30 June 2006 the Company had 246,768,383 Ordinary Shares of 1p each in issue. END
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