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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| IQ Holding | LSE:IQH | London | Ordinary Share | GB00B29LZR97 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.08 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMIQH
RNS Number : 1039H
IQ Holdings plc
12 February 2010
IQ Holdings plc
12 February 2010:
IQ Holdings Plc ("IQH" or "the Company") announces its interim results for the
period ended 30 September 2009.
Chairman's Report for 12 Months Ended 30th September 2009
I am pleased to announce the unaudited interim results of IQ Holdings plc ("IQH"
or "the Company") for the twelve months ended 30th September 2009. The Company
has changed its year end to 31 March 2010 as it disposed of its remaining
operating subsidiaries on 29 January 2010. This transaction substantially
altered the future strategy and financial position of the Company.
These results include the results of Viewpoint Field Services Limited
("Viewpoint") and The Wire Services (UK) Limited ("The Wire") since their
acquisition on 29 January 2009 and show a loss for the 12 month period of
GBP640,000. The Wire ceased trading at the end of February 2009. Viewpoint and
Rosslyn Research Ltd ("Rosslyn") were disposed of to Rivington Street Holdings
plc on 29 January 2010.
Following the disposal, the Company's shareholders will receive a distribution
of shares in Rivington Street Holdings plc. As part of the terms of the disposal
Julian Green and Gale Blears have resigned as directors of the Company, since
they will be fully engaged in running the Viewpoint and Rosslyn businesses. In
addition, Neil McGowan and Joe Seydel have resigned their positions as non-
executive directors.
I would like to express both my personal and corporate thanks to the departing
directors for their contribution to the Company over the past few years.
Following the disposal of Viewpoint and Rosslyn the Company has been classed as
an investing company and its strategy is to seek acquisition opportunities in
the real estate, manufacturing or marketing sectors both abroad and in the UK. I
hope to advise on developments in this area in due course.
Contacts:
John Mitchel
IQ Holdings plc
Tel: 0208 099 0579
Fiona Kindness / Gerry Beaney
Grant Thornton Corporate Finance (Nomad)
Tel: 0207 7383 5100
UNAUDITED CONSOLIDATED INCOME STATEMENT
TWELVE months ended 30 SEPTEMBER 2009
+----------------------------+---------+------------+-----------+-----------+
| | | 12 months | 6 months | 12 |
| | | ended | ended | months |
| | | 30 | 31 March | ended |
| | | September | 2009 | 30 |
| | | 2009 | | September |
| | | | | 2008 |
+----------------------------+---------+------------+-----------+-----------+
| | Note | Unaudited | Unaudited | Audited |
+----------------------------+---------+------------+-----------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+---------+------------+-----------+-----------+
| Continuing operations | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Revenue | | - | - | - |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Cost of sales | | - | - | - |
+----------------------------+---------+------------+-----------+-----------+
| Gross profit | | - | - | - |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Other administrative | | (205) | (100) | (211) |
| expenses | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Loss from operating | | (205) | (100) | (211) |
| activities | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Net finance expense | | (15) | (4) | (9) |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Loss before taxation | | (220) | (104) | (220) |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Income tax expense | | - | - | - |
+----------------------------+---------+------------+-----------+-----------+
| Loss from continuing | | (220) | (104) | (220) |
| operations | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Loss from discontinued | | (420) | (194) | (220) |
| operations | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Loss for the period | | (640) | (298) | (440) |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
| Basic and diluted loss per | 2 | (0.075)p | (0.05)p | (0.60)p |
| ordinary share from | | | | |
| continuing and | | | | |
| discontinued operations | | | | |
+----------------------------+---------+------------+-----------+-----------+
| | | | | |
+----------------------------+---------+------------+-----------+-----------+
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2009
+--------------+-----------+-----------+-----------+
| | At | At | At 30 |
| | 30 | 31 | September |
| | September | March | 2008 |
| | 2009 | 2009 | Audited |
| | Unaudited | Unaudited | |
+--------------+-----------+-----------+-----------+
| | | | |
| | GBP'000 | GBP'000 | GBP'000 |
+--------------+-----------+-----------+-----------+
| Non | | | |
| current | | | |
| assets | | | |
+--------------+-----------+-----------+-----------+
| Property, | - | 223 | - |
| plant and | | | |
| equipment | | | |
+--------------+-----------+-----------+-----------+
| Intangible | - | 2,931 | 1,122 |
| assets | | | |
+--------------+-----------+-----------+-----------+
| Total | - | 3,154 | 1,122 |
| non | | | |
| current | | | |
| assets | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| Current | | | |
| assets | | | |
+--------------+-----------+-----------+-----------+
| Trade | - | 1,009 | 224 |
| and | | | |
| other | | | |
| receivables | | | |
+--------------+-----------+-----------+-----------+
| Cash | - | 161 | 13 |
| and | | | |
| cash | | | |
| equivalents | | | |
+--------------+-----------+-----------+-----------+
| Assets | 3,898 | - | - |
| of | | | |
| disposal | | | |
| group | | | |
| held for | | | |
| sale | | | |
+--------------+-----------+-----------+-----------+
| Total | 3,898 | 1,170 | 237 |
| current | | | |
| assets | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| Total | 3,898 | 4,324 | 1,359 |
| assets | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| Current | | | |
| liabilities | | | |
+--------------+-----------+-----------+-----------+
| Short-term | - | (290) | (169) |
| borrowings | | | |
+--------------+-----------+-----------+-----------+
| Trade | - | (1,794) | (745) |
| and | | | |
| other | | | |
| payables | | | |
+--------------+-----------+-----------+-----------+
| Liabilities | (3,034) | - | - |
| directly | | | |
| associated | | | |
| with assets | | | |
| of disposal | | | |
| group held | | | |
| for sale | | | |
+--------------+-----------+-----------+-----------+
| Total | (3,034) | (2,084) | (914) |
| current | | | |
| liabilities | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| | | | |
| Non | | | |
| current | | | |
| liabilities | | | |
+--------------+-----------+-----------+-----------+
| Provisions | - | (444) | - |
+--------------+-----------+-----------+-----------+
| Long | - | (700) | (13) |
| term | | | |
| borrowings | | | |
+--------------+-----------+-----------+-----------+
| Total | - | (1,144) | (13) |
| non | | | |
| current | | | |
| liabilities | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| Total | (3,034) | (3,228) | (927) |
| liabilities | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| Net | 864 | 1,096 | 432 |
| assets | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| Capital | | | |
| and | | | |
| reserves | | | |
+--------------+-----------+-----------+-----------+
| Called | 494 | 459 | 346 |
| up | | | |
| share | | | |
| capital | | | |
+--------------+-----------+-----------+-----------+
| Share | 1,908 | 1,833 | 984 |
| premium | | | |
| account | | | |
+--------------+-----------+-----------+-----------+
| Profit | (1,538) | (1,196) | (898) |
| and | | | |
| loss | | | |
| account | | | |
+--------------+-----------+-----------+-----------+
| Equity | 864 | 1,096 | 432 |
| attributable | | | |
| to equity | | | |
| holders of | | | |
| the parent | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
| | | | |
+--------------+-----------+-----------+-----------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
twelve months ended 30 september 2009
+-----------------------------+---------+----------+----------+---------+
| | Called | Share | Profit | Total |
| | up | premium | and loss | equity |
| | share | account | account | |
| | capital | | | |
+-----------------------------+---------+----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------+----------+----------+---------+
| At start of period | 346 | 984 | (898) | 432 |
+-----------------------------+---------+----------+----------+---------+
| Issue of shares (net of | 148 | 924 | - | 1072 |
| issue costs) | | | | |
+-----------------------------+---------+----------+----------+---------+
| Loss for the period | - | - | (640) | (640) |
+-----------------------------+---------+----------+----------+---------+
| | | | | |
+-----------------------------+---------+----------+----------+---------+
| At end of period | 494 | 1,908 | (1,538) | 864 |
+-----------------------------+---------+----------+----------+---------+
For the 6 months ended 31 March 2009 (Unaudited)
+-----------------------------+---------+----------------------+----------+---------+
| | Called | Share | Profit | Total |
| | up | premium | and loss | equity |
| | share | account | account | |
| | capital | | | |
+-----------------------------+---------+----------------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------+----------------------+----------+---------+
| | | | | |
+-----------------------------+---------+----------------------+----------+---------+
| At start of period | 346 | 984 | (898) | 432 |
+-----------------------------+---------+----------------------+----------+---------+
| Issue of shares (net of | 113 | 849 | - | 962 |
| issue costs) | | | | |
+-----------------------------+---------+----------------------+----------+---------+
| Loss for the period | - | - | (298) | (298) |
+-----------------------------+---------+----------------------+----------+---------+
| | | | | |
+-----------------------------+---------+----------------------+----------+---------+
| At end of period | 459 | 1,833 | (1,196) | 1,096 |
+-----------------------------+---------+----------------------+----------+---------+
For the 12 months ended 30 September 2008 (Audited)
+-----------------------------+---------+----------+----------+---------+
| | Called | Share | Profit | Total |
| | up | premium | and loss | equity |
| | share | account | account | |
| | capital | | | |
+-----------------------------+---------+----------+----------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------+----------+----------+---------+
| At start of year | 99 | 194 | (458) | (165) |
+-----------------------------+---------+----------+----------+---------+
| Issue of shares (net of | 247 | 790 | - | 1037 |
| issue costs) | | | | |
+-----------------------------+---------+----------+----------+---------+
| Loss for the year | - | - | (440) | (440) |
+-----------------------------+---------+----------+----------+---------+
| | | | | |
+-----------------------------+---------+----------+----------+---------+
| At end of period | 346 | 984 | (898) | 432 |
+-----------------------------+---------+----------+----------+---------+
UNAUDITED CONSOLIDATED CASHFLOW STATEMENT
FOR THE 12 MONTH PERIOD TO 30 SEPTEMBER 2009
+-----------------------------------+------+-----------+----------+---------+----------+---------+----------+
| |Note | 12 | 6 months ended | 12 months ended 30 September |
| | | months | 31 March | 2008 |
| | | ended | 2009 | Audited |
| | | 30 | Unaudited | |
| | | September | | |
| | | 2009 | | |
| | | Unaudited | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Net cash flow generated from | 3 | (271) | 147 | (198) |
| operations | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Interest paid | | (15) | (4) | (11) |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Net cashflow from operating | | (286) | 143 | (209) |
| activities | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Cashflow from investing | | | | |
| activities | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Acquisition of assets & trade | | (669) | (669) | (625) |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Fixed asset acquisition | | (20) | (20) | - |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Interest received | | - | - | 2 |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Net cash outflow from investing | | (689) | (689) | (623) |
| activities | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Financing | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Proceeds from issue of shares | | 603 | 352 | 836 | |
| (Net of costs) | | | | | |
+-----------------------------------+------+----------------------+--------------------+---------+----------+
| Repayments of director's loans | | - | - | (4) | |
+-----------------------------------+------+----------------------+--------------------+---------+----------+
| Debt acquired on acquisition of | | - | (129) | (129) |
| subsidiary undertakings | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Repayment of bank loans | | (16) | (18) | (12) |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Increase in finance leases | | - | 5 | - |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| New bank and convertible loans | | 150 | 150 | - |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Net cash inflow from financing | | 737 | 618 | 691 |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Increase /(Decrease)in cash and | | (238) | 72 | (141) |
| cash equivalents | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Cash and cash equivalents at | | (138) | (138) | 3 |
| beginning of period | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| Cash and cash equivalents at end | | (376) | (66) | (138) |
| of period | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | |
+-----------------------------------+------+-----------+--------------------+-------------------------------+
| | | | | | | | |
+-----------------------------------+------+-----------+----------+---------+----------+---------+----------+
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
for the 12 months ended 30 september 2009
1. BASIS OF PREPARATION OF INTERIM REPORT
The information for the interim accounts for the twelve month period ended 30
September 2009 has neither been audited or reviewed by the auditors, and does
not constitute statutory accounts as defined in section 240 of the Companies Act
1985 (section 435 of the Companies Act 2006). The figures and financial
information for the year ended 30 September 2008 do not constitute financial
statements for that year. Those financial statements have been delivered to the
Registrar and included an audit report which was unqualified, contained no
statements under either section 237(2) or (3) of the 1985 Act (section 498(2) or
(3) of the 2006 act). The audit report in those financial statements ended 30
September 2008 did however contain the following emphasis of matter:
"Without qualifying our opinion, we draw attention to Note 1 in the financial
statements. The Group incurred a net loss of GBP440,000 during the year ended
30 September 2008 and, as of that date, the Group's current liabilities exceeded
its current assets by GBP677,000. These conditions, along with other matters
explained in Note 1 to the financial statements and in the Chairman's Report on
page 3, indicate the existence of a material uncertainty which may cast
significant doubt about the Company's and Group's ability to continue as a going
concern. The financial statements do not include the adjustments, to the balance
sheet that would result if the Company or Group was unable to continue as a
going concern."
2. loss per share
The calculation is based on the loss attributable to equity shareholders divided
by the weighted average number of ordinary shares in issue during the period as
follows:
+------------------------------------------+-----------+---------+-----------+
| | 12 | 6 | 12 |
| | months | months | months |
| | ended | ended | ended |
| | 30 | 31 | 30 |
| | September | March | September |
| | 2009 | 2009 | 2008 |
+------------------------------------------+-----------+---------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+-----------+---------+-----------+
| | | | |
+------------------------------------------+-----------+---------+-----------+
| Numerators; loss attributable to equity | 640 | 298 | 440 |
| shareholders | | | |
+------------------------------------------+-----------+---------+-----------+
| | | | |
+------------------------------------------+-----------+---------+-----------+
| | No. | No. | No. |
| | '000 | '000 | '000 |
+------------------------------------------+-----------+---------+-----------+
| Denominators; weighted average number of | | | |
| equity shares | | | |
+------------------------------------------+-----------+---------+-----------+
| Basic and diluted | 856,237 | 607,330 | 74,983 |
| | | | |
+------------------------------------------+-----------+---------+-----------+
| | | | |
+------------------------------------------+-----------+---------+-----------+
3. CASH USED IN OPERATIONS
+------------------------------------------+-----------+---------+-----------+
| | 12 | 6 | 12 |
| | months | months | months |
| | ended | ended | ended |
| | 30 | 31 | 30 |
| | September | March | September |
| | 2009 | 2009 | 2008 |
+------------------------------------------+-----------+---------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+-----------+---------+-----------+
| | | | |
+------------------------------------------+-----------+---------+-----------+
| Loss from continuing operations | (205) | (100) | (211) |
+------------------------------------------+-----------+---------+-----------+
| Loss from discontinuing operations | (420) | (194) | (220) |
+------------------------------------------+-----------+---------+-----------+
| Depreciation of property, plant and | 20 | 10 | 7 |
| equipment | | | |
+------------------------------------------+-----------+---------+-----------+
| Decrease/(increase) in receivables | - | (87) | 128 |
+------------------------------------------+-----------+---------+-----------+
| Increase/(decrease) in payables | 334 | 518 | 98 |
+------------------------------------------+-----------+---------+-----------+
| Cash inflow / (outflow) from operations | (271) | 147 | (198) |
+------------------------------------------+-----------+---------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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