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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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MG Capital | LSE:MAP | London | Ordinary Share | GB00B02S3576 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 3.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:3495S MG Capital PLC 05 March 2007 MG CAPITAL PLC Interim Results For the six months ended 31 December 2006 Statement by Chairman We made further encouraging progress in the six months to 31 December 2006, as the hard work invested in all areas of the business over the previous two years has begun to bear fruit. On the corporate advisory and consultancy side there is, as I stated in the last Annual Report, a strong and now quite mature pipeline of projects. Last month we announced the completion of one of these with the launch of Sky Express, the first low cost airline to be set up in Russia. In consideration for work done in introducing investors and in assisting in the setting up of the airline, we received a 4% beneficial equity interest in Sky Express. Other investors include the European Bank for Reconstruction and Development, other London-based investors, and Boris Abramovich, director-general of Krasnoyarsk Airlines (Russia's third largest carrier). The airline flew its first commercial flight on 29th January and is now flying daily services to and from three destinations within Russia, all within two or three hours flying time of its base at Moscow's Vnukovo Airport. The airline plans to expand its fleet rapidly from its current two leased Boeing 737s: to six aircraft by the end of this year and then to sixteen during 2008. We believe that there is an enormous opportunity to provide affordable and efficient domestic air travel to Russia's fast growing and increasingly prosperous and demanding consumers, by providing a competitive alternative to the railway network which still accounts for the bulk of domestic long distance travel. We have also made good progress on a number of other advisory and consultancy projects several of which we hope will be completed in the current financial year. These include transactions both in China (under the auspices of our Beijing representative office) and in Europe. We expect these to generate revenues for the group by way of both cash fees, performance-related fees and/or equity in the projects. On the asset management side, our 75% subsidiary Jade Absolute Fund Managers has enjoyed a very good half year. With their specialist Asian equity markets picking up strongly during the period after a more difficult few months earlier in 2006, the Jade funds performed extremely well and earned significant performance fees. Nevertheless despite our strenuous efforts we are aware that the assets under management still need to grow much faster if we are to capitalise upon the performance that the funds are delivering. These performance fees and the Sky Express transaction have had a positive impact on both our revenues and profits for the period. Revenues rose to #1,153,726 compared to #352,843 for the comparable period in the previous year, and we made a small profit of #37,469 after tax and minorities, compared to a loss of #566,369 for the previous year, giving earnings per share of 0.78p for the period. These results are encouraging, although I would remind Shareholders that performance fees are by their nature "one-off" and unpredictable, and that revenues for the corporate advisory and consultancy side of the business are also likely to remain volatile and difficult to predict from year to year. Moreover, as in the case of Sky Express, they may sometimes be paid in equity rather than cash. Looking ahead to the remainder of the current financial year, we hope to be able in due course to report on further progress not only on the corporate advisory and consultancy projects mentioned earlier, but also on other new business and investment opportunities which we have been actively pursuing. We believe that we are very much on track in our intention to build up a strong and independent investment house offering distinctive specialised expertise in areas with outstanding long term growth potential. Peter Hannen 5th March 2007 Chairman Consolidated Profit and Loss Account For the six months ended 31 December 2006 Unaudited Unaudited Audited Notes 6 months 6 months 12 months to 30 to 31 Dec to 31 Dec Jun 2006 2005 2006 # # # Turnover 2 Continuing operations 1,153,726 352,843 690,374 Net operating expenses (1,053,862) (939,169) (1,702,351) Operating profit/(loss) Continuing operations 99,864 (586,326) (1,011,977) Exceptional write off of investment - - (534,120) Share of operating loss in associated - - (24,997) company Interest receivable and similar items 5,153 10,193 14,896 Interest payable and similar charges (3,997) (511) (868) Profit / (loss) on ordinary activities before taxation 101,020 (576,644) (1,557,066) Taxation (2,146) - 5,772 Profit / (loss) on ordinary activities after taxation 98,874 (576,644) (1,551,294) Equity minority interest (61,405) 5,980 34,259 Dividend receivable - 4,295 4,294 Non-equity dividend (payable) / Write - - - back Profit / (Loss) for the financial 37,469 (566,369) (1,512,741) period Basic earnings per share in pence 3 0.78p (11.78p) (32.6p) Consolidated Balance Sheet As at 31 December 2006 Unaudited Unaudited Audited Notes As at As at As at 31 Dec 31 Dec 30 Jun 2006 2005 2006 # # # FIXED ASSETS Tangible 17,581 23,275 25,357 Investments 1,034,602 1,987,083 1,074,649 Purchased Goodwill less amortisation 196,315 221,526 208,921 1,248,498 2,231,884 1,308,927 CURRENT ASSETS Debtors 909,173 323,909 316,093 Cash at bank and in hand 142,418 246,231 200,287 1,051,591 570,140 516,380 CREDITORS: Amounts falling due within one year (632,188) (213,971) (206,586) NET CURRENT ASSETS 419,403 356,169 309,794 TOTAL ASSETS LESS CURRENT 1,667,901 2,588,053 1,618,721 LIABILITIES CREDITORS: Amounts falling due after more than one year - - - NET ASSETS 1,667,901 2,588,053 1,618,721 CAPITAL AND RESERVES Called up share capital 7 2,402,255 4,637,458 4,637,458 Share premium account 7 - 5,101,552 5,101,552 Profit and loss account 7 (843,459) (7,275,280) (8,221,652) Shareholders' funds (including 1,558,796 2,463,730 1,517,358 non-equity interests) Minority Interest - equity 109,105 124,323 101,363 1,667,901 2,588,053 1,618,721 Consolidated Cash flow Statement For the six months ended 31 December 2006 Unaudited Unaudited Audited Notes 6 months 6 months 12 months to 30 to 31 Dec to 31 Dec Jun 2006 2005 2006 # # # Net cash (outflow) from operating 4 (233,903) (616,466) (1,053,052) activities Returns on investments and servicing of finance Interest paid (3,997) (511) (868) Interest received 5,153 10,193 14,896 Dividend Received - - 4,294 Net cash (outflow) / inflow from returns on investments and servicing of finance 1,156 9,682 18,322 Taxation (2,146) - - Capital expenditure and financial investment Payments to acquire tangible fixed assets (6,039) (8,119) (15,565) Payments to acquire investments (40,688) - - Receipts from sale of investments 235,965 199,097 576,419 Net cash (outflow) / inflow from capital (45,655) 190,978 560,854 expenditure and financial investment Financing Expenses paid in connection with share - (828) - issue Net cash inflow from financing - (828) - (Decrease) in cash 5 (45,655) (416,634) (473,876) Notes to Financial Statements For the six months ended 31 December 2006 1. Basis of preparation This Interim Statement, which has not been audited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985, was approved by the Board on the 5th March 2007. It has been prepared on the basis of the accounting policies set out in the Group's 2006 statutory accounts. The Group's Interim Statement consolidates the financial statements of MG Capital plc and its subsidiaries MG Global Investment Limited, MG Research Limited, Hannen & Company Limited, Jade Absolute Fund Managers Limited, MG Maple Capital Partners Inc and Aztec Capital Limited all of which have been made up to 31 December 2006. The results for the year ended 30 June 2006 have been extracted from the Group's published accounts for that period which have been filed with the Registrar of Companies. The auditors' report on the full statutory accounts of the Group for the year ended 30 June 2006 was unqualified. 2. Turnover - Geographical Analysis Unaudited Unaudited Audited 6 months 6 months 12 months to 30 to 31 Dec to 31 Dec Jun 2006 2005 2006 # # # United Kingdom 754,411 205,602 356,861 North America 133,058 124,993 239,245 Far East / Asia 70,339 22,248 23,623 Other European 195,918 - 70,645 1,153,726 352,843 690,374 3. Earnings per share The basic earnings per share for the six months to 31 December 2006 is calculated by dividing the Group's profit / (loss) after taxation of #37,469 (six months to 31 December 2005: (#566,369), year to 30 June 2006: (#1,512,741)) by the weighted average number of shares in issue during the period of 4,804,510 (six months to 31 December 2005: 4,804,510, year to 30 June 2006: 4,637,458). 4. Reconciliation of operating profit / (loss) to net cash inflow from operating activities Unaudited Unaudited Audited 6 months 6 months 12 months to 30 to 31 Dec to 31 Dec Jun 2006 2005 2006 # # # Operating Profit/ (loss) 99,864 (586,326) (1,011,977) Depreciation and amortisation 16,475 21,681 39,649 Investments received in consideration (195,918) - - for consultancy services provided Loss on disposal of investments 13,915 - - Share of associated company loss - - (24,997) Movement in share premium a/c - - (828) (Increase) / decrease in debtors (593,080) (4,376) 3,440 Increase / (Decrease) in creditors 437,816 (47,445) (64,647) Write down of fixed asset investment - - 991 Minority interest movement (12,975) - 5,317 Foreign exchange - - - Net cash (outflow) from Operating Activities (233,903) (616,466) (1,053,052) 5. Reconciliation of net cash flow to movement in net funds / debt Unaudited Unaudited Audited 6 months 6 months 12 months to 30 to 31 Dec to 31 Dec Jun 2006 2005 2006 # # # (Decrease) in cash (45,655) (416,634) (473,876) Decrease in debt - - - Change in net debt arising from cash flows (45,655) (416,634) (473,876) Changes in debt arising from - - - restructuring Net debt at beginning of period 188,073 661,949 661,949 Net funds at end of period 142,418 245,315 188,073 6. Analysis of change in net funds Unaudited Unaudited Audited 6 months 6 months 12 months to 30 to 31 Dec to 31 Dec Jun 2006 2005 2006 # # # Cash at bank and in hand 142,418 246,231 200,287 Bank overdraft - (916) (12,214) Net funds at end of period 142,418 245,315 188,073 7. Capital and reserves Court approval was given in October 2006 to cancel the deferred shares and write back the share premium account to reserves. Enquiries Peter Hannen / Charles Fowler, MG Capital plc 020 7332 2040 Hugh Oram, Nabarro Wells & Co. Limited 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END IR EAKDSEEEXEFE
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