We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Palmaris Cap. | LSE:PMS | London | Ordinary Share | GB0009443358 | 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% | 0.625 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPMS
RNS Number : 0477A
Palmaris Capital PLC
26 March 2012
26 March 2012
Palmaris Capital Plc ("Palmaris" or the "Company")
Unaudited Interim Results
for the six months ended 31 December 2011
The Board of Palmaris, the investment company with a 16.1% holding in Scottish Resources Group Limited ("SRG"), which is the largest surface mining coal producer in the UK and is the Company's sole remaining investment, is pleased to present its unaudited interim results for the six months ended 31 December 2011.
Key points include:
-- Loss on ordinary activities before tax of GBP27,589 (2010 loss: GBP83,665); loss per ordinary share of 0.02p (2010 loss: 0.05p);
-- Net assets of GBP15.48m (2010: GBP15.54m), equivalent to 9.93p per ordinary share;
-- SRG coal operation faced challenging conditions during the last year, with above average rainfall in West Scotland during the winter, and results are likely to be behind expectations as a result of lower production and coal sales;
-- Directors' valuation of the 16.1% holding in SRG is unchanged at 96p per SRG share, with a review of the valuation expected in the Company's year end accounts.
For further information contact: Greg Melgaard, Managing Director 0779 965 7553 www.palmariscapital.com John Llewellyn-Lloyd/Harry Stockdale Execution Noble & Company Limited (Nominated Adviser) 0207 456 9191
Chairman's Statement
Results
During the six months to 31 December 2011 the company incurred a loss of GBP27,600 compared with a loss of GBP83,700 in the same period the previous year.
Our remaining investment is the 16.1% holding in Scottish Resources Group Limited (SRG),
the main Scottish coal producer, which also has significant land development potential and a portfolio of renewable energy project opportunities.
The valuation of this investment is particularly difficult at present, in light of the difficult operational challenges faced by SRG during 2012, which will result in lower year end trading results than expected.
We have not undertaken a full review of the value of SRG at this time, as the results to March 2012
are not available, and have therefore retained our previous valuation at 96p per share. This maintains the value of SRG at GBP96m and of our investment at GBP15.45m, and our net assets at GBP15.5m, equivalent to 9.9p per Palmaris share. Were we to have had sufficient financial information to have undertaken a full review of the SRG valuation we believe this would have resulted in a substantial reduction in the value of our SRG holding.
Scottish Resources Group
SRG's results so far for the current year to March 2012 are behind budget in a number of areas and are likely to end up below the previous year's figures rather than significantly above them as had been hoped six months ago. In the previous year 4m tonnes of coal were sold for a total turnover
of GBP209m, which produced operating profits of GBP13m.
The operational performance of SRG has been affected by the fact that the West of Scotland has endured above average rainfall during the winter resulting in coal production and coal sales being below target.
Looking forward, the issue of concern is the recent fall in the price of coal. The spot price of coal has declined by more than 20% in the last 5 months. It would appear that coal producers in the United States have been putting substantial tonnage on the international market as a result of competition from local shale gas. This will not have a significant impact on results for the year to March 2012 or March 2013 as most coal sales are into fixed priced contracts. While forward prices indicate a progressive recovery, it is important for SRG that spot prices increase before contracts for subsequent years are negotiated.
The outlook for the year ending March 2013 is for a modest improvement from the 2012 expected result.
The management team of SRG recognises that SRG's performance is capable of improvement, and that it needs to adapt the business to meet the challenge of the current forward price of coal. It is therefore actively exploring opportunities to lower production costs including the opening of new lower cost mines, as well as importing coal to meet demand.
Conclusion
The valuation of this investment remains difficult. Spot coal prices are declining, the property
market remains in the doldrums, and renewable opportunities, whilst progressing well and potentially very valuable, are a few years away from realisation.
We will review our valuation for the year end accounts to 30 June 2012 when the SRG results
to March 2012 are available, by which time we hope to have a clearer idea of whether the coal price decline has been arrested and be able to assess management's success in lowering production costs.
Sir Timothy Noble
Chairman
22 March, 2012
UNAUDITED PROFIT AND LOSS Account
for the period ended 31 December 2011
Hot Features
Premium
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months to
31 Dec 2011 31 Dec 2010 30 June 2011
GBP GBP GBP
------------- ------------- --------------
Turnover - - -
----------------------------------------------- --------- --------- ----------
Cost of sales - - -
----------------------------------------------- --------- --------- ----------
Gross profit - - -
----------------------------------------------- --------- --------- ----------
Administrative expenses (35,127) (91,400) (130,626)
----------------------------------------------- --------- --------- ----------
Operating (loss) (35,127) (91,400) (130,626)
----------------------------------------------- --------- --------- ----------
Investment and other income 7,538 7,735 15,381
----------------------------------------------- --------- --------- ----------
(Loss) on ordinary activities before taxation (27,589) (83,665) (115,245)
----------------------------------------------- --------- --------- ----------
Taxation on (loss) on ordinary activities - - -
----------------------------------------------- --------- --------- ----------
(Loss) on ordinary activities after taxation (27,589) (83,665) (115,245)
----------------------------------------------- --------- --------- ----------
(Loss) for the financial period (27,589) (83,665) (115,245)
----------------------------------------------- --------- --------- ----------
Earnings per ordinary share
----------------------------------------------- --------- --------- ----------
(Loss) per ordinary share (0.02)p (0.05)p (0.07)p
----------------------------------------------- --------- --------- ----------
Net assets per share
----------------------------------------------- --------- --------- ----------
Net assets per ordinary share 9.93p 9.96p 9.94p
----------------------------------------------- --------- --------- ----------
UNAUDITED BALANCE SHEET
As at 31 December 2011
Notes (Unaudited) (Unaudited) (Audited)
As at As at As at
31 Dec 2011 31 Dec 2010 30 June 2011
GBP GBP GBP
------ ------------- ------------- --------------
Fixed assets
------------------------------------- ------------ ------------ ------------
Investments 1 15,456,000 15,456,000 15,456,000
------------------------------------- ------------ ------------ ------------
15,456,000 15,456,000 15,456,000
------------------------------------- ------------ ------------ ------------
Current assets
------------------------------------- ------------ ------------ ------------
Trade debtors 6,000 4,406 4,500
------------------------------------- ------------ ------------ ------------
Other debtors 15,303 14,313 13,309
------------------------------------- ------------ ------------ ------------
Cash 21,866 82,855 50,822
------------------------------------- ------------ ------------ ------------
43,169 101,574 68,631
------------------------------------- ------------ ------------ ------------
Creditors
------------------------------------- ------------ ------------ ------------
Amounts falling due within one year
------------------------------------- ------------ ------------ ------------
Other creditors (21,236) (20,472) (19,109)
------------------------------------- ------------ ------------ ------------
(21,236) (20,472) (19,109)
------------------------------------- ------------ ------------ ------------
Net current assets 21,933 81,102 49,522
------------------------------------- ------------ ------------ ------------
Net assets 15,477,933 15,537,102 15,505,522
------------------------------------- ------------ ------------ ------------
Capital and reserves
------------------------------------- ------------ ------------ ------------
Called up equity share capital 7,796,665 7,796,665 7,796,665
------------------------------------- ------------ ------------ ------------
Unrealised appreciation reserve 9,016,000 9,016,000 9,016,000
------------------------------------- ------------ ------------ ------------
Capital reserve (1,217,356) (1,217,356) (1,217,356)
------------------------------------- ------------ ------------ ------------
Share premium 351,500 351,500 351,500
------------------------------------- ------------ ------------ ------------
Profit and loss account (468,876) (409,707) (441,287)
------------------------------------- ------------ ------------ ------------
Shareholders' funds 15,477,933 15,537,102 15,505,522
------------------------------------- ------------ ------------ ------------
CASH FLOW STATEMENT
for the period ended 31 December 2011
Notes (Unaudited) (Unaudited) (Audited)
31 Dec 2011 31 Dec 2010 30 June 2011
GBP GBP GBP
------ ------------- ------------- --------------
Net cash (outflow) from operating activities A (36,494) (104,017) (143,696)
------------------------------------------------- --- --------- ---------- ----------
Returns on investments and servicing of finance B 7,538 7,735 15,381
------------------------------------------------- --- --------- ---------- ----------
Cash (outflow) before financing (28,956) (96,282) (128,315)
------------------------------------------------------ --------- ---------- ----------
NOTES TO THE CASH FLOW STATEMENT
for the period ended 31 December 2011
A. Reconciliation of operating loss to operating cash flows
(Unaudited) (Unaudited) (Audited)
31 Dec 2011 31 Dec 2010 30 June 2011
GBP GBP GBP
---------------------------------------------- ------------- -------------- --------------
Operating (loss) (35,127) (91,400) (130,626)
---------------------------------------------- ------------- -------------- --------------
Decrease /(Increase) in debtors (3,494) 859 1769
---------------------------------------------- ------------- -------------- --------------
(Decrease)/Increase in creditors 2,127 (13,476) (14,839)
---------------------------------------------- ------------- -------------- --------------
Net cash (outflow) from operating activities (36,494) (104,017) (143,696)
---------------------------------------------- ------------- -------------- --------------
B. Analysis of cash flows
Returns on investments and servicing of finance ------------------------------------------------- ------ ------ ------- Interest received 38 235 381 ------------------------------------------------- ------ ------ ------- Fees and commissions received 7,500 7,500 15,000 ------------------------------------------------- ------ ------ ------- Net cash inflow 7,538 7,735 15,381 ------------------------------------------------- ------ ------ -------
C. Analysis of net funds
1 July 2011 Cash Flow 31 Dec 2011
GBP GBP GBP
------ ----------------------- ---------- ------------
Cash 50,822 (28,956) 21,866
------ ----------------------- ---------- ------------
Reconciliation of net funds
(Unaudited) (Unaudited) (Audited)
31 Dec 2011 31 Dec 2010 30 June2011
GBP GBP GBP
------------- ------------- -------------
(Decrease) in cash in the period (28,956) (96,282) (128.315)
---------------------------------- --------- --------- ----------
Net funds at beginning of period 50,822 179,137 179,137
---------------------------------- --------- --------- ----------
Net funds at end of period 21,866 82,855 50,822
---------------------------------- --------- --------- ----------
NOTES TO THE ACCOUNTS
for the period ended 31 December 2011
1. Details of investments are as follows:
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months to
31 Dec 2011 31 Dec 2010 30 June 2011
GBP GBP GBP
-------------------------------- ------------- ------------- --------------
Shares at Directors' valuation
-------------------------------- ------------- ------------- --------------
Scottish Resources Group Ltd. 15,456,000 15,456,000 15,456,000
-------------------------------- ------------- ------------- --------------
15,456,000 15,456,000 15,456,000
-------------------------------- ------------- ------------- --------------
2. The calculation of the basic (loss) per ordinary share is based on the following:
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to 12 months to
31 Dec 2011 31 Dec 2010 30 June 2011
GBP GBP GBP
----------------------------------------------------------------------- ------------- ------------- --------------
(Loss) (27,589) (83,665) (115,245)
----------------------------------------------------------------------- ------------- ------------- --------------
Weighted average number of ordinary shares in issue during the period 155,933,304 155,933,304 155,933,304
----------------------------------------------------------------------- ------------- ------------- --------------
3. The interim financial statements are unaudited and do not constitute statutory financial statements as defined in Section 396 of the Companies Act 2006. These statements have been prepared on the basis of the accounting policies set out in the Company's 2011 Annual Report and Accounts.
The financial statements for the year ended 30 June, 2011 are an abridged statement; the full audited financial statements for the year to 30 June 2011, which were unqualified, have been lodged with the Registrar of Companies.
4. Copies of the Interim Results for Palmaris Capital PLC will be posted to shareholders on 28 March, 2012 and may be obtained free of charge from the Company's registered office or from the Company's nominated adviser and broker, Execution Noble &Co Limited, 10 Paternoster Square, London EC4M 7AL.
End
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNRKRUWAOURR
1 Year Palmaris Capital Chart |
1 Month Palmaris Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
