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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Paros | LSE:PARO | London | Ordinary Share | GB00B0LMGR34 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.055 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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30 September 2008
ParOS plc
("ParOS", "the Company" or "the Group")
Half-yearly results for the
six months ended 30 June 2008
The Company announces its half-yearly results for the six months ended 30 June
2008.
CHAIRMAN'S STATEMENT
Introduction
Following the disposal of its operating subsidiaries the Group is seeking an
acquisition. The directors are looking to acquire another company or business
in exchange for the issue of ordinary shares.
I report the Group's results for the six-month period ended 30 June 2008, the
highlights of which are as follows:
* On 4 April 2008, the Company completed the sale of Parametric Optimization
Solutions Limited ("POSL") to Ariston Solutions Limited for £1, annual
royalty payments of 7 per cent of gross revenues and 40 per cent of the
gross proceeds of any sale of POSL shares.
* On 15 April 2008, J King appointed to the board.
* On 2 May 2008, the Company closed the ParOS Employee Benefit Trust.
* On 30 June 2008, the Company places ParOS Technology EPE into a solvent
liquidation.
Results and dividends
The operating loss from continuing activities amounted to £13,142 (2007: £
173,347) for the six-month period ended 30 June 2008. Loss per share is 0.07
pence (2007: 0.10 pence) and the directors do not recommend the payment of an
interim dividend. The directors do not intend to declare a final dividend when
announcing the 2008 annual results.
Trading
The Group no longer has any trading subsidiaries. Under the AIM Rules the
Company's shares will be suspended from trading on AIM if a suitable
acquisition has not been made in accordance with the stated investment strategy
by 28 March 2009.
Investing Strategy
The main investment criteria for the Company in the short and medium term are;
* the engineering sector in the UK, Europe and North America;
* businesses which require little or no funding in excess of the cash
resources available to the company; and
* businesses with sustainable strategies whose growth prospects if achieved
will be earnings enhancing for shareholders.
The directors continue to seek a suitable acquisition candidate and will update
shareholders once further progress is made with this search.
Patrick McHugh
Chairman
30 September 2008
Enquiries:
ParOS plc
Patrick McHugh 020 3008 8223
John East & Partners Limited
Simon Clements / David Worlidge 020 7628 2200
Square1 Consulting Limited
Mike Feltham / David Bick 020 7929 5599
INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008
Consolidated Consolidated Consolidated
Six months 12 months
ended Six months
ended ended 31
30 June
30 June December
2008
2007 2007
(Unaudited)
(Unaudited) (Audited)
£
£ £
Revenue - 37,844 125,204
Gross profit - 37,844 125,204
Continuing operations (13,142) (211,191) (106,601)
Impairment of discontinued trading - - (3,575,512)
operations intangible assets and
goodwill
Operating loss (13,142) (173,347) (3,556,909)
Loss on sale of discontinued trading (89,588) - -
operations
Finance income - 15,754 22,739
Loss on ordinary activities before (102,730) (157,593) (3,354,170)
taxation
Income tax expense - - -
Loss on ordinary activities after (102,730) (157,593) (3,354,170)
taxation
Loss from discontinued trading (220,319) (309,943) (1,020,200)
operations
Attributable to:
Equity holders of the parent (323,049) (459,947) (4,543,237)
Minority interest - (7,589) (11,133)
(323,049) (467,536) (4,554,370)
Loss per share - basic and diluted (0.07p) (0.10p) (0.96p)
BALANCE SHEET AS AT 30 JUNE 2008
Consolidated Consolidated Consolidated
As at As at As at
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
£ £ £
ASSETS
Non-current assets
Property, plant and equipment - 9,079 6,190
Goodwill - 378,845 -
Other intangible assets - 3,348,948 -
- 3,736,872 6,190
Current assets
Trade and other receivables 55,627 44,106 61,376
Cash and cash equivalents 26,152 612,598 272,551
81,779 656,704 333,927
Total assets 81,779 4,393,576 340,117
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent
Share capital 472,950 472,950 472,950
Share premium account 1,295,730 1,295,730 1,295,730
Other reserves - 4,024,070 448,558
Translation reserve - (2,093) (11,449)
Retained earnings (1,710,167 ) (1,327,898) (1,835,676)
58,513 4,462,759 370,113
Share capital owned by Employee Benefit - (161,250) (161,250)
Trust
Minority interest - (15,637) 113
Total equity 58,513 4,285,872 208,976
Current liabilities
Trade and other payables 23,266 107,704 131,141
Total equity and liabilities 81,779 4,393,576 340,117
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008
Consolidated Consolidated Consolidated
Six months Six months 12 months
ended ended ended 31
30 June 30 June December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
£ £ £
Cash flows from operating activities
Loss before taxation (323,049) (467,536) (4,554,370)
Adjustments for:
Impairment - - 3,575,512
Depreciation and amortisation 462 150,720 306,739
Finance income received - (15,754) (22,739)
Loss on disposal of subsidiary 89,588 - -
Movements in translation reserve - - (10,197)
Decrease in trade and other 5,749 11,795 (4,634)
receivables
(Decrease)/increase in trade and (107,875) (17,621) 5,816
other payables
Net cash flow from operating (335,125) (338,396) (703,873)
activities
Cash flows (used by)/generated from
investing activities
Disposal of subsidiary, net of cash (72,272) - -
acquired
Purchase of property, plant and (252) (1,530) (2,379)
equipment
Finance income received - 15,754 22,739
Net cash (used by)/generated from (72,524) 14,224 20,360
investing activities
Cash flows from financing activities
Closure of Employee Benefit Trust, 161,250 - -
net of cash acquired
Proceeds from the sale of shares held - 100,000 100,000
by the Employee Benefit Trust on
exercise of share options
Injection of capital from minority - 19,294
interests
Net cash from financing activities 161,250 100,000 119,294
Net decrease in cash and cash (246,399) (224,172) (564,219)
equivalents
Cash and cash equivalents at the 272,551 836,770 836,770
beginning of the period
Cash and cash equivalents at the end 26,152 612,598 272,551
of the period
STATEMENT OF CHANGES IN TOTAL EQUITY
Consolidated Consolidated Consolidated
Six months Six months 12 months
ended ended ended
30 June 30 June 31 December
2007
2008 2007
(Audited)
(Unaudited) (Unaudited)
£
£ £
Opening equity 208,976 4,654,249 4,654,249
Loss for the period (323,049) (459,947) (4,554,370)
attributable to the equity
holders of the parent
Exchange differences on 11,449 (841) (10,197)
translating foreign operations
Employee Benefit Trust 161,250 100,000 100,000
Minority interest (113) (7,589) 19,294
Total changes in equity (150,463) (368,377) (4,445,273)
Closing equity 58,513 4,285,872 208,976
NOTES TO THE INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2008
1. The interim financial statements have not been audited and they do not
constitute full financial statements within the meaning of s240 of the
Companies Act 1985. The comparative figures for the year ended 31 December
2007 have been extracted from the Group's full financial statements.
Statutory accounts for the year ended 31 December 2007 have been filed with
the Registrar of Companies and have been reported on by the Group's
auditors.
2. In accordance with IAS34 the same accounting policies and methods of
computation are followed in these interim financial statements as compared
with the 2007 annual financial statements.
3. Basic and diluted loss per share has been calculated using a loss for the
financial period attributable to the shareholders of the parent of £323,049
(£459,947 loss for the six months ended 30 June 2007 and £4,543,237 loss
for the year ended 31 December 2007) and a weighted average number of
ordinary shares in issue during the period 1 January 2008 to 30 June 2008
of 472,950,195 (472,950,195 for the six months ended 30 June 2007 and
472,950,195 for the year ended 31 December 2007). Due to the loss in the
period, share options in issue are non dilutive.
4. POSL was sold for gross proceeds of £1 on 4 April 2008. The investment and
other loans were written down to zero in the year ended 31 December 2008.
As at 30 June 2008 POSL owed the company £36,358 which is included in Trade
and other receivables.
5. In accordance with IAS37 liabilities of £64,665 have not been included in
the balance sheet as these liabilities are contingent on the completion of
a suitable acquisition.
6. Copies of this interim report will be posted to all of the Company's
shareholders shortly. Further copies can be obtained by writing to The
Company Secretary, ParOS plc, One Hammersmith Grove, Hammersmith, London,
W6 0NB, England or from the Company's website at www.parostech.com.
END
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