![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Penmc | LSE:PNC | London | Ordinary Share | GB0009205062 | 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% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6666I Penmc PLC 16 February 2005 16 February 2005 PenMc plc PRELIMINARY RESULTS FOR THE YEAR ENDED 31 AUGUST 2004 Chairman's Statement The activity during the year ended 31 August 2004 has been concentrated on the ongoing resolution of disposal issues and the pursuit of outstanding debtors. The following significant matters have now been resolved: conclusion of the sale of the business of Kingsbridge Advisors Limited on 29 October 2003; receipt of cash consideration of #234,000 following the disposal of Benson McGarvey last year; sale of the Balloch property for gross proceeds, before costs, of #138,000. Total administrative expenses incurred in the year of #164,000 have subsequently been reduced to the bare minimum necessary to operate a public company. In the year, ongoing administrative expenses amounted to approximately #40,000 (2003: approximately #60,000). The remainder of administrative expenses incurred in the year, totalling #124,000 (2003: #8,829,000), are non-recurring and a significant proportion were incurred in Kingsbridge Advisors Limited prior to the disposal of its business. The Directors consider that there will be sufficient funds to finance the ongoing administrative expenses of the Group. On 30 March 2004, an announcement was made to the Stock Exchange that Kingsbridge Advisors Limited had appointed receivers on that date. The Directors believe that this action was appropriate in allowing the parent to become a clean shell and to provide comfort to any business reversing into a quoted shell. A number of changes to the Board were made during the year; Paul Manning was appointed a non-executive director on 30 March 2004 and I would like to thank Paul once again for his invaluable efforts in resolving the many issues that have faced the Company. Paul ceased to be a Director on 28 May 2004 to enable him to concentrate on his other business activities. Stuart Mollekin was appointed as Finance Director on 24 March 2004 and assumed Paul Manning's responsibilities including those of Company Secretary. My thanks also go to our Chief Executive, Laurie Turnbull who has worked tirelessly to move the Company forwards. This is a transitional period for the Company. There are a small number of outstanding issues including the recovery of certain amounts of deferred consideration in respect of undertakings disposed of. The Executive Directors will continue to pursue these amounts to maximise the financial worth of the Company and to resolve other administrative matters to enable the Company to be in a position, as a clean shell, to pursue new ventures that the Executive Directors are currently investigating. Eric J Cater Non-executive Chairman 16 February 2005 Consolidated profit and loss account for the year ended 31 August 2004 Year ended Year ended Notes 31 August 31 August 2004 2003 #'000 #'000 Discontinued Discontinued As Restated Turnover 105 5,347 Cost of sales - (877) Gross profit 105 4,470 Administrative expenses (164) (8,889) Operating loss (59) (4,419) Exceptional item-profit/(loss) on disposal of discontinued operations 2 256 (3,222) Net interest payable (4) (156) Profit/(loss) on ordinary activities before taxation 193 (7,797) -Profit/(loss) after exceptional items 193 (7,797) Exceptional items -goodwill impairment - 1,700 -(profit)/loss on disposal of discontinued operations 2 (256) 3,222 Loss on ordinary activities before exceptional items (63) (2,875) Tax on profit/(loss) on ordinary activities - 33 Profit retained/(loss sustained) for the year 193 (7,764) Earnings/(loss) per share Pence per share Basic 3 0.20 (7.91) Loss per share excluding exceptional items 3 (0.06) (2.90) Diluted 3 0.20 (7.91) There are no recognised gains or losses other than the profit for the year. Consolidated balance sheet as at 31 August 2004 Notes 2004 2003 #'000 #'000 Fixed assets Tangible assets - 138 Current assets Debtors 28 360 Investment - Loan note deposit 213 258 Cash at bank and in hand 68 - 309 618 Creditors: amounts falling due within one year (295) (935) Net current assets/(liabilities) 14 (317) Net assets/(liabilities) 14 (179) Capital and reserves Called-up share capital 981 981 Share premium account 20,113 20,113 Profit and loss account (21,080) (21,273) Equity shareholders' funds/(deficit) 4 14 (179) Consolidated cash flow statement for the year ended 31 August 2004 Note 2004 2003 #'000 #'000 Net cash outflow from operating activities 5 (265) (611) Returns on investment and servicing of finance Interest paid (12) (199) Interest received 8 43 Net cash outflow from returns on investments and servicing of finance (4) (156) Taxation UK corporation tax (20) (214) Capital expenditure and financial investment Sale of tangible fixed assets 138 - Net cash inflow from capital expenditure and financial investment 138 - Acquisitions and disposals Disposal of subsidiary undertakings 2 536 62 Net cash inflow from disposal of subsidiary undertakings 536 62 Increase/(decrease) in cash in the year 385 (919) Notes 1 Basis of preparation This preliminary announcement contains information extracted from the audited financial statements of the Company and the Group for the year ended 31 August 2004. Those financial statements have been prepared on the basis of the accounting policies set out in the Group's 2003 statutory accounts. 2 2 Exceptional items During the year, a wholly owned subsidiary of the Group, Kingsbridge Advisors Limited, disposed of its business to City Gate Argyll Limited for a deferred consideration based on a share of trail commissions. The consideration recognised is equivalent to the profit realised on sale. On 30 March 2004, Kingsbridge Advisors Limited entered administrative receivership. Other exceptional items related to adjustments to consideration in respect of the sale of subsidiary companies in the previous financial year and are shown in the table below: #'000 #'000 Kingsbridge Advisors - share of trail commissions receivable (38) - Profit relating to disposals in prior year (218) - Loss on disposal of discontinued operations - 3,222 (256) 3,222 The cash inflow in 2004 of #536,000 from disposal of subsidiary undertakings includes #309,000 which was included in debtors on the balance sheet at 31 August 2003 and #227,000 in respect of the current year finalisation of consideration receivable on disposals effected in the prior year. 3 Earnings/(loss) per share The calculations of earnings/(loss) per share based on the following profits/ (losses) and numbers of shares: Profit/(loss) on ordinary activities after taxation 193 (7,764) Exceptional items - goodwill impairment - 1,700 - (profit)/loss on disposal of discontinued operations (256) 3,222 Loss before goodwill impairment and exceptional items (63) (2,842) Number Number Weighted average number of shares 98,147,196 98,147,196 For diluted earnings/(loss) per share 98,147,196 98,147,196 Pence per Pence per share share Basic 0.20 (7.91) Loss per share excluding goodwill impairment (0.06) (2.90) and exceptional items Diluted 0.20 (7.91) The directors have presented alternative earnings per share figures to give a better indication of the long-term results of the business. FRS14 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. Since it seems inappropriate to assume that option and warrant holders would act irrationally, no adjustment has been made to diluted earnings/(loss) per share for out-of-the-money share options and warrants. Intentions for dilution are so immaterial that there is no effect on the disclosed earnings/(loss) per share figures. 4 Reconciliation of movements in group equity shareholders' funds 2004 2003 #'000 #'000 Profit/(loss) for the year 193 (7,764) Shares cancelled in the year - (4,350) Net increase/(reduction) in equity shareholders' funds 193 (12,114) Opening equity shareholders' (deficit)/funds (179) 11,935 Closing equity shareholders' funds/(deficit) 14 (179) 5 Reconciliation of operating loss to operating cash flows 2004 2003 #'000 #'000 Operating loss (59) (4,419) Depreciation charges - 227 Loss on sale of tangible fixed assets - 128 Goodwill amortisation and impairment - 1,700 Decrease in debtors 17 1,573 (Decrease)/increase in creditors (223) 180 Net cash outflow from operating activities (265) (611) 6 Analysis and reconciliation of net (debt)/funds At 1 September Cash At 31 August 2003 Flow 2004 Cash at bank and in hand - 68 68 Bank overdraft (317) 317 - (317) 385 68 Investment - loan note deposit 258 (45) 213 Loan notes due within one year (258) 45 (213) Net (debt)/funds (317) 385 68 7 Report and Accounts The Report and Accounts of the Company and the Group for the year ended 31 August 2004 will be sent to shareholders shortly and will be available from the Company Secretary at the registered office; Barton Hall, Peel Green, Manchester, M30 7NB. This information is provided by RNS The company news service from the London Stock Exchange END FR PKAKPKBKDCBD
1 Year Penmc Chart |
1 Month Penmc 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