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| 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 |
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RNS Number:1943Z
Penmc PLC
28 May 2004
Interim Results Statement
for the 6 months ended 29 February 2004
Chairman's statement
The activity in the first half of the current financial year has been
concentrated on the ongoing resolution of disposal issues and the pursuit of
outstanding debtors owing to the Company.
The following significant matters have now been resolved: conclusion of the sale
of the business of Kingsbridge Advisers Limited on 23 October 2003; receipt of
cash consideration of #234,000 following the disposal of Benson McGarvey last
year; sale of the Alexandria property (the gross proceeds, before costs, of
#138,000 were received after the end of the first half).
Turnover in the period relates almost exclusively to the Kingsbridge Advisers
business to the date of disposal. Total administrative expenses incurred in the
period of #108,000 have now been reduced to the bare minimum necessary to
operate a public company.
On 31 March 2004, an announcement was made to the Stock Exchange that
Kingsbridge Advisers 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 have been made; 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 has now ceased to be a Director to enable him to concentrate
on his other business activities. Stuart Mollekin was appointed as Finance
Director on 24 March 2004 and will assume Paul Manning's responsibilities
including those of Company Secretary with effect from today.
This remains a difficult period for the Company. There are still a number of
outstanding issues, particularly concerning the recovery of debtors from
undertakings disposed of, that are proving time consuming to collect. The
executive directors will, however, continue to pursue these debtors, and expect
to have largely resolved most of the outstanding issues before the end of the
financial year.
Eric Cater
Non-Executive Chairman
Consolidated profit and loss account
for the 6 months ended 29 February 2004
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
TURNOVER 41 3,945 5,347
-------- --------- ---------
OPERATING LOSS (67) (1,722) (4,419)
Exceptional item - loss on
disposal of discontinued - - (3,222)
operations
Net interest payable (4) (15) (156)
------- -------- ---------
LOSS ON ORDINARY ACTIVITIES (71) (1,737) (7,797)
BEFORE TAXATION
- after goodwill amortisation
and exceptional items (71) (1,737) (7,797)
- goodwill amortisation - 340 -
Exceptional items
- goodwill impairment - - 1,700
- loss on disposal of - - 3,222
discontinued operations --------- ---------- ---------
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION, GOODWILL (71) (1,397) (2,875)
AMORTISATION AND EXCEPTIONAL
ITEMS
======== ========= ========
Tax on loss on ordinary - (51) 33
activities
------- -------- --------
LOSS ON ORDINARY ACTIVITIES (71) (1,788) (7,764)
AFTER TAXATION
======== ======== ========
Loss per share:
Basic (0.1p) (1.82p) (7.91p)
Basic excluding goodwill (2.90p)
amortisation and exceptional (0.1p) (1.48p)
items
Diluted (0.1p) (1.82p) (7.91p)
======== ======== =========
All of the Group's turnover and operating loss in the period relate to
discontinued activities.
There is no difference between the loss on ordinary activities before
taxation and the loss sustained for the 6 months ended 29 February 2004 and
their historical cost equivalents.
The Group has no recognised gains or losses other than those included in the
results above.
Consolidated Balance Sheet
as at 29 February 2004
Unaudited Unaudited Audited
as at as at as at
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
FIXED ASSETS
Intangible assets - goodwill - 11,903 -
Tangible assets 138 1,107 138
Investments - 11 -
---------- --------- ---------
138 13,021 138
---------- --------- ---------
CURRENT ASSETS
Debtors 69 1,901 360
Loan note deposit 258 3,734 258
Cash at bank and in hand - - -
--------- -------- ---------
327 5,635 618
CREDITORS: Amounts falling due
within one year (715) (9,284) (935)
--------- --------- ---------
NET CURRENT LIABILITIES (388) (3,649) (317)
--------- --------- ---------
TOTAL ASSETS LESS CURRENT (250) 9,372 (179)
LIABILITIES
CREDITORS: Amounts falling due
after more than one year - (2,200) -
PROVISION FOR LIABILITIES AND - (25) -
CHARGES
---------- ---------- ----------
NET (LIABILITIES)/ASSETS (250) 7,147 (179)
========== ========== ==========
CAPITAL AND RESERVES
Called-up share capital 981 981 981
Share premium account 20,113 20,113 20,113
Shares to be issued - 1,350 -
Merger reserve - 12,244 -
Profit and loss account (21,344) (27,541) (21,273)
---------- ---------- ----------
(DEFICIENCY IN)/SURPLUS OF
EQUITY SHAREHOLDERS' FUNDS (250) 7,147 (179)
========== ========== ==========
Consolidated cash flow statement
for the 6 months ended 29 February 2004
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
NET CASH OUTFLOW FROM OPERATING (280) (1,246) (611)
ACTIVITIES
Returns on investments and
servicing of finance (4) (15) (156)
Taxation repaid/(paid) 268 (82) (214)
Capital expenditure and
financial investment - 173 -
Acquisitions and disposals 309 - 62
---------- ---------- ---------
CASH INFLOW/(OUTFLOW) BEFORE 293 (1,170) (919)
FINANCING
Financing - - -
---------- ---------- ---------
INCREASE/(DECREASE) IN CASH 293 (1,170) (919)
========== ========== =========
Reconciliation of movements in group equity shareholders' funds
for the 6 months ended 29 February 2004
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
Loss for the period (71) (1,788) (7,764)
Shares cancelled - - (4,350)
Shares to be issued - (3,000) -
--------- ---------- ---------
Net reduction in equity
shareholders' funds (71) (4,788) (12,114)
Opening (deficiency in)/surplus
of equity shareholders' funds (179) 11,935 11,935
--------- --------- ---------
Closing (deficiency in)/surplus
of equity shareholders' funds (250) 7,147 (179)
========= ========== =========
Notes to financial statements
1. LOSS PER SHARE
The calculations of earnings per share are based on the following losses or
profits and numbers of shares:
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2003 2003 2003
#000 #000 #000
Loss on ordinary activities
after taxation (71) (1,788) (7,764)
Goodwill amortisation - 340 -
Exceptional items
- goodwill impairment - - 1,700
- loss on disposal of
discontinued operations - - 3,222
--------- --------- ---------
Loss before goodwill
amortisation and exceptional (71) (1,448) (2,842)
items
========= ========= =========
Number Number Number
of shares of shares of shares
000 000 000
Weighted average number of
shares:
For basic loss per share 98,147 98,147 98,147
--------- --------- ---------
For diluted loss per share 98,147 98,147 98,147
========= ========= =========
Basic (0.1p) (1.82p) (7.91p)
Basic excluding goodwill (2.90p)
amortisation and impairment and (0.1p) (1.48p)
exceptional items
Diluted (0.1p) (1.82p) (7.91p)
========= ========= =========
The directors have presented an alternative earnings per share figure to give
a better indication of the long term results of the business. FRS14 requires
presentation of diluted EPS when a company could be called upon to issue
shares that would decrease net profit or increase net loss per share. For a
loss making company with outstanding share options, net loss per share would
only be increased by the exercise of out-of-the-money options and warrants.
Since it seems inappropriate to assume that option and warrant holders would
act irrationally, no adjustment has been made to diluted EPS for
out-of-the-money- share options and warrants.
2. RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
Operating loss (67) (1,722) (4,419)
Depreciation charges - 172 227
Goodwill amortisation and - 340 1,700
impairment
Loss/(profit) on disposal of
tangible fixed assets - (54) 128
Decrease (increase) in debtors (18) 32 1,573
Decrease in creditors (195) (14) 180
--------- --------- ---------
NET CASH OUTFLOW FROM OPERATING (280) (1,246) (611)
ACTIVITIES
======== ======== =========
3. ANALYSIS OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
Returns on investments and
servicing of finance
Interest received 5 - 43
Interest paid (9) (15) (199)
--------- --------- ---------
NET CASH OUTFLOW (4) (15) (156)
========= ========= =========
Taxation
UK corporation tax repaid/(paid) 268 (82) (214)
========= ========= =========
Capital expenditure and
financial investment
Purchase of tangible fixed - (6) -
assets
Sale of tangible fixed assets - 179 -
--------- --------- ---------
NET CASH INFLOW - 173 -
========= ======== ========
Acquisitions and disposals
Net cash receipt on sale of
subsidiary undertakings 309 - 62
========= ========= =========
4. ANALYSIS AND RECONCILIATION OF NET DEBT
At 1 Other At 29
September Cash flow non-cash February
2003 changes 2004
#000 #000 #000 #000
Cash in hand, at - - - -
bank
Overdrafts (317) 293 - (24)
-------- -------- -------- ---------
(317) 293 - (24)
-------- -------- -------- ---------
Investment-Loan 258 - - -
note deposit (258) - - -
Loan notes due
within 1 year
-------- -------- -------- ---------
Net debt (317) 293 - (24)
======== ======== ======== ========
Unaudited Unaudited Audited
6 months 6 months Year
to to to
29 February 28 February 31 August
2004 2003 2003
#000 #000 #000
Increase/(decrease) in cash in 293 (1,170) (919)
the period
-------- -------- --------
Change in net debt resulting from
cash flows 293 (1,170) (919)
Finance lease disposed with
subsidiary undertaking - - 1,300
-------- -------- --------
Movement in net debt in period 293 (1,170) 381
Net debt at start of period (317) (698) (698)
-------- -------- --------
Net debt at end of period (24) (1,868) (317)
======== ========= ========
5. BASIS OF PREPARATION
The financial information included in this interim statement for the 6 months
ended 29 February 2004 does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985 and is neither audited nor
reviewed. The financial information has been prepared on the basis of
accounting policies consistent with those set out in the statutory financial
statements for the year ended 31 August 2003, which have been filed with the
Registrar of Companies and on which the auditors gave an unqualified opinion.
The financial information has been prepared on the going concern basis which
assumes that the Company will continue in operational existence for the
foreseeable future. Following completion of the disposal of the Group's
subsidiaries in the year ended 31 August 2003, the directors have taken steps
to reduce expenditure to an absolute minimum and are satisfied that the
Company has adequate resources to meet existing obligations as they fall due.
As a result, the directors consider it appropriate to prepare the financial
information on a going concern basis.
6.
The Interim Statement was approved by the Board on 28 May 2004.
7.
Copies of this announcement are available to members of the general public
from the company's Registered Office at Barton Hall, Hardy Street, Eccles,
Manchester, M30 7NB.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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