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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Personal Screen | LSE:PSP | London | Ordinary Share | GB0003486585 | 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% | 0.085 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 6855E Personal Screening PLC 30 September 2008 30 September 2008 PERSONAL SCREENING PLC (the "Company") Interim Results for the six month period to 30 June 2008 CHAIRMAN'S STATEMENT The Company's sales of £20,582 for the six months to 30 June 2008 were lower than sales of £35,875 for the comparable period in 2007, but as a result of tight control over operating and administrative costs the trading loss, before exceptional costs of £76,296 relating to a writedown of goodwill for Personal Screening International Limited and the Intellectual Property in Mermaid Diagnostics Limited, of £165,246 for the first half of 2008 was significantly less than the trading loss of £188,747 for the first six months of 2007. The loss per share was 0.08p compared with a loss per share of 0.11p for the same period in 2007. The Directors are hopeful that the Company's self-test kit operations will see somewhat higher sales in the second half of 2008 and that recent acquisitions, like the Over 50s website, will make a positive contribution to Company's revenue. Whilst the Directors continue to have every confidence in the long term prospects for the existing businesses of Personal Screening, the operations have not performed as originally anticipated and, as stated on several previous occasions, the Directors have been seeking other ways to improve shareholder value, in particular by means of a suitable acquisition. On 1 September 2008, the Company announced that it was in discussions with a potential replacement Nominated Adviser in respect of a possible transaction. We continue to work with the Nominated Adviser but no guarantee can be given that the talks will succeed. As it has not been possible to conclude them by the end of September, trading in the Company's shares will be suspended as of 1 October 2008, when the Company's current nominated adviser, Nabarro Wells & Co. Limited resigns. The Company expects to make a further announcement in due course Michael Scorey Chairman 30 September 2008 For further information: Personal Screening PLC 01384 352 717 Michael Scorey, Chairman michaelscorey@perscreen.com Nabarro Wells & Co. Limited 020 7634 4705 Marc Cramsie UNAUDITED CONSOLIDATED INCOME STATEMENT (IFRS) 6 months ended 30 6 months ended 30 12 months ended 31 December June June 2007 2008 2007 Note Unaudited Unaudited Audited Continuing Operations £ £ £ Revenue 20,582 35,875 48,970 Cost of sales (13,813) (31,323) (43,880) Gross profit 6,769 4,552 5,090 Other income - grants received - - 18,000 Exceptional costs (76,296) - (541,168) Administrative expenses (167,827) (190,431) (302,640) Amortisation of intangible (4,188) (2,868) (8,375) assets Results from operating (241,542) (188,747) (829,093) activities Finance income 3,797 4,497 8,493 Finance expense (3,703) (8,586) (13,211) Net finance income/(expense) 94 (4,089) (4,718) Loss before taxation (241,448) (192,836) (833,811) Income tax expense - - - Loss for the period (241,448) (192,836) (833,811) Loss per ordinary share 3 (0.08)p (0.11)p (0.39)p There were no recognised gains or losses other than the loss for the financial period. UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS) For the six month period to 30 June 2008 Called Sharepremiumaccount Capital Profit Totalequity upsharecapital redemptio andlossaccount n reserve account £ £ £ £ £ At 1 January 2008 310,235 1,642,038 2,667,179 (4,116,346) 503,106 Loss for the period - - - (241,448) (241,448) At 30 June 2008 310,235 1,642,038 2,667,179 (4,357,794) 261,658 For the six month period to 30 June 2007 Called Sharepremiumaccount Capital Profit Totalequity upsharecapital redemptio andlossaccount n reserve account £ £ £ £ £ At 1 January 2007 178,633 1,420,944 2,667,179 (3,282,535) 984,221 Loss for the period - - - (192,836) (192,836) At 30 June 2007 178,633 1,420,944 2,667,179 (3,475,371) 791,385 AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS) For the year ended 31 December 2007 Called up Share Capital redemption Profit and share premium reserve account loss Total capital account account equity £ £ £ £ £ At 1 January 2007 178,633 1,420,944 2,667,179 (3,282,535) 984,221 Issue of shares (net of issue 131,602 221,094 - - 352,696 costs) Loss for the year - - - (833,811) (833,811) At 31 December 2007 310,235 1,642,038 2,667,179 (4,116,346) 503,106 UNAUDITED CONSOLIDATED BALANCE SHEET (IFRS) At At At 31 30 June 30 June December 2008 2007 2007 Unaudited Unaudited Audited £ £ £ Assets Goodwill 302,386 892,755 337,854 Other intangible assets - 50,523 45,016 Plant, Equipment and Motor Vehicle 11,668 15,649 12,258 Total non-current assets 314,054 958,927 395,128 Current assets Inventories 10,258 22,382 10,087 Trade and other receivables 57,885 78,462 76,595 Cash and cash equivalents 215,392 263,102 348,165 Total current assets 283,535 363,946 434,847 Total assets 597,589 1,322,873 829,975 Current liabilities Loans and borrowings (100,683) (25,730) (36,000) Trade and other payables (166,128) (308,833) (170,797) Total current liabilities (266,811) (334,563) (206,797) Non-current liabilities Loans and borrowings - (102,760) (79,072) Trade and other payables (69,120) (94,165) (41,000) Total non-current liabilities (69,120) (196,925) (120,072) Total liabilities (335,931) (531,488) (326,869) Net assets 261,658 791,385 503,106 Equity Share capital 310,235 178,633 310,235 Share premium account 1,642,038 1,420,944 1,642,038 Capital Redemption Reserve account 2,667,179 2,667,179 2,667,179 Retained earnings (4,357,794) (3,475,371) (4,116,346) Total equity 261,658 791,385 503,106 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS) Note 6 months ended 30 6 months ended 30 June 12 months ended 31 December June 2007 2007 2008 £ £ £ Net cash outflow from 4 (121,853) (132,795) (288,673) operating activities Cash flows from investing activities Purchase of subsidiary - - (5,000) undertaking Purchase of plant and (328) (1,262) (112) equipment Interest received 3,797 4,497 8,493 Net cash inflow from investing 3,469 3,235 3,381 activities Cash flows from financing activities Proceeds from issue of share - - 300,000 capital Payment of transaction costs - - (45,787) Net cash from financing - - 254,213 activities Decrease in cash and cash 5 (118,384) (129,560) (31,079) equivalents NOTES TO THE INTERIM RESULTS 1. BASIS OF PREPARATION OF INTERIM REPORT The information for the period ended 30 June 2008 is not audited and does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 December 2007 were given an unqualified audit report and have been adjusted for the adoption of IFRS. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The interim accounts for the six month period to 30 June 2007 were also unaudited. 2. ACCOUNTING POLICIES Basis of Accounting The interim results have been prepared in accordance with International Financial Reporting Standards (IFRS) accounting rules. The accounting policies used in the preparation of these results were the accounting policies used in the preparation of the results for the year ended 31 December 2007 and detailed in the notes to those results (see Accounts for the year ended 31 December 2007 issued 30 June 2008) 3. loss per share The calculation is based on the loss attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the period as follows: 6 months ended 30 6 months ended 30 June 12 months ended 31 December June 2007 2007 2008 £ £ £ Loss for the period 241,448 192,836 833,811 Weighted average number of 310,234,245 178,633,198 214,742,736 shares 4. CASH FLOWS FROM OPERATING ACTIVITIES 6 months ended 30 6 months ended 30 June 12 months ended 31 December June 2007 2007 2008 £ £ £ Results from operating (241,542) (188,747) (829,093) activities Adjustments for: Depreciation 918 1,271 4,420 Amortisation of intangible 4,188 2,868 8,375 assets Impairment of intangible 40,828 - - assets Impairment of Goodwill 35,468 - 657,287 Change in inventories (171) 659 12,954 Change in trade and other 18,710 (16,377) (14,510) receivables Change in trade and other 23,451 76,117 (114,895) payables Interest paid (3,703) (8,586) (13,211) Net cash outflow from (121,853) (132,795) (288,673) operating activities 5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND CASH EQUIVALENTS 6 months ended 30 6 months ended 30 12 months ended 31 December June June 2007 2008 2007 £ £ £ Decrease in cash and cash (118,384) (129,560) (31,079) equivalents in the period Opening cash and cash 233,093 264,172 264,172 equivalents (net of bank borrowings) Closing cash and cash 114,709 134,612 233,093 equivalents (net of bank borrowings) This information is provided by RNS The company news service from the London Stock Exchange END IR SDEFFSSASEDU
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