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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pnc Telecom (see LSE:TRIC) | LSE:PTC | London | Ordinary Share | GB0006831662 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.075 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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FOR IMMEDIATE RELEASE 19 December 2007
PNC TELECOM PLC
CHAIRMAN'S STATEMENT
Interim accounts for the six months ended 30 September 2007
Results
The Group made an operating loss for the period of £9,000 and loss per share
of 0.004p. This includes recoveries, net of legal expenses, from the previous
directors against judgements obtained as noted in previous announcements. This
amounted to some £232,000. Further recoveries are being pursued.
Our investment in SIM 4 Travel is currently valued at £325,000, at the mid
price, as at 17 December 2007.
Outlook
Since the period end the company has generated income of £77,000 from sales in
electronic products in the retail field.
We are now waiting a tribunal hearing from HMRC for our VAT reclaim for both
VAT repayment and loss of income.
L.E.V. Knifton
Executive Chairman
19 December 2007
PNC TELECOM PLC
Income Statement
for the six months ended 30 September 2007
Year ended
Six months to Six months 31 March
30 September to 30
2007 September 2007
2006
Unaudited Unaudited audited
£'000s £'000s £'000s
Continuing operations
Revenue 28 907 959
Cost of Sales - (858) (855)
Gross Profit 28 49 104
Other operating income 232 - -
Administrative expenses (132) (364) (415)
Operating Profit/(Loss) 128 (315) (311)
Investment revenues 1 10 9
Finance costs (138) (122) (362)
Profit/(Loss) before tax (9) (427) (664)
Income tax recovery (charges) - - -
Profit/(Loss) for the period from continuing
operations attributable to shareholders (9) (427) (664)
Profit/(Loss) per share
From continuing operations:
Basic and diluted (0.004)p (0.26p) (0.37p)
The company's turnover and operating loss arise from continuing operations.
There were no recognised gains or losses other than those recognised in the
income statement above.
PNC TELECOM PLC
Balance Sheet as at 30 September 2007
As at As at As at
30 30 31 March
September September
2007 2006 2007
Unaudited Unaudited Audited
£'000s £'000s £'000s
Assets
Non-current assets
Property, plant and equipment 9 12 10
Investments 100 100 100
109 112 110
Current assets
Stock 3 14 3
Trade and other receivables 1,564 1,161 1,289
Cash and cash equivalents 7 151 1
1,574 1,326 1,293
Total assets 1,683 1,438 1,403
Equity and liabilities
Capital and reserves
Share capital 2,604 2,524 2,554
Share Premium 48,033 48,033 48,033
Retained earnings (50,805) (50,559) (50,796)
Total equity (168) (2) (209)
Current liabilities
Trade and other payables 1,426 935 1,137
1,426 935 1,137
Non-current liabilities
Long term loans 425 505 475
425 505 475
Total liabilities 1,851 1,440 1,612
Total equity and liabilities 1,683 1,438 1,403
PNC TELECOM PLC
Cash Flow Statement
For the Six months ended 30 September 2007
Six months
to Six months Year
30 to 30 ended 31
September September March
2007 2006 2007
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Operating activities 3 103 (1,471) (1,357)
Investing activities
Interest received 1 (112) (353)
Interest paid (98) - -
Capital expenditure - 90 115
(97) (22) (238)
Financing activities
Hire purchase - (77) (125)
Issue of new shares 50
Loan notes (50) - -
- (77) (125)
Net cash 6 (1,570) (1,720)
inflow/(outflow)
Cash and cash
equivalents at the 1 1,201 1,721
beginning of the period
Bank balances and cash 7 (369) 1
at end of period
Statement of changes in equity
As at As at As at
30 September 30 September 31 March
2007 2006 2007
£'000s £'000s £'000s
As at beginning of (209) 410 410
period
(Deficit) for the (9) (427) (664)
period
Issue of share capital
net of expenses
50 15 45
As at end of period (168) (2) (209)
PNC TELECOM PLC
Notes to the Interim Report
1. Significant Accounting Policies
These interim accounts have been prepared in accordance with International
Financial Reporting Standards and on the historical cost basis, using
generally recognised accounting principles. The Company adopted International
Financial Reporting Standards (IFRS) adopted by the European Union as the
basis for preparation of its financial statements from 1 January 2007.
This interim report for the six months to 30 September 2007 was
approved by the Board 19 December 2007.
2. Loss per Share
Year ended
Six months to Six months to 31 March
30 September 30 September
2007 2006 2007
Earnings per ordinary shares
Basic and diluted (0.004)p (0.26p) (0.37p)
The Earnings per ordinary share is based on the company's loss for the period
of £9,000 (30 September 2006 - loss £427,000; 31 March 2007 - loss £664,000)
and a basic and diluted weighted average number of shares in issue of
244,696,254 (30 September 2006 - 164,149,805; 31 March 2007 - 181,016,000).
3. Reconciliation of operating loss to net cash outflow from operating
activities.
Six months Year ended
to Six months 31 March
30 September 30 September
2007 2006 2007
£'000s £'000s £'000s
Profit/(Loss) for the period 128 (315) (311)
Adjustments for:
Depreciation of property, plant and equipment 1 18 20
Loss on disposal - 30 6
(Increase)/Decrease in stock - - 11
(Increase)/Decrease in receivables (275) 645 517
Increase/(Decrease) in payables 249 (1,849) (1,600)
Net cash from operating activities 103 (1,471) (1,357)
PNC TELECOM PLC
Notes to the Interim Report
4. Called up Share Capital
The issued share capital as at 31 March 2007, per the audited accounts, was
208,084,000 Ordinary Shares of 0.1p each and 48,084,000 Deferred Ordinary
Shares of 4.9p each.
On the 29 May 2007 50,000,000 of Ordinary shares of 0.1p were issued on
conversion of loan notes.
5. The unaudited results for period ended 30 September 2007 do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985. The comparative figures for the year ended 31 March 2007 are extracted
from the statutory financial statements which have been filed with the
Registrar of Companies and which contain an unqualified audit report and did
not contain statements under Section 237(2) or (3) of the Companies Act 1985.
6. Copies of this interim statement are available from the Company at its
registered office at Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The
interim statement will also be available on the company website
www.telecom-plc.co.uk.
END
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