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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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RNS Number : 6188K
PNC Telecom PLC
22 December 2008
FOR IMMEDIATE RELEASE
22 December 2008
PNC TELECOM PLC
("PNC" or the "Company")
CHAIRMAN'S STATEMENT
Interim accounts for the six months ended 30 September 2008
Results
The Group made an operating loss for the period of £109,000 and loss per share of 0.02p. The increase in turnover compared to the prior
period mainly reflected the opening by the Company's optical glass subsidiary, Specs and Lenses, of its factory outlet store in June 2008.
Our investment in SIM 4 Travel Holdings Limited, a company quoted on PLUS Markets, is currently valued at £150,000, at the mid-price, as
at 21 November 2008.
Outlook
Trading was initially very good at Specs and Lenses' store in Freeport but with the downturn in the economy, trading has slowed at
present.
PNC Telecom is now waiting a tribunal hearing from HMRC for our VAT reclaim for both VAT repayment and loss of income.
In the meantime we are looking for further business opportunities.
L.E.V. Knifton
Executive Chairman
22 December 2008
PNC TELECOM PLC: Tel: 0207 251 3762
Leo Knifton, Chairman
Nominated Adviser: Tel: 0207 628 3396
Beaumont Cornish Limited
Michael Cornish
PNC TELECOM PLC
Group Income Statement
for the six months ended 30 September 2008
Six months to 30 Six months to 30 Year ended
September 2008 September 2007 31 March
Unaudited Unaudited 2008
audited
£'000s £'000s £'000s
Revenue 618 28 179
Cost of Sales (552) - (144)
Gross Profit 66 28 35
- 232 314
Other operating income
Administrative expenses (175) (132) (346)
Operating Profit/(Loss) (109) 128 3
Investment revenues 48 1 96
Finance costs (75) (138) (151)
Profit/(Loss) before tax (136) (9) (52)
Income tax recovery (charges) - - -
Profit/(Loss) for the period from continuing (136) (9) (52)
operations attributable to shareholders
Profit/(Loss) per share
From continuing operations:
Basic and diluted (0.02)p (0.004p) (0.02p)
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
Group Balance Sheet as at 30 September 2008
As at As at As at
30 September 2008 30 September 2007 31 March
Unaudited Unaudited 2008
Audited
£'000s £'000s £'000s
Assets
Non-current assets
Property, plant and equipment 105 9 74
Investments 100 100 100
Goodwill 429 - 429
634 109 603
Current assets
Inventories 53 3 18
Trade and other receivables 1,336 1,564 1,326
Cash and cash equivalents 122 7 191
1,511 1,574 1,535
Total assets 2,145 1,683 2,138
Equity and liabilities
Capital and reserves
Share capital 2,999 2,604 2,999
Share Premium 48,013 48,033 48,013
Merger Reserve 324 - 324
Retained earnings (50,984) (50,805) (50,848)
Total equity 352 (168) 488
Current liabilities
Trade and other payables 1,408 1,426 1,265
1,408 1,426 1,265
Non-current liabilities
Long term loans 385 425 385
385 425 385
Total liabilities 1,793 1,851 1,650
Total equity and liabilities 2,145 1,683 2,138
PNC TELECOM PLC
Group Cash Flow Statement
For the Six months ended 30 September 2008
Six months to Six months to 30 September 2007
30 September 2008 Unaudited Unaudited Year ended 31 March
2008
Audited
Note £'000 £'000 £'000
Operating activities 3 (33) 103 103
Investing activities
Interest received 1 1 2
Interest paid - (98) -
Capital expenditure (37) - (65)
(97) (63)
Financing activities
Issue of new shares - 50 190
Loan notes - (50) (40)
- - 150
Net cash inflow/(outflow) (69) 6 190
Cash and cash equivalents at
the beginning of the period 191 1 1
Bank balances and cash at end 122 7 191
of period
Group statement of changes in equity
As at As at As at
30 September 2008 30 September 2007 31 March 2008
£'000s £'000s £'000s
As at beginning of period 488 (209) (209)
(Deficit) for the period (136) (9) (52)
Issue of share capital net of
expenses - 50 425
Merger reserve on acquisition
of subsidiary - 324
As at end of period 352 (168) 488
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 and using the accounting policies which are consistent with those set out in the
Company Annual Report and Accounts for the year ended 31 March 2008.
This interim report for the six months to 30 September 2008, which complies with IAS34, was approved by the Board on 22 December 2008.
2. Loss per Share
Six months to Six months to Year ended
30 September 2008 30 September 2007 31 March
2008
Earnings per ordinary shares
Basic and diluted (0.02)p (0.004p) (0.02p)
The Earnings per ordinary share is based on the company's loss for the period of £136,000 (30 September 2007 - loss £9,000; 31 March
2008 - loss £52,000) and a basic and diluted weighted average number of shares in issue of 653,084,000 (30 September 2007 - 244,696,254; 31
March 2008 - 287,442,000).
3. Reconciliation of operating loss to net cash outflow from operating activities.
Six months to Six months Year ended
30 September 2008 30 September 2007 31 March
2008
£'000s £'000s £'000s
Profit/(Loss) for the period (110) 128 3
Adjustments for:
Depreciation of property, 6 1 1
plant and equipment
(Increase)/Decrease in stock (35) - (15)
(Increase)/Decrease in 38 (275) (37)
receivables
Increase/(Decrease) in 68 249 302
payables
Net cash from operating (33) 103 254
activities
PNC TELECOM PLC
Notes to the Interim Report
4. Called up Share Capital
The issued share capital as at 31 March 2008, per the audited accounts, was 653,084,000 Ordinary Shares of 0.1p each and 48,084,000
Deferred Ordinary Shares of 4.9p each.
5. The unaudited results for period ended 30 September 2008 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 2008 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.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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