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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Poole Invest. | LSE:PIV | London | Ordinary Share | GB0007176901 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1221R Poole Investments PLC 12 February 2007 Poole Investments PLC 12 February 2007 POOLE INVESTMENTS PLC ("The Company") UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDING 30 NOVEMBER 2006 Financial highlights 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) (#'000) (#'000) (#'000) Turnover: Rental income 170 170 335 Operating profit 137 130 260 Loss before tax (6) (14) (22) Loss per share (p) (0.00) (0.01) (0.01) Operational results Operating profit for the six months ended 30th November 2006 was a little above the previous year. Underlying revenues and costs remain broadly the same. There was very little expenditure made in connection with activities associated with a possible planning application. Interest costs were much as last year. The arrangements made to fix interest rates on the bank loan facility were due to expire in May 2007. During the current period it was decided that these be extended for a further year, at similar fixed rates so as to have some certainty on finance costs during the next financial year. Strategy The strategy remains as set out in the last Report and Accounts. The Company is an Investment Company and derives its income from the rental of its Investment Property. The Directors seek to minimize expenditure whilst exploring ways to maximize the potential value of the Property. With this in mind and given the planned regeneration of Poole and Hamworthy it is hoped that a planning application can be submitted for the site. Before incurring expenditure on this the Board needs to be satisfied that this will be commercially viable by reaching an understanding with Poole Council. Key to this is mix usage within an application between residential and commercial, and agreeing an equitable apportionment of any regeneration costs between landowners within the regeneration area. The timing of this is still not as clear as the Directors would like although it is thought discussions may commence shortly. H A (Tony) Palmer Chairman 12 February 2007 Unaudited Group Profit & Loss Account for the six months ended 30 November 2006 Notes 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Turnover: -rental income 2 170 170 335 Operating profit 137 130 260 Interest and similar charges (143) (144) (282) Loss on ordinary activities before taxation (6) (14) (22) Taxation - - - Loss transferred to reserves (6) (14) (22) Loss per ordinary share -basic and diluted 5 (0.00)p (0.01)p (0.01)p Group Statement of Total Recognised Gains and Losses for the six months ended 30 November 2006 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Loss for the period (6) (14) (22) Revaluation of Investment Property - - 1,750 Total recognised gains and losses relating to the period (6) (14) 1,728 Reconciliation of Shareholders' Funds for the six months ended 30 November 2006 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Total recognised gains and losses (6) (14) 1,728 Shareholders' funds at 1 June 3,432 1,704 1,704 Shareholders' funds at 30 November/31 May 3,426 1,690 3,342 Summarised Statement of Group Cash Flows for the six months ended 30 November 2006 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Cash inflow from operating activities 124 115 245 Returns on investments and servicing of finance: Interest paid (129) (130) (255) Management of liquid resources: Decrease in short term deposits 5 11 8 Decrease in cash - (4) (2) Unaudited Consolidated Balance Sheet As at 30 November 2006 As at As at As at 30 November 2006 30 November 31 May (Unaudited) 2005 2006 (Unaudited) (Audited) #'000 #'000 #'000 Fixed Assets Tangible assets 6,500 4,750 6,500 Investments - - - 6,500 4,750 6,500 Current Assets Debtors - 20 20 Cash at bank 15 12 15 Short term deposits 140 143 145 155 175 180 Creditors: amounts falling due (469) (393) (405) within one year Net current liabilities (314) (218) (225) Total assets less current liabilities 6,186 4,532 6,275 Creditors: amounts falling due after (2,760) (2,842) (2,843) more than one year Net Assets 3,426 1,690 3,342 Capital and reserves Called up share capital 9,247 9,247 9,247 Special reserve 13,130 13,130 13,130 Revaluation reserve 5,540 3,790 5,540 Profit and loss account (24,491) (24,477) (24,485) Equity shareholders' funds 3,426 1,690 3,432 Reconciliation of net cash flow to movement in net debt for the six months ended 30 November 2006 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Decrease in cash and short term deposits in the (5) (15) (10) period Change in net debt resulting from cash flows (5) (15) (10) Other non cash movements (14) (14) (28) Movement in net debt (19) (29) (38) Opening net debt (2,993) (2,955) (2,955) Closing net debt (3,012) (2,984) (2,993) Reconciliation of operating profit to net cash inflow from operating activities for the six months ended 30 November 2006 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Operating profit 137 130 260 Decrease in debtors 20 - - Decrease in creditors (33) (15) (15) Net cash inflow from operating activities 124 115 245 Notes to the Interim Accounts 1. The Interim Accounts, which are unaudited, have been prepared using accounting policies stated in the Company's Report and Accounts for the year ended 31 May 2006. 2. All rental income is derived from the United Kingdom. 3 No deferred tax asset has been recognised due to the low level of the loss for the period and the uncertainty and timing of future profits. 4. The Directors do not recommend the payment of an interim dividend. 5. The earnings per share figures are based on the result after taxation for the respective periods divided by the weighted average number of shares in issue as follows: 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Loss on ordinary activities after taxation (6) (14) (22) Thousands Thousands Thousands Basic weighted average number of shares 184,949 184,949 184,949 There are no outstanding share options. 6. The valuation of the Investment Property as at 31 May 2006 was performed by Edward Symmons & Partners in August 2006 in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors. The Property continues to be held by the Group for long-term investment. Accordingly, the property is recorded as an Investment Property and is valued on an open market basis. The Investment Property is not depreciated. 7. Contingent liabilities were set out in the Report and Accounts for the 12 months to 31 May 2006 and remain unchanged, except as noted as follows. H A Palmer and D E Cicurel have agreed to defer the payment of any directors' fees until a sale of the Company's land and buildings or an offer for the share capital of the Company being received and recommended. In that event, the Company would have to pay H A Palmer and D E Cicurel the amount of the outstanding fees based on the number of their completed months of service. These directors receive no other payments or benefits for their services. For the 6 months to 30 November 2006 the cost of this would be #17,500 in addition to the amounts due to them as set out in the Report and Accounts for the 12 months to 31 May 2006. 8. The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the financial year ended 31 May 2006. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 9. Additional copies of the Interim Report are available from the Registered Office of the Company at Unit 19, 21 Charlwoods Road, East Grinstead, West Sussex RH19 2HL (Telephone 07973 820492). Access shareholder information on Interactive Voice Response on 0870 707 1232. Independent Review Report to Poole Investments plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 November 2006, which comprises the Group Profit and Loss Account, Group Statement of Total Recognised Gains and Losses, Reconciliation of Shareholders' Funds, Summarised Group Statement of Cash Flows, Consolidated Balance Sheet, and the related notes 1 to 9. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by the law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report as required by the AIM Rules issued by the London Stock Exchange. Review work performed We conducted our review having regard to the guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of Group management and applying analytical procedures to the financial information and underlying financial data, and based thereon, assessing whether the accounting policies and presentation have been consistently applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 November 2006. Ernst & Young LLP Manchester 12 February 2007 Contact details: Kevin Wilson - 0161 831 1512 Zeus Capital Nick Cowles - 0161 831 1512 Zeus Capital David Booth - 07973 820 492 Poole Investments plc This information is provided by RNS The company news service from the London Stock Exchange END IR OKBKQPBKDDBD
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