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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Quoram | LSE:QRM | London | Ordinary Share | GB00B5M29F66 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMQRM
RNS Number : 4994C
Quoram PLC
18 March 2014
QUORAM PLC
INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2013
CHAIRMAN'S STATEMENT
During the interim period net assets declined from 0.33 to 0.25 pence per share as a result of an operating loss of GBP795k (Dec 2012: -GBP1,987k) which primarily reflected declines in the carrying value of quoted investments of GBP590k. Cash balances declined from GBP2.0m to GBP1.75m, partly relating to a negative movement in working capital which has since reversed. As at 14 March 2014 cash balances were GBP1.79m.
The principal development over the past year has been the continued decline in the value of the Company's interest in Wessex Exploration Plc ("Wessex"), which is an asset held for sale. During the calendar year 2013 the decline in the carrying value of Wessex declined by GBP1.49m, from GBP1.64m to GBP0.15m, significantly reducing the expected proceeds available on realisation available for deployment into the Company's investment strategy. The decline in the value of Wessex has largely offset the additional GBP1.88m raised in March 2013, leaving net assets virtually unchanged over the calendar year at GBP2.43m (Dec 2012: GBP2.45m).
An unrealised loss was also recorded during the period in relation to the mark to market value of the Company's holding in Plant Health Care Plc (Plant Health Care). Plant Health Care's products increase crop yields by enhancing natural processes within the plant. The need for these products has never been greater. With world population now at more than seven billion and increasing prosperity leading to demand for more and better nutrition, agriculture is facing ever greater challenges to produce enough food in ways which are sustainable, especially when resources such as water are becoming scarcer and the climate less predictable. Plant Health Care, with is quoted on AIM, provided an update on delivery of its new strategy in January, and is due to announce annual results on 24 March 2014.
During the interim period other income of GBP90k was recognised in relation to services provided by staff to third party clients (Dec 2012: nil) Since the period end, cost reductions have been implemented which are expected to reduce administrative expenses by approximately 50% and will take effect before the end of the year.
Outlook
Given the current profile of the balance sheet and within the scope of the investment policy approved in March 2013, the board is increasingly focused on identifying a small number of strategic investment opportunities. The board continues to review such opportunities and will update shareholders when further investments are made. With a significant proportion of the balance sheet in cash and a low overhead, the Company is well positioned to capitalise on opportunities in 2014 as they arise.
James Ede-Golightly
18 March 2014
CONDENSED CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited and restated) (Audited) Six months ended 31 December 2013 Six months ended 31 December 2012 Year ended 30 June 2013 Notes GBP'000 GBP'000 GBP'000 ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Continuing operations: Portfolio investment return (266) - 29 Impairment of available-for-sale investments (324) - (154) Other income 90 - 22 ----------------------- -------- Portfolio return and revenue (500) - (103) ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Administrative expenses (295) (597) (852) Exceptional 2 administrative expenses - (989) (1,032) Total administrative expenses (295) (1,586) (1,884) ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Operating loss (795) (1,586) (1,987) ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Finance income 6 1 4 Loss before taxation (789) (1,585) (1,983) ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Taxation - - - ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Loss for the financial period (789) (1,585) (1,983) ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Attributable to: Equity shareholders of the Company ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- (789) (1,585) (1,983) ----------------------- -------- ----------------------------------------- ------------------------------------------ ---------------------------------- Loss per share Basic and diluted loss per share (pence) 3 (0.08) (0.32) (0.31) ----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited and restated) (Audited) Six months ended 31 Six months ended 31 December 2013 December 2012 Year ended 30 June 2013 GBP'000 GBP'000 GBP'000 -------------------------- ------------------------------------ -------------------------- ------------------------ Loss for the financial period (789) (1,585) (1,983) Other comprehensive income Available-for-sale financial assets: Fair value gains/(losses) arising during the year - (840) (1,930) Tax on loss/(gain) on available-for-sale financial assets - 209 451 Foreign exchange gains / (losses) on consolidation (3) (108) 24 Other comprehensive income for the financial period, net of tax (3) (739) (1,455) -------------------------- ------------------------------------ -------------------------- ------------------------ Total comprehensive income for the financial period (792) (2,324) (3,438) -------------------------- ------------------------------------ -------------------------- ------------------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited and restated) (Audited) Year ended 30 Six months ended 31 December 2013 Six months ended 31 December 2012 June 2013 Notes GBP'000 GBP'000 GBP'000 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Assets Non-current assets Available-for-sale financial assets 149 1,640 473 Portfolio 422 - 688 investments -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Total portfolio investments held 571 1,640 1,161 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Current assets Trade and other receivables 137 12 111 Cash and cash equivalents 1,755 1,051 1,991 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- 1,892 1,063 2,102 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Total assets 2,463 2,703 3,263 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Liabilities Current liabilities -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Trade and other payables (29) (7) (48) -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Non-current liabilities Deferred tax - (243) - -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Total liabilities (29) (250) (48) -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Net assets 2,434 2,453 3,215 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Capital and reserves attributable to the Company's equity shareholders: Share capital 4 2,420 1,245 2,420 Share premium account 3,813 3,123 3,813 Foreign exchange translation reserve 1,112 983 1,115 Retained earnings (5,796) (3,761) (5,007) Share-based payment reserve 885 863 874 -------------------- ------ -------------------------------------- -------------------------------------------- ---------- Total equity 2,434 2,453 3,215 -------------------- ------ -------------------------------------- -------------------------------------------- ----------
The financial statements were approved by the Board of Director's on 18 March 2014 and were signed on its behalf by:
James Ede-Golightly Chris Hill
Chairman Finance director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign exchange Share premium translation Retained Share based Share capital account reserve earnings payment reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- -------------- ---------------- ---------------- ---------------- ---------------- -------- Balance at 1 July 2012 1,245 3,123 1,091 (1,545) 539 4,453 Loss for the financial period - - - (1,585) - (1,585) Other comprehensive income: Fair value loss on available-for-sale financial assets - - - (840) - (840) Tax on loss on available-for-sale investments - - - 209 - 209 Foreign exchange loss on consolidation - - (108) - (108) -------------------- -------------- ---------------- ---------------- ---------------- ---------------- -------- Total comprehensive income - - (108) (2,216) - (2,324) Share-based payments - - - - 324 324 Balance at 31 December 2012 1,245 3,123 983 (3,761) 863 2,453 -------------------- -------------- ---------------- ---------------- ---------------- ---------------- -------- Balance at 1 January 2013 1,245 3,123 983 (3,761) 863 2,453 Profit for the financial period - - - (398) - (398) Other comprehensive income: Fair value loss on available-for-sale financial assets - - - (1,090) - (1,090) Tax on gain on available-for-sale investments - - - 242 - 242 Foreign exchange gains on consolidation - - 132 - - 132 -------------------- -------------- ---------------- ---------------- ---------------- ---------------- -------- Total comprehensive income - - 132 (1,246) - (1,114) Share-based payments - - - - 11 11 Issue of share capital 1,175 705 - - - 1,880 Issue costs - (15) - - - (15) -------------------- -------------- ---------------- ---------------- ---------------- -------- Balance at 30 June 2013 2,420 3,813 1,115 (5,007) 874 3,215 -------------------- -------------- ---------------- ---------------- ---------------- ---------------- -------- Balance at 1 July 2013 2,420 3,813 1,115 (5,007) 874 3,215 Loss for the financial period - - - (789) - (789) Other comprehensive income: Foreign exchange loss on consolidation - - (3) - - (3) -------------------- -------------- ---------------- ---------------- ---------------- ---------------- -------- Total comprehensive income - - (3) (789) - (792) Share-based payments - - - - 11 11 -------------------- -------------- ---------------- ---------------- ---------------- ---------------- Balance at 31 December 2013 2,420 3,813 1,112 (5,796) 885 2,434 -------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Unaudited) (Unaudited and restated) (Audited) Year ended 30 Six months ended 31 December 2013 Six months ended 31 December 2012 June 2013 GBP'000 GBP'000 GBP'000 ------------- -------------------------------------------------- --------------------------------------------- ---------- Cash outflow from operating activities (239) (238) (1,179) ------------- -------------------------------------------------- --------------------------------------------- ---------- Cash flow used in investing activities Proceeds from disposal of business - 17 17 Interest received 6 1 4 ------------- -------------------------------------------------- --------------------------------------------- ---------- Net cash flow from investing activities 6 18 21 ------------- -------------------------------------------------- --------------------------------------------- ---------- Cash flow from financing activities Proceeds on issue of new shares - - 1,880 Expenses of new share issue - - (15) ------------- -------------------------------------------------- --------------------------------------------- ---------- Net cash flows from financing activities - - 1,865 ------------- -------------------------------------------------- --------------------------------------------- ---------- Net increase / (decrease) in cash and cash equivalents (233) (220) 707 Cash and cash equivalents at beginning of period 1,991 1,279 1,279 Effects of exchange movements (3) (8) 5 ------------- -------------------------------------------------- --------------------------------------------- ---------- Cash and cash equivalents at end of the period 1,755 1,051 1,991 ------------- -------------------------------------------------- --------------------------------------------- ----------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting policies
Basis of preparation
These condensed Half Yearly financial statements are for the six month period ended 31 December 2013.
The financial information for the six months ended 31 December 2013 and 31 December 2012 is unaudited.
IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission.
The financial information has been prepared on the basis of IFRS that the Directors expect to be applicable as at 31 December 2013, with the exception of IAS 34 Interim Financial Reporting.
Financial information contained in this document does not comprise the Group's statutory financial statements as defined in section 434 of the Companies Act 2006.
The statutory financial statements for the year ended 30 June 2013 have been delivered to the Registrar of Companies. The auditors reported on these financial statements: their report was unqualified, did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006, and did not include references to any matters to which the auditor drew attention by way of emphasis.
2. Exceptional administrative expenses (Unaudited) (Unaudited and restated) (Audited) Six months ended 31 December Six months ended 31 December 2013 2012 Year ended 30 June 2013 GBP'000 GBP'000 GBP'000 ------------------------------ ----------------------------- ----------------------------- ------------------------ Impairment of intangible assets - (989) (1,032) ------------------------------ ----------------------------- ----------------------------- ------------------------ 3. Loss per share attributable to the equity shareholders of the Company Basic loss per share (Unaudited) (Unaudited and restated) (Audited) Six months ended 31 December Six months ended 31 December 2013 2012 Year ended 30 June 2013 Pence Pence Pence ------------------------------ ----------------------------- ----------------------------- ------------------------ Loss per share from continuing operations (0.08) (0.32) (0.31) ------------------------------ ----------------------------- ----------------------------- ------------------------
The losses and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
GBP'000 GBP'000 GBP'000 ----------------------------------- -------- -------- -------- Loss used in the calculation of total basic and diluted loss per share (789) (1,585) (1,983) ----------------------------------- -------- -------- -------- Number of shares (Unaudited) (Unaudited and restated) (Audited) Six months ended 31 Six months ended 31 December December 2013 2012 Year ended 30 June 2013 ----------------------------- ---------------------------- ----------------------------- ------------------------ Weighted average number of ordinary shares for the purposes of basic loss per share 968,196,408 498,196,408 635,977,230 ----------------------------- ---------------------------- ----------------------------- ------------------------
The Company has issued options over 19,741,882 ordinary shares which are potentially dilutive. There is however no dilutive effect of these issued options as there is a loss for each of the periods concerned.
4. Share Capital (Unaudited) (Unaudited and restated) (Audited) Six months ended 31 December Six months ended 31 December 2013 2012 Year ended 30 June 2013 GBP'000 GBP'000 GBP'000 ------------------------------ ----------------------------- ----------------------------- ------------------------ Allotted, issued and fully paid 968,196,408 (31 Dec 2012: 498,196,408) shares of 0.25 pence 2,420 1,245 2,420 ------------------------------ ----------------------------- ----------------------------- ------------------------ 5. Related Parties
Consultancy fees were invoiced to ORA Capital Partners Limited (a company controlled by a significant shareholder which at 31 December 2013 held 24.09% of the Company's issued share capital) as follows;
(Unaudited) (Unaudited and restated) (Audited) Six months ended 31 December 2013 Six months ended 31 December 2012 Year ended 30 June 2013 GBP'000 GBP'000 GBP'000 ------------------ ---------------------------------- ---------------------------------- ------------------------ Consultancy fees 53 - 40 ------------------ ---------------------------------- ---------------------------------- ------------------------
The directors, having consulted the Company's nominated adviser, confirm their opinion that these arrangements, which are with related parties, are fair and reasonable insofar as the interests of shareholders are concerned.
6. Copies of the Interim Report
A copy of this Interim Report is now available on the Company's website at www.quoram.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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