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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rome Resources Plc | LSE:RMR | London | Ordinary Share | GB00BYY0JQ23 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -9.19 | -96.74% | 0.31 | 0.30 | 0.32 | 0.35 | 0.31 | 0.35 | 527,288,296 | 13:00:56 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4780E
RMR PLC
29 November 2002
Chairman's Statement
Overview
The six months to 31 August 2002 started with the restructuring of the business
in March 2002 that was designed to reduce the cost base to a much lower level
and this was successfully achieved within the planned timescale. However, the
market for the Company's products continued to be difficult, and although
several major projects under advanced discussion, in the view of the Board the
likelihood of significant sales revenue being achieved within an acceptable
period was low. As a result in August 2002 the decision was taken to sell the
remaining business and exit from the software sector entirely.
The transfer of the business to two companies was announced on 10th October 2002
for nominal consideration and commission on future sales. The remaining
employees left the Company by the end of October 2002 and all the remaining
assets have now been sold.
As the decision to close the business was made prior to 31st August 2002 the
balance sheet includes accruals for remaining costs and revenues resulting from
its implementation.
In the Annual Report for 2002 I referred to the disagreement between the Company
and two of the vendors of Learning Angles Limited. I am happy to report that
this has now been resolved to the satisfaction of all parties. As announced on
1st November 2002 Messrs Thomas and Jones will receive a payment of #59,000,
retain their current shareholding and receive a further 1 million shares in the
Company. Mr Williams will now retain his current shareholding rather than
returning these shares to the Company as stated in the Annual Report. The three
vendors have all waived their right to any further consideration under the
original acquisition agreement.
Results
The turnover for the six months to 31st August 2002 was #123,000 (2001:
#399,000) on which a pre-tax loss of #913,000 was incurred (2001: #2.807
million). This loss includes restructuring costs of #167,000 (2001: #166,000).
The cash position at 31st August 2002 was #758,000 compared to a balance of
#1.538 million at 28th February 2002. For the six-month period, there was a
loss per share of 1.49p (2001: 5.09p).
Board changes
Chris Thomas and Gwyn Jones resigned from the Board on 6th March 2002 and Derek
Cormack resigned from the Board and as Company Secretary on 7th October 2002. I
was appointed Company Secretary from that date.
Outlook
During the last year the Board has investigated and had discussions with many
businesses with a view to completing a transaction that would benefit the
shareholders. I am pleased to announce that the Company has entered into an
agreement to acquire The Talent Group Limited, an independent television
production company, for a total consideration of #1.25 million, to be satisfied
by an issue of 10,000,000 new ordinary shares of 1p each (following a proposed
capital reorganisation of the Company) representing up to 61.69 per cent of the
enlarged issued ordinary share capital of the Company.
Michael Mills
Executive Chairman
29 November 2002
RMR PLC
GROUP PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 2002 31 August 2001 28 February 2002
#000 #000 #000
Turnover 123 399 617
Cost of sales (278) (903) (2,394)
Gross loss (155) (504) (1,777)
Restructuring costs (167) (166) (1,200)
Goodwill write off (100) - (600)
Other administrative expenses (514) (2,257) (2,932)
Administrative expenses (781) (2,423) (4,732)
Operating loss (936) (2,927) (6,509)
Net interest 23 120 164
Loss on ordinary activities (913) (2,807) (6,345)
Taxation - - -
Loss for the period (913) (2,807) (6,345)
Basic loss per share (pence per share) (1.49) (5.09) (11.12)
There were no recognised gains or losses other than the loss for the period.
The operating loss for the 6 months to 31st August 2002 relates to discontinued activities.
RMR PLC
GROUP BALANCE SHEET
Unaudited Unaudited Audited
at 31 August at 31 August at 28 February
2002 2001 2002
#000 #000 #000
Fixed assets
Tangible fixed assets - 1,070 86
Investments - 150 -
Current assets
Debtors 70 263 188
Cash at bank and in hand 758 3,310 1,538
828 3,573 1,726
Creditors: amounts falling due
within one year (299) (464) (470)
Net current assets 529 3,109 1,256
Total assets less current liabilities 529 4,329 1,342
Creditors: amounts falling due
after more than one year - (49) -
Net assets 529 4,280 1,342
Capital and reserves
Called up share capital 6,110 5,510 6,110
Shares to be issued 100 - -
Share premium 10,650 10,650 10,650
Profit and loss account (16,331) (11,880) (15,418)
Shareholders funds 529 4,280 1,342
RMR PLC
GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 2002 31 August 2001 28 February 2002
#000 #000 #000
Net cash flow from operating
activities (818) (2,834) (4,645)
Returns on investment and servicing
of finance
Net interest 23 120 164
Capital expenditure and financial
investment
Purchase of tangible fixed assets - (107) (92)
Purchase of investment - (150) (150)
Proceeds on sale of tangible fixed assets 28 11 37
28 (246) (205)
Financing
Capital element of finance lease borrowings (13) - (46)
Net cash flow from financing (13) - (46)
Movement in cash (780) (2,960) (4,732)
RMR PLC
NOTES TO THE INTERIM STATEMENT
1 The results for the six months ended 31st August 2002 and 31st August 2001 and the balance sheets as at those
dates are unaudited. The results and cash flows for the year ended 28th February 2002 and the balance sheet at
that date are taken from the Group's statutory accounts for that year, which contains an unqualified audit
report, which have been filed with the Registrar of Companies.
2 The loss per share figures have been calculated on the loss on ordinary activities and the weighted average
number of shares in issue for the period of 61,102,847 (31st August 2001: 55,102,847 and 28th February 2002:
61,102,847).
3 The interim financial statements above do not comprise statutory accounts for the purposes of s240 of the
Companies Act 1985.
4 Reconciliation of movement in shareholders' funds Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 2002 31 August 2001 28 February 2002
#000 #000 #000
Loss for the period (913) (2,807) (6,345)
Issue of shares 100 - 600
Net movement in shareholders' funds (813) (2,807) (5,745)
Shareholders' funds at beginning of period 1,342 7,087 7,087
Shareholders' funds at end of period 529 4,280 1,342
5 Net cash flow from operating activities Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 2002 31 August 2001 28 February 2002
#000 #000 #000
Operating loss (936) (2,927) (6,509)
Depreciation 2 199 1,055
Goodwill write-off 100 - 600
Impairment losses on fixed asset investments - - 150
Loss on sale of tangible fixed assets 56 62 149
Decrease in debtors 118 340 415
Decrease in creditors (158) (508) (505)
Net cash flow from operating activities (818) (2,834) (4,645)
6 Reconciliation of net cash flow to net debt Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 August 2002 31 August 2001 28 February 2002
#000 #000 #000
Decrease in cash (780) (2,960) (4,732)
Capital element of finance leases 13 8 46
Change in net funds resulting from cash flows (767) (2,952) (4,686)
Inception of finance leases - - -
Movement in net funds for the period (767) (2,952) (4,686)
Net funds at 1 March 2002 1,515 6,201 6,201
Net funds at 31 August 2002 748 3,249 1,515
INDEPENDENT REVIEW report to RMR PLC
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 31 August 2002 which comprises the profit and loss account,
balance sheet, cash flow statement and related notes 1 to 6. We have read the
other information contained in the interim report which comprises only the
chairman's statement and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information. Our
responsibilities do not extend to any other information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The
responsibility includes ensuring that the accounting policies and presentation
applied to the interim figures should be consistent with those applied in
preparing the preceding annual accounts except where any changes, and the
reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with 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 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 31st August 2002.
Grant Thornton
Chartered Accountants
Oxford
29th November 2002
This information is provided by RNS
The company news service from the London Stock Exchange
END
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