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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Springdoo | LSE:SDOO | London | Ordinary Share | GB0033272237 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4822K
Springdoo PLC
21 December 2007
SPRINGDOO PLC
Interim Results to 30 September 2007
CHAIRMAN'S STATEMENT
As mentioned in my statement in the company's final results to 31 March 2007,
the development of the Groups' sites has been challenging. During the six month
period we therefore took the opportunity to realise value held within certain
assets, where possible.
As such, an extraordinary general meeting was convened on 30 August 2007 at
which shareholders approved the disposal of properties held at Lancaster to John
Trevor Bargh, a former director of the company. Since the end of the interim
period, another extraordinary general meeting was convened for 29 November 2007
at which shareholders approved the disposal of the freehold land held at
Huddersfield to Kirklees Metropolitan Council. The company also decided to
dispose of the freehold land at Leicester to John Trevor Bargh, which was
announced on 17 December 2007.
The Company still holds freehold land in Carlisle and we are considering the
options available.
In addition, on 15 June 2007 we announced the acquisition of Springdoo Limited,
a mobile and internet video technology company which should provide the group
with new interesting opportunities. The board believes it is well positioned to
take advantage of the uptake in demand for video services on both the internet
and mobile. The early take up of users is extremely encouraging, although it is
still very early in the company's evolution.
The board has also been strengthened with the addition of Lee Dudack as chief
finance officer and Adam Freeman as chief operating officer.
The board will continue to monitor all options available to the group with the
view to increasing shareholder value.
Martin Higginson
Non-Executive Chairman
20 December 2007
CONSOLIDATED INCOME STATEMENT
For the six month period ended 30 September 2007
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2007 2006 2007
Note (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Restated Restated
Revenue 3
Continuing operations 1 - -
Discontinued operations 198 217 473
199 217 473
Administrative expenses
Continuing operations (311) (26) (46)
Discontinued operations (1,185) (193) (378)
(1,496) (219) (424)
Other Income
Continuing operations - - -
Discontinued operations - - 9
- - 9
Investment Income
Continuing operations 13 8 18
Discontinued operations - 2 3
13 10 21
Finance costs
Continuing operations (4) - -
Discontinued operations (223) (170) (376)
(227) (170) (376)
Loss before taxation
Continuing operations (301) (18) (28)
Discontinued operations (1,210) (144) (269)
(1,511) (162) (297)
Income tax expense (89) - -
Loss for the period (1,600) (162) (297)
Pence per Pence per Pence per
share share share
Loss per share in the period
Total activities (7.17) (0.74) (1.36)
Continuing activities (1.75) (0.08) (0.13)
CONSOLIDATED BALANCE SHEET
As at 30 September 2007
As at 30 As at 30 As at
September September 31 March
2007 2006 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Note
ASSETS
Non-current assets
Goodwill 661 970 970
Property, plant & equipment 4,247 9,117 9,840
Total non-current assets 4,908 10,087 10,810
Current assets
Trade and other receivables 73 56 56
Cash and cash equivalents 322 646 465
Total current assets 395 702 521
TOTAL ASSETS 5,303 10,789 11,331
EQUITY AND LIABILITIES
Share capital 8 97 109 109
Share Premium 2,313 1,909 1,909
Other reserves 41 2,375 2,375
Retained earnings (357) (286) (421)
Total equity 2,094 4,107 3,972
Non-current liabilities
Long term borrowings 2,789 6,221 7,094
Total non-current liabilities 4,883 6,221 7,094
Current liabilities
Trade and other payables 333 461 265
Current tax payable 87 - -
Total current liabilities 420 461 265
Total liabilities 3,209 6,682 7,359
TOTAL EQUITY AND LIABILITIES 5,303 10,789 11,331
STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 September 2007
Share Capital
Share Share Revaluation option redemption Retained
capital premium reserve reserve reserve earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Balance as at 31 March 2006 109 1,909 2,375 - - (124) 4,269
Restated balances 109 1,909 2,375 - - (124) 4,269
Loss for the period - - - - - (162) (162)
Total recognised income and expense (162) (162)
Balance at 30 September 2006 109 1,909 2,375 - - (286) 4,107
Balance as at 31 March 2006 109 1,909 2,375 - - (124) 4,269
Restated balances 109 1,909 2,375 - - (124) 4,269
Loss for the period - - - - - (297) (297)
Total recognised income and expense (297) (297)
Balance at 31 March 2007 109 1,909 2,375 - - (421) 3,972
STATEMENT OF CHANGES IN EQUITY (continued)
For the six month period ended 30 September 2007
Share Capital
Share Share Revaluation option redemption Retained
capital premium reserve reserve reserve earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Balance as at 31 March 2007 109 1,909 2,375 - - (421) 3,972
Restated balances 109 1,909 2,375 - - (421) 3,972
Exchange differences on translating - - - - - 2 2
foreign operations
Transfer from revaluation reserve - - (2,404) - - 2,404 -
Net income recognised directly in - - (2,404) - - 2,406 2
equity
Loss for the period - - - - - (1,600) (1,600)
Total recognised income and expense - - (2,404) 806 (1,598)
Revaluation in period - - 29 - - - 29
Share option charge - - - 13 - - 13
Issue of shares 16 404 - - - - 420
Repurchase of share capital (28) - - - 28 (742) (742)
Balance at 30 September 2007 97 2,313 - 13 28 (357) 2,094
CONSOLIDATED CASH FLOW STATEMENT
For the six month period ended 30 September 2007
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2007 2006 2007
Note (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Loss before tax (1,511) (162) (297)
Adjustments for:
Depreciation 70 11 21
Increase in share option reserve 13 - -
Loss on disposal of goodwill 1,058 - -
Exchange gains/losses 2 - -
Investment income (13) (10) (21)
Finance costs 227 170 376
(154) 9 79
(Increase)/decrease in trade and other (54) 87 87
receivables
Increase/(Decrease) in trade and other 432 (1,329) (1,532)
payables
Cash generated from operations 224 (1,233) (1,366)
Income taxes paid - - (15)
Net cash from operating activities 224 (1,233) (1,381)
Cash flows from investing activities
Purchase of property, plant and equipment (145) (952) (1,672)
Purchase of subsidiary undertaking (103) - -
Net cash balances acquired with subsidiary 7 - -
undertaking
Proceeds from disposal of subsidiary 2,107 - -
undertaking
Net cash balances disposed of with 49 - -
subsidiary undertaking
Interest received 13 10 21
Net cash used in investing activities 1,928 (942) (1,651)
Cash flows from financing activities
New bank loans 2,787 1,728 2,601
Repayment of bank loans (4,097) - -
Interest paid (243) (153) (350)
Repurchase of share capital (742) - -
Net cash used in financing activities (2,295) 1,575 2,251
Net decrease in cash and cash equivalents (143) 600 (781)
Cash and cash equivalents at beginning of period 465 1,246 1,246
Cash and cash equivalents at end of period 322 646 465
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2007
1 Basis of preparation
Basis of accounting
This interim report, which is unaudited, was approved by the directors on 20
December 2007 and has been prepared under International Financial Reporting
Standards (IFRS) for the first time. The accounting policies are consistent
with those used in the Annual Financial Statements, except where noted below.
The presentation of the Interim Financial Statements is consistent with the
Annual Financial Statements, except where noted below. Where necessary, the
comparatives have been reclassified or extended from the previously reported
Interim Financial Statements to take into account any presentational changes
made in the Annual Financial Statements or in these Interim Financial
Statements.
The principal change in the basis of accounting has been the removal of the
requirement for Goodwill amortisation for the current and prior year. The prior
year profit and loss account has therefore been restated, eliminating the charge
of £28,000 for the six months to 30 September 2006 and £56,000 for the year to
31 March 2007 with the consequent increase in the opening shareholders' equity
as at 1 April 2006 (note 9). The statutory accounts for the year ended 31 March
2007 upon which the auditors issued an unqualified report have been filed with
the Registrar of Companies.
2 Consolidation
The 2007 financial information represents the results of Springdoo plc and all
of its subsidiaries.
3 Revenue
The company's revenue was derived from its principal activity undertaken wholly
in the United Kingdom.
4 Taxation
On the basis of the results and reliefs available in the six months ended 30
September 2007 a provision for taxation of £87,000 on the results for the period
is considered necessary.
5 Acquisitions
On 15 June 2007 the company acquired Springdoo Limited, company incorporated in
New Zealand, for consideration of £420,000. This was satisfied by the issue of
3,200,000 Ordinary shares of 0.5p each in CityBlock plc at 13.125 pence per
share, prior to the company changing its name to Looks Investment plc and
subsequently to Springdoo plc. In addition the group incurred further costs of
acquisition amounting to £141,000.
6 Disposals
On 31 August 2007 the company sold the entire issued share capital of CityBlock
Holdings Limited for cash consideration of £2,107,000.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2007
7 Loss per share
Basic loss per share has been calculated by dividing the loss for the
period of £1,600,000 (2006 - £162,000) by the weighted average number of shares
in issue during the period.
Basic loss per share from continuing operations has been calculated by dividing
the loss for the period from continuing operations of £390,000 (2006 - £18,000)
by the weighted average number of shares in issue during the period.
During the period the weighted average number of shares in issue was 22,312,613
(2006 - 21,842,097).
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2007 2006 2007
(unaudited) (unaudited) (audited)
Restated Restated
Pence per share Pence per share Pence per share
Total loss per share
Basic and diluted (7.17) (0.74) (1.36)
Loss per share from continuing operations
Basic and diluted (1.75) (0.08) (0.13)
There is no dilution as a result of outstanding options.
8 Share capital
As at 30 As at 30 As at
September September 31 March
2007 2006 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Authorised
40,105,400 Ordinary shares of 0.5p each 201 201 201
49,473 Redeemable preference shares of £1 each 49 49 49
250 250 250
Allotted, called up and fully paid
19,353,374 (21,842,097) Ordinary shares of 0.5p each 97 109 109
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2007
9 Impact of Changes in accounting principles
In adopting IFRS as its accounting policies, Springdoo plc has prepared these
financial statements as if IFRS has been historically applied. In each case,
balance sheet items are restated by adjusting the opening value at 1 April 2006
and taking the difference in the corresponding item to equity.
Consolidated equity as at 31 March 2006, 30 September 2006 and 31 March 2007 has
changed as a result of adopting IFRS, which is shown in the Statement of changes
in equity.
Profit after tax has changed as follows as a result of adopting IFRS:
6 months Year
ended ended
30 Sept 31 March
2006 2007
(unaudited) (audited)
£000 £'000
Consolidated loss for the period as stated in the Annual Report (190) (353)
prepared in accordance with United Kingdom GAAP
Adjusted (restated) items:
Goodwill amortisation 28 56
Consolidated loss (restated) in accordance with IFRS (162) (297)
10 Board approval
The interim financial statements set out on pages 4 to 11 were approved by the
directors on 20 December 2007.
11 Report copies
Copies of this interim report can be obtained from the company's registered
office at Fleet House, New Road, Lancaster, LA1 1EZ. A copy is also available on
the company's website, www.springdoo.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUGGUPUPMGUG
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