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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Strathdon Inv | LSE:STV | London | Ordinary Share | GB0003808762 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTV
RNS Number : 1462Y
Strathdon Investments PLC
17 December 2010
Strathdon Investments plc
Interim Report
For the six months to 30 September 2010
Contents
1. Directors and Advisers
2. Statement of Corporate Objectives and Key Data
2. Principal Unquoted Investments
5. Consolidated Statement of Comprehensive Income
6. Consolidated Balance Sheet
7. Statement of Changes in Shareholders' Equity
7. Consolidated Statement of Cash Flows
8. Notes to the Interim Financial Statements
Directors and Advisers
Directors
S D Hunt
J R Cusins
D J Gamble
Registered Office
St Martins House
210-212 Chapeltown Road
Leeds
LS7 4HZ
Secretary
Central Secretarial Nominees Limited
73/75 Mortimer Street
London
W1W 7SQ
Solicitors
Wallace LLP
One Portland Place
London
WIB 1PN
Nominated Adviser and Broker
Seymour Pierce
20 Old Bailey
London
EC4M 7EN
Auditors
Grant Thornton UK LLP
Registered Auditors
2 Broadfield Court
Sheffield
S8 0XF
Registrar and Transfer Office
Capita Registrars Limited
Northern Office
Woodsome Park Fenay Bridge Huddersfield HD8 0GA
Bankers
Lloyds TSB Bank plc
Black Horse House
Wallbrook Court
North Hinksey Lane
Botley
Oxford
OX2 0QS
Statement of Corporate Objectives
Strathdon Investments holds a portfolio of unquoted investments which are in the process of realisation.
Strathdon is not currently seeking to invest in new opportunities. The Board continues to provide management support to the present portfolio and is focused on realising the maximum value from the portfolio in the near to medium term.
Key Data
30 30 September 31 March September 31 March 30 September 2010 2010 2009 2009 2008 Net Asset Value GBP'000 2,290 2,667 3,104 3,202 4,248 Net Asset 4.42p 5.15p 5.99p 6.18p 8.20p Value per share Share price *2.12p *2.12p *2.25p *2.75p *2.9p per share
* Share price as at 9 December 2010 (March 2010: as at 2 September 2010, September 2009: as at 14 December 2009, March 2009: as at 24 September 2009 and September 2008: as at 12 December 2008)
Unquoted Investments
As at 30 September 2010
30 September 2010 Unrealised Valuation at GBP000 Meta Vision Systems Limited 924 AMG Systems Limited 901 Episys Limited 398 Other 514 2,737 ------------------------
This section describes the business of the active companies in the portfolio, in order of valuation at 30 September 2010 as detailed above.
Unquoted Investments
As at 30 September 2010
Meta Vision Systems Limited
Meta Vision Systems is dedicated to solving machine guidance problems in a cost effective manner using laser vision technology. Meta's products are predominately used to improve the quality and productivity in automated welding. The main advantages of laser guidance systems are functionality, speed and performance. As well as welding with robots and automatic machines, Meta's systems are suitable for any application that involves finding or following a feature such as a joint, edge or hole to track a seam or locate a reference position.
Meta Vision Systems serves many prestige clients across the globe including DaimlerChrysler in Germany, Babcock & Wilcox in Canada, all of the "Big Five" pipe manufacturers in India and BSG in China, the leading government owned pipe maker which sets the standards for Chinese pipe manufacturing.
Eynsham www.meta-mvs.com
AMG Systems Limited
AMG Systems is the UK's leading supplier of optical fibre-based transmission systems for CCTV networks for the growing worldwide security and transportation surveillance market. AMG has a comprehensive and growing product range with many unique benefits. AMG's client list includes Ben Gurion Airport, New Wembley Stadium, UK and Irish Highways, the UK MOD Whitehall, and the Museum of Islamic Arts in Doha.
Biggleswade www.amgsystems.co.uk
Episys Limited
Episys is a global information technology solutions and services company serving the retail, manufacturing, healthcare and other industries. Episys provides expertise, products, services and support for signage, labelling and mobile systems. Episys has developed technology and expertise to enable organisations to input information from a variety of sources, process it and output the required data to the chosen device, such as radio frequency handheld terminals, portable printers, large static printers, electronic signage and the internet. Customers include major retailers in the UK and US.
Royston www.episys.com
Business HR Solutions Limited
Business HR provides outsourced HR management services and support to clients via the internet and telephone. The company has a uniquely cost effective way of delivering high quality HR advice that is based on the use of home-working seasoned HR professionals. The company is addressing a potential market of around GBP250 million per annum through direct sales, agency relationships and strategic partnerships with organisations such as Hiscox Insurance and Intellect.
London www.businesshr.net
Oxensis Limited
Oxsensis is working on advanced instrumentation for gas turbines in the aviation and power sectors which is designed to achieve major reductions in greenhouse gas emissions as well as considerable fuel savings. The extreme environment sensors also have broader potential applicability to energy intensive industries and automotive engines. Oxsensis is a spin-out from the Council for the Central Laboratory of the Research Councils run by the team that successfully built Bookham Technology.
Oxford www.oxsensis.com
Unquoted Investments
As at 30 September 2010
Intouch with Health Limited
Intouch with Health has a growing business in the provision of Patient Information and Patient Feedback services to NHS Trusts. These services can be relayed to patients by resident PCs or touchscreen kiosks supplied by Intouch, hospital bedside units, the internet and in printed format. Over 60 NHS Trusts are using these services. A new product is being launched to improve the efficiency of hospital check-in processes. Strathdon's stake in this company was sold in October 2010 realising proceeds of GBP118,000.
Cirencester www.intouchwithhealth.co.uk
Oxagen Limited
Oxagen Limited is developing a pipeline of novel small molecule drugs to treat inflammatory and respiratory diseases. The company has created a portfolio of valuable drug targets centered on the highly attractive class of receptors, GPCRs. Through its heritage in human genetics, Oxagen has validated a number of GPCR targets, many of them novel, and is progressing the most promising as drug targets. The lead program, targeting a GPCR known as CRTH2 with a strong genetic association to asthma, has generated a number of promising candidate small molecules which are orally bioavailable and offer the potential to treat asthma and other respiratory and inflammatory conditions.
Abingdon, Oxford www.oxagen.com
Utilyx Limited
Utilyx is a leading European energy and climate change advisory and transaction management firm. It helps larger energy users manage energy price risk and achieve lowest prices for electricity and gas. These cost savings are generally an order of magnitude greater than Utilyx's fees. Utilyx assesses the market for outsourced energy broking and risk management across Europe to be over GBP200 million. Utilyx has a high quality blue chip client list that includes government bodies, corporations, developers and investors.
London www.utilyx.com
Consolidated statement of comprehensive income
For the 6 months ended 30 September 2010
6 months ended 6 months ended Audited 30 September 30 September Year ended 2010 2009 31 March Unaudited Unaudited 2010 Notes GBP000 GBP000 GBP000 Revenue 10 20 158 Administrative expenses (107) (135) (231) ---------------------------- ----- ------------- -------------- ---------- Operating loss (97) (115) (73) ---------------------------- ----- ------------- -------------- ---------- Realised gains on financial assets designated at fair value though profit or loss (net) - - 69 Unrealised (losses)/gains on financial assets designated at fair value through profit or loss (net) (273) 23 (518) ---------------------------- ----- ------------- -------------- ---------- Net movement on investments (273) 23 (449) Loss before finance costs and taxation (370) (92) (522) Finance costs (7) (6) (13) ---------------------------- ----- ------------- -------------- ---------- Loss before taxation (377) (98) (535) Taxation - - - ---------------------------- ----- ------------- -------------- ---------- Loss for the period attributable to equity shareholders (377) (98) (535) ---------------------------- ----- ------------- -------------- ---------- Total comprehensive income for the period attributable to equity shareholders (377) (98) (535) Basic and diluted loss per ordinary share 2 (0.73)p (0.19)p (1.03)p ---------------------------- ----- ------------- -------------- ----------
The accompanying notes on pages 8 to 9 are an integral part of these interim financial statements.
Consolidated Balance Sheet
As at 30 September 2010
6 months 6 months ended ended Audited 30 September Unaudited Year ended 2010 0 September 31 March Unaudited 2009 2010 Notes GBP000 GBP000 GBP000 Assets Non-current assets Financial assets designated at fair value through profit or loss 2,737 3,504 3,026 ------------------------------------ ------------- ------------ ----------- Current assets Trade and other receivables 152 50 57 Cash and cash equivalents 66 271 162 ------------------------------------ ------------- ------------ ----------- 218 321 219 Liabilities Current liabilities Financial liabilities (141) - (141) Trade and other payables (524) (580) (437) ------------------------------------ ------------- ------------ ----------- (665) (580) (578) Net current liabilities (447) (259) (359) ------------------------------------ ------------- ------------ ----------- Total assets less current liabilities 2,290 3,245 2,667 Non-current liabilities Loans - (141) - Net assets 2,290 3,104 2,667 ------------------------------------ ------------- ------------ ----------- Shareholders' equity Share capital 2,591 2,591 2,591 Share premium account 6,392 6,392 6,392 Special reserve 36,290 36,290 36,290 Warrant reserve 928 928 928 Retained earnings (43,911) (43,097) (43,534) ------------------------------------ ------------- ------------ ----------- Total Shareholders' equity 2,290 3,104 2,667 ------------------------------------ ------------- ------------ ----------- Net Asset Value per ordinary 3 4.42p 5.99p 5.15p share ---------------------------- ------ ------------- ------------ -----------
The accompanying notes on pages 8 to 9 are an integral part of these interim financial statements.
The interim financial statements were approved and authorised for issue by the Board of directors on 15 December 2010 and were signed on its behalf by:
Simon Hunt
Chairman
Statement of Changes in Shareholders' Equity (Unaudited)
For the 6 months ended 30 September 2010
Share Share premium Special Warrant Retained Total Capital account reserve* reserve earnings equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 31 March 2009 2,591 6,392 36,290 928 (42,999) 3,202 Loss for the period - - - - (98) (98) ----------- --------- --------- ---------- --------- ---------- -------- Balance at 30 September 2009 2,591 6,392 36,290 928 (43,097) 3,104 Loss for the period - - - - (437) (437) ----------- --------- --------- ---------- --------- ---------- -------- Balance at 31 March 2010 2,591 6,392 36,290 928 (43,534) 2,667 Loss for the period - - - - (377) (377) Balance at 30 September 2010 2,591 6,392 36,290 928 (43,911) 2,290 ----------- --------- --------- ---------- --------- ---------- --------
* The special reserve is a distributable reserve
Consolidated Statement of Cash Flows
For the 6 months ended 30 September 2010
6 months 6 months ended ended Audited 30 September 30 September Year ended 2010 2009 31 March Unaudited Unaudited 2010 GBP000 GBP000 GBP000 Net cash outflow from operating activities (109) (143) (258) ----------------------------------- ------------- ------------- ----------- Cash flows from investing activities Purchase of financial assets - - (12) Proceeds from sale of financial assets 17 619 636 Net cash from investing activities 17 619 624 ----------------------------------- ------------- ------------- ----------- Cash flows used in financing activities Repayment of borrowings - (300) (300) Interest paid - (7) (6) Net cash used in financing activities - (307) (306) ----------------------------------- ------------- ------------- ----------- Net increase/(decrease) in cash and cash equivalents (92) 169 (60) Cash and cash equivalents at the beginning of the period 158 102 102 Cash and cash equivalents at the end of the period 66 271 162 ----------------------------------- ------------- ------------- -----------
Notes to the Interim Financial Statements
For the 6 months ended 30 September 2010
1. General information, basis of preparation and principal accounting polices
These interim statements, which have been approved by the directors, are unaudited, and have not been reviewed by the auditors pursuant to the Auditing Practices Board (APB) guidance on Review of Interim Financial Information.
These interim statements do not constitute full financial statements as defined in section 434 of the Companies Act 2006. The comparative figures for the year ended 31 March 2010 do not constitute full financial statements and have been extracted from the Group's financial statements for the year ended 31 March 2010. The accounts for the year ended 31 March 2010 were reported without qualification by the auditors and have been delivered to the Registrar of Companies.
These interim statements have been prepared on a going concern basis. In arriving at their decision to prepare these interim statements on a going concern basis, the directors have reviewed the anticipated income and expenditure of the Group and compared these with the Group's expected cash resources. This included consideration of the anticipated realisation proceeds of the investment portfolio, the timing of the realisation process and the cash flow implications.
The going concern basis depends upon certain realisations of investments occurring within the period under review. The directors are in discussions with potential purchasers of a number of the Group's investments. These discussions are in the early stages and the outcome is therefore uncertain. The directors are confident that a number of these realisations will be successful however the directors have concluded that the above circumstances represent a material uncertainty that may cast significant doubt upon the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
These interim statements comply with IAS 34 'Interim Financial Reporting' and AIM Rule 18. The accounting policies and methods of computation adopted in these interim statements are the same as those adopted in the preparation of the audited financial statements for the year ended 31 March 2010.
The financial statements for the year ended 31 March 2010 were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The following new standards and amendments to standards are mandatory for the first time for the financial year commencing 1 April 2010. Where relevant to the Group these interim statements have been prepared under the revised disclosure requirements.
IAS 1 (amendment). The amendment is part of the IASB's annual improvements project and clarifies the definition of current liabilities. This has had, and is expected to have, no material impact on the Group's financial statements.
Other standards and interpretations which have been issued and are effective for this accounting period but are not currently relevant for the Group are IFRS 1 (Revised), IFRS 2 (Amendment), IFRS 3 (Revised), IFRS 5 (amendment), IAS 27 (Revised), IAS 32 (Amendment) and IFRICs 17 and 18.
Notes to the Interim Financial Statements
For the 6 months ended 30 September 2010
1. General information, basis of preparation and principal accounting polices (continued)
There has been no change to the principal risks and uncertainties facing the Group since the publication of the financial statements for the year ended 31 March 2010. In summary, the principal risks are:
-- Investment and strategic;
-- Liquidity risk.
-- Regulatory;
-- Reputational;
-- Operational;
-- Financial;
-- Interest rate risk, and
-- Foreign currency risk
Full details of the principal risks can be found in the financial statements for the year ended 31 March 2010 on page 10, a copy of which can be found at www.strathdoninvestmentsplc.com.
2. Basic and Diluted Loss per share
The loss per share is based on the net loss for the period attributable to shareholders of GBP377,000 (30 September 2009: GBP98,000 and 31 March 2010: GBP535,000) and on 51,817,057 shares (30 September 2009 and 31 March 2010: 51,817,057), being the weighted average number of shares in issue during the period.
The share options within the Employee Share Option Scheme and the warrants exercisable at 36p per share are considered to be non-dilutive potential ordinary shares. The Company has no other securities that would have a dilutive effect and hence basic and diluted earnings per share are the same.
3. Net Asset Value per share
The Net Asset Value per share is calculated on attributable assets of GBP2,290,000 and 51,817,057 shares in issue at the period end (30 September 2009: assets of GBP3,104,000 and 51,817,057 shares, 31 March 2010: assets of GBP2,667,000 and 51,817,057 shares).
The share options within the Employee Share Option Scheme and the warrants exercisable at 36p per share are considered to be non-dilutive potential ordinary shares. The Company has no other securities that would have a dilutive effect and hence basic and diluted Net Asset Values per share are the same.
4. Directors
The directors of the Company are Mr S D. Hunt, Mr. J R Cusins, and Mr. D J Gamble.
5. Other information
Copies of the interim report can be obtained from the Company's registered office or from the website: www.strathdoninvestmentsplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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