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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Trochus | LSE:TRO | London | Ordinary Share | GB00B1WD8J84 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0860R Trochus PLC 31 March 2008 31 March 2008 Trochus plc Interim Results for the Six Months Ended 31 December 2007 Trochus plc ("the Company"), an investing company, is pleased to announce its unaudited results for the six months ended 31 December 2007. Financial Overview Costs have been restricted to the absolute minimum necessary to maintain our AIM listing whilst we actively seek a new acquisition opportunity. As noted in the financial statements for the year ended 30 June 2007, on 10 July 2007 the Company's issued deferred shares and share premium account were cancelled leaving the Company with an issued ordinary share capital of £166,000 and a positive profit and loss account. This re-structuring did not affect the overall net asset position of the Company. Acquisition search The Company announced on 31 October 2007 that it was in discussions concerning a corporate transaction. Following further due diligence and negotiations with the target company, the Board has decided to discontinue these discussions. The Board is now considering its options and will report to shareholders prior to 30 April 2008. IFRS The results which follow are prepared for the first time in accordance with International Reporting Standards (IFRS). David Gration Executive Chairman 31 March 2008 For more information please contact: David Gration, Executive Chairman Trochus plc Telephone: 077689 38181 UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2007 Six months Six months Year to to 31 December to 31 December 30 June 2007 2006 2007 £000 £000 £000 Revenue - - - Cost of sales - - - Gross profit - - - Administrative expenses - - - Operating profit - - - Investment revenue 10 15 25 Profit on ordinary activities 10 15 25 before taxation Taxation - - - Profit on continuing activities 10 15 25 Loss for the period on discontinued (68) (809) (919) operations after taxation Loss for the period (58) (794) (894) Basic earnings per share - 0.60p 0.91p 1.51p continuing operations Diluted earnings per share - 0.60p 0.91p 1.51p continuing operations Basic loss per share - continuing 3.47p 47.92p 53.94p and discontinued operations Diluted loss per share - continuing 3.47p 47.92p 53.94p and discontinued operations There are no recognised gains or losses other than the loss for the period. The comparative figures for loss per share for the period ended 31 December 2006 have been adjusted to reflect the consolidation of 1p ordinary shares to 10p ordinary shares in the year ended 30 June 2007. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2007 31 December 31 December 30 June 2007 2006 2007 £000 £000 £000 Current assets Trade and other receivables 25 17 23 Cash and cash equivalents 367 473 421 Total assets 392 490 444 Current liabilities Trade and other payables (85) (34) (88) Net current assets 307 456 356 Net assets 307 456 356 Equity Share capital 169 2,253 2,253 Share premium account 6 4,274 4,274 Retained profits/(losses) 132 (6,071) (6,171) Shareholders' funds 307 456 356 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share premium Retained Share capital account profit Total £000 £000 £000 £000 Balance at 1 July 2007 2,253 4,274 (6,171) 356 Capital restructuring (2,087) (4,274) 6,361 - 166 - 190 356 Loss for the period - - (58) (58) Issue of shares 3 6 - 9 Balance at 31 December 2007 169 6 132 307 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2007 Six Six Year months months to to 31 to 31 30 June December December 2007 2006 2007 £000 £000 £000 Net cash flow used in operations (64) (434) (496) Investing activities Interest received 10 15 25 Purchase of property, plant & equipment - (5) (5) Net cash flow from investing activities 10 10 20 Financing activities Repayments of obligations under finance leases - (4) (4) Net cash flow used in financing activities - (4) (4) Decrease in cash (54) (428) (480) Cash and cash equivalents at the beginning of 421 901 901 the period Cash and cash equivalents at the end of the 367 473 421 period NOTES TO THE INTERIM STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2007 1. Accounting policies a) Basis of preparation The interim financial statements of Trochus plc are for the six months ended 31 December 2007. These interim financial statements are prepared using the IFRS accounting policies (including IAS) and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") that are expected to be applicable for the full reporting year ending 30 June 2008. These remain subject to ongoing amendment and/or interpretation and are therefore subject to possible change. Consequently information included in these interim financial statements may need updating for any subsequent amendments to IFRS required for first time adoption, or for new standards that the Group may elect to adopt early. Previously the Group's financial statements were prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). The principal accounting policies previously adopted are explained in the Group's last UK GAAP Annual Report for the year ended 30 June 2007. The principal accounting policies under IFRS are not materially different with those adopted under UK GAAP. b) Comparatives The comparative figures for the year ended 30 June 2007 do not constitute statutory accounts within the meaning of S.240 of the Companies Act 1995, but they have been derived from the audited financial statements for that year, which have been filed with the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. c) Transition to IFRS Trochus plc's transition date for the adoption of IFRS is 1 July 2006. The Company has not taken advantage of any of the IFRS 1 First Time adoption exemptions. d) Impacts of International Financial Reporting Standards The impact of IFRS on the financial statements of Trochus plc is limited to format and disclosure. There are no measurement differences arising on the adoption of IFRS on the income statement for the periods ending 31 December 2006 and 30 June 2007 and on shareholders' equity as at 1 July 2006, 31 December 2006 and 30 June 2007. The cash flow statements for the periods ended 31 December 2006 and 30 June 2007 as presented in the interim financial information have been subject to a number of presentational adjustments following the transition to IFRS. There is no impact in the net increase in cash and cash equivalents for each period as reported under IFRS compared with that originally reported under UK GAAP. 2. Loss on discontinued operations The discontinued operations relate to the business of Trochus plc's former subsidiary, SRS Technology Limited, which was sold on 30 October 2006, and to the subsequent activity as an investing company. Six months Six months Year to to 31 December to 31 December 30 June 2007 2006 2006 £000 £000 £000 Revenue - 349 349 Operating loss attributable to (68) (290) (400) discontinued operations Attributable tax charge - - - Loss on sale of discontinued - (519) (519) operations Loss on discontinued operations (68) (809) (919) before taxation Attributable tax charge - - - Loss on discontinued operations (68) (809) (919) There was no tax charge attributable for the loss on sale of the discontinued operations. 3. Earnings and loss per share Six Six Year to months months To 31 December to 31 December 30 June 2007 2006 2007 Weighted average number of ordinary shares in issue 1,672,892 1,656,961 1,657,452 Profit on continuing activities (£000) 10 15 25 Basic earnings per share - continuing operations (pence) 0.60p 0.91p 1.51p Diluted earnings per share - continuing operations (pence) 0.60p 0.91p 1.51p Loss on continuing and discontinued activities (£000) (58) (794) (894) Basic loss per share - continuing and discontinued operations (pence) 3.47p 47.92p 53.94p Diluted loss per share - continuing and discontinued operations (pence) 3.47p 47.92p 53.94p This information is provided by RNS The company news service from the London Stock Exchange END IR BLGDXRUDGGII
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