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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:2030E Trochus PLC 20 September 2007 20 September 2007 Trochus plc Preliminary results for the year ended 30 June 2007 Trochus plc (formerly SRS Technology Group plc), an investing company, which previously developed and sold a range of environmental control and telecare solutions for the healthcare markets, is pleased to announce its unaudited preliminary results for the year ended 30 June 2007. Introduction and Financial Overview The Company's trading subsidiary, SRS Technology Limited, was disposed of for a nominal consideration of #1 on 30 October 2006, which gave rise to a loss on disposal of discontinued operations of #519,000. The operating loss of the subsidiary for the four months prior to 30 October 2006 is incorporated in the consolidated unaudited profit and loss account of the Company, as set out in this announcement. Since the disposal of the trading subsidiary, the Company has been non-trading. Following the disposal, costs have been restricted to the absolute minimum necessary to maintain our AIM listing whilst we actively seek a new acquisition opportunity. Capital restructuring The Board believed that the Company would benefit from a re-basing of its share price and nominal value together with a simplification of its capital structure, therefore at an EGM on 18 May 2007 approval was obtained for the majority of the Company's issued ordinary shares of 1p each to be consolidated into new ordinary shares of 10p each. In addition, 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 of over #175,000 at that date. This capital re-structuring has not affected the overall net asset position of the Company and is not reflected in the balance sheet of the Company as at 30 June 2007. The Company also changed its name from SRS Technology Group plc to Trochus plc on 18 May 2007. Acquisition search We have investigated a number of opportunities in a variety of sectors to date and will continue to search selectively for the right value proposition for the Company. Our aim is to complete this process and seek shareholder approval for any acquisition as soon as possible. David Gration Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2007 2007 2006 #000 #000 Turnover 349 1,200 Cost of sales (133) (451) Gross profit 216 749 Administrative expenses (616) (1,413) Operating loss (400) (664) Net interest receivable 25 29 Loss on sale of discontinued operations (519) - Loss on ordinary activities before (894) (635) taxation Tax credit on loss on ordinary activities - 30 Loss on ordinary activities after taxation (894) (605) and retained for the year Basic loss per share 54p 49p Diluted loss per share 54p 49p There are no recognised gains or losses other than the loss for the year. All of the activities of the Group are classed as discontinuing following the sale of the trading subsidiary on 30 October 2006. The Company will have certain administrative expenses going forward relating to the directors and costs associated with being listed on the AIM market. The disclosed loss per share information reflects the consolidation of 1p ordinary shares into 10p ordinary shares during the year. Comparative loss per share information has been re-stated accordingly. CONSOLIDATED BALANCE SHEET AT 30 JUNE 2007 2007 2006 #000 #000 Fixed assets Tangible assets - 50 Current assets Stock - 220 Debtors 23 387 Cash at bank and in hand 421 901 444 1,508 Creditors: amounts falling due within one year (88) (310) Net current assets 356 1,198 Total assets less current liabilities 356 1,248 Net assets 356 1,248 Capital and reserves Called up share capital 2,253 2,251 Share premium account 4,274 4,274 Profit and loss account (6,171) (5,277) Shareholders' funds 356 1,248 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2007 2007 2006 #000 #000 #000 #000 Net cash flow from operating activities (496) (729) Returns on investments and servicing of finance Interest received 25 31 Interest paid - (2) Net cash flow from returns on 25 29 investments and servicing of finance Taxation R&D Tax credit - 30 Net cash flow from taxation - 30 Capital expenditure and financial investment Purchase of tangible fixed assets (5) (3) Net cash flow from capital expenditure (5) (3) and financial investment Net cash flow before management of (476) (673) liquid resources and financing Management of liquid resources Decrease in short term deposits - 400 Net cash flow from management of liquid - 400 resources Financing activities Issue of ordinary share capital - 962 Capital element of finance lease rental (4) (9) payments Net cash flow from financing (4) 953 (Decrease)/increase in cash (480) 680 NOTES 1. The financial information set out in this announcement does not constitute the Group's statutory accounts for the years ended 30 June 2007 or 30 June 2006. The financial information for the year ended 30 June 2006 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237(2) or (3) Companies Act 1985. The audit of the statutory accounts for the year ended 30 June 2007 is not yet complete. These accounts will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registar of Companies following the Company's annual general meeting. 2. The full audited accounts of Trochus plc for the year ended 30 June 2007 and Notice of the Annual General Meeting are expected to be posted to shareholders no later than 30 November 2007 and will be available for a period of one month to the public at the Company's registered office, 1 Dean's Yard, London, SW1P 3NP from that date. For more information please contact: David Gration, Executive Chairman Trochus plc Telephone: 077689 38181 Gerry Beaney/Fiona Owen Grant Thornton Corporate Finance Telephone: 0207 383 5100 This information is provided by RNS The company news service from the London Stock Exchange END FR LMMITMMTTBBR
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