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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Waterlogic | LSE:WTL | London | Ordinary Share | JE00B3X52W88 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 147.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3612Q World Travel Holdings PLC 30 September 2003 World Travel Holdings plc announces its interim trading results for six months ended 30 June 2003. CHAIRMAN'S STATEMENT Results As I announced in my statement accompanying the 2002 accounts, the Directors decided in January, that in the absence of a further fund-raising, the Group would have to cease trading. Much of the first six months of the current year was taken up by a new management team attempting to raise new equity finance to support a new strategy for the Group in the travel industry. Regrettably this did not succeed. Faced with the choice of allowing the Company to fail or to change direction and try to rebuild the Company in other markets, the directors have taken the steps detailed in my report accompanying the 2002 accounts to come to terms with the Company's creditors, commence the reorganisation of the capital structure and acquire a very small and loss making technology company from Culver Holdings plc ("Culver"), our former parent, of which Bruce Fireman and I are also directors. These have not been concluded and so the Company may still fail but your board continues to work towards their goal of producing some future for the Company. It will, however, be necessary to raise further capital to fund the commuted claims of creditors and provide working capital for the future. This must be completed by 31 October or the Company is likely to fail. In the six months to June 2003, turnover, represented by commissions and booking fees was #209,000 (2002 - #1.5m). The operating loss for the six months is #656,000 compared with a loss for the same period last year of #93,000. An accounting profit of #1.08 million was realised during the period from the disposal of the Group's businesses so that there is a profit before and after taxation for the six months of #423,000 compared with a loss of #93,000 in the same period last year. Corporate Activity On 17 April 2003, the Company sold its interest in Netfaresonline.com Inc ("NFO") to Logiciels OpenFares Inc., a Canadian software development company, for a cash consideration of CND$450,000. Of this amount, CND$112,500 was paid to the chairman of NFO, as previously agreed, in exchange for his waiving any salary entitlement, leaving proceeds of CND$337,500, of which CND$23,500 may be due to Softvoyage Inc. by virtue of its preferred shareholder status in 3053787 Nova Scotia Limited. As announced on 16 June 2003, Deckchair.com and LeisureHunt.com, together with their associated trade marks and customer databases, have been sold by the Group's affiliate International Travel Agents Link Limited and the funds received used for that company's working capital. The Group sold its remaining interest in the URL www.flights.com and its minority interest in TISS.com, Inc for #125,000 on 23 June 2003 which was used to reduce the secured loan due to Culver. As a base for the future development of the Company, agreement has been reached, as reported earlier with Culver for the acquisition, conditional on shareholders' approval of the reorganisation of the capital structure of the Company, of the entire share capital of its wholly owned subsidiary, Wanbase Limited for a cash consideration of #1,000. This transaction has not been concluded and will, together with the proposed change of name, be considered further at the adjourned AGM of the Company on 16 October 2003. Prospects The Company continues to have a difficult time and clearly additional capital will have to be raised to finance the development of the business and the payment of the commuted creditor liabilities. The Directors are actively examining a number of acquisition opportunities and it is envisaged that additional equity capital will have to be raised at the time of such an acquisition. If additional finance is not found by 31 October 2003, which is by no means certain, then the Group is likely to fail. Consolidated Profit and Loss Account 6 months 6 months ended ended Year ended 30 June 30 June 31 December 2003 2002 2002 Notes #'000 #'000 #'000 Gross travel sales Existing operations - 15 164 Acquisitions - - - --------- --------- --------- Continuing operations - 15 164 Discontinued operations 1,817 14,341 21,451 --------- --------- --------- 1 1,817 14,356 21,615 --------- --------- --------- Turnover Existing operations - 15 164 Acquisitions - - - --------- --------- --------- Continuing operations - 15 164 Discontinued operations 209 1,500 1,806 --------- --------- --------- 1 209 1,515 1,970 --------- --------- --------- Administration costs Exceptional item - impairment of fixed assets - - (1,712) Other administrative expenses (645) (1,307) (3,189) --------- --------- --------- Total administrative expenses (645) (1,307) (4,901) Distribution costs (220) (301) (343) --------- --------- --------- (865) (1,608) 5,244 --------- --------- --------- Operating loss Existing operations (147) 71 (307) Acquisitions - - - --------- --------- --------- Continuing operations (147) 71 (307) Discontinued operations (509) (164) (2,967) --------- --------- --------- Operating loss (656) (93) (3,274) Loss on disposal of fixed assets- discontinued - - (122) --------- --------- --------- Profit on disposal of discontinued operations 1,079 - 2,030 --------- --------- --------- Profit/(loss) on ordinary activities before interest and taxation 423 (93) (1,366) --------- --------- --------- Finance charges (net) - - 3 --------- --------- --------- Profit/(loss) on ordinary activities before taxation 423 (93) (1,363) Taxation - - - --------- --------- --------- Profit/(loss) on ordinary activities after taxation 423 (93) (1,363) --------- --------- --------- Basic earnings/ (loss) per share 4 0.24p (0.11)p (2.08)p Consolidated Balance Sheet 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Intangible assets - - 200 Tangible assets - 433 69 --------- --------- --------- - 433 269 --------- --------- --------- Current assets Debtors 2 1,527 332 Restricted cash - 854 - Cash at bank and in hand - 191 80 --------- --------- --------- 2 2,572 412 --------- --------- --------- Creditors: amounts falling due within one year (1,637) (3,657) (2,641) --------- --------- --------- Net current assets/(liabilities) (1,635) (1,085) (2.229) --------- --------- --------- --------- --------- --------- Total assets less current liabilities (1,635) (652) (1,960) --------- --------- --------- Creditors: amounts falling due after more than one year (787) (1,992) (787) Provisions for liabilities and charges (193) (934) (231) --------- --------- --------- Net (liabilities)/assets (2,615) (3,578) (2,978) --------- --------- --------- Capital and reserves Called up share capital 3,270 1,770 1,770 Share premium account 11,197 10,140 10,140 Shares to be issued - 681 2,556 Capital reserve 4,763 4,758 4,763 Profit and loss account (21,845) (20,987) (22.267) --------- --------- --------- Shareholders' funds (2,615) (3,638) (3,038) Minority interest - 60 60 --------- --------- --------- (2,615) (3,578) (2,978) --------- --------- --------- Consolidated Cashflow Statement 6 months 6 months ended ended Year ended 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Net cash outflow from operating Activities (103) (38) (433) --------- --------- --------- Returns on investment and servicing of finance Interest received - 5 3 Interest paid - (4) - --------- --------- --------- - 1 3 --------- --------- --------- Taxation - - - --------- --------- --------- Capital expenditure and financial investment Purchase of tangible fixed assets (15) (24) (12) Sale of tangible fixed assets 275 5 - --------- --------- --------- 260 (19) (12) --------- --------- --------- Acquisitions and disposals Disposal of subsidiary undertakings 146 - 133 Net cash balances (Disposed)/acquired with subsidiary undertaking (98) - 167 --------- --------- --------- 48 - 300 --------- --------- --------- --------- --------- --------- Net cash inflow/(outflow) before Financing 205 (56) (142) --------- --------- --------- Financing (Repayment)/receipt of short term loan (300) - 300 New long term loans - 307 - New finance leases - 15 - Capital element of long term loan payments - - - Capital element of finance lease payments - (5) (9) --------- --------- --------- Financing (300) 317 291 --------- --------- --------- --------- --------- --------- (Decrease)/increase in cash in the Period (95) 261 149 --------- --------- --------- Notes to the financial statements 1. The interim financial statements have been prepared on the basis of accounting policies set out in the Company's statutory financial statements. Income from the sale of travel products and services is recognised at the time of the booking. 2. As at 30 June 2003, the Group had net current liabilities of #1.6m (2001: #1.1m) and net liabilities of #2.6m (2002: #3.6m). Without further equity funding and settlement arrangements with outstanding creditors, the Group will not be able to meet its current or long-term liabilities and will be required to go into liquidation. For the Group to continue, new funding will need to be raised, and new businesses will need to be acquired by the Group. To that end the Directors have initiated a process for the purchase of at least one telecommunications business in the short term. The Directors are satisfied that they will be able to acquire suitable businesses, successfully raise sufficient further equity funding and reach settlements with the outstanding creditors who have claims on World Travel Holdings plc. On this basis the Directors consider it appropriate to prepare the financial statements on a going concern basis, and therefore no adjustments that might have otherwise been required have been made. 3. All the Group's trading subsidiaries have been disposed of or placed in liquidation. The company had no operating subsidiaries at 30 June 2003 4. The calculation of basic earnings per share is based on the profit on ordinary activities before taxation of #423,000 (2002: loss #93,000) in the financial period and the weighted number of ordinary shares of World Travel Holdings plc in issue of 177,496,387 (2002: 65,658,000). 5. The financial information for the 6 month periods ended 30 June 2003 and 2002 have neither been audited nor reviewed by the Group's auditors and do not constitute accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 31 December 2002 is abridged from the Company's 2002 statutory Report and Accounts. The auditors' report on those accounts was unqualified and did not contain any statement under section 237 (2) or (3) of the Companies Act 1985. These reports have been delivered to the Registrar of Companies and are available from the company's registered office, 53 The London Fruit & Wool Exchange, Brushfield Street, London E1 6EX. This information is provided by RNS The company news service from the London Stock Exchange END IR SDUFISSDSEFU
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