Interim Results

RNS Number:6551E
Worldsec Ld
27 September 2007


                                Worldsec Limited

              Interim Report for the six months ended 30 June 2007


The Directors submit the interim report on Worldsec Limited (the "Company") and 
its subsidiaries (collectively known as the "Group" for the six months ended 
30 June 2007 (the "Period").

For the six months ended 30 June 2007, the Group incurred a net loss of
US$114,000. This compares to the net loss of US$1,166,000 for the corresponding
period in the previous year which included the realization of US$1,033,000
(being a one time charge) standing on the Group's currency translation
reserve to the income statements. The small improvement in lower operating loss
of US$19,000 in the first half of this year as compared to the previous
corresponding period arose largely from a reduction in manpower expenses. At the
end of 30 June 2007, Group shareholders' funds stood at US$2.07 million
as compared to US$2.18 million at the end of December 2006.

The Board continues to explore opportunities in the securities and financial
services business. Shareholders will be informed as soon as such investment
opportunity eventuates.

                                        By order of the Board

                                        Alastair GUNN-FORBES
                                        Non-Executive Chairman

                                        27 September 2007



CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007

                                              Unaudited             Audited
                                          Six months ended         Year ended
                               Notes   30.6.2007      30.6.2006    31.12.2006
                                         US$'000        US$'000       US$'000
Recovery of doubtful                           -             16            16
receivables
Interest income                  5            21             20            42
Other income                                   -              -           275
                                              21             36           333
Staff costs                                 (20)           (67)          (89)
Other expenses                             (115)          (102)         (221)
                                           (114)          (133)            23
Currency translation reserve
released
upon disposal of subsidiaries    6             -        (1,033)       (1,033)

Loss before tax                            (114)        (1,166)       (1,010)
Income tax expense               7             -              -             -
Loss for the period/year                   (114)        (1,166)       (1,010)

Loss per share ' basic and       8      (1) cent      (9) cents     (8) cents
diluted


CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2007

                                         Unaudited              Audited
                                     Six months ended         Year ended
                                  30.6.2007      30.6.2006     31.12.2006
                                    US$'000        US$'000        US$'000
Currency translation reserve
released upon
disposal of subsidiaries and net
income recognized directly in equity     -          1,033          1,033

Loss for the period/year              (114)        (1,166)        (1,010)

Total recognised income/
(expense) for the
period/year                           (114)          (133)           (23)



CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2007

                                           Unaudited             Audited
                                       Six months ended         Year ended
                            Notes  30.6.2007      30.6.2006     31.12.2006
                                      US$'000        US$'000       US$'000
Current assets
Other receivables                           2              4             2
Cash and bank balances                  2,335          2,470         2,506
                                        2,337          2,474         2,508
Current liabilities
Other payables and                      (271)          (450)         (328)
accruals

Net current assets                      2,066          2,024         2,180

Net assets                              2,066          2,024         2,180

Capital and reserves
Share capital                 9            13             13            13
Contributed surplus          10         9,646          9,646         9,646
Special reserve              10           625            625           625
Accumulated losses           10       (8,218)        (8,260)       (8,104)

Equity shareholders' funds              2,066          2,024         2,180



CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007

                                         Unaudited             Audited
                                      Six months ended        Year ended
                                  30.6.2007     30.6.2006     31.12.2006
                                     US$'000       US$'000       US$'000
Cash flows from operating
activities
Loss for the period/year               (114)       (1,166)       (1,010)

Adjustment for:
Interest income                         (21)          (20)          (42)
Currency translation reserve
released
upon disposal of subsidiaries              -         1,033         1,033
                                       (135)         (153)          (19)
Movement in working capital
Decrease in other receivable               -            15            17
Increase/(Decrease) in other
payables
and accruals                            (57)            36          (86)
Net cash used in operating             (192)         (102)          (88)
activities

Cash flow from investing
activities
Interest received                         21            20            42
Proceeds on disposal of                    -           259           259
subsidiaries
Net cash inflow from investing            21           279           301
activities

Net increase/(decrease) in cash
and
cash equivalents                       (171)           177           213

Cash and cash equivalents at
beginning
of the period/year                     2,506         2,293         2,293

Cash and cash equivalents at end
of
the period/year
Cash and bank balances                 2,325         2,470         2,506


NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2007

1      GENERAL INFORMATION

The Company is a public listed company incorporated in Bermuda and its shares
are listed on the London Stock Exchange.  The addresses of the registered office
and principal place of business of the Company are disclosed in the corporate
information to the interim report.
     
2    ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

In the current period, the Group has adopted all of the new and revised
Standards and Interpretations issued by the International Accounting Standards
Board (the "IASB") and the International Financial Reporting
Interpretations Committee ("IFRIC") of the IASB that are
relevant to its operations and effective for accounting periods beginning on or
after 1 January 2007. The adoption of these new and revised Standards and
Interpretations has no significant impact on the financial statements of the
Group.

At the date of authorisation of these financial statements, the following
Standards and Interpretations were in issue but not yet effective:

IAS 23 (revised)                     Borrowing costs 1
IFRS 8                               Operating segments 1
IFRIC 11                             Group and Treasury Share Transactions 2
IFRIC 12                             Service Concession Arrangements 3


1 Effective for annual periods beginning on or after 1 January 2009
2 Effective for annual periods beginning on or after 1 March 2007
3 Effective for annual periods beginning on or after 1 January 2008

The directors anticipate that the adoption of these Standards and
Interpretations in the future periods will have no material impact on the
financial statements of the Group.

Save as disclosed above, the accounting policies adopted in preparing this
report are consistent with those adopted in preparing the consolidated financial
statements of the Group for the year ended 31 December 2006.

3    BASIS OF PREPARATION

The financial statements have been prepared in accordance with International
Financial Reporting Standards. It has been prepared on a basis other than that
of a going concern which includes, where appropriate, writing down the Company's 
assets to net realizable value.  Provision has also been made for any
onerous contractual commitments at the balance sheet date.  The financial
statements do not include any provision for the future costs of terminating the
business of the Company except to the extent that such costs were committed at
the balance sheet date.  Accordingly, all assets are classified as current
assets.

The Group's financial statements consolidate the financial statements of
the Company and the subsidiary undertakings included in the Group.

The results of subsidiaries disposed of during the periods/year are included in
the consolidated income statement up to the effective dates of disposal.
     
4    BUSINESS AND GEOGRAPHICAL SEGMENTS

No business and geographical segment analyses are presented for the periods
ended 30 June 2007 and 30 June 2006 as the Group has only maintained a minimum
operation during the period.
     
5    INTEREST

                                         Unaudited              Audited
                                     Six months ended         Year ended
                                  30.6.2007      30.6.2006     31.12.2006
                                    US$'000        US$'000        US$'000
Interest income
Bank interest receivable                 21             20             42


6    DISPOSAL OF SUBSIDIARIES

During the period ended 30 June 2006, the Group disposed of its entire interests
in Worldsec Nominees International Limited, a company incorporated in the
British Virgin Islands, together with its wholly-owned subsidiary, Worldsec
Nominees Limited, a company incorporated in Hong Kong.  No gain or loss on
disposal of subsidiaries was resulted from this disposal.

Incidental to the disposal of subsidiaries during that period, the total
currency translation reserve amounted to US$1,033,000 has been released to the
consolidated income statement.


7    INCOME TAX

No provision for taxation has been made as the Group did not generate any
assessable profits for UK Corporation Tax, Hong Kong Profits Tax and tax in
other jurisdictions.

8    LOSS PER SHARE


                                     Unaudited                   Audited
                                  Six months ended             Year ended
                            30.6.2007         30.6.2006        31.12.2006
                              US$'000            US$'000          US$'000

Loss for the period/     US$(114,000)     US$(1,166,000)   US$(1,010,000)
year                                                          


Weighted average number
of shares in issue         13,367,290         13,367,290       13,367,290

Loss per share ' basic
and diluted                  (1) cent          (9) cents        (8) cents



No diluted effect in loss per share as no diluting events existed during the
periods/year.

     
9    SHARE CAPITAL
                                                                  US$
Authorised:
Ordinary shares of US$0.001 each as at 30 June 2006, 31    50,000,000
December

   2006 and 30 June 2007

Called up, issued and fully paid:
Ordinary shares of US$0.001 each as at 30 June 2006, 31        13,367
December

    2006 and 30 June 2007


10   RESERVES


                                                       Currency
                     Contributed      Special      Accumulated      translation
                         Surplus      Reserve           Losses          reserve
                         US$'000      US$'000          US$'000          US$'000

Balance at 1 January       9,646          625          (7,094)          (1,033)
2006
Loss for the period            -            -          (1,166)                -
Currency translation
reserve released
upon disposal
of subsidiaries                -            -                -            1,033

Balance at 1 July          9,646          625          (8,260)                -
2006
Profit for the                 -            -              156                -
period

Balance at 1 January       9,646          625          (8,104)                -
2007
Loss for the period            -            -            (114)                -

Balance at 30 June         9,646          625          (8,218)                -
2007

          
1    INTERIM REPORT

The interim report will be sent to shareholders on or about 21 October 2007.


CORPORATE INFORMATION

Board of Directors

Non-Executive Chairman
Alastair GUNN-FORBES

Executive Directors
Henry Ying Chew CHEONG (Deputy Chairman)

Non-Executive Directors
Mark Chung FONG
Soo Ching HO

Company Secretary
May Yim CHAN

Registered Office Address
Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda

Registration Number
EC21466 Bermuda

Principal Bankers
The Hong Kong and Shanghai Banking Corporation Limited
1 Queen's Road, Central, Hong Kong

Auditors
HLB Hodgson Impey Cheng
Chartered Accountants, Certified Public Accountants
31st Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong

Solicitors
Linklaters
One, Silk Street, London EC2Y 8HQ, England

Principal Share Registrar and Transfer Office
The Bank of Bermuda Limited
Bank of Bermuda Building, 6 Front Street, Hamilton HM11, Bermuda

International Branch Registrar
Capita Registers (Jersey) Limited
Victoria Chambers, Liberation Square, 1/3 the Esplanade, St helier, Jersey,
Channel Islands

United Kingdom Transfer Agent
Capita Registrars
The Registry, 34 Beckenham Road, Beckenham, kent BR3 4TU, England

Investor Relations
For further information about Worldsec Limited, please contact:
Henry Ying Chew CHEONG
Executive Director
Worldsec Group
6th Floor, New Henry House, 10 Ice House Street, Central, Hong Kong




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