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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Z Grp | LSE:ZGP | London | Ordinary Share | GB00B09LQS34 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 1350J
Z Group PLC
28 November 2008
28 November 2008
Z GROUP plc
Interim Results for the six months ended 31 August 2008
Z GROUP plc (Z GROUP or the Company), the AIM listed cash shell, announces its unaudited interim results for the six months ended 31
August 2008.
Summary of Interim Results
* Revenues in the period were £8,750 (2007: Nil)
* Administrative costs in the period were £113,230 (2007: £336,590)
* Dividend income of £12,422,502 received from the Company's dormant subsidiary Z Group Investments Limited with a corresponding
write down of investments
* Finance income in the period was £41,575 (2007: £24,288)
* As a result, the Company is reporting a six month loss before tax of £67,905 (2007: loss £261,762)
* Loss per share of 0.29p (2007: loss of 1.10p)
* £234,059 of cash was received in connection with the sale of Net2Roam Limited and Onshare Limited
* Cash at bank as at 31 August 2008 £1,322,558 (2007: £1,213,365)
Further Enquiries
Z GROUP plc
Duncan Neale (Finance Director) Tel: +44 (0) 20 7952 4043
John East & Partners Limited
Bidhi Bhoma / Simon Clements Tel: +44 (0) 20 7628 2200
Chairman's statement
I am pleased to present the interim results of the Company for the six months ended 31 August 2008.
RESULTS
Revenue of £8,750 (2007: Nil) arose from the provision of management consultancy services in the period.
Administrative costs in the period were £113,230 (2007: £336,590). The reduction compared with the previous year reflects the fact that
the disposal of Net2Roam Limited and Onshare Limited took place in January 2008. £94,474 of further cash consideration in relation to these
disposals is expected to follow in the second half of this financial year. Following the disposals, the Company had no trading business and
as a result the cost base was reduced significantly.
The loss on ordinary activities after taxation for the year amounted to £67,905 (2007 - loss £261,762) representing a loss per share of
0.29 pence (2007 - loss 1.10 pence).
The Directors did not declare a dividend in the period.
CHANGES IN DIRECTORS DURING THE PERIOD
On 18 March 2008, Ian Smith was appointed as a non-executive director and Marcus Yeoman was appointed as a part-time executive director
of the Company. On the same day, Jack Bekhor and Jamie True stepped down as joint CEOs and as executive directors of the Company.
CASH POSITION
The unaudited cash position as at 31 August 2008 was £1,322,558. The unaudited cash position at 25 November 2008, being the last
practicable date prior to the publication of this document, was £1,256,891.
PROSPECTS
The directors' objective is to preserve cash resources while actively pursuing potential acquisitions, which are at various stages of
discussion at this time. Under the AIM rules the Company's shares will be suspended from trading on AIM if a suitable acquisition has not
been made in accordance with the investing strategy by 7 January 2009.
JON CLAYDON
Non-executive Chairman
28 November 2008
Income Statement
for the six months ended 31 August 2008
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 August 31 August 29 February
2008 2007 2008
£ £ £
Revenue 8,750 - -
Cost of sales (5,000) - -
Gross profit 3,750 - -
Share based payments credit - - 383,667
Other administrative expenses (113,230) (336,590) (860,830)
Proceeds on disposal of investments - - 60,000
Write down of investments - (4,638,803)
(12,422,502)
OPERATING LOSS (12,531,982) (336,590) (5,055,966)
Finance income 41,575 24,288 53,404
Dividend income 12,422,502 - -
Other income - 50,540 91,231
LOSS BEFORE INCOME TAX (67,905) (261,762) (4,911,331)
Income tax expense - - 816
(67,905) (261,762) (4,910,515)
LOSS FOR THE YEAR
(0.29) (1.10) (20.68)
Basic and diluted loss per share
(pence) (Note 3)
Balance Sheet
at 31 August 2008
Unaudited Unaudited Audited
As at As at As at
31 August 31 August 29 February
2008 2007 2008
£ £ £
Assets
Investments - 16,991,305 -
Property, plant and equipment 8,935 116,016 10,898
Other intangible assets - 2,012 -
Other receivables 117,500 117,500 117,500
126,435 17,226,833 128,398
Non-current assets
Trade and other receivables 160,091 3,510,494 374,552
Cash and cash equivalents 1,322,558 1,213,365 1,203,824
1,482,649 4,723,859 1,578,376
Current assets
1,609,084 21,950,692 1,706,774
Total assets
Equity and Liabilities
Capital and reserves attributable to
equity holders of the Company
Share capital 1,187,294 1,187,294 1,187,294
Share premium account 5,967,758 5,966,858 5,967,758
Share option reserve 700,382 1,084,049 700,382
Retained losses (6,367,099) (1,650,440) (6,299,194)
1,488,335 6,587,761 1,556,240
Total equity
Trade and other payables 120,749 15,362,931 150,534
120,749 15,362,931 150,534
Current liabilities
120,749 15,362,931 150,534
Total liabilities
1,609,084 21,950,692 1,706,774
Total equity and liabilities
Statement of Changes in Equity
for the six months ended 31 August 2008
Share based payments
Share capital Share premium reserve Retained earnings
Total
£ £ £ £ £
Balance at 1 March 2008 1,187,294 5,967,758 700,382 (6,299,194) 1,556,240
Loss for the period - - - (67,905) (67,905)
Total recognised income and - - - (67,905) (67,905)
expense for the period
Balance at 31 August 2008 1,187,294 5,967,758 700,382 (6,367,099) 1,488,335
Cash Flow Statement
for the six months ended 31 August 2008
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 August 31 August 29 February
2008 2007 2008
£ £ £
Cash flows from operating activities
Operating loss (12,531,982) (336,590) (5,055,966)
Depreciation 1,963 19,860 32,711
Amortisation - 25 510
Share option expense - - (383,667)
Dividend income 12,422,502 - 16,991,305
Decrease / (Increase) in trade and 214,462 (747,681) 2,388,261
other receivables
(Decrease) / (Increase) in trade and (29,080) 795,734 (14,417,368)
other payables
Write down of web development costs - - 1,807
and domain names
Cash generated from / (used in) 77,865 (268,652) (442,407)
operations
Income tax credit - - 816
Net cash generated from / (used in) 77,865 (268,652) (441,591)
operating activities
Cash flows from investing activities
Purchase of property, plant and - - (5,340)
equipment
Proceeds from the sale of property, - 2,323 99,649
plant and equipment
Interest received 41,575 24,288 53,404
Other income - 50,540 91,231
Net cash generated from investing 41,575 77,151 238,944
activities
Cash flows from financing activities
Credit on issue of share expenses - (900) -
Net cash generated from financing - (900) -
activities
Net increase / (decrease) in cash and 119,440 (192,401) (202,647)
cash equivalents
Cash and cash equivalents at the 1,203,118 1,405,766 1,405,765
beginning of the period
Cash and cash equivalents at the end 1,322,558 1,213,365 1,203,118
of the period
Notes to the Interim report
for the six months ended 31 August 2008
1. Basis of preparation
The financial information for the six months ended 31 August 2008 and 31 August 2007 has been prepared in accordance with the
International Financial Reporting Standards ("IFRS"), and is unaudited. The comparative figures for the year ended 29 February 2008 were
derived from the Group's audited financial statements for that period as filed with the Registrar of Companies as restated for IFRS. The
financial information does not constitute the financial statements for that period. Those accounts received an unqualified audit report
which did not contain any statement under s237 (2) or (3) of the Companies Act 1985.
2. Summary of Significant Accounting Policies
(a) Property Plant and Equipment
Property, plant and equipment are initially recorded at cost of purchase and are depreciated on a straight-line basis over their
estimated useful lives, as follows:
Computer equipment, office equipment, fixtures and fittings 4 years
(b) Impairment of tangible and intangible assets
At each balance sheet date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is
any indication that those assets have suffered an impairment loss. If any such indications exist, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss (if any). An intangible asset with an indefinite useful life is tested for
impairment annually and whenever there is an indication that the asset may be impaired.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates for future cash flows have been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to
its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a re-valued
amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant
asset is carried at a re-valued amount, in which case the impairment loss is treated as revaluation increase.
(c) Revenue recognition
Revenue is stated net of Value Added Tax and net of any applicable discounts or rebates.
(d) Share based payments
The Company has applied the requirements of IFRS 2 Share-based Payments. In accordance with the transitional provisions, IFRS 2 has been
applied to all grants of equity instruments after 7 November 2002 that were unvested as of 1 March 2006.
The Company issues share options to certain employees. These options are measured at fair value at the date of the grant, using the
Black-Scholes option-pricing model. The fair value of the options is expensed on a straight-line basis over the vesting period, based on the
Company's estimate of when shares will vest, applying the assumptions on a consistent basis with those used in the audited financial
statements for the year ended 28 February 2007.
3. Earnings per share
The calculation of basic earnings per share is based upon the profit after tax divided by the weighted average number of shares in issue
during the period.
The calculation of fully diluted earnings per share is based upon the profit after tax divided by the weighted average number of shares
in issue during the period after taking into account the dilutive effect of share options.
Loss after tax
Basic & diluted loss per share £ Weighted average
number of shares
EPS (pence)
6 months ended 31 August 2008 (67,905) 23,745,879 (0.29)
6 months ended 31 August 2007 (261,762) 23,745,879 (1.10)
12 months ended 29 February
2008 (4,910,595) 23,745,879 (20.68)
Due to the loss incurred in the above periods, there is no dilutive effect from the issue of share options.
4. Interim results
Copies of the Interim results are available from the Company's registered office, 31 Vernon Street, London W14 0RN and on the Company's
website www.zgroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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