ALB.L Regulatory News (ALB)

27 Jun 2005 13:40

Bionex Investments PLC27 June 2005 BIONEX INVESTMENTS PLC Interim results for the six months 31 March 2005 27 June 2005 Chairman's Statement In the six months to 31 March 2005 the company made a profit after taxation of£4,515 and net assets per share were 2.38 pence. At 31 March 2005 cash in hand and on deposit totalled £2,574,000, with a further£959,000 held in quoted securities and managed funds. During the period under review the Board maintained its stance of notparticipating any further in the unquoted life science and biotechnology sector.The residual life science portfolio held continued to be monitored and all threeinvestments remain as independent privately held businesses with support fromtheir existing shareholders. In one case we have invested a further £100,000;this was a pre-existing contractual commitment that had been made prior to thestrategic review. Other than in the biotechnology and life science sector the Board have continuedto pursue shorter term opportunistic investment situations in general quotedcompanies. In the first six months this has resulted in a net additionalinvestment of £459,000. After further consideration of the future strategic direction for the Companythe Board have concluded that shareholder value would be best served by formallychanging the focus of its activities towards utilising the cash to providefinancing, by way of both equity and loans, to smaller companies, quoted andunquoted, across a range of sectors, with the emphasis on pre-IPO situations. There are clear opportunities to participate in significant value uplifts wheresmaller companies are in need of short term finance, which the Board believethey will be able to access. Accordingly it is the Boards intention to call anExtraordinary General Meeting specifically to put the necessary resolutions toshareholders to change the focus of the Company. A circular with the proposals is being prepared currently and will be sent toshareholders shortly. Christopher Roberts Profit and Loss Account Unaudited Unaudited Audited Six months to Six months to Year ended 31 March 31 March 30 September 2005 2004 2004 £'000 £'000 £'000 NoteProfit on sale of investments 7 1,087 1,041 Administrative expenses (72) (115) (199)Other operating income - 2 2 (72) (113) (197) Investment provision - (384) (501) (Loss) / profit on ordinary activities (65) 590 343 before interest Interest receivable and similar income 70 13 64 Profit on ordinary activities 5 603 407 before taxation Taxation - (296) (15) Profit on ordinary activities after taxation 5 307 392 Basic earnings per ordinary share - pence 2 0.003p 0.194p 0.248p Balance Sheet Unaudited Unaudited Audited 31 March 31 March 30 September 2005 2004 2004 £'000 £'000 £'000 NoteFixed assetsInvestments 3 302 965 202 Current assetsCurrent asset investments 959 239 500Debtors 3 769 176Cash at bank and in hand 2,574 2,165 3,058 3,536 3,173 3,734 Creditors: Amounts falling due (80) (469) (183)within one year Net current assets 3,456 2,704 3,551 Net assets 3,758 3,669 3,753 Capital and reservesCalled up share capital 1,579 1,579 1,579Share premium 2,615 2,615 2,615Profit and loss account (436) (525) (441) Equity shareholders' funds 3,758 3,669 3,753 Cash Flow Statement Unaudited Unaudited Audited Six months to Six months to Year ended 31 March 31 March 30 September 2005 2004 2004 £'000 £'000 £'000 Net cash outflow from operating activities (76) (93) (257) Returns on investment and servicing of financeInterest received 70 13 64 Capital expenditure and financial investmentsPurchase of investments (577) (595) (565)Sale of investments 99 1,803 2,779 (478) 1,208 2,214 Cash (outflow) / inflow before management of liquid (484) 1,128 2,021resources and financing Management of liquid resources and financingDecrease / (increase) in short term deposits 3,000 (1,250) (2,100) FinancingIssue of shares - - -Expenses of share issue - - - - - - Increase / (decrease) in cash in the period 2,516 (122) (79) Notes to the Accounts 1 Basis of preparation The unaudited accounts for the six months ended 31 March 2005 do not constitutestatutory accounts. The profit and loss account, balance sheet and cash flow statement have beenprepared on a basis consistent with the statutory accounts for the year ended 30September 2004. Results for the year ended 30 September 2004 have been extracted from thestatutory accounts which were reported on by the auditors, without qualificationor statement under Section 237(2) or (3) of the Companies Act 1985, and havebeen delivered to the Registrar of Companies. 2 Earnings / (loss) per share The calculation of the basic earnings per ordinary share is based on the profiton ordinary activities after tax and on the weighted average number of ordinaryshares in issue during the period. The calculation of diluted earnings perordinary share is not disclosed as the warrants and further subscription rightsare non dilutive when calculated in accordance with FRS 14. Reconciliations of the earnings and weighted average number of shares used inthe calculations are set out in the table below. 6 months ended 31 March 2005 6 months ended 31 March 2004 Weighted Weighted Average Earnings Average Earnings Earnings Number of per share Earnings Number of per share £ shares (pence) £ Shares (pence) Basic earnings per 4,515 157,925,634 0.003 306,844 157,925,634 0.194ordinary share 12 months ended 30 September 2004 Weighted Average Loss per Earnings Number of share (pence) £ shares Basic earnings per ordinary 391,585 157,925,634 0.248share 3 Fixed Asset Investments Unlisted £000 Cost At 1 October 2004 786Additions 100Disposals - At 31 March 2005 886 ProvisionsAt 1 October 2004 584Provisions in period - At 31 March 2005 584 Net book valueAt 31 March 2005 302 At 30 September 2004 202 Aggregate market valueAt 31 March 2005 302 4 Other information The interim statement was approved by the Directors on 24th June 2005 A copy of the interim statement will not be posted to shareholders but will bemade available to the public at the company's registered office, 223a KensingtonHigh Street, London W8 6SG. This information is provided by RNS The company news service from the London Stock Exchange