AMI.L Regulatory News (AMI)

28 Sep 2009 16:28

FOR IMMEDIATE RELEASE Amicrest Holdings PLC Results for the six months ended 30 June 2009

The Board of Amicrest Holdings PLC announces the results of the Company for the six months ended 30 June 2009, which are set out below. The unaudited interim financial statements for the six months ended 30 June 2009 are being sent to all shareholders. Copies may be obtained from the Company by writing to Amicrest Holdings PLC, Grove Lodge, 287 Regents Park Road, London N3 3JY.

CHAIRMAN'S STATEMENT

For the six months ended 30 June 2009

Dear Shareholder,

I am pleased to report the results for the 6 months ended 30th June 2009.

As I stated in my last chairman's statement, the intention of the company is to liquidate once our last remaining development in Bristol is completed. In the meantime, it is the intention of the board to reduce costs as much as possible and to sell of our remaining assets in an orderly manner.

As shareholders are aware, the property market is very fragile and therefore, we cannot be certain on how long the sale of our properties will take.

GERARD A LEEChairman30 September 2009AMICREST HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 30TH JUNE 2009 Six Six Year Months Months ended to 30th to 30th 31st June June December 2009 2008 2008 GBP'000 GBP'000 GBP'000 TURNOVER Group and share of associates 396 231 367 Less: Share of associates (211) (104) (105) GROUP TURNOVER 185 127 262 Cost of sales (85) (22) (1,545) GROSS PROFIT/(LOSS) 100 105 (1,283) Administration Expenses (177) (173) (382) OPERATING (LOSS) (77) (68) (1,665) Amounts written off investments (18) - (382) Share of operating (loss)/profit (1) - - in associates Interest receivable 1 20 21 Interest payable (75) (53) (125) (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION (170) (101) (2,151) Taxation repayable/(payable) 74 - - (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (96) (101) (2,151) ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY (96) (101) (2,151) Ordinary dividend - - - ACCUMULATED (LOSS) FOR THE PERIOD (96) (101) (2,151) PENCE PENCE PENCE (Loss) per share (2.0) (2.1) (44.6)

The profit and loss account has been prepared on the basis that all operations are continuing

operations. There are no gains or losses other than those passing through the profit and loss account AMICREST HOLDINGS PLC CONSOLIDATED BALANCE SHEET 30th 30th 31st Dec June June 2009 2008 2008 GBP'000 GBP'000 GBP'000 FIXED ASSETS Tangible assets 505 476 518 Investments 1,521 1,922 1,540 2,026 2,398 2,058 CURRENT ASSETS Work in progress 5,570 7,006 5,575 Debtors 1,209 789 1,341 Cash at bank 82 142 137 6,861 7,937 7,053 CREDITORS: Amounts falling due within one (431) (508) (559)year NET CURRENT ASSETS 6,430 7,429 6,494 TOTAL ASSETS LESS CURRENT LIABILITIES 8,456 9,827 8,552 Creditors: Amounts falling due after more than one (2,275) (1,500) (2,275)year NET ASSETS 6,181 8,327 6,277 CAPITAL AND RESERVES Called up share capital 2,410 2,410 2,410 Own shares held (334) (334) (334) Share premium account 1,802 1,802 1,802 Capital redemption 425 425 425reserve Revaluation reserve 19 19 19 Profit and loss account 1,859 4,005 1,955 6,181 8,327 6,277 PENCE PENCE PENCE Net assets per share attributable to ordinary shareholders 128 173 130 NOTES TO THE FINANCIAL STATEMENTS 1 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention modified by the valuation of investment properties and in accordance with applicable accounting standards in the United Kingdom and the Companies Act 1985. The consolidated financial statements comprise statements of the company and its subsidiary undertakings. Where a subsidiary is acquired during the period, the profit attributed to shareholders includes only profits and losses from the effective date of acquisition. The Group's interests in joint ventures are accounted for using the gross equity method. Where the Group exercises significant influence over certain investments, these are treated as associates and the interest is accounted for using the gross equity method. Where the Group no longer exercises significant influence, these are treated as investments from the date at which the ability to exercise significant influence ceased. Turnover Turnover and operating loss for the period is principally attributable to investment property rental, value of development stock and work in progress sold during the period and fees from management contracts. Turnover is derived from activities undertaken in the United Kingdom. Sales are recognised on completion of contracts. 2 LOSS PER SHARE The calculation of loss per share is based on a loss after taxation, of GBP96,000 and on 4,820,247 shares being the number of ordinary shares in issue during the year. (31st December 2008 loss: 2,151,000, 30th June 2008 loss: 101,000). 3 RECONCILIATION OF SHAREHOLDERS' FUNDS 30th 30th June 31st June December 2009 2008 2008 GBP'000 GBP'000 GBP'000 Brought forward 6,277 8,430 8,430 (Loss) for the period (96) (101) (2,151) Own shares acquired (-) (2) (2) Closing shareholders' 6,181 8,327 6,277 funds 4 FINANCIAL STATEMENTS The financial statements of the company for the six months ended 30th June 2009 and 30th June 2008 are un-audited, have not been reviewed by the company's auditors and do not constitute statutory financial statements within the meaning of the Companies Act 1985 (the "Act"). The financial statements for the year ended 31st December 2008, which have been delivered to the Registrar of Companies, have been audited by the company's auditors', Sedley Richard Laurence Voulters, whose report was unqualified and included no statement under Section 237(2) or (3) of the Act.