ARTA.L Regulatory News (ARTA)

30 Mar 2005 09:33

Future Internet Technologies PLC30 March 2005 FOR IMMEDIATE RELEASE 30 March 2005 FUTURE INTERNET TECHNOLOGIES PLCINTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 CHAIRMAN'S STATEMENT In the six months to 31st December 2004, Future Internet Technologies ("FIT" or"the Company") made a profit before tax of £15,000. The costs associated withbeing a quoted company were largely covered by interest received on theCompany's cash balances. However, as I indicated in my last statement toshareholders, the Company generated some consultancy income in the period underreview. The profit achieved led to a modest increase in FIT's cash resources and, at theclose of the period, cash and quoted investments amounted to £579,000. Aspreviously stated, the priority of the management is to conserve the Company'scash while at the same time continuing to evaluate acquisition opportunities R. Armstrong Chairman INTERIM ACCOUNTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 PROFIT AND LOSS ACCOUNT 31 Dec 30 June 31 Dec 2004 2004 2003 Unaudited Audited Unaudited Notes £'000 £'000 £'000 Turnover 15 - -Cost of sales - - - Gross profit 15 - - Administrative (16) (66) (37)expensesOther 3 4 -operating income Operating 2 (62) (37)profit/ (loss) Interest 13 19 9receivable and similar income Profit / (loss) 15 (43) (28)on ordinary activitiesbefore taxation Tax on loss on - - -ordinary activities Profit / (loss) 15 (43) (28)on ordinary activitiesafter taxation Earnings/ (1) 0.09 (0.26) (0.02)(loss) per share in pence There were no recognised gains or losses other than the profit/ (loss) for eachperiod as shown above. BALANCE SHEET 31 Dec 30 June 31 Dec 2004 2004 2003 Unaudited Audited Unaudited £'000 £'000 £'000 Fixed assets Investments 33 33 25 Total fixed 33 33 25assets Current assetsDebtors 5 7 -Cash at bank 561 550 573and in hand 566 557 573Creditors:amounts (19) (24) (18)falling due within oneyear Net current 547 533 555assets Total Assets 580 566 580less current liabilities Net assets 580 566 580 Capital and reservesCalled up 4,654 4,654 4,654share capitalShare premium 2,596 2,596 2,596accountProfit and (6,670) (6,684) (6,670)loss account Equity 580 566 580shareholders' funds CASH FLOW STATEMENT 31 Dec 30 June 31 Dec 2004 2004 2003 Unaudited Audited Unaudited £'000 £'000 £'000 Net cash (2) (65) (40)outflow fromoperating activities Returns on investmentsand servicing of financeInterest 13 19 9received 11 (46) (31) Financial investment Payments to - (18) (10)acquire investments Net cash - (18) -outflow for capitalexpenditure Net cash 11 (64) (41)inflow /(outflow)before managementof liquid resourcesand financing Net cash (12) 57 -(outflow)/inflow frommanagement of liquidresources Decrease in (1) (7) (41)cash in the period NOTES TO THE ACCOUNTS 1 Earnings per share Earnings per share have been calculated on the basis of the profit aftertaxation of £15,000 (year ended 30 June 2004 £43,000 loss, six months ended 31December 2003 £28,000 loss) and the weighted average number of shares in issuein the period of 16,050,007 (year ended 30 June 2004 16,050,007, six monthsended 31 December 2003 16,050,007). 2 Status of these accounts The interim accounts for the six months to 31 December 2004 are unaudited. Thefinancial information set out in this statement does not constitute statutoryaccounts within the meaning of the Companies Act 1985. The comparative figuresfor the year ended 30 June 2004 are not the statutory accounts for that year butare abridged from those accounts which have been reported on by the Company'sauditors and delivered to the registrar of Companies. The report of the auditorswas unqualified and did not contain a statement under section 237(2) or (3) ofthe Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange