Avacta Group Regulatory News (AVCT)

24 Aug 2005 07:00

Readybuy PLC24 August 2005 READYBUY PLCPRELIMINARY RESULTSYear ended 30 April 2005 CHAIRMAN'S STATEMENT Results Our results for the year ended 30 April 2005 show turnover of £313,000 (2004:£19,000) and operating losses of £252,000 (2004: £343,000). Furthermore, as theboard has decided to withdraw from food manufacturing, additional provisions of£804,000 have been made at the year-end. These relate to the write-off ofgoodwill and the write-down of machinery values. Although some progress was made during the year and several listings wereachieved, the level of business was not sufficient to maintain a viablemanufacturing unit. Since the year-end, the manufacturing unit has been closed and the machinery hasbeen sold. Paul Bennett, the Chief Executive, left the company on 22 July and we wish tothank him for his efforts in trying to build the business. The board is now considering the options available to the Group and will updateshareholders in due course. I would like to thank all the employees for their hard work during the difficulttrading period Colin DaviesChairman24 August 2005 READYBUY PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2005 Audited Audited 01/05/04 to 30/04/05 01/05/03 to 30/04/04 £000's £000'sTurnover 313 19 Operating Loss (252) (343) Provision for loss on operations to be discontinued (804) - (1056) (343)Interest Payable (4) (6)Interest Receivable 2 6 Loss before Taxation (1058) (343) Taxation (45) 45 Loss after taxation (1103) (298)Dividends - -Deficit for the year (1103) (298) Loss Per Share (note 3) (6.1p) (2.2p) The Group's trading activities were terminated in July 2005, therefore all ofthe above activities are classified as discontinued. READYBUY PLC CONSOLIDATED BALANCE SHEET AT 30 APRIL 2005 Audited Audited 30 April 2005 30 April 2004 £000's £000'sFixed AssetsIntangible Assets - 646Tangible Assets - 218 - 864Current AssetsStocks 2 7Debtors 44 82Cash at Bank and in Hand 169 429 215 518 Creditors: amounts due within one year (194) (323) Net current assets 21 195Total assets less current liabilities 21 1059Creditors: amounts falling due after more than one year - (25) Net Assets 21 1034 Share Capital and ReservesCalled up Share Capital 93 90Share Premium Account 1329 1242Profit and Loss Account (1401) (298) Equity and Non-Equity Shareholders' funds 21 1034 READYBUY PLC CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2005 Audited Audited 01/05/04 to 30/04/05 01/05/03 to 30/04/04 £000's £000's Net Cash outflow from operating activities (80) (407) Returns on investments and servicing of financeInterest Paid (4) (6)Interest Received 2 6Net Cash Inflow/(Outflow) from servicing of (2) -Finance Capital Expenditure Payments to acquire tangible assets (9) (77)Sale of tangible assets 1 35 Net Cash outflow from Capital Expenditure (8) (42) Purchase of Subsidiary undertaking - (272)Net overdraft acquired with subsidiary undertaking - (6)Net Outflow from acquisitions - (278) Net Cash outflow before use of (90) (727)liquid resources and financing Financing Issue of equity Share Capital 90 1169Capital element of lease payments (34) (19)Repayment of term loans - (220)Net Inflow from financing 56 930 (Decrease)/Increase in Cash (34) 203 READYBUY PLCFOR THE YEAR ENDED 30 APRIL 2005 Notes 1. The preliminary financial results for the year ended 30 April 2005 were approved by the Directors on 24 August 2005. 2. There were no recognised gains or losses other than the result for the period. 3. The calculation of earnings per share is based upon the loss after taxation of £1,103,000 (2004: £298,000) divided by the weighted average number of ordinary shares in issue during the year which was 18,066,870 (2004: 13,585,434). 4. The preliminary statement is available from the Company's registered office at: Television House, 10-12 Mount Street, Manchester, M2 5NT. This information is provided by RNS The company news service from the London Stock Exchange