Avacta Group Regulatory News (AVCT)

26 Jan 2006 08:23

Readybuy PLC26 January 2006 Readybuy Plc Interim Announcement for the six months ended 31 October 2005 Chairman's Statement The results for the six months to 31 October show a loss of £85,000. Thisreflects the costs of closure of the manufacturing facility and also atermination payment to the former Chief Executive. The group has now exited completely from chilled food manufacturing. The ongoing costs are now minimal as the board seeks to preserve as much cash aspossible. We continue to explore a number of opportunities and I hope to be ableto announce some progress in the near future. Colin Davies Chairman READYBUY PLCGROUP PROFIT AND LOSS ACCOUNTfor the six months to 31 October 2005 Unaudited Audited Unaudited 6 months to Year to 6 months to 31/10/2005 30/04/2005 31/10/2004 Notes £'000 £'000 £'000 Turnover 4 313 139 ______ ______ ______ Operating loss (84) (252) (137) Provision for loss on operations to be discontinued - (804) - ______ ______ ______ Loss on ordinary activities before interest (84) (1,056) (137) Net interest (1) (2) (1) ______ ______ ______ Loss before taxation (85) (1,058) (138) Taxation - (45) - ______ ______ ______ Loss after taxation (85) (1,103) (138) Dividends - - - ______ ______ ______ Retained loss (85) (1,103) (138) ______ ______ ______ ---------- ----------- ---------- Loss per shareBasic and diluted 3 (0.4)p (6.1)p (0.8)p Dividends per share - - - The group's trading activities were terminated in July 2005, therefore all ofthe above activities are classified as discontinued. READYBUY PLCGROUP BALANCE SHEETat 31 October 2005 Unaudited Audited Unaudited 31/10/2005 30/04/2005 31/10/2004 £'000 £'000 £'000 Fixed assets Goodwill - - 629 Tangible assets - - 208 ______ ______ ______ - - 837 Current assetsStock - 2 17 Debtors 3 44 116Cash at bank 38 169 276 ______ ______ ______ 41 215 409 ______ ______ ______ Creditors falling due within one year (5) (194) (334) ______ ______ ______ Net current assets 36 21 75 ______ ______ ______ Total assets less current liabilities 36 21 912 Creditors falling due after one year - - (16) ______ ______ ______ 36 21 896 ______ ______ ______ ----------- ---------- ---------- Capital and reservesCalled up share capital 97 93 90Share premium account 1,425 1,329 1,242Profit and loss account (1,486) (1,401) (436) ______ ______ ______ Equity shareholders' funds 36 21 896 ______ ______ ______ ----------- ---------- ---------- READYBUY PLC GROUP CASHFLOW STATEMENT for the six months ended 31 October 2005 Unaudited Audited Unaudited 6 months to Year to 6 months to 31/10/2005 30/04/2005 31/10/2004 £'000 £'000 £'000 Operating loss (84) (252) (137) Gain on sale of fixed assets (25) - - Depreciation and amortisation - 67 33 Movement in working capital (21) 105 (17) Net cash outflow from operating activities (130) (80) (121) Net cash outflow from servicing of finance (1) (2) - Net cash inflow/(outflow) from capital expenditure and 25 (8) (6) financial investment Net cash outflow before use of liquid resources and financing (106) (90) (127) Capital element of finance lease payments (25) (34) (25) Repayment of convertible loans (100) - - Issue of ordinary share capital net of redemption 100 90 - Net cash (outflow)/inflow from financing (25) 56 (25) Decrease in cash in the period (131) (34) (152) Analysis of net funds Cash at bank and in hand 38 169 276 Overdraft - - (225) 38 169 51 Debt repayable by instalments: Due within one year - (25) (18) Due after more than one year - - (16) 38 (25) (34) 38 144 17 READYBUY PLCINTERIM ACCOUNTSfor the six months to 31 October 2005 Notes 1 The unaudited results for the six month period have been prepared on a basis consistent with the accounting policies disclosed in the Group's 2005 accounts and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2 The figures for the period ended 30 April 2005 have been extracted from the statutory accounts which have been delivered to the Registrar of Companies and received an unqualified audit report. 3 The calculation of earnings per share for the period is based on the loss after taxation divided by the average number of ordinary shares in issue, being 19,240,387 (31 October 2004 - 17,994,010 and period ended 30 April 2005 - 18,066,870). This information is provided by RNS The company news service from the London Stock Exchange