Avacta Group Regulatory News (AVCT)

28 Jan 2005 16:48

Readybuy PLC28 January 2005 READYBUY PLC (the "Company") UNAUDITED INTERIM RESULTSFor the six months ended 31 October 2004 Chairman's Statement During the period under review, the Company has successfully secured several newlistings for its products with supermarkets. We have also started to produce ourproducts in reasonable volumes and now distribute to a number of customers bothon a regional and national basis. Certain lines have been listed on apromotional basis to build customer awareness. Results Turnover in the period under review was £139,000 producing a loss before tax of£138,000 and a loss per share of 0.8p As at 31 October 2004, the Group had net cash of approximately £51,000. Our monthly cash burn has been substantially reduced during this same period. Strategy We continue to pursue our stated strategy of developing a top quality range ofchilled ready meals both in the retail and food service sectors. We also intendto develop other products which will complement the existing portfolio. Staff As the business has grown, all our staff have worked extremely hard to meetcustomer requirements and I would like to thank them for all their efforts Prospects Since the half-year, we have been working on several new listings which have notyet been confirmed. Accordingly, the Directors believe that the results for thefull year will fall below market expectations. The board is currently reviewing its working capital requirements and may seekto raise additional equity to invest further in the business and to fund theGroup through to profitability. Colin DaviesNon Executive Chairman- READYBUY PLCGROUP PROFIT AND LOSS ACCOUNTfor the six months ended 31 October 2004 Unaudited Audited Unaudited 6 months Period Period to 29/04/03 to 29/04/03 to 31/10/2004 30/04/2004 31/10/2003 £'000 £'000 £'000 TurnoverContinuing operations 139 19 0 Operating lossContinuing operations (137) (343) (114) Loss on ordinary activities before interest (137) (343) (114) Net interest (1) 0 0 Loss before taxation (138) (343) (114) Taxation 0 45 0 Loss after taxation (138) (298) (114) Dividends 0 0 0 Retained loss (138) (298) (114) Loss per shareBasic and diluted (0.8p) (2.2p) (1.2p) Dividends per share 0 0 0 READYBUY PLCGROUP BALANCE SHEETat 31 October 2004 Unaudited Audited Unaudited 31/10/2004 30/04/2004 31/10/2003 £'000 £'000 £'000 Fixed assetsGoodwill 629 646 671Tangible assets 208 218 212 837 864 883 Current assetsStock 17 7 0Debtors 116 82 52Cash at bank 276 429 659 409 518 711 Creditors falling due within one year (334) (323) (328) Net current assets 75 195 383 Total assets less current liabilities 912 1,059 1,266 Creditors falling due after one year (16) (25) (46) 896 1,034 1,220Capital and reservesCalled up share capital 90 90 90Share premium account 1,242 1,242 1,244Profit and loss account (436) (298) (114) Equity shareholders' funds 896 1,034 1,220 READYBUY PLC GROUP CASHFLOW STATEMENT for the six months ended 31 October 2004 Unaudited Audited Unaudited 6 months Period Period to 29/04/03 29/04/03 to to 31/10/2004 30/04/2004 31/10/2003 £'000 £'000 £'000 Operating loss (137) (343) (114) Depreciation and amortisation 33 82 42 Movement in working capital (17) (146) (163) Net cash outflow from operating activities (121) (407) (235) Net cash outflow from capital expenditure and financial investment (6) (42) (12) Purchase of subsidiary undertaking expenses and flotation - (272) (270) expenses Overdraft, net of cash, acquired with subsidiary undertaking - (6) (6) Net cash outflow from acquisitions and disposals - (278) (276) Net cash outflow before use of liquid resources and financing (127) (727) (523) Repayment of term loans - (220) (220) Capital element of finance lease payments (25) (19) (8) Issue of ordinary share capital net of redemption - 1,169 1,169 Net cash (outflow)/inflow from financing (25) 930 941 (Decrease)/Increase in cash in the period (152) 203 418 Analysis of net funds Cash at bank and in hand 276 429 659 Overdraft (225) (226) (241) 51 203 418 Debt repayable by instalments: Due within one year (18) (34) (24) Due after more than one year (16) (25) (46) (34) (59) (70) 17 144 348READYBUY PLCINTERIM ACCOUNTSfor the six months ended 31 October 2004 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 2004 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 2004 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 the loss per share for the period is based on the loss after taxation divided by the average number of ordinary shares in issue, being 17,994,010 (31 October 2003 9,295,367 and 30 April 2004 13,585,434). This information is provided by RNS The company news service from the London Stock Exchange