Bradda Head Lithium Regulatory News (BHL)

20 Dec 2007 07:01

Baydonhill PLC20 December 2007 Baydonhill plc ("Baydonhill" or "the Company") Interim results for the six month period ended 30 September 2007 Key Points •Continued investment in the product offering resulted in a net loss for the period of £845,967 which was in line with expectations (2006: loss £219,915). •Corporate sales team recruited and operational. •Baydonhill Online (the newly designed corporate online trading system) became active in late November. Contacts Baydonhill plc Tel: 020 7594 0584Eric Peacock, ChairmanWayne Mitchell, Chief Executive John East & Partners Limited Tel: 0207 628 2200Simon Fox / Bidhi Bhoma Rostrum Communications Tel: 07773 782 520Mark Houlding Chairman's Statement Interim Results For the six months ended 30 September 2007 the Company made a loss before tax of£845,967 (2006: loss £219,915) on a turnover of £131,669,000 (2006 :£128,273,000). The major shareholder has continued to support the Company during the period,with the result that the directors believe cash resources to be adequate tocover the year ahead to 30 September 2008. Review The Company's turnover slightly increased over the same period last year,despite strong competition in the market place which has, however, negativelyaffected our margins. The 'Private Client' division generates the majority of the Company's revenue,although both turnover and margins have declined against the same period lastyear. Competition remains very strong in this division, and there is continuinguncertainty in the market place over house prices and interest rates, bothfactors having a significant impact on the business. Our marketing activitiescontinue to focus on the formation of relationships with multi-introducerswithin the property and financial services sectors. The 'InternationalMortgages' division grew its turnover by 9 per cent under difficult marketconditions. The 'Corporate' division started trading in February 2007 with the recruitmentof an experienced external sales team, the first transactions taking place inMay 2007. At the same time an internal sales division was established to supportthe external activity. The development of our online trading platform continuedthroughout the period, and became active at the end of November 2007. The onlineplatform provides a complete payment solution to corporate clients and thebenefits of this platform are already apparent, although the full revenue impactwill not be realised until the fiscal year 2008 / 2009. Board The composition of the Board remains unchanged with the exception of TimSullivan, who resigned to pursue other interests on 8 June 2007. Nominated Adviser John East & Partners Limited became the Company's nominated adviser with effectfrom 24 August 2007. Outlook In the period ahead we will focus on increasing our market share in the privateclient sector coupled with achieving the growth of the 'Corporate' divisionrequired to cover its cost base and in time, make a positive contribution to theCompany. The board is confident of achieving both these objectives with the aimof achieving a break-even position month on month. Eric PeacockChairman 20 December 2007 PROFIT AND LOSS ACCOUNT Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2007 2006 2007 (unaudited) (unaudited) (audited) (as restated) TURNOVER 131,668,803 128,273,134 239,767,768 Cost of sales (130,665,663) (127,095,306) (237,559,748) ------------ ------------ ---------- GROSS PROFIT 1,003,140 1,177,828 2,208,020 Administrativeexpenses (1,935,982) (1,486,606) (3,269,712) ------------ ------------ ---------- OPERATING LOSS (932,842) (308,778) (1,061,692) Interestreceivable andsimilar income 97,364 90,417 184,541 Interest payableand similarcharges (10,489) (1,554) (1,082) ------------ ------------ ---------- (LOSS) / PROFITBEFORE TAX (845,967) (219,915) (878,233) TAXATION - - - ------------ ------------ ---------- (LOSS) / PROFITFOR THE PERIOD (845,967) (219,915) (878,233) ============ ============ ========== (Loss) / Earningsper share - basic (3.79p) (1.52p) (6.06p) - diluted (3.00p) (1.50p) (6.06p) The results for the six months ended 30 September 2006 have been restated toaccommodate adjustments required under FRS20. BALANCE SHEET At At 30 September At 2006 30 September (unaudited) 31 March 2007 (as restated) 2007 (unaudited) (audited) FIXED ASSETSTangible 421,398 104,795 343,182 CURRENT ASSETSDebtors 12,915,384 13,206,582 9,246,673Cash at Bank 3,466,754 5,621,706 4,106,425 ----------- ----------- ---------- 16,382,138 18,828,288 13,353,098 CREDITORS: Amounts falling duewithin one year (16,413,341) (17,592,950)) (12,953,699) ----------- ----------- ---------- NET CURRENT (LIABILITIES) /ASSETS (31,203) 1,235,338 399,399 TOTAL ASSETS LESS CURRENTLIABILITIES 390,195 1,340,133 742,581 =========== =========== ========== NET ASSETS 390,195 1,340,133 742,581 ----------- ----------- ---------- CAPITAL AND RESERVESCalled up share capital 243,841 144,987 144,987Share premium account 3,005,551 2,600,623 2,600,623Profit and loss account (2,859,197) (1,405,477) (2,003,029) ----------- ----------- ---------- EQUITY SHAREHOLDERS FUNDS 390,195 1,340,133 742,581 =========== =========== ========== The Balance Sheet at 30 September 2006 has been restated to show debtors andcreditors gross. CASH FLOW STATEMENT Six months Six months Twelve months ended ended ended 30 September 30 September 31 March 2007 2006 (unaudited) (unaudited) 2007 (as restated) (audited) Reconciliation of operating loss tonet cash (outflow) from operatingactivities Operating loss (932,842) (308,778) (1,061,692)Depreciation oftangible fixedassets 35,224 73,970 131,648(Increase) in debtors (3,668,711) (9,364,495) (5,408,283)Increase in creditors 3,459,642 10,042,764 5,403,513Share-based payment (credit) / expense (10,201) 60,768 121,537 ----------- ----------- ----------- Net cash (outflow)/ inflow from operatingactivities (1,116,888) 504,229 (813,277) CASH FLOW STATEMENTNet cash (outflow)/ inflow from operatingactivities (1,116,888) 504,229 (813,277)Returns ofinvestment &servicing offinance 86,875 88,863 183,459Taxation - - 3,697Capitalexpenditure (113,440) (58,874) (354,942) ----------- ----------- ----------- Cash (outflow) /inflow (beforeuse of liquidresources (1,143,453) 534,218 (981,063)Management of liquid resources - - -Financing:Proceeds of placing 531,723 - -Less associatedcosts of shareissue (27,941) - -Management ofliquid resources - - 300,000 ----------- ----------- ----------- (Decrease) /Increase in cashfor the period (639,671) 534,218 (681,063) Reconciliation of net cash flow tomovement in net funds(Decrease) /Increase in cashin the year (639,671) 534,218 (681,063)Cash inflow fromdecrease in liquidresources - - (300,000) ----------- ----------- ----------- Change in netfunds resultingfrom cash flows (639,671) 534,218 (981,063)Net funds at 1April 2006 4,106,425 5,087,488 5,087,488 ----------- ----------- ----------- Net funds at 30September 2007 3,466,754 5,621,706 4,106,425 1. Nature of Information The interim accounts for the six months ended 30 September 2007 and thecomparative figures for the six months ended 30 September 2006 are unaudited.The interim accounts for the six months ended 30 September 2006 were reviewed bythe Company's auditors, but those to September 2007 were not. The comparativefigures for the twelve months ended 31 March 2007 are not the Company'sstatutory accounts within the meaning of section 240 of the Companies Act 1985but are abridged from such accounts which have been reported on by the Company'sauditors and delivered to the Registrar of Companies. The report of the auditorson such accounts was unqualified and did not contain any statement under Section237(2) or 237(3) of the Companies Act 1985. The interim accounts and the comparative figures are prepared on the basis ofthe accounting policies set out in the accounts of the Company for the twelvemonths ended 31 March 2007. With effect from 31 March 2007 the two wholly-owned trading subsidiaries,Baydonhill International Mortgages Limited and FLG Insurance Brokers Limited,became dormant and their assets and liabilities were transferred to the parentcompany, Baydonhill plc. The comparative figures for 31 March 2007 and 30September 2006 have continued to reflect the consolidated position as the impactof the hiving-off is not regarded as material. 2. Principal Activities The principal activities of the Company continue to be the provision of foreigncurrency exchange and related financial products and the arrangement of overseasmortgages. 3. Taxation Based on the results of the period, the Company believe that no provision fortaxation is required. 4. Dividends The Directors do not recommend the payment of a dividend. 5. Loss per Share The loss per share is calculated on the loss for the period of £845,967 based onthe weighted average number of shares in issue at 30 September 2007 of22,331,328. The fully diluted share capital at 30 September 2007 amounted to28,141,070. 6. Copies of this interim announcement will be available from the Company'swebsite at www.baydonhill.com and at registered office, 160 Brompton Road,London, SW3 1HW. www.baydonhill.com This information is provided by RNS The company news service from the London Stock Exchange