BOU.L Regulatory News (BOU)

23 Mar 2006 07:00

Boustead PLC23 March 2006 Contact Sir Thomas Macpherson, Chairman Boustead PLC Tel: 020 7491 7674 INTERIM RESULTS Boustead today announces its interim results for the six months ended 30thSeptember 2005, a loss of £169,000. Group Chairman, Sir Thomas Macpherson, has issued a statement as follows: "Trading was on a restricted basis, as the development expected in agencyactivities was largely frustrated by the uncertainty arising from the auditqualification of the previous year's accounts and important deals on the pointof completion could not be finalised. Extensive investigation followed to clearall outstanding matters. This audit work has been completed and the accounts for the year to 31 March2005 provided a satisfactory audit report. Following issue and approval of the accounts and expected lifting of the currentsuspension, your board looks forward to presenting the coal mining andcoal-to-liquids opportunity for your approval, as described in the recent annualreport. The Board expects Boustead PLC's shares to be restored to the official list ofthe London Stock Exchange in the near future following final discussions withthe UKLA, our brokers and auditors." Consolidated Profit and Loss Account (unaudited)For the period ended 30 September 2005 6 months ended 6 months ended Audited for the 30 September 30 September year ended 31 2005 2004 March 2005 £'000 £'000 £'000 Turnover 48 55 420Cost of sales (10) - (230) --------- --------- ---------Gross Profit 38 55 190 Net operating expenses (231) (184) (561) --------- --------- ---------Operating loss beforeexceptionalcredit and interest (193) (129) (371)Exceptionalcredit -discontinuedactivity - - 30Interest expensesand similar charges (28) (40) (62)Interest income 52 - 2 --------- --------- ---------Loss on ordinaryactivities beforetaxation (169) (169) (401) Taxation - - - --------- --------- ---------Retained loss forperiod (169) (169) (401) ========= ========= ========= Loss per share Pence Pence PenceBasic and dilutedloss per share (2.29) (2.29) (5.44) All the results relate to continuing activities of the group except whereotherwise disclosed. Total recognised gains and lossesThere were no recognised gains or losses in the six months ended 30 September2005 other than the losses incurred as disclosed above. Consolidated Balance Sheet (unaudited)As at 30 September 2005 As at As at Audited as at 30 September 30 September 31 March 2005 2004 2005 £'000 £'000 £'000Assets Non-current assets Office equipment and furniture 16 27 20Investments 2,107 8 - ---------- ---------- ---------- 2,123 35 20Current assets Trade and other receivables 606 2,774 2,783Cash and cash equivalents 22 28 253 ---------- ---------- ---------- 628 2,802 3,036 ---------- ---------- ----------Total assets 2,751 2,837 3,056 ---------- ---------- ---------- Liabilities Current Liabilities Trade and other payables (997) (678) (1,133)Other financial liabilities (646) (12) (8) ---------- ---------- ---------- (1,643) (690) (1,141)Non-current liabilities Financial liabilities - (638) (638) ---------- ---------- ---------- ---------- ---------- ----------Total Liabilities (1,643) (1,328) (1,779) ---------- ---------- ---------- ---------- ---------- ----------Net Assets 1,108 1,509 1,277 ========== ========== ========== Capital and Reserves Called up share capital - equity 738 738 738Share premium account 1,344 1,344 1,344Profit and loss account (974) (573) (805) ---------- ---------- ----------Shareholders Funds 1,108 1,509 1,277 ========== ========== ========== Consolidated Cash Flow Statement (unaudited)For the period ended 30 September 2005 6 months ended 6 months ended Audited for the 30 September 30 September year ended 31 2005 2004 March 2005Cash Flows from operating £'000 £'000 £'000activities Operating Lossbefore exceptionalcredit and interest (193) (129) (371) Depreciation 4 4 11Decrease in tradeand other receivables 2,177 49 40(Decrease)/increasein trade and other payables (136) 123 608 --------- --------- ---------Net cash Inflowfrom operating activities 1,852 47 288 Cash flows from investingactivities Purchase ofinvestment (2,107) - -Interest received 52 - 2Purchase officeequipment and furniture (8) --------- --------- ---------Net cash(outflow)/inflowfrom investment activities (2,055) (8) 2 Cash flows from financingactivities Debt financing (28) (40) (62) --------- --------- ---------Net cash outflowsfrom financingactivities (28) (40) (62) --------- --------- ---------Net cash(outflows)/inflowsfrom activities (231) (1) 228 Cash and cashequivalents atstart of period 245 17 17 --------- --------- ---------Cash and cashequivalents atend of period 14 16 245 ========= ========= ========= Reconciliation of net cash (outflows)/inflows to movement in net debt Opening net debt (393) (621) (621) Net cash(outflows)/inflowsfrom activities (231) (1) 228 --------- --------- ---------Closing net debt (624) (622) (393) ========= ========= ========= Net debt comprises thefollowing balance sheetitems Cash and cashequivalents 22 28 253Bank overdraft (8) (12) (8) --------- --------- ---------Cash and cashequivalents forcash flow purposes 14 16 245Unsecured Loan Notes (638) (638) (638) --------- --------- ---------Net debt (624) (622) (393) ========= ========= ========= Notes to the Interim Results 1. Basis of Preparation The results for the six months ended 30 September 2005 are unaudited and havenot been reviewed by the auditors. The results for the year ended 31 March 2005were reported by the auditors and received an unqualified audit report althoughthe auditors reported on the fundamental uncertainty on the value of €3,129,0009.5% Bond issued by Australian Mining Finance SA of Luxembourg as there were noaudit methods available to verify the directors' valuation of the investment.Prior year comparatives have been restated for International Financial ReportingStandards ("IFRS") conversion adjustments and remain unaudited. The accounting policies followed in the interim report are in accordance withIFRS. There were no significant changes in accounting policies following theadoption of IFRS compared to the policies consistently applied previously underUK GAAP. A full list of accounting policies under UK GAAP was disclosed in theGroup's statutory accounts for the year ended 31 March 2005. The Group's transition date for the adoption of IFRS is 1st April 2004. Thistransition date has been selected in accordance with IFRS1 "First-time adoptionof International Financial Reporting Standards". The next annual financialstatements of the Group will be prepared in accordance with IFRS. The financialinformation contained in this interim report has been prepared on the basis ofIFRS that the directors expect to be applicable at 31 March 2006. The impact tonet assets and net income to the Group on the adoption of IFRS is consideredimmaterial by the directors.The financial statements contained in this report do not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. Theresults for the year ended 31 March 2005 were reported by the auditors. Fullaccounts for the year ended 31 March 2005 have been delivered to the Registrarof Companies. 2. Dividends No dividend is proposed for the period ended 30 September 2005. 3. Taxation No taxation is expected to arise on the result for the period due to tax lossesincurred during the period. 4. Loss per Share The loss per share for the six months ended 30 September 2005 has beencalculated on the basis of the loss after taxation for the period of £169,000and the weighted average number of shares in issue during the period of7,378,090. For the announcement only 5. Copies of the Interim Results will be sent to Shareholders shortly and willbe available to members of the public from the Company's registered office, 1Garrick House, Carrington Street, London W1J 7AF. This information is provided by RNS The company news service from the London Stock Exchange