Bezant Resources PLC Regulatory News (BZT)

31 Mar 2006 13:13

Voss Net PLC31 March 2006 VOSS NET PLC ("Voss Net" or "the Company") ACCOUNTS FOR THE SIX MONTHS TO 31 DECEMBER 2005 OVERVIEW The Company is actively pursuing a suitable acquisition to enhance shareholdervalue. Financial Results The unaudited accounts for the six months to 31 December 2005 show an operatingloss of £73,000 and a loss per share of 0.037p (0.035p fully diluted). Cash Flow and Funding The Company had £604,000 in hand at 31 December 2005. However this was distortedby £500,000 of third party funds held by the Company in advance of a possiblecorporate transaction which did not take place. These funds were returned to thethird parties shortly after the year end. Net of the above, the cash in hand was£104,000 and this is considered sufficient to cover future routine expenditure. Outlook The quotation of the Company's shares on the AIM Market was restored on 23 June2005. We continue to actively seek a suitable acquisition and an announcementwill be made as soon as a deal is concluded. VOSS NET PLC PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 Notes 6 Months to Year to 30 June 6 Months to 31 31 December 2005 2005 December 2004 £'000 £'000 £'000 TURNOVER - - - Cost of sales - - - _________ _________ _________GROSS PROFIT - - - Net operating expenses:-Distribution activities (13) (8) -Administration (60) (82) (32) _________ _________ _________OPERATING LOSS (73) (90) (32) _________ _________ _________LOSS ON ORDINARYACTIVITIESBEFORE TAXATION (73) (90) (32) Tax on loss on ordinary - - -activities _________ _________ _________LOSS FOR THE FINANCIALPERIOD AFTER TAXATION (73) (90) (32) ========= ========= ========= EPSBasic loss pershare (afterexceptional items) 2 (0.037p) (0.05p) (0.019p) Fully dilutedloss per share 2 (0.035p) (0.05p) (0.019p) ======== ========= ========= BALANCE SHEET AS AT31 DECEMBER 2005 Notes 31 December 2005 30 June 2005 31 December 2004 £'000 £'000 £'000 CURRENT ASSETSDebtors 5 6 2Cash at bank andin hand 604 172 254 _________ _________ _________ 609 178 256 CREDITORSAmounts fallingdue within oneyear (501) (21) (41) _________ _________ _________NET CURRENT ASSETS 108 157 215 _________ _________ _________TOTAL ASSETS LESS CURRENTLIABILITIES 108 157 215 ========= ========= =========CAPITAL AND RESERVESCalled up share capital 3 957 957 956Share premium 4,180 4,156 4,156Profit and loss account (5,029) (4,956) (4,897) _________ _________ _________SHAREHOLDERS' FUNDS(equity interests) 108 157 215 ========= ========= ========= RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 6 Months to Year to 6 Months to 31 December 30 June 31 December 2005 2005 2004 £'000 £'000 £'000 (Loss) for the financialperiod (73) (90) (32)Issue of share capital 24 250 250 _________ _________ _________Increase in shareholders'funds (49) 160 218 Opening shareholders'funds / (deficits) 157 (3) (3) _________ _________ _________Closing shareholders'funds 108 157 215 ========= ========= ========= CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 31 DECEMBER 2005 6 Months to Year to 6 Months to 31 December 30 June 31 December 2005 2005 2004 £'000 £'000 £'000 Net cash inflow/(outflow) from operating activities 408 (89) (7) _________ _________ _________ Net cash inflow/(outflow) beforemanagement of liquidResources and financing 408 (89) (7) _________ _________ _________ FinancingIssue of ordinary share capital 24 250 250 _________ _________ _________ Net cash inflow from financing 24 250 250 _________ _________ _________ Increase in cash in the period 432 161 243 ========= ========= ========= NOTES TO THE CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 31 DECEMBER 2005 1. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 6 Months to Year to 6 Months to 31 December 30 June 31 December 2005 2005 2004 £'000 £'000 £'000 Operating loss (73) (90) (32) Decrease in debtors 1 4 7 Increase/(Decrease) in creditors 480 (3) 18 _________ _________ _________ Net cash inflow/(outflow) from operating activities 408 (89) (7) ========= ========= ========= 2. ANALYSIS OF NET FUNDS 30.06.05 Cash flow At 31.12.05 £'000 £'000 £'000 Net cash: Cash at bank and in hand 172 432 604 ========= =========== ========== NOTES TO THE ACCOUNTSFOR THE SIX MONTHS ENDED 31 DECEMBER 2005 NOTES 1. ACCOUNTING POLCIES Basis of preparation The interim report has been prepared using accounting policies consistent with those set out in the Company's annual report and accounts for the year ended 30 June 2005. 2. LOSS PER SHARE The basic loss per share is calculated by dividing the loss for the financial period by the weighted average number of ordinary shares in issue during the financial period of 198,819,507 (30 June 2005 - 177,050,597; 31 December 2004 - 166,074,941). The comparable weighted average number of shares in issue on a fully diluted basis was 209,036,898 (30 June 2005 - 197,050,597; 31 December 2004 - 186,074,941). 6 Months to Year to 6 Months to 31 December 30 June 31 December 2005 2005 2004 £'000 £'000 £'000 Basic loss per share (0.037p) (0.05p) (0.019p) Fully diluted loss per share (0.035p) (0.05p) (0.019p) 3. CALLED UP SHARE CAPITAL The issued ordinary share capital at 30 June 2005, per the audited accounts, was 189,036,898 shares at 0.01p each. This was increased through the exercise of warrants on 5 July 2005 by 10,000,000 shares at 0.25p each. 4. Additional copies of the second interim report may be obtained free of charge for one month from the company's registered office at 5-7 Cranwood Street, London EC1V 9EE. This information is provided by RNS The company news service from the London Stock Exchange