30 Sep 2014 07:00
ARMSTRONG VENTURES PLC
("Armstrong Ventures" or the "Company")
Unaudited Interim results for the six month period ended 30 June 2014
Chairman's Statement
Armstrong Ventures (AIM: AVP) is pleased to announce its interim results for the six months period ended 30 June 2014.
During the period under review there has been no operating activity and consequently the Company has not generated any revenue.The Company recorded a loss of £85,913 and a loss per share of 0.004p. This compares to a corresponding six month period loss last year of £57,974 and a loss per share of 0.003p.
The Company has looked at a number of possible investments over the period but for various reasons none of the opportunities reviewed were suitable for us to make an investment. The economic environment in our chosen sphere of natural resource orientated small companies involved in exploration and development activities continue to be very difficult. Commodity prices have shown declines due to concern over the growth rate particularly in China as they are a significant consumer of these commodities. It is very difficult to attract capital for small cap exploration companies and we cannot say with any degree of confidence how long these conditions may last.
Strategic Review
In view of adverse factors affecting our investing policy sector, we have decided to conduct a strategic review with a view to possibly recommending a change in investing policy to our shareholders. We expect this review to be completed fairly swiftly and we expect to announce our findings by end of October. We believe that this is the right course of action for our shareholders given the prevailing tough market conditions.
I would like to take this opportunity to thank my fellow director, Mr Kotecha, our shareholders and our professional advisers for their continued support.
Haresh Kanabar
Chairman
For further information, please contact:
Armstrong Ventures Plc | |
Manish Kotecha | Tel: +44 116 2424012 |
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Nomad | |
Cairn Financial Advisers LLP | |
Sandy Jamieson | Tel: +44 207 148 7900 |
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Broker Peterhouse Corporate Finance Limited | |
Lucy Williams | Tel: +44 207 469 3393 |
Unaudited Income Statement
For the six months ended 30 June 2014
Six months ended 30 June 2014 (unaudited) | Six months ended 30 June 2013 (unaudited) |
Year ended 31 December 2013 (audited) | |
£ | £ | £ | |
Administrative expenses | (85,913) | (61,724) | (159,533) |
Operating loss | (85,913) | (61,724) | (159,533) |
Other gains and losses | - | - | (102,873) |
Finance income | - | 3,750 | - |
Loss before income tax | (85,913) | (57,974) | (262,406) |
Tax on loss on ordinary activities | - | - | - |
Net loss from ordinary activities | (85,913) | (57,974) | (262,406) |
Basic and diluted earnings per share | (0.004p) | (0.003p) | (0.012p) |
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The results for the six months ended 30 June 2014 and 30 June 2013 have been prepared on the basis that all operations are continuing operations.
Unaudited Statement of Financial Position
As at 30 June 2014
As at 30 June 2014 (unaudited) | As at 30 June 2013 (unaudited) | As at 31 December 2013 (audited) | |
£ | £ | £ | |
Assets | |||
Non-current Assets | |||
Fixed asset investments | - | 49,900 | - |
- |
49,900 |
- | |
Current assets | |||
Other receivables | 5,445 | 20,319 | 2,369 |
Cash & cash equivalents | 326,125 | 540,485 | 413,349 |
331,570 |
560,804 |
415,718 | |
Total assets | 331,570 | 610,704 | 415,718 |
Equity and liabilities | |||
Share capital and reserves | |||
Issued capital | 818,360 | 818,360 | 818,360 |
Share premium account | 4,262,258 | 4,262,258 | 4,262,258 |
Merger reserve | - | - | - |
Retained earnings | (4,780,727) | (4,490,382) | (4,694,814) |
Translation reserve | - | - | - |
Total equity | 299,891 | 590,236 |
385,804 |
Current liabilities | |||
Trade & other payables | 31,679 | 20,468 | 29,914 |
Total current liabilities | 31,679 | 20,468 | 29,914 |
Total equity and liabilities | 331,570 | 610,704 | 415,718 |
Unaudited Statement of Cash Flows
For the six months ended 30 June 2014
Six months ended 30 June 2014 (unaudited) | Six months ended 30 June 2013 (unaudited) | Year ended 31 December 2013 (audited) | |
£ | £ | £ | |
Cash flows from operating activities | |||
Loss before taxation | (85,913) | (57,974) | (262,406) |
Adjustments for: | |||
Provision against loans and receivables | - | - | 52,973 |
Impairment of investment | - | - | 49,900 |
Cash absorbed by operations |
(85,913) |
(57,974) |
(159,533) |
(Increase)/decrease in trade and other receivables | (3,076) | 108,260 | 73,237 |
Increase/(decrease) in trade and other payables | 1,765 | (10,752) | (1,306) |
Net cash outflow from operating activities | (87,224) | 39,534 | (87,602) |
Net (decrease)/increase in cash and cash equivalents | (87,224) | 39,534 | (87,602) |
Cash and cash equivalents brought forward | 413,349 | 500,951 | 500,951 |
Cash and cash equivalents carried forward | 326,125 | 540,485 | 413,349 |
Unaudited Statement of Changes in Equity
For the six months ended 30 June 2014
Share capital |
Share premium |
Retained earnings |
Total | |
£ | £ | £ | £ | |
At 1 January 2013 | 818,360 | 4,262,258 | (4,432,408) | 648,210 |
Total comprehensive income for the period | - | - | (57,974) | (57,974) |
At 30 June 2013 | 818,360 | 4,262,258 | (4,490,382) | 590,236 |
Total comprehensive income for the period | - | - | (204,432) | (204,432) |
At 31 December 2013 | 818,360 | 4,262,258 | (4,694,814) | 385,804 |
Total comprehensive income for the period | - | - | (85,913) | (85,913) |
At 30 June 2014 | 818,360 | 4,262,258 | (4,780,827) | 299,891 |
Notes to the Unaudited Interim Financial Statements for the six months ended 30 June 2014
1. Basis of preparation
These interim financial statements which have not been reviewed or audited by the Company's auditors include the financial position of the Company as at 30 June 2014 and the results of the Group's operations for the six months then ended. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements for the year ended 31 December 2013.
These interim financial statements have been prepared under the historical cost convention and are for the six months ended 30 June 2014.
The information set out in this interim report for the six months ended 30 June 2014 does not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2013, incorporating an unqualified auditor's report, have been filed with the Registrar of Companies.
2. Loss per share
The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.
The weighted average number of shares in the period was:
| Six months ended 30 June 2014 (unaudited) | Six months ended 30 June 2013 (unaudited) |
Year ended 31 December 2013 (audited) |
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Total | 2,101,105,791 | 2,101,105,791 | 2,101,105,791 |
Loss attributable to equity shareholders of the Company | (85,913) | (57,974) | (262,406) |
Basic and diluted loss per share - from continuing and total operations | (0.004p) | (0.003p) | (0.012p) |
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3. Dividends
No dividend has been declared for the six months ended 30 June 2014.
4. Copies of the Interim Results
Copies of the Interim Results are available on the Company's website www.armstrongventures.com.