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Half Yearly Report

30 Sep 2014 07:00

RNS Number : 9203S
Armstrong Ventures PLC
30 September 2014
 



 

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

 

 

Nomad

Cairn Financial Advisers LLP

Sandy Jamieson

Tel: +44 207 148 7900

 

 

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)

 

 

 

 

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)

 

 

 

 

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)

 

 

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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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