4 Jun 2015 14:00
GUSCIO PLC - Interim ResultsGUSCIO PLC - Interim Results
PR Newswire
London, June 4
4 June 2015
Guscio PLC
("Guscio" or the "Company")
Unaudited interim results for the six month period ended 31 March 2015
CHAIRMAN'S STATEMENT
I present the Company's results for the six months ended 31 March 2015.
The Company has made a loss before tax of £84,000 during the six month period (2014: loss £120,000).
As shareholders are aware, the Company disposed of its two trading subsidiaries, Talent Holdings and Talent South, on 8th September 2014 and was re-classified as a non-operating investing Company in accordance with the AIM rules.
Since the start of the period under the review, the Company's financial position and board composition have both been strengthened. In total, £864,000 (£860,000 net of costs) has been raised by the issue of new ordinary shares and Gail Ganney, John Steele and I have joined the Board.
The Company has therefore been able to implement its investment policy of acquiring technology and media companies from a position of strength, and we were able to make our first investment, being a 30 per cent. interest in the issued share capital of Sportsdata Limited ("Sportsdata"). Sportsdata is a technology company that has developed and implemented a website application for the purposes of monitoring and improving physical literacy and the participation of children in sports and active pursuits at school. The website has been developed with Youth Sports Trust ("YST"), a leading charity for sports-driven and educational programmes. Sportsdata has entered into a collaboration agreement with YST to utilise the website via a recently launched Skills2Achieve programme. The Skills2Achieve programme has started selling licenses to operate the website to primary schools throughout the United Kingdom.
The Company will continue to work with Sportsdata to maximise the value of this investment, and will also actively pursue other investment opportunities.
Richard ThompsonChairman
4 June 2015
FURTHER ENQUIRIES
| Guscio PLC | |
| Tony Humphreys / Marcus Yeoman | 020 3053 1897 |
| Sanlam Securities UK Limited | |
| Virginia Bull / Simon Clements | 020 7628 2200 |
| Peterhouse Corporate Finance Limited | |
| Lucy Williams / Eran Zucker | 020 7469 0936 |
INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2015
| Six months | Six months | Year | |||
| ended 31/3/15 | ended 31/3/14 | ended 30/9/14 | |||
| (Unaudited) | (Unaudited) | (Audited) | |||
| £000 | £000 | £000 | |||
| Administrative expenses | -86 | -88 | -177 | ||
| Finance income | 2 | 0 | 0 | ||
| Finance costs | 0 | 0 | 0 | ||
| Loss from continuing operations | -84 | -88 | -177 | ||
| Profit from discontinued operations | 0 | -32 | 644 | ||
| (Loss) / profit for the period | -84 | -120 | 467 | ||
| Income tax expense | 0 | 0 | 0 | ||
| (Loss) / profit for the period | -84 | -120 | 467 | ||
| Basic (loss) / profit per share (pence) | (0.934p) | (7.104p) | 26.001p | ||
BALANCE SHEET AS AT 31 MARCH 2015
| At 31/3/15 | At 31/3/14 | At 30/9/14 | |||
| (Unaudited) | (Unaudited) | (Audited) | |||
| £000 | £000 | £000 | |||
| Assets | |||||
| Non-current assets | |||||
| Goodwill | 0 | 1,082 | 0 | ||
| Investments | 542 | 0 | 0 | ||
| Property, plant and equipment | 0 | 3 | 0 | ||
| 542 | 1,085 | 0 | |||
| Current assets | |||||
| Inventories | 0 | 141 | 0 | ||
| Trade and other receivables | 20 | 48 | 66 | ||
| Cash and cash equivalents | 210 | 1 | 0 | ||
| 230 | 190 | 66 | |||
| Total assets | 772 | 1,275 | 66 | ||
| Equity and liabilities | |||||
| Equity | |||||
| Share capital | 6,382 | 6,368 | 6,369 | ||
| Share premium | 12,718 | 11,822 | 11,871 | ||
| Share option reserve | 3 | 148 | 3 | ||
| Retained earnings | -18,334 | -18,985 | -18,250 | ||
| Total equity | 769 | -647 | -7 | ||
| Current liabilities | |||||
| Bank overdraft | 0 | 0 | 0 | ||
| Borrowings | 0 | 918 | 0 | ||
| Trade and other payables | 3 | 1,004 | 73 | ||
| Total liabilities | 3 | 1,922 | 73 | ||
| Total equity and liabilities | 772 | 1,275 | 66 | ||
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2015
| Six months | Six months | Year | |||
| ended 31/3/15 | ended 31/3/14 | ended 30/9/14 | |||
| (Unaudited) | (Unaudited) | (Audited) | |||
| £000 | £000 | £000 | |||
| Cash flow from operating activities | |||||
| (Loss) / profit from continuing operations | -84 | -88 | -177 | ||
| Adjustments for: | |||||
| Cash generated from discontinued operations | -1 | 128 | 485 | ||
| Loss on disposal of fixed assets | 0 | 0 | 0 | ||
| Depreciation of tangible assets | 0 | 0 | 0 | ||
| Share option reserve | 0 | 0 | 3 | ||
| Interest paid | 0 | 0 | 0 | ||
| -85 | 40 | 311 | |||
| Decrease / (increase) in trade and other receivables | 46 | 0 | 16 | ||
| (Increase) / decrease in inventories | 0 | 0 | 0 | ||
| Increase / (decrease) in trade and other payables | -70 | 0 | -258 | ||
| Net cash flows from operating activities | -109 | 40 | 69 | ||
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment | 0 | 0 | 0 | ||
| Sale proceeds of fixed assets disposals | 0 | 0 | 0 | ||
| Purchase of investments | -542 | 0 | 0 | ||
| Interest received | 1 | 0 | 0 | ||
| Net cash used in investing activities | -541 | 0 | 0 | ||
| Cash flows from financing activities | |||||
| Cash raised from equity issue (net of costs) | 860 | 0 | 0 | ||
| Net decrease in borrowing | 0 | -2 | 0 | ||
| Interest paid | 0 | -22 | -54 | ||
| Net cash from financing activities | 860 | -24 | -54 | ||
| Net increase in cash and cash equivalents | 210 | 16 | 15 | ||
| Cash and cash equivalents at beginning of period | 0 | -15 | -15 | ||
| Cash and cash equivalents at end of period | 210 | 1 | 0 | ||
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MARCH 2015
| Share | |||||||
| Share | Share | Option | Retained | ||||
| Capital | Premium | Reserve | Earnings | Total | |||
| £000 | £000 | £000 | £000 | £000 | |||
| As at 30 September 2014 | 6,369 | 11,871 | 3 | -18,250 | -7 | ||
| Loss for the period | 0 | 0 | 0 | -84 | -84 | ||
| Equity issued | 13 | 847 | 0 | 0 | 860 | ||
| Equity share option recognised | 0 | 0 | 0 | 0 | 0 | ||
| As at 31 March 2015 | 6,382 | 12,718 | 3 | -18,334 | 769 | ||
| Share | |||||||
| Share | Share | Option | Retained | ||||
| Capital | Premium | Reserve | Earnings | Total | |||
| £000 | £000 | £000 | £000 | £000 | |||
| As at 30 September 2013 | 6,368 | 11,822 | 148 | -18,865 | -527 | ||
| Loss for the period | 0 | 0 | 0 | -120 | -120 | ||
| Equity issued | 0 | 0 | 0 | 0 | 0 | ||
| Equity share option recognised | 0 | 0 | 0 | 0 | 0 | ||
| As at 31 March 2014 | 6,368 | 11,822 | 148 | -18,985 | -647 | ||
NOTES TO THE HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2015
1. BASIS OF PREPARATION
The interim report is unaudited and does not constitute statutory accounts within the meaning of s.498 of the Companies Act 2006. The statutory accounts for 2014, which were prepared under IFRS, have been delivered to the Registrar of Companies. The auditor's opinion on these accounts was unmodified and did not contain a statement under s.498 of the Companies Act 2006.
The interim financial information has been prepared on a basis which is consistent with the accounting policies adopted by the Company for the last financial statements and in compliance with IAS 34.
Comparative figures are given for the six months ended 31 March 2014 and the year ended 30 September 2014.
2. REVENUE AND LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
The results for the six months ended 31 March 2015 and 31 March 2014 are unaudited. The audited results for the year ended 30 September 2014 have also been shown.
3. EARNINGS PER ORDINARY SHARE
The earnings per share is based on a loss for the period of £84,000 (six months ended 31 March 2014 - a loss of £120,000; year ended 30 September 2014 - a profit of £467,000), being the profit or loss attributable to ordinary shareholders, and a weighted average of (six months ended 31 March 2015 8,990,989 ordinary shares, six months ended 31 March 2014 1,689,253 ordinary shares, year ended 30 September 2014 1,796,055 ordinary shares).
The diluted earnings / (loss) per share are not shown as the Company was loss making during the period.
4. INVESTMENTS
The investments as at 31st March 2015 represent a 30% shareholding in Sportsdata Limited (£528,000) and an investment in an AIM quoted company (£14,000).
5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND CASH EQUIVALENTS
| Six months | Six months | Year | ||||
| ended 31/3/15 | ended 31/3/14 | ended 30/9/14 | ||||
| (Unaudited) | (Unaudited) | (Audited) | ||||
| £000 | £000 | £000 | ||||
| Increase in cash and cash equivalents in the period | 210 | 16 | 15 | |||
| Cash and cash equivalents at the beginning of the period | 0 | -15 | -15 | |||
| Cash and cash equivalents at the end of the period | 210 | 1 | 0 |
6. AVAILABILITY OF THE INTERIM RESULTS
Copies of the half-yearly results will be available from the Company's registered office 27-28 Eastcastle Street, London W1W 8DH, and will be available from the Company's website www.guscioplc.com.