Highway Capital Regulatory News (HWC)

29 Oct 2009 15:59



HIGHWAY CAPITAL PLC

INTERIM REPORT 2009

Chairman's Statement

The results for the six months ended 31 August 2009 showed a loss before tax of £41,000 (six months ended 31 August 2008: £30,000 loss; year ended 28 February 2009: £68,000 loss). 

No dividend has been declared.

Your directors have continued to seek potential acquisitions which will add shareholder value, regrettably without success. Despite this, we are optimistic that a suitable opportunity can be identified. Until such time we will continue to minimise expenditure.

I will report to you as soon as there are positive developments.

A H Drummon

Chairman

29 October 2009

Notes to the Interim Report

Basis of preparation of the interim report

The condensed set of financial statements for the six months ended 31 August 2009 has been prepared on a basis consistent with the financial statements for the year ended 28 February 2009.

The condensed set of financial statements for the six months ended 31 August 2009 has not been audited or reviewed by the auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

The comparative financial information for the year ended 28 February 2009 has been extracted from the audited financial statements, on which the auditors issued an unqualified audit report and which have been delivered to the Registrar of Companies.

The financial information contained in the interim statement does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

There are no acquired or discontinued operations in the relevant financial periods.

There are no recognized gains or losses other than the profit or loss for the relevant financial periods.

Highway Capital plc is a stand-alone company and does not prepare consolidated accounts. It has therefore continued to prepare its accounts in accordance with UK rather than international accounting standards, as permitted under EC Regulation 1606/2002.

2. Operating loss

3. Loss per share

The loss per ordinary share calculation has been based on the losses attributable to ordinary shareholders of £41,000 (August 2008: £30,000; February 2009: £68,000), divided by 7,945,638 (August 2008 and February 2009: 7,945,638) being the average of the issued share capital during the period.

There is no difference between the basic and diluted loss per share.

4. 2009 interim dividend

No interim dividend has been declared.

5. Share capital

6.Cash flow statement

7. Related party transactions

A H Drummon is a consultant to Keith, Bayley, Rogers & Co. Limited, the financial adviser and stockbroker to Highway Capital plc. In the six months ended 31 August 2009, Keith, Bayley, Rogers & Co. Limited received retainer fees of £5,000 (August 2008: £5,000; February 2009: £10,000). 

8. Responsibility statement

We confirm that to the best of our knowledge:

(a) the condensed set of financial statements has been prepared in accordance with Statement: Half-yearly

financial reports issued by the Accounting Standards Board;

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R

(indication of important events during the first six months and their impact on the financial statements and

description of principal risks and uncertainties for the remaining six months of the year); and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R

(disclosure of related party transactions and changes therein).

By order of the Board

A H Drummon E P Levey

Chairman Non-Executive Director

9. Publication

Copies of this statement will be circulated to all shareholders and will also be available from the registered office of Highway Capital plc at 73 Wimpole Street, London W1G 8AZ.

29 October 2009