Highway Capital Regulatory News (HWC)

28 Nov 2006 14:30

Highway Capital PLC28 November 2006 HIGHWAY CAPITAL PLC INTERIM REPORT 2006 Chairman's Statement The results for the six months ended 31 August 2006 showed a loss before tax of£29,000 (2005: £27,000 loss). No dividend has been declared. In our statement issued on 11 August 2006 shareholders were informed that threedirectors had resigned and Mr Aron Freedman had joined the Board as anon-executive director. Target companies have continued to be identified andevaluated as your Board seeks opportunity to maximize shareholder value. TheBoard will report to you as soon as there are positive developments. A H DrummonChairman 28 November 2006 Income Statement Notes 6 months ended 6 months ended 31 August 2006 31 August 2005 (unaudited) (unaudited) £'000 £'000 Revenue - -Administration expenses (39) (39) ----- -----Operating loss (39) (39)Finance income 10 12 ----- -----Loss before taxation (29) (27)Tax on loss - - ----- -----Loss attributable to equityshareholders (29) (27) ===== ===== Loss per share 2 (0.36)p (0.34)p ===== =====Dividends per share 3 - - ===== ===== Reconciliation of Equity Shareholders' Funds £'000 Loss attributable to equity shareholders (29)Dividends - -----Net decrease in shareholders' funds (29)Shareholders' funds at 1 March 2006 568 -----Shareholders' funds at 31 August 2006 539 ===== Balance Sheet 31 August 2006 31 August 2005 (unaudited) (unaudited) £'000 £'000 Fixed assetsInvestments - - ----- ----- - -Current assetsDebtors 11 8Cash at bank and in hand 554 629 ----- ----- 565 637Creditors: amounts falling due withinone year (26) (39) ----- -----Net current assets 539 598 ----- -----Net assets 539 598 ===== =====Capital and reservesShare capital 159 159Share premium 295 295Profit and loss account 85 144 ----- -----Total equity shareholders' funds 539 598 ===== ===== Cash Flow Statement 6 months ended 6 months ended 31 August 2006 31 August 2005 (unaudited) (unaudited) £'000 £'000 £'000 £'000 Net cash outflow from operatingactivities (47) (29)Returns on investments and servicingof financeDividends received - -Interest received 10 12 ----- ----- 10 12Equity dividends paid - - ----- -----Decrease in cash (37) (17) ===== ===== Notes to the Interim Statement 1. Basis of preparation of the interim statement The income statement, reconciliation of equity shareholders' funds, balance sheet and cash flow statement have been prepared on a basis consistent with the financial statements for the year ended 28 February 2006. A copy of the full financial statements for the year ended 28 February 2006, on which the auditors have issued an unqualified report, has 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 240 of the Companies Act 1985. There are no acquired or discontinued operations in the above two 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. Loss per share The loss per ordinary share calculation has been based on the losses attributable to ordinary shareholders of £29,000 (2005: £27,000), divided by 7,945,638 (2005: 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. 3. 2006 interim dividend No interim dividend has been declared. 4. Publication Copies of this statement will be circulated to all shareholders and will also be available from the company's registered office at 73 Wimpole Street, London W1G 8AZ. This information is provided by RNS The company news service from the London Stock Exchange