Highway Capital Regulatory News (HWC)

31 Oct 2007 14:18

Highway Capital PLC31 October 2007 HIGHWAY CAPITAL PLC INTERIM REPORT 2007 Chairman's Statement The results for the six months ended 31 August 2007 showed a loss before tax of£26,000 (2006: £29,000 loss). No dividend has been declared. Unfortunately, even though we currently have two shareholders each controlling20% or more of the issued share capital, neither they nor your directors haveyet succeeded in identifying a suitable acquisition for your company which wouldadd shareholder value. However, I assure you that your directors will put toshareholders any opportunity for an acquisition which will add shareholdervalue. A H DrummonChairman 31 October 2007 Income Statement Notes 6 months ended 6 months ended 31 August 2007 31 August 2006 (unaudited) (unaudited) £'000 £'000 Revenue - -Administration expenses (38) (39) ----- -----Operating loss (38) (39)Finance income 12 10 ----- -----Loss before taxation (26) (29)Tax on loss - - ----- -----Loss attributable to equityshareholders (26) (29) ===== ===== Loss per share 2 (0.33)p (0.36)p ===== =====Dividends per share 3 - - ===== ===== Reconciliation of Equity Shareholders' Funds £'000 Loss attributable to equity shareholders (26)Dividends - -----Net decrease in shareholders' funds (26)Shareholders' funds at 1 March 2007 510 -----Shareholders' funds at 31 August 2007 484 ===== Balance Sheet 31 August 2007 31 August 2006 (unaudited) (unaudited) £'000 £'000 Fixed assetsInvestments - - ----- ----- - -Current assetsDebtors 12 11Cash at bank and in hand 508 554 ----- ----- 520 565Creditors: amounts falling due withinone year (36) (26) ----- -----Net current assets 484 539 ----- -----Net assets 484 539 ===== ===== Capital and reservesShare capital 159 159Share premium 295 295Profit and loss account 30 85 ----- -----Total equity shareholders' funds 484 539 ===== ===== Cash Flow Statement 6 months ended 6 months ended 31 August 2007 31 August 2006 (unaudited) (unaudited) £'000 £'000 £'000 £'000 Net cash outflow from operatingactivities (32) (47)Returns on investments and servicing of financeDividends received - -Interest received 12 10 ----- ----- 12 10Equity dividends paid - - ----- -----Decrease in cash (20) (37) ===== ===== 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 2007. A copy of the full financial statements for the year ended 28 February 2007, 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 £26,000 (2006: £29,000), divided by 7,945,638 (2006: 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. 2007 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