Immupharma Regulatory News (IMM)

27 May 2005 13:29

General Industries PLC27 May 2005 GENERAL INDUSTRIES PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2005 HIGHLIGHTS Net cash of £1,005,312 (2004: £978,202) Profit before taxation £16,637 (13 months ended 31 March 2004: £2,400) Earnings per share £0.36 (13 months ended 31 March 2004: £0.07) Richard Wollenberg, chairman, commented: Chairman Richard Wollenberg said "during the year potential acquisitions in theself-storage, property management, social housing services, informationtechnology and business communications sectors have been assessed, as well asother sectors of the market, but the directors considered that the finalpropositions did not meet the directors' criteria". For further information: General Industries plc Richard Wollenberg 01784 437444KBC Peel Hunt Jonathan Marren 020 7418 8900 General Industires plc Preliminary results for the period ending 31 March 2004 Chairman's StatementGeneral Industries was formed to provide the opportunity of financing one ormore growing unquoted companies wishing to seek capital for the expansion oftheir business and a public market for their shares.During the year potential acquisitions in the self storage, property management,social housing services and business communications sector have been assessed,as well as other sectors of the market, but your directors considered that thefinal propositions did not meet your directors' criteria. FinancialAs at 31 March 2005 the company's cash deposits amounting to £1,005,312 (2004:£978,202) were placed on short term bank deposit with the interest rate linkedto base rate.Turnover for the period under review was £nil (13 months ended 31 March 2004:£nil) and will remain so until an acquisition is completed. Profit before taxfor the year was £16,637 (thirteen months ended 31 March 2004: £2,400) whichrelated entirely to interest received from cash on deposit less the cost ofcarrying out due diligence on a specific acquisition and the expenses of runningan AIM listed company. Earnings per share were 0.36p (thirteen months ended 31March 2004: 0.07p). Annual running costs and any outside costs of due diligencewill continue to remain minimal until such time as an acquisition is identified. DividendAs previously stated the directors do not intend to declare a dividend in theshort term. OutlookYour directors are investigating a number of companies but have recently foundunrealistic price expectations being placed by owners or shareholders on theircompanies.A re-rating of the smaller companies sector has certainly been apparent over thepast six months and whilst this has been taken into consideration, yourdirectors are unwilling to chase valuations and potentially overpay inanticipation of future earnings.Your directors will continue to seek a suitable acquisition in line with thestrategy set out in the company's prospectus. J Richard Wollenberg 27 May 2005 Profit and Loss Accountfor the year ended 31 March 2005 Notes Year ended 13 months ended 31 March 2005 31 March 2004 £ £Administrative expenses being operatingloss and loss on ordinary activitiesbefore interest (28,774) (14,560) Interest receivable and similar income 2 45,411 16,960 ------------ -------------- Profit on ordinary activities beforetaxation 3-4 16,637 2,400Tax on profit on ordinary activities 5 (1,576) (1,023) ------------ -------------- Profit on ordinary activities aftertaxation being profit for the financialyear 15,061 1,377 ============ ============== Earnings per share Year ended 13 months 31 ended March 2005 31 March 2004 Pence per Pence per Share shareOn profit for the financial periodBasic 0.36 0.07Diluted 0.36 0.07 ============ ============== The above results relate entirely to continuing activities. There were noacquisitions or disposals of businesses in the period. The profit for thefinancial period represents the total gains and losses and the total historicalcost profit recognised for the period. Balance Sheetat 31 March 2005 Notes At 31 March At 31 March 2005 2004 £ £Current assetsDebtors 8 1,806 1,718Cash at bank and in hand 1,005,312 978,202 ------------ -------------- 1,007,118 979,920Creditors: amounts falling duewithin one year 9 (13,677) (1,540) ------------ -------------- Net current assets being totalassets less current liabilitiesand net assets 993,441 978,380 ============ ============== Capital and reserves ===Called up share capital 10 420,000 420,000Share premium account 11 557,003 557,003Profit and loss account 12 16,438 1,377 ------------ -------------- Shareholders' funds - equity 13 993,441 978,380 ============ ============== Net assets per share 7 23.7p 23.3p ============ ============== These financial statements were approved by the board of directors on 26 May2005 and were signed on its behalf by: J Richard WollenbergDirector Cash Flow Statementfor the year ended 31 March 2005 Notes Year ended 13 months ended 31 March 2005 31 March 2004 £ £Cash outflow from operating activities (18,301) (15,761)Returns on investment and servicing offinance 15 45,411 16,960 ---------- ----------- Cash inflow before financing 27,110 1,199Financing 15 - 977,002 ---------- ----------- Increase in cash in the period 27,110 978,201 ========== =========== Reconciliation of Net Cash Flow to Movement in Net Funds At 31 March At 31 2005 March 2004 £ £Increase in cash and movement in netfunds in the period resulting fromcash flows 16 27,110 978,201Net funds at beginning of period 16 978,202 1 ----------- ----------- Net funds at end of period 16 1,005,312 978,202 =========== =========== Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities Year ended 13 months ended 31 March 2005 31 March 2004 £ £Operating loss (28,774) (14,560)Increase in debtors (88) (1,718)Increase in creditors 10,561 517 ---------- ----------- Net cash outflow from operating activities (18,301) (15,761) ========== =========== Notes(forming part of the financial statements) 1 Accounting PoliciesThe following principal accounting policies have been applied consistently indealing with items which are considered material in relation to the company'sfinancial statements. The financial statements have been prepared under thehistorical cost convention and in accordance with applicable accountingstandards and with the Companies Act 1985. TaxationProvision is made for corporation tax payable at current rates on profits asadjusted for tax purposes.Deferred tax is recognised, without discounting, in respect of all timingdifferences between the treatment of certain items for taxation and accountingpurposes which have arisen but not reversed by the balance sheet date, except asotherwise required by FRS 19. 2 Interest Receivable and Similar Income Year ended 13 months ended 31 March 2005 31 March 2004 £ £ On bank deposits 45,411 16,960 ========== =========== 3 Directors remuneration and staff costsThe average number of persons employed by the company (including executivedirectors) during the period was: Number of employees Year ended 13 months ended 31 March 2005 31 March 2004Management 2 2 ========== =========== Year ended 13 months ended 31 March 2005 31 March 2004 £ £Directors' emoluments 6,416 nil =========== =========== No retirement benefits are accruing to directors.Information on directors' share options is shown in the report of the directorson page 3. Notes (continued) 4 Profit on Ordinary Activities Before Taxation Year ended 13 months ended 31 March 2005 31 March 2004 £ £This is stated after charging the following:Auditors' remuneration:Audit fees paid to the company's auditors andits associates 1,050 700Tax compliance and other fees paid to thecompany's auditors and its associates 750 4,000 =========== =========== 5 Tax on Profit on Ordinary Activities Year ended 31 13 months ended March 2005 31 March 2004 £ £UK corporation tax at 19% onprofits for the period 1,576 1,023 =========== =========== Factors affecting the current tax charge for the periodThe current tax charge for the period is lower than (thirteen months ended 31March 2004: higher than) the small company rate of corporation tax in the UK of19% (thirteen months ended 31 March 2004: 19%). Year ended 13 months ended 31 March 2005 31 March 2004 £ £Current tax reconciliationProfit on ordinary activities before tax 16,637 2,400 =========== =========== Profit on ordinary activities multiplied bythe lower rate of corporation tax in the UK of19 % (2004: 19%) 3,161 456 Effects ofExpenses not allowed for tax purposes - 567Marginal rate relief (1,585) - ----------- ----------- Current tax charge 1,576 1,023 =========== =========== Notes (continued) 6 Earnings Per ShareEarnings per share has been calculated in accordance with Financial ReportingStandard 14 - Earnings Per Share using the profit after tax for the year of£15,061 (thirteen months ended 31 March 2004: £1,377) and the weighted averagenumber of shares in issue during the period as follows: Weighted average number of shares Year ended 13 months ended 31 March 2005 31 March 2004Basic 4,200,000 1,976,928 ---------- -----------Adjustment to basic for element of shares tobe issued on 40,320 18,609exercise of options ---------- ----------- Diluted basis 4,240,320 1,995,537 ========== =========== 7 Net Assets per Share At 31 March At 31 March 2005 2004 Pence per share Pence per share Based on shares in issue at 31 March 2005of 4,200,000 (2004: 4,200,000) 23.7p 23.3p =========== =========== 8 Debtors At 31 March At 31 March 2005 2004 £ £Prepayments and accrued income 1,806 1,718 =========== =========== 9 Creditors: amounts falling due within one year At 31 March At 31 March 2005 2004 £ £Corporation tax 2,599 1,023Accruals and deferred income 11,078 517 ----------- ----------- 13,677 1,540 Notes (continued) 10 Share Capital At 31 March At 31 March 2005 2004 £ £Authorised20,000,000 (2004: 20,000,000) ordinaryshares of 10 pence each 2,000,000 2,000,000 =========== ============ Allotted, called up and fully paid4,200,000 (2004: 4,200,000) ordinaryshares of 10 pence each 420,000 420,000 =========== ============ Details of share options held by the directors are set out in the report of thedirectors on page 3. At 31 March 2005, by an option Agreement dated 10 October2003, KBC Peel Hunt had been granted an option to subscribe at a price of 25peach per share for 84,000 ordinary shares, which is exercisable within theperiod 10 October 2004 and 10 October 2008. 11 Share Premium Account £At 1 April 2004 and 31 March 2005 557,003 ============ 12 Profit and Loss Account £At 1 April 2004 1,377Retained profit for the financial period 15,061 ------------ At 31 March 2005 16,438 ============ 13 Reconciliation of Movements in Shareholders' Funds At 31 March At 31 March 2005 2004 £ £At 1 April 2004 978,380 1Profit for the financial period 15,061 1,377Share premium on shares issued in period(net of - 557,003expenses)Shares issued in period - 419,999 ----------- ------------ At 31 March 2005 993,441 978,380 =========== ============Notes (continued)14 CommitmentsThere were no commitments under contract at 31 March 2005 (2004: £nil). 15 Gross Cash Flows Year ended 13 months ended 31 March 2005 31 March 2004 £ £Returns on investment and servicing of financeInterest received 45,411 16,960 =========== ============ FinancingShares issued in the period - 1,024,998Expenses of share issue - (47,996) ----------- ------------ - 977,002 =========== ============ 16 Analysis of Net Funds At 31 March Cash flow At 31 March 2005 2004 £ £ £Cash at bank 978,202 27,110 1,005,312 ------------- ----------- ------------ 17 Related Party TransactionsDuring the period the company did not enter into any material transactions withrelated parties. 18The financial information in this announcement does not constitute the company'sstatutory accounts for the year ended 31 March 2005. The statutory accounts forthe year ended 31 March 2005 will be finalised on the basis of the financialinformation presented by the directors in this preliminary announcement and willbe delivered to the Registrar of Companies. It is expected that the accountswill be mailed to shareholders in mid-June. This information is provided by RNS The company news service from the London Stock Exchange