Immupharma Regulatory News (IMM)

30 Nov 2005 13:38

General Industries PLC30 November 2005 General Industries plc Interim Results for the six months ended 30 September 2005 Registered number 03929567 Chairman's Statement General Industries plc is quoted on AIM with a strategy to acquire one or moregrowing, unquoted companies that wish to seek capital for expansion of theirbusiness and a public market for their shares. For the six months ended 30 September 2005, turnover was £nil (2004: £nil).Profit before taxation was £8,813 (2004: £8,383) and comprised interest fromcash on deposit of £23,550 (2004: £21,812) less administrative expenses of£14,737 (2004: £13,429). Profit after taxation amounted to £7,907 (2004:£6,790). Earnings per share was 0.19p (2004: £0.16p). The directors do not recommend a dividend. During the period under review further potential acquisitions were analysedincluding companies in the debt factoring, recruitment, telecommunications andpharmaceutical fields. In one case the potential candidate proceeded with itsown IPO at a higher capital value than that attributed by your Directors. Wecontinue to analyse and investigate other suitable acquisitions. The rating of smaller companies quoted on the Alternative Investment Market hassuffered a setback over recent months and it is therefore important to valuepotential acquisitions at realistic levels. J Richard WollenbergChairman 30 November 2005 Profit and Loss Accountfor the six months ended 30 September 2005 Six months Six months Year 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £ £ £ Administrative expenses being loss onordinary activities before interest (14,737) (13,429) (28,774)Interest receivable and similar income 23,550 21,812 45,411 --------- --------- -------- Profit on ordinary activities beforetaxation 8,813 8,383 16,637Tax on profit on ordinary activities (906) (1,593) (1,576) --------- --------- -------- Profit on ordinary activities aftertaxation being profit for thefinancial period 7,907 6,790 15,061 ========= ========= ======== Earnings per shareOn profit for the periodBasic 0.19 0.16 0.36Diluted 0.18 0.16 0.36 ========= ========= ======== The above results relate entirely to continuing activities. There were noacquisitions or disposals of businesses in the period. Balance Sheetat 30 September 2005 At 30 At 30 At 31 September September March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £ £ £Current assetsDebtors 2,456 - 1,806Cash at bank and in hand 1,010,244 992,683 1,005,312 --------- --------- -------- 1,012,700 992,683 1,007,118Creditors: amounts falling due withinone year (11,352) (7,513) (13,677) --------- --------- -------- Net current and net assets 1,001,348 985,170 993,441 ========= ========= ======== Capital and reservesCalled up share capital 420,000 420,000 420,000Share premium account 557,003 557,003 557,003Profit and loss account 24,345 8,167 16,438 --------- --------- -------- Shareholders' funds - equity 1,001,348 985,170 993,441 ========= ========= ======== Net assets per share 23.8p 23.5p 23.7p ========= ========= ======== Cash Flow Statementfor the six months ended 30 September 2005 Six months Six months Year 30September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £ £ £ Cash outflow from operating activities (16,570) (7,331) (18,301)Returns on investment and servicing offinance 23,550 21,812 45,411Taxation (2,048) - - --------- --------- -------- --- --- ---Cash inflow before financing 4,932 14,481 27,110Financing - - - --------- --------- -------- Increase in cash in the period 4,932 14,481 27,110 ========= ========= ======== Reconciliation of Net Cash Flow to Movement in Net Funds Six months Six months Year 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £ £ £Increase in cash and movement in netfunds in the period resulting fromcash flows 4,932 14,481 27,110Net funds at beginning of period 1,005,312 978,202 978,202 --------- --------- -------- Net funds at end of period 1,010,244 992,683 1,005,312 ========= ========= ======== Reconciliation of Operating Loss to Net Cash Flow from Operating Activitiesfor the six months ended 30 September 2005 Six months Six months Year 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £ £ £ Operating loss (14,737) (13,429) (28,774)(Increase)/decrease in debtors (649) 1,718 (88)(Decrease)/increase in creditors (1,184) 4,380 10,561 --------- --------- -------- (16,570) (7,331) (18,301) ========= ========= ======== Notes to the Financial Statementsfor the six months ended 30 September 2005 1 Basis of preparation The figures for the six months ended 30 September 2005, which were approved bythe board on ** November 2005, are prepared on the same basis of accounting asfor the year ended 31 March 2005 and are unaudited. The comparative figures for the financial year ended 31 March 2005 are not thecompany's statutory accounts for that financial year. Those accounts have beenreported on by the company's auditors and delivered to the registrar ofcompanies. The report of the auditors was (i) unqualified, (ii) did not includea reference to any matters to which the auditors drew attention by way ofemphasis without qualifying their report and (iii) did not contain a statementunder section 237(2) or (3) of the Companies Act 1985. 2 Dividends As stated in the prospectus, the directors do not intend to pay any dividenduntil completion of a significant acquisition. Following such an acquisition,the directors will determine an appropriate dividend policy. 3 Taxation The tax position for the six months is estimated on the basis of the anticipatedtax rates applying for the full year. Reconciliation of Movement in Shareholders' Funds At 30 At 30 At 31 September September March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £ £ £ At beginning of period 993,441 978,380 978,380Profit after tax for the period 7,907 6,790 15,061 --------- --------- -------- 1,001,348 985,170 993,441 ========= ========= ======== This information is provided by RNS The company news service from the London Stock Exchange