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17 Sep 2013 14:23
17 September 2013
Insetco plc
Half-yearly results for the six month period ended 30 June 2013
Insetco plc ("Insetco" or the "Company"), a company specialising in the arranging and structuring of securitised products based on senior life settlement policies, is pleased to announce its half-yearly report for the six month period ended 30 June 2013.
Chairman's statement
Following the conversion and varying of the terms of the loan notes towards the end of 2012, the company has continued its restructuring process which has continued throughout the six months under review. During this period, the Company has significantly reduced its cost base whilst bringing in new skills and expertise to the Board, particularly in the area of business development, which will help build a firmer foundation for the business.
The Board continues to explore a number of new business opportunities, and believes the Company is now in a better position for growth in the period ahead particularly as stability and confidence seems to be returning to the financial services market.
For further information please visit www.insetco.com or contact:
Insetco plc | |
Mathew Krock | 07712 163 056 |
Julian Seidman | 07958 904 130 |
Nominated Adviser | |
Cairn Financial Advisers LLP | |
Jo Turner / Liam Murray | 020 7148 7900 |
Statement of comprehensive income
6 months ended 30 June 2013 | 6 months ended 30 June 2012 | Year ended 31 December 2012 | ||||||
unaudited | unaudited | audited | ||||||
£ | £ | £ | ||||||
Revenues | - | 720,230 | 720,230 | |||||
Operating expenses | 267,378 | 324,076 | 681,371 | |||||
Operating (loss)/profit | (267,378) | 396,244 | 38,859 | |||||
Impairment of investment | - | - | (1,767,219) | |||||
Finance expense | - | (36,317) | (48,829) | |||||
(Loss)/profit before tax | (267,378) | 359,927 | (1,777,189) | |||||
Income tax expense | - | - | - | |||||
Total comprehensive income | (267,378) | 359,927 | (1,777,189) | |||||
Basic (loss)/profit per share (pence) | (0.12)p | 0.22p | (0.97)p | |||||
Fully diluted profit per share (pence) | - | 0.17p | - |
Statement of financial position
| 30 June 2013 | 30 June 2012 | 31 December 2012 | |||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
Assets | ||||||
Non-current assets | ||||||
Goodwill | 200,000 | 1,967,219 | 200,000 | |||
Property and equipment | 1,589 | 3,392 | 2,577 | |||
201,589 | 1,970,611 | 202,577 | ||||
Current assets | ||||||
Other receivables | 25,926 | 60,704 | 28,140 | |||
Cash and cash equivalents | 25,218 | 311,446 | 26,360 | |||
51,144 | 372,150 | 54,500 | ||||
Total assets | 252,733 | 2,342,761 | 257,077 | |||
Equity and liabilities | ||||||
Equity | ||||||
Ordinary share capital | 2,240 | 1,645 | 2,240 | |||
Deferred share capital | 1,617,633 | 1,617,633 | 1,617,633 | |||
Share premium | 41,314,946 | 40,358,041 | 41,314,946 | |||
Other reserves | 12,758 | 12,758 | 12,758 | |||
Accumulated deficit | (43,063,884) | (40,659,390) | (42,796,506) | |||
Equity attributable to equity holders | (116,307) | 1,330,687 | 151,071 | |||
Current liabilities | ||||||
Trade and other payables | 369,040 | 119,574 | 106,006 | |||
Convertible loan notes | - | 892,500 | - | |||
369,040 | 1,012,074 | 106,006 | ||||
Total equity and liabilities | 252,733 | 2,342,761 | 257,077 | |||
Statement of changes in equity | ||||||||||||
|
| Share capital | Share | Other | Accumulated |
|
| |||||
|
| Ordinary | Deferred | premium | reserve | deficit | Total | |||||
at 1 January 2011 | 1,153 | 1,617,633 | 38,502,199 | 12,758 | (40,498,275) | (364,532) | ||||||
Total comprehensive income for the period | - | - | - | - | (376,486) | (376,486) | ||||||
Issue of shares in connection with the acquisition of Saolpoll (Jersey) Limited | 492 | - | 1,966,726 | - | - | 1,967,218 | ||||||
Share issue costs | - | - | (110,884) | - | - | (110,884) | ||||||
at 30 June 2011 | 1,645 | 1,617,633 | 40,358,041 | 12,758 | (40,874,761) | 1,115,316 | ||||||
Total comprehensive income for the period | - | - | - | - | (144,556) | (144,556) | ||||||
1,645 |
1,617,633 |
40,358,041 |
12,758 |
(41,019,317) |
970,760 | |||||||
at 1 January 2012 | 1,645 | 1,617,633 | 40,358,041 | 12,758 | (41,019,317) | 970,760 | ||||||
Total comprehensive income for the period | - | - | - | - | 359,927 | 359,927 | ||||||
at 30 June 2012 | 1,645 | 1,617,633 | 40,358,041 | 12,758 | (40,659,390) | 1,330,687 | ||||||
Total comprehensive income for the period | - | - | - | - | (2,137,116) | (2,137,116) | ||||||
Adjustment in respect of share issue costs | - | - | 65,000 | - | - | 65,000 | ||||||
Issue of shares in connection with the redemption of convertible loan notes | 595 | - | 891,905 | - | - | 892,500 | ||||||
at 1 January 2013 | 2,240 | 1,617,633 | 41,314,946 | 12,758 | (42,796,506) | 151,071 | ||||||
Total comprehensive income for the period | - | - | - | - | (267,378) | (267,378) | ||||||
at 30 June 2013 | 2,240 | 1,617,633 | 41,314,946 | 12,758 | (43,063,884) | (116,307) | ||||||
Ordinary and Deferred share capital is the amount subscribed for shares at nominal value
Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses
Other reserverepresents a non-distributable reserve arising on the redemption or purchase of a company's own shares
Accumulated deficitrepresents the cumulative loss of the Group attributable to equity shareholders
Statement of cash flow
6 months ended 30 June 2013 | 6 months ended 30 June 2012 | Year ended 31 December 2012 | ||||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
Cash flow from operating activities | ||||||
(Loss)/profit before tax from continuing operations | (267,378) | 359,927 | (1,777,189) | |||
Impairment of investment | - | - | 1,767,219 | |||
Depreciation | 988 | 814 | 1,629 | |||
Finance expense | - | 36,317 | 48,829 | |||
Net cash (outflow)/inflow from operating activities before changes in working capital | (266,390) | 397,058 | 40,488 | |||
Decrease/(increase) in receivables | 2,214 | (15,813) | 16,751 | |||
Increase/(decrease) in payables | 263,034 | (52,987) | (1,555) | |||
Cash flows (absorbed)/generated by operating activities | (1,142) | 328,258 | 55,684 | |||
Cash flows from financing activities | ||||||
Repayment of convertible debt | - | (72,500) | (72,500) | |||
Finance expense | - | (36,317) | (48,829) | |||
Net cash from financing activities | - | (108,817) | (121,329) | |||
Net (decrease)/increase in cash and cash equivalents | (1,142) | 219,441 | (65,645) | |||
Opening cash and cash equivalents | 26,360 | 92,005 | 92,005 | |||
Closing cash and cash equivalents | 25,218 | 311,446 | 26,360 | |||
Notes to the interim financial statements
1. Corporate information
Insetco plc is a company incorporated in England and Wales, under registration number 05114024. The Company is quoted on the AIM market of the London Stock Exchange.
2. Basis of preparation
These interim financial statements for the six months ended 30 June 2013 have been prepared using accounting policies consistent with International Financial Reporting Standards "(IFRSs") and comply with the requirements of IAS 34 "Interim Financial Statements".
The same accounting policies, presentation and methods of computation as utilised in the audited financial statements for the year ended 31 December 2012 have been applied consistently in these condensed financial statements.
These condensed financial statements do not constitute statutory financial statements under the Companies Act 2006, have not been audited and do not include all information required for full annual financial statements.
The statutory financial statements for the year ended 31 December 2012 have been delivered to the Registrar of Companies.
3. Total comprehensive income
There are no additional items of income or expense which are not included in the total comprehensive expense statement for the period.
4. Segmental analysis
A segment is a defined component of the Company that is engaged in providing products or services to a particular business sector (business segment), or in providing products or services to a particular economic environment (geographic segment), which is subject to risks and rewards that are different in those other segments.
In the period, the Company operated in one segment, the development of business within financial products, with a particular focus on the life insurance settlement market, and in one geographical market, the United Kingdom. The disclosures required by IFRS8 relating to profits, losses, assets and liabilities of the segment are therefore disclosed by the financial statements as a whole.
5. (Loss)/profit per share
The calculation of the basic profit/(loss) per share is as follows:
| 6 months ended 30 June 2013 | 6 months ended 30 June 2012 | Year ended 31 December 2012 | |||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
(Loss)/profit after taxation attributable to equity shareholders | (267,378) | 359,927 | (1,777,189) | |||
Weighted average number of shares in issue | 223,983,096 | 164,483,096 | 184,007,297 | |||
The calculation of the fully diluted profit per share is as follows:
| 6 months ended 30 June 2013 | 6 months ended 30 June 2012 | Year ended 31 December 2012 | |||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
Profit/(loss) after taxation attributable to equity shareholders 1 | - | 396,244 | - | |||
Weighted average number of shares in issue 2 | - | 237,188,631 | - |
1 As adjusted for interest on convertible debt
2 As adjusted for issue of ordinary shares on conversion of debt and exercise of warrants
The calculation of the diluted loss per share for the 6 months ended 30 June 2013 and for the 12 months ended 31 December 2012 is the same as the basic loss per share, as the loss for these periods has an anti-dilutive effect.
6. Availability of the interim results statement
Copies of the interim results statement for the six months ended 30 June 2013 will be available from the Company's website www.insetco.com.
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