29 Sep 2014 07:00
29 September 2014
Insetco plc
Half-yearly results for the six month period ended 30 June 2014
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 report for the six month period ended 30 June 2014.
Chairman's statement
We welcome the recent additions of Ivan Couchman and Barry Heath to the board and their experience and insight will provide valuable additions to our strategic development.
The Company continues to develop its strategic investment in a Canadian financial services business which although still at an early stage is expected to develop profitable income streams in the near future.
In May the Company announced an equity issue which taken in combination with the exercise of convertible loan notes has developed funds in order to meet on-going requirements and provide a base from which to focus on the Company's business.
The above, in combination with cost control, enables the Board to look forward to a more positive outlook for the Company. We continue the transformation process which inevitably will take time in order to realise shareholder value.
Enquiries:
Insetco plc |
|
Gideon Israel | 0798 9992999 |
|
|
Cairn Financial Advisers LLP |
|
Jo Turner | 020 7148 7900 |
Statement of comprehensive income
for 6 months ended 30 June 2014
Note | 6 months ended 30 June 2014 | 6 months ended 30 June 2013 | Year ended 31 December 2013 | |||||
unaudited | unaudited | audited | ||||||
£ | £ | £ | ||||||
Operating expenses | 67,781 | 267,378 | 342,839 | |||||
Impairment of investment | - | - | (200,000) | |||||
Loss before tax | (67,781) | (267,378) | (542,839) | |||||
Income tax expense | - | - | - | |||||
Total comprehensive income | (67,781) | (267,378) | (542,839) | |||||
Basic loss per share (pence) | 5 | (0.02)p | (0.12)p | (0.24)p | ||||
Fully diluted loss per share (pence) | 5 | - | - | - |
Statement of financial position
for 6 months ended 30 June 2014
| 30 June 2014 | 30 June 2013 | 31 December 2013 | |||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
Assets | ||||||
Non-current assets | ||||||
Goodwill | - | 200,000 | - | |||
Property and equipment | 122 | 1,589 | 856 | |||
122 | 201,589 | 856 | ||||
Current assets | ||||||
Other receivables | 55,764 | 25,926 | 14,413 | |||
Cash and cash equivalents | 141,308 | 25,218 | 19,060 | |||
197,072 | 51,144 | 33,473 | ||||
Total assets | 197,194 | 252,733 | 34,329 | |||
Equity and liabilities | ||||||
Equity | ||||||
Ordinary share capital | 6,140 | 2,240 | 2,240 | |||
Deferred share capital | 1,617,633 | 1,617,633 | 1,617,633 | |||
Share premium | 41,521,046 | 41,314,946 | 41,314,946 | |||
Other reserves | 12,758 | 12,758 | 12,758 | |||
Accumulated deficit | (43,407,126) | (43,063,884) | (43,339,345) | |||
Equity attributable to equity holders | (249,549) | (116,307) | (391,768) | |||
Current liabilities | ||||||
Trade and other payables | 193,043 | 369,040 | 172,397 | |||
Unsecured loans | 100,000 | - | 253,700 | |||
Convertible loan notes | 153,700 | - | - | |||
446,743 | 369,040 | 426,097 | ||||
Total equity and liabilities | 197,194 | 252,733 | 34,329 | |||
Statement of changes in equity
for 6 months ended 30 June 2014
|
| Share capital | Share | Other | Accumulated |
|
| ||||||||||
|
| Ordinary | Deferred | premium | reserve | deficit | Total | ||||||||||
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) | |||||||||||
Total comprehensive income for the period | - | - | - | - | (275,461) | (275,461) | |||||||||||
at 1 January 2014 | 2,240 | 1,617,633 | 41,314,946 | 12,758 | (43,339,345) | (391,768) | |||||||||||
Total comprehensive income for the period | - | - | - | - | (67,781) | (67,781) | |||||||||||
Issue of shares | 1,500 | - | 148,500 | - | - | 150,000 | |||||||||||
Issue of shares in connection with the redemption of convertible loan notes | 2,400 | - | 57,600 | - | - | 60,000 | |||||||||||
at 30 June 2014 | 6,140 | 1,617,633 | 41,521,046 | 12,758 | (43,407,126) | (249,549) | |||||||||||
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 reserve represents a non-distributable reserve arising on the redemption or purchase of a company's own shares
Accumulated deficit represents the cumulative loss of the Group attributable to equity shareholders
Statement of cash flow
for 6 months ended 30 June 2014
6 months ended 30 June 2014 | 6 months ended 30 June 2013 | Year ended 31 December 2013 | ||||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
Cash flow from operating activities | ||||||
Loss before tax from continuing operations | (67,781) | (267,378) | (542,839) | |||
Impairment of investment | - | - | 200,000 | |||
Depreciation | 734 | 988 | 1,721 | |||
Net cash outflow from operating activities before changes in working capital | (67,047) | (266,390) | (341,118) | |||
(Increase)/decrease in receivables | (1,351) | 2,214 | 13,727 | |||
Increase in payables | 20,646 | 263,034 | 66,391 | |||
Cash flows absorbed by operating activities | (47,752) | (1,142) | (261,000) | |||
Cash flows from financing activities | ||||||
Issue of shares | 110,000 | - | - | |||
Issue of unsecured loans | 60,000 | - | 253,700 | |||
Net cash from financing activities | 170,000 | - | 253,700 | |||
Net increase/(decrease) in cash and cash equivalents | 122,248 | (1,142) | (7,300) | |||
Opening cash and cash equivalents | 19,060 | 26,360 | 26,360 | |||
Closing cash and cash equivalents | 141,308 | 25,218 | 19,060 | |||
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 2014 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 2013 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 2013 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 per share
The calculation of the basic loss per share is as follows:
| 6 months ended 30 June 2014 | 6 months ended 30 June 2013 | Year ended 31 December 2013 | |||
unaudited | unaudited | audited | ||||
£ | £ | £ | ||||
Loss after taxation attributable to equity shareholders | (67,781) | (267,378) | (542,839) | |||
Weighted average number of shares in issue | 286,966,521 | 223,983,096 | 223,983,096 | |||
The calculation of the diluted loss per share for the 6 months ended 30 June 2014 and 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 2014 will be available from the Company's website www.insetco.com.