23 Sep 2010 14:51
LONGSHIPS PLC
("Longships" or the "Company")
INTERIM RESULTS FOR THE PERIOD ENDED 30th JUNE 2010
Longships is pleased to announce its interim results for the period ending 30th June 2010.
The interims are available on the Company's website, www.longshipsplc.com .
Enquiries:
Longships Plc Tel: 020 7389 5017
Charles Cannon-Brookes, Investment Director
Grant Thornton Corporate Finance (Nominated Adviser) Tel: 020 7383 5100
Colin Aaronson/David Hignell
CHAIRMAN'S STATEMENT
Dear Shareholder,
I am pleased to present the Chairman's report for the interim period ending 30 June 2010. During the period under review the Company reported a net loss of £37,378 (six months ended 30 June 2009: £34,557) and as at 30 June 2010 has liquid cash balances of £3,214,038 (30 June 2009: £3,317,798). Various investment propositions were reviewed over the period and, although none met the Board's strict investment criteria, the directors continue to search for a suitable reverse takeover opportunity. As your new Chairman, I look forward to updating you with a progress report in due course.
Malcolm Burne
CONDENDSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30th JUNE 2010
| Six months | Six months | Year | |||
| to 30/06/10 | to 30/06/09 | to 31/12/09 | |||
| Unaudited | Unaudited | Audited | |||
| £ | £ | £ | |||
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| NET TRADING INCOME | - | - | - | ||
| --------------- | --------------- | --------------- | |||
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| Other operating expenses | (39,591) | (41,320) | (92,417) | ||
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| ------------------ | ------------------ | --------------- | |||
| Total operating expenses | (39,591) | (41,320) | (92,417) | ||
| ------------------- | ------------------ | --------------- | |||
| OPERATING LOSS | (39,591) | (41,320) | (92,417) | ||
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| Finance income | 2,213 | 6,763 | 8,448 | ||
| ------------------ | ------------------ | --------------- | |||
| LOSS BEFORE TAXATION | (37,378) | (34,557) | (83,969) | ||
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| Taxation | - | - | (7) | ||
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| ------------------ | ------------------ | --------------- | |||
| LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | (37,378) |
(34,557) |
(83,962) | ||
| ============ | ============ | ============ | |||
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| Loss per share (pence) - basic and fully diluted | (0.16)p | (0.15)p | (0.36)p | ||
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| ======= | ======= | ======= | ||
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30th JUNE 2010
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| As at | As at | As at |
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| 30/06/10 | 30/06/09 | 31/12/09 |
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| Unaudited | Unaudited | Audited |
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| £ | £ | £ |
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| CURRENT ASSETS |
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| Trade and other receivables | 24,408 | 4,248 | 8,129 | |
| Cash and cash equivalents | 3,214,038 | 3,317,798 | 3,269,514 | |
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| ------------------ | ------------------ | ------------------ |
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| 3,238,446 | 3,322,046 | 3,277,643 | |
| CURRENT LIABILITIES |
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| Trade and other payables | (17,671) | (14,488) | (19,490) | |
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| ----------------- | ----------------- | ------------------ |
| NET CURRENT ASSETS | 3,220,775 | 3,307,558 | 3,258,153 | |
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| ---------------- | ---------------- | ------------------ |
| NET ASSETS | 3,220,775 | 3,307,558 | 3,258,153 | |
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| =========== | =========== | =========== |
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| EQUITY ATTRIBUTABLE TO EQUITY |
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| HOLDERS OF THE COMPANY |
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| Share capital | 230,800 | 230,800 | 230,800 | |
| Share premium account | 3,086,962 | 3,086,962 | 3,086,962 | |
| Share based payment reserve | 21,588 | 21,588 | 21,588 | |
| Retained earnings | (118,575) | (31,792) | (81,197) | |
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| ---------------- | ---------------- | ---------------- |
| TOTAL EQUITY | 3,220,775 | 3,307,558 | 3,258,153 | |
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| =========== | =========== | =========== | |
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| Net assets per share - basic | 13.95p | 14.33p | 14.12p | |
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| ======== | ======== | ======== |
CONDENSED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30th JUNE 2010
| Six months | Six months | Year | ||
| to 30/06/10 | to 30/06/09 | to 31/12/09 | ||
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| Unaudited | Unaudited | Audited | |
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| £ | £ | £ |
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| Net cash outflow from operating activities | 3 | (57,689) | (44,521) | (94,490) |
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| --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |
| Cash flows from investing activities |
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| Interest received | 2,213 | 6,763 | 8,448 | |
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| --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |
| Cash flows from financing activities |
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| Net proceeds from issue of share capital |
| - | - | - |
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| --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |
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| Net (decrease)/increase in cash and cash equivalents | (55,476) | (37,758) | (86,042) | |
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| Cash and cash equivalents at beginning of period | 3,269,514 | 3,355,556 | 3,355,556 | |
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| --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |
| Cash and cash equivalents at end of period | 3,214,038 | 3,317,798 | 3,269,514 | |
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| =================================================== | =================================================== | =================================================== |
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CONDENSED STATEMENT OF CHANGES IN NET EQUITY
FOR THE SIX MONTHS ENDED 30th JUNE 2010
| Share capital | Share premium | Share based payment reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | |
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| At 1st January 2009 | 230,800 | 3,086,962 | 21,588 | 2,765 | 3,342,115 |
| Loss for six months ended 30th June 2009 | - | - | - | (34,557) | (34,557) |
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| ________ | _________ | _________ | __________ | _________ |
| At 30th June 2009 | 230,800 | 3,086,962 | 21,588 | (31,792) | 3,307,558 |
| Loss for six months ended 31st December 2009 | - | - | - | (49,405) | (49,405) |
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| ________ | ________ | ________ | ________ | ________ |
| At 31st December 2009 | 230,800 | 3,086,962 | 21,588 | (81,197) | 3,258,153 |
| Loss for six months ended 30th June 2010 | - | - | - | (37,378) | (37,378) |
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| ________ | ________ | ________ | ________ | ________ |
| At 30th June 2010 | 230,800 | 3,086,962 | 21,588 | (118,575) | 3,220,775 |
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| ======= | ======== | ======== | ========= | ======== |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30th JUNE 2010
1. GENERAL
The interim financial statements for the six months ended 30th June 2010 are unaudited and were approved by the Directors of the Company on 23rd September 2010. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The information given as comparative figures for the period ended 31st December 2009 was extracted from the Company's audited annual financial statements for that financial year. Those financial statements, which represent the statutory accounts for that year, and on which the auditors gave an unqualified opinion, have been filed with the Registrar of Companies.
The financial information has been prepared in accordance with IAS 34 "Interim Financial Reporting".
The Company's operations are not subject to seasonality or cyclicality.
2. ACCOUNTING POLICIES
The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the Company's 2009 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES
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| Six months | Six months | Year |
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| to 30/06/10 | to 30/06/09 | to 31/12/09 |
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| Unaudited | Unaudited | Audited |
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| £ | £ | £ |
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| Loss before taxation | (37,378) | (34,557) | (83,969) |
| Adjustments for: |
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| Interest income | (2,213) | (6,763) | (8,448) |
| Taxation paid | - | - | (6,370) |
| ------------------- | ------------------- | -------------------- | |
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| (39,591) | (41,320) | (98,787) |
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| (Increase)/ decrease in receivables | (16,279) | 4,835 | 954 |
| (Decrease)/increase in payables | (1,819) | (8,036) | 3,343 |
| -------------------- | -------------------- | -------------------- | |
| Net cash from operating activities | (57,689) | (44,521) | (94,490) |
| ============= | ============= | ============= |
4. LOSS PER SHARE
| Six months | Period | Period | ||
| to 30/06/10 | to 30/06/09 | to 31/12/09 | ||
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| Unaudited | Unaudited | Audited | |
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| Weighted average number of ordinary shares in issue | 23,080,002 | 23,080,002 | 23,080,002 | |
| ---------------------------------------- | ---------------------------------------- | ----------------------------------------- | ||
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| (Loss)/profit after taxation | £(37,378) | £(34,557) | £(83,962) | |
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| ---------------------------------------- | ---------------------------------------- | ----------------------------------------- | |
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| (Loss)/earnings per share | (0.16)p | (0.15)p | (0.36)p | |
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| =================================================== | =================================================== | ================================================== |
Due to there being a loss during each period under review, the share options are anti-dilutive and therefore no diluted loss per share has been presented.
5. NET ASSET VALUE PER SHARE
The "basic" net asset value per share figures are calculated on the basis of the net assets attributable to equity shareholders divided by the number of ordinary shares in issue at the relevant dates.
As the exercise price of the share options is above the "basic" net asset value per share the share options are anti-dilutive and therefore a "fully diluted" net assets per share has not been calculated.
6. Copies of the interim report are available to the public free of charge from the Company at 2nd Floor, 18 Pall Mall, London, SW1Y 5LU during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.longshipsplc.com.