Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMCAP.L Regulatory News (MCAP)

  • There is currently no data for MCAP

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Half Yearly Report

24 Jun 2009 07:00

RNS Number : 3941U
Mission Capital PLC
24 June 2009
 



Mission Capital plc

INTERIM RESULTS

For the six months to 31 March 2009

Mission Capital plc ("Mission Capital" or the "Company") announces its unaudited interim results for the six months to 31 March 2009

Chairman's Statement

The consolidated interim results of the Company and its subsidiaries for the six months ended 31 March 2009 show turnover of £1.9 million (2008: £1.7 million). What would have been an operating profit before taxation of £66,000 (2008: loss of £0.6 million) has been transformed into a loss on ordinary activities before taxation of £0.69 million as a result of writing down the goodwill attaching to the Company's wholly-owned subsidiary, Karspace Management Limited, by £0.73 million in the light of its anticipated basic disposal price of £1,290,000 as separately announced today and to be set out in the related Circular to shareholders expected to be despatched later today. This representa basic and diluted loss per share of 0.641p (2008: 0.572p). As at 31 March 2009, the Company had consolidated net assets of £2.7 million (2008: £4.0 million). The Company will not be paying an interim dividend.

I deal in that Circular with the general position of the Company.

Philip Goldenberg

Chairman

 

Consolidated interim income statement

For the six months ended 31 March 2009

Six months 31 March 2009 (unaudited)

Six months 31 March 2008 (unaudited)

Year ended 30 September 2008

 (audited)

Notes

£

£

£

Gross turnover

1,881,899

1,657,208

3,393,106

Less: landlords share of parking receipts

(1,031,799)

(776,599)

(1,723,277)

Net revenue

850,100

880,609

1,669,829

Cost of sales

(326,492)

(415,459)

(666,355)

Gross profit

523,608

465,150

1,003,474

Distribution costs

(51,379)

(64,497)

(141,331)

Administrative expenses

(1,132,868)

(976,948)

(2,285,484)

Operating loss

(660,639)

(576,295)

(1,423,341)

Finance income

9,334

15,033

27,721

Finance expense

(27,602)

(28,656)

(56,388)

Loss for the period before taxation

(678,907)

(589,918)

(1,452,008)

Tax expense, net

(14,000)

-

13,777

Loss for the period

(692,907)

(589,918)

(1,438,231)

Attributable to shareholders of Mission Capital plc

Loss per share (pence)

Basic and diluted

3

0.641p

0.572p

1.367p

Consolidated interim balance sheet

31 March 2009

31 March 2009 (unaudited)

 31 March 2008 (unaudited)

30 Sept 2008

(audited)

£

£

£

Assets

Non-current assets

Goodwill

789,919

1,971,477

1,516,907

Plant, property and equipment

13,964

35,904

18,558

Investment property

850,000

1,000,000

850,000

1,653,883

3,007,381

2,385,465

Current assets

Trade and other receivables

383,237

341,612

459,014

Cash and cash equivalents

663,339

602,644

601,444

Total 

1,046,576

944,256

1,060,458

Total assets

2,700,459

3,951,637

3,445,923

Equity

Share capital

1,081,749

1,030,672

1,081,749

Share premium account

3,960,673

3,654,208

3,960,673

Equity reserve

54,390

87,023

54,390

Retained earnings

(4,097,339)

(2,588,752)

(3,404,432)

Total Equity

999,473

2,183,151

1,692,380

Liabilities

Non-current

Borrowings

692,331

758,321

713,177

692,331

758,321

713,177

Current

Trade and other payables

697,488

958,026

783,655

Borrowings

311,167

35,437

256,711

Current tax liabilities

-

16,702

-

Obligations under finance lease

-

-

-

1,008,655

1,010,165

1,040,366

Total liabilities

1,700,986

1,768,486

1,753,543

Total equity and liabilities

2,700,459

3,951,637

3,445,923

Consolidated interim statement of changes in equity

31 March 2009

Equity attributable to equity holders of Mission Capital plc:

Share capital

Share premium account

Equity reserve

Retained earnings

Total equity

£

£

£

£

£

Balance at 1 October 2007

1,030,672

3,654,208

87,023

(1,998,834)

2,773,069

Loss for the six month period and total recognised income and expense for the period 

-

-

-

(589,918)

(589,918)

Balance at 31 March 2008

1,030,672

3,654,208

87,023

(2,588,752)

2,183,151

Issue of share capital

51,077

306,465

-

-

357,542

Loss for the six month period and total recognised income and expense for the period

-

-

-

(848,313)

(848,313)

Warrants exercised

-

-

 (32,633)

32,633

-

Balance at 30 September 2008

1,081,749

3,960,673

54,390

(3,404,432)

1,692,380

Loss for the six month period and total recognised income and expense for the period

-

-

-

(692,907)

(692,907)

Balance at 31 March 2009

1,081,749

3,960,673

54,390

(4,097,339)

999,473

Consolidated interim cash flow statement

For the six months ended 31 March 2009

Six months 31 March 2009 (unaudited)

Six months 31 March 2008 (unaudited)

Year ended 30 Sept 2008 (audited)

£

£

£

Operating activities

Results for the period after tax

(692,907)

(589,918)

(1,452,008)

Depreciation of property, plant and equipment

6,934

18,975

29,553

Impairment of goodwill

726,988

-

454,570

Loss on disposal of property, plant and equipment

-

40,102

49,624

Interest receivable 

(9,334)

(15,033)

(27,721)

Interest payable 

27,602

28,656

56,388

Tax payable

14,000

-

(16,012)

Decrease in value of investment property

-

100,000

250,000

Changes in trade and other receivables

73,437

112,326

(5,076)

Change in trade and other payables

(100,167)

215,954

54,670

Net cash generated from operating activities

46,553

(88,938)

(606,012)

Investing activities

Additions to property, plant and equipment

-

(569)

(3,322)

Receipts from sales of property, plant and equipment

-

6,431

6,430

Interest received

9,334

15,033

27,721

Net cash used from investing activities

9,334

20,895

30,829

Financing activities

Interest paid

(27,602)

(28,656)

(56,388)

Repayment of borrowings

(25,270)

(18,723)

(36,712)

Repayment of finance lease obligations

-

(8,762)

(8,762)

Proceeds from share issues

-

-

357,542

Net cash from financing activities

(52,872)

(56,141)

255,680

Net changes in cash and cash equivalents

3,015

(124,184)

(319,503)

Cash and cash equivalents, beginning of period

407,325

726,828

726,828

Cash and cash equivalents, end of period

410,340

602,644

407,325

  Selected explanatory notes

1. Nature of operations and general information

 

The principal activity of Mission Capital plc (the "Company") and its subsidiaries (together, the "Group") is property investment and management. The trading subsidiaries are Karspace Management Limited, a company specialising in the provision of car park and traffic management services to both the public and private sector, Mission Capital (Gloucester) Limited, a property company, and Mission Real Estate Limited, the management company to Athens Investments Holding Group Limited. 

Mission Capital plc, a limited liability company, is the Group's ultimate parent company. It is registered in England and Wales. The address of Mission Capital plc's registered office, which is also its principal place of business, is Suite 2 & 3 Business Centre, 1-7 Commercial Road, Paddock Wood, Tunbridge Wells, Kent, TN12 6EN. Mission Capital plc's shares are listed on the London Stock Exchange's Alternative Investment Market (AIM).

These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies expected to be followed for the year ending 30 September 2009. These policies are consistent with those of the annual financial statements for the year ended 30 September 2008 which are based on the recognition and measurement principles of International Financial Reporting Standards ("IFRS") as adopted by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 September 2008.

2. Segment analysis

The Group has three streams of income.

An analysis of gross turnover is given below: 

Six months 31 March 2009 (unaudited)

Six months 31 March 2008 (unaudited)

Year ended 30 September 2008 (audited)

£

£

£

Car park management

1,833,774

1,609,083

3,282,155

Property trading

-

-

100,250

Property management

48,125

48,125

10,701

1,881,899

1,657,208

3,393,106

3. Losses per share 

The calculation of the basic loss per share is based on the losses attributable to the shareholders of Mission Capital plc divided by the weighted average number of shares in issue during the period. All losses per share calculations relate to continuing operations of the Company.

Losses attributable to shareholders

Weighted average number of shares

Basic loss per share amount in pence

Six months ended 31 March 2009

(692,907)

108,174,872

0.641

Six months ended 31 March 2008 

(589,918)

103,067,126

0.572

Year ended 30 September 2008 

(1,438,231)

105,230,297

1.367

Fully diluted loss per share is also based upon the above figures as there are no potential dilutive ordinary shares in issue.

4. Financial Statements 

The financial information included in this report does not constitute statutory accounts for the purposes of section 240 of the Companies Act 1985. This statement will be available on the Company's website www.missioncapitalplc.com.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR GGGZVLFDGLZM
12
Date   Source Headline
22nd Mar 20161:23 pmRNSCharities Aid Foundation Retail Charity Bond
22nd Mar 20161:19 pmRNSPublication of Prospectus
18th Dec 201510:19 amRNSNotice of AGM
23rd Nov 20153:40 pmRNSFinal Results
27th Apr 20152:46 pmRNSHalf Yearly Report
17th Apr 20151:50 pmRNSIssue Size Announcement
16th Apr 201512:00 pmRNSEarly Closure
31st Mar 20151:39 pmRNSPublication of Prospectus
31st Mar 201511:39 amRNSLaunch of Retail Charity Bond
13th Mar 20158:37 amRNSStatement re intention to issue
10th Mar 20155:10 pmRNS1st Quarter Results
24th Dec 201411:38 amRNSHalf Yearly Report
29th Jul 20144:54 pmRNSIssue of Bonds
11th Mar 20114:22 pmRNSCancellation of Admission
2nd Mar 201112:30 pmRNSPosting of Accounts and Notice of AGM
3rd Feb 20117:00 amRNSPreliminary Results year ended 30 September 2010
20th Dec 20102:11 pmRNSRe Heads of Terms
3rd Aug 20104:49 pmRNSHolding in Company
2nd Aug 20107:00 amRNSStatement re Discussions
2nd Aug 20107:00 amRNSStatement re. Suspension
2nd Aug 20107:00 amRNSSuspension - Mission Capital plc
9th Jun 20107:00 amRNSInterim Results - six months to 31 March 2010
10th May 201012:18 pmRNSHolding in Company
29th Mar 20105:05 pmRNSResult of AGM
8th Mar 20104:12 pmRNSHolding in Company
4th Mar 20107:00 amRNSPreliminary Results - Year ended 30 September 2009
11th Nov 20092:20 pmRNSReplacement - Change of Registered Office
26th Oct 20095:24 pmRNSChange of Registered Office
28th Sep 200911:35 amRNSHolding in Company
31st Jul 20093:41 pmRNSCompletion of Disposal
10th Jul 20092:30 pmRNSDirector/PDMR Shareholding
10th Jul 200911:39 amRNSResult of General Meeting
10th Jul 20097:00 amRNSSettlement of Litigation
24th Jun 20093:32 pmRNSPosting of Circular
24th Jun 20097:00 amRNSHalf Yearly Report
24th Jun 20097:00 amRNSDisposal and Notice of General Meeting
6th May 20091:13 pmRNSAthens Group - Appt. of Receivers
29th Apr 20094:25 pmRNSResult of AGM
27th Mar 20093:34 pmRNSAnnual Report and Accounts
26th Mar 20097:00 amRNSFinal Results
19th Feb 20094:12 pmRNSAIM Rule 26 - New Web Address
19th Jan 200911:42 amRNSHolding(s) in Company
6th Oct 20082:41 pmRNSChange of Registered Office
30th Jun 20083:00 pmRNSInterim Results
19th May 20085:52 pmRNSFurther re Directorate Change
19th May 200811:49 amRNSDirectorate Change
2nd May 200810:36 amRNSResult of AGM Update
30th Apr 20082:39 pmRNSResult of AGM
30th Apr 20087:02 amRNSAGM Statement
30th Apr 20087:01 amRNSDirectorate Change
12

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.