Last checked at 28 Sep 2012 07:00
Shellshock Limited announces results for the year ended 31 March 2012
Belize City, Belize, 28 September 2012 - Shellshock Limited (London-AIM: SHOK) ("Shellshock" or the "Company") reported a net profit of ₤49,000 for the year ended 31 March 2012 (2011 - £63,000). Basic and diluted earnings per ordinary share for the year ended 31 March 2012 amounted to 0.82 pence (2011 - 1.05 pence).
The Company continues its search for investment opportunities in line with its stated strategy which includes possible investment in either one or more quoted or unquoted businesses that may have been set up by entrepreneurs with good strategic plans and need financial backing and the support of the experienced Shellshock management team.
Current economic and market conditions have made the search for investment opportunities challenging, but the Board is confident that suitable opportunities will arise when market conditions improve.
The Board notes that, as of the date of this announcement, the shares of Shellshock trade on AIM at an approximate 11% discount to the Company's net asset value.
The annual report of the Company is being sent to shareholders today.
Further details are set out on the Company's web site.
For further information contact:
Shellshock Limited
Belize +501 223 5989
UK +44 (0)20 7248 6700
Note: This and other press releases are available at the Company's web site: http://www.shellshocklimited.com.
Income statement
Year ended 31 March | 2012 | 2011 | |
UK₤000 | UK₤000 | ||
Administrative expenses | (64) | (56) | |
Operating loss | (64) | (56) | |
Financial income | 113 | 119 | |
Profit before taxation | 49 | 63 | |
Taxation | - | - | |
Net profit for the year | 49 | 63 | |
Earnings per ordinary share | |||
Basic and diluted (pence) | 0.82 | 1.05 |
Balance sheet
At 31 March | 2012 | 2011 | |
UK₤000 | UK₤000 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | 3,052 | 3,001 | |
Other receivables | 21 | 19 | |
3,073 | 3,020 | ||
Liabilities | |||
Current liabilities | |||
Other payables | (19) | (15) | |
Net current assets | 3,054 | 3,005 | |
Net assets | 3,054 | 3,005 | |
Shareholders' equity | |||
Called up share capital | 3,000 | 3,000 | |
Retained earnings | 54 | 5 | |
Total shareholders' equity | 3,054 | 3,005 |
Statement of cash flows
Year ended 31 March | 2012 | 2011 | |
UK₤000 | UK₤000 | ||
Cash flows from operating activities | |||
Cash used in operations | (62) | (59) | |
Financial income | 113 | 119 | |
Net cash generated from operating activities | 51 | 60 | |
Net increase in cash and cash equivalents | 51 | 60 | |
Cash and cash equivalents at beginning of year | 3,001 | 2,941 | |
Cash and cash equivalents at end of year | 3,052 | 3,001 |
-ENDS-