Last checked at 19 Sep 2013 18:22
Shellshock Limited announces results for the year ended 31 March 2013
Belize City, Belize, 19 September 2013 - Shellshock Limited (London-AIM: SHOK) ("Shellshock" or the "Company") reported a net profit of £63,000 for the year ended 31 March 2013 (2012 - £49,000). Basic and diluted earnings per ordinary share for the year ended 31 March 2013 amounted to 1.05 pence (2012 - 0.82 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.
The search for investment opportunities remains challenging given the current market and economic conditions; 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 mid-market price of Shellshock shares trade on AIM at an approximate 13.5% discount to the Company's net asset value.
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
Web: www.shellshocklimited.com
Statement of comprehensive income
Year ended 31 March | 2013 | 2012 | ||
UK₤000 | UK₤000 | |||
Administrative expenses | (64) | (64) | ||
Operating loss | (64) | (64) | ||
Financial income | 127 | 113 | ||
Profit before taxation | 63 | 49 | ||
Taxation | - | - | ||
Net profit for the year | 63 | 49 | ||
Earnings per ordinary share | ||||
Basic and diluted (pence) | 1.05 | 0.82 |
Balance sheet
At 31 March | 2013 | 2012 | |
UK₤000 | UK₤000 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | 3,114 | 3,052 | |
Other receivables | 23 | 21 | |
3,137 | 3,073 | ||
Liabilities | |||
Current liabilities | |||
Other payables | (20) | (19) | |
Net current assets | 3,117 | 3,054 | |
Net assets | 3,117 | 3,054 | |
Shareholders' equity | |||
Called up share capital | 3,000 | 3,000 | |
Retained earnings | 117 | 54 | |
Total shareholders' equity | 3,117 | 3,054 |
Statement of cash flows
Year ended 31 March | 2013 | 2012 | ||
UK₤000 | UK₤000 | |||
Cash flows from operating activities | ||||
Cash used in operations | (65) | (62) | ||
Financial income | 127 | 113 | ||
Net cash generated from operating activities | 62 | 51 | ||
Net increase in cash and cash equivalents | 62 | 51 | ||
Cash and cash equivalents at beginning of year | 3,052 | 3,001 | ||
Cash and cash equivalents at end of year | 3,114 | 3,052 |
Copies of the Company's financial statements for the year ended 31 March 2013 are being sent to shareholders today and will also be available on the Company's website, www.shellshocklimited.com.
-ENDS-