PFP.L Regulatory News (PFP)

29 Sep 2006 15:56

Pathfinder Properties PLC29 September 2006 FOR IMMEDIATE RELEASE Pathfinder Properties PLC Results for the six months ended 30 June 2006 The Board of Pathfinder announces the results of the Company for the six monthsended 30 June 2006, which are set out below. The unaudited interim financialstatements for the six months ended 30 June 2006 are being sent to allshareholders. Copies may be obtained from the Company by writing to PathfinderProperties PLC, 1001 Finchley Road, London NW11 7HB. CHAIRMAN'S STATEMENT For the six months ended 30 June 2006 Dear Shareholder, I am pleased to confirm that at the Annual General Meeting held on the 8thSeptember 2006 all of the resolutions were approved. Now that the sale of the River Quay site in Manchester has completed, we are ina good financial position to push the company forward and to take advantage ofopportunities that we find during the next twelve months. Subsequent to the period under review, your company has recently purchased anexciting development site in East London which is a former car park in thecentre of Ilford with planning permission for 83 apartments for a cashconsideration of £6 million. We are at the early stages, but we intend to startcarrying out the works next year ; the development will take around 24 months tocomplete. This is a good development scheme for the company and we are workingclosely with the professional team to minimise the risks and maximise the returnto the company. I would like to thank the Board and the staff for their continued hard work andprofessionalism throughout the year. Edward Azouz Chairman 29 September 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNTfor the six months ended 30 June 2006 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2006 2005 2005 £'000 £'000 £'000TURNOVER Group and share of joint ventures 3 - - 753 less share of joint ventures - - (8)Group turnover - - 745 Cost of sales - - (553)Gross profit - - 192Administrative expenses (229) (253) (515) (229) (253) (323) Other operating (loss)/income 3 (350) 47 (267)OPERATING LOSS BEFORE SHAREOF JOINT VENTURES (579) (206) (590) Share of operating profits in joint ventures - - 8OPERATING LOSS 3 (579) (206) (582) Profit on sale of investments and investment - - 8properties (579) (206) (574)Interest receivable 5 5 9Interest payable (439) (397) (856)LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,013) (598) (1,421) Taxation Group - - 190LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (1,013) (598) (1,231)Equity minority interests 12 2 (83) LOSS ON ORDINARY ACTIVITIESATTRIBUTABLE TO MEMBERS (1,001) (596) (1,314)Ordinary dividends - - -Loss for the period transferred to 6 (1,001) (596) (1,314)reserves Loss per share 10 (1.25p) (0.74p) (1.64p) The operating loss arises from the Group's continuing operations. A statement of total recognised gains and losses for the period is given in note8. CONSOLIDATED BALANCE SHEET30 June 2006 Notes 30 June 30 June 31 Dec 2006 2005 2005 £'000 £'000 £'000 FIXED ASSETS Intangible fixed assets 154 154 154 Tangible assets 9 6 11 Investment in joint ventures Share of gross assets 210 201 210 Share of gross (137) (135) (137) liabilities 73 66 73 Other investments 152 152 152 388 378 390 CURRENT ASSETS Work-in-progress 17,255 16,431 16,257 Debtors 4 1,637 720 1,912 Cash at bank 700 476 594 19,592 17,627 18,763CREDITORS: amounts falling due within 5 (5,772) (3,423) (4,610)one yearNET CURRENT ASSETS 13,820 14,204 14,153TOTAL ASSETS LESS CURRENT LIABILITIES 14,208 14,582 14,543CREDITORS: amounts falling due after more thanone year Bank and other (6,037) (6,020) (6,037) loans 8,171 8,562 8,506MINORITY INTERESTS (344) (271) (356)NET ASSETS 7,827 8,291 8,150 CAPITAL AND RESERVESCalled up share capital 7,997 7,997 7,997Share premium account 1,970 1,970 1,970Own sharecapitalreacquired - (1,255) (678)Capital reserve 153 153 153Merger Reserve 2,494 2,494 2,494Profit and loss account 6 (4,787) (3,068) (3,786)EQUITY SHAREHOLDERS' FUNDS 7 7,827 8,291 8,150 Net assets per share attributable to ordinary 9.79p 10.37p 10.20pshareholders CASH FLOW STATEMENTfor the six months ended 30 June 2006 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2006 2005 2005 £'000 £'000 £'000NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES 9 (641) 160 (791) RETURNS ON INVESTMENTS ANDSERVICING OF FINANCEInterest 5 5 9receivedInterest paid (439) (385) (854)Net cash outflow from returns oninvestments (434) (380) (845)and servicing of finance TAXATIONCorporation tax paid - - (64) CAPITAL EXPENDITURE AND FINANCIALINVESTMENTReceipts from sales of investment 2 - 9propertiesReceipts from joint ventures - (11) (1)Acquisition of other tangible fixed - - (6)assetsNet cash outflow from capital expenditure andfinancial investment 2 (11) 2 ACQUISITIONS AND DISPOSALSDisposal of shares in parent 258 - 218undertaking Net cash inflow from acquisitions and disposals 258 - 218 EQUITY DIVIDENDS PAIDMinority dividends paid - - - MANAGEMENT OF LIQUID RESOURCESDecrease in treasury deposits - 86 71 FINANCINGDebt due within a year: Loans drawn down 921 - 1,501 Loans repaid - (51) (224)Debt due in more than one year: Loans drawn down - - - Loans repaid - (37) - 921 (88) 1,277INCREASE/(DECREASE) IN CASH 106 (233) (132) NOTES For the six months ended 30 June 2006 1 BASIS The figures shown for the six months ended 30 June 2006 are unaudited and do notconstitute statutory financial statements within the meaning of the CompaniesAct 1985. The financial statements for the year ended 31 December 2005 have beenreported on by the Company's auditors and delivered to the Registrar ofCompanies. The report of the auditors was unqualified and did not contain astatement under s.237(2) or (3) of the Companies Act 1985. 2 ACCOUNTING POLICIES The accounting policies are consistent with those used in the previous year. 3 RESULTS FOR THE PERIOD The Group's turnover arises principally from property development activities. Included in other operating (loss)/income is a loss of £420,000 (31 December2005 - loss £357,000) relating to the sale of own shares. 4 DEBTORS 30 June 30 June 31 Dec 2006 2005 2005 £'000 £'000 £'000 Due within 1,093 363 1,368one yearDue after one year: deferred tax 544 357 544 1,637 720 1,912 5 CREDITORS DUE WITHIN ONE YEAR 30 June 30 June 31 Dec 2006 2005 2005 £'000 £'000 £'000 Bank loans and 3,181 1,800 2,765overdraftsOther development loans 1,065 178 560Other creditors and 1,526 1,445 1,285accruals 5,772 3,423 4,610 6 PROFIT AND LOSS ACCOUNT 6 months 6 months to Year ended to 30 June 30 June 2005 31 Dec 2005 2006 £'000 £'000 £'000 Brought forward (3,786) (2,472) (2,472)Retained loss for the period (1,001) (596) (1,314)Carried forward at end of period (4,787) (3,068) (3,786) NOTES - continuedFor the six months ended 30 June 2006 7 SHAREHOLDERS' FUNDS 6 months 6 months to Year ended to 30 June 30 June 2005 31 Dec 2005 2006 £'000 £'000 £'000Loss for the period (1,001) (596) (1,314)Reduction of investments in own shares 678 - 577 (323) (596) (737)Brought forward 8,150 8,887 8,887Carried forward at end of period 7,827 8,291 8,150 8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 6 months 6 months to Year ended to 30 June 30 June 2005 31 Dec 2005 2006 £'000 £'000 £'000 Loss for the period attributable to (1,001) (596) (1,314)membersReduction of investment in own shares 678 - 577Total recognised gains and losses (323) (596) (737)relating to the period 9 RECONCILATION OF OPERATING LOSS TO OPERATING CASH FLOWS 6 months 6 months to Year ended to 30 June 30 June 2005 31 Dec 2005 2006 £'000 £'000 £'000 Operating loss (579) (206) (582)Depreciation and amortisation of - - 3goodwillLoss on sale of investments 420 - 357Share of operating profits in joint - - (7)venturesIncrease in work-in-progress (998) (124) 50 (Increase) / decrease 275 (5) (1,015) in debtorsIncrease / (decrease) in creditors 241 495 403 (641) 160 (791) 10 LOSS PER SHARE The loss per ordinary share is based on the loss after taxation and minorityinterests of £1,001,000 (31 December 2005: £1,314,000) and on 79,971,393 (31December 2005: 79,971,393) ordinary shares being the weighted average number ofordinary shares in issue during the period. There is no difference betweenearnings and fully diluted earnings per share. NOTES - continuedFor the six months ended 30 June 2006 DIRECTORS AND COMPANY INFORMATION Directors Company numberGerry Lee 2578942 (England and Wales)Edward AzouzJeffrey Azouz Registered officeJohn Guy Davies 1001 Finchley Road London NW11 7HBSecretaryB A Gemal For further information, contact:Edward Azouz, ChairmanGerry Lee, Director Telephone (020) 8731 0110 This information is provided by RNS The company news service from the London Stock Exchange