Last checked at 30 Sep 2011 07:00
For Immediate Release | 30 September 2011 |
CSS Stellar plc
("CSS" or the "Group")
Interim Resultsfor the six months ended 30 June 2011
CSS Stellar today announces its interim results for the six months ended 30 June 2011.
OverviewActivity throughout the period under review has primarily been spent considering various options to satisfy the Company's investing policy adopted in March of this year following the cessation of its core trading businesses at the end of 2010. Whilst the board has considered a number of possible transactions, no investment has been made to date that would result in the implementation of the Company's investing policy. As at 30 June 2011, the Company had £71,000 in cash.The directors are in advanced discussions with certain parties in respect of a possible placement of shares for cash to provide the Company with more capital with which to make investments. Certain of the opportunities available to the Company for investment do not fall into the Company's investing policy as adopted in March 2011. With this in mind, the directors are, subject to shareholder approval, considering amending the investing policy to enable them to fully consider and, if deemed appropriate, invest in these opportunities.
OutlookThe directors are optimistic that certain ongoing discussions will reach a positive conclusion in the near future. In any event the Company is pursuing every avenue to ensure the satisfactory implementation of its investing policy within the requisite time frame. I look forward to providing further updates in due course.
Julian JakobiFor further information please contact:
CSS Stellar plcJulian Jakobi Tel: 020 7535 7225
Northland Capital Partners Limited (Nominated Adviser and Broker)Luke Cairns / Edward Hutton Tel: 020 7796 8800
Consolidated interim income statement
6 months to 30 June 2011 | 6 months to 30 June 2010 | Year to 31 December 2010 | ||
Unaudited | Unaudited | Audited | ||
£'000 | £'000 | £'000 | ||
Continuing operations | ||||
Revenue | 27 | 10 | 324 | |
Cost of sales | - | - | - | |
------------------------- | ------------------------- | ------------------------- | ||
Gross profit | 27 | 10 | 324 | |
Impairment of goodwill | - | - | (402) | |
Other administrative costs | (108) | (160) | (572) | |
------------------------- | ------------------------- | ------------------------- | ||
Total administrative costs | (108) | (160) | (974) | |
------------------------- | ------------------------- | ------------------------- | ||
Operating loss | (81) | (150) | (650) | |
Finance expense | - | (5) | - | |
------------------------- | ------------------------- | ------------------------- | ||
Loss before tax | (81) | (155) | (650) | |
Income tax credit | - | - | - | |
------------------------- | ------------------------- | ------------------------- | ||
Net result from continuing operations | (81) | (155) | (650) | |
Net result from discontinued operations | 30 | (13) | (819) | |
------------------------- | ------------------------- | ------------------------- | ||
Loss for the period | (51) | (168) | (1,469) | |
========================= | ========================= | ========================= | ||
Loss per share: | ||||
Continuing operations: | ||||
Basic and diluted loss per share | (0.28) | (0.54) | (2.24) | |
Discontinued operations: | ||||
Basic and diluted profit/(loss) per share | 0.10 | (0.04) | (2.83) | |
Total: | ||||
Basic and diluted loss per share | (0.18) | (0.58) | (5.07) | |
Consolidated interim statement of financial position
30 June 2011 | 30 June 2010 | 31 December 2010 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | - | 8 | 4 |
Goodwill | - | 402 | - |
Available for sale assets | 152 | - | 152 |
------------------------- | ------------------------- | ------------------------- | |
152 | 410 | 156 | |
------------------------- | ------------------------- | ------------------------- | |
Current assets | |||
Trade and other receivables | 108 | 957 | 375 |
Cash and cash equivalents | 71 | 20 | 6 |
------------------------- | ------------------------- | ------------------------- | |
179 | 977 | 381 | |
Disposal group classified as held for sale | 61 | 118 | 239 |
------------------------- | ------------------------- | ------------------------- | |
Total assets | 392 | 1,505 | 776 |
========================= | ========================= | ========================= | |
EQUITY | |||
Equity attributable to equity holders of the parent | |||
Share capital | 14,488 | 14,488 | 14,488 |
Share premium account | 28,158 | 28,158 | 28,158 |
Other reserve | 31 | (182) | 31 |
Profit and loss account | (42,584) | (41,232) | (42,533) |
------------------------- | ------------------------- | ------------------------- | |
Total equity | 93 | 1,232 | 144 |
------------------------- | ------------------------- | ------------------------- | |
LIABILITIES | |||
Current liabilities | |||
Trade and other payables | 295 | 161 | 418 |
Current tax payable | - | 25 | - |
------------------------- | ------------------------- | ------------------------- | |
295 | 186 | 418 | |
Disposal group classified as held for sale | 4 | 87 | 214 |
------------------------- | ------------------------- | ------------------------- | |
Total liabilities | 299 | 273 | 632 |
------------------------- | ------------------------- | ------------------------- | |
Total equity and liabilities | 392 | 1,505 | 776 |
========================= | ========================= | ========================= |
Consolidated interim statement of comprehensive income
6 months to 30 June 2011 | 6 monthsto 30 June 2010 | Year to 31 December 2010 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000 | |
Loss for the period | (51) | (168) | (1,469) |
Exchange differences on translation of foreign operations | - | (62) | (1) |
------------------------- | ------------------------- | ------------------------- | |
Total comprehensive income for the period | (51) | (230) | (1,470) |
========================= | ========================= | ========================= | |
Attributable to: | |||
Equity holders of the parent | (51) | (230) | (1,470) |
========================= | ========================= | ========================= |
Consolidated interim statement of changes in equity
Six months ended 30 June 2011
| Share capital | Share premium | Other Reserve | Profit and Loss Account | Total |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 01 January 2011 | 14,488 | 28,158 | 31 | (42,533) | 144 |
Loss for the period | - | - | - | (51) | (51) |
Other comprehensive income | |||||
Exchange differences on translation of foreign operations | - |
- | - | - | - |
Total comprehensive income for the period | - |
- | - | (51) | (51) |
Balance at 30 June 2011 | 14,488 | 28,158 | 31 | (42,584) | 93 |
Consolidated interim statement of changes in equity (continued)
Six months ended 30 June 2010
| Share capital | Share premium | Other Reserve | Profit and Loss Account | Total |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 01 January 2010 | 14,488 | 28,158 | (120) | (41,064) | 1,462 |
Loss for the period | - | - | - | (168) | (168) |
Other comprehensive income | |||||
Exchange differences on translation of foreign operations | - |
- | (62) |
- | (62) |
Total comprehensive income for the period | - |
- |
(62) |
- |
(62) |
Balance at 30 June 2010 | 14,488 | 28,158 | (182) | (41,232) | 1,232 |
Year ended 31 December 2010
| Share capital | Share premium | Other Reserve | Profit and Loss Account | Total |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 01 January 2010 | 14,488 | 28,158 | (120) | (41,064) | 1,462 |
Loss for the period | - | - | - | (1,469) | (1,469) |
Other comprehensive income | |||||
Exchange differences on translation of foreign operations | - |
- |
(1) |
- |
(1) |
Revaluation of available for sale asset | 152 | 152 | |||
Total comprehensive income for the period | - |
- |
151 |
(1,469) |
(1,318) |
Balance at 31 December 2010 | 14,488 | 28,158 | 31 | (42,533) | 144 |
Consolidated interim statement of cash flows
6 months to 30 June2011 | 6 months to 30 June 2010 | Year to 31 December 2010 | |
Unaudited | Unaudited | Audited | |
£'000 | £'000 | £'000 | |
Cash flows from operating activities | |||
Loss after taxation | (51) | (168) | (1,469) |
Adjustments for: | |||
Depreciation | - | 3 | 6 |
Impairment of goodwill | - | - | 400 |
Net interest expense | - | 5 | - |
Loss on disposal of fixed assets | 4 | - | - |
Change in trade and other receivables | 445 | 42 | 678 |
Change in trade and other payables | (333) | (171) | 234 |
------------------------- | ------------------------- | ------------------------- | |
Net cash used in operating activities | 65 | (289) | (151) |
------------------------- | ------------------------- | ------------------------- | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | |||
Proceeds from sale of investments | 14 | ||
Proceeds from sale of subsidiaries | - | 112 | - |
Reclassification of cash held in disposal group | - | - | (32) |
------------------------- | ------------------------- | ------------------------- | |
Net cash from/(used in) investing activities | - | 126 | (32) |
------------------------- | ------------------------- | ------------------------- | |
Cash flows from financing activities | |||
Interest paid | - | ||
Net cash used in financing activities | (5) | - | |
------------------------- | ------------------------- | ------------------------- | |
Net change in cash and cash equivalents | 65 | (168) | (183) |
========================= | ========================= | ========================= | |
Cash and cash equivalents at beginning of period | 6 | 188 | 188 |
Exchange loss/(gain) on cash and cash equivalents | - | - | 1 |
------------------------- | ------------------------- | ------------------------- | |
Cash and cash equivalents at end of period | 71 | 20 | 6 |
========================= | ========================= | ========================= |
Notes to the consolidated interim financial statements
1 Publications of non-statutory accounts
The financial information set out in this interim report does not constitute statutory accounts. The figures from the year ended 31 December 2010 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain statements under either Section 498(2) or Section 498(3) of the Companies Act 2006.
2 Basis of preparation
These unaudited condensed consolidated interim financial statements ('the interim financial statements') are for the six months ended 30 June 2011. 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 for the year ended 31 December 2010.
These interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting", and accounting policies under the historical cost convention, except for revaluation of certain properties and financial instruments. They are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU).
The principal accounting policies have remained unchanged from those set out in the consolidated financial statements of the Group for the year ended 31 December 2010.
Notes to the consolidated interim financial statements (continued)
3 Revenue and segmental information
During the year to 31 December 2010 all of the Group's major operating segments were either disposed of or ceased to trade. Accordingly no segmental information has been presented other than that of Continuing and Discontinued activities. Following the disposals and cessation of the Group's major trading businesses the Group is operating as one segment, represented as continuing operations in the income statement. Information regarding discontinued operations has been given below:
As a consequence of this decision revenue and expenses, gains and losses relating to these businesses have been eliminated from the Group's continuing results and presented as a single line item on the face of the income statement (see "net result" from discontinued operations). The comparative income statement has been represented to show the discontinued operations separately from continuing operations. The operating results for these businesses and summarised below.
Six months to 30 June 2011 | Continuing | Discontinued activities | Total | ||
£'000 | £'000 | £'000 | |||
Revenue | 27 | 19 | 46 | ||
Cost of sales | - | - | - | ||
Gross profit | 27 | 19 | 46 | ||
Impairment of goodwill | - | - | |||
Other administrative costs | (108) | 11 | (97) | ||
Total administrative costs | (108) | 11 | (97) | ||
Operating profit / (loss) | (81) | 30 | (51) | ||
Finance income | - | - | - | ||
Finance expense | - | - | - | ||
Loss before tax | (81) | 30 | (51) | ||
Income tax credit | - | - | |||
Profit/(loss) for the period | (81) | 30 | (51) |
Notes to the consolidated interim financial statements (continued)
Six months to 30 June 2010 | Continuing | Discontinued activities | Total | |||||
£'000 | £'000 | £'000 |
| |||||
Revenue | 10 | 537 | 547 |
| ||||
Cost of sales | - | - | - |
| ||||
Gross profit | 10 | 537 | 547 |
| ||||
Impairment of goodwill | - | - | - |
| ||||
Other administrative costs | (160) | (550) | (710) |
| ||||
Total administrative costs | (160) | (550) | (710) |
| ||||
Operating profit/(loss) | (150) | (13) | (163) |
| ||||
| ||||||||
Finance income | - | - | - |
| ||||
Finance expense | (5) | - | (5) |
| ||||
Profit/(loss) before tax | (155) | (13) | (168) |
| ||||
Income tax credit | - | - | - |
| ||||
Profit/(loss) for the period | (155) | (13) | (168) |
| ||||
Year to 31 December 2010 | Continuing | Discontinued activities | Total | ||||||
£'000 | £'000 | £'000 |
| ||||||
Revenue | 324 | 1,325 | 1,649 |
| |||||
Cost of sales | - | - | - |
| |||||
Gross profit | 324 | 1,325 | 1,649 |
| |||||
Impairment of goodwill | (402) | (402) |
| ||||||
Other administrative costs | (572) | (2,144) | (2,716) |
| |||||
Total administrative costs | (974) | (2,144) | (3,118) |
| |||||
Operating loss | (650) | (819) | (1,469) |
| |||||
| |||||||||
Finance income | - | - | - |
| |||||
Finance expense | - | - | - |
| |||||
Loss before tax | (650) | (819) | (1,469) |
| |||||
Income tax credit | - | - | - |
| |||||
Loss for the period | (650) | (819) | (1,469) |
| |||||
Notes to the consolidated interim financial statements (continued)
4 Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used are set out below.
6 months to 30 June 2011 (unaudited)
Earnings | Weighted average no. shares | Basic Per share amount | |
£'000 | Pence | ||
Continuing operations | |||
Loss after tax | (81) | ||
------------------------- | |||
Earnings attributable to ordinary shareholders | (81) | ||
Weighted average number of shares | 28,976,581 | (0.28) | |
------------------------- | |||
Discontinued operations | |||
Profit / (Loss) after tax | 30 | ||
------------------------- | |||
Earnings attributable to ordinary shareholders | 30 | ||
Weighted average number of shares | 28,976,581 | 0.10 | |
------------------------- | |||
Total basic and diluted earnings per share | (0.18) | ||
========================= |
6 months to 30 June 2010 (unaudited)
Earnings | Weighted average no. shares | Basic Per share amount | |
£'000 | Pence | ||
Continuing operations | |||
Loss after tax | (155) | ||
------------------------- | |||
Earnings attributable to ordinary shareholders | (155) | ||
Weighted average number of shares | 28,976,581 | (0.54) | |
------------------------- | |||
Discontinued operations | |||
Loss after tax | (13) | ||
------------------------- | |||
Earnings attributable to ordinary shareholders | (13) | ||
Weighted average number of shares | 28,976,581 | (0.04) | |
------------------------- | |||
Total basic and diluted earnings per share | (0.58) | ||
========================= |
Notes to the consolidated interim financial statements (continued)
Year to 31 December 2010 (audited)
Earnings | Weighted average no. shares | Basic Per share amount | |
£'000 | Pence | ||
Continuing operations | |||
Loss after tax | (650) | ||
------------------------- | |||
Earnings attributable to ordinary shareholders | (650) | ||
Weighted average number of shares | 28,976,581 | (2.24) | |
------------------------- | |||
Discontinued operations | |||
Loss after tax | (819) | ||
------------------------- | |||
Earnings attributable to ordinary shareholders | (819) | ||
Weighted average number of shares | 28,976,581 | (2.83) | |
------------------------- | |||
Total basic and diluted earnings per share | (5.07) | ||
========================= |