Riverfort Regulatory News (RGO)

24 Nov 2006 07:30

Caldwell Investments PLC24 November 2006 CHAIRMAN'S STATEMENT INTERIM REPORT 24TH NOVEMBER 2006 Trading during the first half shows a pre-tax loss of £268,986 (H1 2005£358,017). This loss includes amortisation and depreciation of £100,957 (H1 2005£110,828) in accordance with the Group's policy of writing down assets over aten year period and continued costs of investment in the NinaSun project. Turnover was £3,264,043 (H1 2005 £2,986,178), an increase of 9%. Operational review and current trading NinaSun outdoor furniture In February 2006 Neil Gow was appointed to the Board to lead the NinaSunproject. He was instrumental in generating initial sales of NinaSun gardenfurniture to garden centres across the UK, however the size and volume of orderswere less than we had hoped and Neil left the Group on 2nd October 2006. Hisdeparture has provided us with the opportunity to reconsider our NinaSun salesstrategy and this is currently under review. NinaClip baby buggy parasols Parasol and Minisol sales were down slightly against the same period last yeardue to the poorer than expected weather in the mid-summer period. Performancefor the full year will therefore be less strong than had been anticipated at thetime of our Annual General Meeting. Underwear business The Group's underwear businesses continue to be steady cash generators,particularly in the German market, and we expect this trend to continuethroughout the remainder of the current financial year. Outlook It is the Group's strategy to continue to review all its operations in order tomaximise the return to all its stakeholders. I would like to take this opportunity to thank all of our employees, whose hardwork and dedication is so important to the continued progress of the Group. S J WootliffChairman CALDWELL INVESTMENTS P.L.C.CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED31 AUGUST 2006 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 31 August 2006 31 August 2005 28 February 2006 £ £ £TurnoverContinuing Operations 3,264,043 2,986,178 6,418,670 Operating lossContinuing Operations (236,134) (333,633) (525,668) Net interest payable (32,852) (24,384) (64,126) ------------ ------------ ------------Loss on ordinaryactivities before taxation (268,986) (358,017) (589,794) Tax on profit on ordinary (17,700) (10,000) (57,412)activities ------------ ------------ -------------- Retained loss on ordinaryactivities after taxation (286,686) (368,017) (647,206) ------------ ------------ ------------ Loss per share Basic (1.44p) (2.03p) (3.40p)Diluted (1.44p) (2.03p) (3.40p) Dividend per share 0 0 0 CALDWELL INVESTMENTS P.L.C.CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2006 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 31 August 2006 31 August 2005 28 February 2006 £ £ £Fixed assetsIntangible fixed assets 455,548 547,043 506,756Tangible fixed assets 869,050 800,073 799,096 ------------- ------------- ------------- 1,324,598 1,347,116 1,305,852 Current assetsStocks 1,526,851 2,046,399 1,554,300Debtors 1,082,391 1,285,821 630,912Cash at bank and in hand 869,698 1,188,891 917,673 ------------- -------------- -------------- 3,478,940 4,521,111 3,102,885 Creditors: due within one (2,405,300) (2,970,538) (1,802,164)year -------------- -------------- -------------- Net current assets 1,073,640 1,550,573 1,300,721 -------------- -------------- -------------- Total assets less currentliabilities 2,398,238 2,897,689 2,606,573 Creditors: due after one (314,138) (326,012) (314,043)year -------------- -------------- -------------- Net assets 2,084,100 2,571,677 2,292,530 -------------- -------------- -------------- Capital and reservesCalled up share capital 1,991,196 1,991,196 1,991,196Share premium account 1,906,229 1,906,229 1,906,229Capital redemption reserve 27,000 27,000 27,000Revaluation reserve 118,000 27,000 27,000Profit and loss account (1,958,325) (1,379,748) (1,658,895) -------------- -------------- -------------- Shareholders' funds 2,084,100 2,571,677 2,292,530 -------------- -------------- -------------- CALDWELL INVESTMENTS P.L.C.CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED31 AUGUST 2006 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 31 August 2006 31 August 2005 28 February 2006 £ £ £ Net cash outflow fromoperating activities (263,944) (1,242,068) (605,141) Returns on investments andservicing of financeInterest received 0 0 1,920Interest paid (32,852) (24,384) (66,046) -------------- -------------- -------------- (32,852) (24,384) (64,126) TaxationTax paid (30,540) (10,000) (50,542) -------------- -------------- -------------- Capital expenditure andfinancial investment Purchase of intangible (10,009) (36,608) (57,735)fixed assets Purchase of tangible fixed (18,694) (35,667) (72,657)assets Sale of tangible fixed 0 0 2,151assets -------------- -------------- -------------- (28,703) (72,275) (128,241) Net cash outflow beforefinancing (356,039) (1,348,727) (848,050) FinancingIssue of shares 0 513,376 513,376Repayment of loans (18,341) (21,258) (41,093)New loan finance 19,329 0 0 -------------- -------------- -------------- 988 492,118 472,283 -------------- -------------- -------------- Decrease in cash in the (355,051) (856,609) (375,767)period -------------- -------------- -------------- CALDWELL INVESTMENTS P.L.C. Notes to the Interim Report 1. The interim financial information for the six months ended 31 August 2006 and 31 August 2005 is unaudited but has been prepared on the basis of accounting policies consistent with those set out in the audited accounts for the period ended 28 February 2006. Those accounts were audited, carried an unqualified Auditors Report and have been filed with the Registrar of Companies. The information set out in this interim report does not constitute statutory accounts within the meaning of the Companies Act. 2. The calculation of basic and diluted earnings per shared is based on the loss for the period of £286,686 (2005: loss £368,017) and a weighted average number of ordinary shares of 19,911,956 (2005: 18,124,880). 3. Reconciliation of operating (loss)/profit to operating cash flows : Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 31 August 2006 31 August 2005 28 February 2006 £ £ £Operating loss (236,134) (333,633) (525,668)Depreciation 39,740 55,060 90,815 Amortisation of goodwilland Intangible fixedassets 61,217 55,768 117,182(Increase)/decrease in 27,449 (443,011) 49,088stocks(Increase)/decrease in (451,479) (634,317) 20,592debtorsIncrease/(decrease) in 308,007 64,730 (357,150)creditorsForeign exchange (12,744) (6,665) 0movement -------------- -------------- --------------Net cash outflow fromoperating activities (263,944) (1,242,068) (605,141) -------------- -------------- -------------- 4. No interim dividend will be paid. 5. Copies of these interim results are being despatched to shareholders. Further copies can be obtained from: The Company Secretary, Caldwell Investments P.L.C., 647, Roundhay Road, Leeds, LS8 4BA. 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