Last checked at 30 Jun 2010 16:34
30 June 2010
IQ Holdings plc
('IQ' or the 'Company')
AIM: IQH
Final Results
IQ Holdings plc is pleased to announce its Final Results for the 18 month period which ended on 31st March 2010.
The results will be posted on the Company's website http://www.iqholdings.co.uk/
For further information please contact:
IQ Holdings plc
David Marks - Tel: 07836 571 339
Nominated Adviser
Grant Thornton Corporate Finance - Gerry Beaney: 020 7383 5100
CHAIRMAN'S REPORT
Following my recent appointment as your Chairman, it is with pleasure that I am able to announce the results of IQ Holdings plc ("IQH") or ("the Company") for the 18 months' period ended on 31st March 2010. The results reflect the significant events which have taken place during the period including the acquisition of Viewpoint Field and Viewpoint Studios from Media Square plc and the subsequent sale of Rosslyn Research Limited ("Rosslyn") and Viewpoint Field Services Limited ("Viewpoint") to Rivington Street Holdings plc ("Rivington"). In addition, subsequent to the disposal of Rosslyn and Viewpoint, the Company has reorganised and reduced its share capital and then distributed the majority of shares in Rivington which it received as the consideration for the sale of Rosslyn and Viewpoint. Full details of these transactions are contained in the Financial Statements which accompany this Statement.
The figures for the period under review reflect all the events to which I have referred above. Subsequent to the year end the Company raised £150,000 by way of a share placing and raised a further £100,000 by the issue of a Convertible Unsecured Loan Notes. Thus IQH is now a cash shell and it is the intention of your Board to find a suitable company to reverse into IQH. Hopefully this will be to the benefit of all shareholders of IQH, especially when viewed in conjunction with the shares in Rivington which have already been distributed to shareholders.
Immediately following the disposal of Rosslyn and Viewpoint, Gale Blears and Julian Green resigned from the Board so as to pursue their full-time responsibilities for Rivington in the management of the businesses of Rosslyn and Viewpoint. At the same time, Neil McGowan, Joe Seydel and Peter Parkinson also resigned from the Board. I would like to thank all these persons for the support they have given to the Company over the years and especially to Julian Green who has been our Chief Executive ever since the original listing of the Company on OFEX.
Subsequent to the year end Julian Green was re-appointed to the Board as a Non-Executive Director and Russell Darvill was also appointed a Director. Both of these appointments were made with a view to facilitating the reversal of a suitable business into IQH. Subsequently, as you will have seen from the recent announcement, Tim Hearley resigned as Chairman so as to devote his time to other business activities. I would like to extend the thanks and appreciation of the Company and especially its Board to the contribution made by Tim Hearley to the development of IQH since its original listing on OFEX. The last period of 18 months has been a time of considerable development and change. We look forward to the future with keen anticipation.
David Marks
Chairman
30 June 2010
Consolidated Income Statement
|
| 18months to 31/03/2010 | Year Ended 30/09/2008 |
|
| £ | £ |
|
|
|
|
| Operating income | - | - |
|
|
|
| |
| Income tax expense | - | - | |
|
| -------------------------------- | ----------------------- | |
| Profit for the Period/Year from Continuing Operations | - | - | |
|
|
|
| |
| Discontinued Operations |
|
| |
| Loss for the period/year from discontinued operations, net of tax | (156,448) | (439,827) | |
| ---------------------------------------- | -------------------------------- | ||
| Loss for the Period/Year | (156,448) | (439,827) | |
|
| ========================================== | ================================ | |
Consolidated Statement of Comprehensive Income
|
| 18months to 31/03/2010 | Year Ended 30/09/2008 |
|
| £ | £ |
| Loss for the Period/Year | (156,448) | (439,827) |
|
|
|
|
| Other Comprehensive Income |
|
|
| Loss on fair value adjustments taken to equity | (5,000) | - |
|
|
|
|
|
| ---------------------------------------- | -------------------------------- |
| Other Comprehensive Income for the Year, Net of Income Tax | (5,000) | - |
|
|
|
|
|
| ---------------------------------------- | -------------------------------- |
| Total Comprehensive Expense for the Period/Year | (161,448) | (439,827) |
|
| ========================================== | ================================ |
|
|
|
|
| Attributable to: |
|
|
| Equity holders of the parent | (161,448) | (439,827) |
|
| ========================================== | ================================ |
Consolidated Statement of Changes in Equity
|
| Attributable to equity holders of the parent |
| |||
|
| Issued capital | Share premium | Other reserves | Retained earnings | Total equity |
|
| £ | £ | £ | £ | £ |
| Balance at 1 October 2008 | 345,707 | 984,240 | - | (897,827) | 432,120 |
| Losses on fair value adjustments recognised in equity | - | - | (5,000) | - | (5,000) |
| Loss for the period | - | - | - | (156,448) | (156,448) |
| Issue of share capital | 120,077 | 1,155,218 | - | - | 1,275,295 |
| Share issue costs | - | (189,524) | - | - | (189,524) |
| Capital reduction | (339,657) | - | 337,064 | 2,593 | - |
| Share premium and capital redemption reserve cancelled | - | (1,949,934) | (337,064) | 2,286,998 | - |
| Issuance of non-cash dividends | (74,639) | - | - | (1,162,861) | (1,237,500) |
|
| -------------------------------- | ---------------------------------------- | -------------------------------- | ---------------------------------------- | ---------------------------------------- |
| Balance at 31 March 2010 | 51,488 | - | (5,000) | 72,455 | 118,943 |
|
| ================================ | ========================================== | ================================ | ========================================== | ========================================== |
|
| Attributable to equity holders of the parent |
| ||
|
| Issued capital | Share premium | Retained earnings | Total equity |
|
| £ | £ | £ | £ |
| Balance at 1 October 2007 | 99,427 | 194,093 | (458,000) | (164,480) |
|
|
|
|
|
|
| Loss for the period | - | - | (439,827) | (439,827) |
|
|
|
|
|
|
| Issue of share capital | 246,280 | 790,147 | - | 1,036,427 |
|
| -------------------------------- | -------------------------------- | -------------------------------- | ---------------------------------------- |
| Balance at 30 September 2008 | 345,707 | 984,240 | (897,827) | 432,120 |
|
| ================================ | ================================ | ================================ | ========================================== |
Consolidated Statement of Financial Position
|
| 31/03/2010 | 30/09/2008 | |||
|
| £ | £ | |||
| Assets |
|
| |||
|
| Non Current Assets |
|
| ||
|
| Goodwill |
| - | 1,122,149 | |
|
| Available-for-sale financial assets |
| 132,500 | - | |
|
|
| -------------------------------- | ---------------------------------------- | ||
|
|
| 132,500 | 1,122,149 | ||
|
| Current Assets |
|
| ||
|
| Trade and other receivables |
| 3,265 | 140,795 | |
|
| Prepayments |
| - | 84,495 | |
|
| Cash and cash equivalents |
| 5,033 | 13,310 | |
|
|
| -------------------------------- | -------------------------------- | ||
|
|
| 8,298 | 238,600 | ||
|
|
| -------------------------------- | ---------------------------------------- | ||
|
| Total Assets | 140,798 | 1,360,749 | ||
|
|
| ================================ | ========================================== | ||
|
|
|
|
| ||
| Equity |
|
| |||
|
| Issued Capital and Reserves |
|
| ||
|
| Issued share capital |
| 51,488 | 345,707 | |
|
| Share premium | - | 984,240 | ||
|
| Reserves |
| (5,000) | - | |
|
| Retained earnings | 72,455 | (897,827) | ||
|
|
| -------------------------------- | -------------------------------- | ||
|
| Total Equity | 118,943 | 432,120 | ||
| Non Current Liabilities |
|
| |||
|
| Interest bearing borrowings |
| - | 13,651 | |
| Current Liabilities |
|
| |||
|
| Interest bearing borrowings |
| - | 168,223 | |
|
| Trade and other payables |
| 21,855 | 746,755 | |
|
|
| -------------------------------- | -------------------------------- | ||
|
|
| 21,855 | 914,978 | ||
|
| -------------------------------- | ---------------------------------------- | |||
| Total Equity and Liabilities | 140,798 | 1,360,749 | |||
|
| ================================ | ========================================== | |||
Approved by the Board on 30 June 2010 and signed on its behalf by
......................................
Mr J E Green, Director
Consolidated Statement of Cash Flows
|
| 18months to 31/03/2010 | Year Ended 30/09/2008 | ||
|
| £ | £ | ||
| Cash Flows from Operating Activities |
|
| ||
|
| Loss for the year - discontinued operations | (804,287) | (430,187) | |
|
| Finance costs - discontinued operations | (115,310) | (11,209) | |
|
| Other income | - | 1,569 | |
|
|
|
|
| |
|
| Non-Cash Adjustments |
|
| |
|
| Depreciation on property, plant and equipment | 6,918 | 6,072 | |
|
| Share based payments | 96,432 | - | |
|
|
|
|
| |
|
|
| -------------------------------- | -------------------------------- | |
|
| Non-Cash Adjustments | 103,350 | 6,072 | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Cash Flows Before Changes in Working Capital | (816,247) | (433,755) | |
|
|
|
|
| |
|
| Decrease in Working Capital |
|
| |
|
| (Increase) / decrease in trade and other receivables | (117,445) | 128,000 | |
|
| Increase in trade and other payables | 1,197,293 | 98,000 | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Decrease in Working Capital | 1,079,848 | 226,000 | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Cash Flows Used in Operating Activities | 263,601 | (207,755) | |
|
|
|
|
| |
| Cash Flows from Investing Activities |
|
| ||
|
| Payments to acquire subsidiaries | (1,089,661) | (625,000) | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Net Cash Flows Used in Investing Activities | (1,089,661) | (625,000) | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Net Cash Flows Used in Operating and Investing Activities | (826,060) | (832,755) | |
|
|
|
|
| |
| Cash Flows from Financing Activities |
|
| ||
|
| Gross proceeds from issue of equity share capital | 789,000 | 966,000 | |
|
| Transactions costs on issue of equity share capital | (189,000) | (130,000) | |
|
| New bank loans | 368,966 | - | |
|
| Repayment of bank loans | - | (12,000) | |
|
| Repayment of other borrowings | - | (4,000) | |
|
| Other cash inflows from financing activities | - | (129,000) | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Net Cash Flows from Financing Activities | 968,966 | 691,000 | |
|
|
| -------------------------------- | -------------------------------- | |
|
| Net Cash Flow | 142,906 | (141,755) | |
|
|
|
|
| |
|
|
|
|
| |
|
| Cash and cash equivalents as at 1 October 2008 | (137,873) | 3,882 | |
|
|
|
|
| |
|
| -------------------------------- | -------------------------------- | ||
| Cash and Cash Equivalents as at 31 March 2010 | 5,033 | (137,873) | ||
|
| ================================ | ================================ | ||