TAX.L Regulatory News (TAX)

23 September 2015

Eco City Vehicles PLC

("Eco City", "ECV" or the "Company")

Results for the six months ended 30 June 2015

Eco City announces its results for the six months ended 30 June 2015. The results reflect the position post ECV entering and subsequently exiting administration on the 22 December 2014 by way of a Company Voluntary Arrangement (the "CVA"), following approval by both ECV's creditors and shareholders.

On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds totalling of £250,000 by means of a private placing of convertible loan notes ("CLNs"). £143,000 of the proceeds of the subscription has been applied to fund the CVA. The proposals also included resolutions for the reorganisation and consolidation of the Company's shares. All resolutions were approved at the General Meeting, and the CVA was subsequently completed.

The placing of the CLNs was successful and the share reorganisation was implemented on 24th February 2015 and the share suspension was lifted on 3rd March 2015.

Outlook

The Company is classified as an investing Company, as defined under Rule 15 of the AIM Rules for Companies. The Company's Investing Policy is to invest and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for shareholders. Details of the Investing Policy were set out in the circular sent to shareholders on 24 December 2014 and were approved by shareholders at the General Meeting held on 20 January 2015.

Financial highlights to 30 June 2015

· Operating loss before non-recurring items decreased by £0.28m to a loss of £82,000 (H1 2014: £0.36m loss)

Commenting on the results, John Swingewood, Chairman, said: "The Board is pleased to confirm that it continues to make progress in identifying meaningful acquisition opportunities in our chosen areas of technology, media and communications. Whilst there can be no guarantee that one or more investment opportunities can be concluded successfully, the Board remains confident of creating shareholder value through ECV and looks forward to providing further updates in due course."

Enquiries:

Eco City Vehicles plc

John Swingewood, Director +44 1444 440 359

Allenby Capital Limited (Nomad and Broker)

Nick Harris/Nick Naylor +44 20 3328 5656

Overview

Following the completion of the CVA, as described above, the Company is looking to invest and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for shareholders.

Non-recurring items

The Group has incurred one-off non-recurring items of £0.14m (H1 2014: £81,000) due to legal, and restructuring costs associated with the CVA.

Cash balances and funding

Cash balances at 30 June 2015 were £56,000 (H1 2014: £0.7m)

John Swingewood

Chairman

Consolidated Statement of Comprehensive Income

For the period ended 30 June 2015

eco city vehicles plc

Consolidated statement of financial position

As at 30 June 2015

eco city vehicles plc

Consolidated statement of changes in equity - unaudited

As at 30 June 2015

eco city vehicles plc

Consolidated statement of cash flows

For the period ended 30 June 2015

1. General Information

Eco City Vehicles PLC is a company incorporated in the United Kingdom and quoted on AIM. The address of the registered office is 60 Cannon Street, London, EC4 6NP.

This unaudited consolidated interim report is presented in British Pounds Sterling, the currency of the primary economic environment in which the Company operates.

The unaudited consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

The financial information for the year ended 31 December 2014 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The Independent Auditors' Report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

2. Basis of preparation

The unaudited consolidated interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed by the European Union.

The same accounting policies, presentation and method of computation are followed in this financial information as was applied in the company's latest annual audited financial statements and using accounting policies that are expected to be applied for the financial year ending 31 December 2015. Practice is continuing to evolve on the application and interpretations of IFRS. Further standards may be issued by the International Accounting Standards (IASB) and standards currently in issue and endorsed by the EU may be subject to interpretations issued by IFRIC.

3. Non-recurring items

4. Loss per share