Tricor Regulatory News (TRIC)

29 Dec 2009 11:12

For Immediate Release 29 December 2009 TRICOR PLC (the "Company") Unaudited Interim Accounts for the period ended 30 September 2009 (formerly PNC Telecom Plc) CHAIRMAN'S STATEMENTResultsThe Group made an operating loss for the period of 349,000 and loss per shareof 0.04p. This was largely due to interest charges on the loan and closure ofSpecs and Lens retail outlets.

Outlook

Turnover picked up in November with the Company achieving sales in excess of 200,000 in mobile phone handsets.

PNC Telecom is now waiting a tribunal hearing from HMRC for our VAT reclaim for both VAT repayment and loss of income.

In the meantime we are looking for further business opportunities.

L.E.V. KniftonExecutive Chairman23 December 2009Tricor Plc: Tel: 0207 251 3762 Leo Knifton, Chairman Nominated Adviser: Tel: 0207 628 3396 Beaumont Cornish Limited Michael Cornish TRICORPLC

Consolidated Statement of Comprehensive Income for the six months ended 30 September2009

Six months Sixmonths Year ended 31 March to 30 To30September2008 2009 September2009 Unaudited Audited Unaudited GBP'000s GBP'000s GBP'000s Turnover 132 618 713 Cost of Sales (113) (552) (672) Gross Profit 19 66 41 Administrative expenses (166) (175) (363) Operating Loss (147) (109) (322) Exceptional expenses - - (610) Investment revenues - 48 4 Finance costs (202) (75) (150) Loss before tax (349) (136) (1,078) Income tax charges - - - Loss for the period from (349) (136) (1,078)continuing operations attributable to shareholders Loss per share- pence (0.04) (0.02) (0.17)

The group's turnover and operating loss arise from continuing operations.

There were no recognised gains or losses other than those recognised in theincome statement above.TRICORPLC

Consolidated Statement of Financial Position

as at 30 September2009 30 September 30 September 31 March2009 2009 2008 Audited Unaudited Unaudited GBP'000s GBP'000s GBP'000s Assets Non-current assets Property, Plant & Equipment 8 105 8 Goodwill - 419 - Investments - 100 - 8 634 8 Current assets Inventories 6 53 6 Trade and other receivables 1,447 1,336 1,262 Cash and cash equivalents 21 122 16 1,474 1,511 1,284 Total assets 1,482 2,145 1,292 Equity and liabilities Capital and reserves Share capital 3,060 2,999 2,999 Share premium 48,303 48,013 48,013 Merger reserve 324 324 324 Retained earnings (52,275) (50,984) (51,926) Total equity (588) 352 (590) Non current liabilities Other loans 145 385 385 145 385 385 Current liabilities Trade and other payables 1,218 1,408 845 Interest bearing loan 652 - 652 Bank overdraft 55 - - 1,925 1,408 1,497 Total liabilities 2,070 1,793 1,882 Total equity and liabilities 1,482 2,145 1,292TRICORPLC

Consolidated Statement of Cash Flows for the six months ended 30 September2009 Six months Six months Year ended 31 to 30 to 30 March 200 September2009 September2008 9 Unaudited Unaudited Audited Note GBP'000 GBP'000 GBP'000 Net cash utilised by 4 (160) (33) (153)operating activities Investing activities Interest received - 1 4 Purchases of plant and (1) (37) (26)equipment Net cash from investing (1) (36) (22)activities Cash flows from financing activities Proceeds on issue of shares 111 - - Net cash from financing 111 - -activities Net cash inflow/(outflow) (50) (69) (175) Cash and cash equivalents at 16 191 191start of period

Cash and cash equivalents at end (34) 122

16

of period Consolidated Statement of changes in equity for the six months ended 30 September2009

Six months Six months Year ended31 to 30 to 30 September2009 September2008 March Unaudited Unaudited 2009 Audited GBP'000s GBP'000s GBP'000s At beginning of (590) 488 488 period Deficit for the (349) (136) (1,078) period Issue of share 351 - - capital At end of (588) 352 (590) period TRICOR PLC Notes to the Interim Report

1. Significant Accounting Policies

These accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles. Consistent with those used in the annual report and accounts for the year ended 31 March 2009.

This interim report for the six months to 30 September 2009, which complies with IAS 34, was approved by the Board on 23 December 2009.

Except as described below, the accounting policies applied are consistent withthose of the annual financial statements for the year ended 31 March 2009, asdescribed in those annual financial statements.

The following new standards and amendments to standards are mandatory for the first for the financial year beginning 1 January 2009:

* IAS 1 (revised), `Presentation of financial statements'. The revised

standard prohibits the presentation of items of income and expenses (that

is `non-owner changes in equity') in the statement of changes in equity,

requiring `non-owner changes in equity' to be presented separately from owner changes in equity. All `non-owner changes in equity' are required to be shown in a performance statement. Entities can choose whether to present one performance statement (the statementof comprehensive income) or two statements (the income statement and statementof comprehensive income).The group has elected to present one statement, a statement of comprehensiveincome. The interim financial statements have been prepared under the reviseddisclosure requirements.

* IFRS 8, `Operating segments'. IFRS 8 replaces IAS 14, `Segment reporting'.

It requires a `management approach' under which segment information is

presented on the same basis as that used for internal reporting purposes.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the steering committee that makes strategic decisions.

Goodwill is allocated by management to groups of cash-generating units on a segment level.

* IFRS 2 (amendment), `Share-based payment' (effective from 1 January 2009).

The amendment to the standard is still subject to endorsement by the EU. It

deals with vesting conditions and cancellations. It clarifies that vesting

conditions are service conditions and performance conditions only. Other

features of a share-based payment are not vesting conditions. These

features would need to be included in the grant date fair value for

transactions with employees and others providing similar services; they

would not impact the number of awards expected to vest or valuation there

of subsequent to grant date. All cancellations, whether by the entity or by

other parties, should receive the same accounting treatment. The group and

company will apply IFRS 2 (amendment) from 1 January 2009, subject to

endorsement by the EU. It is not expected to have a material impact on the

group or company's financial statements.

The following new standards, amendments to standards and interpretations havebeen issued, but are not effective for the financial year beginning 1 January2009 and have not been adopted early:

* IFRS 3 (revised), `Business combinations' and consequential amendments to

IAS 27, `Consolidated and separate financial statements', IAS 28,

`Investments in associates' and IAS 31, `Interests in joint ventures',

effective prospectively to business combinations for which the acquisition

date is on or after the beginning of the first annual reporting period

beginning on or after 1 July 2009. Management is assessing the impact of

the new requirements regarding acquisition accounting, consolidation and

associates on the group. The group does not have any joint ventures. The revised standard continues to apply the acquisition method to businesscombinations, with some significant changes. For example, all payments topurchase a business are to be recorded at fair value at the acquisition date,with contingent payments classified as debt subsequently re-measured throughthe statement of comprehensive income. There is a choice on anacquisition-by-acquisition basis to measure the minority interest in theacquiree either at fair value or at the minority interest's proportionate shareof the acquiree's net assets. All acquisition-related costs should be expensed.The group will apply IFRS 3 (revised) to all business combinations from 1January 2010. * IFRIC 17, `Distributions of non-cash assets to owners', effective for annual periods beginning on or after 1 July 2009. This is not currently applicable to the group, as it has not made any non-cash distributions.

* IFRIC 18, `Transfers of assets from customers', effective for transfers of

assets received on or after 1 July 2009. This is not relevant to the group,

as it has not received any assets from customers.

The following new standards, amendments to standards and interpretations aremandatory for the first time for the financial year beginning 1 January 2009,but are not currently relevant for the group:

1. Significant Accounting Policies (continued...)

1. IAS 23 (amendment), `Borrowing costs'.

2. IAS 32 (amendment), `Financial instruments: Presentation'.

3. IFRIC 13, `Customer loyalty programmes'.

4. IFRIC 15, `Agreements for the construction o f real estate'.

5. IFRIC 16, `Hedges of a net investment in a foreign operation'.

6. IAS 39 (amendment), `Financial instruments: Recognition and measurement'.

2. Segmental Analysis

The Group's primary reporting format is by business segment and the secondary is by geographical location. The business segment and principal activities consist of electronic devices and specs and lens as shown below:

6 Months to 30 September 2009

Electronic Specs & Total devices Lenses GBP'000 GBP'000 GBP'000 Revenue 132 - 132

Operating loss before amortization of (315) (33) (348) acquisition related intangibles and share

based payment charges

Amortisation of acquisition related 1 -

1 intangibles Operating loss (316) (33) (349) Net finance income Loss before taxation - - - (316) (33) (349) Segment Assets Property, plant and equipment 8 - 8 Current assets 1,437 16 1,453 1,445 16 1,461 12 Months to 31 March 2009 Electronic Specs & Total devices Lenses GBP'000 GBP'000 GBP'000 Revenue 488 225 713

Operating loss before amortization of (195) (110) (305) acquisition related intangibles and share

based payment charges

Amortisation of acquisition related (17) -

(17) intangibles Operating loss (212) (110) (322) Exceptional costs (68) (542) (610) Net finance expense - - (146) Loss before taxation (1,078) Segment Assets Property, plant and equipment 8 - 8 Intangible assets - - - Current assets 1,256 28 1,284 1,264 28 1,292

The geographical segment consists of United Kingdom only.

6 Months to 6 Months to 12 Months to 30 September 2009 30 September 2008 31 March 2008 United Total United Total United Total Kingdom Kingdom Kingdom GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 132 132 618 618 713 713 Total Assets 1,461 1,461 2,145 2,145 1,292 1,292 Capital Expenditure 1 1 37 37 26 26

3. Loss per Share pence

Six months to Six months to Year ended 31 March 2009 30 September 30 September 20 2009 08 Earnings per ordinary shares Basic and diluted (0.04p) (0.02p) (0.17p)

The loss per ordinary share is based on the group's loss for the period of 349,000 (30 September 2008 - 136,000; 31 March 2009 - 1,078,000) and a basicand diluted weighted average number of shares in issue of 932,237,238 (30September 2008 - 653,084,000; 31 March 2009 - 653,084,000).

4. Reconciliation of operating loss to net cash outflow from operating

activities. 5. Six Six months months to Year to 30 ended September 30 31 2009 September March 2008 2008 Unaudited Unaudited Audited GBP GBP GBP '000s '000s '000s Loss for the (147) (110) (322)period Adjustments for : Depreciation 1 6 17of property, plant and equipment Amortisation - - -of intangibles Operating (146) (104) (305)cash flow before movement in working capital (Increase)/ - (35) (26)decrease in inventories (Increase)/ (185) 38 64decrease in receivables Increase/ 171 68 148(decrease) in payables (Decrease)/ - - (34)increase in short term loans Cash (160) (33) (153)generated/ ( Net cash outflow)from operating activities 5. Called up Share Capital

The issued share capital as at 31 March 2009, per the audited accounts was 653,084,000 Ordinary Shares of 1p each.

On the 8 July 09, the company issued 50,000,000 new ordinary shares in respect of the 28 April 2012 convertible loan notes.

On the same date, the company issued 10,000,000 new ordinary shares in respect of the 16 February 2012 convertible loan notes.

On the 27 July 09, the company issued 40,000,000 new ordinary shares in respect of the 28th April 2012 convertible loan notes.

On the 17 August 2009, the company issued 140,000,000 new ordinary shares in respect of the 28th April 2012 convertible loan notes.

On the same date, the company issued 16,666,667 new ordinary shares in settlement of an outstanding invoice of 5,000.

On the 28 August 2009, the company issued 100,000,000 new ordinary shares at 0.03p each to raise a total of 30,000 before expenses.

On 2 November 2009, the company issued 100,000,000 new ordinary shares at 0.03p each to

raise a total of 30,000.

On 2 November 2009, the company issued 10,000,000 new ordinary shares at 0.03p each in settlement of outstanding fees.

6. The unaudited results for period ended 30 September 2009 do not constitutestatutory accounts within the meaning of Section 435 of the Companies Act 2006.The comparative figures for the year 31 March 2009 are extracted from thestatutory financial statements which have been filed with the Registrar ofCompanies and which contain an unqualified audit report with an emphasis ofmatter paragraph on the going concern basis of accounting and did not containstatements under Section 237(2) or (3) of the Companies Act 1985.

7. Copies of this interim statement are available from the Company at its

registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EEG. The

interim statement will also be available on the company website

www.tricorplc.co.uk.