Tricor Regulatory News (TRIC)

17 Nov 2005 08:18

PNC Telecom PLC (the "Company") CHAIRMAN'S STATEMENT Interim accounts for the six months ended 30 September 2005 CHAIRMAN'S STATEMENT FINANCIAL RESULTSThe unaudited results for the six month period ended 30 September 2005 showthat your Company generated a profit before tax of ‚£228,608 on a turnover of ‚£6,453,272 (2004: Loss of ‚£559,000). The Directors do not recommend the paymentof a dividend.As stated in previous announcements, the Company only began actively trading inJune 2005, half way through the six month period.Future DevelopmentYour Board is purchasing Sim4Travel Limited, a telco service provider, for aconsideration to be satisfied by the issuance of new ordinary shares. Thistelco service provider allows its customers to make and receive mobile callsand text messages whilst abroad at a fraction of the costs charged by the UKnetworks. The Board believes that this will constitute an important developmentof its business and a separate announcement concerning this acquisition isbeing made today.The Directors are pleased to report that the trading in the second half is sofar following the pattern of the first half.In the six weeks to 28 October 2005 the Company's unaudited management recordsshow that sales amounted to GBP 4.885 million which generated a gross profit inexcess of GBP 215,000, up approx 32% on the previous six week period.L E V KNIFTONChairman PNC Telecom PLC Profit & Loss Account for the six months ended 30 September 2005 Unaudited Unaudited Audited 6 months ended 6 months ended year ended 30 September 30 September 31 March 2005 2004 2005 Note ‚£'000 ‚£'000 ‚£'000 Turnover 6,453 - - Cost of sales (6,088) - - ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Gross profit 365 - - Administration Expenses (203) (564) (465) Other operating income 54 - - ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Operating profit/(loss) 216 (564) (465) Other interest receivable and 13 5 7 similar income ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Profit/(Loss) on ordinary 229 (559) (458) activities before taxation Tax credit on loss on - - - ordinary activities ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Profit/(Loss) on ordinary 229 (559) (458) activities after taxation Dividends - - - ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Retained profit/(loss) for ‚£229 ‚£(559) ‚£(458) the period _____ _____ _____ Earnings per ordinary share - 2 0.29p (1.16p) (0.95p) basic _____ _____ _____ Earnings per ordinary share - 0.06p (1.16p) (0.95p) diluted _____ _____ _____ There were no recognised gains or losses other than those recognised in theprofit and loss account above. PNC TELECOM PLC Balance Sheet as at 30 September 2005 Unaudited Unaudited Audited As at As at As at 30 September 30 September 31 March 2005 2004 2005 Note ‚£'000 ‚£'000 ‚£'000 FIXED ASSETS Tangible Assets 363 - - ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ CURRENT ASSETS Stock 24 - - Debtors 1,523 24 45 Cash at bank and in hand 1,960 118 259 ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ 3,507 142 304 Creditors: amounts falling (2,677) (85) (146) due within ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ one year Net current assets 830 57 158 ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Total assets less current 1,193 57 158 liabilities Creditors: amounts falling due after more than one year Hire purchase contracts (186) - - Convertible Loan Notes (525) - - ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ NET ASSETS ‚£482 ‚£57 ‚£158 _____ _____ _____ CAPITAL AND RESERVES Called up share capital 3 2,499 2,404 2,404 Share premium account 48,033 48,033 48,033 Profit and loss account (50,050) (50,380) (50,279) ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Equity Shareholders' Funds ‚£482 ‚£57 ‚£158 _____ _____ _____ PNC TELECOM PLC Cash Flow Statement for the six months ended 30 September 2005 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2004 2005 2005 Note ‚£'000 ‚£'000 ‚£'000 Cash inflow/(outflow) from 4 1,152 (631) (492) operating activities Returns on investments and 13 5 7 servicing of finance Taxation - - - Capital expenditure: Purchase (1) - - of fixed assets Financing: (83) - - Hire purchase 620 - - Issue of convertible Loan Notes ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾ Cash increase/(decrease) in ‚£1,701 ‚£(626) ‚£(485) the period _____ _____ ____ Reconciliation of net cash flow to movement in net funds Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2004 2005 2005 Note ‚£'000 ‚£'000 ‚£'000 Increase/(decrease) in cash 1,701 (626) (485) in the period Increase in lease finance (279) - - Increase in convertible loan (525) - - notes Net funds/(debt) at start of 259 744 744 the period ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Net funds at end of period ‚£1,156 ‚£118 ‚£259 _____ _____ _____ Consisting of :- Cash at bank 1,960 118 259 Hire purchase creditors (279) - - Convertible loan notes (525) - - ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Net funds ‚£1,156 ‚£118 ‚£259 ___________ ____ PNC TELECOM PLC Reconciliation of movement in Shareholders' Funds for the six months ended 30 September 2005 Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2004 2005 2005 Note ‚£'000 ‚£'000 ‚£'000 Retained profit/(loss) for 229 (559) (458) the period Increase in equity 95 - - Opening shareholders' funds 158 616 616 ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Closing shareholders' funds ‚£482 ‚£57 ‚£158 _____ _____ _____ PNC TELECOM PLC NOTES TO THE INTERIM REPORT 1. Accounting PoliciesBasis of preparationThe interim report has been prepared using accounting policies consistent withthose set out in the Company's Annual Report and Accounts for the year ended 31March 2005.The financial statements and the Annual Report and Accounts for the year ended31 March 2005 were prepared on a going concern basis.The interim report for the six months to 30 September 2005 was approved by theBoard on [ 16 November 2005.2. Earnings/Loss per Share 6 months 6 months Year ended ended ended 30 September 30 September 31 March 2004 2005 2005 Pence Pence Pence Earnings per ordinary share - 0.29 (1.16p) (0.95p) basic ¢â€¢¢â€¢¢â€¢¢â€¢ ¢â€¢¢â€¢¢â€¢¢â€¢ ¢â€¢¢â€¢¢â€¢¢â€¢ Earnings per ordinary share - 0.06 (1.16p) (0.95p) diluted ¢â€¢¢â€¢¢â€¢¢â€¢ ¢â€¢¢â€¢¢â€¢¢â€¢ ¢â€¢¢â€¢¢â€¢¢â€¢ Loss per ordinary share is based on the profit for the financial period of ‚£229,000 (March 2005 - Loss ‚£458,000 and September 2004 - Loss ‚£559,000).The weighted average number of shares used in the calculation is - basic78,767,001 and diluted 370,819,672 (March 2005 - basic and diluted 48,084,000and September 2004 - basic and diluted 48,084,000)L.E. V Knifton and J.W. Case have been issued warrants over 5,000,000 ordinaryshares each at an exercise price of 0.1p3. Called up Share CapitalThe issued share capital as at 31 March 2005, per the audited accounts, was48,084,000 ordinary shares of 0.1p and 48,084,000 deferred shares of 4.9p each.Since then, 95,000,000 Ordinary Shares of 0.1p each were issued at par onconversion of loan notes. PNC TELECOM PLC NOTES TO THE INTERIM REPORT continued 4. Reconciliation of operating loss to net cash outflow from operatingactivities Unaudited Unaudited Unaudited 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2004 2005 2005 ‚£'000 ‚£'000 ‚£'000 Operating profit 216 (564) (465) Stock (24) - - Debtors (1,478) (24) (45) Creditors 2,438 (43) 18 ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ ¯â€š¾¯â€š¾¯â€š¾ Net cash inflow/(outflow) ‚£1,152 ‚£(631) ‚£(492) from _____ _____ _____ operating activities 5. The information for the year ended 31 March 2005 has been extracted from theaudited accounts for that period which have been delivered to the Registrar ofCompanies and received a qualified audit opinion. The unaudited results for thesix months have been prepared on a basis consistent with the accountingpolicies disclosed in the Company's 2005 accounts and do not constitutestatutory accounts within the meaning of Section 240 of the Companies Act 1985.6. Copies of this interim statement are available from the Company at itsregistered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.For further information:PNC Telecom Plc Leo Knifton Tel: +44 (0) 207 251 3762 Beaumont Cornish Limited Nominated Adviser Tel: +44 (0) 207 628 3396 Roland Cornish 8ENDPNC TELECOM PLC