Tricor Regulatory News (TRIC)

14 Feb 2005 11:29

PNC Telecom PLC14 February 2005 For immediate release 14 February 2005 PNC Telecom PLC (the "Company") CHAIRMAN'S STATEMENT Interim financial results for the six months ended 30 September 2004 FINANCIAL RESULTS The unaudited financial results for the six months to 30 September 2004 revealed an operating loss of £559,000. The basic loss per share is 1.16p. CHAIRMAN'S STATEMENT Since taking control of the Company in August 2004, the new Directors have beenreviewing the financial affairs of the Company and considering how to take theCompany forward in the interests of the shareholders. L E V KNIFTONChairman Tel : 0207 251 3762 PNC Telecom PLC Consolidated Profit & Loss Account for the six months ended 30 September 2004 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 September 30 September 31 March 2004 2003 2004 Note £'000 '000 £'000 Turnover - - -Administration Expenses (564) - (710) Operating Loss (564) - (710)Profit on Disposal ofInvestments - - 268Other interestreceivable and similarincome 5 - 22 Loss on ordinaryactivities beforetaxation (559) - (420)Tax credit on loss on ordinary - - -activities Loss on ordinaryactivities aftertaxation (559) - (420)Dividends - - - Retained loss for theperiod £(559) £- £(420) Earnings per ordinaryshare - basic Note 2 (1.16p) - (0.87p) There were no recognised gains or losses other than those recognised in theprofit and loss account above. On 25 April 2003 the Group sold its two principal trading businesses. Allactivities are classified as discontinued since 31 March 2003. PNC TELECOM PLC Consolidated Balance Sheet as at 30 September 2004 Unaudited Unaudited Audited As at As at As at 30 September 30 September 31 March 2004 2003 2004 Note £'000 £'000 £'000FIXED ASSETSTangible Assets - - -Intangible Assets - - - - CURRENT ASSETSDebtors 24 17 -Cash at bank and in hand 118 1,444 744 142 1,461 744Creditors: amountsfalling due within (85) (425) (128)one yearNet current assets 57 1,036 616 Total assets lesscurrent liabilities 57 1,036 616 Creditors: amounts falling due - - -after more than one yearNET ASSETS £57 £1,036 £616 CAPITAL AND RESERVESCalled up share capital note 3 2,404 2,404 2,404Share premium account 48,033 48,033 48,033Profit & loss account (50,380) (49,401) (49,821) Equity Shareholders'Funds £57 £1,036 £616 PNC TELECOM PLC Consolidated Cash Flow Statement for the six months ended 30 September 2004 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 September 30 September 31 March 2004 2003 2004 Note £'000 £'000 £'000 Cash inflow/(outflow) from 4 (631) (354) (3,479)operating activities Returns on investments and 5 - 22servicing of finance Taxation - - 42 Capital expenditure:proceeds from salthe - 1,822 4,962the sale of tangible fixed assetsand investments Financing: - - (629)Hire purchase - - (150)Loan repayment Cash increase/(decrease) inthe period £(626) £(1,468) £768 Reconciliation of net cash flow to movement in net funds Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 September 30 September 31 March 2004 2003 2004 Note £'000 £'000 £'000 Increase/(decrease) in cashin the period (626) 1,468 768 Cash outflow from decreasein debt and lease finance - 779 779 Net funds/(debt) at startof the period 744 (803) (803) Net funds at end of period £118 £1,444 £744 PNC TELECOM PLC Reconciliation of movement in Shareholders' Funds for the six months ended 30 September 2004 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 September 30 September 31 March 2004 2003 2004 Note £'000 £'000 £'000 Retained loss for the (559) - (420)period Opening shareholders' 616 1,036 1,036funds Closing shareholders' £57 £1,036 £616funds PNC TELECOM PLC NOTES TO THE INTERIM REPORT 1. Accounting Policies Basis of preparation The 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 2004. The financial statements and the Annual Report and Accounts for the year ended31 March 2004 were prepared on a going concern basis. The interim report for the six months to 30 September 2004 was approved by theBoard on 9 February 2005. 2. Loss per Share 6 months 6 months Year ended ended ended 30 September 30 September 2003 31 March 2004 2004 Pence Pence Pence Earnings per ordinary share -basic (1.16p) - (0.87p) Loss per ordinary share is based on the Group's loss for the financial period of£559,000 (March 2004 - £420,000 and September 2003 - £NIL). The weighted average number of shares used in the calculation is - basic anddiluted 48,084,000 (March 2004 - basic and diluted 48,084,000 and September 2003- basic and diluted 48,084,000) 3. Called up Share Capital The issued share capital as at 31 March 2004, per the audited accounts, was48,084,000 ordinary shares of 5p. each and there has been no allotment since. 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 2003 2004 £'000 £'000 £'000 Operating loss (564) - (442) Stock - 614 614Debtors (24) 15 4,810Creditors (43) (438) (7,823)Provisions for liabilities - (545) (545)Loss on disposal of fixed - (93)assets Net cash inflow/(outflow) from £(631) £(354) £(3,479)operating activities 5. The information for the year ended 31 March 2004 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 accounting policiesdisclosed in the Company's 2004 accounts and do not constitute statutoryaccounts 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. This information is provided by RNS The company news service from the London Stock Exchange