Tricor Regulatory News (TRIC)

19 Dec 2007 16:33

FOR IMMEDIATE RELEASE 19 December 2007

PNC TELECOM PLC CHAIRMAN'S STATEMENT Interim accounts for the six months ended 30 September 2007Results

The Group made an operating loss for the period of ‚£9,000 and loss per share of 0.004p. This includes recoveries, net of legal expenses, from the previous directors against judgements obtained as noted in previous announcements. This amounted to some ‚£232,000. Further recoveries are being pursued.

Our investment in SIM 4 Travel is currently valued at ‚£325,000, at the mid price, as at 17 December 2007.

Outlook

Since the period end the company has generated income of ‚£77,000 from sales in electronic products in the retail field.

We are now waiting a tribunal hearing from HMRC for our VAT reclaim for both VAT repayment and loss of income.

L.E.V. KniftonExecutive Chairman19 December 2007 PNC TELECOM PLC Income Statement for the six months ended 30 September 2007 Year ended Six months to Six months 31 March 30 September to 30 2007 September 2007 2006 Unaudited Unaudited audited ‚£'000s ‚£'000s ‚£'000s Continuing operations Revenue 28 907 959 Cost of Sales - (858) (855) Gross Profit 28 49 104 Other operating income 232 - -Administrative expenses (132) (364) (415) Operating Profit/(Loss) 128 (315) (311) Investment revenues 1 10 9 Finance costs (138) (122) (362) Profit/(Loss) before tax (9) (427) (664) Income tax recovery (charges) - - - Profit/(Loss) for the period from continuingoperations attributable to shareholders (9) (427) (664) Profit/(Loss) per share From continuing operations: Basic and diluted (0.004)p (0.26p) (0.37p)

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

There were no recognised gains or losses other than those recognised in the income statement above.

PNC TELECOM PLC Balance Sheet as at 30 September 2007 As at As at As at 30 30 31 March September September 2007 2006 2007 Unaudited Unaudited Audited ‚£'000s ‚£'000s ‚£'000s Assets Non-current assetsProperty, plant and equipment 9 12 10Investments 100 100 100 109 112 110 Current assetsStock 3 14 3Trade and other receivables 1,564 1,161 1,289Cash and cash equivalents 7 151 1 1,574 1,326 1,293 Total assets 1,683 1,438 1,403 Equity and liabilities Capital and reservesShare capital 2,604 2,524 2,554Share Premium 48,033 48,033 48,033Retained earnings (50,805) (50,559) (50,796) Total equity (168) (2) (209) Current liabilitiesTrade and other payables 1,426 935 1,137 1,426 935 1,137 Non-current liabilitiesLong term loans 425 505 475 425 505 475 Total liabilities 1,851 1,440 1,612 Total equity and liabilities 1,683 1,438 1,403 PNC TELECOM PLC Cash Flow Statement For the Six months ended 30 September 2007 Six months to Six months Year 30 to 30 ended 31 September September March 2007 2006 2007 Unaudited Unaudited Audited Note ‚£'000 ‚£'000 ‚£'000 Operating activities 3 103 (1,471) (1,357) Investing activitiesInterest received 1 (112) (353)Interest paid (98) - -Capital expenditure - 90 115 (97) (22) (238) Financing activitiesHire purchase - (77) (125)Issue of new shares 50Loan notes (50) - - - (77) (125) Net cash 6 (1,570) (1,720)inflow/(outflow) Cash and cashequivalents at the 1 1,201 1,721beginning of the period Bank balances and cash 7 (369) 1at end of period Statement of changes in equity As at As at As at 30 September 30 September 31 March 2007 2006 2007 ‚£'000s ‚£'000s ‚£'000s As at beginning of (209) 410 410period (Deficit) for the (9) (427) (664)periodIssue of share capitalnet of expenses 50 15 45 As at end of period (168) (2) (209) PNC TELECOM PLC Notes to the Interim Report

1. Significant Accounting Policies

These interim accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles. The Company adopted International Financial Reporting Standards (IFRS) adopted by the European Union as the basis for preparation of its financial statements from 1 January 2007.

This interim report for the six months to 30 September 2007 was approved by the Board 19 December 2007.

2. Loss per Share Year ended Six months to Six months to 31 March 30 September 30 September 2007 2006 2007 Earnings per ordinary sharesBasic and diluted (0.004)p (0.26p) (0.37p)

The Earnings per ordinary share is based on the company's loss for the period of ‚£9,000 (30 September 2006 - loss ‚£427,000; 31 March 2007 - loss ‚£664,000) and a basic and diluted weighted average number of shares in issue of 244,696,254 (30 September 2006 - 164,149,805; 31 March 2007 - 181,016,000).

3. Reconciliation of operating loss to net cash outflow from operatingactivities. Six months Year ended to Six months 31 March 30 September 30 September 2007 2006 2007 ‚£'000s ‚£'000s ‚£'000s Profit/(Loss) for the period 128 (315) (311)Adjustments for:Depreciation of property, plant and equipment 1 18 20Loss on disposal - 30 6(Increase)/Decrease in stock - - 11(Increase)/Decrease in receivables (275) 645 517Increase/(Decrease) in payables 249 (1,849) (1,600) Net cash from operating activities 103 (1,471) (1,357) PNC TELECOM PLC Notes to the Interim Report

4. Called up Share Capital

The issued share capital as at 31 March 2007, per the audited accounts, was 208,084,000 Ordinary Shares of 0.1p each and 48,084,000 Deferred Ordinary Shares of 4.9p each.

On the 29 May 2007 50,000,000 of Ordinary shares of 0.1p were issued on conversion of loan notes.

5. The unaudited results for period ended 30 September 2007 do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 31 March 2007 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain statements under Section 237(2) or (3) of the Companies Act 1985.

6. Copies of this interim statement are available from the Company at its registered office at Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The interim statement will also be available on the company website www.telecom-plc.co.uk.