Tricor Regulatory News (TRIC)

22 Dec 2008 15:32



FOR IMMEDIATE RELEASE

22 December 2008

PNC TELECOM PLC 

("PNC" or the "Company")

CHAIRMAN'S STATEMENT

Interim accounts for the six months ended 30 September 2008

Results

The Group made an operating loss for the period of £109,000 and loss per share of 0.02p.  The increase in turnover compared to the prior period mainly reflected the opening by the Company's optical glass subsidiary, Specs and Lenses, of its factory outlet store in June 2008.

Our investment in SIM 4 Travel Holdings Limited, a company quoted on PLUS Markets, is currently valued at £150,000, at the mid-price, as at 21 November 2008.

Outlook 

Trading was initially very good at Specs and Lenses' store in Freeport but with the downturn in the economy, trading has slowed at present.

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. Knifton

Executive Chairman

22 December 2008

PNC TELECOM PLC 

Group Income Statement 

for the six months ended 30 September 2008

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 

Group Balance Sheet as at 30 September 2008

  PNC TELECOM PLC 

Group Cash Flow Statement

For the Six months ended 30 September 2008

Group statement of changes in equity

   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 and using the accounting policies which are consistent with those set out in the Company Annual Report and Accounts for the year ended 31 March 2008.

This interim report for the six months to 30 September 2008, which complies with IAS34, was approved by the Board on 22 December  2008.

2. Loss per Share

The Earnings per ordinary share is based on the company's loss for the period of £136,000 (30 September 2007 - loss £9,000; 31 March 2008 - loss £52,000) and a basic and diluted weighted average number of shares in issue of 653,084,000 (30 September 2007 - 244,696,254; 31 March 2008 - 287,442,000). 

3. Reconciliation of operating loss to net cash outflow from operating activities.

PNC TELECOM PLC 

Notes to the Interim Report

4. Called up Share Capital

The issued share capital as at 31 March 2008, per the audited accounts, was 653,084,000 Ordinary Shares of 0.1p each and 48,084,000 Deferred Ordinary Shares of 4.9p each.

5. The unaudited results for period ended 30 September 2008 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 2008 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.

ENDS