TSTR.L Regulatory News (TSTR)

7 Dec 2006 07:01

Canisp PLC07 December 2006 7 December 2006 CANISP PLC ("Canisp" or "the Company") Interim Results for the six months ended 30th September 2006 Chairman's Statement I present the Group's unaudited interim results for the six month period from1st April 2006 to 30th September 2006. In the period under review the Grouprecorded a loss before taxation of £262,000 (September 2005: £244,000, March2006: £469,000) and a loss per share of 0.45p (September 2005: 1.27p, March2006: 2.42p). No dividend is proposed. Our determination to drive down our cost base has resulted in a very lean headoffice operation, and we have worked hard to improve administration and serviceto customers. During the period, the Company placed 60,000,000 ordinary shares of 1p each atpar raising £600,000 before expenses and at the same time capitalised £257,500of the amount due to the Company's largest shareholder, Corvus Capital Inc., bythe issue of 25,750,000 ordinary shares of 1p each at par. I should like to usethis opportunity to thank all our shareholders for their continued support. Your board believes that it has taken the action necessary to create a soundplatform from which to grow our customer base. While this is not expected to beeasy, and the sector within which we operate remains a difficult andincreasingly competitive one, we are confident that we are approaching the taskin the right way. As noted by my predecessor, these actions will not provide aquick result. Accordingly the management team continues to review alternativeapproaches to recovering shareholder value. Mike Hirschfield Chairman 7 December 2006 CANISP PLC Consolidated Income Statement For the six months ended 30th September 2006 Six month Six month Year period ended period ended ended 30 September 30 September 31 March 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Turnover 1,429 1,904 3,422Cost of sales (1,007) (1,416) (2,388)Gross profit 422 488 1,034 Administrative expenses (407) (538) (1,023)Operating profit / (loss)- excluding goodwill amortisation 15 (50) 11- goodwill amortisation (225) (123) (519) (210) (173) (508) Profit on sale of discontinued operations - - 185Interest and similar items (52) (71) (146) Loss on ordinary activities before taxation (262) (244) (469) Taxation (note 2) - - -Loss on ordinary activities after taxation (262) (244) (469) and retained loss Loss per share (note 3) (0.45)p (1.27)p (2.42)p CANISP PLC Consolidated Balance Sheet As at 30th September 2006 30 September 30 September 31 March 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000Fixed assetsIntangible fixed assets 2,523 3,142 2,748 Current assetsDebtors 378 841 489 Creditors: amounts falling due within one year (2,507) (2,713) (3,409) Net current liabilities (2,129) (1,872) (2,920) Total assets less current liabilities 394 1,270 (172) Creditors: amounts falling due after more than one year - (1,450) - Net assets/(liabilities) 394 (180) (172) Capital and reservesCalled up share capital 1,054 185 196Share premium account 4,017 3,825 4,047Profit and loss account (4,677) (4,190) (4,415)Equity shareholders' funds/(deficit) 394 (180) (172) CANISP PLC Consolidated Cash Flow Statement For the six months ended 30th September 2006 Six month Six month Year period ended period ended ended 30 September 30 September 31 March 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000Net cash inflow/(outflow) from operating Activities (note 6) 142 (251) (211) Returns on investments and servicing of financeInterest received 7 1 1Interest paid (59) (72) (147) (52) (71) (146) Capital expenditure and financial investmentSale of tangible fixed assets - 25 25 Net cash inflow/(outflow) outflow before financing 90 (297) (332) FinancingIssue of shares 600 62 295Share issue costs (30) - -Repayment of long term loans (509) (208)Capital element of hire purchase contracts (5) (57) (58) Increase/(decrease) in cash (note 5) 146 (292) (303) CANISP PLC Notes to the Interim Statements For the six months ended 30th September 2006 1. Basis of preparation The interim financial information has been prepared on the basis of theaccounting policies set out in the Report and Accounts for the Group for theyear ended 31 March 2006. The interim financial information does not constitutestatutory accounts and has been neither audited nor reviewed by the Company'sAuditors. A copy of the Group's 2006 statutory accounts has been filed with theRegistrar of Companies; the auditors' opinion on those accounts was unqualified. 2. Taxation No charge to taxation arises in view of the loss for the period. 3. Loss per share The calculation of loss per share is based on the result after taxation and58,070,772 ordinary shares (period ended 30 September 2005: 19,169,988, yearended 31 March 2006: 19,392,478) being the weighted average number of shares inissue during the half year. The impact of share options on the loss per shareis anti-dilutive. 4. Dividends The Directors do not propose an interim dividend. 5. Reconciliation of net cash flow to movement in net debt Six month Six month Year period ended period ended ended 30 September 30 September 31 March 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Increase/(decrease) in cash 146 (292) (303)Cashflow from capital element of hire purchase 5 57 58contractsChange in net debt resulting from cash flows 151 (235) (245)Loans repaid 509 - 208 660 (235) (37)Opening net debt (1,307) (1,270) (1,270)Closing net debt (647) (1,505) (1,307) 6. Reconciliation of operating loss to net cash flows from operatingactivities Six month Six month Year period ended period ended ended 30 September 30 September 31 March 2006 2005 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Operating loss (210) (173) (508)Depreciation - (4) 4Amortisation of goodwill 225 123 519Movement in debtors 112 506 859Movement in creditors 15 (703) (1,075)Loss on disposal of fixed asset - - (10) Net cash inflow/(outflow) from operating 142 (251) (211)activities This information is provided by RNS The company news service from the London Stock Exchange