Final Results

28 Jun 2006 14:00

Highway Capital PLC28 June 2006 HIGHWAY CAPITAL PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2006 Chairman's Statement The results for the twelve months ended 28 February 2006 show a loss before taxof £57,127 (2005: £57,748 loss). The company had cash at bank and in hand of £590,641 at the balance sheet date. At this time we do not consider it appropriate to declare a dividend. During the year the company has continued to keep expenditure to a minimum inorder to preserve cash resources. The non-executive directors continue, for the time being, to waive the majorityof their fees. In the interim statement, I informed shareholders that target companies continueto be identified and evaluated as the board seeks opportunities to maximize thevalue of the company, unfortunately none of these has proved suitable. Discussions are taking place with two possible targets as your board continuesto seek opportunities to maximize the value of the company. Dominic WheatleyChairman Profit and Loss Account Year ended Year ended 28 February 28 February 2006 2005 (unaudited) (audited) £ £Management fees - -Administrative expenses (80,510) (82,237)-------------------------- -------------- --------------Operating loss (80,510) (82,237)Interest receivable 23,383 24,489-------------------------- -------------- --------------Loss on ordinary activities beforetaxation (57,127) (57,748)Tax credit on loss on ordinary activities - --------------------------- -------------- --------------Loss for the financial year (57,127) (57,748)Dividends - --------------------------- -------------- --------------Retained loss for the financial year (57,127) (57,748)-------------------------- -------------- --------------Basic and diluted loss per share (0.72)p (0.73)p-------------------------- -------------- -------------- Continuing operations:There are no acquired or discontinued operations in the above two financialperiods. Total recognised gains and losses:The company has no recognised gains or losses other than the profit or loss forthe above two financial periods. Reconciliation of Equity Shareholders' Funds 28 February 28 February 2006 2005 (unaudited) (audited) £ £Loss attributable to ordinaryshareholders (57,127) (57,748)Dividends - --------------------------- -------------- --------------Net decrease in shareholders' funds (57,127) (57,748)Shareholders' funds at beginning ofperiod 624,816 682,564-------------------------- -------------- --------------Shareholders' funds at end of period 567,689 624,816-------------------------- -------------- -------------- Balance Sheet 28 February 28 February 2006 2005 (unaudited) (audited) £ £Fixed assetsInvestments - --------------------------- -------------- -------------- - -Current assetsDebtors 2,546 3,388Cash at bank and in hand 590,641 645,940-------------------------- -------------- -------------- 593,187 649,328-------------------------- -------------- --------------Creditors: amounts falling due withinone year (25,498) (24,512)-------------------------- -------------- --------------Net current assets 567,689 624,816-------------------------- -------------- --------------Net assets 567,689 624,816-------------------------- -------------- --------------Capital and reservesShare capital 158,913 158,913Share premium 295,437 295,437Profit and loss account 113,339 170,466-------------------------- -------------- --------------Total equity shareholders' funds 567,689 624,816-------------------------- -------------- -------------- Cash Flow Statement Year ended Year ended 28 February 28 February 2006 2005 (unaudited) (audited) £ £Net cash outflow from operatingactivities (78,682) (83,546)-------------------------- -------------- --------------Returns on investments and servicing offinanceInterest received 23,383 24,489-------------------------- -------------- --------------Net cash inflow from returns oninvestments and servicing of finance 23,383 24,489-------------------------- -------------- --------------TaxationCorporation tax - --------------------------- -------------- --------------Equity dividends paid - --------------------------- -------------- --------------Decrease in cash (55,299) (59,057)-------------------------- -------------- -------------- Notes Basis of preparation: The preliminary results have been prepared under the historical cost conventionand in accordance with applicable accounting standards. The company does not prepare consolidated accounts and the directors havetherefore continued to prepare its accounts in accordance with UK rather thaninternational accounting standards, as permitted under EC Regulation 1606/2002. The financial information set out above does not comprise statutory accounts forthe purpose of section 240 of the Companies Act 1985. The information for theyear ended 28 February 2005 has been extracted from the statutory accounts whichcarried an unqualified audit report and did not contain any statement undersection 237(2) or (3) of the Companies Act 1985. The statutory accounts for theyear ended 28 February 2005 have been delivered to the Registrar of Companies.The auditors are expected to give an unqualified opinion on the accounts for theyear ended 28 February 2006. The statutory accounts for the year ended 28February 2006 will be delivered to the Registrar of Companies following theAnnual General Meeting. Loss per share: The loss per ordinary share calculation has been based on the loss attributableto ordinary shareholders of £57,127 (2005: £57,748 loss) divided by 7,945,638(2005: 7,945,638), being the weighted average number of ordinary shares in issueduring the year. The basic and diluted loss per ordinary share figures are thesame. 28 June 2006 This information is provided by RNS The company news service from the London Stock Exchange