Interim Results
21 1월 2005 - 4:00PM
UK Regulatory
RNS Number:6155H
Bolton Group (International) Ld
21 January 2005
Bolton Group (International) Limited
21 January 2005
Bolton Group (International) Limited
Interim Results
Chairman's Statement
The Board of Bolton Group (International) Limited announces the unaudited,
consolidated results for the six month period ended 31 October 2004.
Results
The Group has made a loss before tax of #34,000 (2003: loss before tax
#188,000). The Directors do not recommend the payment of a dividend.
Review of Operations
The Company is currently reviewing the future strategy and will be looking to
make investments in areas that will maximise shareholders value. Islington
Primary Care Trust has taken occupation of Angel House, the Company's main
asset.
As stated in the Company's Annual Report, regretfully in the past 12 months, the
Company has been involved in substantial litigation to regain its main asset,
which frustrated any attempts to move the Company forward. This matter having
been settled leaves the Company free to investigate opportunities.
Michael Goletka
Chairman
Consolidated profit and loss account
for the six months ended 31 October 2004
Note 6 months to 6 months to RESTATED
31 October 31 October Year ended
2004 2003 30 April 2004
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Turnover 222 - 124
Administrative expenses (127) (261) (1,141)
Other operating income - - 25
Operating profit / (loss) 95 (261) (992)
Proceeds from disposal of shares - 73 -
(Loss)/profit on ordinary activities before
interest and taxation (188) (992)
Interest receivable - - -
Interest payable (129) - (166)
(Loss)/profit on ordinary activities before
taxation (34) (188) (1,158)
Tax on (loss)/profit on ordinary activities - - -
(Loss)/profit on ordinary activities after (34) (188) (1,158)
taxation
Exceptional item 5 3,227 263 (510)
Retained (loss)/profit for the year 3,193 75 (1,668)
Prior year adjustment 6 (12,209) - -
Retained (loss) / profit (9,016) 75 (1,668)
(Loss)/earnings per share 3 4.4p 0.11p (2.5)p
Diluted (loss)/earnings per share 3 4.4p 0.11p (2.5)p
All transactions arose from continuing operations during the current and
previous year.
Consolidated balance sheet
at 31 October 2004
Note As at As at RESTATED
31 October 31 October As at
2004 2003 30 April 2004
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Fixed assets
Tangible assets 3,853 140 3,858
Current assets
Debtors 15 10 22
Cash at bank and in hand 15 7 15
30 17 37
Creditors: amounts falling due within one year (973) (278) (4,175)
Net current liabilities (943) (261) (4,138)
Total assets less current liabilities 2,910 (121) (280)
Creditors: amounts falling due after more than one
year 7 (3,170) - -
Net (liabilities) / assets (260) (121) (280)
Capital and reserves
Called up share capital 721 645 656
Share premium account 1,547 1,534 1,547
Revaluation reserve (150) - (150)
Other reserves 5,724 - 5,724
Profit and loss account (8,102) (2,300) (8,057)
Shareholders' funds - equity (260) (121) (280)
Consolidated Cash Flow Statement
for the six months ended 31 October 2004
Note 6 months to 6 months to RESTATED
31 October 31 October Year ended
2004 2003 30 April 2004
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Net cash (outflow) / inflow from operating
activities (554) (328) 328
Exceptional items - - (510)
Returns on investments and servicing of finance
Interest received - - -
Interest paid (129) - (166)
Net cash (outflow) from returns on investments and (129) - (166)
servicing of finance
Capital expenditure and financial investments
Purchase / disposal of tangible fixed assets - 2,520 -
Recovered proceeds from the sale of shares - 73 62
Net cash (outflow) / inflow from capital expenditure
and financial investments - 2,593 62
Net cash (outflow) / inflow before financing (683) 2,265 (286)
Financing
Repayment of borrowings (60) (2,257) (120)
Receipt from borrowings 743 - 397
Net cash inflow / (outflow) from financing 683 (2,257) 277
(Decrease) / increase in cash - 8 (9)
NOTES TO THE INTERIM REPORT
1. The interim report has been prepared using accounting policies
consistent with those set out in the statutory accounts of the group
for the year ended 30 April 2004.
2. The financial information for the six month period to 31 October 2004
and 31 October 2003 is unaudited and does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985.
The figures relating to the year ended 30 April 2004 have been
restated from those reported in the 30 April 2004 statutory accounts
and on which the auditors gave a qualified opinion. The restatement of
the year ended 30 April 2004 figures is as a result of the settlement
reached at mediation which is detailed in the company's announcement
of 26 August 2004. The company has now met the terms of this mediation
agreement.
3. The calculation of the (loss) / earnings per share and diluted
(loss) / earnings per share are based on the following (losses) /
profits after taxation and weighted average number of shares:
6 months to 6 months to RESTATED
31 October 31 October Year ended
2004 2003 30 April
2004
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
(Loss) / profit after taxation 3,193 75 (1,668)
Number of shares 72,138,238 63,610,355 65,638,238
Diluted (loss) / earnings per share after 3,193 75 (1,668)
taxation
Number of shares 72,138,238 63,610,355 65,638,238
4. Copies of this interim report are being sent to all shareholders and
will be available to the public from the group's registered office.
5. Extraordinary items
6 months to 6 months to RESTATED
31 October 31 October Year ended
2004 2003 30 April
2004
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Group company loan reinstated after being
written off in previous years 3,227
Group company loan written off 263
Net charge relating as a result of
mediation agreement in order to return
investments to the company 510
NOTES TO THE INTERIM REPORT (ctd)
6. The prior year adjustment represents the re-instatement of the
subsidiary companies as a result the mediation settlement.
#000 #000
Bolton Group (International) Limited - re-statement of
year ended 30 April 2004 :
Write back of gain on disposal of investments (72)
Write back group company loans previously written off (262)
Compensation payable :
Proceeds from sale of subsidiary companies shares 160
Cost of mediation settlement (670)
(510)
Re-instatement of Bolton Group Plc retained losses as at 30/4/04 (7,106)
Re-instatement of Urania Securities Ltd retained losses as at 30/4/04 (4,259)
(12,209)
7. Creditors falling due within one year include deferred income of
#98,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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