Interim Results
30 1월 2004 - 12:40AM
UK Regulatory
RNS Number:7833U
Bolton Group (International) Ld
29 January 2004
Bolton Group (International) Limited
29 January 2004
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 2003.
Results
The Group has made a loss before tax of #188,000. (2002: loss before tax
#121,000). The Directors do not recommend the payment of a dividend.
Review of operations
As stated in the Company's release dated 27 January 2004, there have been
resignations of all the Board of Directors other than Joseph Vure and Israel
Librowski. These resignations occurred contemporaneously to the alleged
unlawful and undervalued sale of the Company's major asset, (held in a
subsidiary), which was sold to a company controlled by a personal friend to the
former Company Director. Naturally the Company has moved to protect its position
and has obtained a High Court Freezing Injunction preventing the transfer or
removal of the value of the Company's former principal asset pending resolution
of the Company's legal attempt to retain title to the aforesaid asset.
In the interim, the Company continues to seek an undertaking of merit, away from
property investment, which will offer maximum commercial advantage by utilising
the Company's asset position for investing in the new undertaking. On this
basis, the Company is receiving a number of opportunities within the natural
resource sector which management has been advised may enhance shareholder value.
Undoubtedly the current uncertainty arising from the unlawful and undervalued
sale of the Company's principal asset will handicap the Company in its search
and choice of a new undertaking. However, at the time of writing, the Company
has taken steps to refine its search and while this will likely occasion the
need of a share placing to raise working capital, management feels that the
opportunities currently being reviewed may represent an opportunity to maximise
shareholder value. This is in spite of any diluting consequence arising from any
share placing for fund raising or share consideration being made for any
proposed acquisition.
Israel Librowski
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 October 2003
6 months to 6 months to Year ended
31 October 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
Note #000 #000 #000
Turnover - 113 219
Administrative expenses (261) (180) (437)
Other operating income - 7 -
------ ------ ------
Operating (loss)/profit (261) (60) (218)
Proceeds from disposal of shares 73 - -
Interest receivable - - -
Interest payable - (61) (120)
------ ------ ------
(Loss)/profit on ordinary
activities before taxation (188) (121) (338)
Taxation - - -
------ ------ ------
Retained (loss)/profit on ordinary
activities after taxation (188) (121) (338)
Extraordinary Item 5 263 - -
====== ====== ======
------ ------ ------
Retained profit/(loss) after
extraordinary item 75 (121) (338)
(Loss)/earnings per share 3 0.11p (0.20)p (0.56)p
====== ====== ======
Diluted (loss)/earnings
per share 3 0.11p (0.20)p (0.56)p
====== ====== ======
CONSOLIDATED BALANCE SHEET
At 31 October 2003
As at As at As at
31 October 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Fixed assets
Tangible assets 140 4,593 2,660
------ ------ ------
Current assets
Debtors 10 50 139
Cash at bank and in hand 7 61 24
------ ------ ------
17 111 163
Creditors: amounts falling due
within one year (278) (2,452) (2,713)
------ ------ ------
Net current liabilities (261) (2,341) (2,550)
------ ------ ------
Total assets less current
liabilities (121) 2,252 110
Creditors: amounts falling due after
more than one year - - -
------ ------ ------
Net assets/(Liabilities) (121) 2,252 110
====== ====== ======
Capital and reserves
Called up share capital 645 606 606
Share premium account 1,534 1,534 1,534
Revaluation reserve - 562 (1,363)
Other reserves - 5,724 5,724
Profit and loss account (2,300) (6,174) (6,391)
------ ------ ------
Shareholders' funds - equity (121) 2,252 110
====== ====== ======
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 October 2003
6 months to 6 months to Year ended
31 October 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Net cash (outflow)/inflow from operating
activities (328) (443) (361)
====== ====== ======
Returns on investments and
servicing of finance
Interest received - - -
Interest paid - (61) (120)
------ ------ ------
Net cash outflow from returns on
investments and servicing of
finance - (61) (120)
Capital expenditure and financial
investments
Purchase/disposal of tangible fixed assets 2,520 (5) (5)
Recovered proceeds from the sale
of shares 73 - -
------ ------ ------
Net cash (outflow)/inflow
from capital expenditure and
financial investments 2,593 (5) (5)
====== ====== ======
Net cash (outflow)/inflow
before financing 2,265 (509) (486)
====== ====== ======
Financing
Repayment of borrowings (2,257) (60) (120)
Receipt from borrowings - - -
------ ------ ------
Net cash outflow from financing (2,257) (60) (120)
====== ====== ======
(Decrease)/increase in cash 8 (569) (606)
====== ====== ======
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 2003.
2. The financial information for the six month periods to 31 October 2002 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 2003 are an extract from statutory
accounts within the meaning of Section 240 of the Companies Act 1985 which
have been delivered to the Registrar of Companies and on which the auditors
gave an unqualified audit report including the following paragraph on
going concern:
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 numbers of shares:
6 months to 6 months to Year ended
31 October 31 October 30 April
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
(Loss)/earnings per share
(Loss)/profit after tax (#000) 75 (121) (338)
Number of shares 63,610,355 60,580,355 60,580,355
Diluted (loss)/earnings per share
(Loss)/profit after tax (#000) 75 (121) (338)
Number of shares 63,610,355 60,580,355 60,580,355
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 Item represents the amount owed to the previous subsidiary
companies which is no longer payable.
A copy of the Company's 2003 Audited Accounts has been lodged with the Document
Viewing Facility of the UK Listing Authority at 25, The North Colannade, Canary
Wharf, London E14 5HS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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