Interim Results
26 2월 2007 - 11:22PM
UK Regulatory
RNS Number:8701R
Emerging UK Investments Plc
26 February 2007
FOR IMMEDIATE RELEASE 26 February 2007
EMERGING UK INVESTMENTS PLC ("the Company")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2006
Chairman's statement
I am pleased to announce Emerging UK Investments plc results for the six months
to 30 November 2006. The Company produced a loss before tax of #32,000 (Period
ending 30 November 2005 profit #39,000). The net asset value of the Company was
#708,000 or 7.4p per share compared to an average market price of approximately
5p over the last 6 months.
During the period under review the Company made a number of new investments,
including:
Famous Retail Ltd Invested: #45,000 Date: September 2006
Famous Retail is a retailer of sports and celebrity memorabilia operating 19
stores throughout the UK. This investment was made as part of a consortium which
invested a total of #350,000.
Pathway One PLC Invested: #5,000 Date: November 2006
Pathway One is an investment Company making investments into the Software
industry. The Company is seeking a listing in due course.
During the period under review the Company made a number of disposals which
included:
Consolidated Vending plc Disposed of #50,335 Date: September 2006
This company was formed as a result of a merger between Bfresh Ltd a toiletries
vending business and Snap Digital Ltd a photo booth vending business.
Consolidated Vending plc listed on AIM in December 2006 and the Company's
holding stands at a substantial premium to the book value of #49,665.
Forknall Ltd Disposed of #5,000 Date: June 2006
This Company went into liquidation on 25th October 2006. The Company received
#5,000 in consideration for its share capital before the company went into
liquidation.
The Directors have reviewed the Company's portfolio of investments and considers
that these are in line with its book value having provided for the liquidation
of Forknall Ltd.
The Company continues to search for value enhancing investments. It is also
looking at ways to realise value from certain companies within its portfolio and
it is expecting to make a number of disposals over the coming months.
Your board remains confident of its future prospects.
Renwick Haddow
Chairman
EMERGING UK INVESTMENTS PLC
Consolidated Income Statement
for the six months ended 30 November 2006
Note Six months ended 30 Six months ended 30 Year ended 31
November 2006 November 2005 May 2006
Unaudited Unaudited Audited
#000 #000 #000
Turnover 101 191 215
Profit on disposal
of investments
Cost of sales (73) (93) (93)
-------- -------- --------
Gross profit 28 98 122
Administrative
expenses (60) (62) (163)
-------- -------- --------
(Loss)/profit
from
operations
before other
income (32) 36 (41)
Investment
income - 3 7
-------- -------- --------
(Loss)/profit
on ordinary
activities
before
taxation (32) 39 (34)
Tax on
(loss)/profit
on ordinary
activities 2 - - -
-------- -------- --------
Retained
(loss)/profit
for the
financial
period (32) 39 (34)
======== ======== ========
======== ======== ========
(Loss)/Earnings
per ordinary
share 3 (0.34)p 0.44p (0.36)p
Basic and fully
diluted ======== ======== ========
Consolidated Balance sheet
at 30 November 2006
Note Six months ended 30 Six months ended 30 Year ended 31
November 2006 November 2005 May 2006
Unaudited Unaudited Audited
#000 #000 #000
Non current
assets
Investments 4 652 599 581
Current
assets
Trade and
other
receivables 78 126 46
Investments
held as
current 5 - - 125
assets
Cash at bank
and in hand 34 106 17
-------- -------- --------
112 232 188
Current
liabilities (56) (32) (29)
-------- -------- --------
Net current
assets 56 200 159
-------- -------- --------
Total assets
less current
liabilities 708 799 740
======== ======== ========
Capital and
reserves
Called up
share capital 6 95 95 95
Share premium
account 7 209 209 209
Revaluation
reserve 7 14 - 14
Retained
earnings 390 495 422
-------- -------- --------
Total
shareholders
equity 8 708 799 740
======== ======== ========
Consolidated Cash flow statement
for the six months ended 30 November 2006
Six months ended 30 Six months ended 30 Year ended 31
November 2006 November 2005 May 2006
#000 #000 #000
Operating
activities
(Loss)/Profit
from
activities (32) 36 (41)
Adjustments
for:
Provision for
permanent
diminution in
value of non
current
investments - - 32
Loan write off 25 - 14
(Profit) on
disposal of
investments (101) (191) (215)
(Increase) in
debtors (32) (111) (31)
Increase in
creditors 27 21 18
-------- -------- --------
Net cash
generated/(used)
by operating
activities (113) (245) (223)
======== ======== ========
Investing
Activities
Interest
received - 3 7
Purchase of
fixed asset
investments (21) (16) (128)
Sale of fixed
asset
investments 151 423 430
-------- -------- --------
Net cash
generated by
investing
activities 130 410 309
======== ======== ========
Financing
activities
Share issue
expenses - (4) (4)
Loans made - (115) (125)
-------- -------- --------
Net cash
(used)/generat
ed by
financing
activities - (119) (129)
======== ======== ========
Net(decrease)/inc
rease in cash
and cash
equivalents 17 46 (43)
Cash and cash
equivalents at
the start of
the period 17 60 60
-------- -------- --------
Cash and cash
equivalents at
the end of the
period 34 106 17
======== ======== ========
Notes
1 BASIS OF PREPARATION
The Directors approved the interim financial statements on 26 February 2007. The
interim financial information for the six months to 30 November 2006 is
unaudited and has been prepared based on the accounting policies set out in the
statutory accounts for the year ended 31 May 2006. These accounting policies are
also expected to be adopted in the statutory accounts for the year ended 31 May
2007. The interim financial information for the six months ended 30 November
2006 does not constitute statutory accounts as defined in Section 240 of the
Companies Act 1985. The statutory accounts for the year ended 31 May 2006, which
received an unqualified auditors' report, have been delivered to the Registrar
of Companies.
2 TAXATION
There is no tax liability for the periods reported and no deferred tax asset has
been recognised in respect of the tax losses carried forward.
3 (LOSS)/EARNINGS PER ORDINARY SHARE
The calculation of basic (loss)/earnings per share is based on loss of #32,000
(six months ended 30 November 2005: profit of #39,000, year ended 31 May 2006:
loss of #34,000) and ordinary shares of 9,510,000 (30 November 2005: 8,914,167;
31 May 2006: 9,455,833) being the weighted average number of ordinary shares in
issue during the period.
4 FIXED ASSET INVESTMENTS
Six months ended 30 Six months ended 30 Year ended 31 May
November 2006 November 2005 2006
#000 #000 #000
Listed
investments 134 263 84
Unlisted
investments 518 336 497
-------- -------- --------
652 599 581
======== ======== ========
5 INVESTMENTS HELD AS CURRENT ASSETS
Six months ended 30 Six months ended 30 Year ended 31 May
November 2006 November 2005 2006
#000 #000 #000
Valuation
at
start of 125 228 228
period
Additions - - 125
Disposals (125) (228) (228)
-------- -------- --------
Valuation
at - - 125
end of ======== ======== ========
period
6 SHARE CAPITAL
Six months ended 30 Six months ended 30 Year ended 31
November 2006 November 2005 May 2006
#000 #000 #000
======== ======== ========
Authorised: 150 150 150
15,000,000 Ordinary
shares of 1p each ======== ======== ========
======== ======== ========
Issued: 95 95 95
9,510,000 Ordinary
shares of 1p each ======== ======== ========
7 RESERVES
Six months ended 30 Six months ended 30 Year ended 31
November 2006 November 2005 May 2006
#000 #000 #000
Share Premium
Account 209 164 164
At start of
period
Issue of
equity shares - 49 49
Expenses of
share issue - (4) (4)
-------- -------- --------
At end of
period 209 209 209
Revaluation
Reserve 14 80 80
At start of
period
Revaluation
arising in
period on
investments - - 14
Revaluation
released on
disposal of
investments - (80) (80)
-------- -------- --------
At end of
period 14 - 14
======== ======== ========
8 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS
Six months ended 30 Six months ended 30 Year ended 31
November 2006 November 2005 May 2006
#000 #000 #000
Profit/(loss)
for the
financial
period (32) 39 (34)
New share
capital
subscribed
(including
premium and
expenses) - 51 51
Revaluation
(released)/
ari - (80) (66)
sing in
period
Opening
shareholders'
funds 740 789 789
-------- -------- --------
Closing
shareholders'
funds 708 799 740
======== ======== ========
9 EXPLANATION OF TRANSITION TO IFRS
The group adopted IFRS for the first time for the audited financial statements
for the year ended 31 May 2006. The interim results for the six months to 30
November 2005 were prepared under UK GAAP and hence have been restated to
reflect IFRS. A detailed explanation of the transition to IFRS is given in the
financial statements for the year ended 31 May 2006.
The Group previously consolidated using merger accounting, which is prohibited
under IFRS. Consequently, the merger reserve of #1,072,000 that existed under
merger accounting has been taken to the income statement, under IFRS 3 Business
Combinations, and hence the profit and loss account at 31 May 2005 under IFRS
became #456,000 as opposed to a negative reserve of #616,000 under UK GAAP and
the merger reserve became #nil.
10 COPIES OF INTERIM REPORT
Copies of the interim report are available from the Company's Registered Office
at 4 Sovereign Court, Graham Street, Birmingham, B1 3JR.
Contact: Emerging UK Investments Plc
Renwick Haddow
Tel: +44 (0)20 7623 3345
Beaumont Cornish Limited
Roland Cornish
Tel: +44 (0)20 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange
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