Interim Results
01 11월 2008 - 12:00AM
UK Regulatory
RNS Number : 1830H
Highway Capital PLC
31 October 2008
HIGHWAY CAPITAL PLC
INTERIM REPORT 2008
Chairman's Statement
The results for the six months ended 31 August 2008 showed a loss before tax of �30,000 (six months ended 31 August 2007: �26,000 loss;
year ended 29 February 2008: �54,000 loss).
No dividend has been declared.
During the period under review, your directors have continued to search for an acquisition or other solution which would add shareholder
value, regrettably without success. We will continue our efforts in this direction. Until such time as we are able to put suitable proposals
to shareholders, we will continue to minimise expenditure.
A H Drummon
Chairman
31 October 2008
Profit and loss account 6 months ended 6 months ended Year ended
31 August 2008 31 August 2007 29 February 2008
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Notes
Management fees - - -
Administrative expenses (40) (38) (78)
Operating loss 2 (40) (38) (78)
Interest receivable 10 12 24
Loss on ordinary activities
before taxation (30) (26) (54)
Tax credit on loss on ordinary
activities - - -
Loss for the period (30) (26) (54)
Basic and diluted loss per
share
3 (0.38)p (0.33)p (0.67)p
Balance Sheet 31 August 2008 31 August 2007 29 February 2008
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Notes
Fixed assets
Investments - - -
Current assets
Debtors 11 12 4
Cash at bank and in hand 453 508 480
464 520 484
Creditors: amounts falling due
within one year (38) (36) (28)
Net current assets 426 484 456
Net assets 426 484 456
Capital and reserves
Share capital 5 159 159 159
Share premium 295 295 295
Profit and loss account (28) 30 2
Total equity shareholders'
funds 426 484 456
Cash Flow Statement 6 months ended 6 months ended Year ended
31 August 2008 31 August 2007 29 February 2008
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Notes
Net cash outflow from
operating activities
6a (37) (32) (72)
Returns on investments and
servicing of finance
Interest received 10 12 24
Net cash inflow from returns
on investments and servicing
of finance
10 12 24
Taxation
Corporation tax - - -
Equity dividends paid - - -
Decrease in cash 6b (27) (20) (48)
Notes to the Interim Report
1. Basis of preparation of the interim report
The condensed set of financial statements for the six months ended 31 August 2008 has been prepared on a basis consistent with the
financial statements for the year ended 29 February 2008.
The condensed set of financial statements for the six months ended 31 August 2008 has not been audited or reviewed by the auditors
pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The comparative financial information for the year ended 29 February 2008 has been extracted from the audited financial statements, on
which the auditors issued an unqualified audit report and which have been delivered to the Registrar of Companies.
The financial information contained in the interim statement does not constitute statutory accounts within the meaning of section 240 of
the Companies Act 1985.
There are no acquired or discontinued operations in the relevant financial periods.
There are no recognized gains or losses other than the profit or loss for the relevant financial periods.
Highway Capital plc is a stand-alone company and does not prepare consolidated accounts. It has therefore continued to prepare its
accounts in accordance with UK rather than international accounting standards, as permitted under EC Regulation 1606/2002.
2. Operating loss
This is stated after charging:
6 months ended 6 months ended Year ended
31 August 2008 31 August 2007 29 February 2008
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Directors' remuneration
- salaries and fees 14 14 28
Auditors' remuneration
- audit services 6 6 13
- other services 4 4 8
3. Loss per share
The loss per ordinary share calculation has been based on the losses attributable to ordinary shareholders of �30,000 (August 2007:
�26,000; February 2008: �54,000), divided by 7,945,638 (August 2007 and February 2008: 7,945,638) being the average of the issued share
capital during the period.
There is no difference between the basic and diluted loss per share.
4. 2008 interim dividend
No interim dividend has been declared.
5. Share capital
31 August 2008 31 August 2007 29 February 2008
(unaudited) (unaudited) (audited)
Ordinary shares of 2p each
Authorised
Number of shares 50,000,000 50,000,000 50,000,000
Nominal value �1,000,000 �1,000,000 �1,000,000
Allotted,called-up, fully paid
Number of shares 7,945,638 7,945,638 7,945,638
Nominal value �158,913 �158,913 �158,913
6. Cash flow statement
6 months ended 6 months ended Year ended
31 August 2008 31 August 2007 29 February 2008
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
(a) Net cash outflow from
operating activities
Operating loss (40) (38) (78)
(Increase)/decrease in debtors (7) (7) 1
Increase/(decrease) in 10 13 5
creditors
(37) (32) (72)
(b) Reconciliation of net cash
flow to movement in net
funds/(debt)
Decrease in cash in the period (27) (20) (48)
Movement in net funds/(debt)
in the period (27) (20) (48)
Opening net funds/(debt) 480 528 528
Closing net funds/(debt) 453 508 480
7. Related party transactions
A H Drummon, Chairman, is a consultant to and, until 11 June 2008 was a director of, Keith, Bayley, Rogers & Co. Limited, the financial
adviser and stockbroker to Highway Capital plc. In the six months ended 31 August 2008, Keith, Bayley, Rogers & Co. Limited received
retainer fees of �5,000 (August 2007: �5,000; February 2008: �10,000).
8. Responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in accordance with Statement: Half-yearly financial reports issued by
the Accounting Standards Board;
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events
during the first six months and their impact on the financial statements and description of principal risks and uncertainties for the
remaining six months of the year); and
(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein).
By order of the Board
A H Drummon E P Levey
Chairman Non-Executive Director
9. Publication
Copies of this statement will be circulated to all shareholders and will also be available from the registered office of Highway Capital
plc at 73 Wimpole Street, London W1G 8AZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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