Final Results
28 6월 2002 - 11:30PM
UK Regulatory
RNS Number:9215X
Highway Capital PLC
28 June 2002
HIGHWAY CAPITAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
Chairman's Statement
Your directors have continued to search for a suitable candidate business to
reverse into Highway Capital. It is disappointing that we have so far been
unable to effect this. In September last year we believed that we had found a
good business that would have benefited not only from our cash and listing, but
also from our management team. Unfortunately this company did not pass the tests
we set during due diligence, and we were obliged to withdraw. Each side paid its
own costs. The total cost of this abortive exercise to Highway Capital was
£66,583.
One of the difficulties that we have faced is the lack of interest from the
Stock Market in new issues and small cap companies. Whereas two years ago small
companies were seen as the winners of the future, the bursting of the dot com
bubble resulted in most investment fund doors being closed to them. Owners of
privately held companies however believed that their companies could still
command high valuations, and only recently have expectations been reduced. You
will appreciate that if we are to create value for Highway's shareholders, both
these factors need to be reversed. One thing we did not wish to do was to press
ahead with something that was not both a good company in its own right and good
value for our shareholders.
Nevertheless, I detect a small shift in attitudes and the re-emergence of
interest in "good stories". Consequently I am cautiously hopeful that something
will cross our desks that fits Highway and I look forward to reporting to you
all in due course. I thank you for your patience and forbearance.
Dominic Wheatley
Chairman
Dividends
The Directors do not recommend the payment of a final dividend for the year.
Profit and Loss Account
Year ended 14 months ended
28 February 2002 28 February 2001
(unaudited) (audited)
£ £
Other administrative expenses (190,317) (99,907)
Abortive acquisition costs (66,583) -
Administrative expenses (256,900) (99,907)
Operating profit/(loss) (256,900) (99,907)
Profit on disposal of subsidiaries - 387,993
Income from fixed asset investments - 215,436
Interest receivable 45,376 4,438
Profit/(loss) on ordinary activities before taxation (211,524) 507,960
Tax on profit/(loss) on ordinary activities - 7,424
Profit/(loss) for the financial year (211,524) 515,384
Dividends - (39,728)
Retained profit/(loss) for the financial year (211,524) 475,656
Basic and diluted earnings/(loss) per share (2.66)p 6.49p
Discontinued operations:
On 24 January 2001 the Company disposed of its trading subsidiary, Superframe
Limited, and its dormant subsidiary, Retail Rescue Limited.
Total recognised gains and losses:
The Company has no recognised gains or losses other than the profit or loss for
the above two financial periods.
Balance Sheet
28 February 2002 28 February 2001
(unaudited) (audited)
£ £
Fixed assets
Investments - -
Current assets
Debtors 12,838 9,484
Cash at bank and in hand 895,593 1,132,633
908,431 1,142,117
Creditors: amounts falling due within one year (33,536) (55,698)
Net current assets 874,895 1,086,419
Net assets 874,895 1,086,419
Capital and reserves
Share capital 158,913 158,913
Share premium 295,437 295,437
Profit and loss account 420,545 632,069
Total equity shareholders' funds 874,895 1,086,419
Cash Flow Statement
Year ended 14 months ended
28 February 2002 28 February 2001
(unaudited) (audited)
£ £
Net cash inflow/(outflow) from operating activities (282,416) 479,618
Returns on investments and servicing of finance
Dividends received - 215,436
Interest received 45,376 4,438
Net cash inflow from returns on investments and servicing
of finance 45,376 219,874
Taxation
Corporation tax - (7,424)
Acquisitions and disposals
Sale of subsidiary undertakings - 520,021
Net cash inflow from acquisitions and disposals
- 520,021
Equity dividends paid - (79,456)
Increase/(decrease) in cash (237,040) 1,132,633
Notes
Basis of preparation:
The preliminary results have been prepared under the historical cost convention
and in accordance with applicable accounting standards. The financial
information set out above does not comprise statutory accounts for the purpose
of section 240 of the Companies Act 1985. The information for the period ended
28 February 2001 has been extracted from the statutory accounts which carried an
unqualified audit report and did not contain any statement under section 237(2)
or (3) of the Companies Act 1985. The statutory accounts for the period ended 28
February 2001 have been delivered to the Registrar of Companies. The auditors
are expected to give an unqualified opinion on the accounts for the year ended
28 February 2002. The statutory accounts for the year ended 28 February 2002
will be delivered to the Registrar of Companies following the Annual General
Meeting.
The Company disposed of its two subsidiary undertakings, Superframe Limited and
Retail Rescue Limited, on 24 January 2001. At 28 February 2001 the Company was a
stand-alone company and was therefore not required to prepare consolidated
financial statements for the 14 month period ended 28 February 2001. The
financial information set out above relates only to the Company itself.
Earnings/(loss) per share:
The earnings/(loss) per ordinary share calculation has been based on the loss
attributable to ordinary shareholders of £211,524 (2001: profit £515,384)
divided by 7,945,638 (2001: 7,945,638), being the weighted average issued share
capital during the year. The basic and diluted earnings/(loss) per ordinary
share figures are the same.
28 June 2002
This information is provided by RNS
The company news service from the London Stock Exchange
Highway Capital (LSE:HWC)
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Highway Capital (LSE:HWC)
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