Half-yearly Report
29 9월 2007 - 1:44AM
UK Regulatory
For release on 28 September 2007
Regenesis Group plc
("Regenesis" or "the Company")
Interim Results for the six months ended 30 June 2007
Chairman's Statement
Introduction
I am pleased to present the 2007 interim report for the six month period ended
30 June 2007.
Results
The loss on ordinary activities for the interim period amounted to �336,000,
much of which relates to arranging and implementing the change in the Company's
investment strategy. The loss per share is 0.57 pence and no dividend is
recommended.
Background
On 2 April 2007, shareholders approved a change in the Company's investment
strategy to that of providing short-term asset finance, including short-term
real estate finance. The Company also changed its name from Poly Information
plc to Regenesis Group plc.
Operations
I am pleased to report that the Company made its first loan in May 2007 at a
highly profitable gross margin. This has been funded from the Company's own
cash resources and an unsecured loan of �250,000 made by me to the Company.
A substantial proportion of the Company's expenses for the period related to
the fees associated with the issue of the admission document and the on-going
costs of being a quoted company. In order to conserve cash, each of the
Directors has accepted a halving of their salary pending the business becoming
firmly established, in order to assist the Company's performance. However, each
Director is later entitled to an annual bonus which is equal to his varied
director's fee or salary subject to and conditional upon the Company having
sufficient cash to pay the bonus having regard to the working capital
requirements of the Company.
Trading Update
I am pleased to report that since the half-year end, the company's loan book
has continued to perform, and that additional loan facilities to customers have
been agreed, taking the aggregate book exposure to in excess of �2m. The
Group's senior facilities with Yorkshire Bank continue to be available despite
a more difficult lending backdrop. The company's total lending capacity is now
almost at 100 per cent and we are examining our options to provide further
capital to the Group to facilitate our continued expansion.
Prior to re-admission, AIM Regulation advised the Company that it had to meet
certain requirements in order to demonstrate that it had substantially
implemented its new strategy during the first six months following the
re-admission of its shares to AIM. The directors believe that they have met the
requirements, but unless AIM Regulation confirms this by 15 October 2007, the
Company's shares will be suspended from trading on AIM until AIM Regulation is
satisfied that the requirements have been met.
Marc Duschenes
28 September 2007
Further enquiries:
Regenesis Group plc Tel: 0161 929 5088
John Barnacle
John East & Partners Limited Tel: 020 7628 2200
David Worlidge
Consolidated Income Statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended
ended
30 June 30 June
2006 31 December
2007 2006
Notes �'000 �'000 �'000
Continuing operations
Revenue 19 - -
Cost of sales (7) - -
Gross profit 12 - -
Loss on disposal of subsidiary - (32) (32)
Administration Expenses (364) (94) (147)
Operating loss before financing (352) (126) (179)
costs
Finance income 16 5 12
Loss before tax (336) (121) (167)
Income tax - - -
Loss for the period (336) (121) (167)
Attributable to equity holders (336) (121) (167)
of parent
Loss per share
from continuing operations - 3 (0.57)p (0.31)p (0.40)p
basic
For the six months ended 30 June 2007
There were no gains and losses for the year other than those shown above in the
profit and loss account.
Consolidated Balance Sheet
At 30 June 2007
Unaudited Unaudited Audited
30 June 30 June 31 December
2006
2007 2006
�'000 �'000 �'000
Assets
Current assets
Trade and other receivables 793 5 9
Cash and cash equivalents 52 301 740
Total assets 845 306 749
Liabilities
Current liabilities
Interest bearing loans and 250 - -
borrowings
Trade and other payables 148 44 15
Total liabilities 398 44 15
Total net assets 447 262 734
Equity
Issued capital 993 988 992
Share premium 1,538 981 1,495
Share option reserve 5 - -
Retained earnings (2,089) (1,707) (1,753)
Total equity 447 262 734
Consolidated Cash Flow Statement
For the six months ended 30 June 2007
Unaudited Unaudited Audited
Six months Six months Year
ended
ended ended
30 June
30 June 2006 31 December
2006
2007
�'000 �'000 �'000
Operating activities
Net loss from ordinary activities (336) (121) (167)
Adjustments for:
Decrease/(increase) in trade and (784) 9 5
other receivables
Increase/(decrease) in trade and 133 23 (6)
other payables
Equity-settled share-based payment 20 - -
expenses
Loss on sale of fixed asset - 32 32
investment
Cash generated from operations (967) (57) (136)
Income tax paid - - -
Cash flows from operating (967) (57) (136)
activities
Investing activities
Purchase of and loans to fixed - (112) (112)
asset investments
Sale of fixed asset investments - 80 80
Net cash used in investing - (32) (32)
activities
Proceeds from issue of share 29 - 518
capital
Increase in borrowings 250 - -
Net cash from financing activities 279 - 518
Net (reduction)/increase in cash (688) (89) 350
and cash equivalents
Cash and cash equivalents at 1 740 390 390
January
Cash and cash equivalents at 30 52 301 740
June
Consolidated Statement of Changes in Equity
Unaudited Unaudited Audited
Six months Six months Year
ended ended
ended
30 June 30 June
31 December
2007 2006
2006
�'000 �'000 �'000
Shareholders' equity brought 734 383 383
forward
Loss for the period (336) (121) (167)
New share capital issued 29 - 544
Share issue costs - - (26)
Share-based payments 20 - -
Total movement in shareholders' (287) (121) 351
equity
Shareholders' equity carried 447 262 734
forward
Notes to the Financial Statements
For the six months ended 30 June 2007
1. Corporate Information
This interim financial information, which was approved by the Board of
Directors on 11 September 2007, does not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985. The financial information
presented in this document is unaudited.
Regenesis Group plc is a limited company incorporated and domiciled in England
whose shares are publicly quoted and traded on AIM and traded on PLUS Markets.
2. Basis of Preparation and Accounting Policies
This interim report for the six months to 30 June 2007 is the first interim
report under IFRS and the first Annual Report under IFRS will be the Annual
Report and Accounts for the year to 31 December 2007. The interim report is
unaudited and has been prepared on the basis of accounting policies set out in
the accounts for the year to 31 December 2006 amended where necessary to comply
with IFRS. There are no material differences to the principal accounting
policies arising from the adoption of IFRS and accordingly the differences
relate to presentation only. New accounting policies are disclosed below:
a. Turnover represents interest on loans and advances to customers, which
accrues on a monthly basis (or part thereof) according to the balance on
the account and is credited to income in the period to which it relates.
The figures shown for the year to 31 December 2006 are based on the Company's
statutory accounts for that period, restated for IFRS, though as noted above
there are no material changes from this restatement. The statutory accounts,
which were prepared under UK Generally Accepted Accounting Principles ("UK
GAAP"), received an unqualified audit report and have been filed with the
Registrar of Companies.
The interim consolidated financial statements do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Company's annual financial statements as
at 31 December 2006.
The figures shown for the period to 30 June 2006 and 31 December 2006 are for
the Company only as no subsidiary was owned at either balance sheet date. The
figures shown for the period to 30 June 2006 are re-stated to reflect this as
they had previously been presented in consolidated form.
3. Loss per share
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
�'000 �'000 �'000
Loss for the period (336) (121) (167)
Weighted average number of ordinary 58,683,156 39,523,704 41,663,156
shares
Loss per ordinary share - basic (0.57)p (0.31)p (0.40)p
Given the loss for the year, no fully diluted loss per ordinary share is
disclosed. The deferred shares have not been included in the loss per share
calculation as they have no voting rights and have negligible rights as to
dividends and on a return of capital. The weighted average number of shares for
the period ended 30 June 2006 and 31 December 2006 has been restated to reflect
the share consolidation carried out in April 2007.
4. Dividends
No dividends have been declared for the six months ended 30 June 2007.
5. Copies of the Interim Results
Copies of the Interim results will be available to members of the public from
the Company's registered office, Richmond House, Heath Road, Hale, Altrincham,
Cheshire WA14 2XP and on the Company's website www.regenesisgroup.co.uk
END
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