Half-yearly Report
12 9월 2008 - 8:42PM
UK Regulatory
12 September 2008
REGENESIS GROUP PLC
("Regenesis" or "the Company")
Half-yearly results for the six months ended 30 June 2008
CHAIRMAN'S STATEMENT
I am pleased to provide the Company's unaudited interim results for the six
months ended 30 June 2008.
Introduction
This period represented the onset of the widely reported credit crunch, during
which time the level of enquiries for new lending was high for both the
industry and for the group. During the period under review, the Company did not
aggressively pursue it's internal targets due to the deteriorating economic
backdrop and consequently, , the group's loan portfolio performed below
expectations.
Financial Performance
Group turnover (i.e. interest receivable from the loan portfolio) for the six
months ended 30 June 2008 was �117,000 and resulting gross profit was �88,000.
After operating costs, the group loss before taxation was �24,000 (2007: �
336,000) representing a loss per share of 0.04p (2007: loss 0.57p). Net assets
as at 30 June 2008 stood at �357,000. The Directors are not declaring an
interim dividend for the period.
Outlook
Since the period end, the Directors have reflected on the disproportionate
level of central and plc overhead versus the capital available to the Company
and had proposed to shareholders a de-listing of the group's shares to
rebalance the group's expense ratios more appropriately.
After the circular containing the notice of general meeting was circulated to
Shareholders, the Company received an approach to inject further funds into the
Company, conditional upon the Company remaining on the AIM Market. On 29 August
2008, the Company announced that it had placed 12.5 million shares with
Merchant Corporate Limited ("Merchant Corporate") at a price of 0.5p per share.
Merchant Corporate agreed to advance in convertible loan of �60,000 and a
further �127,500 once two individuals, nominated by Merchant Corporate and
acceptable to the Board, are appointed directors of the Company.
Further since the period end, John Barnacle has retired from the board, leaving
the group with a legacy of first class systems and professional relationships
which the group will use as a platform for the continued development of the
business and I thank John for devoting his time to the group most recently.
Whilst trading remains challenging in the current market, I am confident that
our ability to develop and adapt our strategy whilst largely protecting our
capital base will ultimately reward shareholders.
M J Duschenes
Chairman
12 September 2008
Further enquiries:
Regenesis Group plc Tel: 0161 929 4969
Marc Duschenes
John East & Partners Limited Tel: 020 7628 2200
David Worlidge
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 2008 30 June 2007 2007
Notes �'000 �'000 �'000
Continuing operations
Revenue 117 19 106
Interest payable (18) - (5)
Other cost of sales (11) (7) (58)
Gross profit 88 12 43
Administration expenses (116) (364) (477)
Operating loss before (28) (352) (434)
financing costs
Finance income 4 16 21
Loss before tax (24) (336) (413)
Income tax - - -
Loss for the period (24) (336) (413)
Attributable to equity
holders of parent (24) (336) (413)
Loss per share
from continuing operations - 3 (0.04)p (0.57)p (0.70)p
basic and fully diluted
There were no gains and losses for the year other than those shown above in the
Consolidated Income Statement.
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2008
Unaudited Unaudited Audited
30 June 30 June 31 December
2008 2007 2007
Notes �'000 �'000 �'000
Assets
Current assets
Loans and advances to 870 793 388
customers
Other receivables 13 - 4
Cash on hand and balances with 28 52 368
banks
Total assets 911 845 760
Liabilities
Current liabilities
Interest bearing loans and 4 (465) (250) (279)
borrowings
Trade and other payables (89) (148) (100)
Total liabilities (554) (398) (379)
Total net assets 357 447 381
Equity
Issued capital 993 993 993
Share premium 1,538 1,538 1,538
Share option reserve 16 5 16
Retained earnings (2,190) (2,089) (2,166)
Total equity 357 447 381
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2007
2008 2007
�'000 �'000 �'000
Operating activities
Net loss from ordinary (24) (336) (413)
activities
Adjustments for:
Increase in trade and other (491) (784) (383)
receivables
(Decrease)/Increase in trade (11) 133 85
and other payables
Equity-settled share-based - 20 31
payment expenses
Cash absorbed from (526) (967) (680)
operations
Income tax paid - - -
Cash flows from operating (526) (967) (680)
activities
Net cash flows from - - -
investing activities
Proceeds from issue of share - 29 29
capital
Increase in borrowings 186 250 279
Net cash from financing 186 279 308
activities
Net reduction in cash and (340) (688) (372)
cash equivalents
Cash and cash equivalents at 368 740 740
1 January
Cash and cash equivalents at 28 52 368
30 June
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 2008 30 June 2007 2007
�'000 �'000 �'000
Shareholders' equity brought 381 734 734
forward
Loss for the period (24) (336) (413)
New share capital issued - 29 29
Share-based payments - 20 31
Total movement in (24) (287) (353)
shareholders' equity
Shareholders' equity carried 357 447 381
forward
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2008
1 CORPORATE INFORMATION
This interim financial information, which was approved by the Board of
Directors on 12 September 2008, 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 2008 has been prepared under
IFRS. 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 2007.
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 2007.
3 LOSS PER SHARE
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 2008 30 June 2007 2007
�'000 �'000 �'000
Loss for the period (24) (336) (413)
Weighted average number of 59,764,613 58,683,156 59,223,505
ordinary shares
Loss per ordinary share- (0.04)p (0.57)p (0.70)p
basic and fully diluted
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.
4 BORROWINGS
During the period the group entered into a short-term loan with one of its
directors, J D Barnacle, for an amount of �10,000. The loan, which was repaid
in May 2008, accrued interest at the rate of 1.25 per cent. per month or part
thereof, was unsecured and had no fixed repayment term. The proceeds were used
to underwrite a short-term asset-backed loan to one of the Group's customers.
During the period the group's facility agreement with Yorkshire Bank plc for
the provision of a lending facility of up to �8,000,000 for the purpose of
advancing individual short-term bridging finance loans to customers of the
group was scheduled for review. In proposing renewal terms, the Company's
bankers have tightened the conditions and covenants that were contained in the
original facilities. The Directors have examined these carefully and reached
the conclusion that they will constrain the ability of the Company to undertake
new business and were unlikely to be varied significantly by negotiation. The
offer of renewal was therefore declined. The Directors intend to repay the
group's existing bank loans on redemption of the current loan book.
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
Regenesis (LSE:RGN)
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