Interim Results
31 3월 2008 - 4:01PM
UK Regulatory
RNS Number:0860R
Trochus PLC
31 March 2008
31 March 2008
Trochus plc
Interim Results for the Six Months Ended 31 December 2007
Trochus plc ("the Company"), an investing company, is pleased to announce its
unaudited results for the six months ended 31 December 2007.
Financial Overview
Costs have been restricted to the absolute minimum necessary to maintain our AIM
listing whilst we actively seek a new acquisition opportunity.
As noted in the financial statements for the year ended 30 June 2007, on 10 July
2007 the Company's issued deferred shares and share premium account were
cancelled leaving the Company with an issued ordinary share capital of �166,000
and a positive profit and loss account. This re-structuring did not affect the
overall net asset position of the Company.
Acquisition search
The Company announced on 31 October 2007 that it was in discussions concerning a
corporate transaction. Following further due diligence and negotiations with the
target company, the Board has decided to discontinue these discussions.
The Board is now considering its options and will report to shareholders prior
to 30 April 2008.
IFRS
The results which follow are prepared for the first time in accordance with
International Reporting Standards (IFRS).
David Gration
Executive Chairman
31 March 2008
For more information please contact:
David Gration, Executive Chairman
Trochus plc Telephone: 077689 38181
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2007
Six months Six months Year to
to 31 December to 31 December 30 June
2007 2006 2007
�000 �000 �000
Revenue - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses - - -
Operating profit - - -
Investment revenue 10 15 25
Profit on ordinary activities 10 15 25
before taxation
Taxation - - -
Profit on continuing activities 10 15 25
Loss for the period on discontinued (68) (809) (919)
operations after taxation
Loss for the period (58) (794) (894)
Basic earnings per share - 0.60p 0.91p 1.51p
continuing operations
Diluted earnings per share - 0.60p 0.91p 1.51p
continuing operations
Basic loss per share - continuing 3.47p 47.92p 53.94p
and discontinued operations
Diluted loss per share - continuing 3.47p 47.92p 53.94p
and discontinued operations
There are no recognised gains or losses other than the loss for the period.
The comparative figures for loss per share for the period ended 31 December 2006
have been adjusted to reflect the consolidation of 1p ordinary shares to 10p
ordinary shares in the year ended 30 June 2007.
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2007
31 December 31 December 30 June
2007 2006 2007
�000 �000 �000
Current assets
Trade and other receivables 25 17 23
Cash and cash equivalents 367 473 421
Total assets 392 490 444
Current liabilities
Trade and other payables (85) (34) (88)
Net current assets 307 456 356
Net assets 307 456 356
Equity
Share capital 169 2,253 2,253
Share premium account 6 4,274 4,274
Retained profits/(losses) 132 (6,071) (6,171)
Shareholders' funds 307 456 356
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share premium Retained
Share capital account profit Total
�000 �000 �000 �000
Balance at 1 July 2007 2,253 4,274 (6,171) 356
Capital restructuring (2,087) (4,274) 6,361 -
166 - 190 356
Loss for the period - - (58) (58)
Issue of shares 3 6 - 9
Balance at 31 December 2007 169 6 132 307
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2007
Six Six Year
months months to
to 31 to 31 30 June
December December
2007 2006 2007
�000 �000 �000
Net cash flow used in operations (64) (434) (496)
Investing activities
Interest received 10 15 25
Purchase of property, plant & equipment - (5) (5)
Net cash flow from investing activities 10 10 20
Financing activities
Repayments of obligations under finance leases - (4) (4)
Net cash flow used in financing activities - (4) (4)
Decrease in cash (54) (428) (480)
Cash and cash equivalents at the beginning of 421 901 901
the period
Cash and cash equivalents at the end of the 367 473 421
period
NOTES TO THE INTERIM STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2007
1. Accounting policies
a) Basis of preparation
The interim financial statements of Trochus plc are for the six months ended 31
December 2007.
These interim financial statements are prepared using the IFRS accounting
policies (including IAS) and interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC") that are expected to be
applicable for the full reporting year ending 30 June 2008. These remain
subject to ongoing amendment and/or interpretation and are therefore subject to
possible change. Consequently information included in these interim financial
statements may need updating for any subsequent amendments to IFRS required for
first time adoption, or for new standards that the Group may elect to adopt
early.
Previously the Group's financial statements were prepared in accordance with UK
Generally Accepted Accounting Practice (UK GAAP). The principal accounting
policies previously adopted are explained in the Group's last UK GAAP Annual
Report for the year ended 30 June 2007. The principal accounting policies under
IFRS are not materially different with those adopted under UK GAAP.
b) Comparatives
The comparative figures for the year ended 30 June 2007 do not constitute
statutory accounts within the meaning of S.240 of the Companies Act 1995, but
they have been derived from the audited financial statements for that year,
which have been filed with the Registrar of Companies. The report of the
auditors was unqualified and did not contain a statement under section 237 (2)
or (3) of the Companies Act 1985.
c) Transition to IFRS
Trochus plc's transition date for the adoption of IFRS is 1 July 2006.
The Company has not taken advantage of any of the IFRS 1 First Time adoption
exemptions.
d) Impacts of International Financial Reporting Standards
The impact of IFRS on the financial statements of Trochus plc is limited to
format and disclosure. There are no measurement differences arising on the
adoption of IFRS on the income statement for the periods ending 31 December 2006
and 30 June 2007 and on shareholders' equity as at 1 July 2006, 31 December 2006
and 30 June 2007.
The cash flow statements for the periods ended 31 December 2006 and 30 June 2007
as presented in the interim financial information have been subject to a number
of presentational adjustments following the transition to IFRS. There is no
impact in the net increase in cash and cash equivalents for each period as
reported under IFRS compared with that originally reported under UK GAAP.
2. Loss on discontinued operations
The discontinued operations relate to the business of Trochus plc's former
subsidiary, SRS Technology Limited, which was sold on 30 October 2006, and to
the subsequent activity as an investing company.
Six months Six months Year to
to 31 December to 31 December 30 June
2007 2006 2006
�000 �000 �000
Revenue - 349 349
Operating loss attributable to (68) (290) (400)
discontinued operations
Attributable tax charge - - -
Loss on sale of discontinued - (519) (519)
operations
Loss on discontinued operations (68) (809) (919)
before taxation
Attributable tax charge - - -
Loss on discontinued operations (68) (809) (919)
There was no tax charge attributable for the loss on sale of the discontinued operations.
3. Earnings and loss per share
Six Six Year to
months months
To 31 December to 31 December 30 June
2007 2006 2007
Weighted average number of ordinary shares in issue 1,672,892 1,656,961 1,657,452
Profit on continuing activities (�000) 10 15 25
Basic earnings per share - continuing operations (pence) 0.60p 0.91p 1.51p
Diluted earnings per share - continuing operations (pence) 0.60p 0.91p 1.51p
Loss on continuing and discontinued activities (�000) (58) (794) (894)
Basic loss per share - continuing and discontinued operations (pence) 3.47p 47.92p 53.94p
Diluted loss per share - continuing and discontinued operations (pence) 3.47p 47.92p 53.94p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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