XPH X-Phonics

 

TIDMXPH 
 
RNS Number : 3151T 
X-Phonics plc 
27 September 2010 
 

                                 X-PHONICS PLC 
                         ("X-Phonics" or the "Company") 
 
             Interim Statement for the period ended 31st March 2010 
 
CHAIRMAN'S STATEMENT 
 
I present the financial statements for the six months to 31st March 2010. 
 
Over the last six months we have continued to seek alternative opportunities 
that could make use of the company's infrastructure and listing on AIM in market 
sectors where there is scale, growth and a revenue model that is better suited 
to a public market. 
 
Having looked at a number of possible opportunities I am pleased to be able to 
tell you that the Company announced on 3rd September proposals for a proposed 
investment through Verdes Management Limited ("VML") to raise GBP141,000 in 
aggregate (before expenses), Board changes and a strategic change in business 
direction for the Company conditional upon a share reorganisation and 
shareholders' approval in general meeting. 
 
The investing policy of the Group (subject to shareholders' approval) will be to 
pursue a new strategic business direction as a turnaround advisory business 
offering services to stakeholders, as well as seeking investment opportunities 
in UK public companies in need of restructuring. 
 
The net proceeds of the fundraising through VML will provide short term working 
capital to allow the Company to commence business, and progress the proposed 
recruitment of an established turnaround team (where discussions are currently 
at an advanced stage).  It is intended that there will be a more substantial 
fundraising in due course. 
 
I hope to be able to report progress upon this matter in due course. 
 
Robin Davies 
Chairman 
27 September 2010 
 
+--------------------------------------------+-------------------------+ 
| Contacts:                                  |                         | 
+--------------------------------------------+-------------------------+ 
|                                            |                         | 
+--------------------------------------------+-------------------------+ 
| X-Phonics plc                              | www.xphonicsgroup.co.uk | 
+--------------------------------------------+-------------------------+ 
| Mike Hosie, Finance Director               |         +44 (0) 208 987 | 
|                                            |                    0800 | 
+--------------------------------------------+-------------------------+ 
|                                            |                         | 
+--------------------------------------------+-------------------------+ 
| WH Ireland Limited                         |    www.wh-ireland.co.uk | 
+--------------------------------------------+-------------------------+ 
| John Wakefield / Marc Davies               |         +44 (0) 117 945 | 
|                                            |                    3470 | 
+--------------------------------------------+-------------------------+ 
 
X-Phonics plc 
Consolidated Income Statement for six months ended 31st March 2010 
 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       | Note |  6 months   |          |      6      |          |   Year    | 
|                       |      |    ended    |          |   months    |          |  ended    | 
|                       |      |  31 March   |          |    ended    |          |    30     | 
|                       |      |    2010     |          |     31      |          |September  | 
|                       |      |             |          |    March    |          |   2009    | 
|                       |      |             |          |    2009     |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |(unaudited)  |          |(unaudited)  |          |(audited)  | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |    GBP      |          |    GBP      |          |    GBP    | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Revenue               |      |      34,364 |          |      67,712 |          |    94,066 | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Cost of Sales         |      |           - |          |    (24,134) |          |  (37,194) | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Gross Profit          |      |      34,364 |          |      43,578 |          |    56,872 | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Administrative        |      |    (50,432) |          |    (82,077) |          | (154,722) | 
| expenses              |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Operating Loss        |      |    (16,068) |          |    (38,499) |          |  (97,850) | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Finance income        |      |           - |          |           1 |          |        47 | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Finance costs         |      |       (218) |          |       (221) |          |     (546) | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Loss on ordinary      |      |    (16,286) |          |    (38,719) |          |  (98,349) | 
| activities before     |      |             |          |             |          |           | 
| taxation              |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Income tax expense    |      |           - |          |           - |          |         - | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Loss for the period   |      |    (16,286) |          |    (38,719) |          |  (98,349) | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Loss per share        |      |             |          |             |          |           | 
| attributable to the   |      |             |          |             |          |           | 
| equity holders of the |      |             |          |             |          |           | 
| company:              |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Basic loss per        | 3.   |       (0.03 |          |       (0.06 |          |     (0.15 | 
| ordinary share        |      |      pence) |          |      pence) |          |    pence) | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
| Diluted loss per      | 3.   |       (0.03 |          |       (0.06 |          |     (0.15 | 
| ordinary share        |      |      pence) |          |      pence) |          |    pence) | 
+-----------------------+------+-------------+----------+-------------+----------+-----------+ 
|                       |      |             |          |             |          |           | 

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