RNS Number:3616Z
Clerkenwell Ventures PLC
29 June 2007
Clerkenwell Ventures PLC - Unaudited Interim Results
29 June 2007
Unaudited Interim Results
for the period ended 31 March 2007
Clerkenwell Ventures PLC (Clerkenwell Ventures or the Company) announces its
interim results for the period ended 31 March 2007.
Highlights :
•Net cash as at 31 March 2007 of £4.4 million (2006: £4.3 million)
•Loss before taxation for the period ended 31 March 2007 of £31,000 (2006:
profit of £31,000)
•Net assets per share as at 31 March 2007 of 6.17p (2006: 6.19p)
David Page, Chairman, commented:
We have investigated several opportunities to acquire businesses with high
growth and consolidation potential. Given our AIM listing, experience of the
board of directors, clean balance sheet and cash balance, we offer an ideal IPO
route for small to medium sized growth companies.
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman Telephone: 07836 346934
Seymour Pierce Limited Telephone: 020 7107 8000
David Newton/Nicola Marrin
Clerkenwell Ventures PLC
Unaudited Interim Results
for the period ended 31 March 2007
Chairman's Statement
It gives me pleasure to report the interim results of Clerkenwell Ventures for
the six months ended 31 March 2007.
Acquisition strategy
Following shareholders' approval for the Company to continue its stated
acquisition strategy at the Company's AGM in March 2007, we have continued to
investigate a number of businesses which could be reversed into the Company. We
are continuing discussions with several parties and will update the market when
appropriate.
Results
Loss before taxation for the six months ended 31 March 2007 was £31,000 (2006:
profit of £31,000). As at 31 March 2007, Clerkenwell Ventures' net cash balances
amounted to £4.4 million (2006: £4.3 million).
Dividends
As described in the Company's AIM admission document dated 25 October 2004, it
is the Board's policy that prior to making the first acquisition, no dividends
will be paid. Following the first acquisition, subject to the availability of
distributable reserves, dividends will be paid to shareholders when the
Directors believe it is appropriate and prudent to do so. However, the main
focus of the Company will be in delivering capital growth for shareholders.
David Page
Non-executive Chairman
29 June 2007
Clerkenwell Ventures PLC
Unaudited Profit and Loss Account
for the period ended 31 March 2007
Notes Six Six Year
months months ended
ended ended 30 September 2006
31 March 2007 31 March 2006 Audited
Unaudited Unaudited
£'000 £'000 £'000
Administrative expenses (145) (67) (148)
Operating loss (145) (67) (148)
Net interest receivable 114 98 199
(Loss)/profit on ordinary
activities before (31) 31 51
taxation
Taxation 2 - (12) (17)
(Loss)/profit for the (31) 19 34
period
(Loss)/earnings per
share
Basic 3 (0.05p) 0.03p 0.05p
Diluted 3 (0.05p) 0.03p 0.05p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 31 March 2007
Notes As at As at As at
31 March 31 March 30 September
2007 2006 2006
Unaudited Unaudited Audited
£'000 £'000 £'000
Fixed Assets
Tangible assets 2 - -
Current Assets
Debtors 18 15 18
Cash at bank and in hand 4,429 4,327 4,345
4,447 4,342 4,363
Current Liabilities
Creditors: amounts falling due
within (197) (74) (80)
one year
Net current assets 4,250 4,268 4,283
Total assets less current 4,252 4,268 4,283
liabilities
Net assets 4,252 4,268 4,283
Capital and Reserves
Called up share capital 689 689 689
Share premium account 3,499 3,499 3,499
Profit and loss account 64 80 95
Equity shareholders' funds 4 4,252 4,268 4,283
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the period ended 31 March 2007
Notes Six Six Year
months months ended
ended ended 30 September
31 March 31 March 2006
2007 2006 Audited
Unaudited Unaudited
£'000 £'000 £'000
Net cash outflow from operating 5a (28) (69) (145)
activities
Returns on investment and servicing
of finance 114 89 192
Taxation - (13) (22)
Capital expenditure (2) - -
Cash inflow before use of liquid
resources and financing 84 7 25
Management of liquid resources 5b (84) (163) (188)
Decrease in cash in the period - (156) (163)
Reconciliation of net cash flow to movement in net funds
Notes Six Six Year
months months ended
ended ended 30 September
31 March 31 March 2006
2007 2006
Unaudited Unaudited Audited
£'000 £'000 £'000
Decrease in cash in the period - (156) (163)
Cash flow from increase in liquid 84 163 188
resources
Change in net funds 84 7 25
Net funds at beginning of period 4,345 4,320 4,320
Net funds at end of period 5c 4,429 4,327 4,345
Clerkenwell Ventures PLC
Notes to the Unaudited Interim Results
for the period ended 31 March 2007
1. Basis of preparation
The interim results have been prepared under the historical cost convention and
in accordance with applicable United Kingdom accounting standards.
2. Taxation
Six Six Year
months months ended
ended ended 30 September
31 March 31 March 2006
2007 2006 Audited
Unaudited Unaudited £'000
£'000 £'000
Based on the result for the period:
UK Corporation tax at 19% - 7 11
Under provision in earlier periods - 5 6
Total current tax - 12 17
Deferred taxation:
Origination and reversal of timing - - -
differences
Taxation payable - 12 17
3. Earnings per share
Basic earnings per share is based on the loss for the period of £31,000 (2006:
profit of £19,000) and on 68,911,145 (2005: 68,911,145) ordinary shares of 1p
each being the weighted average number of ordinary shares in issue during the
period.
Diluted earnings per share is based on the loss for the period of £31,000 (2006:
profit of £19,000) and on 68,911,145 (2006: 70,504,065) shares of 1p each being
the weighted average number of shares in issue during the period after allowing
for the dilutive effect of the conversion into ordinary shares of options
outstanding during the period.
4. Reconciliation of movements in equity shareholders' funds
Six Six Year
months months ended
ended ended 30 September
31 March 31 March 2006
2007 2006
Unaudited Unaudited Audited
£'000 £'000 £'000
(Loss)/profit for the period (31) 19 34
Total movements during the period (31) 19 34
Opening equity shareholders' funds 4,283 4,249 4,249
Closing equity shareholders' funds 4,252 4,268 4,283
5. Notes to the cash flow statement
a. Reconciliation of operating loss to net cash flow from operating
activities
Six Six Year
months months ended
ended ended 30 September
31 March 31 March 2006
2007 2006 Audited
Unaudited Unaudited £'000
£'000 £'000
Operating loss (145) (67) (148)
Decrease/(increase) in debtors - 3 (2)
Increase/(decrease) in creditors 117 (5) 5
Net cash outflow from operating (28) (69) (145)
activities
b. Management of liquid resources
Six Six Year
months months ended
ended ended 30 September
31 March 31 March 2006
2007 2006 Audited
Unaudited Unaudited
£'000 £'000 £'000
Increase in short term deposits 84 163 (188)
c. Analysis of net funds
As at Cash flow As at
30 September Unaudited 31 March
2006 £'000 2007
Audited Unaudited
£'000 £'000
Cash in hand and at bank 1 - 1
Short term deposit 4,344 84 4,428
Net funds 4,345 84 4,429
Cash at bank and in hand of £4,429,000 (31 March 2006: £4,327,000, 30 September
2006: £4,345,000) on the Company's balance sheet includes short term deposits of
£4,428,000 (31 March 2006: £4,319,000, 30 September 2006: £4,344,000) which are
not classified as cash under FRS1 for the purposes of the cash flow statement.
6. Interim financial statements
The financial information set out in this interim announcement does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985. The figures for the period ended 30 September 2006 are based upon the
latest statutory accounts, which have been delivered to the Registrar of
Companies, the report of the auditors on those accounts was unqualified and did
not contain a statement under Section 237(2) or (3) of the Companies Act 1985.
The six months figures use the same accounting policies as for the period ended
30 September 2006, and have not been audited or subject to review by the
Company's auditors.