Clerkenwell Ventures PLC
("Clerkenwell Ventures" or the "Company")
31 March 2008
Unaudited Preliminary Results
The Company is pleased to announce its preliminary results for the year ended 30
September 2007. The annual report and accounts for the year ended 30 September
2007 ("Accounts") will be posted to shareholders today and will be made
available on the Company's website. A notice convening the Company's annual
general meeting at 10 am on 30 April 2008 at Suite D, 2nd Floor, 1 Lindsey
Street, London, EC1A 9HP is also included in the annual report and accounts.
Highlights:
•Net cash as at 30 September 2007 of £29.2 million (2006: £4.3 million)
•Loss before taxation for the year ended 30 September 2007 of £78,000
(2006: Profit of £51,000)
•Net assets per share as at 30 September 2007 of 35.2p (2006: 31.1p)
•Net cash today of £29.6 million
David Page, Chairman, commented:
"In line with the rationale for the Company's fundraising in September 2007,
deal flow and opportunities have increased and the Company has evaluated a
number of possible investments and acquisitions since September 2007. Valuations
across the leisure sector have been substantially impacted and vendor
expectations are adjusting to the more challenging market context. Consequently,
we have been more selective in the transactions we are pursuing and this has
lead to the Company withdrawing from several negotiations where valuations were
considered unrealistic.
We believe that the next year will present interesting opportunities to acquire
quality businesses with high growth potential at attractive prices. We also
believe that the trading environment is likely to lead to the opportunity to
make follow-on acquisitions.
Contacts:
Clerkenwell Ventures plc
David Page, Non-Executive Director 07836 346 934
Stefan Borson, Corporate Development Director 07824 638 553
Seymour Pierce Limited
David Newton / Nicola Marrin 020 7107 8000
Hogarth Partnership 020 7357 9477
Julian Walker