Ovidia Investments Announcements
Interim Results
26 September 2008 07:00:06
RNS Number : 3732E Ovidia Investments PLC 25 September 2008
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For immediate release 25 September 2008
OVIDIA INVESTMENTS PLC
Unaudited interim accounts for the six months ended 30 June 2008
CHAIRMAN’S STATEMENT
Results
The accounts for the period to 30 June 2008 show a £78,000; loss per share was 0.32p per share.
Outlook and Acquisitions
We are now in a position to enhance shareholder value by acquisitions which we have under active development. We consider that the funds raised under the share placing will be adequate to meet our ongoing operating expenses.
Contact:
Ovidia Investments plc
Nigel Weller, Director 07769 906 906
Beaumont Cornish Limited
Roland Cornish 020 7628 3396
Ovidia Investments PLC
Group Income Statement
for the Six months ended 30 June 2008
Note
Six months to 30 June 2008 Unaudited
Six months 30 June 2007 Unaudited
Year ended
31 December
2007
Audited
£'000s
£'000s
£'000s
Continuing operations
Revenue
-
-
-
Cost of Sales
-
-
-
Gross Profit
-
-
-
Distribution expenses
(34)
-
-
Administrative expenses
(44)
(4)
(100)
Exceptional profit/(loss)
-
2,812
2,805
Operating Profit/(Loss)
(78)
2,808
2,705
Investment revenues
-
-
-
Finance costs
-
-
-
Profit/(loss) before tax
(78)
2,808
2,705
Income tax charges
-
-
-
Profit/(Loss) for the period from continuing
operations attributable to shareholders
£(78)
£2,808
£2,705
Loss per share (Before exceptional item):
From continuing operations:
Basic and diluted (before exceptional item)
2
(0.32p)
(0.19p)
(1.12p)
The company’s turnover and operating loss arise from continuing operations.
There were no recognised gains or losses other than those recognised in the income statement above.
Ovidia Investments PLC
Group Balance Sheet as at 30 June 2008
As at
30 June 2008
Unaudited
As at
30 June 2007
Unaudited
As at
31 December 2007
Audited
£'000s
£'000s
£'000s
Assets
Current assets
Trade and other receivables
57
70
18
Cash and cash equivalents
-
-
-
57
70
18
Total assets
57
70
18
Equity and liabilities
Capital and reserves
Share capital
9,064
9,045
9,048
Capital Reserves
5,272
5,148
5,171
Retained earnings
(14,339)
(14,158)
(14,261)
Total equity
(3)
35
(42)
Current liabilities
Trade and other payables
60
35
60
60
35
60
Total liabilities
60
35
60
Total equity and liabilities
£57
£70
£18
Ovidia Investments PLC
Group Cash Flow Statement
For the Six months ended 30 June 2007
Six months to 30 June 2008 Unaudited
Six months to 30 June 2007 Unaudited
Year ended 31 December 2007
Audited
Note
£’000
£’000
£’000
Operating activities
3
(77)
(150)
267
Investing activities
Interest received
-
-
-
Interest paid
-
-
-
Purchases of plant and equipment
-
-
-
-
-
-
Financing activities
Proceeds on issue of shares
77
-
70
Repayment of loans
-
-
-
77
-
70
Net cash inflow/(outflow)
-
(150)
337
Cash and cash equivalents at the beginning of the period
-
150
(337)
Bank balances and cash
-
-
-
Consolidated statement of changes in equity
As at
30 June 2008
As at
30 June 2007
As at
31 December 2007
£'000s
£'000s
£'000s
As at beginning of period
(42)
(2,865)
(2,847)
Surplus/(Deficit) for the period
(78)
2,808
2,705
Issue of share capital net of expenses
117
74
100
Pre-acquisition losses of former subsidiaries
-
18
-
As at end of period
(3)
35
(42)
Ovidia Investments PLC
Notes to the Interim Report
1. Significant Accounting Policies
These interim accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles and using the accounting policies which are consistent with those set out in the Company Annual Report and Accounts for the year ended 31 December 2007.
This interim report for the six months to 30 June 2008, which complies with IAS34, was approved by the Board on 25 September 2008.
2. Loss per Share
Six months to
30 June 2008
Six months to
30 June 2007
Year ended 31 December 2007
Earnings per ordinary shares
Basic and diluted (pre-exceptional item)
(0.32p)
(0.19p)
(1.22p)
The loss per ordinary share is based on the company’s loss for the period of £78,000 ( 30 June 2007 – loss £4,000; 31 December 2007 - loss £100,000) and a basic and diluted weighted average number of shares in issue of 24,135,792 (30 June 2007 – 2,150,039; 31 December 2007 – 8,892,962).
3. Reconciliation of operating loss to net cash outflow from operating activities.
Six months to
30 June 2008
Six months
30 June 2007
Year ended
31 December 2007
£’000s
£’000s
£’000s
Loss for the period
(78)
(4)
(99)
Adjustments for :
CVA Settlement
-
-
2,805
(Increase)/Decrease in receivables
(39)
364
(18)
Increase/(decrease) in payables
40
(510)
(2,421)
Net cash from operating activities
(77)
(150)
267
4. Called up Share Capital
The issued share capital as at 31 December 2007, per the audited accounts was 15,992,535 Ordinary Shares of 0.1p each.
On 28 March 2008 5,333,333 ordinary shares of 0.1p each were issued in satisfaction of a short term loan made to the company and 10,266,667 ordinary shares of 0.1p each were placed, both issued at 0.75p per share.
5. The unaudited results for period ended 30 June 2008 do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 31 December 2007 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain statements under Section 237(2) or (3) of the Companies Act 1985.
6. Copies of this interim statement are available from the Company at its registered office at Finsgate,
5-7 Cranwood Street, London EC1V 9EE and on the website www.investments-plc.co.uk.
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