Interim results for the six months ended 31 July 2010
29 Ottobre 2010 - 8:00AM
UK Regulatory
TIDMCRO
For immediate release: 29 October 2010
Creon Corporation Plc
Interim results for the six months ended 31 July 2010
Creon Corporation Plc (AIM: CRO) today announces its interim results for the
six months ended 31 July 2010.
DIRECTORS' REPORT
Introduction
I am pleased to present these interim results of Creon Corporation Plc
("Creon", the "Group", or the "Company") for the six months ended 31 July 2010
to shareholders.
Operations
The Company's shareholders approved a broader investment strategy for the Group
at the Company's annual general meeting held in July this year. Accordingly,
the Group's investment policy allows investments in private companies, publicly
quoted companies and partnerships without the constraint of having to be
restricted to any particular industry sector. The Company will primarily focus
on European based businesses but will also consider investments in other
geographical areas if appropriate. The Group will not seek to limit the size of
the investment or the size of the entities in which it invests.
The Group's investment strategy does not limit the number of investments that
the Company can make, however it is envisaged that the total number of
investments at any given time will not exceed 50 investments. The Group does
not envisage at this stage gearing its investments but may consider doing so in
the future. The Board is currently reviewing a number of investment
opportunities and anticipates making an investment during the course of the
next 12 months.
The Group plans to identify its investments through the extensive network of
contacts of the Board and the Group's financial advisers and consultants. Once
potential investments have been identified, the Board will evaluate them on the
basis of research prepared and presented to the Board by its financial advisers
and consultants. The Board believes that this investment policy will help
maintain the Group's low cost base whilst having the potential to deliver
improved returns for shareholders.
Financial review
The Group recorded a loss during the period under review of GBP50,000, a material
reduction from the GBP96,000 loss recorded in the corresponding period in 2009.
Loss per share for the period was 0.11p (H1 2009: 0.22p). This reduction was
primarily due to the board's tight control of costs during the period, whilst
at the same time managing to review investment opportunities.
The Group's net assets at the period end of GBP446,000 remain weighted towards
the investment in the unquoted 7% preference share which is not due for
repayment until 2013. At the balance sheet date, the Group also had a
performing commercial loan outstanding of GBP97,000, which is not due for
repayment until July 2011. GBP13,000 of this loan was repaid by the borrower
during period, together with interest due.
Outlook
The Directors and their advisers are continuing to review and evaluate
investment projects and are hopeful of being able to complete on a material
transaction in during the course of 2011. Any transaction would require the
need to raise further equity for investment from existing and potentially new
shareholders.
CREON CORPORATION PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 July 2010
6 months ended 6 months ended 12 months ended
Note 31.7.10 31.7.09 31.1.10
GBP'000 GBP'000 GBP'000
Revenue - 4 4
Cost of Sales 10 (10) (15)
______ ______ ______
Gross profit / (loss) 10 (6) (11)
Administrative expenses (67) (101) (152)
______ ______ ______
Loss from operations (57) (107) (163)
Financial income 7 11 18
Financial expense - - (2)
______ ______ ______
Loss on ordinary (50) (96) (147)
activities before
taxation
Tax on (loss) on - - -
ordinary activities
______ ______ ______
Loss on ordinary (50) (96) (147)
activities after
taxation
______ ______ ______
Loss per share 1 (0.11)p (0.22)p (0.33)p
Consolidated unaudited statement of financial position
As at As at As at
31.7.10 31.7.09 31.1.10
GBP'000 GBP'000 GBP'000
Note
Assets:
Non Current Assets
Investment properties - 335 -
Investment in unquoted 2 400 400 400
preference shares
_____ _____ _____
400 735 400
Current Assets
Investments in quoted shares 6 6 6
Loans receivable 3 97 135 110
Other receivables 31 22 22
Cash and cash equivalents 3 - 16
_____ ____ ____
137 163 154
Total Assets 537 898 554
Liabilities:
Current Liabilities
Trade and other payables (91) (101) (58)
Interest bearing loan - (250) -
____ ____ ____
Total Liabilities (91) (351) (58)
Net Assets 446 547 496
Capital and Reserves
Called up equity share 440 440 440
capital
Share premium account 3,816 3,816 3,816
Retained earnings (3,810) (3,709) (3,760)
____ ____ ____
Total Equity 446 547 496
Unaudited consolidated cash flow statement
6 months 6 months 12 months
ended ended ended
31.7.10 31.7.09 31.1.10
GBP'000 GBP'000 GBP'000
Reconciliation of operating profit to net
cash flow from operating activities
Loss for the period / year before tax (50) (96) (147)
Adjustments for:
Finance cost - - 2
Investment income (7) (11) (18)
Impairment of investment - 13 13
Change in receivables 4 219 219
Change in payables 33 (3) (46)
____ ____ ____
Cash flows from operating activities (20) 122 23
Interest received 7 11 18
____ ____ ____
7 11 18
Investing activities
Loans made net of repayments - (135) (110)
Interest paid - - (2)
____ ____ ____
Net cash used in investing activities - (135) (112)
Financing activities
(Repayment) of bank borrowings - - (250)
Sale of investment properties - - 335
____ ____ ____
Net cash from financing activities - - 85
Net (decrease) in cash and equivalents (13) (2) 14
Cash and equivalents at beginning of year 16 2 2
Cash and equivalents at end of year 3 - 16
NOTES TO THE INTERIM ACCOUNTS
1. Loss per share
The basic and diluted loss per share for the period ended 31 July 2010 was
0.11p. The calculation of loss per share is based on the loss of GBP50,000 for
the period ended 31 July 2009 and the weighted average number of shares in
issue during the period of 43,990,545.
2. Investment in unquoted preference shares
The investment in unquoted preference shares represents 400,000 GBP1 non-voting
redeemable preference share held in Pinnacle Plus Limited ("Pinnacle"). The
preference shares accrue interest at an annual rate of 7.0 per cent., payable
on the date of redemption, with redemption being at Pinnacle's discretion at
any time up to September 2013, upon which date they will be automatically
redeemed.
3. Loans receivable
Loans receivable represents a short-term loan made by the Company in February
2009 of GBP200,000, GBP103,000 of which had been repaid as at 31 July 2010,
including interest due thereon, with the balance of GBP97,000 due for repayment
in July 2011, unless deferred to a later date, as agreed between the Company
and the borrower.
4. Preparation of interim report
This report was approved by the Directors on 28 October 2010.
The Company's interim report for the period ended 31 July 2010 is available to
view and download from the Company's website at www.creoncorporation.com.
For further information please contact:
Guus Berting, Creon Corporation
+44 (0)20 7752 0215
Oliver Rigby, Daniel Stewart & Company Plc
+44 (0)20 7776 6550
Toby Hall / Christian Pickel, GTH Communications
+44 (0)20 3103 3900
END
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