TIDMCLN
RNS Number : 1089D
Carlton Resources PLC
26 November 2009
Carlton Resources plc
("Carlton" or the "Company")
Final results for the year ending 30 June 2009
Carlton is pleased to announce its final results for the period ending 30 June
2009. The full annual report will be posted to shareholders tomorrow, and is
available on the Company's website, www.carltonresourcesplc.com.
For further information, please contact:
+--------------------------------------------------+---------------------+
| Carlton Resources Plc | Tel: +44 75 4989 |
| Mark Burchnall (Chief Executive) | 2425 |
| | |
+--------------------------------------------------+---------------------+
| Strand Hanson Limited (Nomad) | Tel: +44 20 7409 |
| Simon Raggett/Warren Pearce/Paul Cocker | 3494 |
+--------------------------------------------------+---------------------+
Chairman's Statement
In January 2009, in response to the downturn in global financial markets, your
directors took the decision to dispose of the operating assets of Carlton
Resources Plc ("Carlton" or the "Company") and to re-classify it as an
"investing company" pursuant to Rule 15 of the AIM Rules. The Company's
investing strategy, as approved by its shareholders at the EGM held in January,
was established as being the acquisition of minority or controlling interests in
a number of privately held or publicly listed resource projects in Africa. In
order to ensure that the Company was able to take advantage of opportunities in
a wide variety of minerals sectors, it was decided that the projects in which
the Company invests would not be limited to any single resource.
Pending the making of a suitable acquisition, in February 2009 the Board put in
place a cash preservation strategy to minimise expenditure by the Company. The
directors further agreed to forego any salaries or directors' fees until such
time as the Company had acquired new operations. Subsequently, in June 2009, the
Company raised approximately GBP400,000 to cover working capital requirements
and to meet certain outstanding liabilities. The Board has been successful in
preserving the large majority of this cash.
Throughout this period, and in the subsequent months to the date of this report,
the directors of the Company, all of whom have experience in operating and
investing in resource projects in Africa, have considered and evaluated numerous
opportunities with a view to identifying and pursuing new businesses with the
potential to add value for shareholders. In many cases, the evaluation of those
opportunities has progressed to a relatively advanced stage of due diligence.
The Company is confident of being able to announce a suitable acquisition
shortly (and in this respect your directors are fully aware of the requirements
for investing companies under the AIM Rules in terms of the timeframe to acquire
new operations). Rest assured that your Board is working tirelessly in this
regard and looks forward to bringing you positive news as soon as possible. As
you would appreciate, given that any such transaction will constitute a "reverse
takeover" for the purposes of the AIM Rules, there is a significant amount of
work to be done in meeting the various regulatory and other requirements and
preparing the necessary transaction documentation.
Finally, I would like to thank you for your patience and continued support in
what has been an extremely challenging period for your Company. The Board joins
with me in reinforcing the total commitment of your directors for Carlton to
emerge from this phase with a fresh outlook, an exciting project capable of
delivering significant value to shareholders, and positive prospects for the
future.
Consolidated income statement for the year ended 30 June 2009
+--------------------------+--------------+--------------+-------------+--------------+
| | Year ended | Year ended | Year ended | Year ended |
| | 30 June 2009 | 30 June 2008 | | 30 June 2008 |
| | | | 30 June | |
| | | | 2009 | |
+--------------------------+--------------+--------------+-------------+--------------+
| | GBP | GBP | GBP | GBP |
+--------------------------+--------------+--------------+-------------+--------------+
| Administrative expenses | (601,917) | (1,069,939) | (601,917) | (15,140,753) |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Loss from | (601,917) | (1,069,939) | (601,917) | (15,140,753) |
| operations | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Finance income | 1,069 | 53,400 | 1,069 | 209,106 |
+--------------------------+--------------+--------------+-------------+--------------+
| Finance expense | (3,823) | (3,506) | (3,823) | (3,506) |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Loss before | (604,671) | (1,020,045) | (604,671) | (14,935,153) |
| income tax | | | | |
| expense | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Income tax | - | - | - | - |
| expense | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Loss for the year | (604,671) | (1,020,045) | (604,671) | (14,935,153) |
| from continuing | | | | |
| operations | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Loss for the year | (1,031,267) | (8,348,930) | (1,527,210) | - |
| from discontinued | | | | |
| operations | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Loss for the year | (1,635,938) | (9,368,975) | (2,131,881) | (14,935,153) |
| after income tax | | | | |
| expense | | | | |
| attributable to | | | | |
| equity holders of | | | | |
| the parent | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Loss per share | | | | |
| expressed in | | | | |
| pence per share | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| From continuing | | | | |
| operations | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Basic and diluted | (0.23)p | (0.43)p | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| From discontinued | | | | |
| operations | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Basic and diluted | (0.38)p | (3.51)p | | |
+--------------------------+--------------+--------------+-------------+--------------+
| | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Total operations | | | | |
+--------------------------+--------------+--------------+-------------+--------------+
| Basic and diluted | (0.61)p | (3.94)p | | |
+--------------------------+--------------+--------------+-------------+--------------+
Consolidated balance sheet as at 30 June 2009
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | Group | Company |
+-------------------------------+-------+-----------------------+-----------------------+
| |Notes | As at | As at | As at | As at |
| | | 30 June | 30 June | 30 June | 30 June |
| | | 2009 | 2008 | 2009 | 2008 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | GBP | GBP | GBP | GBP |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| ASSETS | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Non-current assets | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Property, plant and | | - | 3,402,861 | - | 1,867 |
| equipment | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Trade and other receivables | | - | 256,779 | - | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Investments | | - | - | - | 1,727,208 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | - | 3,659,640 | - | 1,729,075 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Current assets | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Inventories | | - | 453,559 | - | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Trade and other receivables | | 4,911 | 320,288 | 4,911 | 38,150 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents | | 414,073 | 657,368 | 414,073 | 102,390 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | 418,984 | 1,431,215 | 418,984 | 140,540 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Total assets | | 418,984 | 5,090,855 | 418,984 | 1,869,615 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Liabilities | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Non-current liabilities | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Borrowings | | - | 1,601,772 | - | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Deferred tax liability | | - | 22,872 | - | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | - | 1,624,644 | - | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Current liabilities | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Trade and other payables | | 52,554 | 864,802 | 52,554 | 132,147 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Borrowings | | 125,244 | 530,623 | 125,244 | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Provisions | | - | 333,318 | - | - |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | 177,798 | 1,728,743 | 177,798 | 132,147 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Total liabilities | | 177,798 | 3,353,387 | 177,798 | 132,147 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
| Total net assets | | 241,186 | 1,737,468 | 241,186 | 1,737,468 |
+-------------------------------+-------+-----------+-----------+-----------+-----------+
Consolidated balance sheet as at 30 June 2009 (continued)
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| | | Group | Company |
+-----------------------------+-------+-----------------------------+----------------------------+
| | | As at | As at | As at | As at |
| | | 30 June | 30 June | 30 June | 30 June |
| | | 2009 | 2008 | 2009 | 2008 |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| | | GBP | GBP | GBP | GBP |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| | | | | | |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Equity attributable to | | | | | |
| equity holders of the | | | | | |
| parent | | | | | |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| | | | | | |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Share capital | | 1,484,185 | 1,341,328 | 1,484,185 | 1,341,328 |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Share premium reserve | | 7,841,940 | 7,584,797 | 7,841,940 | 7,584,797 |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Merger reserve | | - | 8,063,023 | - | 8,998,023 |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Foreign exchange reserve | | - | 495,943 | - | - |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Warrant reserve | | 53,653 | 53,653 | 53,653 | 53,653 |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Reverse takeover reserve | | - | (8,646,921) | - | - |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Other reserve | | 11,822,473 | 11,822,473 | - | - |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Retained earnings | | (20,961,065) | (18,976,828) | (9,138,592) | (16,240,333) |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| | | | | | |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
| Total equity | | 241,186 | 1,737,468 | 241,186 | 1,737,468 |
+-----------------------------+-------+--------------+--------------+-------------+--------------+
Consolidated statement of changes in equity for the year ended 30 June 2009
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| | Share | Share | Warrant | Merger | Foreign | Reverse | Other | Retained | Total |
| | Capital | Premium | Reserve | Reserve | Exchange | Takeover | Reserve | Earnings | Equity |
| | | | | | Reserve | Reserve | | | attributable |
| | | | | | | | | | to |
| | | | | | | | | | shareholders |
| | | | | | | | | | of the |
| | | | | | | | | | Parent |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Balance at 1 | 1 | - | - | - | (168,613) | - | - | (9,739,138) | (9,907,750) |
| July 2007 | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Foreign | - | - | - | - | 664,556 | - | - | - | 664,556 |
| exchange | | | | | | | | | |
| on | | | | | | | | | |
| translation | | | | | | | | | |
| of | | | | | | | | | |
| foreign | | | | | | | | | |
| operations | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Net | - | - | - | - | 664,556 | - | - | - | 664,556 |
| gain | | | | | | | | | |
| recognised | | | | | | | | | |
| directly | | | | | | | | | |
| in equity | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Loss for the | - | - | - | - | - | - | - | (9,368,975) | (9,368,975) |
| year | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Total | - | - | - | - | 664,556 | - | - | (9,368,975) | (8,704,419) |
| recognised | | | | | | | | | |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| year | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Issue | 333,450 | 4,001,400 | - | - | - | - | - | - | 4,334,850 |
| of | | | | | | | | | |
| share | | | | | | | | | |
| capital | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Issue | - | (224,042) | - | - | - | - | - | - | (224,042) |
| costs | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Issue | - | - | 53,653 | - | - | - | - | - | 53,653 |
| of | | | | | | | | | |
| warrants | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Equity | - | - | - | - | - | - | - | 131,285 | 131,285 |
| settled | | | | | | | | | |
| share- | | | | | | | | | |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Capital | - | - | - | - | - | - | 11,822,473 | - | 11,822,473 |
| contribution | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Reverse | 1,007,877 | 3,807,439 | - | 8,063,023 | - | (8,646,921) | - | - | 4,231,418 |
| acquisition | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
| Balance | 1,341,328 | 7,584,797 | 53,653 | 8,063,023 | 495,943 | (8,646,921) | 11,822,473 | (18,976,828) | 1,737,468 |
| as of | | | | | | | | | |
| 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2008 | | | | | | | | | |
+---------------------+-----------+-----------+---------+-----------+-----------+-------------+------------+--------------+--------------+
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| | Share | Share | Warrant | Merger | Foreign | Reverse | Other | Retained | Total |
| | Capital | Premium | Reserve | Reserve | Exchange | Takeover | Reserve | Earnings | Equity |
| | | | | | Reserve | Reserve | | | attributable |
| | | | | | | | | | to |
| | | | | | | | | | shareholders |
| | | | | | | | | | of the |
| | | | | | | | | | Parent |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Balance | 1,341,328 | 7,584,797 | 53,653 | 8,063,023 | 495,943 | (8,646,921) | 11,822,473 | (18,976,828) | 1,737,468 |
| at 1 July | | | | | | | | | |
| 2008 | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Foreign | - | - | - | - | 233,607 | - | - | - | 233,607 |
| exchange | | | | | | | | | |
| on | | | | | | | | | |
| translation | | | | | | | | | |
| of | | | | | | | | | |
| foreign | | | | | | | | | |
| operations | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Net | - | - | - | - | 233,607 | - | - | - | 233,607 |
| gain | | | | | | | | | |
| recognised | | | | | | | | | |
| directly | | | | | | | | | |
| in equity | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Loss | - | - | - | - | - | - | - | (1,635,938) | (1,635,938) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| year | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Total | - | - | - | - | 233,607 | - | - | (1,635,938) | (1,402,331) |
| recognised | | | | | | | | | |
| income and | | | | | | | | | |
| expense | | | | | | | | | |
| for the | | | | | | | | | |
| year | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Issue | 142,857 | 257,143 | - | - | - | - | - | - | 400,000 |
| of | | | | | | | | | |
| share | | | | | | | | | |
| capital | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Equity | - | - | - | - | - | - | - | 235,599 | 235,599 |
| settled | | | | | | | | | |
| share- | | | | | | | | | |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Transfer | - | - | - | - | (729,550) | - | - | - | (729,550) |
| to | | | | | | | | | |
| profit | | | | | | | | | |
| and loss | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Transfer | - | - | - | (8,063,023) | - | 8,646,921 | - | (583,898) | - |
| of | | | | | | | | | |
| reserves | | | | | | | | | |
| ¹ | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
| Balance | 1,484,185 | 7,841,940 | 53,653 | - | - | - | 11,822,473 | (20,961,065) | 241,186 |
| as of | | | | | | | | | |
| 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2009 | | | | | | | | | |
+--------------------+-----------+-----------+---------+-------------+-----------+-------------+------------+--------------+--------------+
¹ Following the disposal of all subsidiaries, certain reserves arising at
group level on consolidation have been transferred to retained earnings.
Consolidated cash flow statement for the year ended 30 June 2009
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| | | Group | Company |
+-----------------------------+-------+----------------------------+----------------------------+
| | | Year ended | Year ended | Year ended | Period |
| | | 30 June | 30 June | 30 June | ended |
| | | 2009 | 2008 | 2009 | 30 June |
| | | | | | 2008 |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| | | GBP | GBP | GBP | GBP |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Cash flow from operating | | | | | |
| activities | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Loss before tax | | (1,658,810) | (10,053,326) | (2,131,881) | (14,935,153) |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Adjustments for: | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Finance expense | | 95,172 | 201,923 | 3,823 | 3,506 |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Finance income | | (27,502) | (80,825) | (1,069) | (209,106) |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Depreciation | | 199,522 | 478,853 | - | 1,669 |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Impairment losses | | - | 4,915,096 | - | 14,059,836 |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Equity settled | | 235,599 | 131,285 | 235,599 | 131,285 |
| share-based payment | | | | | |
| expense | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Loss on disposal of | | 658,801 | - | 1,527,208 | - |
| discontinued | | | | | |
| operations / | | | | | |
| subsidiaries | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Loss on disposal of | | 1,867 | - | 1,867 | - |
| fixed assets | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Foreign exchange | | (729,549) | 536,046 | - | 209,356 |
| difference | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Net cash from | | (1,224,900) | (3,870,948) | (364,453) | (738,607) |
| operating activities | | | | | |
| before changes in | | | | | |
| working capital | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Increase / (decrease) | | (200,459) | 126,344 | (79,593) | 18,214 |
| in trade and other | | | | | |
| payables | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| (Increase) / decrease | | (102,202) | (121,152) | 33,239 | (10,105) |
| in trade and other | | | | | |
| receivables | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Increase in inventories | | 169,699 | (259,986) | - | - |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Increase in provisions | | 47,468 | 28,803 | - | - |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Taxation | | - | 684,351 | - | - |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Net cash flow from | | (1,310,394) | (3,412,588) | (410,807) | (730,498) |
| operating activities | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Investing activities | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Interest received | | 27,502 | 80,825 | 1,069 | 53,403 |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Proceeds from the sale of | | 200,000 | - | 200,000 | - |
| subsidiaries | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Purchase of | | - | (675,322) | - | (1,668) |
| property, plant and | | | | | |
| equipment | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Cash held in | | - | 84,991 | - | - |
| subsidiary at the | | | | | |
| date of acquisition | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Loans issued | | - | - | - | (3,362,027) |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Acquisition costs | | - | - | - | (704,926) |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Net cash flow from | | 227,502 | (509,506) | 201,069 | (4,015,218) |
| investing activities | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Financing activities | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Proceeds from issue of | | 400,000 | 4,334,850 | 400,000 | 4,584,852 |
| ordinary shares | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Issue costs | | - | (224,044) | - | (224,044) |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Proceeds from loans | | 1,255,998 | 530,623 | 125,244 | - |
| raised | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Re-payment of loan | | (194,025) | (40,602) | - | - |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Interest paid | | (95,179) | (185,878) | (3,823) | (3,506) |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
| Net cash from financing | | 1,366,794 | 4,414,949 | 521,421 | 4,357,302 |
| activities | | | | | |
+-----------------------------+-------+-------------+--------------+-------------+--------------+
Consolidated cash flow statement for the year ended 30 June 2009 (continued)
+-----------------------------+-------+------------+------------+------------+------------+
| | | Group | Company |
+-----------------------------+-------+-------------------------+-------------------------+
| | | Year ended | Year ended | Year ended | Year ended |
| | | 30 June | 30 June | 30 June | 30 June |
| | | 2009 | 2008 | 2009 | 2008 |
+-----------------------------+-------+------------+------------+------------+------------+
| | | GBP | GBP | GBP | GBP |
+-----------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
| Net increase / (decrease) | | 283,902 | 492,855 | 311,683 | (388,414) |
| in cash and cash | | | | | |
| equivalents | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
| Cash and cash equivalents | | 657,368 | 181,145 | 102,390 | 490,804 |
| at the beginning of the | | | | | |
| year | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
| Cash balances included in | | (603,121) | - | - | |
| discontinued operations | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
| Exchange losses on cash and | | 75,924 | (16,632) | - | - |
| cash equivalents | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
| Cash and cash equivalents | | 414,073 | 657,368 | 414,073 | 102,390 |
| at the end of the year | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
Classified as:
+-----------------------------+-------+------------+------------+------------+------------+
| | | Group | Company |
+-----------------------------+-------+-------------------------+-------------------------+
| | | Year ended | Year ended | Year ended | Year ended |
| | | 30 June | 30 June | 30 June | 30 June |
| | | 2009 | 2008 | 2009 | 2008 |
+-----------------------------+-------+------------+------------+------------+------------+
| | | GBP | GBP | GBP | GBP |
+-----------------------------+-------+------------+------------+------------+------------+
| | | | | | |
+-----------------------------+-------+------------+------------+------------+------------+
| Continuing operations | | 414,073 | 102,309 | 414,073 | 102,309 |
+-----------------------------+-------+------------+------------+------------+------------+
| Discontinued operations | | - | 555,059 | - | - |
+-----------------------------+-------+------------+------------+------------+------------+
| | | 414,073 | 657,368 | 414,073 | 102,309 |
+-----------------------------+-------+------------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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