Preliminary Results
20 Settembre 2007 - 5:18PM
UK Regulatory
RNS Number:2030E
Trochus PLC
20 September 2007
20 September 2007
Trochus plc
Preliminary results for the year ended 30 June 2007
Trochus plc (formerly SRS Technology Group plc), an investing company, which
previously developed and sold a range of environmental control and telecare
solutions for the healthcare markets, is pleased to announce its unaudited
preliminary results for the year ended 30 June 2007.
Introduction and Financial Overview
The Company's trading subsidiary, SRS Technology Limited, was disposed of for a
nominal consideration of #1 on 30 October 2006, which gave rise to a loss on
disposal of discontinued operations of #519,000. The operating loss of the
subsidiary for the four months prior to 30 October 2006 is incorporated in the
consolidated unaudited profit and loss account of the Company, as set out in
this announcement. Since the disposal of the trading subsidiary, the Company has
been non-trading.
Following the disposal, costs have been restricted to the absolute minimum
necessary to maintain our AIM listing whilst we actively seek a new acquisition
opportunity.
Capital restructuring
The Board believed that the Company would benefit from a re-basing of its share
price and nominal value together with a simplification of its capital structure,
therefore at an EGM on 18 May 2007 approval was obtained for the majority of the
Company's issued ordinary shares of 1p each to be consolidated into new ordinary
shares of 10p each.
In addition, on 10 July 2007 the Company's issued deferred shares and share
premium account were cancelled leaving the Company with an issued ordinary share
capital of #166,000 and a positive profit and loss account of over #175,000 at
that date. This capital re-structuring has not affected the overall net asset
position of the Company and is not reflected in the balance sheet of the Company
as at 30 June 2007.
The Company also changed its name from SRS Technology Group plc to Trochus plc
on 18 May 2007.
Acquisition search
We have investigated a number of opportunities in a variety of sectors to date
and will continue to search selectively for the right value proposition for the
Company.
Our aim is to complete this process and seek shareholder approval for any
acquisition as soon as possible.
David Gration
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2007
2007 2006
#000 #000
Turnover 349 1,200
Cost of sales (133) (451)
Gross profit 216 749
Administrative expenses (616) (1,413)
Operating loss (400) (664)
Net interest receivable 25 29
Loss on sale of discontinued operations (519) -
Loss on ordinary activities before (894) (635)
taxation
Tax credit on loss on ordinary activities - 30
Loss on ordinary activities after taxation (894) (605)
and retained for the year
Basic loss per share 54p 49p
Diluted loss per share 54p 49p
There are no recognised gains or losses other than the loss for the year.
All of the activities of the Group are classed as discontinuing following the
sale of the trading subsidiary on 30 October 2006. The Company will have certain
administrative expenses going forward relating to the directors and costs
associated with being listed on the AIM market.
The disclosed loss per share information reflects the consolidation of 1p
ordinary shares into 10p ordinary shares during the year. Comparative loss per
share information has been re-stated accordingly.
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2007
2007 2006
#000 #000
Fixed assets
Tangible assets - 50
Current assets
Stock - 220
Debtors 23 387
Cash at bank and in hand 421 901
444 1,508
Creditors: amounts falling due within one year (88) (310)
Net current assets 356 1,198
Total assets less current liabilities 356 1,248
Net assets 356 1,248
Capital and reserves
Called up share capital 2,253 2,251
Share premium account 4,274 4,274
Profit and loss account (6,171) (5,277)
Shareholders' funds 356 1,248
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
2007 2006
#000 #000 #000 #000
Net cash flow from operating activities (496) (729)
Returns on investments and servicing of
finance
Interest received 25 31
Interest paid - (2)
Net cash flow from returns on 25 29
investments and servicing of finance
Taxation
R&D Tax credit - 30
Net cash flow from taxation - 30
Capital expenditure and financial
investment
Purchase of tangible fixed assets (5) (3)
Net cash flow from capital expenditure (5) (3)
and financial investment
Net cash flow before management of (476) (673)
liquid resources and financing
Management of liquid resources
Decrease in short term deposits - 400
Net cash flow from management of liquid - 400
resources
Financing activities
Issue of ordinary share capital - 962
Capital element of finance lease rental (4) (9)
payments
Net cash flow from financing (4) 953
(Decrease)/increase in cash (480) 680
NOTES
1. The financial information set out in this announcement does not constitute
the Group's statutory accounts for the years ended 30 June 2007 or 30 June 2006.
The financial information for the year ended 30 June 2006 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under s237(2) or (3) Companies Act 1985. The
audit of the statutory accounts for the year ended 30 June 2007 is not yet
complete. These accounts will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registar of Companies following the Company's annual general
meeting.
2. The full audited accounts of Trochus plc for the year ended 30 June 2007 and
Notice of the Annual General Meeting are expected to be posted to shareholders
no later than 30 November 2007 and will be available for a period of one month
to the public at the Company's registered office, 1 Dean's Yard, London, SW1P
3NP from that date.
For more information please contact:
David Gration, Executive Chairman
Trochus plc Telephone: 077689 38181
Gerry Beaney/Fiona Owen
Grant Thornton Corporate Finance Telephone: 0207 383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
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