Interim Results
06 Dicembre 2007 - 8:00AM
UK Regulatory
RNS Number:2646J
Wyndham York PLC
06 December 2007
WYNDHAM YORK plc ("the Company")
INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2007
Wyndham York plc announces its interim results for the six months ended 30
September 2007.
In the period, the Company made a pre-tax loss of #125,000 and a loss per share
of 0.03p. The Company's net assets at 30 September 2007 were #1.994 million.
As previously announced, in line with its expanded scope of activity, the
Company is in the process of developing and launching new property funds for the
UK residential property market. With the change in sentiment in the property
sector in recent months, the Board believes that there is a market for the
Company's proposed opportunity funds and are proceeding on that basis. To in
part provide finance for its new activities the Company raised gross proceeds of
approximately #1 million via a placing of 1,492,537 new ordinary shares at 67
pence per share on 4th April 2007.
The Board remains confident in the future of the Company and looks forward to
reporting further progress in the year ahead.
Dated: 6 December 2007
Further information:
Christopher Phillips
Chairman, Wyndham York plc
020 7730 8877
Harvey Shulman
Chief Executive, Wyndham York plc
020 8349 8842
Azhic Basirov
Joanne du Plessis
Smith & Williamson Corporate Finance Limited
020 7131 4000
Profit and loss account
Six months ended 30th September 2007
Notes 6 Months ended 6 Months ended Year ended
30 September 30 September 31 March
2007 2006 2007
#'000 #'000 #'000
(unaudited) (unaudited)) (audited)
Turnover 66 80 144
Cost of sales (26) (17) (13)
------ ------ -------
Gross profit 40 63 131
Administration expenses (108) (166) (142)
Exceptional items (66) - (565)
------ ------ -------
Operating loss (134) (103) (576)
Net interest 9 - (26)
------ ------ -------
Loss on ordinary (125) (103) (602)
activities before taxation
Taxation on ordinary - - -
activities ------ ------ -------
Loss on ordinary (125) (103) (602)
activities after taxation
Dividends 2 - - -
------ ------ -------
Retained loss (125) (103) (602)
for the period
------ ------ -------
Basic and diluted (0.03)p (4.27)p (24.9)p
earnings per share 3 ------ ------ -------
Balance sheet
At 30 September 2007
Notes At 30 September At 30 September At 31 March
2007 2006 2007
#'000 #'000 #'000
(unaudited) (unaudited) (audited)
Current assets
Stock 165 13 165
Debtors 4 904 2,140 2,296
Deferred tax 11 11 -
Cash and deposits 1,068 - -
------ ------ ------
2,148 2,164 2,461
Creditors: amounts falling
due within one year
Borrowings - 424 -
Creditors 154 51 1,343
------ ------ ------
Net current assets 154 1,689 1,118
------ ------ ------
Total assets less 1,994 1,689 1,118
current liabilities ------ ------ ------
Net Assets 1,994 1,689 1,118
====== ====== ======
Capital and reserves
Called-up share capital 5 195 120 120
Share premium account 6 2,704 1,850 1,780
Profit and loss account (905) (281) (782)
------ ------- ------
Equity shareholders' funds 1,994 1,689 1,118
------ ------- ------
Cash flow statement
Notes 6 Months ended 6 Months ended Year ended
30 September 30 September 31 March
2007 2007 2006
#'000 #'000 #'000
(unaudited) (unaudited) (audited)
Cash flow from
operating activities 837 (125) (392)
Returns on investments
and servicing of finance
Interest received 13 - -
Interest paid (3) (10) (26)
----- ------ ------
Net cash inflow from
returns on investment
and servicing of finance 10 (10) (26)
------ ------ ------
Financing
Issue of equity share 75 - -
capital
Share premium on issue
of equity share capital 924 - -
Share issue expenses - - (71)
------ ------- -------
Net cash inflow from 999 - (71)
financing
------ ------- -------
Increase/ (Decrease)
in cash during the period 1,846 (135) (489)
------ ------- -------
Reconciliation of net cash
flow to movement in net debt
Increase/(Decrease) in
cash during the period 1,846 (135) (489)
------ ------- -------
Movement in net cash 1,846 (135) (489)
during the period
Opening cash (778) (289) (289)
------- ------- -------
Closing cash 1,068 (424) (778)
------- ------- -------
Notes
1 Basis of preparation of unaudited interim information
The results for the 6 months ended 30 September 2007 have been prepared on the
basis of the accounting policies set out in the financial statements for the
period ended 31 March 2007. The comparatives for the period ended 31 March 2007
have been extracted from the audited financial statements for that period.
The audited financial statements for the period ended 31 March 2007 have been
filed with the Registrar of Companies and include an unqualified audit report.
The financial information in this report do not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.
2 Dividends
No dividends have been declared.
3 Basic and diluted earnings per share
The calculation of basic and diluted earnings per share for the 6 months ended
30 September 2007 is based upon a loss of #125,000 and an average number of
ordinary 5p shares in issue for the six month period of 3,902,385.
4 Debtors
Debtors includes an amount of #890,000 due in respect of the Southport
properties as a result of the company exercising its right to have the vendor
buy back the properties. Following the obtaining of a Court Order this is
expected to be received in the year.
5. Share capital
On 4th April 2007, the authorised share capital of the company was increased by
#275,000 from #799,451 to #1,074,450.
The allotted and called up share capital is:
30 September 30 September 31 March 31 March
2007 2007 2007 2007
No # No #
Ordinary shares of 3,902,385 195,119 2,409,848 120,492
#0.05 each
On 4th April 2007, 1,492,537 new ordinary shares of #0.05 each were issued at a
price of 67 pence per share.
6. Share premium account
30 September 31 March
2007 2007
# #
Balance brought forward 1,779,534 1,850,349
Shares issued 925,373 -
Share issue expenses - (70,815)
Balance carried forward 2,704,907 1,779,534
Share issues expenses
The company incurred costs in the placing of new shares. This process was
completed in April 2007 by the issue of ordinary shares in the company.
7 Interim report
Copies of the interim report for the 6 months ended 30 September 2007 will be
sent to shareholders on 12 December 2007. Further copies will be available from
the Company Secretary c/o Graham Harvey, Bank Chambers, 375 Regents Park Road,
London, N3 1DE.
This information is provided by RNS
The company news service from the London Stock Exchange
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