Interim Results
September 26 2006 - 9:27AM
UK Regulatory
RNS Number:4960J
Adorian PLC
26 September 2006
For Immediate Release 26 September 2006
ADORIAN PLC (the "Company")
Interim Results for the six months ended 30 June 2006
CHAIRMAN'S STATEMENT
OVERVIEW
The company remains a cash shell at present, although continuing actively to
seek new opportunities to enhance shareholder value. Trading on AIM was restored
on 8 August 2006 following the proposed acquisition of Anglo Biotrans Plc not
taking place.
FINANCIAL RESULTS
The unaudited financial results for the six months to 30 June 2006 show an
operating loss of #29,000; earnings per share are negative, being 0.24p basic,
0.12p fully diluted.
CASH FLOW AND FUNDING
The directors have committed themselves to the financial support of the company
until such time as a reorganisation of the company's finances are effected on an
acquisition.
OUTLOOK
The Board continues to seek ways, by acquisition, to enhance shareholder value.
It was disappointed that the proposed Anglo Biotrans transaction did not take
place but feel confident that a further acquisition will be found. Shareholders
should be aware that the Company's nominated advisor have informed them that if
no acquisition, constituting a "reverse transaction" under the AIM Rules, has
been completed by 29 March 2007, the shares will be suspended on AIM. .
J T L Delacave
Chairman
ADORIAN PLC
Profit & Loss Account
for the six months ended 30 June 2006
Unaudited Audited Unaudited
6 Months Year ended 6 months
ended 31 December ended
30 June 2006 2005 30 June 2005
Note #'000 #'000 #'000
Turnover - - -
Operating expenses (29) (96) (45)
Operating loss (29) (96) (45)
Exceptional item - (3) -
Loss on ordinary activities (29) (99) (45)
before taxation
Taxation - - -
Loss on ordinary activities (29) (99) (45)
after taxation
Dividends - - -
Deficit for the period #(29) #(99) #(45)
Earnings per ordinary share: Basic 2 (0.24)p (1.00)p (0.49)p
Diluted 2 (0.12)p (0.45)p (0.20)p
There were no recognised gains or losses other than those recognised in the
profit and loss account above.
The exceptional item relates to the write-off of creditors and final expenses
related to the Creditor's Voluntary Arrangement.
ADORIAN PLC
Balance Sheet as at 30 June 2006
Unaudited Audited Unaudited
6 Months Year ended 6 months
ended 31 December ended
30 June 2006 2005 30 June 2005
#'000 #'000 #'000
CURRENT ASSETS
Debtors 8 6 37
Cash at bank and in hand 3 12 13
11 18 50
Creditors: amounts falling due within (88) (66) (44)
one year
NET CURRENT ASSETS/(LIABILITIES) (77) (48) 6
Creditors: amounts falling due after
more (51) (54) (80)
than one year
NET LIABILITIES #(128) #(102) #(74)
CAPITAL AND RESERVES
Called up share capital 9,803 9,800 9,774
Share premium account 8,549 8,549 8,549
Other reserves 1,567 1,567 1,567
Profit and loss account (20,047) (20,018) (19,964)
Equity shareholders' deficit #(128) #(102) #(74)
ADORIAN PLC
Consolidated Cash Flow Statement
for the six months ended 30 June 2006
Unaudited Audited Unaudited
6 Months Year ended 6 months
ended 31 December ended
30 June 2006 2005 30 June 2005
Note #'000 #'000 #'000
Cash (outflow) from operating
activities 3 (9) (47) (46)
Financing - Increase in long term - 30 30
debt
Cash (decrease) in the period #(9) (17) #(16)
Reconciliation of Net Cash Flow to Movement in Net Debt
Unaudited Audited Unaudited
6 Months Year ended 6 months
ended 31 December ended
30 June 2006 2005 30 June 2005
#'000 #'000 #'000
(Decrease) in cash in the period (9) (17) (16)
Issue of convertible loan stock net of
conversions 3 (4) (30)
Net debt as at the start of the period (42) (21) (21)
Net debt as at the end of the period #(48) #(42) #(67)
ADORIAN PLC
Reconciliation of movements in Shareholders' deficit
for the six months ended 30 June 2006
Unaudited Audited Unaudited
6 Months Year ended 6 months
ended 31 December ended
30 June 2006 2005 30 June 2005
#'000 #'000 #'000
Loss for the period (29) (99) (45)
Issue of shares - 26 -
Conversion of loan stock 3 - -
Opening shareholders' deficit (102) (29) (29)
Closing shareholders' deficit #(128) #(102) #(74)
ADORIAN PLC
NOTES TO THE INTERIM REPORT
1. Accounting Policies
The interim report has been prepared using accounting policies consistent with
those set out in the Company's Annual Report & Accounts for the year ended 31
December 2005.
The interim report for the six months to 30 June 2006 was approved by the Board
on 25 September 2006.
2. Loss per Share
Six Year Six
Months Ended Months
Ended 31 December Ended
30 June 2006 2005 30 June 2005
Pence Pence Pence
Earnings per shares: basic (0.24)p (1.00)p (0.49)p
diluted (0.12)p (0.45)p (0.20)p
Loss per ordinary share is based on the Company's loss for the financial period
of #29,000 (December 2005 - loss #99,000; June 2005 - loss #45,000).
The weighted average number of shares used in the calculation is: basic -
12,062,780; diluted - 23,429,299 (December 2005: basic - 9,921,151; diluted -
22,007,381; June 2005: basic 9,211,299 and diluted - 20,561,896).
3. Reconciliation of operating loss to net outflow from operating activities
Unaudited Audited Unaudited
6 months Year ended 6 months
ended 31 December ended
30 June 2006 2005 30 June 2005
#'000 #'000 #'000
Operating loss (29) (99) (45)
Net increase/(decrease) in working
capital 20 52 (1)
Net (outflow) from operating activities #(9) #(47) #(46)
ADORIAN PLC
NOTES TO THE INTERIM REPORT
continued
4. The information for the year ended 31 December 2005 has been extracted from
the audited accounts for that period which have been delivered to the Registrar
of Companies and received an unqualified audit opinion. The unaudited results
for the six months have been prepared on a basis consistent with the accounting
policies disclosed in the Company's 2005 accounts and do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
5. Copies of this interim statement are available from the Company at its
registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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