Interim Results
June 27 2005 - 2:00AM
UK Regulatory
RNS Number:9910N
Clerkenwell Ventures PLC
24 June 2005
Clerkenwell Ventures PLC - Unaudited Interim Results
Unaudited Interim Results
for the period ended 31 March 2005
Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its
interim results for the period ended 31 March 2005. These relate to the period
from incorporation on 13 May 2004 to 31 March 2005.
Highlights :
*Placing and admission to AIM on 29 October 2004, raising #3.9m (before
flotation expenses of #0.2m) at 7p per share
*Net cash as at 31 March 2005 of # 4.2 million
*Profit before taxation for the period ended 31 March 2005 of #50,000
David Page, Chairman, commented:
"We continue to investigate and evaluate several interesting investment
opportunities in businesses with high growth and consolidation potential."
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman Telephone: 07836 346934
Seymour Pierce Limited
Louise Carpenter or Catherine Bond Telephone: 020 7107 8000
Gainsborough Communications
Andy Cornelius or Julian Walker Telephone: 020 7190 1703
Clerkenwell Ventures PLC
Unaudited Interim Results
for the period ended 31 March 2005
Chairman's Statement
Clerkenwell Ventures listed as an investing company on AIM on 29 October 2004.
In line with our stated strategy we have investigated a number of businesses
which could be reversed into the Company. We are continuing discussions with
several parties and will update the market when appropriate.
Results
The Company announced on 17 June 2005 that the first accounting period has been
extended from ending on 31 May 2005 to ending on 30 September 2005.
The Company was incorporated on 13 May 2004 and these interim results cover the
period from that date to 31 March 2005, being six months after the period end of
the financial information disclosed in the Company's AIM admission document.
Clerkenwell Ventures completed a placing and admission to AIM on 29 October
2004, raising #3.9 million (before flotation expenses) at 7p per share.
Flotation expenses of #0.2 million have been charged to the Company's share
premium account.
Profit before taxation for the period ended 31 March 2005 was #50,000. As at 31
March 2005, Clerkenwell Ventures' net cash balances amounted to #4.2 million.
Dividends
As described in the Company's AIM admission document dated 25 October 2004, it
is the Board's policy that prior to making the first acquisition, no dividends
will be paid. Following the first acquisition, subject to the availability of
distributable reserves, dividends will be paid to shareholders when the
Directors believe it is appropriate and prudent to do so. However, the main
focus of the Company will be in delivering capital growth for shareholders.
David Page
Non-executive Chairman
27 June 2005
Clerkenwell Ventures PLC
Unaudited Profit and Loss Account
for the period ended 31 March 2005
Notes Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Administrative expenses (29)
Operating loss (29)
Net interest receivable 79
Profit on ordinary activities before taxation 50
Taxation 2 (10)
Profit for the period 40
Earnings per share
Basic 3 0.11p
Diluted 3 0.11p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 31 March 2005
Notes As at
31 March 2005
Unaudited
#'000
Current Assets
Debtors 14
Cash at bank and in hand 4,247
4,261
Current Liabilities
Creditors: amounts falling due within one year (28)
Net assets 4,233
Capital and Reserves
Called up share capital 689
Share premium account 3,504
Profit and loss account 40
Equity shareholders' funds 4 4,233
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the period ended 31 March 2005
Notes Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Net cash outflow from operating activities 5a (12)
Returns on investment and servicing of finance 66
Cash inflow before use of liquid resources and financing 54
Management of liquid resources 5b (4,246)
Financing 5c 4,193
Increase in cash in the period 1
Reconciliation of net cash flow to movement in net funds
Notes Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Increase in cash in the period 1
Cash flow from increase in liquid resources 4,246
Change in net fund 4,247
Net funds at beginning of period -
Net funds at end of period 5d 4,247
Clerkenwell Ventures PLC
Notes to the Unaudited Interim Results
for the period ended 31 March 2005
1. Basis of preparation
The interim results have been prepared under the historical cost convention and
in accordance with applicable United Kingdom accounting standards.
2. Taxation
Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Based on the result for the period:
UK Corporation tax at 19% 10
Total current tax 10
Deferred taxation:
Origination and reversal of timing differences -
Taxation payable 10
3. Earnings per share
Basic earnings per share is based on the profit for the period of #40,000 and on
35,826,000 ordinary shares of 1p each being the weighted average number of
ordinary shares in issue during the period.
Diluted earnings per share is based on the profit for the period of #40,000 and
on 37,904,000 shares of 1p each being the weighted average number of shares in
issue during the period after allowing for the dilutive effect of the conversion
into ordinary shares of options outstanding during the period.
4. Reconciliation of movements in equity shareholders' funds
Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Shares issued (net of flotation expenses) 4,193
Profit for the period 40
Closing equity shareholders' funds 4,233
5. Notes to the cash flow statement
a. Reconciliation of operating loss to net cash flow from operating
activities
Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Operating loss (29)
Increase in debtors (1)
Increase in creditors 18
Net cash outflow from operating activities (12)
b. Management of liquid resources
Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Increase in short term deposits 4,246
c. Financing
Period from
13 May 2004
to
31 March 2005
Unaudited
#'000
Gross proceeds of ordinary shares issued 4,373
Issue costs (180)
Net cash inflow from financing 4,193
d. Analysis of net funds
As at Cash flow As at
13 May Unaudited 31 March
2004 #'000 2005
Unaudited Unaudited
#'000 #'000
Cash in hand and at bank - 1 1
Short term deposit - 4,246 4,246
Net funds - 4,247 4,247
Cash at bank and in hand of #4,247,000 on the company's balance sheet includes
short term deposits of #4,246,000 which are not classified as cash under FRS1
for the purposes of the cash flow statement.
6. Interim financial statements
The financial information set out in this interim announcement, which was
approved by the Board on 27 June 2005, has not been audited or subject to review
by the company's auditors and does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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