Grosmont Hldgs PLC - Interim Results
August 06 1998 - 10:54AM
UK Regulatory
RNS No 3663f
GROSMONT HOLDINGS PLC
6th August 1998
INTERIM REPORT
Six months to 30 June 1998
Chairman's Statement
In the six months to 30 June 1998 we have looked at quite a lot of investment
opportunities, from manufacturers of air conditioning equipment to Internet
shopping services, early stage biotechnology to car body shops. None of these
have yet resulted in an investment being made.
Our view remains that there are or will be opportunities to make investments
in good quality management in strong growth markets and, as such, we will
retain our relatively demanding criteria. We are keen to raise awareness of
our ability to provide substantial levels of funding to attractive business
propositions and continue to do so through a variety of networks.
The market currently is such that private equity capital providers (venture
capitalists etc.) are participating in deals at valuation levels substantially
above levels we would be prepared to invest at and thus getting to the front
of the queue for deals. In time we believe this will change, giving us
additional opportunities. In addition at some point there will be an economic
downturn and sources of finance for newer businesses will become more scarce,
providing further opportunities for us.
In terms of the reported result for the six months, the profit after tax is
#47,700. Income in the period was exclusively interest on the funds deposited
and expenses of #21,600 relate only to the essential costs of being a public
quoted company.
Net assets per share at 30 June 1998 were 2.61 pence, 0.11 pence above the
issue price in June 1997.
We are continuing to work our way through a number of possible opportunities
that may or may not prove to be worthwhile. However we are in no hurry to do a
deal merely for the sake of doing something. When we do invest it will be what
we firmly believe to be a good deal.
O.J. Vaughan
Chairman
Profit and Loss Account
Unaudited Unaudited Audited
Six months to 24 April 1997 Year ended
30 June to 31 October 31 December
1998 1997 1997
#'000 #'000 #'000
Administrative expenses (21.6) (19.2) (26.1)
Income from fixed asset - - 36.0
investments
(Loss)/profit on ordinary activities
before interest (21.6) (19.2) 9.9
Interest 82.1 48.8 77.4
Profit on ordinary activities before
taxation 60.5 29.6 87.3
Taxation (12.8) (10.3) (19.5)
Retained profit for the period 47.7 19.3 67.8
Basic earnings per share - pence 0.05 0.02 0.07
Fully diluted earnings per share
- pence 0.06 0.05 0.09
Balance Sheet
Unaudited Unaudited Audited
Six months to 24 April 1997 Year ended
30 June to 31 October 31 December
1998 1997 1997
#'000 #'000 #'000
Fixed assets
Investments 250 250 250
Current assets
Debtors 3.3 1.3 4.4
Cash bank and in hand 2,401.2 2,284.9 2,336.9
2,404.5 2,286.2 2,341.3
Creditors due within one year (48.5) (26.4) (33.0)
Net current assets 2,356.0 2,259.8 2,308.3
Net assets 2,606.0 2,509.8 2,558.3
Capital and reserves
Called up share capital 1,000.0 1,000.0 1,000.0
Share premium 1,490.5 1,490.5 1,490.5
Profit and loss account 115.5 19.3 67.8
Equity shareholders' funds 2,606.0 2,509.8 2,558.3
Net assets per share - pence 2.61 2.51 2.56
Cash Flow Statement
Unaudited Unaudited Audited
Six months to 24 April 1997 Year ended
30 June to 31 October 31 December
1998 1997 1997
#'000 #'000 #'000
Net cash outflow from operating
Activities (17.7) (4.4) (9.8)
Returns on investment and servicing
of finance
Interest received 82.1 48.8 77.4
Income from fixed asset investments - - 28.8
Net cash inflow from returns on
investments and servicing of finance 82.1 48.8 106.2
Cash outflow before management
of liquid resources and financing 64.4 44.4 96.4
Management of liquid resources
Net funds placed on 7 day deposit (2,370.0) (2,260.0) (2,280.0)
Financing
Issue of shares - 2,250.0 2,250.0
Expenses of share issue - (9.5) (9.5)
- 2,240.5 2,240.5
(Decrease)/Increase in cash
in the period (2,305.6) 24.9 56.9
Notes to the Accounts
1 Basis of preparation
The unaudited accounts for the six months to 30 June 1998 do not constitute
statutory accounts.
Comparative figures for the six months to 30 June 1997 are not available due
to the Company not commencing to trade until 24 April 1997. Comparative
figures shown are for the period from 24 April 1997 to 31 October 1997 and are
unaudited.
2 Taxation
The tax charge for the six months to 30 June 1998 has been calculated at 21
per cent, and represents an estimate of the appropriate proportion of the
expected charge to 31 December 1998.
3 Earnings per share
Basic earnings per share has been calculated on the profit after tax for the
period divided by the average number of shares in issue at 30 June of
100,000,000. Fully diluted earnings per share includes warrants and options
which if exercised would give rise to the issue of a further 252,000,000
shares.
4 Investments
Listed Unlisted Total
#'000 #'000 #'000
Cost
At 1 January 1998 110.0 140.0 250.0
Reclassification 125.0 (125.0) -
At 30 June 1998 235.0 15.0 250.0
Market value at 30 June 1998 215.5 28.9 244.4
5 Other Information
The interim report was approved by the Directors on 6 August 1998.
A copy of the interim report will be posted to shareholders and made available
to the public at the company's registered office, 223a Kensington High Street,
London W8 6SG.
END
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