21st Sep 2005 06:00
For immediate release21 September 2005 PNC Telecom PLC (the "Company") Further trading update In the six week period ended 16 September 2005, the Company's un-auditedmanagement accounts show that sales amounted to ‚£4,628,849 which generatedgross profit in excess of ‚£160,000. The Directors estimate that administrativeexpenses of the Company currently run at around ‚£17,000 per month (includingDirectors' remuneration which has now commenced).The Board continues to recover monies which it believes were inappropriateexpenditure; a further ‚£33,000 was received on 19 September 2005. CHAIRMAN'S STATEMENT Audited results for the year ended 31 March 2005 FINANCIAL RESULTSThe audited financial results for the year ended 31 March 2005 revealed anoperating loss of ‚£458,000. The basic loss per share is 0.95p.CHAIRMAN'S STATEMENTFurther to the publication of the audited accounts and my Chairmans statementreleased on 6th June 2005, I am pleased to announce that the Company has nowprofitably re-established its wholesale, distribution and trade financebusiness in the telecoms TV, Video and DVD fieldsThe Company has raised ‚£620,000 by way of two convertible loans which haveprovided the much needed working capital.The Directors now believe that the Company is in good shape to trade for theyear 2005/06.L E V KNIFTONChairman PNC Telecom PLC Profit & Loss Account for the year ended 31 March 2005 Audited Audited year ended year ended 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 Turnover - - Administration Expenses (465) (710) ____ ____ Operating Loss (465) (710) Profit on Disposal of - 268Investments Other interest receivable and 7 22similar income ____ ____ Loss on ordinary activities (458) (420)before taxation Tax credit on loss on - -ordinary activities ____ ____ Loss on ordinary activities (458) (420)after taxation Dividends - - ____ ____ Retained loss for the period ‚£(458) ‚£(420) ____ ____ Earnings per ordinary share - 2 (0.95p) (0.87p)basic ____ ____ There were no recognised gains or losses other than those recognised in theprofit and loss account above. PNC TELECOM PLC Balance Sheet as at 31 March 2005 Audited Audited As at As at 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 CURRENT ASSETS Debtors 45 - Cash at bank and in hand 259 744 ____ ____ 304 744 Creditors: amounts falling (146) (128)due within one year ____ ____ Net current assets 158 616 ____ ____ NET ASSETS ‚£158 ‚£616 ____ ____ CAPITAL AND RESERVES Called up share capital 3 2,404 2,404 Share premium account 48,033 48,033 Profit & loss account (50,279) (49,821) ____ ____ Equity Shareholders' Funds ‚£158 ‚£616 ____ ____ PNC TELECOM PLC Cash Flow Statement for the year ended 31 March 2005 Audited year Audited Year ended 31 March ended 31 2005 March 2004 Note ‚£'000 ‚£'000 Cash (outflow) from 4 (492) (3,479)operating activities Returns on investments and 7 22servicing of finance Taxation - 42 Capital expenditure: proceeds - 4,962from the sale of tangible fixed assets and investments Financing: Hire purchase - (629) Loan repayment - (150) ____ ____ Cash increase/(decrease) in ‚£(485) ‚£768the period ____ ____ Reconciliation of net cash flow to movement in net funds Audited Audited year ended Year ended 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 Increase/(decrease) in cash (485) 768in the period Cash outflow from decrease in - 779debt and lease finance Net funds/(debt) at start of 744 (803)the period ____ ____ Net funds at end of period ‚£259 ‚£744 ____ ____ PNC TELECOM PLC Reconciliation of movement in Shareholders' Funds for the year ended 31 March 2005 Audited Audited year ended Year ended 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 Retained loss for the period (458) (420) Opening shareholders' funds 616 1,036 ____ ____ Closing shareholders' funds ‚£158 ‚£616 ____ ____ PNC TELECOM PLC NOTES TO THE FINAL REPORT 1. Accounting PoliciesBasis of preparationThe report has been prepared using accounting policies consistent with thoseset out in the Company's Annual Report and Accounts for the year ended 31 March2005.The financial statements and the Annual Report and Accounts for the year ended31 March 2005 were prepared on a going concern basis.The report for the year ended 31 March 2005 was approved by the Board onSeptember 2005.2. Loss per Share Year ended Year 31 March ended 2005 31 March 2004 Pence Pence Earnings per ordinary share - (0.95) (0.87p)basic ====== ======Loss per ordinary share is based on the Group's loss for the financial periodof ‚£458,000 (March 2004 - ‚£420,000 ).The weighted average number of shares used in the calculation is - basic anddiluted 48,084,000 (March 2004 - basic and diluted 48,084,000 )3. Called up Share CapitalFollowing a capital reorganisation in January 2005 the issued share capital asat 31 March 2005 was 48,084,000 ordinary shares of 0.1p. each and 48,084,000deferred shares of 4.99 each. There has been no allotment since. PNC TELECOM PLC NOTES TO THE FINAL REPORT continued 4. Reconciliation of operating loss to net cash outflow from operatingactivities Audited Audited year ended Year ended 31 March 31 March 2005 2004 ‚£'000 ‚£'000 Operating loss (458) (442) Stock - 614 Debtors (45) 4,810 Creditors 11 (7,823) Provisions for liabilities - (545) Loss on disposal of fixed - (93)assets ____ ____ Net cash inflow/(outflow) ‚£(492) ‚£(3,479)from operating activities ____ ____ 5. The information for the year ended 31 March 2004 has been extracted from theaudited accounts for that period which have been delivered to the Registrar ofCompanies and received a qualified audit opinion6. Copies of this statement are available from the Company at its registeredoffice at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE and are beingposted out to shareholdders. ENDSPNC Telecom Plc Leo Knifton 0207 251 3762 Beaumont Cornish Limited 0207 628 3396 Noelle Greenaway/Roland Cornish ENDPNC TELECOM PLCRelated Shares:
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