31st Aug 2017 07:00
DERRISTON CAPITAL PLC
("Derriston" or the "Company")
Interim Report for the period ended 30 June 2017
Derriston Capital (Derr) announces its unaudited interim financial results for the period ended 30 June 2017.
Period highlights
· On 29 December 2016, the Company was admitted to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market
· Raised £2.3 million cash (gross) through the listing of 25,000,000 new ordinary shares
Post period highlight
· Change in strategy from investing in medtech to seeking acquisitions within all technology and other high growth sectors.
Harry Hyman, Chairman of Derriston said: "Admission to the standard list has given Derriston the profile, funding and liquid equity to consider a number of acquisitions.
"Given the large number of exciting opportunities we are analysing, the board has decided to widen the scope of Derriston's investment criteria and look at acquisitions within all technology and other high growth sectors."
For information please contact:
Walbrook PR Ltd | Tel: 020 7933 8780 |
Paul McManus |
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CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 30 JUNE 2017
Introduction
I am pleased to present the unaudited interim results for the period ended 30 June 2017. Derriston floated on to the standard listing of the official list on the London Stock Exchange on 29 December 2016. The Company was created to undertake an acquisition within the medical technology industry.
During this period, Derriston recorded a loss of £140,176, the vast majority relating to the formation of the Company and its admission to the standard list. Since float, the Company has lost £7,273. Cash assets at period end were nearly £2.2 million and it has no debts.
Outlook
Given the large number of exciting opportunities we are analysing, the board has decided to widen the scope of Derriston's investment criteria and look at acquisitions within all technology and other high growth sectors
I believe this change in strategy can create significant shareholder value and I look forward to updating the market when further progress is made.
Harry Hyman
Chairman
31 August 2017
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 14 NOVEMBER 2016 TO 30 JUNE 2017
|
| Period ended |
|
| 30.06.2017 |
|
| (Unaudited) |
| Notes | £ |
|
|
|
Revenue | 2 | - |
|
| ------------------- |
Gross profit |
| - |
|
|
|
General & administrative expenses |
| (144,403) |
|
| ------------------- |
Loss from operations before interest |
| (144,403) |
|
|
|
Interest income |
| 4,192 |
|
| -------------------- |
Loss before tax |
| (140,211) |
|
|
|
Tax |
| - |
|
| --------------------- |
Retained Loss after tax for the period |
| (140,211) |
|
| =========== |
|
|
|
Retained loss attributable to: |
|
|
Owners of the company |
| (140,211) |
|
| --------------------- |
Loss for period |
| (140,211) |
|
| =========== |
Total comprehensive loss attributable to: |
|
|
Owners of the company |
| (140,211) |
|
| --------------------- |
Total comprehensive loss for the period |
| (140,211) |
|
| =========== |
|
|
|
Loss per share |
|
|
Basic and diluted | 3 | (0.68p) |
|
| =========== |
INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
|
| As at |
|
| 30.06.2017 |
|
| (Unaudited) |
| Notes | £ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
Cash and cash equivalents |
| 2,193,961 |
|
| ----------------------- |
TOTAL ASSETS |
| 2,193,961 |
|
| ============ |
|
|
|
|
|
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EQUITY |
|
|
Share capital | 4 | 625,000 |
Share premium reserve |
| 1,706,250 |
Retained loss |
| (140,211) |
|
| ------------------------ |
TOTAL EQUITY |
| 2,191,039 |
|
| ============ |
|
|
|
CURRENT LIABILITIES |
|
|
Trade and other payables |
| 2,922 |
|
| ------------------------ |
TOTAL EQUITY AND LIABILITIES |
| 2,193,961 |
|
| ============ |
|
|
|
|
|
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INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 14 NOVEMBER 2016 TO 30 JUNE 2017
|
|
|
|
|
|
| Share |
|
|
| Share | premium | Retained | Total |
| capital | account | loss | equity |
| £ | £ | £ | £ |
|
|
|
|
|
Balance at 14 November 2016 | - | - | - | - |
Loss for the period | - | - | (140,211) | (140,211) |
|
|
|
|
|
Total comprehensive income for the period | - | - | (140,211) | (140,211) |
Share capital issued (net of transaction costs) | 625,000 | 1,706,250 | - | 2,331,250 |
Balance at 30 June 2017 | 625,000 | 1,706,250 | (140,211) | 2,191,039 |
|
|
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INTERIM STATEMENT OF CASH FLOW
FOR THE PERIOD FROM 14 NOVEMBER 2016 TO 30 JUNE 2017
| Period ended |
| 30.06.2017 |
| £ |
| (Unaudited) |
Cash flow from operating activities |
|
Loss for the period | (140,211) |
| ------------------------ |
Operating cash flows before movements in working capital | (140,211) |
Interest income | (4,192) |
Increase in receivables | - |
Increase in payables | 2,922 |
| ----------------------- |
Net cash flow from operating activities | (141,481) |
|
|
Cash flow from investing activities |
|
Interest income | 4,192 |
| ------------------------ |
Net cash flow from investing activities | 4,192 |
|
|
Cash flow from financing activities |
|
Net proceeds from issue of share capital | 2,331,250 |
| ------------------------ |
Net cash flow from financing activities | 2,331,250 |
|
|
Net cash inflow for the period | 2,193,961 |
| ------------------------ |
|
|
Cash and cash equivalents at start of period | - |
| ------------------------ |
Cash and cash equivalents at end of period | 2,193,961 |
| ============ |
|
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NOTES TO THE UNAUDITED INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2017
1. BASIS OF PREPARATION
The interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").
The interim financial statements for the period ended 30 June 2017 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
This Interim Financial Report was approved by the Board of Directors on 30 August 2017.
Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements.
2. TURNOVER AND SEGMENTAL ANALYSIS
All of the Company's activity and income and expenses in the period ended 30 June 2017 were incurred in the United Kingdom, and relate to Derriston's ongoing investment activities.
3. LOSS PER SHARE
The calculation of the basis and diluted earnings per share is based on the following data:
| Period to |
| 30.6.2017 |
Earnings |
|
Earnings for the purposes of basic earnings per share net loss for the |
|
period attributable to equity holders of the company | (140,211) |
Number of shares |
|
Weighted average number of ordinary shares in issue | 20,529,476 |
The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings.
4. | SHARE CAPITAL | Number of | Nominal value | Premium |
| |
|
| shares | £ | £ |
|
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| a) Issued and Fully Paid: |
|
|
|
|
|
|
|
|
|
|
|
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| 14 November 2016 | 2,250,000 | £56,250 | - |
|
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| 29 December 2016 | 22,750,000 | £568,750 | £1,706,250 |
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|
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| -------------------------- | ------------------------- | ------------------------ |
|
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| As at 30 June 2017 | 25,000,000 | £625,000 | £1,706,250 |
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| ============== | ============= | ============= |
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| The nominal value of the shares is £0.025 |
|
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| |
5. AVAILABILITY OF INTERIM RESULTS
Copies of the Interim Results for the period to 30 June 2017 are available from the Company's registered address and will be available on the Company's website, later today.
Related Shares:
S4 Cap.