19th Feb 2014 07:00
19 February 2014
Feedback plc
("Feedback", the "Company" or the "Group")
Interim Report for the six months ended 30 November 2013
Chairman's Statement
The Company became an Investing Company (as defined by the AIM Rules for Companies) on 1 June 2013 focussed on investing in the technology sector. The Company's detailed Investing Policy is available on the Company's website (www.fbk.com). The Directors are endeavouring to implement the Company's investment policy by identifying a suitable acquisition that will be effected by means of a reverse takeover.
Results for the six months ended 30 November 2013 show a loss of £136,000 (30 November 2012: loss £298,000). This loss represents the costs of maintaining the company's listing on AIM and activities related to implementing the Investing Policy. At 30 November 2013 the net tangible assets of the company were £625,000.
These net assets include the proceeds from the disposal of the Company's freehold property. This disposal was the subject of a circular to shareholders dated 11 July 2013, and was approved at a General Meeting heldon 29 July 2013.
The Board believes that the Company's cash reserve is sufficient to meet its immediate requirements and also to pursue the Company's Investing Policy.
The Board has commenced the assessment of various potential projects in the technology sector in accordance with its Investing Policy. While no such projects have yet come to fruition, the Board is confident of moving forward on a project in the near future.
Nick Shepheard
Chairman and Chief Executive
18 February 2014
Enquiries:
Feedback plc | |
Nick Shepheard | 020 3289 7747 |
Sanlam Securities UK Limited (Nominated adviser and broker) | |
Simon Clements/Catherine Miles | 020 7628 2200 |
UNAUDITED CONSOLIDATED INCOME STATEMENT
6 months to 30 November 2013 | 6 months to 30 November 2012 | 6 months to 30 November 2012 | 6 months to 30 November 2012 | Year to 31 May 2013 | Year to 31 May 2013 | Year to 31 May 2013 | ||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Total | Continuing | Discontinued | Total | Continuing | Discontinued | Total | ||
Revenue | - | - | 976 | 976 | - | 1,179 | 1,179 | |
Cost of sales | - | - | (519) | (519) | (1,010) | (1,010) | ||
Gross profit | - | - | 457 | 457 | - | 709 | 709 | |
Other operating expenses | (114) | (286) | (464) | (750) | (492) | (890) | (1,382) | |
Operating profit/(loss) | (114) | (286) | (7) | (293) | (492) | (181) | (673) | |
Losses on disposal of discontinued operations |
- |
- |
- |
- |
- |
- | ||
Finance costs | (8) | (26) | - | (26) | (57) | (57) | ||
Profit/(loss) before tax | (122) | (312) | (7) | (319) | (549) | (181) | (730) | |
Tax credit/(expense) | - | - | 21 | 21 | - | - | - | |
Loss/profit on ordinary activities after tax |
(122) |
(312) |
14 |
(298) |
(549) |
(181) |
(730) | |
Profit on disposals of discontinued operations |
382 |
382 | ||||||
(Loss)/profit for the period attributable to the equity shareholders of the parent |
(122) |
(312) |
14 |
(298) |
(549) |
201 |
(348) | |
Other comprehensive income/(expense) | ||||||||
Translation differences on overseas operations |
(14) |
- |
- |
- |
- |
- |
(3) | |
Total comprehensive income/(expense) for the period |
(136) |
(312) |
14 |
(298) |
|
(351) | ||
Basic and diluted earnings per share |
2 |
(0.09p) |
(0.24p) |
0.02p |
(0.22p) |
(0.42p) |
(0.15p) |
(0.27p) |
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share | Share | Capital | Retained | Translation | ||
Capital | Premium | Reserve | Earnings | Reserve | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 31 May 2012 | 327 | 851 | 300 | (162) | (204) | 1,112 |
Total comprehensive income for the period |
- |
- |
- |
(298) |
- |
(298) |
Balance at 30 November 2012 | 327 | 851 | 300 | (460) | (204) | 814 |
Total comprehensive expense for the period |
- |
- |
- |
(50) |
(3) |
(53) |
Balance at 31 May 2013 | 327 | 851 | 300 | (510) | (207) | 761 |
Total comprehensive income for the period |
- |
- |
- |
(122) |
(14) |
(136) |
Balance at 30 November 2013 | 327 | 851 | 300 | (632) | (221) | 625 |
UNAUDITED CONSOLIDATED BALANCE SHEET
| 30 November 2013 | 30 November 2012 | 31 May 2013 | |
| £'000 | £'000 | £'000 | |
ASSETS | ||||
| ||||
Non-current assets | ||||
Property, plant and equipment | - | 1,090 | - | |
Intangible assets | - | 270 | - | |
| ||||
| - | 1,360 | - | |
| ||||
Current assets | ||||
Inventories | - | 280 | - | |
Trade receivables | - | 404 | - | |
Other receivables | 17 | 42 | 15 | |
Cash and cash equivalents | 696 | - | 342 | |
| ||||
| 713 | 726 | 357 | |
| ||||
Non current assets held for sale | - | - | 940 | |
| ||||
Total assets | 713 | 2,086 | 1,297 | |
| ||||
| ||||
LIABILITIES | ||||
| ||||
Non-current liabilities | ||||
Deferred tax liabilities | - | 65 | 86 | |
| ||||
Current liabilities | ||||
Trade payables | 66 | 229 | 102 | |
Other payables | 22 | 709 | 434 | |
Bank overdrafts | - | 269 | - | |
| ||||
| 88 | 1,207 | 536 | |
| ||||
Total liabilities | 88 | 1,272 | 536 | |
| ||||
Net assets | 625 | 814 | 761 | |
| ||||
| ||||
EQUITY | ||||
| ||||
Capital and reserves attributable to the Company's equity shareholders | ||||
Called up share capital | 327 | 327 | 327 | |
Share premium account | 851 | 851 | 851 | |
Capital reserve | 300 | 300 | 300 | |
Translation reserve | (221) | (204) | (207) | |
Retained earnings | (632) | (460) | (510) | |
| ||||
Total equity | 625 | 814 | 761 | |
| ||||
|
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
| 6 months to 30 November 2013 | 6 months to 30 November 2012 | Year to 31 May 2013 |
| £'000 | £'000 | £'000 |
| |||
Cash flows from operating activities | |||
Profit/(loss) before tax | (122) | (319) | (730) |
Adjustments for: | |||
Loss on disposal of property plant and equipment | - | - | 17 |
Impairment provision against property | - | - | 110 |
Finance charges | 8 | - | 57 |
Depreciation and amortisation | - | 115 | 241 |
Foreign exchange difference | (14) | - | 3 |
Decrease/(increase) in inventories | - | 36 | 193 |
(Increase)/decrease in trade receivables | - | (61) | 31 |
Decrease/(increase) in other receivables | (2) | 118 | 136 |
Decrease/(increase) in trade payables | (36) | 1 | 36 |
Decrease/(increase) in other payables | (412) | 21 | 39 |
| |||
Net cash (used in)/ operating activities | (578) | (89) | 133 |
| |||
Cash flows from investing activities | |||
Purchase of tangible fixed assets | - | - | (9) |
Purchase of intangible assets | - | (22) | (126) |
Proceeds from sale of assets held for resale | 940 | - | - |
Net cash disposed of with subsidiary | - | (11) | |
Net proceeds from sale of subsidiary | - | 570 | |
| |||
Net cash used in investing activities | 940 | (22) | 424 |
| |||
Cash flows from financing activities | |||
Interest paid | (8) | - | (57) |
| |||
Net cash generated from financing activities | (8) | - | (57) |
| |||
| |||
Net movement in cash and cash equivalents | 354 | (111) | 481 |
Cash and cash equivalents at beginning of period | 342 | (158) | (158) |
| |||
Cash and cash equivalents at end of period | 696 | (269) | 342 |
|
FEEDBACK PLC
NOTES TO THE UNAUDITED INTERIM REPORT
1. | BASIS OF PREPARATION |
The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year end of 31 May 2014. The accounting policies are unchanged from the financial statements for the year ended 31 May 2013.
The information set out in this interim report for the six months ended 30 November 2013 does not comprise statutory accounts within the meaning of section 434 of The Companies Act 2006. The results for the year ended 31 May 2013 are based on the published accounts for that period on which the auditors gave a report which did not contain statements under section 498 of the Companies Act 2006. The accounts for the year ended 31 May 2013 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 18 February 2014. | |
2. | EARNINGS PER SHARE |
The earnings per share for the six months ended 30 November 2013 is based on the Group loss on ordinary activities after taxation of £122,000 (2012: loss £298,500) attributed to the weighted average of 130,946,746 Ordinary Shares (2012: 130,946,746), being the weighted average number of shares in issue. | |
3. | AVAILABILITY OF THE INTERIM REPORT |
Copies of the report will be available from the Company's office and also from the Company's website www.fbk.com |
Related Shares:
Feedback