20th Sep 2005 10:43
Flightstore Group PLC20 September 2005 20 September 2005 FLIGHTSTORE GROUP PLC ("Flightstore" or "the Company") INTERIM RESULTS 20 September 2005: Flightstore Group plc, (LSE: FLG) is pleased to announce itsinterim results for the 6 months ended 30 June 2005. Introduction The following are the results for Flightstore Group, covering the trading ofFlightstore Inflight Retailing Limited and Flightstore Group plc for the sixmonths ended 30 June 2005. Turnover for the period was £6,427 (2004 £36,963)and losses before tax were £286,623 (2004 £563,424). Future Plans As set out in the Chairman's Statement accompanying the accounts for the yearended 31 December 2004, the Board have taken a decision that Flightstore offeritself as being available for a reverse into the company of a business seekingan AIM listing. Any candidate will be considered on their merits irrespectiveof sector. To date no appropriate candidates have been identified, but theBoard is continuing its search. David Sebire Chairman 20 September 2005 Consolidated Profit and Loss Account Unaudited interim results for the six months ended 30 June 2005 (Unaudited)Six (Unaudited) (Audited) months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Turnover 6,427 36,963 1,341 Cost of sales 5,142 (49,341) (79,825) _______ _______ _______Gross profit/(loss) 11,569 (12,378) (78,484)Administrative expenses (305,058) (569,359) (973,118) _______ _______ _______Operating loss (293,489) (581,737) (1,051,602)Net interest receivable 6,866 18,313 31,480 _______ _______ _______Loss on ordinary activities beforetaxation (286,623) (563,424) (1,020,122)Taxation 2 22,682 - - _______ _______ _______Retained loss 6 (263,941) (563,424) (1,020,122) ________ ________ ________Earnings per share 4 Basic and diluted (0.29)p (0.62)p (1.02)p Summarised Consolidated Balance Sheet Unaudited interim results as at 30 June 2005 (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December Note 2005 2004 2004 £ £ £ Fixed Assets Tangible fixed assets - 17,266 12,731 Current assets 5 282,085 1,080,245 662,035 Creditors: amounts falling due within one year (188,131) (282,918) (316,871) _______ _______ _______ Net current assets 93,954 797,327 345,164 _______ _______ _______ Net assets 93,954 814,593 357,895 _______ _______ _______ Capital and reserves Called up share capital 1,003,764 1,003,764 1,003,764 Share premium 1,408,599 1,408,599 1,408,599 Merger reserve 2,272,123 2,272,123 2,272,123 Investment in own shares (100,000) (100,000) (100,000) Profit and loss account 6 (4,490,532) (3,769,893) (4,226,591) _______ _______ _______ Equity shareholders' funds 7 93,954 814,593 357,895 _______ _______ _______ Summarised Consolidated Cash Flow Statement Unaudited interim results for the six months ended 30 June 2005 (Unaudited)Six (Unaudited) (Audited) months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Net cash outflow from operating activities 8 (424,609) (775,027) (1,182,453) Returns on investment and servicing of finance 6,866 18,313 31,480 Taxation 22,682 - - Capital expenditure - (5,773) (8,793) _______ _______ _______ Cash outflow before financing (395,061) (762,487) (1,159,766) Net cash inflow from financing - - - _______ _______ _______ Decrease in cash in the period 9 (395,061) (762,487) (1,159,766) _______ _______ _______ Notes to the Interim Statement Unaudited interim results for the six months ended 30 June 2005 1 Basic of preparation This interim statement has been prepared on the basis of accountingpolicies set out in the Group financial statements for the year ended 31December 2004. This statement does not comprise full financial statements within themeaning of Section 240 of the Companies Act 1985. The statement is unaudited. The figures for the year ended 31 December 2004 have been extractedfrom the full Annual Report and Accounts filed with the Registrar of Companieson which the Auditors were unable to form an opinion on the accounts due tolimitations in evidence with regards the required level of continued andadditional support required to ensure the Group remain a going concern. 2 Taxation No provision has been made for corporation tax as the anticipatedeffective rate of tax for the year ending 31 December 2005 is nil. (Unaudited)Six (Unaudited) (Audited) months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Adjustments in respect of prior years 22,682 - - ______ ______ _______ 22,682 - - _______ _______ _______ 3 Dividends The directors do not recommend the payment of an interim dividend. 4 Earnings per share The calculation of earnings per ordinary share (0.29p) is based on lossafter taxation and the weighted average number of shares in the period of90,876,460 (December 2004: 90,876,460, June 2004: 90,876,460). The calculation of the fully diluted earnings per ordinary share(0.28p) is based on the loss on ordinary activities after taxation. In accordance with FRS 14 the weighted average number of shares in theperiod has been adjusted to take account of the effects of all dilutivepotential ordinary shares. The number of shares used in the calculation amountsto 93,857,955 (December 2004: 103,182,213, June 2004: 92,193,410). 5 Current assets (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Debtors 71,422 77,242 56,311Cash at bank and in hand 210,663 1,003,003 605,724 _______ _______ _______ 282,085 1,080,245 662,035 ________ ________ _______ 6 Profit and loss reserve (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Opening balance (4,226,591) (3,206,469) (3,206,469)Retained loss for the period (263,941) (563,424) (1,020,122) _______ _______ _______ (4,490,532) (3,769,893) (4,226,591) _______ _______ _______ 7 Reconciliation of movements in shareholders' funds (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £Retained loss for the period (263,941) (563,424) (1,020,122) _______ _______ _______Net reduction in shareholders' funds (263,941) (563,424) (1,020,122)Opening shareholders' funds 357,895 1,378,017 1,378,017 _______ _______ _______ Closing shareholders' funds 93,954 814,593 357,895 _______ _______ _______ 8 Net cash flow from operating activities (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Operating loss (293,489) (581,737) (1,051,602)Depreciation charge 5,000 4,716 12,271Loss on disposal of fixed assets 7,730 - - (Increase)/decrease in debtors (15,110) (10,084) 10,847(Decrease)/increase in creditors (128,740) (187,922) (153,969) _______ ________ _______Net cash outflow from operating activities (424,609) (775,027) (1,182,453) _______ ________ _______ 9 Analysis of net funds (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2005 2004 2004 £ £ £ Opening cash at bank and in hand 605,724 1,765,490 1,765,490Cash flow (395,061) (762,487) (1,159,766) ________ ________ ________Closing cash at bank and in hand 210,663 1,003,003 605,724 ________ ________ ________ 10 Interim Results Copies of these Interim Results for the period ended 30 June 2005 are availablefrom the Group's registered office; 39 King Hill Avenue, West Malling, Kent,ME19 4SD. 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