28th Jun 2006 07:01
Netcentric Systems PLC28 June 2006 28 June 2006 NETCENTRIC SYSTEMS PLC Interim Results for the six months ended 31 March 2006 CHAIRMAN'S STATEMENT For the six months ended 31 March 2006 At £32,000, the costs for the six months period to 31 March 2006 reflect thebasic costs of running an AIM company. However, as we have previously announced,there were important changes to the Company during the period; Howard Crosby,the American natural resources entrepreneur, acquired 29.89% of the Company fromPSG Solutions Plc (formerly London & Boston Investments Plc) and was appointedto the Board. At the same time both Emanuel Mond and Paul Hughes resigned fromthe Board. PSG Solutions Plc, both during and after the period under review, hasreduced its holding to 9.99% from 48.94%. The Company has appointed Strand Partners Limited as its new nominated advisorand broker. The Board is satisfied that this appointment reflects the Board'sintention to change the direction of the Company towards natural resources withan emphasis on energy. As previously announced, the Company is currently seeking to raise up to$500,000 for working capital and investment purposes by way of a placing withselected private investors at 2 US cents (approximately 1.125 pence) per share.To date, over $400,000 has been received in subscriptions for new shares. The Directors are actively evaluating a potential transaction at the presenttime and remain confident of announcing a suitable acquisition to enhanceshareholder value in due course, but in the meantime we are grateful for thecontinued support of our shareholders during this transition period. Stephen A KomlosyChairman28 June 2006 PROFIT AND LOSS ACCOUNTFOR THE SIX MONTHS ENDED 31 MARCH 2006 Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000TURNOVER - - -Net operating expenses (32) (36) (83) ------------ ------------- ------------OPERATING LOSS (32) (36) (83) ------------ ------------- ------------LOSS ON ORDINARYACTIVITIES BEFORE (32) (36) (83)INTERESTInterest receivable 2 2 6 ------------ ------------- ------------LOSS ON ORDINARY (30) (34) (77)ACTIVITIES BEFORE TAXATIONTaxation - - - ------------ ------------- ------------LOSS ON ORDINARY (30) (34) (77)ACTIVITIES AFTER TAXATION ------------ ------------- ------------BASIC LOSS PER SHARE (0.02)p (0.02)p (0.06)p ------------ ------------- ------------DILUTED LOSS PER SHARE (0.02)p (0.02)p (0.06)p ------------ ------------- ------------ STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFOR THE SIX MONTHS ENDED 31 MARCH 2006 Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000Loss for the period (30) (34) (77) ------------- ------------ ------------- Total gains and losses (30) (34) (77) ------------- ------------ ------------- BALANCE SHEETAT 31 MARCH 2006 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000FIXED ASSETSInvestments 94 - - ------------ ------------- ------------- 94 - - CURRENT ASSETSDebtors 3 131 99Cash at bank and in hand 2 14 3 ------------ ------------- ------------- 5 145 102 CREDITORS: amounts fallingdue within one year (55) (28) (28) ------------ ------------- ------------- NET CURRENTASSETS/(LIABILITIES) (50) 117 74 ------------ ------------- ------------- TOTAL ASSETS LESS CURRENTLIABILITIES 44 117 74 ------------ ------------- ------------- NET ASSETS 44 117 74 ------------ ------------- -------------Represented by: CAPITAL AND RESERVESCalled up share capital 699 699 699Reserves (655) (582) (625) ------------ ------------- ------------- SHAREHOLDERS' FUNDS 44 117 74 ------------ ------------- ------------- CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 MARCH 2006 Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000 ------------- --------------- -------------NET CASH OUTFLOW FROM (3) (150) (165)OPERATING ACTIVITIES ------------- --------------- ------------- RETURNS ON INVESTMENTSAND SERVICING OF FINANCEBank interest received 2 2 6 ------------- --------------- -------------DECREASE IN CASH FOR THE (1) (148) (159)PERIOD ------------- --------------- ------------- NOTES TO THE CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 MARCH 2006 (i) RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATINGACTIVITIES Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000Operating loss (32) (36) (83)Decrease/ (increase) indebtors 2 (92) (61)Increase/(decrease) increditors 27 (22) (21) ------------ -------------- --------------Net cash outflow fromoperating (3) (150) (165)activities ------------ -------------- -------------- (ii) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000Decrease in cash in period (1) (148) (159)Opening net funds 3 162 162 ------------ -------------- --------------Closing net funds 2 14 3 ------------ -------------- -------------- (iii) ANALYSIS OF NET FUNDS At 31 March At 31 March At 30 September 2006 2005 2005 Unaudited Unaudited Audited £'000 £'000 £'000Cash at bank 2 14 3 ------------ -------------- -------------- NOTES TO THE INTERIM ACCOUNTSFOR THE SIX MONTHS ENDED 31 MARCH 2006 1. Financial information The financial information provided for the six months to 31 March 2006 has beenprepared using consistent accounting policies as used in the preparation andfiling of the statutory accounts for the year ended 30 September 2005. Thefinancial information set out here does not constitute statutory accounts asdefined by Section 240 of the Companies Act 1985. 2. Audit review These interim results have not been subject to a full review by our companyauditors, in accordance with our normal procedures. 3. Reserves Share Profit and loss Total premium account £'000 £'000 £'000Year ended 30 September 2005At 1 October 2004 50 (598) (548)Loss for period - (77) (77) ------------ ----------- -----------At 30 September 2005 50 (675) (625) ------------ ----------- ----------- Share Profit and loss Total premium account £'000 £'000 £'000Year ended 31 March 2005At 1 October 2004 50 (598) (548)Loss for period - (34) (34) ------------ ----------- -----------At 31 March 2005 50 (632) (582) ------------ ----------- ----------- Share Profit and loss Total premium account £'000 £'000 £'000Year ended 31 March 2006At 1 October 2005 50 (675) (625)Loss for period - (30) (30) ------------ ----------- -----------At 31 March 2006 50 (705) (655) ------------ ----------- ----------- 4. Loss per share The loss per share calculations have been arrived at by reference to thefollowing earnings and weighted average number of shares in issue during theperiod. Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited £'000 £'000 £'000Basic loss after taxation 30 34 77 ------------ ------------ ------------Weighted number of sharesin issue 139,734,602 139,734,602 139,734,602 ------------ ------------ ------------ Signed on Behalf of Netcentric Systems PLC and authorised for release J J MayDirector28th June 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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