26th Jul 2006 15:08
26 July 2006 SILENTPOINT PLC ("Silentpoint" or "the Company") Interim results for the six months ended 30 April 2006 Silentpoint Plc, the investment company, today announces its unaudited interimresults for the six months to 30th April 2006.Highlights* The Company achieved a pleasing result for the six months ended 30 April 2006* Profit before tax for the period ‚£92,484 (2005: ‚£57,497)* Earnings per share for the period of 0.44p (2005: 0.33p)* The results reflects the benefit of continuing with our policy of investingin quality small companies with prospects of capital growth. Enquiries: Smit Berry - Chief Executive 020 8656 4648Haresh Kanabar - Chairman 020 7297 0010 CHAIRMAN'S STATEMENTI am pleased to report a reasonable first half performance with gains fromfixed asset disposals generating a pretax profit of ‚£92,484 during the firsthalf to 30 April 2006, an improvement over the pretax profit of ‚£57,497reported at the interim stage last year. Earnings per share increased to 0.44p(0.33p). We continue to cautiously seek further investments in line with our statedstrategy. While we are alert to the prospect of rising interest rates anda derating of multiples that investors are willing to pay for investments,which has impacted our existing holdings, current market conditions haveprovided us with an opportunity to review potential investments which carrymore attractive multiples. Share buy backsFollowing the profits reported today, we now have available distributablereserves for the first time in the Company's history although no dividend isproposed at this time as the Directors believe it prudent to continue to seekto deliver capital growth for shareholders. As part of this process, sinceSeptember 2005, the Company has purchased 525,000 ordinary shares in theCompany, representing approximately 3% of the current issued share capital, forcancellation.Following these transactions, the Company has 16,975,000 ordinary shares inissue. As part of the Company's stated objective to enhance shareholder valuethrough the repurchase of its own shares, the Directors will continue tomonitor the position and will, if appropriate, make further purchases of theCompany's own shares.Assets at the year end were ‚£1,502,168 (2005: 1,408,379) which included netcash balances amounting to ‚£555,180 (2005: ‚£715,330)OutlookWe view the interim results as satisfactory and continue to have a positiveview of prospects for the full year.Haresh KanabarChairmanProfit and Loss AccountFor the six months ended 30 April 2006 Six months Six months Year ended ended ended 31 October 30 April 30 April 2005 2005 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Turnover - investment income 231,391 124,344 203,974 Diminution in value of current asset (80,000) (40,000) (20,000)investments Other operating expenses (net) (70,486) (42,347) (84,426) Operating Profit 80,905 41,997 99,548 Other interest receivable and similar 11,579 15,500 32,139income Profit on ordinary activities before 92,484 57,497 131,687taxation Taxation (18,000) - (16,274) Profit on ordinary activities after 74,484 57,497 115,413taxation Earnings per share - basic and diluted 0.44p 0.33p 0.66pBalance SheetAs at 30 April 2006 As at As at As at 30 April 30 April 31 October 2005 2006 2005 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Fixed Assets Investments 1,126,204 665,229 - 1,126,204 665,229 - Current assets Investments - - 766,914 Debtors 17,813 55,833 96,240 Cash at bank and in hand 555,180 715,330 633,715 572,993 771,163 1,496,869 Creditors falling due within one year (197,029) (28,013) (30,574) Net current assets 375,964 743,150 1,466,295 Total assets less current liabilities 1,502,168 1,408,379 1,466,295 Capital and reserves Share capital 339,500 350,000 350,000 Share premium account 1,076,496 1,076,496 1,076,496 Capital Redemption Reserve 10,500 - - Profit and loss account 75,672 (18,117) (39,799) Shareholders' funds - equity 1,502,168 1,408,379 1,466,295Cash flow statement for the six months ended 30 April 2006 Six months Six months Year ended ended ended 31 October 30 April 30 April 2005 2005 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Net cash outflow from operating (51,503) (150,747) (249,001)activities Returns on investments and servicing of 11,579 15,500 32,139finance Net cash outflow before financing and (39,924) (135,247) (216,862)use of liquid resources Management of liquid resources Reduction in treasury reserve deposits 189,272 116,436 205,908 Capital expenditure Purchase of own shares (38,611) - - Increase/(Decrease) in cash in the 110,737 (18,811) 10,954 period Notes to the Interim Results1. Basis of preparationThe interim accounts for the six months ended 30 April 2006 are unaudited anddo not constitute statutory accounts in accordance with section 240 of theCompanies Act 1985.The financial statements have been prepared in accordance with currentlyapplicable Accounting Standards in the United Kingdom, which have been appliedconsistently, and under the historical cost convention.Accounting policies consistent with those applied in the financial statementsfor the period ended 31 October 2005 have been used in preparing the unauditedinterim financial statements for the six months ended 30 April 2006.2. TaxationThe charge for taxation is based on the profit for the period as adjusted fordisallowable items.3. DividendsThe Directors are not declaring a dividend for the six months ended 30 April2006.4. Earnings per ordinary shareThe calculation of basic and diluted earnings per share of 0.44 pence is basedon the profit for the period of ‚£74,484 (2005: ‚£57,497) and on 16,998,077(2005: 17,500,000) ordinary shares, being the weighted average number ofordinary shares in issue during the six months ended 30 April 2006.The effect of all potential ordinary shares is antidilutive and thereforedilutive EPS is the same as basic EPS.5. Copies of interim resultsCopies of the interim results are available from the Company's office, 84Addiscombe Road, Croydon, Surrey CR0 5PP.ENDSILENTPOINT PLCRelated Shares:
Sylvania Platinum