21st Sep 2006 07:00
Flightstore Group PLC21 September 2006 FLIGHTSTORE GROUP PLC ("Flightstore" or "the Company") INTERIM RESULTS Flightstore Group plc, (LSE: FLG) announces its interim results for the 6 monthsended 30 June 2006. 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 2006. Turnover for the period was £nil (2005 £6,427) andlosses before tax were £4,972 (2005 £286,623). Net assets as at 30 June 2006were £47,635. Future Plans As previously stated, the Board took the decision that Flightstore offer itselfas being available for a reverse into the Company of a business seeking an AIMlisting, any candidate to be considered on their merits irrespective of sector.Preliminary negotiations have been conducted with the principals of a number ofbusinesses but none of these have been brought to an acceptable conclusion. Flightstore's last Annual General Meeting was held on 5 December 2005. TheLondon Stock Exchange has indicated that if Flightstore fails to make anappropriate acquisition within 12 months of this date it is likely to suspendtrading in the shares of the Company and if it remains suspended for more than 6months the Company is likely to be cancelled from AIM. 21 September 2006 FLIGHTSTORE GROUP PLC Consolidated Profit and Loss AccountUnaudited interim results for the six months ended 30 June 2006 (Unaudited)Six (Unaudited) (Audited) months Six months Year Note Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £ Turnover - 6,427 5,255 Cost of sales 20,000 5,142 (6,801) Gross profit/(loss) 20,000 11,569 (12,056)Administrative expenses (25,848) (305,058) (377,395) Operating loss (5,848) (293,489) (365,739)Net interest receivable 876 6,866 10,651 Loss on ordinary activities beforetaxation (4,972) (286,623) (355,088)Taxation 2 - 22,682 22,682 Retained loss 6 (4,972) (263,941) (332,406) Earnings per share 4 Basic and diluted (0.01)p (0.29)p (0.35)p FLIGHTSTORE GROUP PLC Summarised Consolidated Balance Sheet Unaudited interim results as at 30 June 2006 (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December Note 2006 2005 2005 £ £ £ Fixed AssetsTangible fixed assets - - - Current assets 5 75,188 282,085 99,776 Creditors: amounts falling duewithin one year (27,553) (188,131) (47,169) Net current assets 47,635 93,954 52,607 Net assets 47,635 93,954 52,607 Capital and reserves Called up share capital 1,003,764 1,003,764 1,003,764 Share premium 1,435,717 1,408,599 1,435,717 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 (4,563,969) (4,490,532) (4,558,997) Equity shareholders' funds 7 47,635 93,954 52,607 FLIGHTSTORE GROUP PLC Summarised Consolidated Cash Flow Statement Unaudited interim results for the six months ended 30 June 2006 (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 Note £ £ £Net cash outflow from operatingactivities 8 (23,821) (424,609) (571,393) Returns on investment and servicingof finance 876 6,866 10,651 Taxation - 22,682 22,682 Cash outflow before financing (22,945) (395,061) (538,060)Net cash inflow from financing - - 27,118 Decrease in cash in the period 9 (22,945) (395,061) (510,942) Notes to the Interim Statement Unaudited interim results for the six months ended 30 June 2006 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 2005. 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 2005 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 2006 is nil. (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £ Adjustments in respect of prior years - 22,682 22,682 - 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 (0.01p) is based on lossafter taxation and the weighted average number of shares in the period of90,876,460 (December 2005: 90,876,460, June 2005: 90,876,460). The calculation of the fully diluted earnings per ordinary share(0.01p) is based on the loss on ordinary activities after taxation. Notes to the Interim Statement (cont'd) Unaudited interim results for the six months ended 30 June 2006 4 Earnings per share (cont'd) 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 alsoamounts to 90,876,460 (December 2005: 90,876,460, June 2005: 90,876,460) sincethe diluted earnings per share cannot be lower that the basic earnings pershare. 5 Current assets (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £ Debtors 3,351 71,422 4,994Cash at bank and in hand 71,837 210,663 94,782 75,188 282,085 99,776 6 Profit and loss reserve (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £ Opening balance (4,558,997) (4,226,591) (4,226,591)Retained loss for the period (4,972) (263,941) (332,406) (4,563,969) (4,490,532) (4,558,997) Notes to the Interim Statement (cont'd) Unaudited interim results for the six months ended 30 June 2006 7 Reconciliation of movements in shareholders' funds (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £Retained loss for the period (4,972) (263,941) (332,406) Increase in share premium account - - 27,118 Net reduction in shareholders' funds (4,972) (263,941) (305,288)Opening shareholders' funds 52,607 357,895 357,895 Closing shareholders' funds 47,635 93,954 52,607 8 Net cash flow from operating activities (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £ Operating loss (5,848) (293,489) (365,739)Depreciation charge - 5,000 12,731Loss on disposal of fixed assets - 7,730 -(Increase)/decrease in debtors 1,643 (15,110) 51,317(Decrease)/increase in creditors (19,616) (128,740) (269,704) Net cash outflow from operatingactivities (23,821) (424,609) (571,393) Notes to the Interim Statement (cont'd) Unaudited interim results for the six months ended 30 June 2006 9 Analysis of net funds (Unaudited) (Unaudited) (Audited) Six months Six months Year Ended Ended Ended 30 June 30 June 31 December 2006 2005 2005 £ £ £ Opening cash at bank and in hand 94,782 605,724 605,724Cash flow (22,945) (395,061) (510,942) Closing cash at bank and in hand 71,837 210,663 94,782 10 Interim Results Copies of these Interim Results for the period ended 30 June 2006 are availablefrom the Group's registered office; 39 King Hill Avenue, West Malling, Kent,ME19 4SD. 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