29th Sep 2006 07:02
Billam PLC29 September 2006 Billam Plc Interim Report For the six months ended 30 June 2006 CHAIRMAN'S STATEMENT The Board of Billam Plc ("Billam" or "The Company"), announces its unauditedinterim results for the six months to 30 June 2006. The first six months of 2006 has been a period of significant change for theCompany with new directors appointed at the Extraordinary General Meeting heldin March and a widening of the investment powers approved by shareholders at theAnnual General Meeting held in July. There has been activity in the investment portfolio and I would like to drawattention to the following portfolio developments and achievements of specificinvestee companies: Cybit Holdings plc acquired BlueFinger Limited, a supplier of telematic servicesfor vehicles and maritime applications including economic exclusion zones.Cybit's results for the year to 31 March 2006 showed record sales £10.2 million(£6.7 million 2005) and a return to profit. Eirx Therapeutics plc announced agreements with applied genomic specialistsAlmac Diagnostics Ltd re colorectal cancer and with BioMerieux SA, the leadingFrench international diagnostics group which includes commercial licensingarrangements. TRI-MEX announced the start of its collaboration with JaguarLandRover with thelaunch of its JaguarWatch service. Also, signing a European Master Agreementwith AstonMartinLagonda. The Company participated in a rights issue to subscribefor 9.2 million shares in consideration for £46,000. Physiomics PLC - Billam PLC has agreed to participate in a placing of shares toacquire 33,333,333 shares for a cash consideration of £100,000. Outlook Shortly after 30 June 2006, the investments in Sosei Co Limited and InaplexLimited were sold realising net cash proceeds of £143,000 as part of therationalisation of the portfolio. The Board is at an advanced stage of reviewingnew opportunities for investment in other sectors to the existing investmentsand expect to make a further announcement shortly. Simon BennettChairman Consolidated statement of total return (unaudited) Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2006 30 June 2005 31 December 2005 Capital Revenue Total Capital Revenue Total Capital Revenue Total £000 £000 £000 £000 £000 £000 £000 £000 £000 Realised (losses)/gains oninvestments (23) - (23) (347) - (347) (3) - (3) Net change inunrealisedinvestments (507) - (507) (2,884) - (2,884) (4,527) - (4,527) Income - 42 42 - 20 20 - 52 52 Gross Return (530) 42 (488) (3,231) 20 (3,211) (4,530) 52 (4,478) Administrative - (262) (262) (270) (270) - (607) (607)expenses Interest payable - (3) (3) - (1) (1) - (3) (3) Return before (530) (223) (753) (3,231) (251) (3,482) (4,530) (558) (5,088)taxation Provision for - - - - - - 28 (28) -taxation Return after (530) (223) (753) (3,231) (251) (3,482) (4,502) (586) (5,088)taxation Transfer to (530) (223) (753) (3,231) (251) (3,482) (4,502) (586) (5,088)reserves Return perordinary share (p)(note 4) (5.1) (2.1) (7.2) (32.1) (2.5) (34.6) (44.1) (5.7) (49.8) Consolidated balance sheet as at 30 June 2005 (unaudited) Unaudited Unaudited Audited 30 June 30 June 31 December 2006 2005 2005 £000 £000 £000Fixed assetsInvestments 2,451 4,916 3,106 2,451 4,916 3,106 Current assetsDebtors 230 155 171Cash at bank and in hand 11 39 9 241 194 180 Creditors: amounts falling due within one (621) (150) (259)year Net current assets / (liabilities) (380) 44 (79) Total assets less current liabilities 2,071 4,960 3,027Creditors: amounts falling due after more (668) (953) (872)than one year Total net assets 1,403 4,007 2,155 Financed by:Called up share capital 2,250 2,170 2,250Share premium account 5,409 5,389 5,409Capital reserve realised (741) (1,304) (842)Capital reserve unrealised (3,287) (924) (2,657)Merger reserve 1,012 1,736 1,012Revenue account (3,240) (3,060) (3,017) Shareholders' funds 1,403 4,007 2,155 Total shareholders' funds are attributableto:Ordinary shareholders' funds 1,245 3,849 1,997Deferred shareholders' funds 158 158 158 1,403 4,007 2,155 Net asset value pence per share (note 7)Ordinary shares 11.9p 38.3p 19.1pDeferred shares 0.1p 0.1p 0.1p Consolidated cash flow statement (unaudited) Six months Six months Year ended to to 30 June 30 June 31 December 2006 2005 2005 £000 £000 £000 Net cash outflow from operating activities (267) (70) (263)Net cash outflow from returns on servicing (3) (1) (3)financeNet cash outflow from investment (46) (16) (27)Net cash inflow from sale of investments 171 79 255New cash inflow from financing 147 - - Decrease/increase in cash for the period 2 (8) (38) Notes: 1. Basis of preparationThe unaudited interim results have been prepared on the basis of the accountingpolicies set out in the statutory accounts of the Company for the year ended 31December 2005. 2. ComparativesComparatives are shown for the six months to 30 June 2005 and year to 31December 2005. 3. Results for the year ended 31 December 2005The results for the year ended 31 December 2005 are a non-statutory version ofthe full report and accounts for that year, which have been filed with theRegistrar of Companies on which the auditors reported under Section 235 of theCompanies Act 1985. The report contained no qualifications in respect of theyear ended 31 December 2005, or any statement under Section 237(2) or (3) of thesaid Act. 4. ReturnsReturns per Ordinary Share are based on the weighted average number of ordinaryshares in issue during the period of 10,460,000 Ordinary and 157,950,000deferred shares (year to 31 December 2005: 10,206,154 Ordinary shares and157,950,000 deferred shares/period to 30 June 2005: 10,060,000 Ordinary and157,950,000 deferred shares). 5. TaxationNo tax provision was considered necessary on the unrealised loss. 6. DividendsThe Directors do not recommend the payment of an interim dividend. 7. Net asset value per shareNet asset value per Ordinary Share is based on the net assets attributable toOrdinary shareholders at the period end and 10,460,000 Ordinary and 157,950,000deferred shares in issue at the period end (at 31 December 2005: 10,460,000Ordinary and 157,950,000 deferred shares/at 30 June 2005: 10,060,000 Ordinaryand 157,950,000 deferred shares). Copies of this announcement will be available for collection, free of charge,from Billam's offices, Trinity Court, Batchworth Island, Church Street,Rickmansworth, Herts WD3 1RT for a period of one month from the date of thisannouncement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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