9th Jun 2010 07:00
Mission Capital plc
INTERIM RESULTS For the six months to 31 March 2010
Mission Capital plc ("Mission Capital" or the "Company") announces its unaudited interim results for the six months to 31 March 2010.
Chairman's Statement The consolidated interim results of the Company and its subsidiaries for the six months ended 31 March 2010 show an operating profit of £90,206. As at 31 March 2010, the Company had consolidated net assets of £737,000 (2009: £523,000). The Company will not be paying an interim dividend.
The board continues pro-actively to investigate both the best outcome for Roebuck House and a suitable acquisition which will enable us to continue to have the Company's shares traded on AIM.
Philip Goldenberg Chairman
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Consolidated interim statement of comprehensive income |
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For the six months ended 31 March 2010 |
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Six months 31 March 2010 (unaudited) |
Six months 31 March 2009 (unaudited) |
Year ended 30 September 2009 (audited) |
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Notes |
£ |
£ |
£ |
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Revenue |
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130,778 |
48,125 |
89,813 |
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Administrative expenses |
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(32,174) |
(1,279,940) |
(530,462) |
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Operating profit/(loss) |
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98,604 |
(1,231,815) |
(440,649) |
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Finance income |
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10 |
81 |
946 |
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Finance expense |
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(8,408) |
(27,602) |
(42,337) |
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Profit/(loss) for the period before taxation |
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90,206 |
(1,259,336) |
(482,040) |
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Tax expense, net |
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- |
14,000 |
56,126 |
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Profit/(loss) for the period from continuing activities |
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90,206 |
(1,245,336) |
(425,914) |
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Profit for the period from discontinued activities |
3 |
- |
76,429 |
140,511 |
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Loss on disposal of subsidiary undertaking |
3 |
- |
- |
(760,240) |
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Attributable to shareholders of Mission Capital plc |
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90,206 |
(1,168,907) |
(1,045,643) |
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Profit/(loss) per share (pence) |
4 |
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Basic and diluted continuing activities |
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0.083p |
(1.151)p |
(0.394)p |
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Basic and diluted discontinued activities |
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- |
0.071p |
(0.573)p |
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Consolidated interim statement of financial position |
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31 March 2010 |
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31 March 2010 (unaudited) |
31 March 2009 (unaudited) |
30 September 2009 (audited) |
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£ |
£ |
£ |
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Assets |
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Non-current assets |
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Goodwill |
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- |
299,919 |
- |
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Property, plant and equipment |
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- |
13,964 |
- |
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Investment property |
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700,000 |
850,000 |
700,000 |
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700,000 |
1,163,883 |
700,000 |
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Current assets |
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Trade and other receivables |
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106,644 |
383,237 |
512,341 |
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Cash and cash equivalents |
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668,413 |
663,339 |
212,047 |
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Total |
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775,057 |
1,046,576 |
724,388 |
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Total assets |
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1,475,057 |
2,210,459 |
1,424,388 |
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Equity |
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Share capital |
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1,081,749 |
1,081,749 |
1,081,749 |
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Share premium account |
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3,960,673 |
3,960,673 |
3,960,673 |
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Equity reserve |
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54,390 |
54,390 |
54,390 |
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Retained earnings |
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(4,359,869) |
(4,573,339) |
(4,450,075) |
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Total equity |
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736,943 |
523,473 |
646,737 |
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Liabilities |
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Non-current |
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Borrowings |
627,835 |
692,331 |
653,471 |
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627,835 |
692,331 |
653,471 |
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Current |
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Trade and other payables |
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56,535 |
683,488 |
71,542 |
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Borrowings |
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53,744 |
311,167 |
52,638 |
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110,279 |
994,655 |
124,180 |
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Total liabilities |
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738,114 |
1,686,986 |
777,651 |
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Total equity and liabilities |
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1,475,057 |
2,210,459 |
1,424,388 |
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Consolidated interim statement of changes in equity |
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31 March 2010
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Equity attributable to equity holders of Mission Capital plc: |
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Share capital |
Share premium account |
Equity reserve |
Retained earnings |
Total equity |
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£ |
£ |
£ |
£ |
£ |
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Balance at 1 October 2008 |
1,081,749 |
3,960,673 |
54,390 |
(3,404,432) |
1,692,380 |
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Loss and total comprehensive expense for the period |
- |
- |
- |
(1,168,907) |
(1,168,907) |
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Balance at 31 March 2009 |
1,081,749 |
3,960,673 |
54,390 |
(4,573,339) |
523,473 |
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Profit and total comprehensive income for the period |
- |
- |
- |
123,264 |
123,264 |
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Balance at 30 September 2009 |
1,081,749 |
3,960,673 |
54,390 |
(4,450,075) |
646,737 |
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Profit and total comprehensive income for the period |
- |
- |
- |
90,206 |
90,206 |
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Balance at 31 March 2010 |
1,081,749 |
3,960,673 |
54,390 |
(4,359,869) |
736,943 |
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Consolidated interim statement of cash flows |
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For the six months ended 31 March 2010 |
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Six months 31 March 2010 (unaudited) |
Six months 31 March 2009 (unaudited) |
Year ended 30 September 2009 (audited) |
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£ |
£ |
£ |
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Operating activities |
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Results for the period after tax |
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90,206 |
(1,168,907) |
(1,045,643) |
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Depreciation of property, plant and equipment |
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- |
6,934 |
10,825 |
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Impairment of goodwill |
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- |
1,216,988 |
21,907 |
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Loss on disposal of subsidiary undertaking |
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- |
- |
760,240 |
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Interest receivable |
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(10) |
(9,334) |
(9,109) |
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Interest payable |
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8,408 |
27,602 |
42,337 |
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Decrease in value of investment property |
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- |
- |
150,000 |
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Change in trade and other receivables |
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22,865 |
73,437 |
159,166 |
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Change in trade and other payables |
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(15,007) |
(100,167) |
(324,638) |
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Net cash generated from operating activities |
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106,462 |
46,553 |
(234,915) |
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Investing activities |
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Additions to property, plant and equipment |
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- |
- |
(2,345) |
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Proceeds from sale of subsidiary undertaking |
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382,832 |
- |
900,000 |
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Costs of sale of subsidiary undertaking |
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- |
- |
(65,681) |
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Cash and cash equivalents disposed with subsidiary undertaking |
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- |
- |
(689,449) |
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Interest received |
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10 |
9,334 |
9,109 |
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Net cash inflow from investing activities |
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382,842 |
9,334 |
151,634 |
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Financing activities |
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Interest paid |
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(8,408) |
(27,602) |
(42,337) |
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Repayment of borrowings |
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(24,530) |
(25,270) |
(69,660) |
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Net cash outflow from financing activities |
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(32,938) |
(52,872) |
(111,997) |
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Net changes in cash and cash equivalents |
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456,366 |
3,015 |
(195,278) |
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Cash and cash equivalents, beginning of period |
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212,047 |
407,325 |
407,325 |
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Cash and cash equivalents, end of period |
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668,413 |
410,340 |
212,047 |
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Selected explanatory notes 1. Nature of operations and general information The principal activity of Mission Capital plc (the "Company") and its subsidiaries (together, the "Group") is property investment and management. The trading subsidiaries are Mission Capital (Gloucester) Limited, a property company, and Mission Real Estate Limited, a property management company. Karspace Management Limited, a company specialising in the provision of car park and traffic management services to both the public and private sectors, was disposed of on 31 July 2009. Mission Capital plc, a limited liability company, is the Group's ultimate parent company. It is registered in England and Wales. The address of Mission Capital plc's registered office is 24 Queen Anne Street, London, W1G 9AX. Mission Capital plc's shares are traded on the London Stock Exchange's AIM Market. These condensed consolidated interim financial statements have been prepared using the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the European Union and as issued by the International Accounting Standards Board. They do not include all of the information required for full annual financial statements as defined in Section 434 of the Companies Act 2006, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2009. The auditor's report on those financial statements was unqualified and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006. The Consolidated Financial Statements have been filed with the Registrar of Companies and are available on the Company's website, www.missioncapitalplc.co.uk.
2. Accounting policies
Basis of preparation
The accounting policies applied by the Group are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 September 2009, except for the adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating Segments.
The adoption of IAS 1 Presentation of Financial Statements (Revised 2007) does not affect the financial position or profits of the Group, but gives rise to additional disclosures. The measurement and recognition of the Group's assets, liabilities, income and expenses is unchanged. IAS 1 Presentation of Financial Statements (Revised 2007) affects the presentation of owner changes in equity.
The Directors believe that the Group has only one segment and therefore there has been no additional disclosure under IFRS 8 Operating Segments in the interim financial statements.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed interim financial statements.
3. Discontinued activities
On 31 July 2009, the group disposed of its shareholding in Karspace Management Limited. Revenue and expenses, and gains and losses relating to the disposal of this subsidiary undertaking in the comparative periods are as follows:
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Period ended 31 March 2009 (unaudited) |
Year ended 30 September 2009 (audited) |
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£ |
£ |
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Gross turnover |
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1,833,774 |
2,967,450 |
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Less: landlords' share of parking receipts |
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(1,031,799) |
(1,136,124) |
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Revenue |
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801,975 |
1,831,326 |
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Cost of sales |
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(326,492) |
(794,091) |
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Gross profit |
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475,483 |
1,037,235 |
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Distribution costs |
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(51,379) |
(90,753) |
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Administrative expenses |
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(342,928) |
(758,008) |
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Operating result |
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81,176 |
188,474 |
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Other interest receivable and similar income |
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9,253 |
8,163 |
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Loss on ordinary activities before taxation |
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90,429 |
196,637 |
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Tax on loss on ordinary activities |
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(14,000) |
(56,126) |
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Loss on ordinary activities after taxation |
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76,429 |
140,511 |
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Disposal of subsidiary undertaking |
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- |
(760,240) |
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Net result from discontinued operations |
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76,429 |
(619,729) |
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4. Profit/(loss) per share The calculation of the basic profit/(loss) per share is based on the profit/(loss) attributable to the shareholders of Mission Capital plc divided by the weighted average number of shares in issue during the period.
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Profits/(losses) attributable to shareholders |
Weighted average number of shares |
Basic profit/(loss) per share amount in pence |
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Six months ended 31 March 2010 |
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Continuing activities |
90,206 |
108,174,872 |
0.083 |
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Six months ended 31 March 2009 |
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Continuing activities |
(1,245,336) |
108,174,872 |
(1.151) |
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Discontinued activities |
76,429 |
108,174,872 |
0.071 |
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Year ended 30 September 2009 |
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Continuing activities |
(425,914) |
108,174,872 |
(0.394) |
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Discontinued activities |
(619,729) |
108,174,872 |
(0.573) |
Fully diluted profit/(loss) per share is also based upon the above figures, as there are no potential dilutive ordinary shares in issue.
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