21st Dec 2006 11:40
FOR IMMEDIATE RELEASE 21 December 2006 PNC Telecom PLC (the "Company") Interim results for the period ended 30 September 2006
CHAIRMAN'S STATEMENT
The unaudited results for the period ended 30 September 2006 show that your company generated a loss of ‚£427,000 on a turnover of ‚£907,000 (2005:Profit of ‚£229,000). The directors do not recommend the payment of a dividend.
As stated in the announcement of 23 May 2006 Vanguard Plc going into administration has created a liability for leases and your board has in total provisioned ‚£125,000 and has paid ‚£49,000 to date. Your board is currently considering action against the advisors who originally handled the KJC Mobiles Limited administration.
Future Development
As stated on our final results published on 30 September 2006, we are still awaiting repayment of VAT and it is our intention to recommence trade when we receive repayment.
Your board are looking at a number of other businesses in the mobile field and will keep shareholders informed of any developments.
L E V KNIFTONChairman PNC Telecom PLC Profit & Loss Account for the six months ended 30 September 2006 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 September 30 September 31 March 2006 2005 2006 Note ‚£'000 ‚£'000 ‚£'000 Turnover 907 6,453 25,840 Cost of sales (858) (6,088) (24,871) _____ _____ _____ Gross profit 49 365 969 Administration Expenses (364) (203) (533) Other operating income - 54 - _____ _____ _____ Operating profit/(loss) (315) 216 436 Other interest receivable and similarincome 10 13 8 Interest payable (122) - (297) _____ _____ _____ Profit/(Loss) on ordinary activities before taxation (427) 229 147 Tax credit on loss on ordinary activities - - - _____ _____ _____ Profit/(Loss) on ordinary activities after taxation (427) 229 147 Dividends - - - _____ _____ _____
Retained profit/(loss) for the period ‚£(427) ‚£229 ‚£147
Earnings per ordinary share - basic 2 (0.26)p 0.29p 0.14p
Earnings per ordinary share - diluted (0.26)p 0.06p 0.02p
There were no recognised gains or losses other than those recognised in the profit and loss account above.
PNC TELECOM PLC Balance Sheet as at 30 September 2006 Unaudited Unaudited Audited As at As at As at 30 September 30 September 31 March 2006 2005 2006 Note ‚£'000 ‚£'000 ‚£'000 FIXED ASSETS Tangible Assets 12 363 150 Investments 100 - 100 _____ _____ _____ 112 363 250 CURRENT ASSETS Stock 14 24 14 Debtors 1,161 1,523 1,806 Cash at bank and in hand 151 1,960 1,721 _____ _____ _____ 1,326 3,507 3,541 Creditors: amounts falling due within one year (935) (2,677) (2,784) _____ _____ _____ Net current assets 391 830 757 _____ _____ _____ Total assets less current liabilities 503 1,193 1,007 Creditors: amounts falling due after more than one year Hire purchase contracts - (186) (77) Convertible Loan Notes (505) (525) (520) _____ _____ _____ NET ASSETS ‚£(2) ‚£482 ‚£410 CAPITAL AND RESERVES Called up share capital 3 2,524 2,499 2,509 Share premium account 48,033 48,033 48,033 Profit and loss account (50,559) (50,050) (50,132) _____ _____ _____ Equity Shareholders' (Deficit)/ Funds ‚£(2) ‚£482 ‚£410 PNC TELECOM PLC Cash Flow Statement for the six months ended 30 September 2006 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 30 31 September September March 2005 2006 2006 Note ‚£'000 ‚£'000 ‚£'000 Cash inflow/(outflow) from operating activities 4 (1,471) 1,152 1,300 Returns on investments and servicing of finance (112) 13 (286) Taxation - - - Capital expenditure 90 (1) (154) Financing: Hire purchase (77) (83) (23) Issue of convertible Loan Notes - 620 620 Issue of shares - - 5 _____ _____ _____ Cash increase/(decrease) in the period (‚£1,570) ‚£1,701 1,462 Reconciliation of net cash flow to movement in net funds Unaudited Unaudited Audited 6 months 6 months ended Year ended ended 30 September 30 September 31 March 2006 2005 2006 Note ‚£'000 ‚£'000 ‚£'000 Increase/(decrease) in cash in the period (1,570) 1,701 1,462 Increase in lease finance (279) - Increase in convertible loan 15 (525) (520) notes Net funds at start of the period 1,201 259 259 _____ _____ _____ Net (debt)/funds at end of (‚£354) ‚£1,156 ‚£1,201 period Consisting of :- Cash at bank 151 1,960 1,721 Hire purchase creditors - (279) - Convertible loan notes (505) (525) (520) _____ _____ _____ Net (debt)/funds (‚£354) ‚£1,156 ‚£1,201 PNC TELECOM PLC Reconciliation of movement in Shareholders' Funds for the six months ended 30 September 2006 Unaudited Unaudited Audited 6 months 6 months ended Year ended ended 30 September 30 September 2005 31 March 2006 2006 Note ‚£'000 ‚£'000 ‚£'000 Retained profit/(loss) for the (427) 229 147 period Increase in equity 15 95 105 Opening shareholders' funds 410 158 158 _____ _____ _____ Closing shareholders' (deficit)/ ‚£(2) ‚£482 ‚£410 funds PNC TELECOM PLC NOTES TO THE INTERIM REPORT 1. Accounting Policies
Basis of preparation
The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the year ended 31 March 2006.
The financial statements and the Annual Report and Accounts for the year ended 31 March 2006 were prepared on a going concern basis.
The interim report for the six months to 30 September 2006 was approved by the Board on 18 December 2006.
2. Earnings/Loss per Share 6 months 6 months Year ended ended ended 30 September 30 September 2005 31 March 2006 2006 Pence Pence Pence Earnings per ordinary share - basic (0.26) 0.29 0.14p _____ _____ _____ Earnings per ordinary share - diluted (0.26) 0.06 0.02p _____ _____ _____
Loss per ordinary share is based on the loss for the financial period of ‚£ 427,000 (March 2006 - Profit ‚£147,000 and September 2005 - Profit ‚£229,000).
The weighted average number of shares used in the calculation is - basic 164,149,805 and diluted 164,149,805 (March 2006 - basic 105,865,000 and diluted 593,262,000 and September 2005 - basic 78,767,001 and diluted 370,819,672)
L.E. V Knifton and J.W. Case have been issued warrants over 5,000,000 ordinary shares each at an exercise price of 0.1p
3. Called up Share Capital
The issued share capital as at 30 September 2006 was 168,084,000 ordinaryshares of 0.1p and 48,084,000 deferred shares of 4.9p each. The deferred shareshave limited rights. PNC TELECOM PLC NOTES TO THE INTERIM REPORT continued 4. Reconciliation of operating loss to net cash outflow from operating activities Unaudited Unaudited Unaudited 6 months ended 6 months ended Year ended 30 September 30 September 2005 31 March 2006 2006 ‚£'000 ‚£'000 ‚£'000 Operating profit (315) 216 436 Stock - (24) (14) Debtors 645 (1,478) (1,761) Creditors (1,849) 2,438 2,590 Loss on disposal 30 - - Depreciation 18 - 49 _____ _____ _____ Net cash inflow/(outflow) from operating activities (‚£1,471) ‚£1,152 ‚£1,300
5. The information for the year ended 31 March 2006 has been extracted from the audited accounts for that period which have been delivered to the Registrar of Companies. The unaudited results for the six months have been prepared on a basis consistent with the accounting policies disclosed in the Company's 2006 accounts and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
6. Copies of this interim statement are available from the Company at its registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
PNC TELECOM PLCRelated Shares:
Tricor