22nd Dec 2008 15:32
FOR IMMEDIATE RELEASE
22 December 2008
PNC TELECOM PLC
("PNC" or the "Company")
CHAIRMAN'S STATEMENT
Interim accounts for the six months ended 30 September 2008
Results
The Group made an operating loss for the period of £109,000 and loss per share of 0.02p. The increase in turnover compared to the prior period mainly reflected the opening by the Company's optical glass subsidiary, Specs and Lenses, of its factory outlet store in June 2008.
Our investment in SIM 4 Travel Holdings Limited, a company quoted on PLUS Markets, is currently valued at £150,000, at the mid-price, as at 21 November 2008.
Outlook
Trading was initially very good at Specs and Lenses' store in Freeport but with the downturn in the economy, trading has slowed at present.
PNC Telecom is now waiting a tribunal hearing from HMRC for our VAT reclaim for both VAT repayment and loss of income.
In the meantime we are looking for further business opportunities.
L.E.V. Knifton
Executive Chairman
22 December 2008
|
PNC TELECOM PLC: Leo Knifton, Chairman |
Tel: 0207 251 3762 |
|
Nominated Adviser: Beaumont Cornish Limited Michael Cornish |
Tel: 0207 628 3396 |
PNC TELECOM PLC
Group Income Statement
for the six months ended 30 September 2008
|
Six months to 30 September 2008 Unaudited |
Six months to 30 September 2007 Unaudited |
Year ended 31 March 2008 audited |
||||||
|
£'000s |
£'000s |
£'000s |
||||||
|
Revenue |
618 |
28 |
179 |
|||||
|
Cost of Sales |
(552) |
- |
(144) |
|||||
|
Gross Profit |
66 |
28 |
35 |
|||||
|
Other operating income |
- |
232 |
314 |
|||||
|
Administrative expenses |
(175) |
(132) |
(346) |
|||||
|
Operating Profit/(Loss) |
(109) |
128 |
3 |
|||||
|
Investment revenues |
48 |
1 |
96 |
|||||
|
Finance costs |
(75) |
(138) |
(151) |
|||||
|
Profit/(Loss) before tax |
(136) |
(9) |
(52) |
|||||
|
Income tax recovery (charges) |
- |
- |
- |
|||||
|
Profit/(Loss) for the period from continuing operations attributable to shareholders |
(136) |
(9) |
(52) |
|||||
|
Profit/(Loss) per share |
||||||||
|
From continuing operations: |
||||||||
|
Basic and diluted |
(0.02)p |
(0.004p) |
(0.02p) |
|||||
The company's turnover and operating loss arise from continuing operations.
There were no recognised gains or losses other than those recognised in the income statement above.
PNC TELECOM PLC
Group Balance Sheet as at 30 September 2008
|
As at 30 September 2008 Unaudited |
As at 30 September 2007 Unaudited |
As at 31 March 2008 Audited |
||||||
|
£'000s |
£'000s |
£'000s |
||||||
|
Assets |
||||||||
|
Non-current assets |
||||||||
|
Property, plant and equipment |
105 |
9 |
74 |
|||||
|
Investments |
100 |
100 |
100 |
|||||
|
Goodwill |
429 |
- |
429 |
|||||
|
634 |
109 |
603 |
||||||
|
Current assets |
||||||||
|
Inventories |
53 |
3 |
18 |
|||||
|
Trade and other receivables |
1,336 |
1,564 |
1,326 |
|||||
|
Cash and cash equivalents |
122 |
7 |
191 |
|||||
|
1,511 |
1,574 |
1,535 |
||||||
|
Total assets |
2,145 |
1,683 |
2,138 |
|||||
|
Equity and liabilities |
||||||||
|
Capital and reserves |
||||||||
|
Share capital |
2,999 |
2,604 |
2,999 |
|||||
|
Share Premium |
48,013 |
48,033 |
48,013 |
|||||
|
Merger Reserve |
324 |
- |
324 |
|||||
|
Retained earnings |
(50,984) |
(50,805) |
(50,848) |
|||||
|
Total equity |
352 |
(168) |
488 |
|||||
|
Current liabilities |
||||||||
|
Trade and other payables |
1,408 |
1,426 |
1,265 |
|||||
|
1,408 |
1,426 |
1,265 |
||||||
|
Non-current liabilities |
||||||||
|
Long term loans |
385 |
425 |
385 |
|||||
|
385 |
425 |
385 |
||||||
|
Total liabilities |
1,793 |
1,851 |
1,650 |
|||||
|
Total equity and liabilities |
2,145 |
1,683 |
2,138 |
|||||
PNC TELECOM PLC
Group Cash Flow Statement
For the Six months ended 30 September 2008
|
Six months to 30 September 2008 Unaudited |
Six months to 30 September 2007 Unaudited |
Year ended 31 March 2008 Audited |
||||||
|
Note |
£'000 |
£'000 |
£'000 |
|||||
|
Operating activities |
3 |
(33) |
103 |
103 |
||||
|
Investing activities |
||||||||
|
Interest received |
1 |
1 |
2 |
|||||
|
Interest paid |
- |
(98) |
- |
|||||
|
Capital expenditure |
(37) |
- |
(65) |
|||||
|
(97) |
(63) |
|||||||
|
Financing activities |
||||||||
|
Issue of new shares |
- |
50 |
190 |
|||||
|
Loan notes |
- |
(50) |
(40) |
|||||
|
- |
- |
150 |
||||||
|
Net cash inflow/(outflow) |
(69) |
6 |
190 |
|||||
|
Cash and cash equivalents at the beginning of the period |
191 |
1 |
1 |
|||||
|
Bank balances and cash at end of period |
122 |
7 |
191 |
|||||
Group statement of changes in equity
|
As at 30 September 2008 |
As at 30 September 2007 |
As at 31 March 2008 |
|||||
|
£'000s |
£'000s |
£'000s |
|||||
|
As at beginning of period |
488 |
(209) |
(209) |
||||
|
(Deficit) for the period |
(136) |
(9) |
(52) |
||||
|
Issue of share capital net of expenses |
- |
50 |
425 |
||||
|
Merger reserve on acquisition of subsidiary |
- |
324 |
|||||
|
As at end of period |
352 |
(168) |
488 |
||||
PNC TELECOM PLC
Notes to the Interim Report
1. Significant Accounting Policies
These interim accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles and using the accounting policies which are consistent with those set out in the Company Annual Report and Accounts for the year ended 31 March 2008.
This interim report for the six months to 30 September 2008, which complies with IAS34, was approved by the Board on 22 December 2008.
2. Loss per Share
|
Six months to 30 September 2008 |
Six months to 30 September 2007 |
Year ended 31 March 2008 |
|||||
|
Earnings per ordinary shares |
|||||||
|
Basic and diluted |
(0.02)p |
(0.004p) |
(0.02p) |
||||
The Earnings per ordinary share is based on the company's loss for the period of £136,000 (30 September 2007 - loss £9,000; 31 March 2008 - loss £52,000) and a basic and diluted weighted average number of shares in issue of 653,084,000 (30 September 2007 - 244,696,254; 31 March 2008 - 287,442,000).
3. Reconciliation of operating loss to net cash outflow from operating activities.
|
Six months to 30 September 2008 |
Six months 30 September 2007 |
Year ended 31 March 2008 |
||||
|
£'000s |
£'000s |
£'000s |
||||
|
Profit/(Loss) for the period |
(110) |
128 |
3 |
|||
|
Adjustments for: |
||||||
|
Depreciation of property, plant and equipment |
6 |
1 |
1 |
|||
|
(Increase)/Decrease in stock |
(35) |
- |
(15) |
|||
|
(Increase)/Decrease in receivables |
38 |
(275) |
(37) |
|||
|
Increase/(Decrease) in payables |
68 |
249 |
302 |
|||
|
Net cash from operating activities |
(33) |
103 |
254 |
PNC TELECOM PLC
Notes to the Interim Report
4. Called up Share Capital
The issued share capital as at 31 March 2008, per the audited accounts, was 653,084,000 Ordinary Shares of 0.1p each and 48,084,000 Deferred Ordinary Shares of 4.9p each.
5. The unaudited results for period ended 30 September 2008 do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 31 March 2008 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain statements under Section 237(2) or (3) 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. The interim statement will also be available on the company website www.telecom-plc.co.uk.
ENDS
Related Shares:
Tricor