30th Mar 2009 07:00
For immediate release 30 March 2009
LP HILL PLC
(FORMERLY NEVILLE PORTER PLC)
CHAIRMAN'S STATEMENT
Unaudited interim accounts for the six months ended 31 December 2008
I report on the company's operations for the six months to 31 December 2008.
Proposals were announced in April 2008 that the company should enter into a Company Voluntary Arrangement, to come to an agreement with our creditors. At an Extraordinary General Meeting held on 26 August 2008 this was agreed by shareholders. 100,000 new ordinary shares were issued in settlement and are held by nominees pending distribution. At the same time, the opportunity was taken to reorganise the company's share capital. In addition, we changed our name to its current style.
The company is now an investing company as defined by the AIM Rules for Companies. We are actively seeking investments to enhance shareholder value. Shareholders should note that trading on AIM will be suspended on 1 September 2009 if we have not made an acquisition or acquisitions constituting a reverse takeover by that date. We will keep shareholders fully informed.
CONTACT:
Nigel Weller, LP Hill - Tel 07769 906 906
Roland Cornish, Beaumont Cornish Limited - Tel 020 7628 3396
LP HILL PLC
(FORMERLY NEVILLE PORTER PLC)
Income Statement
for the Six months ended 31 December 2008
|
Six months to 31 December 2008 Unaudited |
Year to 30 June 2008 Audited |
Six months to 31 December 2007 Unaudited |
||||||
|
£'000s |
£'000s |
£'000s |
||||||
|
Continuing operations |
||||||||
|
Revenue |
- |
- |
6,529 |
|||||
|
Cost of Sales |
- |
- |
(6,316) |
|||||
|
Gross Profit |
- |
- |
213 |
|||||
|
Administrative expenses |
(17) |
(132) |
(481) |
|||||
|
Exceptional income |
293 |
(1,693) |
- |
|||||
|
Operating Profit/(Loss) |
276 |
(1,825) |
(268) |
|||||
|
Investment revenues |
- |
- |
1 |
|||||
|
Finance costs |
- |
- |
(2) |
|||||
|
Profit/(Loss) before tax |
276 |
(1,825) |
(269) |
|||||
|
Income tax recovery (Charges) |
- |
- |
- |
|||||
|
Profit/(Loss) for the period from continuing operations attributable to shareholders |
276 |
(1,825) |
(269) |
|||||
|
Profit/(Loss) per share |
||||||||
|
From continuing operations: |
||||||||
|
Basic and diluted |
46.77p |
(1,056.26p) |
(155.55p) |
|||||
|
Basic and diluted |
- before exceptional items |
(2.80p) |
(76.39p) |
(155.55p) |
||||
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.
LP HILL PLC
(FORMERLY NEVILLE PORTER PLC)
Balance Sheet as at 31 December 2008
|
As at 31 December 2008 Unaudited |
As at 30 June 2008 Audited |
As at 31 December 2007 Unaudited |
||||||
|
£'000s |
£'000s |
£'000s |
||||||
|
Assets |
||||||||
|
Non-current assets |
||||||||
|
Property, plant and equipment |
- |
- |
88 |
|||||
|
Goodwill |
- |
- |
38 |
|||||
|
Investments |
- |
- |
787 |
|||||
|
- |
- |
913 |
||||||
|
Current assets |
||||||||
|
Trade and other receivables |
- |
6 |
69 |
|||||
|
Cash and cash equivalents |
42 |
- |
68 |
|||||
|
42 |
6 |
137 |
||||||
|
Total assets |
42 |
6 |
1,050 |
|||||
|
Equity and liabilities |
||||||||
|
Capital and reserves |
||||||||
|
Share capital |
77 |
77 |
77 |
|||||
|
Capital Reserves |
1,541 |
1,536 |
1,536 |
|||||
|
Retained earnings |
(1,641) |
(1,917) |
(1,182) |
|||||
|
Total equity |
(23) |
(304) |
431 |
|||||
|
Creditors: greater than one year |
50 |
- |
- |
|||||
|
Current liabilities |
||||||||
|
Trade and other payables |
15 |
310 |
619 |
|||||
|
15 |
310 |
619 |
||||||
|
Total liabilities |
65 |
310 |
1,050 |
|||||
|
Total equity and liabilities |
42 |
6 |
1,050 |
|||||
LP HILL PLC
(FORMERLY NEVILLE PORTER PLC)
Cash Flow Statement
For the Six months ended 31 December 2008
|
Six months to 31 December 2008 Unaudited |
Year to 30 June 2008 Audited |
Six months to 31 December 2007 Unaudited |
||||
|
Note |
£'000 |
£'000 |
£'000 |
|||
|
Operating activities |
3 |
(12) |
- |
(112) |
||
|
Investing activities |
||||||
|
Interest received |
- |
- |
1 |
|||
|
Interest paid |
- |
- |
(2) |
|||
|
Purchases of plant and equipment |
- |
- |
(6) |
|||
|
Investment in intangible assets |
- |
- |
(38) |
|||
|
- |
- |
(45) |
||||
|
Financing activities |
||||||
|
Loan received |
50 |
- |
- |
|||
|
Share capital issued |
4 |
- |
- |
|||
|
54 |
- |
- |
||||
|
Net cash inflow/(outflow) |
42 |
- |
(157) |
|||
|
Cash and cash equivalents at the beginning of the period |
- |
- |
137 |
|||
|
Bank balances and cash |
42 |
- |
(20) |
|||
Consolidated statement of changes in equity
|
As at 31 December 2008 |
As at 30 June 2008 |
As at 31 December 2007 |
||||
|
£'000 |
£'000 |
£'000 |
||||
|
As at beginning of period |
(304) |
1,521 |
- |
|||
|
Surplus/(Deficit) for the period |
276 |
(1,825) |
(269) |
|||
|
Share capital issued |
5 |
- |
700 |
|||
|
As at end of period |
(23) |
(304) |
431 |
|||
LP HILL PLC
(FORMERLY NEVILLE PORTER PLC)
Notes to the Interim Report
1 Significant Accounting Policies
The interim accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles. The Company adopted International Financial Reporting Standards (IFRS) adopted by the European Union as the basis for preparation of its financial statements from 1 January 2007. The only adjustment resulting from the transition to IFRS was that the goodwill has not been amortised.
2 Loss per Share
|
Six months to 31 December 2008 |
Year to 30 June 2008 |
Six months to 31 December 2007 |
|||
|
Earnings per ordinary shares |
|||||
|
Basic and diluted |
46.77p |
(1,056.26p) |
(155.55p) |
The loss per ordinary share is based on the company's profit/loss for the period of £276,000 (30 June 2008 - loss £1,825,000; 31 December 2007- loss £269,000) and a basic and diluted weighted average number of shares in issue of 590,171 (30 June 2008 - 172,780 (adjusted); 31 December 2007 - 172,780 (adjusted))
3 Reconciliation of operating loss to net cash outflow from operating activities.
|
Six months to 31 December 2008 |
Year to 30 June 2008 |
Six months to 31 December 2007 |
||||
|
£'000 |
£'000 |
£'000 |
||||
|
Profit/(Loss) for the period |
(17) |
(1,825) |
(269) |
|||
|
Adjustments for : |
||||||
|
Depreciation of property, plant and equipment |
- |
- |
33 |
|||
|
Increase in investments |
- |
995 |
- |
|||
|
(Increase)/Decrease in receivables |
6 |
132 |
52 |
|||
|
Increase/(decrease) in payables |
(1) |
698 |
72 |
|||
|
Net cash from operating activities |
(12) |
- |
(112) |
4. Called up Share Capital
The issued share capital as at 30 June 2008, per the audited accounts, was 172,779.279 Ordinary Shares of 0.0444p each, reorganised at the Extraordinary General Meeting held on 26 August 2008 to 172,780 ordinary shares of 0.1p each. 600,000 ordinary shares were subsequently issued on the conversion of a loan note and for the CVA settlement. The ordinary share capital as at 31 December 2008 was 772,780 ordinary shares of 0.01p each.
5. The unaudited results for period ended 31 December 2008 do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 30 June 2008 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contained a qualified audit report and did not contain statements under Section 237(2) or (3) of the Companies Act 1985.
6. Copies of the 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.lphillinvestments.co.uk.
Related Shares:
EMM.L