Interim Results
December 29 2003 - 2:00AM
UK Regulatory
RNS Number:6577T
Abraxus Investments PLC
29 December 2003
Abraxus Investments plc
Interim Results
for the six months ended 30 September 2003
Abraxus Investments, the AIM listed venture that specialises in identifying
international and UK commercial property related investment opportunities,
announces its results for the six-months ended 30 September 2003.
Chairman's Statement
I am pleased to announce the interim results for the six-months ended 30
September 2003. We remain committed to identifying investment opportunities in
commercial property, with a focus on Eastern and Central Europe, where yields
are attractive and there is strong potential for capital growth.
Through this initial research phase of identifying suitable investment
opportunities, we have husbanded our resources well and are therefore reporting
a small pre-tax loss for the period of #29,823 (2002: #160,936). We have a
strong cash balance of #2.1 million (2002: #1,564,120) plus a defined strategy
that we believe will dramatically enhance shareholder value in the future.
The international property market, especially in Eastern and Central Europe, now
offers exciting investment opportunities upon which we hope to capitalise. We
believe that we are the only London quoted property vehicle that is currently
implementing such a strategy. We have considerable expertise in property
investment and development within the region, as well as good access to
financing.
The expansion of the EU should benefit our strategy, as investment in new
members stimulates economic growth for the foreseeable future. We are currently
assessing a number of opportunities that we hope to be able to update our
shareholders on in the near future.
I look forward to the future with confidence.
Phil Edmonds
Chairman
Abraxus Investments Plc
Results for the six-months ended 30 September 2003
Balance Sheet as at 30 September 2003
Unaudited Unaudited Unaudited Unaudited Audited year Audited year
ended ended
26 weeks 26 weeks 26 weeks ended 6 weeks ended 31-Mar-03 31-Mar-03
ended ended 30-Sep-02 30-Sep-02
30-Sep-03 30-Sep-03
Current
assets
Stock
Debtors 5,288 224,834
Cash at
bank 2,101,126 1,564,120 1,938,871
and in hand
________ ________ ________
2,106,414 1,564,120 2,163,705
Current
liabilities (18,822) (50,658) (45,290)
________ ________ ________
Net current
assets 2,087,592 1,513,462 2,117,415
________ ________ ________
Total
assets
less 2,087,592 1,513,462 2,117,415
current
liabilities
Creditors -
amounts
falling due
after one
year
Loans 0 0 0
Deferred 0 0 0
rent
_________ ________ ________
0 0 0
Provisions
for 0 0 0
liabilities
and
charges
Net 2,087,592 1,513,462 2,117,415
assets
Capital and
reserves
Called up
share 1,311,472 943,972 1,311,472
capital
Share 7,303,754 7,006,939 7,303,754
premium
Profit and
loss b/f (6,527,634) (6,437,449) (6,497,611)
_________ _________ _________
2,087,592 1,513,462 2,117,415
The interim results have been prepared in accordance with applicable United
Kingdom accounting standards, using the historical cost convention. The
financial information for the half year ended 30 September 2003 was approved by
the Board on 22 December 2003. The financial information contained in this
report does not constitute statutory accounts for the group for the relevant
periods. The interim report is not audited, nor has it been reviewed by the
auditors. The results for the year ended 31 March 2003 have been extracted from
the Annual Report and Accounts which received an unqualified auditors' report
that did not contain a statement under section 237(2) or (3) of the Companies
Act 1985, and have been delivered to the Register of Companies.
Profit and Loss account for 26 weeks ended 30 September 2003
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended Year ended
30-Sep-03 30-Sep-02 31-Mar-03
Turnover - - -
Cost of sales - - -
_________ ________ ________
Gross profit - - -
Administrative expenses (64,546) (189,842) (279,309)
_________ ________ ________
Operating Loss (64,546) (189,842) (279,309)
Loss on sale of fixed - - -
assets
Interest receivable and
similar 34,723 28,906 58,011
income
________ ________ ________
Loss on ordinary
activities (29,823) (160,936) (221,298)
before taxation
Tax on profit on - - -
ordinary activities
________ ________ _________
Loss on ordinary
activities (29,823) (160,936) (221,298)
after taxation
Minority interest
Retained loss for the (29,823) (160,936) (221,298)
period
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