Interim Results
October 23 2003 - 6:38AM
UK Regulatory
RNS Number:2249R
Mosaique PLC
23 October 2003
23 October 2003
MOSAIQUE PLC
RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
CHAIRMAN'S STATEMENT
I am pleased to report that, following your approval at the extraordinary
general meeting held on 30 June, the new business has made a very promising
start and that your Group has moved into profit. The profit on ordinary
activities before taxation for the six months ended 30 September 2003 was
#204,000 (six months to 30 November 2002 loss #42,000).
Earnings per share 2.2 pence, fully diluted 1.99 (2002 loss per share 0.6 pence,
fully diluted loss per share 0.6 pence). This is a very good result in a
relatively short time and all aspects of the new business are making a positive
contribution to cash flow.
Your board is delighted that current trading continues to exceed expectations.
Momentum on the financial services side is building up with increasing volumes
of product sales and an increasing client base. There is a steady flow of
assignments on the advisory side. Your company is being invited to look at an
increasing number of transactions and we are now in a position to look seriously
at a number of potential acquisitions.
Your board is confident that further progress in building your Group will be
made in the second half of the year.
In order to build on this success and to strengthen the management team, I am
very pleased to announce the appointment to the board of Stephen Pearce.
Stephen joins Mosaique PLC from Shore Capital Group PLC where he had served as
Operations Manager for the previous seven years. His role there included the
responsibility for Shore Capital's outsourcing of settlements to Pershing
Securities, all in-house stockbroking systems and administration, as well as
various aspects of compliance. Prior to that he gained over twenty years
experience in investment and private banking and held management roles with
Union Bancaire Privee, Boston Safe Deposit & Trust Co & Citicorp Investment
Bank. Stephen will serve as finance director and will oversee the company's
compliance function. Stephen shares our commitment to your Group's future
success and will be a valuable member of the team moving forward.
A very good start and your board is confident that your Group's development will
be maintained for the rest of the year.
Nicholas Richardson
Chairman
23 October 2003
MOSAIQUE PLC
CONSOLIDATED BALANCE SHEET
As at As at As at
30 September 30 November 31 March
2003 2002 2003
unaudited unaudited audited
#'000 #'000 #'000
Fixed assets
Investments 22 15 31
Tangible assets 25 - -
47 15 31
Current assets
Investments 444 - -
Debtors 68 12 22
Cash at bank 430 520 465
942 532 487
Creditors: amounts falling due within one year (131) (21) (44)
Net current assets 811 511 443
Total assets less current liabilities 858 526 474
Creditors: amounts falling due after more than one year - - -
Provisions for liabilities and charges
Deferred taxation - - -
Net assets 858 526 474
Capital reserves
Called up share capital 386 336 336
Share premium account 176 - -
Profit and loss account 296 190 138
Shareholders' funds 858 526 474
MOSAIQUE PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 months to 6 months to 10 months to
30 September 30 November 31 March
2003 2002 2003
unaudited unaudited audited
#'000 #'000 #'000
Turnover
Operating costs 359 - -
Tangible assets (179) (48) (121)
Operating Profit/(Loss) 180 (48) (121)
Net Interest 4 6 12
Profit/(loss) on revaluation of own shares 20 - 16
Profit on ordinary activities before taxation 204 (42) (93)
Tax on profit on ordinary activities (46) - -
Profit/(Loss) for period 158 (42) (93)
Dividends - - -
Retained Profit/(Loss) for period 158 (42) (93)
Basic Profit/(loss) per share (pence) 2.20 (0.6) (1.41)
Diluted Profit/(Loss) per share (pence) 1.99 (0.6) (1.41)
There are no recognised gains or losses for the current period other than as
stated above.
MOSAIQUE PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Notes on the Financial Statements
For the period ended 30 September 2003
1. Financial information and comparatives
The interim results for the six months ended 30 September 2003 are unaudited and
do not constitute accounts within the meaning of section 240 of the Companies
Act 1985. The interim results have been drawn up using accounting policies and
presentation consistent with those applied in the audited accounts for the
period ended 31 March 2003.
The company changed it year end from 31 May to 31 March and so the comparatives
are not the same.
The information in respect of the period ended 31 March 2003 has been extracted
from the audited statutory accounts which have been delivered to the Registrar
of Companies. The report of the auditors on those statutory accounts was
unqualified.
2. Tax on profit on ordinary activities
The tax charge is based on the result for the six month period and represents:
30 September 30 November 31 March
2003 2002 2003
#'000 #'000 #'000
Current year 46 - -
3. Dividends
No dividend is proposed.
4. Profit/(Loss) per share
The calculation of profit per share is based on the profit attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the period.
30 September 30 November 31 March
2003 2002 2003
#'000 #'000 #'000
Weighted average number of shares 7,178,400 6,608,400 6,608,400
Diluted earnings per share have been calculated using the weighted average
number of ordinary shares in issue, diluted for the effect of share options.
The diluted weighted average number of ordinary shares is 7,943,355 (2002:
6,608,400).
5. Copies of this report are available to the public free of charge
for one month at the Company's registered office, 6 Imperial Court, Empire Way,
Wembley, Middlesex HA9 0RD and at the offices of City Financial Associates
Limited, Pountney Hill House, 6 Laurence Pountney Hill, London EC4R 0BL.
This information is provided by RNS
The company news service from the London Stock Exchange
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