Interim Results
December 14 2007 - 2:01AM
UK Regulatory
RNS Number:8850J
Bakery Services PLC
14 December 2007
"Bakery Services plc ("Bakery Services" or the "Company")
Interim Results for the six months ended 30 September 2007
The Company presents its interim report for the six months ended 30 September
2007.
For these results, the Company has adopted International Financial Reporting
Standards ("IFRS") for the first time.
CHAIRMAN'S STATEMENT
The overall results for the period are disappointing, with the Company's
operating losses exceeding those from the comparable period last year.
Shareholders will be aware that on 5 December Bakery Services announced that
agreement had been reached on the terms of the sale by the Company of the whole
of the issued ordinary share capital of Inbake Limited and Don Millers Limited
to Keith Bentley and David Drury, both current Directors, for the sum of �50,000
payable in cash.
A circular containing further details of the proposed sale of Inbake Limited and
Don Millers Limited, the proposed adoption of an investing strategy by the
Company, and the proposed placing of 180,000,000 new ordinary shares to raise
�225,000 (gross) for the Company (together "the Proposals") was posted to
shareholders on 5 December. The circular contains a notice of a General Meeting
of the Company, to be held on Friday 28 December 2007, at which resolutions will
be proposed to approve the Proposals. The circular also contains the
recommendation from myself and Martin Bott that shareholders other than David
Drury and Keith Bentley (who consider it inappropriate that they vote on the
sale of Inbake Limited and Don Millers Limited) vote in favour of the Proposals.
I would remind shareholders that to be valid, forms of proxy in respect of the
General Meeting must be returned to the Company's registrars no later than 10.30
a.m. on 26 December 2007.
Richard D. Worthington
Non-Executive Chairman
14 December 2007
CONSOLIDATED INCOME STATEMENT
Unaudited six months Audited
ended 30 September 31 March
Total Total Total
2007 2006 2007
Note �'000 �'000 �'000
Revenue 1,717 1,598 3,225
Cost of Sales (953) (899) (1,793)
------- ------- -------
Gross Profit 764 699 1,432
Distribution costs (192) (181) (355)
Administrative expenses (669) (600) (1,199)
------- ------- -------
Operating loss (97) (82) (122)
Finance costs (1) (2) (3)
------- ------- -------
Loss on ordinary activities
before taxation (98) (84) (125)
Taxes 3 - - -
------- ------- -------
Loss for the period (98) (84) (125)
======= ======= =======
Loss per share 4
- Basic (0.0557 p) (0.0478 p) (0.0700 p)
- Fully diluted (0.0557 p) (0.0478 p) (0.0700 p)
======= ======= =======
CONSOLIDATED BALANCE SHEET
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
�'000 �'000 �'000
Non-current assets
- Property, plant and equipment 60 189 150
------ ------ --------
60 189 150
Current assets
- Inventories 85 84 87
- Trade and other receivables 291 279 209
- Cash and cash equivalents 8 54 48
------ ------ --------
384 417 344
Current liabilities
Trade and other payables (357) (368) (304)
Net Current assets 27 49 40
Total assets less current liabilities 87 238 190
Creditors: amounts falling due after - (12) (5)
more than one year
------ ------ --------
Net assets 87 226 185
====== ====== ========
Equity
- Called up share capital 176 176 176
- Share premium 2,634 2,634 2,634
- Retained earnings (2,723) (2,584) (2,625)
------ ------ --------
Total equity 87 226 185
====== ====== ========
CONSOLIDATED CASH FLOW STATEMENT
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
�'000 �'000 �'000
Cash generated from operating activities
Loss before taxation (98) (84) (125)
Adjustments for:
Depreciation and impairment charges 97 41 70
Loss on disposal of property,
plant and equipment - - 10
Interest expense 1 2 3
Decrease in inventories 1 2 -
Increase / (decrease) in trade
and other receivables (82) 32 102
Increase / (decrease) in trade
and other payables 31 (2) 14
------ ------ ------
Cash flow from operations (50) (9) 74
Interest paid (1) (2) (3)
Tax paid - - -
------ ------ ------
Net cash from operating activities (51) (11) 71
Cash flows from investing activities
Purchase of property, plant and equipment (7) (70) (71)
------ ------ ------
(58) (81) -
------ ------ ------
Cash flows from financing activities
Repayments of borrowings (6) (14) (23)
------ ------ ------
Decrease in cash and cash equivalents (64) (95) (23)
Cash and cash equivalents at beginning of
period - 23 23
------ ------ ------
Cash and cash equivalents at end of period (64) (72) -
====== ====== ======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
�'000 �'000 �'000
Opening total equity 185 310 310
Loss for the period (98) (84) (125)
------ ------ -------
Closing total equity 87 226 185
====== ====== =======
Notes
1. Publication of Non-Statutory Accounts
The financial information contained in this interim statement has not been
audited and does not constitute accounts as defined by section 240 of the
Companies Act 1985. The financial information for the full preceding year is
based on the statutory accounts for the year ended 31 March 2007. Those
accounts, upon which the Auditors issued an unqualified opinion have been
delivered to the Registrar of Companies.
2. Basis of Preparation of Interim Financial Information
The interim financial information has been prepared in accordance with
International Financial Reporting Standards and Interpretations issued by the
International Accounting Standards Board. All comparatives have been restated
using IFRS.
3. Taxation
The Directors believe that available tax losses will result in no tax charge for
the period.
4. Earnings per Share
The calculation of earnings per share is based on the profit or loss after tax
for the financial period divided by the weighted average number of ordinary
shares in issue during the period. The weighted average number of ordinary
shares in issue for the periods reported were as follows:
Unaudited six months Audited
ended 30 September 31 March
2007 2006 2007
Basic:
Weighted average number of
ordinary shares in issue 175,833,333 175,833,333 175,833,333
Fully diluted:
Weighted average number of
ordinary shares in issue 175,833,333 175,833,333 175,833,333
5. Adoption of International Financial Reporting Standards ("IFRS")
The Company has used IFRS in preparing this report. There are no material
differences between the profit and loss or total equity shown in this report
under IFRS and those which would have been reported under UK GAAP.
6. Copies of the Interim Statement
Copies of the interim statement will be available from Smith & Williamson
Corporate Finance Limited, 25 Moorgate, London, EC2R 6AY. Additionally the
Company will post the interim report on its website, www.bakeryservices.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TJBATMMABBLR
Bakery Services (LSE:BKE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bakery Services (LSE:BKE)
Historical Stock Chart
From Jul 2023 to Jul 2024
