Final Results
August 08 2008 - 4:54AM
UK Regulatory
RNS Number : 9465A
Bakery Services PLC
08 August 2008
Bakery Services plc
Preliminary Results for the year ended 31 March 2008
8 August 2008
The Board of Bakery Services plc announces its preliminary results for the year ended 31 March 2008.
Highlights
* Sale of trading subsidiaries completed January 2008
* Company became an investing company for the purposes of the AIM Rules on 2 January 2008
* Placing of new ordinary shares raising �191,451 (net of expenses) completed in January 2008
* Loss for the year ended 31 March 2008 - �129,479
* Cash balances at 31 March 2008 �183,380. Debt nil.
* A number of potential investment opportunities under active consideration.
Contacts:
Richard Worthington, Non-Executive Chairman
Bakery Services plc
Tel: 07973 442331
Nicola Horton/David Abbott
Smith & Williamson Corporate Finance Limited
Tel: 020-7131-4000
CHAIRMAN'S STATEMENT
On 5 December 2007 I wrote to Shareholders setting out the terms and recommendations of the Board in relation to the sale of the
Company's then two trading subsidiaries.
The proposals set out in the Circular dated 5 December 2007 were approved by Shareholders at a General Meeting of the Company held on 28
December 2007. From the date of completion of the sale of the Company's two trading subsidiaries on 2 January 2008 the Company became an
"investing company" under the AIM Rules.
In the above mentioned Circular your Board set out its future investing strategy.
In summary this is to invest in, or acquire one or more businesses operating in the business process outsourcing sector within the UK.
Business process outsourcing encompasses the contracting of specific back and front office tasks such as payroll, payment processing,
information technology, data preparation, mailing and call centres. It is a sector which the Directors believe is currently showing strong
year on year growth.
Andrew Hunt was appointed to the Board on 2 January 2008 to implement the Company's investing strategy.
Since the beginning of the year the Company has held preliminary discussions with a number of substantial UK based outsourcing
businesses.
In addition discussions have also been held with a number of businesses operating in other service sectors where these were considered
to be of potential interest to the Company.
As an investing company, the Company will have to make an acquisition or acquisitions which constitute a reverse takeover under the AIM
Rules or otherwise implement its investing strategy to the satisfaction of the London Stock Exchange by 28 December 2008. Your Board
remains hopeful that the discussions it has held should enable the Company to meet this deadline.
As Shareholders may be aware because the net assets of the Company have now fallen below 50% of the issued share capital, your Board is
required under the Companies Act 1985 to convene a General Meeting of Shareholders. In order to save costs the Board has decided that the
matters requiring consideration at such a meeting should be dealt with at the forthcoming Annual General Meeting rather than a separate
General Meeting.
Richard Worthington
Non-Executive Chairman
8 August 2008
Profit and Loss Account for the year ended 31 March 2008
Note 2008 2007
� �
Turnover 255,224 428,000
Administrative expenses (367,238) (414,076)
----------- -----------
Operating (loss)/profit (112,014) 23,924
Loss on the disposal of investments (18,363) -
----------- -----------
(130,377) 23,924
Interest receivable 949 -
Interest payable (51) (65)
----------- -----------
(Loss)/profit on ordinary activities before (129,479) 23,859
taxation
Tax on (loss)/profit on ordinary activities - -
----------- -----------
(Loss)/profit for the financial year (129,479) 23,859
----------- -----------
(Loss)/earnings per share 3
- Basic (0.06)p 0.01p
- Fully diluted (0.06)p 0.01p
Continuing operations
The Company's turnover and expenses all relate to continuing operations.
Statement of total recognised gains and losses
The Company has no recognised gains or losses other than the (loss)/profit for the above two financial years.
Balance Sheet as at 31 March 2008
Note 2008 2007
� �
Fixed assets
Investments - 1,179
--------- ---------
- 1,179
Current assets
Debtors 15,989 71,669
Cash at bank and in hand 183,380 -
--------- ---------
199,369 71,669
Creditors: amounts falling due (85,408) (20,859)
within one year
--------- ---------
Net current assets 113,961 50,810
--------- ---------
Total assets less current 113,961 51,989
liabilities
--------- ---------
Net assets 113,961 51,989
--------- ---------
Capital and reserves
Called up share capital 355,833 175,833
Share premium 2,645,363 2,633,912
Profit and loss account (2,887,235) (2,757,756)
--------- ---------
Shareholders* funds
- all equity 2 113,961 51,989
--------- ---------
Cash Flow Statement for the year ended 31 March 2008
2008 2007
� �
Net cash outflow from operating activities (36,944) (3,326)
Returns on investments and servicing of finance 898 (65)
Acquisitions and disposals 16,605 -
----------- -----------
(19,441) (3,391)
Equity dividends paid - -
----------- -----------
(19,441) (3,391)
Management of liquid resources (100,000) -
Financing 208,350 -
----------- -----------
Increase/(decrease) in cash 88,909 (3,391)
----------- -----------
Reconciliation of net cash flow to movement in net
debt
Increase/(decrease) in cash in the period 88,909 (3,391)
Increase in liquid resources 100,000 -
----------- -----------
Change in net debt 188,909 (3,391)
Net debt at 1 April (5,529) (2,138)
----------- -----------
Net funds/(net debt) at 31 March 183,380 (5,529)
----------- -----------
1. Preliminary Results
These preliminary results have been extracted from the Company's audited accounts which have been approved and signed by the Directors
and Auditors, but which have not yet been delivered to the Registrar of Companies. The audited accounts have been prepared under the
historical cost convention and in accordance with the accounting policies set out in the Company's 2008 financial statements. As the
Company is no longer a parent company, the financial statements presented for 31 March 2008 and the 2007 comparatives are for Bakery
Services plc as a single company and do not include the activities of former subsidiaries which were presented in the 2007 financial
statements.
2. Reconciliation of Movement in Shareholders' Funds
2008 2007
� �
As at 1 April 51,989 28,130
(Loss)/profit for the financial year (129,479) 23,859
Shares issued 191,451 -
----------- -----------
At 31 March 113,961 51,989
----------- -----------
3. Earnings Per Share
Basic Fully diluted
2008 2008 2007 2007
� � � �
Loss/(profit) attributable to (129,479) 23,859 (129,479) 23,859
ordinary shareholders
Weighted average number of 220,095,333 175,833,333 220,095,333 175,833,333
ordinary shares
(Loss)/earnings per share (0.06)p 0.01p (0.06)p 0.01p
(pence)
All share options in issue are currently antidilutive as they are exercisable at a price higher than the average share price for the
period.
4. 2008 Report and Accounts
The 2008 report and accounts will be published and copies sent to shareholders on 18 August 2008. Further copies will be available from
the Company's Nominated Adviser: Smith & Williamson Corporate Finance Limited, 25 Moorgate, London, EC2R 6AY.
5. Copy of Announcement
A copy of this announcement will be available from the Company's Nominated Adviser: Smith & Williamson Corporate Finance Limited, 25
Moorgate, London, EC2R 6AY.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UUUCCRUPRURR
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
