Interim Results
December 03 2008 - 9:46AM
UK Regulatory
RNS Number : 4849J
Bakery Services PLC
03 December 2008
3 December 2008
Bakery Services plc ("Bakery Services" or the "Company")
Interim Results for the six months ended 30 September 2008
CHAIRMAN'S STATEMENT
As previously announced, following the sale of the Company's two trading subsidiaries on 2 January 2008 the Company became an "investing
company" under the AIM Rules, with a strategy of investing in or acquiring one or more businesses operating in the business process
outsourcing sector within the UK.
The Company has held preliminary discussions with a number of substantial UK based outsourcing businesses and with a number of
businesses operating in other service sectors. Following from this, discussions took place with one particular business over a period of
some months but the other party then terminated these.
Given this situation and a general deterioration in market conditions, your Board is now less hopeful than it was earlier in the year
that the Company will be able to make an acquisition or acquisitions which would 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, as required by the AIM
Rules.
Therefore the Board is currently reviewing all options available to the Company, including discussions with potential reversal
candidates in other sectors but also including the possible orderly winding up of the Company or delisting the Company's shares from AIM and
seeking a listing for its shares on PLUS Markets.
Given the Company's limited cash reserves it is likely that any distribution to shareholders in a winding up would be negligible. A
further announcement will be made when appropriate.
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
PROFIT AND LOSS ACCOUNT
Unaudited six months Audited
ended 30 September 31 March
Total Total Total
2008 2007 2008
Note �'000 �'000 �'000
Turnover - 54 255
Administrative expenses (62) (227) (367)
Operating loss (62) (173) (112)
Loss on disposal of - - (18)
investments
Interest receivable - - 1
Loss on ordinary (62) (173) (129)
activities before
taxation
Taxation 3 - - -
Loss for the period (62) (173) (129)
Loss per share 4
- Basic (0.0174 p) (0.0984 p) (0.0600 p)
- Fully diluted (0.0174 p) (0.0984 p) (0.0600 p)
BALANCE SHEET
Unaudited six months Audited
ended 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Fixed Assets
- Investments - 1 -
- 1 -
Current assets
- Debtors 13 10 16
- Cash at bank 61 4 183
74 14 199
Current liabilities
Creditors due within one year (22) (17) (85)
Amounts owed to former - (119) -
subsidiaries
(22) (136) (85)
Net Current assets 52 (122) 114
Net assets / (liabilities) 52 (121) 114
- Called up share capital 356 176 356
- Share premium 2,645 2,634 2,645
- Retained earnings (2,949) (2,931) (2,887)
Shareholders funds 52 (121) 114
CASH FLOW STATEMENT
Unaudited six months Audited
ended 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Net cash inflow/(outflow) from (122) 9 (37)
operating activities
Returns on investments and - - 1
servicing of finance
Taxation - - -
Acquisitions and disposals - - 17
(122) 9 (19)
Management of liquid resources 100 - (100)
Financing - - 208
(22) 9 89
Reconciliation of net cash flow to
movement in net funds / (debt)
Increase / (decrease) in cash in (22) 9 89
the period
Change in liquid resources (100) - 100
Change in net funds/(debt) (122) 9 189
Net funds at start of period 183 (6) (6)
Net funds at end of period 61 3 183
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 2008. 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
As the Company is no longer a parent company, the interim report presented for 30 September 2008 including comparative figures, are for
Bakery Services plc as a single company and do not include
the activities of former subsidiaries which were presented in the 30 September 2007 interim report.
3. Taxation
The Directors believe that available tax losses will result in no tax charge for the period.
4. Loss 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
2008 2007
2008
Basic:
Weighted average 355,833,333 175,833,333
220,095,333
number of ordinary
shares in issue
Fully diluted:
Weighted average 355,833,333 175,833,333
220,095,333
number of ordinary
shares in issue
This information is provided by RNS
The company news service from the London Stock Exchange
END
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