TIDMONE
RNS Number : 7923M
One Delta PLC
29 August 2013
29 August 2013
One Delta plc
(the "Company")
Condensed unaudited interim financial statements for the six
months ended 31 May 2013
Chairman's Statement
I am pleased to present the unaudited results for the six months
ended 31 May 2013.
Restructuring
I can report that the proposals made in the Annual Report for
the fourteen months ended 30 November 2012 (the "Report") were
passed at the Extraordinary General Meeting of the Company held on
23 April 2013. The Buyback Contract (as defined in the Report) has
therefore been executed and the Company's holding in the UK trading
subsidiary, One Delta Limited (the "subsidiary" or "ODL"), is now
approximately 51.5%. As a consequence the Company has taken
15,000,005 Ordinary no par value shares into treasury.
The Company maintains a keen interest in the operation of ODL,
and an agreement between the Company, ODL, Phil Dale, Richard
Ludford and Sean Reel governs how the subsidiary is now run.
Financial Performance
The Company continues to be operated on a tight budget and the
Board has maintained costs at a minimal level. No director or
consultant has received any remuneration (other than the shares
referred to in the reverse documentation published in December
2011) since the acquisition of ODL.
The results for the six months to 31 May 2013 show sales
revenues of GBP14,383 and losses for the period of GBP109,578,
resulting in a remaining cash balance of GBP56,317.
The level of revenue generated by the subsidiary continues to be
disappointing. Whilst enquiries are being received for the supply
of product and ODL's pricing structure appears to be competitive,
the conversion of quotations into sales remains slow.
The subsidiary's fencing and construction products have been
well received by the relevant industries and feedback in respect of
the limited amount of product sold is positive but ODL continues to
miss its own sales targets.
The acoustic qualities of the Dale Fence are above industry
standard and have attracted interest from utility and transport
companies. However, the decision-making process in relation to new
product within these industries appears to be lengthy.
That said, the subsidiary's sales team remains active and is
hopeful of generating improved sales revenues in the near future.
Indeed, pursuing its strategy of joining with existing fencing
companies ODL's products have recently been included in the
brochure of a nationwide fencing company and are being marketed by
other more localised entities.
Outlook
The restructuring of the Company, referred to above, has
provided it with the capacity to consider other opportunities into
which it might wish to diversify.
The Board has looked at a number of potential transactions and
business opportunities that would allow the Company to expand its
activities but to date these have not proved satisfactory.
The Board is also mindful of the financial position of the
Company and, given the monthly burn rate of approximately
GBP10,400, is working on a strategy to raise further capital to
maintain the Company's liquidity as a going concern and the working
capital at an acceptable level.
Roger Maddock
Chairman
Enquiries:
One Delta plc
Roger Maddock, Executive Chairman Tel: +44 (0) 7841
Roger King, Executive Director 672 621
Tel: +44 (0) 1534
753 400
Sanlam Securities UK Limited (Nominated
Adviser and Broker)
Simon Clements/Virginia Bull Tel: +44 (0) 20
7628 2200
Consolidated statement of comprehensive income
Audited
Unaudited fourteen
six months Unaudited months
ended six months ended 30
31 May ended 31 November
2013 May 2012 2012
Notes GBP GBP GBP
Sales income 4 14,383 1,624 33,318
Cost of sales (1,016) - (39,773)
------------ ------------ ------------
Gross profit/(loss) 13,367 1,624 (6,455)
Rental income 4 5,667 - -
Rental expenses - - (11,054)
Other income 4 - - 478
Other expenses (124,832) (311,241) (753,571)
Impairment of goodwill - - (1,135,755)
Amortisation of intangible asset (5,000) - (10,000)
Net loss on ordinary activities
before taxation (110,798) (309,617) (1,916,357)
Taxation - - -
Net (loss) and total comprehensive
income (110,798) (309,617) (1,916,357)
============ ============ ============
Attributable to:
Owners of the Company 2 (109,578) (309,617) (1,916,357)
Non-controlling interest (1,220) - -
------------ ------------ ------------
(110,798) (309,617) (1,916,357)
============ ============ ============
Basic (loss) per share (pence) 2 (0.39) (1.4) (7.3)
------------ ------------ ------------
Notes
The Company has no recognised gains or losses other than those
disclosed in the Consolidated statement of comprehensive
income.
Statement of Financial Position
(unaudited) (unaudited) (audited)
31 May 31 May 30 November
2013 2012 2012
Notes GBP GBP GBP
Non-current assets
Goodwill 300,000 1,468,981 300,000
Intangible asset 35,000 - 40,000
335,000 1,468,981 340,000
Current assets
Inventory 17,415 13,351 16,818
Other receivables 21,158 90,258 15,708
Cash and cash equivalents 56,317 303,904 149,750
------------ ------------ -------------
94,890 407,513 182,276
Creditors - amounts falling
due within one year
Other payables (72,611) (49,101) (54,199)
Net current assets 22,279 358,412 128,077
Total net assets 357,279 1,827,393 468,077
------------ ------------ -------------
Equity
Stated capital 5 5,326,952 5,117,660 5,326,952
Capital reserve (706,395) (706,395) (706,395)
Issue costs reserve (679,868) (679,868) (679,868)
Revenue reserve (3,565,304) (1,904,004) (3,472,612)
Equity attributable to owners
of the Company 375,385 1,827,393 468,077
Non-controlling interest (18,106) - -
Total equity 357,279 1,827,393 468,077
------------ ------------ -------------
Statement of Cash Flows
(unaudited) (unaudited) (audited)
Fourteen
Six months Six months months
ended ended ended
31 May 31 May 30 November
2013 2012 2012
GBP GBP GBP
Cash flow from operating activities
Sales income 14,383 1,624 33,548
Cost of sales (1,016) - -
Rental income 5,667 5,102 478
Purchase/(depletion) of stock (597) - (15)
Rental expenses - - (10,445)
Other expenses (111,870) (296,447) (603,233)
------------ ------------ ------------
Net cash (outflow) from operating
activities (93,433) (289,721) (579,667)
Taxation paid - - -
Cash flow from investing activities
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