TIDMHTT
RNS Number : 6631P
Hot Tuna (International) plc
30 March 2009
30 March 2009
Hot Tuna International PLC
("Hot Tuna" or "the Company")
Interim Report for the period ending 31 December 2008
HIGHLIGHTS
* Sales increase of 39%;
* Operational loss reduced by 59% to GBP679,000;
* Debenhams increased the number of stores in which it stocks product from 5 to
45;
* Benefits from cost reductions in 2008 now starting to come through;
* Australian market still performing strongly.
Hot Tuna (International) Plc (AIM: HTT), a leading surf wear and fashion brand,
presents its consolidated results for the half year ending 31 December 2008.
In spite of an extremely challenging trading environment, Hot Tuna continues to
perform strongly with sales increase of 39% in the six months to 31 December
2008. The Group continues to reap the benefits of the earlier restructuring
across all regions. This, coupled with a shift in sales strategy; positioning
the Hot Tuna brand from smaller independent retailers to major national
retailers around the globe, has, and should continue to see an upward trend in
revenue.
The increase in sales has been achieved by reducing our cost base and lowering
our marketing costs in line with stockists' expectations as well as greater use
of partnering. The improvement in revenue and a focus on a rigorous cost
cutting exercise has enabled the Group to reduce its operational loss by some
59% to GBP679,000 against the corresponding period's operational loss of
GBP1,653,000.
All regions now have considerably lower overheads than at the same time last
year which means that the Group is in a significantly stronger position to face
the global economic downturn.
In Australia, the economic downturn has not yet been as severe as in other parts
of the world. With the brand considered a 'home brand' by the market, we
anticipate that our Australian business will continue to see strong sales
increases with the major stockists of Myer and David Jones with an expanded
product range stocked.
In Europe the relocation of some parts of the manufacturing for the European
market to Turkey has enable us to capitalise on the benefits of a shorter route
to market and lower transport and logistical costs. This will show through with
greater prominence in the second half of the financial year. In the UK,
Debenhams has increased the number of stores in which it stocks Hot Tuna from 5
to 45. In Germany, the online retailer Sportscheck increased their orders from
Spring/Summer 2008 to Spring/Summer 2009 by 305%.
The USA continues to pose challenges however the brand has now broken into
Delia's and Victoria's Secret, with repeat orders on specific designs from these
stockists. This supports our ongoing strategy of pursuing larger accounts in the
USA. Further tightening of logistics and other costs will be required to push
this into operational profit.
Niels Juul, Chief Executive commented: "We are pleased with these results in
what has been a very difficult trading period across the globe. We cannot ignore
the significant task ahead of us and future potential slowdown in retail sales
across all our key markets. The Board continues to monitor all aspects of the
business and will work with suppliers to reduce manufacturing and development
costs. To support the current order book and growth potential of Hot Tuna, the
Board is looking at various funding opportunities to provide the necessary
working capital."
+------------------------------------------------+-----------------------+
| Enquiries: | |
+------------------------------------------------+-----------------------+
| Hot Tuna PLC | Tel: 020 7016 5100 |
| Niels Juul - CEO | |
+------------------------------------------------+-----------------------+
| Pelham PR | Tel: 020 7337 1520 |
| Lucy Frankland | |
+------------------------------------------------+-----------------------+
| Seymour Pierce Limited | Tel: 0207 107 8000 |
| Mark Percy | |
+------------------------------------------------+-----------------------+
Consolidated Income Statement
For the period from 1 July 2008 to 31st December 2008
+------------------------------------+-------+--------------+--------------+-----------+
| | | Half Year | Half Year | 12 |
| | | to | to | Months |
| | | 31.12.2008 | 31.12.2007 | Ended |
| | |(Un-audited) |(Un-audited) |30.6.2008 |
| | | | |(Audited) |
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------+-------+--------------+--------------+-----------+
| | Notes | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Continuing operations | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Revenue | | 619 | 445 | 1,125 |
+------------------------------------+-------+--------------+--------------+-----------+
| Cost of sales | | (393) | (472) | (1,153) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Gross (loss)/profit | | 226 | (27) | (28) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Selling and marketing expense | | (110) | (382) | (425) |
+------------------------------------+-------+--------------+--------------+-----------+
| General and administrative | | (762) | (1,216) | (2,642) |
| expenses | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Depreciation and amortisation | | (33) | (28) | (57) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Loss from operations | | (679) | (1,653) | (3,179) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Impairment of intangible assets | | - | - | (2,588) |
+------------------------------------+-------+--------------+--------------+-----------+
| Exceptional share-based payment | | - | 120 | - |
| charge | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Investment income | | 1 | 32 | 41 |
+------------------------------------+-------+--------------+--------------+-----------+
| Loss on disposal of property, | | (1) | (2) | (4) |
| plant and equipment | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Finance costs | | (9) | (20) | (39) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Loss before tax | | (688) | (1,523) | (5,769) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Taxation | 2 | - | - | - |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Loss for the period | | (688) | (1,523) | (5,769) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Attributable to: | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Equity holders | | (688) | (1,523) | (5,769) |
+------------------------------------+-------+--------------+--------------+-----------+
| Minority interest | | - | - | - |
+------------------------------------+-------+--------------+--------------+-----------+
| | | (688) | (1,523) | (5,769) |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| LOSS PER SHARE | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
| Basic and diluted | 4 | (0.62) | (1.89) | (5.69) |
| | | pence | pence | pence |
+------------------------------------+-------+--------------+--------------+-----------+
| | | | | |
+------------------------------------+-------+--------------+--------------+-----------+
Consolidated Balance Sheet
At 31st December 2008
+---------------------------------+--------+--------------+---------------+------------+
| | | Half Year | Half Year | 12 Months |
| | | to | to | Ended |
| | | 31.12.2008 | 31.12.2007 | 30.6.2008 |
| | |(Un-audited) |(Un-audited) | (Audited) |
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+---------------------------------+--------+--------------+---------------+------------+
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Assets | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Non-current assets | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Other intangible assets | | 2,650 | 5,238 | 2,650 |
+---------------------------------+--------+--------------+---------------+------------+
| Goodwill | | 207 | 207 | 207 |
+---------------------------------+--------+--------------+---------------+------------+
| Property, plant & equipment | | 84 | 156 | 119 |
+---------------------------------+--------+--------------+---------------+------------+
| | | 2,941 | 5,601 | 2,976 |
+---------------------------------+--------+--------------+---------------+------------+
| Current Assets | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Inventories | | 398 | 436 | 331 |
+---------------------------------+--------+--------------+---------------+------------+
| Trade and other receivables | | 491 | 497 | 426 |
+---------------------------------+--------+--------------+---------------+------------+
| Cash and cash equivalents | | - | 464 | - |
+---------------------------------+--------+--------------+---------------+------------+
| | | 889 | 1,397 | 757 |
+---------------------------------+--------+--------------+---------------+------------+
| Total Assets | | 3,830 | 6,998 | 3,733 |
+---------------------------------+--------+--------------+---------------+------------+
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Liabilities | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Current Liabilities | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Bank loans and overdraft | | 63 | - | 35 |
+---------------------------------+--------+--------------+---------------+------------+
| Trade and other payables | | 840 | 460 | 557 |
+---------------------------------+--------+--------------+---------------+------------+
| Convertible loan note | | 134 | 47 | 184 |
+---------------------------------+--------+--------------+---------------+------------+
| | | 1,037 | 507 | 776 |
+---------------------------------+--------+--------------+---------------+------------+
| Non-current Liabilities | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Convertible loan note | | - | 111 | - |
+---------------------------------+--------+--------------+---------------+------------+
| | | - | 111 | - |
+---------------------------------+--------+--------------+---------------+------------+
| Total Liabilities | | 1,037 | 618 | 776 |
+---------------------------------+--------+--------------+---------------+------------+
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Net Assets | | 2,793 | 6,380 | 2,957 |
+---------------------------------+--------+--------------+---------------+------------+
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Equity and other liabilities | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Capital and reserves | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Share capital | | 1,813 | 828 | 1,533 |
+---------------------------------+--------+--------------+---------------+------------+
| Share-based payment reserve | | 9,882 | 9,881 | 9,618 |
+---------------------------------+--------+--------------+---------------+------------+
| Share premium reserve | | 2,308 | 2,147 | 2,308 |
+---------------------------------+--------+--------------+---------------+------------+
| Merger reserve | | 1,474 | 1,474 | 1,474 |
+---------------------------------+--------+--------------+---------------+------------+
| Warrant reserve | | 296 | 800 | 296 |
+---------------------------------+--------+--------------+---------------+------------+
| Foreign exchange reserve | | 43 | 82 | 63 |
+---------------------------------+--------+--------------+---------------+------------+
| Retained loss | | (13,023) | (8,832) | (12,335) |
+---------------------------------+--------+--------------+---------------+------------+
| Equity attributable to equity | | 2,793 | 6,380 | 2,957 |
| holders of parent | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| | | | | |
+---------------------------------+--------+--------------+---------------+------------+
| Minority interest | | - | - | - |
+---------------------------------+--------+--------------+---------------+------------+
| Total Equity | | 2,793 | 6,380 | 2,957 |
+---------------------------------+--------+--------------+---------------+------------+
Consolidated Cash Flow Statement
For the period from 1 July 2008 to 31st December 2008
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| | Half Year | Half | 12 |
| | to | Year to | Months |
| | 31.12.2008 | 31.12.2007 | Ended |
| |(Un-audited) |(Un-audited) |30.6.2008 |
| | | | (Audited) |
| | | | |
+-----------------------------------------------------------------------------+--------------+--------------+------------+
| | GBP000 | GBP000 | GBP000 |
+-----------------------------------------------------------------------------+--------------+--------------+------------+
| | Notes | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Net Cash Flow from Operating | 5 | (523) | (1,617) | (2,884) |
| Activities | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Investing Activities | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Interest received | | 1 | 32 | 41 |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Purchase of property, plant and | | - | (57) | (56) |
| equipment | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Net Cash Flow from Investing | | 1 | (58) | (15) |
| Activities | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Financing Activities | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Proceeds on issue/(repayment) of | | - | (59) | (32) |
| convertible notes | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Proceeds from issue of share capital | | 494 | 323 | 1,005 |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Net Cash Flow from Financing | | 494 | 264 | 972 |
| Activities | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Net (decrease)/increase in cash and | | (28) | (1,428) | (1,927) |
| cash equivalents | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Cash and cash equivalents at the | | | | |
| beginning of the period | | | | |
+ +--------------------------------------+--------------+--------------+------------+
| | | (35) | 1,892 | 1,892 |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Cash and cash equivalents at the end | | (63) | 464 | (35) |
| of the period | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| Movement in Bank & Cash | | (28) | (1,428) | (1,927) |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
| | | | | |
+--------------------------------------+--------------------------------------+--------------+--------------+------------+
Statement of changes in equity
For the period from 1 July 2008 to 31st December 2008
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| For the half year | Share | | Share-based | | | Retained | Total | Minority | Total |
| ended 31 December | capital | Share | payment | Other | Warrant | profit/ | | | Equity |
| 2008 | | premium | reserve | reserves | | (loss) | equity | interest | |
| | | account | | | reserve | | | | |
| | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Balance at 1 July | | 9,618 | 2,308 | 1,537 | 296 | (12,335) | 2,957 | - | 2,957 |
| 2008 | 1,533 | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Net loss for the | - | - | - | - | - | (688) | (688) | - | (688) |
| period | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Exchange differences | - | - | - | (20) | - | - | (20) | - | (20) |
| arising | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Total recognised | - | - | - | (20) | - | (688) | (708) | - | (708) |
| income and expense | | | | | | | | | |
| for period | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Share conversion and | 280 | 264 | - | - | - | - | 544 | - | 544 |
| issue | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Balance at 31 | 1,813 | 9,882 | 2,308 | 1,517 | 296 | (13,023) | 2,793 | - | 2,793 |
| December 2008 | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| For the year ended 30 | | | | | | | | | |
| June 2008 | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Balance at 1 January | 828 | 9,881 | 2,147 | 1,556 | 800 | (8,832) | 6,380 | - | 6,380 |
| 2008 | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Net loss for the | - | - | - | - | - | (3,503) | (3,503) | - | (3,503) |
| period | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Exchange differences | - | - | - | (19) | - | - | (19) | - | (19) |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Total recognised | - | - | - | (19) | - | (3,503) | (3,522) | - | (3,522) |
| income and expense | | | | | | | | | |
| for the period | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Share conversion and | 705 | 36 | - | - | - | - | | - | 741 |
| issue | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Cost of share issue | - | (60) | - | - | - | - | (60) | - | (60) |
| and conversion | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Warrants Subscribed | - | (239) | - | - | 239 | - | - | - | - |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Warrants expired | - | - | - | - | (743) | - | (743) | - | (743) |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Employee share option | - | - | 161 | - | - | - | 161 | - | 161 |
| scheme | | | | | | | | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
| Balance at 30 June | 1,533 | 9,618 | 2,308 | 1,537 | 296 | (12,335) | | - | 2,957 |
| 2008 | | | | | | | 2,957 | | |
+-----------------------+----------+----------+-------------+----------+---------+------------+-----------+----------+-----------+
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| For the half year | Share | Share | Share-based | | | | | Minority | Total |
| ended 31 December 2007 | capital | premium | payment | Other | Warrant | Retained | Total | | Equity |
| | | account | reserve | reserves | | profit/ | | interest | |
| | | | | | reserve | (loss) | equity | | |
| | | | | | | | | | |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Balance at 1 July 2007 | 774 | 9,612 | 2,267 | 1,527 | 800 | (7,309) | 7,671 | - | 7,671 |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Net loss for the | - | - | - | - | - | (1,523) | (1,523) | - | (1,523) |
| period | | | | | | | | | |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Exchange differences | - | - | - | 29 | - | - | 29 | - | 29 |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Total recognised | - | - | - | 29 | - | (1,523) | (1,494) | - | (1,494) |
| income and expense for | | | | | | | | | |
| the period | | | | | | | | | |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Share conversion and | 54 | 269 | - | - | - | - | 323 | - | 323 |
| issue | | | | | | | | | |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Employee share option | - | - | (120) | - | - | - | (120) | - | (120) |
| scheme | | | | | | | | | |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
| Balance at 31 December | 828 | 9,881 | 2,147 | 1,556 | 800 | (8,832) | 6,380 | - | 6,380 |
| 2007 | | | | | | | | | |
+------------------------+---------+----------+-------------+-----------+---------+-----------+-----------+------------+-----------+
Notes to the unaudited Interim Report
For the period ending 31st December 2008
1. PRESENTATION OF INTERIM RESULTS
This interim report has been prepared in accordance with the accounting policies
set out in the Company's Annual Report for the year ended 30 June 2008 and are
expected to be used in the Annual Report for the year ended 30 June 2009.
The results for the six months ended 31 December 2008 have not been audited. The
financial information contained in this report does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 30 June 2008 are based on the audited accounts (which
received an unqualified audit report). Full accounts have been delivered to the
Registrar of Companies and are available on request.
2. 2. TAXATION
No taxation has been provided due to losses in the period.
3.3. DIVIDENDS
The Directors have not declared a dividend for the period.
4. LOSS PER SHARE
+--+---------------------------------+---------------------------------+-----------------+
| | T The calculation of the basic and diluted earnings per share is based on the |
| | following data: |
+--+-------------------------------------------------------------------------------------+
| | Earnings | GBP000's |
+--+-------------------------------------------------------------------+-----------------+
| | Earnings for the purposes of basic earnings per share net loss | 688 |
| | for the period attributable to equity holders of the parent | |
+--+-------------------------------------------------------------------+-----------------+
| | Number of shares | | |
+--+---------------------------------+---------------------------------+-----------------+
| | Weighted average number of ordinary shares for the purposes of | 110,177,103 |
| | basic earnings per share | |
| | | |
+--+-------------------------------------------------------------------+-----------------+
| | The denominator for the purpose of calculating the basic earnings per share has |
| | been adjusted to reflect all capital raisings. Due to the loss incurred in the |
| | period, there is no dilutive effect resulting from the issue of share options, |
| | warrants and shares to be issued. |
| | |
+--+---------------------------------+---------------------------------+-----------------+
5. RECONCILIATION OF NET OPERATING LOSS TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
+------------------------------------------+----------------+--------------+--------------+
| | Half Year to | Half Year | 12 Months |
| | 31.12.2008 | to | Ended |
| | (Un-audited) | 31.12.2007 | 30.6.2008 |
| | | (Un-audited) | (Audited) |
+------------------------------------------+----------------+--------------+--------------+
| Cash outflow from Operating Activities | GBP000 | GBP000 | GBP000 |
+------------------------------------------+----------------+--------------+--------------+
| | | | |
+------------------------------------------+----------------+--------------+--------------+
| Loss from operations | (679) | (1,653) | (3,179) |
+------------------------------------------+----------------+--------------+--------------+
| Adjusted for: | | | |
+------------------------------------------+----------------+--------------+--------------+
| Depreciation of property, plant and | 33 | 28 | 57 |
| equipment | | | |
+------------------------------------------+----------------+--------------+--------------+
| Foreign exchange loss | (18) | - | 9 |
+------------------------------------------+----------------+--------------+--------------+
| Share based payments | - | - | 41 |
+------------------------------------------+----------------+--------------+--------------+
| Operating cash flows before movements in | (590) | (1,625) | (3,071) |
| working capital | | | |
+------------------------------------------+----------------+--------------+--------------+
| (Increase)/decrease in inventories | (67) | (37) | 67 |
+------------------------------------------+----------------+--------------+--------------+
| Decrease/(increase) in receivables | (66) | 27 | 98 |
+------------------------------------------+----------------+--------------+--------------+
| (Decrease)/increase in payables | 283 | (12) | 60 |
+------------------------------------------+----------------+--------------+--------------+
| Cash used in operations | (514) | (1,647) | (2,846) |
+------------------------------------------+----------------+--------------+--------------+
| Interest paid | (9) | (20) | (39) |
+------------------------------------------+----------------+--------------+--------------+
| Net Cash outflow from Operating | (523) | (1,667) | (2,885) |
| Activities | | | |
+------------------------------------------+----------------+--------------+--------------+
Notes to the unaudited Interim Report
For the period ending 31st December 2008
6. POST BALANCE SHEET DATE EVENTS
On 6 February 2009, the Company held its Annual General meeting and all
resolutions were duly passed.
On 12 March 2009, the Company held a General Meeting to propose a special
resolutions to sub-divide each existing ordinary share of 1 pence each
("Existing Ordinary Shares") into one new ordinary share of 0.01 pence ("New
Ordinary Shares") and one deferred share of 0.99 pence each ("Deferred Shares"),
and to amend the Company's Articles of Association to set out the rights
attaching to the Deferred Shares. The resolution was duly passed.
On 25 March 2009, the Company issued and allotted 20,000 New Ordinary Shares at
0.5p per share. Following this issue, the Company has made application for the
20,000 New Ordinary Shares to be admitted to trading on AIM, with admission
expected to occur on or around 31 March 2009.
Following the issue of the 20,000 New Ordinary Shares, the Company will have
181,323,419 Ordinary Shares in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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