Half-yearly Report
June 29 2007 - 10:34AM
UK Regulatory
Fundamental E Investments Plc (the "Group" or "FundamentalE")
Interim Results for the Six Months Ended 31 March 2007
CHAIRMAN'S STATEMENT
The Group's current business activity is to develop its wholly owned property
site in Kilsyth.
The tenant on our Kilsyth site vacated the premises at the end of April 2007
which has now allowed the site development to move forward. Up until the end of
April 2007 the Group continued to receive rental income from the purchasers of
the Wilson & Garden business from their occupation of the Kilsyth site. It is
planned that the demolition of the current buildings on the site be started in
July 2007 and that construction work be commenced in October 2007. It will be
pleasing to see this development start and see the profit potential of the site
realised in what is an appreciating Scottish property market.
Using the considerable property expertise within the board other property
opportunities are being considered and if found to offer good returns will be
pursued.
We continue to work hard to find opportunities to create shareholder value and
continue to be positive that suitable value creating opportunities will be
found.
Financial Results
The operating loss before taxation for the six months to 31 March 2007 was �
20,000 (2006 - �28,000). Turnover was �90,000 (2006 - �551,000). Loss per share
is 0.002p (2006 - 0.003p), no interim dividend can be paid.
As at 31 March 2007 the Group had cash resources of �156,000 (as at 31 March
2006 - �128,000). The Group also had bank loans totalling �681,000 (2006 - �
450,000).
Stephen Thomson
Chairman
29 June 2007
Consolidated Profit & Loss Account
Unaudited Unaudited
half year half year Audited year
ended ended ended
31 March 31 March 30 September
2007 2006 2006
�'000 �'000 �'000
Turnover 90 551 677
Cost of Sales - 351 (333)
Gross Profit 90 200 344
Net Operating Expenses
Distribution costs - (59) (20)
Administrative expenses (87) (390) (511)
Operating Profit/(Loss) 3 (249) (187)
Exceptional Items - 241 287
Interest payable (23) (20) (49)
Profit(Loss)on ordinary activities (20) (28) 51
before tax
Tax - - -
Profit(Loss)on ordinary activities (20) (28) 51
after tax
Profit(Loss) per share (0.002)p (0.003)p 0.005p
Consolidated Balance Sheet
Unaudited Unaudited
half year half year Audited year
ended ended ended
31 March 31 March 30 September
2007 2006 2006
�'000 �'000 �'000
Fixed Assets
Tangible assets 888 597 664
Current Assets
Stocks - 18 -
Trade debtors - 110 -
Other debtors 103 54 149
Cash at bank 156 128 180
Creditors less than 1 year (929) (327) (755)
Net Current Liabilities (670) (17) (426)
Total Assets less Current Liabilities 218 580 238
Creditors greater than 1 year - (525) -
Other Provisions - (26) -
218 29 238
Capital and Reserves
Share Capital 3,714 3,619 3,714
Profit and loss account (14,289) (14,302) (14,269)
Share premium 9,997 9,962 9,997
Merger Reserve 750 750 750
Other Reserves 46 - 46
218 29 238
Consolidated Cashflow statement
Unaudited Unaudited
half year half year Audited year
ended ended ended
31 March 31 March 30 September
2007 2006 2006
�'000 �'000 �'000
Net Cash inflow/(outflow) from
operating activities 15 (388) (287)
Net Cash outflow from returns on
investments and servicing of finance (23) (20) (49)
Taxation - - -
Net Cash outflow in respect of capital (224) (64) (84)
items
Net Cash outflow from acquisitions and
disposals - (33) -
Cash outflow before financing (232) (505) (420)
Cash inflow from financing - 442 130
Decrease in cash (232) (63) (290)
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated interim financial statements are unaudited and do not
constitute accounts within the meaning of section 240 of the Companies Act
1985.
The statements have been prepared using accounting policies and presentation
consistent with those applied in the audited accounts for the year ended 30
September 2006. In respect FRS20, Accounting for Share Options, the application
of which is obligatory for the six months ended 31 March 2007, there were no
share option awards which had not vested prior to the 1 October 2006 and as
such no accounting entries are required relating to FRS20 for that period. In
this respect the Company wishes to record that the share option award made to
Michael Hill on 7 September 2007, previously announced in error as vesting six
months after the date of the award, vested immediately at the date of the
award.
The summarised balance sheet at 30 September 2006 and the summarised profit and
loss account, summarised cash flow statement and associated notes for that year
then ended have been extracted from the Group's 2006 statutory financial
statements upon which the auditors' opinion is qualified on the basis of the
limitation in scope. This arises from the lack of availability of accounting
records for the businesses and subsidiaries disposed by the group during the
year and preceding year. Those financial statements have not yet been delivered
to the registrar of companies.
2. Taxation
There is no provision for corporation tax for the half year, on the basis that
no liability will arise for the 6 months to 31 March 2007.
3. Earnings per share
Unaudited Unaudited Audited year
half year ended half year ended ended 30
31 March 2007 31 March 2006 September 2006
�'000 �'000 �'000
Profit(Loss) for the
financial period (20) (28) 51
Weighted average number of
shares 1,090 million 961 million 1,007 million
4. Dividend
The directors cannot recommend payment of a dividend for the six months ended
31 March 2007.
Contact details:
Liam Murray City Financial Associates 020 7090 7800
Limited
Nominated Adviser
END
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