Interim Results
September 30 2002 - 9:06AM
UK Regulatory
RNS Number:8354B
Lionheart PLC
30 September 2002
LIONHEART plc: Interim Results
Chairman's Statement
As outlined in my remarks at the Annual General Meeting the board has continued
to pursue acquisition opportunities. During the period a deal came close to
being consummated, but failed after due diligence costs of #336,450 including
irrecoverable Value Added Tax, had been incurred. As a consequence the Company
suffered a loss of #208,000 in the period.
The Board has looked closely at other targets and believes that other
opportunities are available.
Given the loss incurred in the period and the deficit on distributable reserves,
a dividend is not proposed.
The partners and personnel of Arthur Andersen joined Deloitte & Touche on 1
August 2002, accordingly Deloitte & Touche were appointed auditors of the
Company with effect from that date.
The Company had just over #11.4m in cash on interest bearing account on 30 June
2002.
David Gawler, who joined the Board in January 2001, has decided to retire as a
Director with immediate effect given other business commitments. I am grateful
to him for his wise counsel and wish him well in the future.
Peter Pollock
Chairman
30 September 2002
Consolidated profit and loss account
For the six months ended 20 June 2002
Audited
Unaudited Unaudited Year
6 months 6 months ended
to 30 June to 30 June 31 December
2002 2001 2001
#'000 #'000 #'000
Operating expenses (436) (126) (165)
Operating loss
- continuing activities (436) (126) (165)
Net interest 228 320 595
(Loss) / profit on ordinary activities before taxation (208) 194 430
Taxation - - -
(Loss) / profit on ordinary activities after taxation (208) 194 430
Dividends - - -
Retained (loss) / profit for the period (208) 194 430
(Loss) / earnings per share
Basic and diluted (2.89p) 2.7p 5.97p
Dividend per ordinary share - - -
Further information in respect of the consolidated profit and loss account above
is included within the Notes to the Interim Accounts.
Balance sheet
As at 30 June 2002
30 June 31 December
2002 2001
(Unaudited) (Audited)
#'000 #'000 #'000 #'000
Current assets
Debtors 9 25
Cash at bank and in hand 11,422 11,612
11,431 11,637
Creditors: Amounts falling due within one year (35) (33)
Net assets 11,396 11,604
Capital and reserves
Called-up share capital 1,802 1,802
Share premium account 10,547 10,547
Other reserves 205 205
Profit and loss account (1,158) (950)
Total capital employed 11,396 11,604
Movement on reserves
Profit and
Share Other loss
premium reserves account
#'000 #'000 #'000
At 31 December 2001 10,547 205 (950)
Retained loss for the period - - (208)
At 30 June 2002 10,547 205 (1,158)
Consolidated cash flow statement
For the six months ended 30 June 2002
6 months ended Year ended
30 June 2002 31 December 2001
(Unaudited) (Audited)
#'000 #'000 #'000 #'000
Net cash outflow from operating activities (434) (230)
Returns on investments and servicing of finance
Interest received 244 578
(Decrease) / increase in cash in the period (190) 348
Reconciliation of operating profit to net cash flow from operating activities
Year
6 months to ended
30 June 31 December
2002 2001
(Unaudited) (Audited)
#'000 #'000
Operating (loss) / profit
- continuing activities (436) (165)
Increase in debtors - (8)
Increase / (decrease) in creditors 2 (57)
Net cash outflow from operating activities (434) (230)
Analysis and reconciliation of net funds
1 January 30 June
2002 Cash flow 2002
#'000 #'000 #'000
Cash in hand, at bank 11,612 (190) 11,422
1. The interim accounts have been prepared using the accounting policies stated
in the Group's 2001 annual report.
2. The results for the six month periods set out and above are not statutory
accounts and have not been reported upon by the Group's auditors. The audited
results for the financial year ended 31 December 2001 set out above are not
statutory accounts. Statutory accounts for that period, incorporating an
unqualified Auditors' Report under section 235 of the Companies Act 1985, have
been delivered to the Registrar of Companies.
3. The Group has no recognised gains and losses other than the (loss) / profit
for the financial periods.
4. (Loss) / earnings per share has been calculated on the weighted average
number of ordinary shares in issue during the period.
5. During the period the directors appointed Deloitte & Touche to fill a casual
vacancy as auditors for the ensuing year.
A copy of this statement will be sent to shareholders. Further copies will be
available from the Company's registered office.
Enquiries:
Lionheart plc:
Peter Pollock 0788 162 6123
Bridgewell Limited:
Ian Dighe 020 7003 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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