For immediate release
22 December 2008
Newmarket Investments Plc
("Newmarket" or the "Company")
Half-yearly Results for the Six Months Ended 30 September 2008
I am pleased to announce the unaudited half-yearly results for the six months
ended 30 September 2008. The operating loss for the six months amounted to �
131,177 (2007: �107,473), after allowing for an impairment loss on the Barnham
property of �50,000. The carrying value of the Barnham property is �250,000.The
company is currently marketing the property in order to raise additional
working capital from the net sales proceeds.
Following completion of the acquisition of the International Racing Bureau
Limited (`IRB') in March 2008, we are beginning to see the benefits, with its
fellow subsidiary BBA Insurance Services Limited (`BBAIS') working closely with
IRB to secure new clients. Although revenue for BBAIS has risen in the six
months to 30 September 2008 to �60,107 (2007: �49,693), since September,
premiums have fallen by between 20% and 30%; to date, this has been offset by
an increase in the total business written. The segmental result for BBAIS was �
3,694 (2007: �1,535).
IRB has continued its successful relationships with race courses in England
(Ascot, Newmarket and York) and overseas in USA, the Far East and Europe, with
particular success at Arlington in August, with two European victories. Since
September the success has been repeated at the Breeders' Cup and in Hong Kong.
In addition, the depreciation of sterling against the US Dollar and the Euro
will help enhance the income of IRB and their ongoing discussions with
potential new clients.
The Board is actively pursuing several investment opportunities within the
horse racing and leisure industry in order to enhance shareholder value.
As at 30 September 2008 the Company had net cash reserves of �103,247. The
Company continues to monitor its costs closely and manage its working capital.
Ross Jones
Newmarket Investments Plc
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 September 2008
Six months ended Year
ended
Notes 30 September 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
� � �
Continuing operations
Revenue 3 521,814 68,368 243,766
Cost of sales (25,017) - (2,060)
Gross profit 496,797 68,368 241,706
Administrative expenses (628,574) (175,841) (619,530)
Operating loss 3 (131,777) (107,473) (377,824)
Finance income 279 234 502
Finance expense (15,400) (3,187) (23,734)
Loss before taxation (146,898) (110,426) (401,056)
Taxation 4 - - (3,248)
Loss for the period (146,898) (110,426) (404,304)
Loss per share - basic and diluted 5 (0.06)p (1.26)p (2.28)p
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
for the six months ended 30 September 2008
Share Share Capital Profit Total
capital premium redemption and loss equity
reserve Account
� � � � �
Unaudited
Balance at 1 April 2,210,891 1,870,371 579,552 (3,564,078) 1,096,736
2008
Loss for the period - - - (146,898) (146,898)
Movement in period - (95,819) - - (95,819)
Balance at 30 2,210,891 1,774,552 579,552 (3,710,976) 854,019
September 2008
Unaudited
Balance at 1 April 2,187,500 116,601 579,552 (3,159,774) (276,121)
2007
Loss for the period - - - (110,426) (110,426)
Balance at 30 2,187,500 116,601 579,552 (3,270,200) (386,547)
September 2007
Audited
Balance at 1 April 2,187,500 116,601 579,552 (3,159,774) (276,121)
2007
Loss for the period - - - (404,304) (404,304)
Issue of shares 23,391 1,753,770 - - 1,777,161
Balance at 31 March 2,210,891 1,870,371 579,552 (3,564,078) 1,096,736
2008
BALANCE SHEET
as at 30 September 2008
30 September 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
� � �
ASSETS
Non current assets
Intangible assets 837,914 7,047 837,914
Property, plant and equipment 258,728 9,923 309,943
Financial assets: available-for sale 1,079 1,663 1,079
investments
1,097,721 18,633 1,148,936
Current assets
Trade and other receivables 294,221 154,015 468,014
Cash and cash equivalents 189,521 97,917 334,071
483,742 251,932 802,085
Total assets 1,581,463 270,565 1,951,021
LIABILITIES
Current liabilities
Interest bearing loans and borrowings (206,528) (245,196) (184,753)
Trade and other payables (520,916) (411,916) (669,532)
Total current liabilities (727,444) (657,112) (854,285)
Total assets less current liabilities 854,019 (386,547) 1,096,736
SHAREHOLDERS' EQUITY
Called up share capital 2,210,891 2,187,500 2,210,891
Share premium account 1,774,552 116,601 1,870,371
Capital redemption reserve 579,552 579,552 579,552
Retained earnings (3,710,976) (3,270,200) (3,564,078)
Total shareholders' equity 854,019 (386,547) 1,096,736
CASH FLOW STATEMENT
for the six months ended 30 September 2008
Six months ended Year
ended
30 September 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
� � �
Cash flows from operating activities
Operating loss (131,777) (107,473) (377,824)
Depreciation and impairment charge 51,692 2,075 4,265
Profit on sale of property, plant and - - (180)
equipment
Decrease in trade and other receivables 173,793 108,030 19,335
(Decrease)/increase in trade and other (148,616) (59,947) 223,812
payables
Cash used in operations (54,907) (57,315) (130,592)
Finance income 279 234 502
Finance expense (15,400) (3,187) (23,734)
Net cash used in operating activities (70,028) (60,268) (153,824)
Cash flow from investing activities
Receipt from sale of property, plant - - 2,016
and equipment
Purchase of property, plant and (477) - -
equipment
Purchase of subsidiary (net of cash - (31,356) (475,830)
received)
Net cash used in investing activities (477) (31,356) (473,814)
Cash flow from financing activities
Proceeds from issue of shares (net of (95,819) - 753,070
issue costs)
Other new short term loans 29,999 145,000 104,795
Net cash flow from financing activities (65,820) 145,000 857,865
Net (decrease)/increase in cash and (136,325) 53,376 230,227
cash equivalents
Cash, cash equivalents and bank 239,572 9,345 9,345
overdraft at start of period
Cash, cash equivalents and bank 103,247 62,721 239,572
overdraft at end of period
Notes to the half-yearly financial information
1. General information
Newmarket Investments Plc is a company incorporated in the United Kingdom,
which is listed on the AIM market of the London Stock Exchange Plc. The address
of its registered office is 25 Manchester Square, London, W1U 3PY.
2. Financial information
The financial information set out above does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. It has been
prepared under applicable International Financial Reporting Standards adopted
by the European Union. (`IFRS').
The accounting policies applied in preparing the interim financial information
are consistent with those set out in the statutory accounts of the Group for
the year ended 31 March 2008. The comparative figures for the year ended 31
March 2008 are extracted from the statutory accounts for that period which have
been filed with the Registrar of Companies. The report of the auditors on those
accounts was unqualified.
The financial information for the six months ended 30 September 2008 and the
six months ended 30 September 2007 has not been audited. As permitted, the
Group has chosen not to adopt IAS 34 `Interim Financial Statements' in
preparing this interim financial information.
3. Segmental information
Six months Year
ended ended
30 September 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
� � �
Turnover
Insurance 60,107 49,693 152,643
brokers
Events 457,971 - 18,915
Nominations 3,736 18,675 72,208
521,814 68,368 243,766
Operating
loss
Insurance 3,694 1,535 33,724
brokers
Events 46,612 - (31,752)
Nominations (104) (20,047) 12,804
Central (181,979) (88,961) (392,600)
costs
(131,777) (107,473) (377,824)
4. Taxation
On the basis of these accounts there is no tax charge for the period.
5. Loss per share
The loss and number of shares used in the calculation of loss per share are as
follows:
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
Basic:
Loss for the financial period 146,898 110,426 404,304
Weighted average number of 242,659,100 8,750,000 17,721,856
shares
Loss per share 0.06p 1.26p 2.28p
There was no dilutive effect from the share options outstanding during the
period.
6. Dividends
The directors do not propose to declare a dividend for the period.
Company website: www.newmarketinvestmentsplc.com
Contact details:
Jonathan Cohen Tel: 020 7486 8985
Newmarket Investments Plc
Liam Murray/Aaron Smyth, Nominated Adviser Tel: 020 7492 4777
Dowgate Capital Advisers Limited
Neil Badger Tel: 01293 517 744
Dowgate Capital Stockbrokers Limited
END
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