RNS Number:4998M
Harrogate Group PLC
22 November 2006
Regulatory Announcement
Company Harrogate Group plc
TIDM HGP
Headline Interim Results
HARROGATE GROUP PLC
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006
Chairman's Statement
At an Extraordinary General Meeting of the Company held on 26 April 2006,
shareholders approved the disposal of the Company's loss-making subsidiary,
Axiom Internet Group Limited. Following this, the Company became a cash shell
and raised #150,000 through a placing of new ordinary shares in order to
enable the Company to implement a new investment strategy effectively.
The Directors are seeking to identify businesses or companies primarily in the
services sector which they consider to have the potential to produce a
favourable return in both the short and medium terms. Since I took over the
Chairmanship on 2 May of this year, the Board has reviewed a number of
investment opportunities for acquisition by the Company. To date no investment
opportunity has totally fulfilled our investing strategy.
The results for the half year to 30 September 2006 reflect one month of
trading of Axiom Internet Group before disposal on 26 April 2006 and as such
are presented as consolidated accounts notwithstanding that the Company now
has no subsidiaries or other operational interests. The losses before and
after taxation for the period were #32,296. The cash balances at the period
end were #94,883 and expenditure remains under strict control.
We look forward to reporting further significant progress to you as it occurs.
Stephen Barclay
Chairman
22 November 2006
Harrogate Group Plc
Unaudited Consolidated Profit and loss account
for the six month period ended 30 September 2006
Note 30 30 31
September September March
2006 2005 2006
# # #
Turnover
Discontinued operations 20,924 245,088 353,653
20,924 245,088 353,653
Cost of sales (1,246) (3,632) (11,816)
Gross profit 19,678 241,456 341,837
Selling and distribution costs - - -
Administrative expenses (53,641) (355,322) (577,536)
Other operating income - - 3,122
Operating (loss)
Continuing operations (30,703) (21,502) (44,044)
Discontinued operations (3,260) (92,364) (188,533)
Operating (loss) (33,963) (113,866) (232,577)
Exceptional items 811 - (59,088)
(Loss) on ordinary activities (33,152) (113,866) (291,665)
before interest
Interest receivable 856 1,031 1,296
Interest payable - - -
(Loss) on ordinary activities (32,296) (112,835) (290,369)
before taxation
Tax on loss on ordinary - - -
activities
(Loss) on ordinary activities (32,296) (112,835) (290,369)
after taxation
(Loss) per share 4 (0.16) p (2.37) p (6.10) p
There were no recognised gains and losses other than those included in
the profit and loss account as set out above and in the Reconciliation
of movements in shareholders' funds below. These gains and losses have
been calculated on the historical cost basis.
Harrogate Group Plc
Unaudited Consolidated Balance sheet
As at 30 September 2006
Note 30 30 31
September September March
2006 2005 2006
# # #
Fixed Assets
Intangible fixed assets - 5,389 3,009
Tangible fixed assets - 115,229 22,546
Investments 2 - - -
- 120,618 25,555
Current assets
Debtors 2,170 110,286 78,290
Cash at bank and in hand 94,883 88,181 33,114
97,053 198,467 111,404
Creditors: amounts falling due (25,037) (125,534) (124,721)
within one year
Net current assets/ 72,016 72,933 (13,317)
(liabilities)
Total assets less current 72,016 193,551 12,238
liabilities
Investments in joint ventures
Goodwill on acquisition - 119,825 123,604
Share of gross assets - 1,179 1,179
Share of gross (liabilities) - (168,624) (168,624)
Share of net (liabilities) - (47,620) (43,841)
Net assets 72,016 145,931 (31,603)
Capital and reserves
Called up share capital 3 4,940,000 4,760,000 4,760,000
Share premium account 6,003,616 6,047,701 6,047,701
Other reserves - (274,998) (274,998)
Profit and loss account (10,871,600) (10,386,772) (10,564,306)
Shareholders' funds - all 72,016 145,931 (31,603)
equity
Harrogate Group Plc
Reconciliation of movements in shareholders' funds
for the period ended 30 September 2006
Profit & Total
Share Share Merger Loss Shareholders'
Capital Premium Reserve Account Funds
# # # # #
Balance at 31 March 4,760,000 6,047,701 (274,998) (10,564,306) (31,603)
2006
Share Capital placing 180,000 (44,085) - - 135,915
Disposal of - - 274,998 (274,998) -
subsidiaries
(Loss) for the period - - - (32,296) (32,296)
Balance at 30 September 4,940,000 6,003,616 - (10,871,600) 72,016
2006
HARROGATE GROUP PLC
UNAUDITED CASHFLOW STATEMENT
For the Period ended 30 September 2006
30 September 30 September 31 March
2006 2005 2006
# # #
Reconciliation of operating
loss to net cash outflow
from operating activities
Operating loss (33,963) (113,866) (232,577)
Amortisation of intangible 416 21,046 4,928
fixed assets
Depreciation of tangible 1,591 2,418 38,141
fixed assets
Loss on disposal of - - 4,677
tangible fixed assets
(Increase)/decrease in (8,666) 45,582 77,578
debtors
(Decrease)/increase in (36,797) (1,530) (2,343)
creditors
Net cash (outflow) from (77,419) (46,350) (109,596)
operating activities
Cash flow statement
Net cash (outflow) from (77,419) (46,350) (109,596)
operating activities
Returns on investment and
servicing of finance
Interest income 856 1,031 1,296
Capital expenditure
Purchase of intangible - - (1,180)
fixed assets
Purchase of tangible fixed - (3,395) (1,301)
assets
Sale of tangible fixed - - 7,000
assets
Acquisitions and disposals
Sale of subsidiary 17,002 - -
undertakings
Cash disposed of with (14,585) - -
subsidiary
Net cash inflow from 2,417 - -
acquisitions and disposals
Cash (outflow) before (74,146) (48,714) (103,781)
financing
Financing
Issue of shares 180,000 - -
Costs of issue (44,085) - -
Net cash inflow from 135,915 - -
financing
Increase in cash 61,769 (48,714) (103,781)
HARROGATE GROUP PLC
UNAUDITED CASHFLOW STATEMENT
For the Period ended 30 September 2006 continued
30 September 30 September 31 March
2006 2005 2006
Analysis of changes in
net funds
Cash at bank:
At start of the period 33,114 136,895 136,895
Cashflows 61,769 (48,714) (103,781)
At period end 94,883 88,181 33,114
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 The financial information for the period ended 30 September 2006 is
unaudited and has been prepared on the basis of the Company's adopted
accounting policies. This financial information does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
2 Investments and subsidiary undertakings
On 26 April 2006 the shareholders approved the sale of the Axiom Internet
Group Limited to its management for #17,000. Following a process of
liquidation or disposal, at 30 September 2006 the Company had no
investments, subsidiary undertakings or joint ventures.
3 Share Capital
Group and Company
30 September 2006 31 March 2006
No. # No. #
Authorised
Ordinary shares of 1p each 600,000,000 6,000,000
Ordinary shares of 0.1p each 528,760,000 5,287,600
Deferred shares of 0.9p each 476,000,000 4,712,400
10,000,000 6,000,000
Allotted, issued and fully
paid
Ordinary shares of 1p each 476,000,000 4,760,000
Ordinary shares of 0.1p each 22,760,000 227,600
Deferred shares of 0.9p each 476,000,000 4,712,400
4,940,000 4,760,000
On 26 April 2006 each Ordinary share of 1p each was subdivided and
redesignated into one Ordinary share of 0.01p each and one deferred share
of 0.99p each and subsequently every 100 Ordinary shares of 0.01p each
were consolidated into one Ordinary share of 1p each.
On 2 May 2006 18,000,000 Ordinary shares of 1p each were issued at par.
In connection with that placing, warrants over 20,600,000 Ordinary shares
of 1p exercisable at 1p were issued.
4 Loss per share
The loss per share has been calculated by dividing the loss after
taxation of #32,296 by the weighted average number of Ordinary Shares in
issue for the period of 19,694,066. As the Company incurred a loss for
the period, the warrants in existence do not have a dilutive effect and
therefore the basic and diluted loss per share are the same.
The loss per share for the comparative periods to 30 September 2005 and
31 March 2006 have been restated to reflect the capital reconstruction of
26 April 2006.
5 Interim Financial Statements
Further copies of the interim statements are available from the Company
at 1 Cornhill, London EC3V 3ND.
This information is provided by RNS
The company news service from the London Stock Exchange
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