Interim Results
October 15 2003 - 12:00PM
UK Regulatory
RNS Number:9474Q
Prestige Publishing PLC
15 October 2003
PRESTIGE PUBLISHING plc
(Incorporated and registered in England and Wales under the Companies Act
and registered number 03242614)
Unaudited Interim Results for the year ended 31 May 2003
Chairman's Statement
These financial statements are for the 6 months ended 31 May 2003.
It has been a difficult year for Prestige Publishing Plc ('Prestige' or 'the
Company'). The loss before tax was #108,000.
As I have mentioned previously the aim of your Board of Directors is to secure a
future for your Company.
As a consequence, the Board has substantially reduced the Company's overheads
and has written off its investment portfolio. In essence the Company is now a
shell and we have been looking for a business or individuals who could assist us
in taking the Company forward.
In view of the above and in order to secure the Company's future, Prestige
entered into an agreement with Hanover Capital Group Plc ('Hanover') details of
which were sent to shareholders on 21 March 2003. Hanover had indicated that,
together with a group of investors, it would introduce to the Company
significant investment opportunities together with sources of finance. Hanover
paid the majority of the Company's creditors by the issue of Hanover shares, but
no further finance has been forthcoming either to settle the balance of the
Company's creditors or to provide working capital.
Ronald Lowenthal and Simon Robinson joined the Board on 18th March 2003
following the resignations of James Piesse and James Fellowes. Both Ronald
Lowenthal and Simon Robinson were directors of Hanover at that time but
subsequently Simon Robinson resigned from Hanover.
On 12th September 2003 Hanover assigned its debt of approximately #223,000 to
Chiddingfold Investments Limited ('Chiddingfold').
Peter Catto
7 October 2003
Consolidated Profit and Loss Account (unaudited)
For the period ended 31 May 2003
6 months ended 12 months ended
30 November
2002
31 May 2003
#'000 #'000
Profit on sale of
investment 5 -
Administrative overheads (113) (203)
----------- -----------
Net operating loss (108) (203)
Other income - 14
Amounts written off
investments - (103)
Interest payable and
similar charges - (1)
----------- -----------
Loss on ordinary
activities before taxation (108) (293)
Tax on loss on ordinary activities - -
----------- -----------
Retained loss for the
period (108) (293)
=========== ===========
Loss per share Pence Pence
Basic loss per share (0.078) (0.214)
Diluted loss per share (0.078) (0.206)
=========== ===========
Continuing operation
All amounts are derived from continuing operations.
Total recognised gains and losses
There were no recognised gains or losses other than the losses incurred in each
period.
Consolidated Balance Sheet (unaudited)
As at 31 May 2003
6 months ended 12 months ended
30 November
2002
31 May 2003
#'000 #'000
Fixed assets
Investments - 18
----------- -----------
Current assets
Debtors 5 11
Cash at bank and in hand - 18
----------- -----------
5 29
Creditors: amounts falling
due within one year (303) (249)
----------- -----------
Net current liabilities (298) (220)
----------- -----------
Total assets less
liabilities (298) (202)
=========== ===========
Capital and reserves
Called up share capital 1,383 1,383
Share premium account 26 26
Profit and loss account (1,707) (1,611)
----------- -----------
Equity shareholders' funds (298) (202)
=========== ===========
Consolidated Cash Flow Statement (unaudited)
For the period ended 31 May 2003
6 months ended 12 months ended
30 November
2002
31 May 2003
#'000 #'000
Net cash outflow from
operating activities
(Note 5) (4) (52)
Capital expenditure
Payments to acquire
investments - (50)
Receipts from sales of
investments 18 80
----------- -----------
Net cash outflow before
management of liquid
resources and financing - (22)
Financing
Issue of ordinary share capital - -
----------- -----------
Increase/(decrease) in
cash in the period 14 (22)
(Note 6)
=========== ===========
Notes to the Interim Results
1. Basis of Preparation
The results for the six months ended 31 May 2003 are unaudited and have not been
reviewed by the auditors. They have been prepared on accounting basis and
policies that are consistent with those used in the preparation of the financial
statements of the group for the year ended 30 November 2002.
The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 30 November 2002 were reported by the auditors and
received an unqualified audit report. Full accounts for the year ended 30
November 2002 have been delivered to the Registrar of Companies.
2. Dividends
No dividend is proposed for the period ended 31 May 2003.
3. Taxation
No taxation is expected to arise on the result for the period due to tax losses
incurred during the period.
4. Loss per Share
The earnings per share for the six months ended 31 May 2003 has been calculated
on the basis of the loss after taxation for the period of #108,000 and the
weighted average number of shares in issue during the period of 138,344,975.
There is no dilutive effect of warrants granted due to the average fair price of
the shares during the period being less than the exercisable price of those
warrants.
5. Net cash outflow from operating activities
6 months ended 12 months ended
30 November
2002
31 May 2003
#'000 #'000
Operating loss (108) (203)
Decrease/(increase) in
debtors 5 10
Increase in creditors 99 141
----------- -----------
Net cash inflow/(outflow)
from operating activities (4) (52)
=========== ===========
Notes to the Interim Result (Continued)
6. Reconciliation of net cash flow to movement in net funds/debt
1 December 2002 Cash flow 31 May 2003
movement
#'000 #'000 #'000
----------- ----------- -----------
Cash in hand and bank 18 (18) -
Bank overdrafts (36) 32 (4)
(18) 14 (4)
=========== =========== ===========
For the announcement only
7. Copies of the Interim Results will be sent to Shareholders shortly and will
be available to members of the public from the Company's registered office, 25
North Row, London W1K 6DJ.
Company Information
Directors P. M. Catto (non-executive chairman)
S. M. Robinson (executive director)
R. Y. Lowenthal (executive director)
Secretary and registered office Stephen Clifford
22 North Row
London W1K 6DJ
Registrars Capita IRG Plc
Balfour House
390/398 High Road
Ilford
Essex IG1 1NQ
Auditors Gerald Edelman
Chartered Accountants and Registered Auditors
25 Harley Street
London W1G 9BR
Solicitors Fladgate Fielder
25 North Row
London W1K 6DJ
Nominated advisers Grant Thornton
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Nominated brokers Hoodless Brennan & Partners Plc
40 Marsh Wall
Docklands
London E14 9TP
Principal bankers Barclays Bank Plc
54 Lombard Street
London EC3P 3AH
This information is provided by RNS
The company news service from the London Stock Exchange
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