TIDMAPS
RNS Number : 8999T
Alpha Strategic PLC
14 December 2011
14 December 2011
Alpha Strategic PLC
("Alpha Strategic" or the "Company")
Interim results for the period ended 30 September 2011
Alpha Strategic PLC, the specialist investment management group,
is pleased to announce its unaudited results for the 6 months ended
30 September 2011
Highlights
-- Revenue increased to GBP339,000 (6 months to 30 September 2010: GBP281,000)
-- Operating loss reduced to GBP19,000 (6 months to 30 September 2010: GBP107,000)
-- GBP2.5m (GBP2.3m net) share placing
-- Net assets GBP5.4 million (30 September 2010: GBP3.1 million)
-- Healthy cash balance at GBP3.3 million (30 September 2010: GBP1.1 million)
Enquiries:
Alpha Strategic PLC 020 7222 3005
Nicola Meaden Grenham, Chief Executive Officer
Kit Malthouse, Finance Director
Arbuthnot Securities Limited 020 7012 2000
Tom Griffiths
To obtain a copy of this report, and for information on the
Company and its directors, please visit our website at
www.alphastrategic.com
Alpha Strategic PLC
("Alpha Strategic" or the "Company")
Interim results for the period ended 30 September 2011
Chairman's statement
Dear Shareholder
The Company is pleased to announce its unaudited interim results
for the 6 months ended 30(th) September 2011.
The period has seen a significant event in the life of Alpha
Strategic with the substantial investment in the Company by
Northill Europe Holdings ("Northill"). An essential component of
the relationship with Northill is the understanding, subject to all
the usual caveats, that they are prepared to subscribe for
additional shares to enable Alpha to undertake transactions wholly
or partly for cash (not only for shares). It is already clear that
this expands the range of transactions available to the Company and
should accelerate its growth. Following the transaction, Jon
Little, a director of Northill, was welcomed onto our Board,
bringing a wealth of experience in the global asset management
industry. His input and the substantial backing of Northill
transforms Alpha's future prospects.
The last six months have seen a challenging market with extreme
volatility and a difficult trading environment. However, both
Winton's Global Futures Fund (GFF) and IKOS's FX Fund have
performed well against the average performance of the hedge fund
sector. For the six months to 30 September 2011 GFF was up
approximately 3.2%, while IKOS's FX Fund was down approximately
3.65%. The hedge fund sector as a whole was down 9.13% during this
period.
As a result our income for the period improved on last year,
rising to GBP339,000 (6 months to 30 September 2010: 281,000). The
result overall for the first half was significantly improved given
that we were no longer required to amortise any income arising from
our transaction with IKOS, and we were able to offset the costs of
the transaction with Northill against our share premium account.
The broadly breakeven result was also despite an increase in
overheads, reflecting our investment in a larger team to spread the
Alpha net and message as wide as possible.
On the balance sheet, the new investment boosted our coffers
very significantly and the Company is now carrying a healthy level
of cash at approximately GBP3.3 million (30 September 2010:
GBP1.1million). There was a consequent rise in net assets to
approximately GBP5.4 million (30 September 2010:
GBP3.1million).
This reasonably pleasing set of interim results, while welcome,
is nowhere near as welcome as a fourth transaction, which has been
tantalisingly close on a number of occasions. Rest assured that we
are pursuing all opportunities vigorously, and at the same time
prudently.
I would like to thank all shareholders who have kept faith in
the Company and for your continuing support.
Colin Barrow
Chairman
14 December, 2011
Alpha Strategic PLC
Consolidated statement of comprehensive income
for the six months ended 30 September 2011
Six months Six months Year
ended ended Ended
30 September 30 September 31 March
2011 2010 2010
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Revenue 339 281 610
Other administrative
expenses (358) (264) (609)
Amortisation of intangible
assets - (124) (124)
------------------------------- ------ ------------- ------------- ----------
Total administrative
expenses (355) (388) (733)
Operating loss (19) (107) (123)
Finance income
Interest receivable and - -
similar income 1
Loss before tax (18) (107) (123)
Taxation - 34 34
Loss and total comprehensive
income for the period
attributable to shareholders (18) (73) (89)
Basic and diluted loss
per share 5 (0.21) p (1.61) p (1.97) p
Alpha Strategic PLC
Statement of financial position
as at 30 September 2011
30 September 30 September 31 March
2011 2010 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Assets
Non-current assets
Goodwill 1,853 1,853 1,853
Plant and equipment 9 10 9
1,862 1,863 1,862
Current assets
Trade and other receivables 234 177 387
Cash and cash equivalents 3,385 1,132 1,080
3,619 1,309 1,467
Total assets 5,481 3,172 3,329
Equity and liabilities
Capital and reserves attributable
to the equity holders of the
parent
Share capital 142 95 95
Share premium 4,948 2,649 2,649
Merger reserve 1,341 1,341 1,341
Accumulated deficit (985) (951) (967)
5,446 3,134 3,118
Current liabilities
Trade and other payables 35 38 211
35 38 211
Total equity and liabilities 5,481 3,172 3,329
Alpha Strategic PLC
Statement of changes in equity
for the six months ended 30 September 2011
Attributable to equity holders of the Company
Share
Share Capital Share Merger Accumulated Total
Capital 'A' shares premium reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2010 45 50 2,649 1,341 (878) 3,207
Loss and total
comprehensive
income for the
period attributable
to shareholders - - - - (73) (73)
At 30 September
2010 45 50 2,649 1,341 (951) 3,134
Loss and total
comprehensive
income for the
period attributable
to shareholders - - - - (16) (16)
At 31 March 2011 45 50 2,649 1,341 (967) 3,118
Loss and total
comprehensive
income for the
period attributable
to shareholders - - - - (18) (18)
Shares issued
in period 47 - 2,446 - - 2,493
Share issue expenses - - (147) (147)
At 30 September
2011 92 50 4,948 1,341 (985) 5,446
Share Capital is the amount subscribed for ordinary shares at
nominal value. Share Capital 'A' shares is the amount subscribed
for 'A' ordinary shares at nominal value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of these shares net of share
issue expenses.
The merger reserve comprises the excess of the amount subscribed
for share capital over the nominal value of ordinary shares issued
in respect of the acquisition of subsidiaries in accordance with
the merger relief provisions of the Companies Act 1985 and the
Companies Act 2006.
Accumulated deficit represent cumulative losses of the Group
attributable to equity holders.
Alpha Strategic PLC
Statements of cash flows
for the six months ended 30 September 2011
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Cash flow from operating activities
Operating loss before taxation (18) (107) (123)
Finance income (1) - -
Depreciation 3 2 5
Amortisation - 124 124
Cash flow from operating activities
before changes in working capital (16) 19 6
Increase/(decrease) in trade
and other receivables 153 (2) (212)
(Decrease)/increase in trade
and other payables (176) (10) 163
Net cash flow from operations (39) 7 (43)
Investing activities
Purchases of plant and equipment (3) (1) (3)
Interest received 1 - -
Net cash flow from investing
activities (2) (1) (3)
Financing activities
Issue of ordinary shares 2,493 - -
Share issue expenses (147)
Net cash flow from financing 2,346
activities - -
Net decrease in cash and cash
equivalents in the period 2,305 6 (46)
Cash and cash equivalents at
beginning of the period 1,080 1,126 1,126
Cash and cash equivalents at
end of the period 3,385 1,132 1,080
Cash and cash equivalents comprise:
Cash 3,385 1,132 1,080
Cash and cash equivalents at
end of the period 3,385 1,132 1,080
Alpha Strategic PLC
Notes to the interim results
for the six months ended 30 September 2011
1 The Group
The principal activity of the Group is to acquire shares in, or
enter joint ventures with, or provide services to, hedge fund
management businesses, so as to acquire high quality diversified
revenue streams. The Company has its listing on the Alternative
Investment Market ("AIM") of the London Stock Exchange.
2 Basis of preparation
These unaudited consolidated interim financial statements are
for the six month period to 30 September 2011. They do not include
all the information required for full annual financial statements
and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 March 2011, which
were prepared under International Financial reporting Standards
("IFRS") as adopted by the European Union ("EU").
These interim consolidated financial statements have been
prepared in accordance with accounting policies consistent with
those set out in the Group's financial statements for the year
ended 31 March 2011 and are consistent with the accounting policies
the Group will use to prepare its financial statements for the year
ended 31 March 2012. This half-yearly report does not contain
sufficient information to constitute an interim financial report as
set out in IAS34.
The financial information for the year ended 31 March 2011 does
not constitute the full statutory accounts for that period. The
Annual Report and Financial Statements for 2011 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on the Annual Report and Financial Statements for 2011 was
unqualified, did not draw attention to any matters by way of
emphasis, and did not contain a statement under S 498(2) or S
498(3) of the Companies act 2006.
3 Segmental analysis
The group's entire revenue is generated in the UK from a single
business segment; that of providing services to hedge fund
management businesses within Europe.
Management and financial reports received by the Board are
prepared on the basis of the single business unit.
4 Dividends
The directors have not paid nor do they declare a dividend in
the period (six months to 30 September 2010: nil; year to 31 March
2011: nil).
5 Loss per share
The calculation of the basic loss per share is based upon the
loss after tax attributable to ordinary shareholders of GBP18,000
(six months to 30 September 2010: loss of GBP73,000; year to 31
March 2011: loss of GBP89,000) and a weighted average number of
shares in issue for the year of 8,377,291 (six months to 30
September 2010 and year ended 31 March 2011: 4,520,621).
Diluted earnings per share for the six months to 30 September
2011, the six months to 30 September 2010 and the year to 31 March
2011 is the same as the basic loss per share because the inclusion
of conversion rights and warrants have an anti-dilutive effect on
the calculation.
6 Availability of this announcement
Copies of the financial statements will be available on the
Company's website, www.alphastrategic.com, or can be obtained by
contacting the Company Secretary at 66 Buckingham Gate, London SW1E
6AU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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