Grosmont Hldgs PLC - Final Results
March 12 1999 - 2:32AM
UK Regulatory
RNS No 9808t
GROSSMONT HOLDINGS PLC
12th March 1999
GROSMONT HOLDINGS PLC
Preliminary results for the year ended 31 December 1998
Chairman's Statement
Profit after tax for the year was #96,400. This was the result of generating
over #153,000 of interest receivable on funds on deposit and only incurring
expenses of #37,200 for the necessary professional and associated costs of
continuing to be a publicly quoted company.
As a result net asset value at 31 December 1998 was 2.65 pence per share, an
increase of 0.09 pence per share on 31 December 1997.
As I mentioned in the 1998 Interims, we have continued to look at a wide
variety of potential investment opportunities, from value added computer
hardware resellers to car hire, software and design to mining, property
maintenance to e-commerce. As yet none of these have made it through our
extensive due diligence process.
We continue to look at ideas and opportunities and remain convinced that, at
some point in the future, a suitable investment opportunity will arise. The
process of improving our profile with introducers of possible opportunities
continues.
The ongoing malaise in the smaller quoted company sector has not assisted our
search and is holding back privately owned businesses from the quotation
process. Indeed we are seeing an increasing number of smaller quoted
businesses being taken private, with the financial backing of a variety of
venture capitalists. When valuations of sub FTSE 350 companies in the public
marketplace are at such a low ebb the virtues of seeking a quotation are more
difficult to extol. However, there will continue to be situations where
privately held businesses require development capital and mechanisms to
provide a visible value to their business. We are able to offer both of
these.
O. J. Vaughan
Chairman
12th March 1999
Profit and Loss Account
for year ended 31 December 1998
Year ended Period from
31 December 24 April 1997
1998 to 31 December 1997
#'000 #'000
Administrative expenses (37.2) (26.1)
Profit on sale of investments 0.8 -
Income from fixed asset investments
Interest receivable 4.6 36.0
153.4 77.4
Profit on ordinary activities before
taxation 121.6 87.3
Taxation (25.2) (19.5)
Retained profit for the period 96.4 67.8
Basic earnings per ordinary share 0.10p 0.07p
There were no recognised gains or losses other than the profit for the year.
Balance Sheet
at 31 December 1998
31 December 31 December
1998 1997
#'000 #'000
Fixed assets
Investments 338.5 250.0
338.5 250.0
Current assets
Debtors 4.1 4.4
Cash at bank and in hand 2,361.5 2,336.9
2,365.6 2,341.3
Creditors:
Amounts falling due within one year (49.4) (33.0)
Net current assets 2,316.2 2,308.3
Net assets 2,654.7 2,558.3
Capital and reserves
Called up share capital 1,000.0 1,000.0
Share premium account 1,490.5 1,490.5
Profit and loss account 164.2 67.8
Equity shareholders' funds 2,654.7 2,558.3
Net assets per share 2.65p 2.56p
Approved by the Board on 12 March 1999
A.C. Roberts
Director
Cash Flow Statement
for the year ended 31 December 1998
Period from
Year ended 24 April 1997 to
31 December 31 December
1998 1997
#'000 #'000 #'000 #'000
Net cash outflow from operating activities (33.2) (9.8)
Returns on investments and servicing
of finance
Interest received 153.4 77.4
Income from fixed asset investments 3.7 28.8
Net cash inflow from returns on
Investments and servicing of finance 157.1 106.2
Taxation
UK Corporation Tax paid (11.6) -
Capital expenditure and financial
Investments
Purchase of fixed asset investments (115.5) -
Sale of fixed asset investments 27.8 -
Net cash outflow from capital expenditure
and financial investment (87.7) -
Cash inflow before management of
liquid resources and financing 24.6 96.4
Management of liquid resources
Increase in short term deposits (50.0) (2,280.0)
Financing
Issues of ordinary share capital - 2,250.0
Expenses paid in connection with share
issues - (9.5)
Net cash inflow from financing - 2,240.5
(Decrease)/Increase in cash in the period (25.4) 56.9
Notes
1 The financial information set out in the preliminary results for the
year ended 31 December 1998 does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
The statutory accounts for the year ended 31 December 1998 have not yet been
delivered to the Registrar of Companies. The auditors have made a report
under Section 235 of the Companies Act 1985, as amended, in respect of such
accounts, which was unqualified and did not contain a statement under Sections
237(2) or (3) of the Act.
2 The calculation of basic earnings per share has been based on the
profit on ordinary activities after tax of #96,400 (1997: #67,800) and on the
weighted average of 100,000,200 ordinary shares in issue during the period.
The Company's weighted average share price for the year was lower than the
2.5p exercise price of the share options and warrants and there is therefore
no dilutive effect of the options and warrants.
3 Copies of the audited financial statements will be posted to
shareholders on 12 March 1999 and may be obtained from the Company Secretary
at the Company's registered office: 223a Kensington High Street, London W8
6SG.
END
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