TIDMQRM
RNS Number : 4994C
Quoram PLC
18 March 2014
QUORAM PLC
INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2013
CHAIRMAN'S STATEMENT
During the interim period net assets declined from 0.33 to 0.25
pence per share as a result of an operating loss of GBP795k (Dec
2012: -GBP1,987k) which primarily reflected declines in the
carrying value of quoted investments of GBP590k. Cash balances
declined from GBP2.0m to GBP1.75m, partly relating to a negative
movement in working capital which has since reversed. As at 14
March 2014 cash balances were GBP1.79m.
The principal development over the past year has been the
continued decline in the value of the Company's interest in Wessex
Exploration Plc ("Wessex"), which is an asset held for sale. During
the calendar year 2013 the decline in the carrying value of Wessex
declined by GBP1.49m, from GBP1.64m to GBP0.15m, significantly
reducing the expected proceeds available on realisation available
for deployment into the Company's investment strategy. The decline
in the value of Wessex has largely offset the additional GBP1.88m
raised in March 2013, leaving net assets virtually unchanged over
the calendar year at GBP2.43m (Dec 2012: GBP2.45m).
An unrealised loss was also recorded during the period in
relation to the mark to market value of the Company's holding in
Plant Health Care Plc (Plant Health Care). Plant Health Care's
products increase crop yields by enhancing natural processes within
the plant. The need for these products has never been greater. With
world population now at more than seven billion and increasing
prosperity leading to demand for more and better nutrition,
agriculture is facing ever greater challenges to produce enough
food in ways which are sustainable, especially when resources such
as water are becoming scarcer and the climate less predictable.
Plant Health Care, with is quoted on AIM, provided an update on
delivery of its new strategy in January, and is due to announce
annual results on 24 March 2014.
During the interim period other income of GBP90k was recognised
in relation to services provided by staff to third party clients
(Dec 2012: nil) Since the period end, cost reductions have been
implemented which are expected to reduce administrative expenses by
approximately 50% and will take effect before the end of the
year.
Outlook
Given the current profile of the balance sheet and within the
scope of the investment policy approved in March 2013, the board is
increasingly focused on identifying a small number of strategic
investment opportunities. The board continues to review such
opportunities and will update shareholders when further investments
are made. With a significant proportion of the balance sheet in
cash and a low overhead, the Company is well positioned to
capitalise on opportunities in 2014 as they arise.
James Ede-Golightly
18 March 2014
CONDENSED CONSOLIDATED INCOME STATEMENT
(Unaudited) (Unaudited and restated) (Audited)
Six months ended 31 December 2013 Six months ended 31 December 2012 Year ended 30 June 2013
Notes GBP'000 GBP'000 GBP'000
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Continuing operations:
Portfolio investment
return (266) - 29
Impairment of
available-for-sale
investments (324) - (154)
Other income 90 - 22
----------------------- --------
Portfolio return and
revenue (500) - (103)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Administrative
expenses (295) (597) (852)
Exceptional 2
administrative
expenses - (989) (1,032)
Total administrative
expenses (295) (1,586) (1,884)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Operating loss (795) (1,586) (1,987)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Finance income 6 1 4
Loss before taxation (789) (1,585) (1,983)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Taxation - - -
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Loss for the financial
period (789) (1,585) (1,983)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Attributable to:
Equity shareholders of
the Company
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
(789) (1,585) (1,983)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
Loss per share
Basic and diluted loss
per share (pence) 3 (0.08) (0.32) (0.31)
----------------------- -------- ----------------------------------------- ------------------------------------------ ----------------------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited and restated) (Audited)
Six months ended 31
Six months ended 31 December 2013 December 2012 Year ended 30 June 2013
GBP'000 GBP'000 GBP'000
-------------------------- ------------------------------------ -------------------------- ------------------------
Loss for the financial
period (789) (1,585) (1,983)
Other comprehensive
income
Available-for-sale
financial assets:
Fair value
gains/(losses)
arising during
the year - (840) (1,930)
Tax on loss/(gain) on
available-for-sale
financial assets - 209 451
Foreign exchange gains /
(losses) on
consolidation (3) (108) 24
Other comprehensive
income for the financial
period, net of tax (3) (739) (1,455)
-------------------------- ------------------------------------ -------------------------- ------------------------
Total comprehensive
income for the financial
period (792) (2,324) (3,438)
-------------------------- ------------------------------------ -------------------------- ------------------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited and restated) (Audited)
Year
ended 30
Six months ended 31 December 2013 Six months ended 31 December 2012 June 2013
Notes GBP'000 GBP'000 GBP'000
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Assets
Non-current assets
Available-for-sale
financial assets 149 1,640 473
Portfolio 422 - 688
investments
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Total portfolio
investments held 571 1,640 1,161
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Current assets
Trade and other
receivables 137 12 111
Cash and cash
equivalents 1,755 1,051 1,991
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
1,892 1,063 2,102
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Total assets 2,463 2,703 3,263
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Liabilities
Current liabilities
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Trade and other
payables (29) (7) (48)
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Non-current
liabilities
Deferred tax - (243) -
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Total liabilities (29) (250) (48)
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Net assets 2,434 2,453 3,215
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Capital and
reserves
attributable to the
Company's equity
shareholders:
Share capital 4 2,420 1,245 2,420
Share premium
account 3,813 3,123 3,813
Foreign exchange
translation
reserve 1,112 983 1,115
Retained earnings (5,796) (3,761) (5,007)
Share-based payment
reserve 885 863 874
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
Total equity 2,434 2,453 3,215
-------------------- ------ -------------------------------------- -------------------------------------------- ----------
The financial statements were approved by the Board of
Director's on 18 March 2014 and were signed on its behalf by:
James Ede-Golightly Chris Hill
Chairman Finance director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
exchange
Share premium translation Retained Share based
Share capital account reserve earnings payment reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
Balance at 1 July
2012 1,245 3,123 1,091 (1,545) 539 4,453
Loss for the
financial period - - - (1,585) - (1,585)
Other comprehensive
income:
Fair value loss on
available-for-sale
financial assets - - - (840) - (840)
Tax on loss on
available-for-sale
investments - - - 209 - 209
Foreign exchange
loss on
consolidation - - (108) - (108)
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
Total comprehensive
income - - (108) (2,216) - (2,324)
Share-based
payments - - - - 324 324
Balance at 31
December 2012 1,245 3,123 983 (3,761) 863 2,453
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
Balance at 1
January 2013 1,245 3,123 983 (3,761) 863 2,453
Profit for the
financial period - - - (398) - (398)
Other comprehensive
income:
Fair value loss on
available-for-sale
financial assets - - - (1,090) - (1,090)
Tax on gain on
available-for-sale
investments - - - 242 - 242
Foreign exchange
gains on
consolidation - - 132 - - 132
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
Total comprehensive
income - - 132 (1,246) - (1,114)
Share-based
payments - - - - 11 11
Issue of share
capital 1,175 705 - - - 1,880
Issue costs - (15) - - - (15)
-------------------- -------------- ---------------- ---------------- ---------------- --------
Balance at 30 June
2013 2,420 3,813 1,115 (5,007) 874 3,215
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
Balance at 1 July
2013 2,420 3,813 1,115 (5,007) 874 3,215
Loss for the
financial period - - - (789) - (789)
Other comprehensive
income:
Foreign exchange
loss on
consolidation - - (3) - - (3)
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
Total comprehensive
income - - (3) (789) - (792)
Share-based
payments - - - - 11 11
-------------------- -------------- ---------------- ---------------- ---------------- ----------------
Balance at 31
December 2013 2,420 3,813 1,112 (5,796) 885 2,434
-------------------- -------------- ---------------- ---------------- ---------------- ---------------- --------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Unaudited) (Unaudited and restated) (Audited)
Year
ended 30
Six months ended 31 December 2013 Six months ended 31 December 2012 June 2013
GBP'000 GBP'000 GBP'000
------------- -------------------------------------------------- --------------------------------------------- ----------
Cash outflow
from
operating
activities (239) (238) (1,179)
------------- -------------------------------------------------- --------------------------------------------- ----------
Cash flow
used in
investing
activities
Proceeds
from
disposal of
business - 17 17
Interest
received 6 1 4
------------- -------------------------------------------------- --------------------------------------------- ----------
Net cash
flow from
investing
activities 6 18 21
------------- -------------------------------------------------- --------------------------------------------- ----------
Cash flow
from
financing
activities
Proceeds on
issue of
new shares - - 1,880
Expenses of
new share
issue - - (15)
------------- -------------------------------------------------- --------------------------------------------- ----------
Net cash
flows from
financing
activities - - 1,865
------------- -------------------------------------------------- --------------------------------------------- ----------
Net increase
/
(decrease)
in cash and
cash
equivalents (233) (220) 707
Cash and
cash
equivalents
at
beginning
of period 1,991 1,279 1,279
Effects of
exchange
movements (3) (8) 5
------------- -------------------------------------------------- --------------------------------------------- ----------
Cash and
cash
equivalents
at end of
the period 1,755 1,051 1,991
------------- -------------------------------------------------- --------------------------------------------- ----------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting policies
Basis of preparation
These condensed Half Yearly financial statements are for the six
month period ended 31 December 2013.
The financial information for the six months ended 31 December
2013 and 31 December 2012 is unaudited.
IFRS is subject to amendment and interpretation by the
International Accounting Standards Board ("IASB") and the IFRS
Interpretations Committee and there is an ongoing process of review
and endorsement by the European Commission.
The financial information has been prepared on the basis of IFRS
that the Directors expect to be applicable as at 31 December 2013,
with the exception of IAS 34 Interim Financial Reporting.
Financial information contained in this document does not
comprise the Group's statutory financial statements as defined in
section 434 of the Companies Act 2006.
The statutory financial statements for the year ended 30 June
2013 have been delivered to the Registrar of Companies. The
auditors reported on these financial statements: their report was
unqualified, did not contain a statement under section 498(2) or
498(3) of the Companies Act 2006, and did not include references to
any matters to which the auditor drew attention by way of
emphasis.
2. Exceptional administrative expenses
(Unaudited) (Unaudited and restated) (Audited)
Six months ended 31 December Six months ended 31 December
2013 2012 Year ended 30 June 2013
GBP'000 GBP'000 GBP'000
------------------------------ ----------------------------- ----------------------------- ------------------------
Impairment of intangible
assets - (989) (1,032)
------------------------------ ----------------------------- ----------------------------- ------------------------
3. Loss per share attributable to the equity shareholders of the Company
Basic loss per share (Unaudited) (Unaudited and restated) (Audited)
Six months ended 31 December Six months ended 31 December
2013 2012 Year ended 30 June 2013
Pence Pence Pence
------------------------------ ----------------------------- ----------------------------- ------------------------
Loss per share from
continuing operations (0.08) (0.32) (0.31)
------------------------------ ----------------------------- ----------------------------- ------------------------
The losses and weighted average number of ordinary shares used
in the calculation of basic loss per share are as follows:
GBP'000 GBP'000 GBP'000
----------------------------------- -------- -------- --------
Loss used in the calculation of
total basic and diluted loss per
share (789) (1,585) (1,983)
----------------------------------- -------- -------- --------
Number of shares (Unaudited) (Unaudited and restated) (Audited)
Six months ended 31 Six months ended 31 December
December 2013 2012 Year ended 30 June 2013
----------------------------- ---------------------------- ----------------------------- ------------------------
Weighted average number of
ordinary shares for the
purposes of basic loss per
share 968,196,408 498,196,408 635,977,230
----------------------------- ---------------------------- ----------------------------- ------------------------
The Company has issued options over 19,741,882 ordinary shares
which are potentially dilutive. There is however no dilutive effect
of these issued options as there is a loss for each of the periods
concerned.
4. Share Capital
(Unaudited) (Unaudited and restated) (Audited)
Six months ended 31 December Six months ended 31 December
2013 2012 Year ended 30 June 2013
GBP'000 GBP'000 GBP'000
------------------------------ ----------------------------- ----------------------------- ------------------------
Allotted, issued and fully
paid
968,196,408 (31 Dec 2012:
498,196,408) shares of 0.25
pence 2,420 1,245 2,420
------------------------------ ----------------------------- ----------------------------- ------------------------
5. Related Parties
Consultancy fees were invoiced to ORA Capital Partners Limited
(a company controlled by a significant shareholder which at 31
December 2013 held 24.09% of the Company's issued share capital) as
follows;
(Unaudited) (Unaudited and restated) (Audited)
Six months ended 31 December 2013 Six months ended 31 December 2012 Year ended 30 June 2013
GBP'000 GBP'000 GBP'000
------------------ ---------------------------------- ---------------------------------- ------------------------
Consultancy fees 53 - 40
------------------ ---------------------------------- ---------------------------------- ------------------------
The directors, having consulted the Company's nominated adviser,
confirm their opinion that these arrangements, which are with
related parties, are fair and reasonable insofar as the interests
of shareholders are concerned.
6. Copies of the Interim Report
A copy of this Interim Report is now available on the Company's
website at www.quoram.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSGGUQAWUPCGAM
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