RNS Number : 3851K
Abraxus Investments PLC
18 December 2008
18 December 2008
Abraxus Investments PLC
("Abraxus" or the "Company")
Interim Results
for the six months ended 30 September 2008
Chairman's Statement
I am pleased to announce the interim results for the six months ended 30 September 2008. All comparatives are for the six months ended
30 September 2007.
Financial Results:
Turnover for the period was nil (2007 - nil) with an operating loss on ordinary activities of �163,834 (2007: �53,241). The loss on
ordinary activities after taxation was �139,625 (2007: �14,933). The Board is not recommending the payment of a dividend. At 30 September
2008, the Group had net assets of �1,330,972 (30 September 2007: �1,497,291) equivalent to 3.9p per share (30 September 2007: 4.3p per
share).
Operational review
The Company's activities during the period under review were devoted to identifying and investigating various investment opportunities.
On 29 September 2008, the Company announced that it was at an advanced stage of examining an acquisition which would have constituted a
Reverse Takeover under the AIM Rules. In the light of the downturn in European property markets, the Company announcement on 17 October 2008
that it was no longer pursuing this opportunity.
The Company is currently reviewing a number of other potential acquisitions, all of which are at an early stage. Some of these
opportunities may entail a change in investment strategy for which the Company would consult with its shareholders. The Company will
continue to keep shareholders advised of future developments.
The Company's shares remain suspended in accordance with AIM Rule 15.
David Sparks
Chairman
18 December 2008
Enquiries
Shore Capital and Corporate Limited
Christian Littlewood
Tel: 020 7408 4090
Abraxus Investments PLC
Income Statement
for the six months ended 30 September 2008
Unaudited Unaudited Audited
Notes 6 months 6 months year
ended ended ended
30-Sep 08 30-Sep-07 31-Mar-08
Turnover - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses (163,834) (53,241) (117,316)
Operating loss (163,834) (53,241) (117,316)
Finance income 24,209 38,308 75,689
Loss on ordinary activities (139,625) (14,933) (41,627)
before taxation
Tax on profit on ordinary - - -
activities
Retained loss for the period (139,625) (14,933) (41,627)
Loss per share
Basic and diluted 2 0.41p 0.04p 0.12p
Abraxus Investments PLC
Balance Sheet
as at 30 September 2008
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Sep 08 30-Sep-07 31-Mar-08
Assets
Current
Trade and other receivables 1,838 2,500 4,227
Cash and cash equivalents 1,462,424 1,597,706 1,512,031
1,464,262 1,600,206 1,516,258
Total assets 1,464,262 1,600,206 1,516,258
Equity
Called up share capital 1,722,222 1,722,222 1,722,222
Share premium account 7,435,193 7,435,193 7,435,193
Retained earnings (7,826,443) (7,660,124) (7,686,818)
1,330,972 1,497,291 1,470,597
Current liabilities
Trade and other payables 133,290 102,915 45,661
Total equity and liabilities 1,464,262 1,600,206 1,516,258
Abraxus Investments PLC
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2008
Equity attributable to equity holders of Abraxus Investments PLC
Share Share Retained Total Equity
Capital Premium Earnings �
� � �
Balance as at 1 April 2007 1,722,222 7,435,193 (7,645,191) 1,512,224
Loss for the period (14,933) (14,933)
Balance as at 30 September 1,722,222 7,435,193 (7,660,124) 1,497,291
2007
Loss for the period (26,694) (26,694)
Balance as at 31 March 2008 1,722,222 7,435,193 (7,686,818) 1,470,597
Loss for the period (139,625) (139,625)
Balance as at 30 September 1,722,222 7,435,193 (7,826,443) 1,330,972
2008
Abraxus Investments PLC
Unaudited Consolidated Cashflow
for the six months ended 30 September 2008
Unaudited Unaudited
6 months 6 months
ended ended
30-Sep 08 30-Sep-07
Operating
Loss for the period before (163,834) (53,241)
interest
Change in trade and other 2,389 3,403
receivables
Change in trade and other 87,629 (32,098)
payables
(73,816) (81,936)
Investing
Interest received 24,209 38,308
24,209 38,308
Net decrease in cash and cash (49,607) (43,628)
equivalents
Cash and cash equivalents, 1,512,031 1,641,334
beginning of the period
Cash and cash equivalents, end of 1,462,424 1,597,706
the period
Notes
1. Accounting policies
The interim results have been prepared in accordance with the requirements of IAS34 'Interim Financial Reporting' as adopted by the
European Union ('EU'). The financial information for the six months ended 30 September 2008 was approved by the Board on 18 December 2008.
The financial information contained in this report does not constitute statutory accounts, is not audited, nor has it been reviewed by the
auditor. The interim statement has been prepared by applying the accounting policies and presentation that were applied in the preparation
of the financial statements for the year ended 31 March 2008, which were prepared in accordance with International Financial Reporting
Standards as adopted by the EU. The results for the year ended 31 March 2008 have been extracted from the Annual Report and Accounts which
received an unqualified auditor's report that did not contain a statement under section 237(2) or (3) of the Companies Act 1985, and have
been delivered to the Register of Companies.
2. Loss per share
Basic loss per share is calculated by dividing the net loss attributable to ordinary shareholders after taxation by the weighted average
number of ordinary shares in issue during the relevant financial periods.
No share options have been issued and therefore the same weighted average number of shares figure has been used to calculate the diluted
earning per share figure.
Unaudited Unaudited
6 months 6 months
ended ended
30-Sep 08 30-Sep-07
Net loss attributed to (139,625) (14,933)
shareholders
Weighted average number of 34,444,444 34,444,444
ordinary shares:
Basic loss per ordinary share 0.41p 0.04p
A downloadable version is available from the following web address: www.abraxusinvestmentsplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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