Interim Results
27 Juin 2005 - 3:40PM
UK Regulatory
RNS Number:0909O
Bionex Investments PLC
27 June 2005
BIONEX INVESTMENTS PLC
Interim results for the six months 31 March 2005
27 June 2005
Chairman's Statement
In the six months to 31 March 2005 the company made a profit after taxation of
#4,515 and net assets per share were 2.38 pence.
At 31 March 2005 cash in hand and on deposit totalled #2,574,000, with a further
#959,000 held in quoted securities and managed funds.
During the period under review the Board maintained its stance of not
participating any further in the unquoted life science and biotechnology sector.
The residual life science portfolio held continued to be monitored and all three
investments remain as independent privately held businesses with support from
their existing shareholders. In one case we have invested a further #100,000;
this was a pre-existing contractual commitment that had been made prior to the
strategic review.
Other than in the biotechnology and life science sector the Board have continued
to pursue shorter term opportunistic investment situations in general quoted
companies. In the first six months this has resulted in a net additional
investment of #459,000.
After further consideration of the future strategic direction for the Company
the Board have concluded that shareholder value would be best served by formally
changing the focus of its activities towards utilising the cash to provide
financing, by way of both equity and loans, to smaller companies, quoted and
unquoted, across a range of sectors, with the emphasis on pre-IPO situations.
There are clear opportunities to participate in significant value uplifts where
smaller companies are in need of short term finance, which the Board believe
they will be able to access. Accordingly it is the Boards intention to call an
Extraordinary General Meeting specifically to put the necessary resolutions to
shareholders to change the focus of the Company.
A circular with the proposals is being prepared currently and will be sent to
shareholders shortly.
Christopher Roberts
Profit and Loss Account
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2005 2004 2004
#'000 #'000 #'000
Note
Profit on sale of investments 7 1,087 1,041
Administrative expenses (72) (115) (199)
Other operating income - 2 2
(72) (113) (197)
Investment provision - (384) (501)
(Loss) / profit on ordinary activities (65) 590 343
before interest
Interest receivable and similar income 70 13 64
Profit on ordinary activities 5 603 407
before taxation
Taxation - (296) (15)
Profit on ordinary activities after taxation 5 307 392
Basic earnings per ordinary share - pence 2 0.003p 0.194p 0.248p
Balance Sheet
Unaudited Unaudited Audited
31 March 31 March 30 September
2005 2004 2004
#'000 #'000 #'000
Note
Fixed assets
Investments 3 302 965 202
Current assets
Current asset investments 959 239 500
Debtors 3 769 176
Cash at bank and in hand 2,574 2,165 3,058
3,536 3,173 3,734
Creditors: Amounts falling due (80) (469) (183)
within one year
Net current assets 3,456 2,704 3,551
Net assets 3,758 3,669 3,753
Capital and reserves
Called up share capital 1,579 1,579 1,579
Share premium 2,615 2,615 2,615
Profit and loss account (436) (525) (441)
Equity shareholders' funds 3,758 3,669 3,753
Cash Flow Statement
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2005 2004 2004
#'000 #'000 #'000
Net cash outflow from operating activities (76) (93) (257)
Returns on investment and servicing of finance
Interest received 70 13 64
Capital expenditure and financial investments
Purchase of investments (577) (595) (565)
Sale of investments 99 1,803 2,779
(478) 1,208 2,214
Cash (outflow) / inflow before management of liquid (484) 1,128 2,021
resources and financing
Management of liquid resources and financing
Decrease / (increase) in short term deposits 3,000 (1,250) (2,100)
Financing
Issue of shares - - -
Expenses of share issue - - -
- - -
Increase / (decrease) in cash in the period 2,516 (122) (79)
Notes to the Accounts
1 Basis of preparation
The unaudited accounts for the six months ended 31 March 2005 do not constitute
statutory accounts.
The profit and loss account, balance sheet and cash flow statement have been
prepared on a basis consistent with the statutory accounts for the year ended 30
September 2004.
Results for the year ended 30 September 2004 have been extracted from the
statutory accounts which were reported on by the auditors, without qualification
or statement under Section 237(2) or (3) of the Companies Act 1985, and have
been delivered to the Registrar of Companies.
2 Earnings / (loss) per share
The calculation of the basic earnings per ordinary share is based on the profit
on ordinary activities after tax and on the weighted average number of ordinary
shares in issue during the period. The calculation of diluted earnings per
ordinary share is not disclosed as the warrants and further subscription rights
are non dilutive when calculated in accordance with FRS 14.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out in the table below.
6 months ended 31 March 2005 6 months ended 31 March 2004
Weighted Weighted
Average Earnings Average Earnings
Earnings Number of per share Earnings Number of per share
# shares (pence) # Shares (pence)
Basic earnings per 4,515 157,925,634 0.003 306,844 157,925,634 0.194
ordinary share
12 months ended 30 September 2004
Weighted
Average Loss per
Earnings Number of share (pence)
# shares
Basic earnings per ordinary 391,585 157,925,634 0.248
share
3 Fixed Asset Investments
Unlisted
#000
Cost
At 1 October 2004 786
Additions 100
Disposals -
At 31 March 2005 886
Provisions
At 1 October 2004 584
Provisions in period -
At 31 March 2005 584
Net book value
At 31 March 2005 302
At 30 September 2004 202
Aggregate market value
At 31 March 2005 302
4 Other information
The interim statement was approved by the Directors on 24th June 2005
A copy of the interim statement will not be posted to shareholders but will be
made available to the public at the company's registered office, 223a Kensington
High Street, London W8 6SG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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