Half-yearly Report
30 Septembre 2008 - 8:15AM
UK Regulatory
30 September 2008
EXC PLC
("EXC" or the "Company")
Interim results for the six months ended 30 June 2008
Chairman's Statement
Introduction
I report on the Group's unaudited interim results for the six month period
ended 30 June 2008.
Results and dividends
During the six months ended 30 June 2008, the Group incurred a loss on
continuing operations of �250,000 based on revenue of continuing operations of
�756,000. The loss after taxation for the six month period amounted to �701,000
(2007: �668,000) and the loss per share was 0.19 pence (2007: �0.18p). The
directors do not recommend the payment of a dividend.
On 3 April 2008 the Company announced that the Board had decided to close down
the operations of David Conrad (International) Limited ("DCI") with immediate
effect. This process has now been largely completed. The income statement for
the six month period ended 30 June 2008 includes a loss before and after
taxation on discontinued operations of �451,000 in respect of DCI.
Trading
The Group accordingly now only has one trading subsidiary, Excalibur Ventures
Limited (``Excalibur''). Excalibur's core procurement services have continued
to generate lower levels of revenue than before during the first half of the
2008 financial year. However, its rental division has expanded into a full
scale operation which currently leases 28 pieces of heavy equipment for major
construction companies in the Middle East in a joint venture with an
experienced operator in this sector. In addition, the initial groundwork for
its new specialised oil procurement services has been laid over the past twelve
months and we hope to receive confirmation of our first orders in the near
future.
Outlook
The Company expects to report a loss on continuing operations before taxation
for the year ending 31 December 2008. However, the decisions taken by the Board
have stabilised the Group and it is now well positioned to advance to its next
level of development.
Michael Edelson
Chairman
29 September 2008
Further Enquiries:
EXC plc Tel: 0161 975
0434
Michael Edelson - Chairman
John East & Partners Limited Tel: 020 7628
2200
David Worlidge/Simon Clements
Consolidated Income Statement
For the six months ended 30 June 2008
Six months Six months Year
ended ended
30June ended
30 June
2007 31 December
2008
(Unaudited) 2007
(Unaudited)
�000 (Audited)
�000
�000
Continuing operations
Revenue 756 896 6,940
Cost of sales (692) (799) (6,083)
Gross profit 64 97 857
Administrative expenses (313) (767) (1,295)
Operating loss (249) (670) (438)
Finance income 6 21 72
Finance costs (7) (15) (119)
Loss before taxation (250) (664) (485)
Income tax expense - (4) (6)
Loss for the period from continuing (250) (668) (491)
operations
Discontinued operations
Loss for the period from (451) - -
discontinued operations
Loss for the period (701) (668) (491)
Loss per share - basic and diluted
Loss per share from continuing (0.07p) (0.18p) (0.13p)
operations
Loss per share from discontinued (0.12p) - -
operations
Total loss per share (0.19p) (0.18p) (0.13p)
Consolidated Statement of Changes in Total Equity
For the six months ended 30 June 2008
�000 �000 �000
Total equity at the beginning of 1,985 2,524 2,524
the period
Loss for the period (701) (668) (491)
Exchange rate adjustments (10) (13) (48)
Total equity at the end of the 1,274 1,843 1,985
period
Consolidated Balance Sheet
As at 30 June 2008
30 June 30 June 31 December
2008 2007 2007
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Non-current assets
Intangible assets 108 108 108
Property, plant and equipment 618 373 501
Total non-current assets 726 481 609
Current assets
Inventories - 127 156
Trade and other receivables 915 1,267 3,689
Cash and cash equivalents 383 1,109 620
Total current assets 1,298 2,503 4,465
Current liabilities
Trade and other payables (523) (575) (766)
Current tax liabilities - - (2)
Current borrowings (227) (416) (2,321)
Total current liabilities (750) (991) (3,089)
Net current assets 548 1,512 1,376
Total assets less current liabilities 1,274 1,993 1,985
Non-current liabilities
Provisions for liabilities - (150) -
Total non-current liabilities - (150) -
Net assets 1,274 1,843 1,985
Equity
Called up share capital 373 373 373
Share premium account 185 185 185
Translation reserve (128) - (128)
Other reserves 1,511 1,511 1,511
Retained (losses)/earnings (667) (226) 44
Total equity 1,274 1,843 1,985
Consolidated Cash Flow Statement
For the six months ended 30 June 2008
Six months Six months Year
ended ended
ended
30 June 30 June
31 December
2008 2007
2007
(Unaudited) (Unaudited)
(Audited)
�000 �000
�000
Cash flows from operating activities
Loss before tax (701) (664) (485)
Adjustments for:
Depreciation/Impairment of property, plant 5 42 127
and equipment
Loss on sale of property, plant and - - 1
equipment
Decrease/(Increase) in inventories 156 (60) (87)
Decrease/(Increase) in trade and other 2,774 2,169 (453)
receivables
Decrease in trade and other payables (243) (260) (67)
Decrease in provisions - - (150)
Finance income (6) (21) (72)
Income taxes (paid)/received (2) 92 292
Finance cost 7 15 119
Net cash from/(used in) operating 1,990 1,313 (775)
activities
Cash flow from investing activities
Finance income received 6 21 72
Purchase of property, plant and equipment (122) (161) (384)
Sale of property, plant and equipment - - 6
Net cash used in investing activities (116) (140) (306)
Cash flow from financing activities
Repayment of borrowings - (94) (94)
Finance costs paid (7) (15) (119)
Net cash used in financing activities (7) (109) (213)
Net increase/(decrease) in cash and cash 1,867 1,064 (1,294)
equivalents
Effects of exchange rate changes (10) (9) (45)
Cash and cash equivalents at the beginning (1,701) (362) (362)
of the period
Cash and cash equivalents at the end of 156 693 (1,701)
the period
Notes to the Interim Report
For the six months ended 30 June 2008
1. The interim financial statements have not been audited and they do not
constitute full financial statements within the meaning of s240 of the
Companies Act 1985. The statutory accounts for the year ended 31 December 2007
have been delivered to the Registrar of Companies. The auditors' opinion on
those financial statements was unqualified and did not contain a statement
under s237(2) or s237(3) of the Companies act 1985.
2. The interim financial statements have been prepared in accordance with
accounting policies which are intended to apply to the financial statements for
the year ending 31 December 2008.
3. Basic loss per share has been calculated using a loss for the financial
period of �701,000 (�668,000 loss for the six month period ended 30 June 2007
and �491,000 loss for the year ended 31 December 2007) and a weighted average
number of ordinary shares in issue during the six month period ended 30 June
2008 of 372,669,990 (372,669,990 for the six month period ended 30 June 2007
and 372,669,990 for the year ended 31 December 2007).
Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares in issue assuming conversion of all dilutive potential
ordinary shares. The Company's potential ordinary shares consist of share
options. Due to losses in the current and comparative periods there are no
dilutive ordinary shares.
4. No dividend is proposed for the six month period ended 30 June 2008.
5. Copies of this interim report will be posted to all of the Company's
shareholders shortly. Further copies can be obtained by writing to The Company
Secretary, EXC plc, Number 14, The Embankment, Vale Road, Heaton Mersey,
Stockport, Cheshire SK4 3GN, England. This interim report can also be found on
the Company's website, www.excplc.com.
END
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