Interim Results
29 Septembre 2006 - 9:00AM
UK Regulatory
Embargoed for release at 7.00am on 29 September 2006
ParOS plc
("ParOS" or "the Company")
Interim Results for the
six months ended 30 June 2006
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report the group's first results since the Company's shares
were admitted to trading on AIM. The Results are for the six months ended 30
June 2006, the highlights of which are as follows:
* Incorporation of ParOS Technology EPE in Greece.
* Commissioning of a research and development laboratory in Cyprus.
Results and dividends
The operating loss amounted to �188,182 for the six-month period ended 30 June
2006. Loss per share is 0.05 pence and the directors do not recommend the
payment of an interim dividend. The directors do not intend to declare a final
dividend when announcing the 2006 annual results.
Trading
The group has two trading subsidiaries, Parametric Optimization Solutions
Limited and ParOS Technology EPE. Parametric Optimization Solutions Limited,
which is based in the UK, is executing its business plan and ParOS Technology
EPE has been established in Greece in order to build and test prototypes of the
group's intellectual property inside air-conditioning units and hydrogen
storage devices.
Outlook
The directors are satisfied by the group's progress since admission to trading
on AIM in March 2006. The establishment of the Greek subsidiary to conduct
prototype testing is an important step towards developing potential sources of
turnover and profit for the group. The directors expect that the results for
the year as a whole will be satisfactory.
Patrick McHugh
Chairman
29 September 2006
Enquiries:
Patrick McHugh (ParOS plc) - 020 3008 8220
Simon Clements (John East and Partners) - 020 7628 2200
Mike Feltham or David Bick (Holborn PR) - 020 7929 5599
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2006
Six months Six months
ended ended
30 June 2006 December
(Unaudited) 2005
� (Audited)
�
Revenue 9,084 -
Cost of sales - -
Gross profit 9,084 -
Finance income 22,342 9,759
Administrative expenses (219,608) (64,522)
Loss before tax (188,182) (54,763)
Taxation - -
Loss for the period (188,182) (54,763)
Loss per share - basic and diluted (0.05p) (0.04p)
All amounts relate to continuing operations.
There were no recognised gains or losses for the period other than those
included in the income statement.
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2006
As at
30 June 31 December
2006 2005
(Unaudited) (Audited)
� �
ASSETS
Non-current assets
Property, plant and equipment 5,193 -
Goodwill 5,546,273 -
5,551,466 -
Current assets
Trade and other receivables 82,380 14,202
Cash and cash equivalents 1,097,672 1,646,111
1,180,052 1,660,313
TOTAL ASSETS 6,731,518 1,660,313
EQUITY AND LIABILITIES
Equity
Share capital 471,450 255,000
Share premium account 1,476,448 1,476,448
Other reserves 5,014,088 0
Retained earnings (309,058) (120,878)
Total equity 6,652,928 1,610,570
Current liabilities
Trade and other payables 78,590 49,743
Total liabilities 78,590 49,743
TOTAL EQUITY AND LIABILITIES 6,731,518 1,660,313
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2006
Six months Six months
ended ended 31
30 June December
2006 2005
(Unaudited) (Audited)
� �
Cash flows from operating activities
Loss before taxation (188,182) (64,520)
Adjustments for:
Depreciation 338 -
Interest Income (22,342) -
Operating cash flow before movement in working (210,186) (64,520)
capital
Increase in trade and other receivables (42,933) (13,559)
Increase/(decrease) in trade and other payables (109,421) (6,545)
Net cash from operation activities (362,540) (84,624)
Cash flows from investing activities
Acquisition of subsidiary net of cash acquired (205,673)
Purchase of property, plant and equipment (2,570) -
Interest received 22,342 9,759
Net cash from investing activities (185,901) 9,759
Cash flows from financing activities
Proceeds from issue of share capital - 1,646,449
Net (decrease)/increase in cash and cash (548,441) 1,571,584
equivalents
Cash and cash equivalents at the beginning of 1,646,113 74,529
the period
Cash and cash equivalents at the end of the 1,097,672 1,646,113
period
NOTES TO THE INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2006
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.
2. With effect from 1 January 2006, ParOS plc has presented its financial
results in accordance with International Financial Reporting Standards (IFRS)
as required by European Law. These interim statements are the first that the
company has prepared under IFRS and they have been prepared in accordance with
IFRS accounting policies expected to apply at 31 December 2006. There are no
differences requiring explanation in respect of amounts previously reported
under UK GAAP.
3. Basic and diluted earnings per share has been calculated using a loss for
the financial period of �188,182 (�54,763 loss for the period ended 31 December
2005) and a weighted average number of ordinary shares in issue during the
period 1 January 2006 to 30 June 2006 of 376,977,458 (125,652,174 for the
period ended 31 December 2005). Due to the loss in the period, share options in
issue are non dilutive.
4. Goodwill arising on the acquisition of Parametric Optimization Solutions
Limited amounting to �5,546,273 has been capitalised. Goodwill is not
amortised. The recoverable amount of goodwill is tested for impairment
annually or when events or changes in circumstances indicate that it might
be impaired. Impairment charges are deducted from the carrying value.
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, ParOS plc, One Hammersmith Grove, Hammersmith, London, W6 0NB,
England.
END
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