Interim Results
21 Décembre 2006 - 12:41PM
UK Regulatory
FOR IMMEDIATE RELEASE 21 December 2006
PNC Telecom PLC (the "Company")
Interim results for the period ended 30 September 2006
CHAIRMAN'S STATEMENT
The unaudited results for the period ended 30 September 2006 show that your
company generated a loss of �427,000 on a turnover of �907,000 (2005:Profit of
�229,000). The directors do not recommend the payment of a dividend.
As stated in the announcement of 23 May 2006 Vanguard Plc going into
administration has created a liability for leases and your board has in total
provisioned �125,000 and has paid �49,000 to date. Your board is currently
considering action against the advisors who originally handled the KJC Mobiles
Limited administration.
Future Development
As stated on our final results published on 30 September 2006, we are still
awaiting repayment of VAT and it is our intention to recommence trade when we
receive repayment.
Your board are looking at a number of other businesses in the mobile field and
will keep shareholders informed of any developments.
L E V KNIFTON
Chairman
PNC Telecom PLC
Profit & Loss Account
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 September 30 September 31 March
2006 2005 2006
Note �'000 �'000 �'000
Turnover 907 6,453 25,840
Cost of sales (858) (6,088) (24,871)
_____ _____ _____
Gross profit 49 365 969
Administration Expenses (364) (203) (533)
Other operating income - 54 -
_____ _____ _____
Operating profit/(loss) (315) 216 436
Other interest receivable and similar
income 10 13 8
Interest payable (122) - (297)
_____ _____ _____
Profit/(Loss) on ordinary activities
before taxation (427) 229 147
Tax credit on loss on ordinary
activities - - -
_____ _____ _____
Profit/(Loss) on ordinary activities
after taxation (427) 229 147
Dividends - - -
_____ _____ _____
Retained profit/(loss) for the period �(427) �229 �147
Earnings per ordinary share - basic 2 (0.26)p 0.29p 0.14p
Earnings per ordinary share - diluted (0.26)p 0.06p 0.02p
There were no recognised gains or losses other than those recognised in the
profit and loss account above.
PNC TELECOM PLC
Balance Sheet
as at 30 September 2006
Unaudited Unaudited Audited
As at As at As at
30 September 30 September 31 March
2006 2005 2006
Note �'000 �'000 �'000
FIXED ASSETS
Tangible Assets 12 363 150
Investments 100 - 100
_____ _____ _____
112 363 250
CURRENT ASSETS
Stock 14 24 14
Debtors 1,161 1,523 1,806
Cash at bank and in hand 151 1,960 1,721
_____ _____ _____
1,326 3,507 3,541
Creditors: amounts falling due within
one year (935) (2,677) (2,784)
_____ _____ _____
Net current assets 391 830 757
_____ _____ _____
Total assets less current liabilities 503 1,193 1,007
Creditors: amounts falling due after
more than one year
Hire purchase contracts - (186) (77)
Convertible Loan Notes (505) (525) (520)
_____ _____ _____
NET ASSETS �(2) �482 �410
CAPITAL AND RESERVES
Called up share capital 3 2,524 2,499 2,509
Share premium account 48,033 48,033 48,033
Profit and loss account (50,559) (50,050) (50,132)
_____ _____ _____
Equity Shareholders' (Deficit)/ Funds �(2) �482 �410
PNC TELECOM PLC
Cash Flow Statement
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 30 31
September September March
2005
2006 2006
Note �'000 �'000 �'000
Cash inflow/(outflow) from
operating activities 4 (1,471) 1,152 1,300
Returns on investments and
servicing of finance (112) 13 (286)
Taxation - - -
Capital expenditure 90 (1) (154)
Financing:
Hire purchase (77) (83) (23)
Issue of convertible Loan Notes - 620 620
Issue of shares - - 5
_____ _____ _____
Cash increase/(decrease) in the period (�1,570) �1,701 1,462
Reconciliation of net cash flow to movement in net funds
Unaudited Unaudited Audited
6 months 6 months ended Year ended
ended
30 September 30 September 31 March
2006 2005 2006
Note �'000 �'000 �'000
Increase/(decrease) in cash in
the period (1,570) 1,701 1,462
Increase in lease finance (279) -
Increase in convertible loan 15 (525) (520)
notes
Net funds at start of the period 1,201 259 259
_____ _____ _____
Net (debt)/funds at end of (�354) �1,156 �1,201
period
Consisting of :-
Cash at bank 151 1,960 1,721
Hire purchase creditors - (279) -
Convertible loan notes (505) (525) (520)
_____ _____ _____
Net (debt)/funds (�354) �1,156 �1,201
PNC TELECOM PLC
Reconciliation of movement in Shareholders' Funds
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months ended Year
ended ended
30 September
30 September 2005 31 March
2006 2006
Note �'000 �'000 �'000
Retained profit/(loss) for the (427) 229 147
period
Increase in equity 15 95 105
Opening shareholders' funds 410 158 158
_____ _____ _____
Closing shareholders' (deficit)/ �(2) �482 �410
funds
PNC TELECOM PLC
NOTES TO THE INTERIM REPORT
1. Accounting Policies
Basis of preparation
The interim report has been prepared using accounting policies consistent with
those set out in the Company's Annual Report and Accounts for the year ended 31
March 2006.
The financial statements and the Annual Report and Accounts for the year ended
31 March 2006 were prepared on a going concern basis.
The interim report for the six months to 30 September 2006 was approved by the
Board on 18 December 2006.
2. Earnings/Loss per Share
6 months 6 months Year
ended ended ended
30 September 30 September 2005 31 March
2006 2006
Pence Pence Pence
Earnings per ordinary share - basic (0.26) 0.29 0.14p
_____ _____ _____
Earnings per ordinary share - diluted (0.26) 0.06 0.02p
_____ _____ _____
Loss per ordinary share is based on the loss for the financial period of �
427,000 (March 2006 - Profit �147,000 and September 2005 - Profit �229,000).
The weighted average number of shares used in the calculation is - basic
164,149,805 and diluted 164,149,805 (March 2006 - basic 105,865,000 and diluted
593,262,000 and September 2005 - basic 78,767,001 and diluted 370,819,672)
L.E. V Knifton and J.W. Case have been issued warrants over 5,000,000 ordinary
shares each at an exercise price of 0.1p
3. Called up Share Capital
The issued share capital as at 30 September 2006 was 168,084,000 ordinary
shares of 0.1p and 48,084,000 deferred shares of 4.9p each. The deferred shares
have limited rights.
PNC TELECOM PLC
NOTES TO THE INTERIM REPORT
continued
4. Reconciliation of operating loss to net cash outflow from operating activities
Unaudited Unaudited Unaudited
6 months ended 6 months ended Year ended
30 September 30 September 2005 31 March
2006 2006
�'000 �'000 �'000
Operating profit (315) 216 436
Stock - (24) (14)
Debtors 645 (1,478) (1,761)
Creditors (1,849) 2,438 2,590
Loss on disposal 30 - -
Depreciation 18 - 49
_____ _____ _____
Net cash inflow/(outflow) from
operating activities (�1,471) �1,152 �1,300
5. The information for the year ended 31 March 2006 has been extracted
from the audited accounts for that period which have been delivered to the
Registrar of Companies. The unaudited results for the six months have been
prepared on a basis consistent with the accounting policies disclosed in the
Company's 2006 accounts and do not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
6. Copies of this interim statement are available from the Company at
its registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
END
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