Interim Results

Hansom Group PLC 28 November 2000 THE HANSOM GROUP PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER, 2000. CHAIRMAN'S STATEMENT The Company's results for the six months ended 30 September, 2000 show a turnover and loss on ordinary activities before taxation of £nil and £121,000 respectively. As at 30 September, 2000 the Company had net assets of £3,658,000 which included £3,387,000 of cash at bank and in hand. These results reflect the Company's status as a shell company and I am pleased to advise shareholders that, after considering a large number of proposals, we have today agreed terms for the acquisition of First Property Online Limited ('fprop'), a business-to-business property transaction company established to facilitate the buying and selling of UK based commercial property. The acquisition of fprop is classified as a reverse takeover and accordingly requires the approval of shareholders at an extraordinary general meeting convened for 21 December, 2000. Your Board believes that fprop is a company with very significant growth potential. Alasdair J. D. Locke Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 September, 2000 Six months to Six months to 30 September, 30 September, 1999 Year to 31 2000 (unaudited) (restated) March, 2000 £'000 (unaudited) (audited) £'000 £'000 Notes Turnover Discontinued 1 - 1,625 1,625 operations -------- -------- -------- Total turnover - 1,625 1,625 Cost of sales - (1,385) (1,385) -------- -------- -------- Gross profit - 240 240 Net operating 2 (216) (252) (361) costs -------- -------- -------- Loss on (216) (121) (230) continuing operations Profit on 1 - 109 109 discontinued operations Operating loss (216) (12) (121) -------- -------- -------- Exceptional items 3 7 (415) 56 profit/(loss) Net interest 88 42 128 receivable -------- -------- -------- Profit/(loss) on ordinary (121) (385) 63 activities before taxation Taxation payable - - (292) -------- -------- -------- Loss for the 4 (121) (385) (229) period -------- -------- -------- Basic (loss) per 6 (0.30)p (1.00)p (0.58)p ordinary share The Group has no recognised gains and losses other than the gains and losses set out in the profit and loss account. There is no difference between the profit/(loss) on ordinary activities before taxation and the loss for the period and their historical cost equivalents. The Exceptional items profit/(loss), Profit/(Loss) on ordinary activities before taxation, Loss for the period and Basic (loss) per ordinary share for the six months to 30 September, 1999 have been restated to include the impact of the writeback of goodwill previously written off to reserves (see notes 3 and 4). CONSOLIDATED BALANCE SHEET as at 30 September, 2000 As at 30 As at 30 September, As at 31 September, 2000 1999 March, (unaudited) (restated) 2000 £'000 (unaudited) (audited) £'000 £'000 Notes Fixed Assets Investments 238 238 238 -------- -------- -------- 238 238 238 Current Assets Debtors 372 525 995 Cash at bank and 3,387 2,701 2,773 in hand -------- -------- -------- 3,759 3,226 3,768 Creditors: amounts falling (339) (62) (338) due within one year -------- -------- -------- Net current assets 3,420 3,164 3,430 -------- -------- -------- Total assets less 3,658 3,402 3,668 current liabilities -------- -------- -------- Net assets 3,658 3,402 3,668 ===== ===== ===== Capital and reserves Called up share 5 423 383 403 capital Share premium 5 2,911 4,784 2,820 Profit and loss 4 324 (1,765) 445 account -------- -------- -------- Equity 3,658 3,402 3,668 shareholders' funds ===== ===== ===== Of the debtors' balance at 30 September, 2000, £120,000 was due after more than one year. (£160,000 - 30 September, 1999 and £146,000 - 31 March, 2000). The balance sheet at 30 September, 1999 has been restated to allow for consistent classification of certain assets and liabilities within net current assets. SUMMARISED CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 September, 2000 Six months to 30 Six months to 30 September, 1999 September, 2000 (restated) Year to 31 (unaudited) (unaudited) March, £'000 £'000 2000 (audited) £'000 Net cash (outflow)/inflow from (207) 931 819 operating activities Net interest received 79 42 112 -------- -------- -------- Net cash (outflow)/inflow (128) 973 931 before investing and finance Net cash inflow from disposals of 632 786 790 operations -------- -------- -------- Net cash inflow 504 1,759 1,721 before financing Issue of shares for 110 - 110 cash -------- -------- -------- Increase in cash in 614 1,759 1,831 period ===== ===== ===== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT Six months to 30 Six months to 30 September, 1999 September, 2000 (restated) Year to 31 (unaudited) (unaudited) March, £'000 £'000 2000 (audited) £'000 Increase in 614 1,759 1,831 cash in the period -------- -------- -------- Movement in net 614 1,759 1,831 funds in period Net funds at 2,773 942 942 beginning of period -------- -------- -------- Net funds at 3,387 2,701 2,773 end of period ===== ===== ===== The consolidated cash flow statement for the six months to 30 September, 1999 has been restated to allow for consistent classification of certain balances between cash and debtors. NOTES TO THE CONSOLIDATED RESULTS For the six months ended 30 September, 2000 1. The discontinued operations related to Datacab Limited activities. Six months to Six months to 30 September, 30 September, 1999 (restated) Year to 31 2000 (unaudited) March, 2000 (unaudited) (audited) £'000 £'000 £'000 2. Net Operating Costs Continuing 216 121 230 operations Discontinued - 131 131 operations -------- ------- ------ 216 252 361 ===== ==== ==== 3. Exceptional Items Profit on disposal of 3 1,110 1,565 Datacab before goodwill and corporation tax Profit on disposal of 4 - 16 Richmond Road Cab Centre before goodwill ------ -------- ------ 7 1,110 1,581 Goodwill written - (1,525) (1,525) off (Note 4) ------ -------- -------- Profit/ (Loss) on 7 (415) 56 disposal of subsidiaries ==== ===== ===== The exceptional item in the six months to 30 September, 1999 was reported as £1,110,000. This has been restated above to include the write back of goodwill previously written off to reserves. 4. Profit and Loss Account Balance brought 455 (2,905) (2,905) forward Loss for the (121) 1,140 (229) period as originally reported Restatement - (1,525) - Write back of goodwill - 1,525 1,525 previously written off to reserves (Note 3) Amount transferred from - - 2,054 share premium account ------- -------- -------- Balance carried 324 (1,765) 445 forward ==== ===== ===== 5. The increase in Share Capital and Share Premium in the six months to 30 September, 2000 relates to the issue of 2,000,000 Ordinary Shares on 26 July, 2000 at a price of 5.5p per Ordinary Share. This resulted in the increase in Share Capital of £20,000 and Share Premium Account of £90,000. 6. The basic loss per ordinary share is calculated on the loss on ordinary activities after taxation and on a weighted average number of ordinary shares in issue of 41,011,168, 38,289,858 and 39,065,809 respectively. 7. The financial information contained in this interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. This information has neither been audited nor reviewed within the meaning of APB Bulletin 1999/4 by the Company's auditors. The financial statements for the year ended 31 March, 2000, incorporating an unqualified report of the auditors, have been filed with the Registrar of Companies. 8. The Board of Hansom approved these interim results on 27 November, 2000.

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