Interim Report 2009

RNS Number : 6202B

Highway Capital PLC

29 October 2009

 



HIGHWAY CAPITAL PLC

INTERIM REPORT 2009

Chairman's Statement

The results for the six months ended 31 August 2009 showed a loss before tax of £41,000 (six months ended 31 August 2008: £30,000 loss; year ended 28 February 2009: £68,000 loss). 

No dividend has been declared.

Your directors have continued to seek potential acquisitions which will add shareholder value, regrettably without success. Despite this, we are optimistic that a suitable opportunity can be identified. Until such time we will continue to minimise expenditure.

I will report to you as soon as there are positive developments.

A H Drummon

Chairman

29 October 2009

Profit and loss account	Notes	6 months ended 31 August 2009 (unaudited) £'000	6 months ended 31 August 2008 (unaudited) £'000	Year ended 28 February 2009 (audited) £'000
Management fees		-	-	-
Administrative expenses		(42)	(40)	(84)
Operating loss	2	(42)	(40)	(84)
Interest receivable		1	10	16
Loss on ordinary activities before taxation		(41)	(30)	(68)
Tax credit on loss on ordinary activities		-	-	-
Loss for the period		(41)	(30)	(68)
Basic and diluted loss per share	3	(0.51)p	(0.38)p	(0.85)p

Balance Sheet	Notes	31 August 2009 (unaudited) £'000	31 August 2008 (unaudited) £'000	28 February 2009 (audited) £'000
Fixed assets
Investments		-	-	-
Current assets
Debtors		10	11	3
Cash at bank and in hand		367	453	407
		377	464	410
Creditors: amounts falling due within one year		(30)	(38)	(22)
Net current assets		347	426	388
Net assets		347	426	388
Capital and reserves
Share capital	5	159	159	159
Share premium		295	295	295
Profit and loss account		(107)	(28)	(66)
Total equity shareholders' funds		347	426	388

Cash Flow Statement	Notes	6 months ended 31 August 2009 (unaudited) £'000		6 months ended 31 August 2008 (unaudited) £'000		Year ended 28 February 2009 (audited) £'000
Net cash outflow from operating activities	6a		(41)		(37)		(89)
Returns on investments and servicing of finance
Interest received		1		10		16
Net cash inflow from returns on investments and servicing of finance			1		10		16
Taxation
Corporation tax			-		-		-
Equity dividends paid			-		-		-
Decrease in cash	6b		(40)		(27)		(73)

Notes to the Interim Report

• Basis of preparation of the interim report

The condensed set of financial statements for the six months ended 31 August 2009 has been prepared on a basis consistent with the financial statements for the year ended 28 February 2009.

The condensed set of financial statements for the six months ended 31 August 2009 has not been audited or reviewed by the auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

The comparative financial information for the year ended 28 February 2009 has been extracted from the audited financial statements, on which the auditors issued an unqualified audit report and which have been delivered to the Registrar of Companies.

The financial information contained in the interim statement does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

There are no acquired or discontinued operations in the relevant financial periods.

There are no recognized gains or losses other than the profit or loss for the relevant financial periods.

Highway Capital plc is a stand-alone company and does not prepare consolidated accounts. It has therefore continued to prepare its accounts in accordance with UK rather than international accounting standards, as permitted under EC Regulation 1606/2002.

     2.   Operating loss

This is stated after charging:
		6 months ended 31 August 2009 (unaudited) £'000	6 months ended 31 August 2008 (unaudited) £'000	Year ended 28 February 2009 (audited) £'000
Directors' remuneration
- salaries and fees		14	14	28
Auditors' remuneration
- audit services		4	4	8
- other services		7	6	14

    3.    Loss per share

The loss per ordinary share calculation has been based on the losses attributable to ordinary shareholders of £41,000 (August 2008: £30,000; February 2009: £68,000), divided by 7,945,638 (August 2008 and February 2009: 7,945,638) being the average of the issued share capital during the period.

There is no difference between the basic and diluted loss per share.

      4.   2009 interim dividend

No interim dividend has been declared.

       5.  Share capital

		31 August 2009 (unaudited)	31 August 2008 (unaudited)	28 February 2009 (audited)
Ordinary shares of 2p each
Authorised
Number of shares		50,000,000	50,000,000	50,000,000
Nominal value		£1,000,000	£1,000,000	£1,000,000
Allotted,called-up, fully paid
Number of shares		7,945,638	7,945,638	7,945,638
Nominal value		£158,913	£158,913	£158,913

         6.Cash flow statement

		6 months ended 31 August 2009 (unaudited) £'000	6 months ended 31 August 2008 (unaudited) £'000	Year ended 28 February 2009 (audited) £'000
a) Net cash outflow from operating activities
Operating loss		(42)	(40)	(84)
(Increase)/decrease in debtors		(7)	(7)	1
Increase/(decrease) in creditors		8	10	(6)
		(41)	(37)	(89)
b) Reconciliation of net cash flow to movement in net funds
Decrease in cash in the period		(40)	(27)	(73)
Movement in net funds in the period		(40)	(27)	(73)
Opening net funds		407	480	480
Closing net funds		367	453	407

   7.      Related party transactions

A H Drummon is a consultant to Keith, Bayley, Rogers & Co. Limited, the financial adviser and stockbroker to Highway Capital plc. In the six months ended 31 August 2009, Keith, Bayley, Rogers & Co. Limited received retainer fees of £5,000 (August 2008: £5,000; February 2009: £10,000). 

     8.    Responsibility statement

We confirm that to the best of our knowledge:

            (a)   the condensed set of financial statements has been prepared in accordance with Statement: Half-yearly

                   financial reports issued by the Accounting Standards Board;

            (b)   the interim management report includes a fair review of the information required by DTR 4.2.7R

                   (indication of important events during the first six months and their impact on the financial statements and

                   description of principal risks and uncertainties for the remaining six months of the year); and

            (c)    the interim management report includes a fair review of the information required by DTR 4.2.8R

                    (disclosure of related party transactions and changes therein).

By order of the Board

A H Drummon            E P Levey

Chairman                    Non-Executive Director

       9.  Publication

Copies of this statement will be circulated to all shareholders and will also be available from the registered office of Highway Capital plc at 73 Wimpole Street, London W1G 8AZ.

29 October 2009

 

END

 

 

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