Final Results

I2S PLC 29 May 2003 I2S PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2003 CHAIRMAN'S STATEMENT The year to 31 March 2003 was characterised by geo-political uncertainty and highly volatile equity markets. During the year your Directors investigated a number of opportunities, none of which ultimately resulted in an investment, and bought back 121,000 I2S shares under the authority given by shareholders. The bulk of our resources continue to be held in cash. Financial Results Turnover for the Group for the twelve months to 31 March 2003 (derived from monies on deposit) was £153,097 (31 March 2002: £183,571) resulting in a net loss before tax of £307,130 (2002: £972,368 loss), attributable principally to non-recurring costs relating to investigations into a potential investment and provisions against the value of one of our investments. As before, your Directors are not recommending the payment of a dividend for the period. As at 31 March 2003, your Group's portfolio was split as to 11% in unquoted investments and 89% in cash. The Group's net asset value per share was 61p as at 31 March 2003. Portfolio Investments Sit-up Limited traded strongly through the year and whilst the outbreak of war in Iraq affected sales to some extent, the company anticipates that more normal trading patterns will return now that hostilities have come to an end. During the period the company issued a £5 million convertible loan, at a nominal pre-money value of £25 million, to Alpine Capital Partners, a US Venture Capital fund. This compares with the £16 million valuation ascribed to the company in our balance sheet as at 31 March 2003. The company has now successfully transitioned its Screenshop channel from being a direct sales business to a seller of airtime to third party retailers. The company recently announced that it will launch a falling price auction channel this Summer called 'price-drop.tv'. This channel will be available to almost 10 million homes via skydigital, ntl:home and Telewest Broadband whilst 'bid-up.tv', Sit-up's main channel, has become one of only three shopping channels on the Freeview digital terrestrial TV platform. IX Imaging secured £2.25 million of new funds in August 2002 and anticipated concluding a critical larger round by December 2002. However, despite the management's best efforts over a long period of time, the increasingly uncertain climate severely hampered their ability to raise the additional money and the company is now exploring a range of other funding options. Whilst the outcome of this strategic review is still awaited, your Directors have taken the decision to write down the value of our holding in IX Imaging from £250,000 to zero. Corporate Action During the year and as previously advised, a petition to the Court to approve a reduction of the share premium account from £3.83 million to nil was approved. Under the authority given by shareholders, your Group purchased 121,000 of its own shares during the year for cancellation, costing an average of 36.7p per share. This brings the total number of shares in issue of your Group to 7,299,000. Outlook Your Directors are disappointed that there was little sign of a long awaited recovery during the year and that the global economic outlook for the year ahead looks mixed at best. We continue to evaluate investment opportunities in the unquoted sector at ever more attractive valuations, but are mindful of the uncertainty and volatility in equity markets and how these valuations impact on the unquoted sector. Our criteria for new investments will therefore remain rigorous and demanding. Neville Buch Chairman 29 May 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT YEAR ENDED 31 MARCH 2003 2003 2002 £ £ INTEREST RECEIVABLE AND SIMILAR ITEMS 153,097 183,571 Administrative expenses - Recurring (178,923) (186,157) - Exceptional (281, 304) (887,940) ---------- ---------- OPERATING LOSS (307,130) (890,526) Loss on disposal of investments - (81,842) ---------- ---------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (307,130) (972,368) TAXATION - 1,815 ---------- ---------- LOSS FOR THE FINANCIAL YEAR (307,130) (970,553) ========== ========== LOSS PER SHARE - BASIC 4.2p 13.1p All amounts relate to continuing operations. There were no recognised gains or losses for the year other than those included in the profit and loss account. There was no material difference between the reported result and the result calculated on an unmodified historical cost basis. CONSOLIDATED BALANCE SHEET 31 MARCH 2003 Notes 2003 2002 £ £ FIXED ASSETS Tangible 763 1,321 Investments 464,000 714,000 -------- -------- 464,763 715,321 CURRENT ASSETS Debtors 36,806 7,833 Cash at bank and in 3,961,060 4,096,459 hand -------- -------- 3,997,866 4,104,292 -------- -------- CREDITORS: amounts falling due within one year (12,658) (18,052) -------- -------- NET CURRENT ASSETS 3,985,208 4,086,240 -------- -------- TOTAL ASSETS LESS CURRENT 4,449,971 4,801,561 LIABILITIES ======== ======== CAPITAL AND RESERVES Called up share 1,824,750 1,855,000 capital Share premium - 3,827,925 account Capital redemption 30,250 - reserve Profit and loss 2,594,971 (881,364) account -------- -------- SHAREHOLDERS' FUNDS 4,449,971 4,801,561 ======== ======== CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2003 2003 2002 £ £ Reconciliation of operating loss to net cash outflow from operating activities Operating loss (307,130) (890,526) Depreciation of tangible fixed assets 558 570 (Increase)/decrease in debtors (11,997) 1,126 Decrease in creditors (5,394) (6,301) Provision against value of fixed asset investment 250,000 887,940 Interest receivable (153,097) (183,571) ---------- ---------- Net cash outflow from operating activities (227,060) (190,762) ========== ========== CASH FLOW STATEMENT Net cash outflow from operating activities (227,060) (190,762) Returns on investments and servicing of finance 136,121 199,906 Taxation - (3,185) Capital expenditure - (201,751) ---------- ---------- (90,939) (195,792) Financing (44,460) - ---------- ---------- Decrease in cash (135,399) (195,792) ========== ========== Reconciliation of cash flow to movement in net funds Decrease in cash in the year (135, 399) (195,792) Net funds at 1 April 2002 4,096,459 4,292,251 ---------- ---------- Net funds at 31 March 2003 3,961,060 4,096,459 ========== ========== Notes 1. Financial information set out above does not constitute full accounts within the meaning of Section 254 of the Companies Act 1985. The statutory accounts for the period ended 31 March 2002 have been delivered to the Registrar of Companies and have received an audit report which was unqualified and did not contain statements under s237(2) or (3) of the Companies Act 1985. 2. The Report and Accounts will be posted to all shareholders on the register by the end of June 2003 and copies will be available from that date at the company's registered office: 7th Floor 39 St James's Street LONDON W1A 1JD 3. The calculations of loss per share are based on the weighted average of the issued ordinary shares in the period of 7,386,583 (2002 - 7,420,000) shares and a loss for the financial year of £307,130 (2002: £970,553). 4. The figures for the period ended 31 March 2003 have been extracted from the full accounts for the period on which the auditors expect to give an unqualified report . The full accounts for the year ended 31 March 2003 have not been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange

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