Interim Results

Judges Capital PLC 26 September 2003 Judges Capital plc Interim report and accounts 2003 Chairman's Statement I am pleased to report for the first time to our shareholders. Your Company was floated on AIM on 7th January 2003, after raising £2m, leaving £1.8m after costs. We have prudently started the build-up of our portfolio and established working relationships with our co-investors. Small company shares reached a low point around the end of the first quarter and since then have recovered strongly. On 30th June, the FT Small Cap index stood 28.4% above its mid-March low. This improvement in sentiment has increased the challenge of acquiring meaningful stakes in our targets, but nevertheless we have actively engaged with three opportunities. As a result at 30th June we had invested approximately 50% of the net funds raised, with the balance held on deposit. Expenses, at £96K were running within our target of £200K per annum. The net loss for the period was £45K. Principal Activities We have acquired for £129K a 1.7% shareholding in Pilkington's Tiles plc alongside a pre-existing 9.9% position held by David Cicurel (Investments) and Starlight Investments. The Company's trading performance has been very poor but it owns a very attractive real estate site in Poole, Dorset. We purchased for £368K a 3.8% shareholding in Lionheart plc, a £11.6m cash shell. Our hope to increase our size by merging with Lionheart was thwarted when that company received a pension claim relating to a former subsidiary. Lionheart has now entered members' voluntary liquidation and we are confident that we will generate a modest profit on that position, although its timing is uncertain. We have invested £404K (£712K including certain co-investors) for a 2% shareholding in a support services company (not publicly disclosed as yet) and exited a £33K position with a £30K profit in a software company after failing to obtain a meaningful shareholding at our target price. We are continuing to look for attractive public to private candidates. We are encouraged by the increasing level of activity within the UK's mid-market private equity industry but the vogue for small companies has pursued it course: at 15th September the Small Cap index was 48.8% above its low. This leads us to exercise prudence in deploying our uninvested funds. We are also seeking transactions that would lead to an increase in our size. Profit and loss account for the period ended 30 June 2003 Period ended 30 June 2003 (unaudited) ----------- £000 Profit on disposal of investments 30 Staff costs (33) Other operating charges (63) ----------- Operating loss (66) Interest receivable 21 ----------- Loss on ordinary activities before taxation (45) Taxation on profit on ordinary activities - ----------- Retained loss for the period (45) =========== Earnings per share (pence) (2.2) =========== Balance Sheet at 30 June 2003 30 June 2003 Notes (unaudited) -------------- £000 Current assets Investments 1 901 Debtors 39 Cash at bank and in hand 856 -------------- 1,796 Creditors: amounts falling due within one year (28) -------------- Total assets less current liabilities 1,768 ============== Capital and reserves Called up share capital 2 118 Share premium account 3 1,695 Retained loss (45) -------------- Shareholders' funds 1,768 ============== Equity shareholders' funds 1,755 Non-equity shareholders' funds 13 -------------- 1,768 ============== Cashflow statement for the period ended 30 June 2003 Note Period ended 30 June 2003 (unaudited) -------------- £000 Net cash outflow from operating activities 4 (107) Returns on investments Interest received 21 Capital expenditure and financial investment Purchase of investments (934) Sale of investments 63 -------------- (871) Net cash outflow before management of liquid Resources and financing (957) -------------- Financing Issue of ordinary share capital 1,813 -------------- Increase in cash in the period 5/6 856 ============== Notes to the accounts 1. Investments Historical Cost Period end Value Stock market valuation Directors' valuation Total £000 £000 £000 £000 Unquoted 368 - 368 368 investments Quoted 533 574 - 574 investments --------- --------- --------- ------- 901 574 368 942 ========= ========= ========= ======= 2. Share capital 30 June 2003 £ Authorised: 10,000,000 ordinary shares of 5p each 500,000 5,000,000 convertible redeemable shares of 1p each 50,000 ----------- 550,000 =========== Allotted and called up: 2,106,356 ordinary shares of 5p each, fully paid 105,318 5,000,000 convertible redeemable shares @1p 1/4 paid 12,500 ----------- 117,818 =========== 3. Share premium account Period ended 30 June 2003 £000 Premium on shares issued during the period 1,895 Expenses relating to issue of shares (200) ----------- At 30 June 2003 1,695 =========== 4. Reconciliation of operating profit to net cash outflow from operating activities Period ended 30 June 2003 £000 Operating loss (66) Increase in debtors (39) Increase in creditors within one year 28 Profit on disposal of investments (30) ----------- (107) =========== 5. Analysis of net funds B/fwd Cashflow Other non- 30 June 2003 cash changes £000 £000 £000 £000 Net cash: Cash at bank and in - 856 - 856 hand ---------- ---------- ---------- ---------- Net funds - 856 - 856 ========== ========== ========== ========== 6. Reconciliation of net cashflow to movement in net funds £000 Increase in cash in the period 856 ----------- Movement in net funds in the period 856 Opening net funds - ----------- Closing net funds 856 =========== 7. Basis of accounts The financial information for the period to 30 June 2003 is unaudited and has been prepared on the basis of the Company's adopted accounting policies. This financial information does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange

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