Interim Results

AWG Services PLC 31 July 2002 31 July, 2002 AWG SERVICES PLC ('the Company') Interim Results for the six months ended 30 April, 2002 Chairman's Statement Results I am pleased to be able to report the results for six months ended 30 April 2002. In the six months ended 30 April 2002 your Company made an operating loss before exceptional items of £133,193 (30 April 2001: £335,503) on turnover for the period of £32,269 (30 April 2001: £168,579). The result for the period includes £524,504 of exceptional items of which £494,504 relates to narrow boat disposals referred to below. The Directors do not propose the payment of a dividend (2001: £Nil). Assets Sales and Discontinued Operations The Company announced on 9 July 2002 that it had disposed of 92 of the majority of its remaining narrow boats held in Anglo Welsh (Overseas) Limited, a wholly owned subsidiary of the Company. Under the terms of this transaction, Anglo Welsh (Overseas) Limited was sold for a consideration of £1 and the outstanding inter-company loan of £1.74 million due from Anglo Welsh (Overseas) Ltd was repaid. Total financial obligations relating to the narrow boats amounting to £340,000 and a group bank loan amounting to £60,000 have been discharged. The net cash proceeds available to the Company as a result of this transaction amounted to approximately £1.17 million. The exceptional loss on the disposal of the 92 narrow boats amounted to £456,206. At 30 April the Company had 16 other narrow boats, all of which were being marketed or were for eventual sale. Since that date, six have been sold and offers have been received in relation to a further six. The Company has made a further provision, which is included as part of the provision for loss on operations to be discontinued, of £38,298 in respect of the remaining boats. An agreement has been reached with the liquidator of Falcon Industries (Midland) Limited by which the Company is released from any further liabilities for a cash payment of £15,000. The process of transferring members of the Watertime Club, our timeshare business, to another timeshare club, Holiday Owners Club, is at an advanced stage. A significant number of members have either transferred or have left the club. I hope to be able to report the closure of the Watertime Club in the near future. I am also pleased to be able to report that the licenses required to transfer all the Company's boatyard leases have now been received. The sale of our marina site at Great Haywood is also progressing, we have recently instructed local agents to actively market this site. As part of the sale of the narrow boats the management agreement for the 92 boats was novated to Anglo Welsh (Overseas) Limited. The income under this management agreement, which accrued to the Company for the period ended 30 April 2002, amounted to £25,725. Current Trading Following the disposal of the narrow boats the Company has no current trading activities. The remaining assets in the Company are cash of approximately £1.35 millon, the remaining narrow boats referred to above and the land site at Great Haywood which, in aggregate, at 30 April, have a net book value of £395,000. Strategy Following the sale of Anglo-Welsh (Overseas) Limited your directors are now able to focus their efforts on identifying a suitable acquisition. Given the Company currently has no trading activities it is likely that any proposed acquisition will, under the AIM Rules, be classified as a reverse takeover in view of its size and will therefore be, subject to shareholder approval. Stephen Thomson 31 July 2002 Consolidated profit and loss account for the six months ended 30 April 2002 Six months ended Six months ended Twelve months ended 30 April 30 April 31 October 2002 2001 2001 (Unaudited) (Unaudited) (Audited) £ £ £ Turnover 32,269 168,579 340,849 Cost of sales - normal (69,489) (169,903) (288,883) - exceptional - - (375,000) -------- -------- -------- Gross loss (37,220 (1,324) (323,034) Operating expenses (95,973) (334,179) (499,548) -------- -------- -------- Operating loss (133,193) (335,503) (822,582) Loss on disposal of discontinued operations - (130,190) (158,187) Post cessation costs relating to previously discontinued activity (30,000) - - Provision for loss on operations to be discontinued (494,504) - (49,952) -------- -------- -------- Loss on ordinary activities before interest (657,697) (465,693) (1,030,721) Interest payable (24,997) (45,070) (73,089) -------- -------- -------- Loss on ordinary activities before taxation (682,694) (510,763) (1,103,810) Taxation 42,000 34,000 100,615 -------- -------- -------- Retained (loss)/profit for the period (640,694) (476,763) (1,003,195) ======== ======== ======== Basic loss per share (in pence) (0.4p) (0.4p) (0.7p) ======== ======== ======== Summary consolidated balance sheet As at As at As at 30 April 30 April 31 October 2002 2001 2001 (Unaudited) (Unaudited) (Audited) Fixed assets 2,139,901 3,307,749 2,867,681 -------- -------- -------- Stock 18000 49,651 18,000 Debtors 449,129 499,957 153,222 Cash at bank and in hand 87,571 574,511 309,807 -------- -------- -------- 554,700 1,124,119 481,029 Creditors falling due within one year (818,526) (1,125,110) (736,770) -------- -------- -------- Net current liabilities (263,826) (991) (255,741) Creditors falling due after more than (300,295) (435,898) (353,466) one year Provision for liabilities and charges - (109,000) (42,000) -------- -------- -------- Net assets 1,575,780 2,761,860 2,216,474 ======== ======== ======== Capital and reserves Called up share capital 1,622,718 1,622,718 1,622,718 Share premium account 2,778,007 2,796,961 2,778,007 Capital redemption reserve 164,667 164,667 164,667 Profit and loss account (3,621,912) (2,454,786) (2,981,218) Capital reserve 632,300 632,300 632,300 -------- -------- -------- Equity shareholders' funds 1,575,780 2,761,860 2,216,474 ======== ======== ======== Notes 1. The Group results have been prepared in accordance with the accounting policies stated in the 2001 annual report. 2. The calculation of loss per share is based upon the weighted average number of shares in issue during the period of 162,271,750 (April 2001: 109,696,727). 3. The results for the periods to 30 April 2002 and 30 April 2001 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The comparative figures for the year ended 21 October 2001 are an abbreviated version of the full accounts which have been reported on without qualification by the auditors and have been filed with the Registrar of Companies. 4. No dividend is proposed for the period ended 30 April 2002. 5. Copies of the interim results will be posted to shareholders shortly and will be available to members of the public from the Company's registered office. Further Enquiries: AWG Services PLC Tel: 01603 877 682 Stephen Thomson John East & Partners Limited Tel: 020 7628 2200 David Worlidge / Simon Clements This information is provided by RNS The company news service from the London Stock Exchange

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