Interim Results

Web Shareshop (Holdings) PLC 13 February 2004 Web Shareshop (Holdings) plc Interim report - six months ended 31 January 2004 Chairman's statement Highlights The Group has continued to make very acceptable progress during the past six months. Further trading profits have been taken and investments have been made in two businesses, both on favourable terms. Results The results for the six months to 31 January 2004 record a gross profit of £274,510 on turnover of £299,510 and a profit on ordinary activities after overheads but before taxation of £159,135. The profit after taxation is equivalent to 0.38 pence per share, or 0.35 pence per share fully diluted. At 31 January 2004, the Group had £396,668 cash in the bank with net current assets and net assets of £862,685. Trading investments are included in the statement at the lower of cost or mid-market valuation. Based on the mid market prices at the close of business on 30 January 2004, the valuation was £7.168m, giving unrealised profits of £6.312m. The underlying net asset value per share based on closing mid market prices as at 30 January 2004 was 21.4 pence, or 20.1 pence fully diluted, an increase of 294% from 5.1 pence at 31 July 2003. At the close of business on 6 February 2004, the values were 25.7 pence and 24.2 pence respectively compared to a Company share price of 15.5 pence. No dividends have been proposed for the period. Investments and current activities The trade investment portfolio currently comprises holdings in the following: Activities Domicile Beowulf Gold plc Gold exploration and England & development Wales Brazilian Diamonds Limited Diamond exploration Canada Franconia Minerals North American minerals Canada Corporation Hidefield plc North American mining & energy England & Wales MyHome plc Domestic cleaning services England & Wales Southern African Resources plc High value metals & minerals England & Wales St Helens Capital plc Corporate finance advisor England & Wales In addition, the Group holds warrants, the terms of which permit the purchase of new shares at prices below the current market prices in Franconia and Southern African Resources. The Directors continue to be most satisfied with the trade investments made and will continue to take profits as opportunities arise. Capital requirements As forecast in the Chairman's 2003 annual statement, the Group raised further capital amounting to £182,900 net of expenses during the period. In view of the satisfactory investment progress, it is the opinion of the Directors that the Group is adequately funded at this time. Director On 1 December 2003 the Board appointed Mr Tony Scutt as a non-executive director; Tony, who has been a shareholder since inception in 2000, is an experienced private investor and investment analyst. The Directors look forward to his contribution to the benefit of all shareholders. The Directors are very pleased with the six month results and look forward to reporting continuing positive news following the Group's July year end. R Bruce Rowan Chairman & Chief Executive 13 February 2004 Consolidated Profit & Loss Accounts 6 months to 31 6 months to 31 Year ended January 2004 January 2003 31 July 2003 Unaudited Unaudited Audited £,000 £,000 £,000 Turnover 299 0 160 Cost of sales 25 0 0 -------- -------- --------- Gross profit 274 0 160 Group administrative expenses (115) (65) (119) -------- -------- --------- Profit/(loss) on ordinary activities before taxation 159 (65) 41 Tax on ordinary activities (48) 0 0 -------- -------- --------- Profit/(Loss) on ordinary activities after taxation 111 (65) 41 Dividends on equity shares 0 0 0 -------- -------- --------- Retained profit/( loss) for the period 111 (65) 41 -------- -------- --------- -------- -------- --------- Profit/(loss) per share Basic Note 3 0.38 (0.24) 0.15 Fully diluted 0.35 (0.23) 0.14 -------- -------- --------- Consolidated Balance Sheet 6 months to 31 6 months to 31 Year ended January 2004 January 2003 31 July 2003 Unaudited Unaudited Audited £,000 £,000 £,000 Fixed assets 0 0 0 -------- -------- --------- Current assets Debtors 3 8 12 Trading investments Note 2 543 402 422 Cash at bank and in hand 397 43 176 943 453 610 Creditors Amounts falling due within one (81) (32) (42) year Net current assets 862 421 568 Total assets less current 862 421 568 liabilities Capital and reserves Called up share capital 314 262 276 Share premium account 1,498 1,325 1,352 Merger reserves 424 424 424 Profit and loss account (1,374) (1,590) (1,484) Equity shareholders' funds 862 421 568 Reconciliation of Movement in Shareholders' Funds 6 months to 31 6 months to 31 Year ended January 2004 January 2003 31 July 2003 Unaudited Unaudited Audited £,000 £,000 £,000 -------- -------- --------- Total recognised profits/(losses) relating to the period 111 (64) 41 Net proceeds of share issues 183 0 42 -------- -------- --------- Increase/(decr ease) in shareholders' funds 294 (64) 83 Opening shareholders' funds 568 485 485 -------- -------- --------- Closing shareholders' funds 862 421 568 -------- -------- --------- Interim report notes 1. Interim report The information relating to the six month periods to 31 January 2004 and 31 January 2003 is unaudited. The information relating to the year ended 31 July 2003 is extracted from the audited accounts of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report. 2. Basis of accounting The report has been prepared using accounting policies that are consistent with those adopted in the statutory accounts for the year ended 31 July 2003 by the Group and its subsidiary undertaking, although the information does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The consolidated financial statements have been prepared using merger accounting. Under merger accounting the results and cash flows are combined from the beginning of the financial period and all comparatives are stated on the combined basis. These interim financial statements consolidate the financial statements of the Company and its subsidiaries. The Company and Group will report again for the full year to 31 July 2004. The Group's investments at 31 January 2004 are valued at cost. 3. Profit per share 6 months to 31 6 months to 31 Year ended January 2004 January 2003 31 July 2003 Unaudited Unaudited Audited £,000 £,000 £,000 These have been calculated on profit/(loss) of: 111 (65) 41 -------- -------- --------- The weighted average number of shares used was: 29,317,245 26,229,130 26,825,052 The weighted average number of shares and outstanding options used was: 31,621,050 28,329,130 28,925,052 -------- -------- --------- Basic profit/(loss) per share: 0.38 pence (0.24) pence 0.15 pence Fully diluted profit/(loss) per 0.35 pence (0.23) pence 0.14 pence share: -------- -------- --------- Copies of this interim report are available free of charge by application in writing to the Company Secretary at the Company's registered office, 123 Goldsworth Road, Woking, GU21 1LR, by email to info@webshareshop.com or from the Company's website at www.webshareshop.com. Enquiries to Tony Scutt, telephone 01483 475909, tony@webshareshop.com This information is provided by RNS The company news service from the London Stock Exchange

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