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Penmc PLC (PNC)

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Friday 27 May, 2005

Penmc PLC

Interim Results

Penmc PLC
27 May 2005



PenMc plc


Interim Results Statement
for the half year ended 28 February 2005


Chairman's statement



The executive director's activities in the first half of the current financial
year have again been concentrated on the ongoing resolution of prior year
disposal issues and a number of administrative matters.



It remains a transitional period for the Company. The executive directors
continue to pursue certain issues in order to maximize the financial worth of
the Company. Their success in this endeavour will shape the strategy of the
Company in the future. A number of new ventures are being investigated but all
are dependent on arriving at a position where the Company is a clean cash shell
with a certain amount of financial liquidity.



It is anticipated that firm proposals for the Company will be communicated to
shareholders following the end of the financial year.







Eric Cater
Non-Executive Chairman



Consolidated profit and loss account
for the half year ended 28 February 2005


                                                          Unaudited       Unaudited       Audited
                                                          Half Year       Half Year          Year 
                                                                to              to           to
                                                        28 February     29 February       31 August
                                                               2005            2004            2004
                                                               £000            £000          £000
TURNOVER                                                          2              41           105

                                                           --------       ---------     ---------
OPERATING LOSS                                                 (30)            (67)          (59)

Exceptional item - profit on disposal of discontinued
operations                                                       27               -           256
Net interest payable                                              -             (4)           (4)
                                                            -------        --------     ---------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION            (3)            (71)           193
 - after exceptional items                                      (3)            (71)           193
Exceptional items
- profit on disposal of discontinued operations                (27)               -         (256)


LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION AND
EXCEPTIONAL ITEMS                                              (30)            (71)          (63)
                                                           ========       =========      ========
Tax on loss on ordinary activities                                -               -             -
                                                            -------        --------      --------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION            (30)            (71)           193
                                                           ========        ========      ========
(Loss)/earnings per share:
Basic                                                             -         (0.07p)         0.20p
Basic excluding exceptional items                           (0.03p)         (0.07p)       (0.06p)
Diluted                                                           -         (0.07p)         0.20p
                                                           ========        ========     =========



All of the Group's turnover and operating loss in the period relate to
discontinued activities.



There is no difference between the loss on ordinary activities before taxation
and the loss sustained for the half year ended 28 February 2005 and their
historical cost equivalents.



The Group has no recognised gains or losses other than those included in the
results above.



Consolidated Balance Sheet

as at 28 February 2005


                                                        Unaudited        Unaudited       Audited
                                                                                           as at
                                                            as at            as at
                                                      28 February                      31 August
                                                             2005      29 February          2004
                                                                              2004
                                                             £000             £000          £000
FIXED ASSETS
Tangible assets                                                 -              138             -
                                                       ----------        ---------     ---------
CURRENT ASSETS
Debtors                                                        20               69            28
Loan note deposit                                             187              258           213
Cash at bank and in hand                                       63                -            68
                                                        ---------         --------     ---------
                                                              270              327           309
CREDITORS: Amounts falling due within one year               (259)            (715)         (295)
                                                        ---------        ---------     ---------
NET CURRENT ASSETS/(LIABILITIES)                               11            (388)            14
                                                        ---------        ---------     ---------
NET ASSETS/(LIABILITIES)                                       11            (250)            14
                                                       ==========       ==========    ==========
CAPITAL AND RESERVES
Called-up share capital                                       981              981           981
Share premium account                                      20,113           20,113        20,113
Shares to be issued                                             -                -             -
Merger reserve                                                  -                -             -
Profit and loss account                                  (21,083)         (21,344)      (21,080)
                                                       ----------       ----------    ----------
SURPLUS OF/(DEFICIENCY IN) EQUITY SHAREHOLDERS'
FUNDS                                                         11            (250)            14
                                                       ==========       ==========    ==========




Consolidated cash flow statement

for the half year ended 28 February 2005


                                                         Unaudited       Unaudited         Audited
                                                                                              Year
                                                         Half Year       Half Year              to
                                                                to              to       31 August
                                                       28 February     29 February            2004
                                                              2005            2004
                                                              £000            £000            £000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES                    (32)           (280)           (265)
Returns on investments and servicing of finance                 -             (4)             (4)
Taxation repaid/(paid)                                          -             268            (20)
Capital expenditure and financial investment                    -               -             138
Acquisitions and disposals                                     27             309             536
                                                        ----------      ----------       ---------
(DECREASE)/INCREASE IN CASH                                    (5)             293             385
                                                        ==========      ==========       =========



Reconciliation of movements in group equity shareholders' funds
for the half year ended 28 February 2005

                                                         Unaudited       Unaudited       Audited
                                                                                            Year
                                                         Half Year       Half Year            to
                                                                to              to     31 August
                                                       28 February     29 February          2004
                                                              2005            2004
                                                              £000            £000          £000
Loss for the period                                            (3)            (71)           193
                                                         ---------      ----------     ---------
Net reduction in equity shareholders' funds                    (3)            (71)           193
Opening surplus of/(deficiency in) equity
shareholders' funds                                            14            (179)          (179)
                                                         ---------       ---------     ---------
Closing surplus of/(deficiency in) equity
shareholders' funds                                            11           (250)            14
                                                         =========      ==========     =========



Notes to financial statements



1.    (LOSS)/EARNINGS PER SHARE



The calculations of (loss)/earnings per share are based on the following losses
or profits and numbers of shares:


                                                          Unaudited     Unaudited       Audited
                                                                                           Year
                                                          Half Year     Half Year            to
                                                                 to            to     31 August
                                                        28 February   29 February          2004
                                                               2005          2004
                                                               £000          £000          £000
(Loss)/profit on ordinary activities after taxation             (3)          (71)           193
Exceptional items                                                                             -

- profit on disposal of discontinued operations                (27)             -         (256)
                                                          ---------     ---------     ---------
Loss before exceptional items                                  (30)          (71)          (63)
                                                          =========     =========     =========

                                                             Number        Number        Number

                                                          of shares     of shares     of shares

                                                                000           000           000
Weighted average number of shares:
For basic (loss)/earnings per share                          98,147        98,147        98,147
                                                          ---------     ---------     ---------
For diluted (loss)/earnings per share                        98,147        98,147        98,147
                                                          =========     =========     =========
Basic                                                             -       (0.07p)         0.20p
Basic excluding exceptional items                           (0.03p)       (0.07p)       (0.06p)
Diluted                                                           -       (0.07p)         0.20p
                                                          =========     =========     =========



The directors have presented an alternative earnings per share figure to give a
better indication of the long term results of the business. FRS14 requires
presentation of diluted earnings per share when a company could be called upon
to issue shares that would decrease net profit or increase net loss per share.
Since it seems inappropriate to assume that option and warrant holders would act
irrationally, no adjustment has been made to diluted (loss)/earnings per share
for out-of-the-money share options and warrants. Intentions for dilution are so
immaterial that there is no effect on the disclosed (loss)/earnings per share
figures.

2.    RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS

                                                          Unaudited     Unaudited       Audited
                                                                                           Year
                                                          Half Year     Half Year
                                                                                             to
                                                                 to            to
                                                                                      31 August
                                                        28 February   29 February          2004

                                                               2005          2004
                                                               £000          £000          £000
Operating loss                                                 (30)          (67)          (59)
Decrease (increase) in debtors                                    8          (18)            17
Decrease in creditors                                          (10)         (195)         (223)
                                                          ---------     ---------     ---------
NET CASH OUTFLOW FROM OPERATING ACTIVITIES                     (32)         (280)         (265)
                                                           ========      ========     =========

3.    ANALYSIS OF CASH FLOWS

                                                          Unaudited     Unaudited       Audited
                                                                                           Year
                                                          Half Year     Half Year           to
                                                                 to            to     31 August
                                                        28 February   29 February          2004
                                                               2005          2004
                                                               £000          £000          £000
Returns on investments and servicing of finance
Interest received                                                 4             5             8
Interest paid                                                   (4)           (9)          (12)
                                                          ---------     ---------     ---------
NET CASH OUTFLOW                                                  -           (4)           (4)
                                                          =========     =========     =========
Taxation
UK corporation tax repaid/(paid)                                  -           268          (20)
                                                          =========     =========     =========
Capital expenditure and financial investment
Sale of tangible fixed assets                                     -             -           138
                                                      ---------     ---------         ---------
NET CASH INFLOW                                                   -             -           138
                                                          =========      ========      ========
Acquisitions and disposals
Disposal of subsidiary undertakings                              27           309           536
                                                          =========     =========     =========



4.    ANALYSIS AND RECONCILIATION OF NET FUNDS

                                                       At 1 September                       At 28
                                                                 2004                    February
                                                                          Cash flow          2005
                                                                 £000          £000          £000
Cash in hand, at bank                                              68           (5)            63
Overdrafts                                                          -
                                                             --------      --------     ---------
                                                                   68           (5)            63
                                                             --------      --------     ---------
Investment-Loan note deposit                                      213          (26)           187

Loan notes due within 1 year                                    (213)            26         (187)


                                                             --------      --------     ---------
Net funds                                                          68           (5)            63
                                                             ========      ========      ========



                                                           Unaudited     Unaudited       Audited
                                                                                            Year
                                                           Half Year     Half Year
                                                                                              to
                                                                  to            to
                                                                                       31 August
                                                         28 February   29 February          2004

                                                                2005          2004
                                                                £000          £000          £000
(Decrease)/increase in cash in the period                        (5)           293           385
                                                            --------      --------      --------
Change in net debt resulting from cash flows                     (5)           293           385
                                                            --------      --------      --------
Movement in net debt in period                                   (5)           293           385
Net funds/(debt) at start of period                               68         (317)         (317)
                                                            --------      --------      --------
Net funds/(debt) at end of period                                 63          (24)            68
                                                            ========     =========      ========



5.                BASIS OF PREPARATION



The financial information included in this interim statement for the half year
ended 28 February 2005 does not constitute statutory accounts within the meaning
of section 240 of the Companies Act 1985 and is neither audited nor reviewed.
The financial information has been prepared on the basis of accounting policies
consistent with those set out in the statutory financial statements for the year
ended 31 August 2004, which have been filed with the Registrar of Companies and
on which the auditors gave an unqualified opinion.



6.



The Interim Statement was approved by the Board on 27 May 2005.

7.



Copies of this announcement are available to members of the general public from
the company's Registered Office at Barton Hall, Hardy Street, Eccles,
Manchester, M30 7NB.




                      This information is provided by RNS
            The company news service from the London Stock Exchange