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Penmc PLC (PNC)

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Monday 27 February, 2006

Penmc PLC

Final Results

Penmc PLC
27 February 2006

27 February 2006


PenMc plc
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 AUGUST 2005


Chairman's Statement

The executive director's activities have again been concentrated on the ongoing
pursuit of prior year disposal issues and a number of administrative matters.

Total administrative expenses incurred in the year of £66,000 (2004: £164,000)
have now been reduced to the bare minimum necessary to operate a public company.
It is anticipated that the future receipt of monies from prior year disposals
will finance the ongoing administrative expenses of the Group.

It remains a transitional period for the Group. The executive directors continue
to pursue certain issues in order to maximize the financial worth of the Group.
Their success in this endeavour will shape the strategy of the Group in the
future.

The Investment Strategy of the Company in the context of the current AIM rules
is as follows:

The Directors will be actively seeking to invest in a company or business that
is well positioned in a business sector with above average growth potential.
The chosen business sector is likely to be in consumer services. The Directors
have extensive experience of acquiring and managing both public and private
companies and this experience will be used to carry out due diligence,
supplemented by investigating accountants as appropriate, and to evaluate
proposed investments.

A resolution to approve the Investment Strategy will be put to shareholders at
the forthcoming Annual General Meeting.

Eric J Cater
Non-executive Chairman
27 February 2006


Consolidated profit and loss account
for the year ended 31 August 2005

                                                                               Year ended     Year ended
                                                               Notes            31 August      31 August
                                                                                     2005           2004
                                                                                    £'000          £'000
                                                                             Discontinued   Discontinued

Turnover                                                                                2            105
                                                                                        
Administrative expenses                                                              (66)           (164)
                                                                                     
Operating loss                                                                       (64)            (59)
                                                                                     
Exceptional item-profit on disposal of discontinued          2                        27             256               
operations                                                                            

Net interest payable                                                                    -            (4)
                                                                                        
(Loss)/profit on ordinary activities before taxation                                 (37)            193
                                                                                     
-(Loss)/profit after exceptional items                                               (37)            193               
                                                                                     
Exceptional items
-profit on disposal of discontinued operations                   2                   (27)          (256)              

 Loss on ordinary activities before exceptional items                                 (64)          (63)              
                                                                                   

Tax on (loss)/profit on ordinary activities                                              -             -
                                                                                         
(Loss sustained)/profit retained for the year                                         (37)           193               
                                                                                      
(Loss)/earnings per share                                                            Pence per share
                                                                                     
Basic (loss)/earnings per share                                   3                (0.04)           0.20
Loss per share excluding exceptional items                        3                (0.06)         (0.06)              
                                                                                    

Diluted (loss)/earnings per share                                 3                 (0.04)          0.20



There are no recognised gains or losses other than the loss for the year.





Consolidated balance sheet
as at 31 August 2005

                                                                Notes                 2005          2004
                                                                                     £'000         £'000
Current assets
Debtors                                                                                  9            28
Investment - Loan note deposit                                                         120           213
Cash at bank and in hand                                                                43            68
                                                                                       172           309
Creditors: amounts falling due within one year                                       (195)         (295)
Net current (liabilities)/assets                                                      (23)            14
Net (liabilities)/assets                                                              (23)            14

Capital and reserves
Called-up share capital                                                                981           981
Share premium account                                                               20,113        20,113
Profit and loss account                                                           (21,117)
                                                                                                (21,080)
Equity shareholders' (deficit)/funds                              4                   (23)            14



Consolidated cash flow statement
for the year ended 31 August 2005

                                                                 Note               2005               2004
                                                                                   £'000              £'000
Net cash outflow from operating activities                         5                (52)              (265)
Returns on investment and servicing of finance
Interest paid                                                                        (7)               (12)
Interest received                                                                      7                  8
Net cash outflow from returns on investments and servicing of
finance                                                                                -                (4)
Taxation
UK corporation tax                                                                     -               (20)


Capital expenditure and financial investment
Sale of tangible fixed assets                                                          -                138
Net cash inflow from capital expenditure and financial
investment                                                                             -                138

Acquisitions and disposals
Disposal of subsidiary undertakings                                2                  27                536
Net cash inflow from disposal of subsidiary undertakings                              27                536
(Decrease)/increase in cash in the year                                             (25)                385



Notes

1 Basis of preparation

This preliminary announcement contains information extracted from the audited
financial statements of the Company and the Group for the year ended 31 August
2005. Those financial statements have been prepared on the basis of the
accounting policies set out in the Group's 2004 statutory accounts.

2 Exceptional items

                                                                                    2005               2004
                                                                                   £'000              £'000
Kingsbridge Advisors - share of trail commissions receivable                           -               (38)
Profit relating to disposals in prior year                                          (27)              (218)
                                                                                    (27)              (256)


3 (Loss)/earnings per share

The calculations of (loss)/earnings per share based on the following (losses)          2005              2004
/profits and numbers of shares:
                                                                                      £'000             £'000


Profit/(loss) on ordinary activities after taxation                                     193           (7,764)
Exceptional items
- goodwill impairment                                                                     -             1,700
- (profit)/loss on disposal of discontinued operations                                (256)             3,222
Loss before goodwill impairment and exceptional items                                  (63)           (2,842)


                                                                                         No               No
Weighted average number of shares                                                98,147,196        98,147,196
For diluted earnings/(loss) per share                                            98,147,196        98,147,196


                                                                                Pence per         Pence per
                                                                                   share             share

Basic (loss)/earnings per share                                                    (0.04)             0.20
                                                                                   
Loss per share excluding exceptional items                                         (0.06)           (0.06)
                                                                                   
Diluted (loss)/earnings per share                                                  (0.04)             0.20
                                                                                   


The directors have presented alternative earnings per share figures 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 earnings/(loss) per share
for out-of-the-money share options and warrants. As there is no potential
dilution, the basic and diluted  (loss)/earnings per share figures are the same.

4 Reconciliation of movements in group equity shareholders' (deficit)/funds


                                                                                    2005             2004
                                                                                   £'000            £'000
(Loss)/profit for the year                                                          (37)              193
Net (reduction)/increase in equity shareholders' funds                              (37)              193
Opening equity shareholders' funds/(deficit)                                          14            (179)
Closing equity shareholders' (deficit)/funds                                        (23)               14

5 Reconciliation of operating loss to operating cash flows

                                                                                    2005            2004
                                                                                   £'000           £'000
Operating loss                                                                      (64)             (59)
Decrease in debtors                                                                   19               17
(Decrease)/increase in creditors                                                     (7)            (223)
Net cash outflow from operating activities                                          (52)            (265)


6 Analysis and reconciliation of net funds


                                                       At 1 September         Cash flow      At 31 August
                                                                 2004                                2005
                                                                £'000             £'000             £'000
                                                                                  
Cash at bank and in hand                                           68              (25)                43
                                                                   68              (25)                43
Investment - loan note deposit                                    213              (93)               120
Loan notes due within one year                                  (213)                93             (120)
Net funds                                                          68              (25)                43




7         Report and Accounts

The Report and Accounts of the Company and the Group for the year ended 31
August 2005 will be sent to shareholders shortly and are available from the
Company Secretary at the registered office; Barton Hall, Peel Green, Manchester,
M30 7NB.



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