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Penmc PLC (PNC)

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Friday 19 May, 2006

Penmc PLC

Interim Results

Penmc PLC
19 May 2006

PenMc plc

Interim Results Statement
for the half year ended 28 February 2006


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.


At the Annual General Meeting of the Company held on 30 March 2006, the
Investment Strategy of the Company in the context of the current AIM rules was
approved 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.


The executive directors are in the process of reviewing such investment
opportunities and will communicate with shareholders at the appropriate time.

Eric Cater 
Non-Executive Chairman 
 
Consolidated profit and loss account 
for the half year ended 28 February 2006 
 

                                                                                                                   
                                                                             Unaudited      Unaudited       Audited
                                                                             Half Year      Half Year        Year  
                                                                                   to             to           to  
                                                                           28 February    28 February     31 August
                                                                                  2006           2005         2005 
                                                                                  £000           £000         £000 
     TURNOVER                                                                       25              2            2 
                                                                              --------      ---------    --------- 
     OPERATING LOSS                                                                (7)           (30)         (64) 
                                                                                                                   
     Exceptional item - profit on disposal of 
     discontinued operations                                              
                                                                                     -             27           27 
     Net interest payable                                                            -              -            - 
                                                                               -------       --------    --------- 
     (LOSS)/PROFIT ON ORDINARY ACTIVITIES 
      BEFORE TAXATION                                                              (7)            (3)         (37) 
     - after exceptional items                                                     (7)            (3)         (37) 
     Exceptional items                                                                                             
     - profit on disposal of discontinued operations                                 -           (27)         (27) 
                                                                                                                   
     LOSS ON ORDINARY ACTIVITIES BEFORE                                              
     TAXATION AND EXCEPTIONAL ITEMS                                                (7)           (30)         (64) 
                                                                              ========      =========     ======== 
     Tax on loss on ordinary activities                                              -              -            - 
                                                                               -------       --------     -------- 

     (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER                                                           
      TAXATION                                                                     (7)           (30)         (37) 
                                                                              ========       ========     ======== 
     (Loss)/earnings per share:                                                                                    
     Basic                                                                      (0.01)              -      (0.04p) 
     Basic excluding exceptional items                                          (0.01)        (0.03p)      (0.06p) 
     Diluted                                                                    (0.01)              -      (0.04p) 
                                                                              ========       ========    ========= 

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 2006 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 2006 
 

                                                                                                               
                                                                   Unaudited           Unaudited        Audited
                                                                        as at              as at         as at 
                                                                  28 February        28 February     31 August
                                                                        2006                2005          2005 
                                                                        £000                £000          £000 
        CURRENT ASSETS                                                                                         
        Debtors                                                            -                  20             9 
        Loan note deposit                                                  -                 187           120 
        Cash at bank and in hand                                          34                  63            43 
                                                                   ---------            --------     --------- 
                                                                          34                 270           172 
        CREDITORS: Amounts falling due within                                                          
        one year                                                        (64)               (259)         (195) 
                                                                   ---------           ---------     --------- 
        NET ASSETS/(LIABILITIES)                                        (30)                  11          (23) 
                                                                  ==========          ==========    ========== 
        CAPITAL AND RESERVES                                                                                   
        Called-up share capital                                          981                 981           981 
        Share premium account                                         20,113              20,113       20,113  
        Profit and loss account                                     (21,124)            (21,083)      (21,117) 
                                                                  ----------          ----------    ---------- 

        SURPLUS OF/(DEFICIENCY IN) EQUITY                                                   
        SHAREHOLDERS' FUNDS                                             (30)                  11          (23) 
                                                                  ==========          ==========    ========== 
                                                                                                               
 
Consolidated cash flow statement 
for the half year ended 28 February 2006 
 

                                                                                                          
                                                                    Unaudited      Unaudited       Audited
                                                                    Half Year      Half Year        Year  
                                                                          to             to           to  
                                                                  28 February    28 February     31 August
                                                                         2006           2005         2005 
                                                                         £000           £000         £000 
              NET CASH OUTFLOW FROM OPERATING ACTIVITIES                  (9)           (32)         (52) 

              Returns on investments and servicing of finance               -              -            -    
                                                                             
              Taxation repaid/(paid)                                        -              -            - 

              Capital expenditure and financial investment                  -              -            -               
              
                                                                       
              Acquisitions and disposals                                    -             27           27 
                                                                   ----------     ----------    --------- 
              (DECREASE)/INCREASE IN CASH                                 (9)            (5)         (25) 
                                                                   ==========     ==========    ========= 
 
Reconciliation of movements in group equity shareholders' funds
for the half year ended 28 February 2006

 

                                                                                                                 
                                                                           Unaudited      Unaudited       Audited
                                                                           Half Year      Half Year        Year  
                                                                                 to             to           to  
                                                                         28 February    28 February     31 August
                                                                                2006           2005         2005 
                                                                                £000           £000         £000 
       Loss for the period                                                       (7)            (3)         (37) 
                                                                           ---------     ----------    --------- 
       Net reduction in equity shareholders' funds                               (7)            (3)         (37) 

       Opening (deficiency in)/surplus of                                              
       equity shareholders' funds                                               (23)             14           14 
                                                                           ---------      ---------    --------- 
       Closing surplus of/(deficiency in)                                              
       equity shareholders' funds                                               (30)             11         (23) 
                                                                           =========     ==========    ========= 
 
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
                                                                      Half Year      Half Year        Year  
                                                                            to             to           to  
                                                                    28 February    28 February     31 August
                                                                           2006           2005         2005 
                                                                           £000           £000         £000 
            (Loss)/profit on ordinary activities                                              
             after taxation                                                 (7)            (3)         (37) 

            Exceptional items                                                                             - 
            - profit on disposal of discontinued operations                   -           (27)         (27) 
                                                                      ---------      ---------    --------- 
            Loss before exceptional items                                   (7)           (30)         (64) 
                                                                      =========      =========    ========= 
                                                                                                            
                                                                         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                                                       (0.01p)              -      (0.04p) 
            Basic excluding exceptional items                           (0.01p)        (0.03p)      (0.06p) 
            Diluted                                                     (0.01p)              -      (0.04p) 
                                                                      =========      =========    ========= 
 
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. As there is no potential dilution, the basic and diluted
(loss)/earnings per share figures are the same. 

2.     RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS          

                                                                                                       
                                                                 Unaudited      Unaudited       Audited
                                                                 Half Year      Half Year        Year  
                                                                       to             to           to  
                                                               28 February    28 February     31 August
                                                                      2006           2005         2005 
                                                                      £000           £000         £000 
                Operating loss                                         (7)           (30)         (64) 
                Decrease (increase) in debtors                          9              8           19 
                Decrease in creditors                                 (11)           (10)          (7) 
                                                                 ---------      ---------    --------- 
                NET CASH OUTFLOW FROM OPERATING ACTIVITIES             (9)           (32)         (52) 
                                                                  ========       ========    ========= 
3.     ANALYSIS OF CASH FLOWS

                                                                                                          
                                                                    Unaudited      Unaudited       Audited
                                                                    Half Year      Half Year        Year  
                                                                          to             to           to  
                                                                  28 February    28 February     31 August
                                                                         2006           2005         2005 
                                                                         £000           £000         £000 
              Returns on investments and servicing of finance                                             
              Interest received                                            2              4            7 
              Interest paid                                               (2)            (4)          (7) 
                                                                    ---------      ---------    --------- 
              NET CASH OUTFLOW                                              -              -            - 
                                                                    =========      =========    ========= 
              Taxation                                                                                    
              UK corporation tax repaid/(paid)                              -              -            - 
                                                                    =========      =========    ========= 
              Capital expenditure and financial investment                                                
              Sale of tangible fixed assets                                 -              -            - 
                                                                    ---------      ---------    --------- 
              NET CASH INFLOW                                               -              -            - 
                                                                    =========       ========     ======== 
              Acquisitions and disposals                                                                  
              Disposal of subsidiary undertakings                           -             27           27 
                                                                    =========      =========    ========= 
 

4.     ANALYSIS AND RECONCILIATION OF NET FUNDS

                                                                                                   
                                                       At 1 September                At 28 February
                                                                2005    Cash flow             2006 
                                                                £000         £000             £000 
                      Cash in hand, at bank                       43          (9)               34 
                                                            --------     --------        --------- 
                                                                  43          (9)               34 
                                                            --------     --------        --------- 
                      Investment-Loan note deposit               120        (120)                - 
                      Loan notes due within 1 year             (120)          120                - 
                                                            --------     --------        --------- 
                      Net funds                                   43          (9)               34 
                                                            ========     ========         ======== 
                                                                                                        
                                                                   Unaudited      Unaudited      Audited
                                                                   Half Year      Half Year       Year  
                                                                         to             to          to  
                                                                 28 February    28 February    31 August
                                                                        2006           2005        2005 
                                                                        £000           £000        £000 
                (Decrease)/increase in cash in the                                                
                 period                                                   (9)            (5)        (25) 
                                                                    --------       --------    -------- 
                Change in net debt resulting from                                             
                cash flows                                                (9)            (5)        (25) 
                                                                    --------       --------    -------- 
                Movement in net debt in period                            (9)            (5)        (25) 
                Net funds/(debt) at start of period                       43             68          68 
                                                                    --------       --------    -------- 
                Net funds/(debt) at end of period                         34             63          43 
                                                                    ========      =========    ======== 
 
 
5. BASIS OF PREPARATION

 
The financial information included in this interim statement for the half year ended 28 February 2006 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 2005, 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 19 May 2006. 
 
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. 
 
END  



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