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Viridas PLC (PRS)

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Friday 30 November, 2007

Viridas PLC

Interim Results

Viridas PLC
30 November 2007

VIRIDAS PLC


Chairman's Statement
30 November 2007



Turnover in the half year ended 31 August 2007 was £2,502,725 (2006 £3,264,043)
and trading resulted in pre-tax loss of £283,969 (2006 £263,011). This loss
includes costs associated with managing out the Group's existing baby buggy
Parasol business, reducing the scale of the existing underwear businesses, and
investing in our trial Crude Jatropha Oil (CJO) plantation in Brazil, and in our
new subsidiary, Viridas Brasil Agronegocios Ltda.



Operational Review

The half year has been one of ongoing reassessment of the Group's activities and
recognition of the need for strategic change.



The decline in the baby buggy parasol market continued as did the negative long
term trend for our underwear distribution businesses. We have carried out a more
detailed evaluation of the international CJO business, and feel that our initial
interest was well placed. The biodiesel market continues to expand rapidly and
we believe that this growth will continue, driven by geo-political concerns and
legislation aimed at protecting the environment.



Ninaclip baby buggy parasols

The sales of baby buggy parasols in the first half were very poor, due to
combination of bad weather and the continuing decline of the baby buggy parasol
market. As a result the board took the decision to sell all the remaining stock
and discontinue this activity.



Underwear

Notwithstanding the negative long term trends, the Group's underwear businesses
were again steady cash generators, particularly in the German market, and we
expect this to continue throughout the remainder of the current financial year.



Biodiesel project-Brazil

In the half year under review, we established our Brazilian subsidiary in Sao
Paulo, and entered into negotiations to lease suitable land for our CJO pilot
project.  First plantings of Jatropha saplings are scheduled to be in the ground
by early Spring 2008.



Property

Our warehouse premises at Skelmersdale, which were no longer required by the
Group's UK businesses, were sold on 22 October 2007 for £500,000 producing a
book profit of £59,568.



Change of name

On 27 July 2007 the shareholders resolved to change the name of the company to
Viridas PLC. We feel that the new name more accurately reflects the Group's
increasing focus on developing its biodiesel business.



Resignation

As announced on 27 November 2007, Fernando Lunardini has resigned as Chief
Executive of Viridas PLC and a search for a suitable replacement has begun. I
will take over management of the Group until a new chief executive is appointed
and will update shareholders in due course.



Placing

On the 27 July and 9 August 2007 the Company successfully raised £555,000,
before expenses, to provide additional working capital and in particular to
enable the company to finance the ongoing development of its CJO project in
Brazil.



Trial Plantation

The trial planting of Jatropha saplings on our own land is on track with
saplings scheduled to be in the ground by early Spring 2008. This pilot project
will enable us to verify the requirements for the development of a full scale
CJO business.



Outlook

The Groups strategy is to proceed with its CJO project in Brazil, whilst at the
same time continuing to rationalise its traditional underwear businesses in UK
and Germany.



I would like to take this opportunity to thank all of our employees, whose hard
work and dedication is so important to the continued progress of the Group.



S J Wootliff
Chairman






VIRIDAS PLC


CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED
31 AUGUST 2007

                                                                 Unaudited       Unaudited        Unaudited
                                                                  6 months        6 months             Year
                                                                     ended           ended            ended
                                                                 31 August       31 August      28 February
                                                                      2007            2006             2007
                                                                         £               £                £


Revenue - continuing operations                                 2,502,725       3,264,043        6,247,478

Operating loss - continuing operations                           (257,391)       (230,159)        (946,115)

Finance income                                                      4,861               -                -
Finance expense                                                   (31,439)        (32,852)         (71,342)
                                                                ----------      ----------       ----------
Loss before taxation                                             (283,969)       (263,011)      (1,017,457)

Taxation                                                          (20,300)        (17,700)         (88,835)
                                                                ----------      ----------       ----------
Loss for the period                                              (304,269)       (280,711)      (1,106,292)
                                                                ----------      ----------       ----------

Loss per share
Basic                                                              (1.47p)         (1.41p)          (5.56p)
Diluted                                                            (1.47p)         (1.41p)          (5.56p)

Dividend per share                                                      -               -                -




CONDENSED CONSOLIDATED BALANCE SHEET AS AT
31 AUGUST 2007

                                                                 Unaudited       Unaudited       Unaudited
                                                                  6 months        6 months            Year
                                                                     ended           ended           ended
                                                                 31 August       31 August     28 February
                                                                      2007            2006            2007
                                                                         £               £               £
ASSETS
Non-current assets
Intangible assets                                                 165,866         461,523         178,506
Property, plant and equipment                                     544,173         869,050         559,114
                                                                ----------      ----------      ----------
Total non-current assets                                          710,039       1,330,573         737,620
                                                                ----------      ----------      ----------

Current assets
Inventories                                                       838,269       1,526,851       1,008,416
Trade and other receivables                                     1,112,646       1,082,391         477,088
Cash and cash equivalents                                       1,285,637         869,698         689,118
                                                                ----------      ----------      ----------
Total current assets                                            3,236,552       3,478,940       2,174,622
                                                                ----------      ----------      ----------

Total assets                                                    3,946,591       4,809,513       2,912,242
                                                                ----------      ----------      ----------

LIABILITIES
Current liabilities
Trade and other payables                                          619,247         916,953         452,097
Income tax payable                                                 32,094          22,400          76,872
Obligations under finance leases                                    6,443           6,310           6,443
Bank loans                                                         31,645          30,533          31,001
Bank overdraft                                                  1,469,500       1,429,104         784,366
                                                                ----------      ----------      ----------
Total current liabilities                                       2,158,929       2,405,300       1,350,779
                                                                ----------      ----------      ----------

Non-current liabilities
Obligations under finance leases                                    5,368          11,547           8,590
Bank loans                                                        278,283         302,591         288,343
Deferred tax liability                                             33,040          33,040          33,040
                                                                ----------      ----------      ----------
Total non-current liabilities                                     316,691         347,178         329,973
                                                                ----------      ----------      ----------

Total liabilities                                               2,475,620       2,752,478       1,680,752
                                                                ----------      ----------      ----------

Net assets                                                      1,470,971       2,057,035       1,231,490
                                                                ----------      ----------      ----------

EQUITY
Share capital                                                   2,435,796       1,991,196       1,991,196
Share premium account                                           2,005,379       1,906,229       1,906,229
Capital redemption reserve                                         27,000          27,000          27,000
Revaluation reserve                                                84,960          84,960          84,960
Retained earnings                                              (3,082,164)     (1,952,350)     (2,777,895)
                                                                ----------      ----------      ----------
Total equity                                                    1,470,971       2,057,035       1,231,490
                                                                ----------      ----------      ----------





CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED
31 AUGUST 2007

                                                                 Unaudited       Unaudited        Unaudited
                                                                  6 months        6 months             Year
                                                                     ended           ended            ended
                                                                 31 August       31 August      28 February
                                                                      2007            2006             2007
                                                                         £               £                £

Cash flows from operating activities
Loss before tax                                                  (283,969)       (263,011)      (1,017,457)
Depreciation of property, plant and equipment                      22,790          39,740          343,965
Amortisation of intangible assets                                  11,755          55,242          356,194
Interest receivable                                                (4,861)              -                -
Interest payable                                                   31,439          32,852           71,342
Decrease in inventories                                           170,147          27,449          545,884
(Increase)/decrease in trade and other receivables               (635,558)       (451,479)         153,824
Increase/(decrease) in trade and other payables                   167,130         308,007         (168,636)
Foreign exchange movement                                               -         (12,744)               -
                                                                ----------      ----------       ----------
                                                                 (521,127)       (263,944)         285,116
Interest paid                                                     (31,439)        (32,852)         (71,342)
Tax paid                                                          (65,078)        (30,540)         (47,853)
                                                                ----------      ----------       ----------
Net cash from operating activities                               (617,644)       (327,336)         165,921
                                                                ----------      ----------       ----------

Cash flows from investing activities
Interest received                                                   4,861               -                -
Purchase of intangible assets                                           -         (10,009)         (15,994)
Purchase of property, plant and equipment                          (6,964)        (18,694)          (5,855)
                                                                ----------      ----------       ----------
Net cash used in investing activities                              (2,103)        (28,703)         (21,849)
                                                                ----------      ----------       ----------

Cash flows from financing activities
Issue of shares                                                   543,750               -                -
Repayment of loans                                                (12,638)        (18,341)         (34,965)
New loan finance                                                        -          19,329                -
                                                                ----------      ----------       ----------
Net cash generated from/(used in) Financing activities            531,112             988          (34,965)
                                                                ----------      ----------       ----------

(Decrease)/increase in cash in the Period                         (88,635)       (355,051)         109,107

Cash and cash equivalents at beginning of period                  (95,248)       (204,355)        (204,355)

Cash and cash equivalents at end of period                       (183,883)       (559,406)         (95,248)
                                                                ----------      ----------       ----------





CONDENSED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE SIX
MONTHS ENDED 31 AUGUST 2007

                                                                 Unaudited       Unaudited        Unaudited
                                                                  6 months        6 months             Year
                                                                     ended           ended            ended
                                                                 31 August       31 August      28 February
                                                                      2007            2006             2007
                                                                         £               £                £

Loss for the period                                              (304,269)       (280,711)      (1,106,292)
                                                                ----------      ----------       ----------

Total recognised income and expense for the period               (304,269)       (280,711)      (1,106,292)
                                                                ----------      ----------       ----------







NOTES TO THE CONDENSED INTERIM REPORT


1.    The financial information set out in this condensed interim report does 
      not constitute statutory accounts as defined in section 240 of the 
      Companies Act 1985.  The group's statutory financial statements for the 
      year ended 28 February 2007, prepared under UK GAAP, have been filed with 
      the Registrar of Companies.  The auditor's report on those financial 
      statements was unqualified and did not contain a statement under section 
      237 (2) of the Companies Act 1985.


      This condensed interim report has been prepared in accordance with the 
      group's accounting policies, which are based on the recognition and 
      measurement principles of IFRS in issue as adopted by the European Union 
      (EU) and are effective at 28 February 2008 or are expected to be adopted 
      and effective at 28 February 2008, our first annual reporting date at 
      which we are required to use IFRS accounting standards adopted by the EU.


2.    The calculation of basic and diluted earnings per share is based on the 
      loss for the period of £304,269 (2006:  loss £280,711) and a weighted 
      average number of ordinary shares of 20,652,956 (2006: 19,911,956).


3.    No interim dividend will be paid.


4.    Copies of these interim results are being despatched to shareholders.  
      Further copies can be obtained from: The Company Secretary, Viridas 
      P.L.C., 647, Roundhay Road, Leeds LS8 4BA.


5.    Reconciliation of net assets and profits under UK GAAP to IFRS:





Reconciliation of equity at 1 March 2006
                                                                    UK GAAP     Adjustments             IFRS
                                                                          £               £                £
ASSETS
Non-current assets
Intangible assets                                                  506,756               -          506,756
Property, plant and equipment                                      799,096               -          799,096
                                                                 ----------      ----------       ----------
Total non-current assets                                         1,305,852               -        1,305,852
                                                                 ----------      ----------       ----------
Current assets
Inventories                                                      1,554,300               -        1,554,300
Trade and other receivables                                        630,912               -          630,912
Cash and cash equivalents                                          917,673               -          917,673
                                                                 ----------      ----------       ----------
Total current assets                                             3,102,885               -        3,102,885
                                                                 ----------      ----------       ----------

Total assets                                                     4,408,737               -        4,408,737
                                                                 ----------      ----------       ----------
LIABILITIES
Current liabilities
Trade and other payables                                           608,276               -          608,276
Current tax payable                                                 35,890               -           35,890
Obligations under finance leases                                     5,556               -            5,556
Bank loans                                                          30,414               -           30,414
Bank overdraft                                                   1,122,028               -        1,122,028
                                                                 ----------      ----------       ----------
Total current liabilities                                        1,802,164               -        1,802,164
                                                                 ----------      ----------       ----------

Non-current liabilities
Obligations under finance leases                                   314,043               -          314,043
Deferred tax liability                                                   -        (i)7,560            7,560
                                                                 ----------      ----------       ----------
Total non-current liabilities                                      314,043           7,560          321,603
                                                                 ----------      ----------       ----------

Total liabilities                                                2,116,207           7,560        2,123,767
                                                                 ----------      ----------       ----------

Net assets                                                       2,292,530          (7,560)       2,284,970
                                                                 ----------      ----------       ----------


EQUITY
Share capital                                                    1,991,196               -        1,991,196
Share premium account                                            1,906,229               -        1,906,229
Capital redemption reserve                                          27,000               -           27,000
Revaluation reserve                                                 27,000          (7,560)          19,440
Retained earnings                                               (1,658,895)              -       (1,658,895)
                                                                 ----------      ----------       ----------
Total equity                                                     2,292,530          (7,560)       2,284,970
                                                                 ----------      ----------       ----------





NOTES TO THE CONDENSED INTERIM REPORT

Reconciliation of net income at 31 August 2006
                                                                   UK GAAP     Adjustments            IFRS
                                                                         £               £               £

Revenue                                                         3,264,043               -       3,264,043

Operating loss                                                   (236,134)       (ii)5,975       (230,159)

Finance income                                                          -               -               -
Finance expense                                                   (32,852)                        (32,852)
                                                                ----------      ----------      ----------

Loss before taxation                                             (268,986)          5,975        (263,011)

Taxation                                                          (17,700)              -         (17,700)
                                                                ----------      ----------      ----------

Loss for the period                                              (286,686)          5,975        (280,711)
                                                                ----------      ----------      ----------




NOTES TO THE CONDENSED INTERIM REPORT

Reconciliation of equity at 31 August 2006
                                                                   UK GAAP     Adjustments            IFRS
                                                                         £               £               £
ASSETS
Non-current assets
Intangible assets                                                 455,548       (ii)5,975         461,523
Property, plant and equipment                                     869,050               -         869,050
                                                                ----------      ----------      ----------
Total non-current assets                                        1,324,598           5,975       1,330,573
                                                                ----------      ----------      ----------

Current assets
Inventories                                                     1,526,851               -       1,526,851
Trade and other receivables                                     1,082,391               -       1,082,391
Cash and cash equivalents                                         869,698               -         869,698
                                                                ----------      ----------      ----------
Total current assets                                            3,478,940               -       3,478,940
                                                                ----------      ----------      ----------

Total assets                                                    4,803,538           5,975       4,809,513
                                                                ----------      ----------      ----------

LIABILITIES
Current liabilities
Trade and other payables                                          916,953               -         916,953
Current tax payable                                                22,400               -          22,400
Obligations under finance leases                                    6,310               -           6,310
Bank loans                                                         30,533               -          30,533
Bank overdraft                                                  1,429,104               -       1,429,104
                                                                ----------      ----------      ----------
Total current liabilities                                       2,405,300               -       2,405,300
                                                                ----------      ----------      ----------

Non-current liabilities
Obligations under finance leases                                   11,547               -          11,547
Bank loans                                                        302,591               -         302,591
Deferred tax liability                                                  -       (i)33,040          33,040
                                                                ----------      ----------      ----------
Total non-current liabilities                                     314,138          33,040         347,178
                                                                ----------      ----------      ----------

Total liabilities                                               2,719,483          33,040       2,752,478
                                                                ----------      ----------      ----------

Net assets                                                      2,084,100         (27,065)      2,057,035
                                                                ----------      ----------      ----------


EQUITY
Share capital                                                   1,991,196               -       1,991,196
Share premium account                                           1,906,229               -       1,906,229
Capital redemption reserve                                         27,000               -          27,000
Revaluation reserve                                               118,000      (i)(33,040)         84,960
Retained earnings                                              (1,958,325)      (ii)5,975      (1,952,350)
                                                                ----------      ----------      ----------
Total equity                                                    2,084,100         (27,065)      2,057,035
                                                                ----------      ----------      ----------





NOTES TO THE CONDENSED INTERIM REPORT

Reconciliation of net income at 28 February 2007
                                                                    UK GAAP     Adjustments             IFRS
                                                                          £               £                £

Revenue                                                          6,247,478               -        6,247,478

Operating loss                                                    (958,065)     (ii)11,950         (946,115)

Finance income                                                           -               -                -
Finance expense                                                    (71,342)              -          (71,342)
                                                                 ----------      ----------       ----------

Loss before taxation                                            (1,029,407)         11,950       (1,017,457)

Taxation                                                           (88,835)              -          (88,835)
                                                                 ----------      ----------       ----------

Loss for the period                                             (1,118,242)         11,950       (1,106,292)
                                                                 ----------      ----------       ----------





NOTES TO THE CONDENSED INTERIM REPORT

Reconciliation of equity at 28 February 2007
                                                                   UK GAAP      Adjustments            IFRS
                                                                         £                £               £
ASSETS
Non-current assets
Intangible assets                                                 166,556       (ii)11,950         178,506
Property, plant and equipment                                     559,114                -         559,114
                                                                ----------       ----------      ----------
Total non-current assets                                          725,670           11,950         737,620
                                                                ----------       ----------      ----------

Current assets
Inventories                                                     1,008,416                -       1,008,416
Trade and other receivables                                       477,088                -         477,088
Cash and cash equivalents                                         689,118                -         689,118
                                                                ----------       ----------      ----------
Total current assets                                            2,174,622                -       2,174,622
                                                                ----------       ----------      ----------

Total assets                                                    2,900,292           11,950       2,912,242
                                                                ----------       ----------      ----------

LIABILITIES
Current liabilities
Trade and other payables                                          452,097                -         452,097
Current tax payable                                                76,872                -          76,872
Obligations under finance leases                                    6,443                -           6,443
Bank loans                                                         31,001                -          31,001
Bank overdraft                                                    784,366                -         784,366
                                                                ----------       ----------      ----------
Total current liabilities                                       1,350,779                -       1,350,779
                                                                ----------       ----------      ----------

Non-current liabilities
Obligations under finance leases                                    8,590                -           8,590
Bank loans                                                        288,343                -         288,343
Deferred tax liability                                                  -        (i)33,040          33,040
                                                                ----------       ----------      ----------
Total non-current liabilities                                     296,933           33,040         329,973
                                                                ----------       ----------      ----------

Total liabilities                                               1,647,712           33,040       1,680,752
                                                                ----------       ----------      ----------

Net assets                                                      1,252,580          (21,090)      1,231,490
                                                                ----------       ----------      ----------

EQUITY
Share capital                                                   1,991,196                -       1,991,196
Share premium account                                           1,906,229                -       1,906,229
Capital redemption reserve                                         27,000                -          27,000
Revaluation reserve                                               118,000      (i) (33,040)         84,960
Retained earnings                                              (2,789,845)     (ii) 11,950      (2,777,895)
                                                                ----------       ----------      ----------
Total equity                                                    1,252,580          (21,090)      1,231,490
                                                                ----------       ----------      ----------



Adjustments:

(i)   Under IAS 12 'Income taxes', deferred tax is applied in respect of all 
      fixed asset revaluations.


(ii)  IFRS3 'Business Combinations' no longer permits the amortisation of 
      goodwill, instead goodwill is carried at cost and is subject to regular 
      impairment reviews.  The adjustment above relates to the reversal of 
      goodwill amortisation charged since the transition date.  Cumulative 
      goodwill charges prior to the transition date are netted off against the 
      costs of goodwill and the net figure is carried forward as deemed cost.






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