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Viridas PLC (PRS)

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Wednesday 28 September, 2011

Viridas PLC

Results for 6 months ended 30 June 2011

RNS Number : 0419P
Viridas PLC
28 September 2011
 



VIRIDAS PLC

"Viridas" or the "Company"

 

Results for 6 months ended 30 June 2011

 

Viridas is pleased to announce its interim results for the six months ended 30 June 2011.

 

Financial results

The group operating loss for the half year ended 30 June 2011 amounted to £308,810 (30 June 2010: £294,612).  A retained loss £308,810 (30 June 2010: £294,612) has been transferred to reserves. Net assets as at 30 June 2011 stood at £690,614 (30 June 2010: £185,392).

 

Operational review and outlook

During the six months to 30 June 2011, the Company completed its financial restructuring as set out in the Chairman's statement dated 23 June 2011 and changed its investment strategy.  Going forward, overheads have been reduced significantly and the Company has also raised an additional £500,000 during July 2011 in order to strengthen its balance sheet and to ensure that it is well placed to take advantage of market opportunities as they arise.

 

A number of investment opportunities have been reviewed during this period and work is continuing on a small number of these.  In particular, these include an interesting manganese opportunity in Southern Africa - manganese is relatively easy to mine and is a key component in the production of steel.  A gold asset in Chile in an area that is well known for both gold and copper and a copper/gold property in Spain in an area where there are existing mining operations.

 

The Company is very much focused on creating value for shareholders and looks forward to announcing the progress of its strategy in due course.

 

N Lee

Chairman

28 September 2011

 

For more information:

 

For more information please contact:

 

Viridas Plc:                                                            +44 (0) 20 7580 7576

Nicholas Lee, Chairman

 

Nominated Adviser and Joint Broker:      +44 (0) 20 7012 2000

Arbuthnot Securities

Antonio Bossi/Paul Gillam

 

Joint Broker:                                                       +44 (0) 20 7562 3351

Rivington Street Corporate Finance

Peter Greensmith

 



CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2011

 


Unaudited

6 months

ended

30 June

 2011

Unaudited

6 months

ended

30 June

2010

Audited

Year ended

31 December

2010


£

£

£





Operating loss

(305,240)

(294,101)

(471,826)





Finance income

-

341

407

Finance expense

-

(1)

-





Loss before taxation

(305,240)

(293,761)

(471,419)





Taxation

-

-

-





Loss for the period from continuing operations

(305,240)

(293,761)

(471,419)





(Loss)/profit for the period from discontinued operations

(3,570)

(851)

109,366





Loss for the period

(308,810)

(294,612)

(362,053)









(Loss)/earnings per share




Basic and diluted continuing operations

(0.87p)

(0.89p)

(1.43p)

Basic and diluted discontinued operations

(0.01p)

(0.01p)

0.33p

Total basic and diluted

(0.88p)

(0.90p)

(1.10p)





Dividend per share

-

-

-





 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2011

 


Unaudited

6 months

ended

30 June

 2011

Unaudited

6 months

ended

30 June

2010

Audited

Year ended

31 December

2010


£

£

£

Loss for the period

(308,810)

(294,612)

(362,053)

Exchange differences on translating foreign operations

370

(4,636)

(10,753)





Total comprehensive expense for the period

(308,440)

(299,248)

(372,806)





 

 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2011

 


Share

Capital

 

Share

Premium

 

Capital

Redemption

Reserve

 

Translation

Reserve

 

Redenomination. Reserve

Retained

Earnings

 

Total

Equity

 

Balance at 1 January 2010

3,285,796

1,852,339

27,000

118,543 

-

(4,799,038)

484,640









Loss for the financial year

-

-

-

-

-

(362,053)

(362,053)

Other comprehensive expense








Exchange differences on translating foreign operations

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,753)

 

 

 

-

 

 

 

-

 

 

 

(10,753)


                

                

                

                

                

                

                

Total comprehensive expense for the year

 

 

-

 

 

-

 

 

-

 

 

(10,753)

 

 

-

 

 

(362,053)

 

 

(372,806)


 

 

 

 

 

 

 

Recognition of foreign exchange gains on discontinued activities

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(107,790)

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(107,790)


 

 

 

 

 

 

 


                

                

                

                

                

                

                

Balance at 31 December 2010

 

 

3,285,796

 

1,852,339

 

27,000

 

-

 

-

 

(5,161,091)

 

4,044

Issue of share capital

 

420,000

 

630,000

 

-

 

-

 

-

 

-

 

1,050,000

Cost of shares issued

 

-

 

(54,990)

 

 

-

 

-

 

-

 

-

 

(54,990)

Reduction in par value

 

(3,252,938)

 

-

 

-

 

-

 

3,252,938

 

-

 

-


                

                

                

                

                

                

                

Transactions with owners

 

(2,832,938)

 

575,010

 

-

 

-

 

3,252,938

 

-

 

995,010


                

                

                

                

                

                

                

 

Loss for the period


-


-


-

 

-

 

-


(308,810)


(308,810)

 

Other comprehensive expense








Exchange differences on translating foreign operations

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

370

 

 

 

-

 

 

 

-

 

 

 

370


                

                

                

                

                

                

                

Total comprehensive expense for the period

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

370

 

 

 

-

 

 

 

(308,810)

 

 

 

(308,440)


                

                

                

                

                

                

                

Balance at 30 June 2011

 

452,858

 

2,427,349

 

27,000

 

370

 

3,252,938

 

(5,469,901)

 

690,614


                

                

                

                

                

                

                


 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2011

 


Unaudited

6 months

ended

30 June

 2011

Unaudited

6 months

ended

30 June

2010

Audited

Year ended

31 December

2010


£

£

£

ASSETS




Non-current assets




Property, plant and equipment

-

-

-

Total non-current assets

-

-

-





Current assets




Trade and other receivables

18,867

31,675

8,578

Cash and cash equivalents

730,693

289,851

42,461

Total current assets

749,560

321,526

51,039





Total assets

749,560

321,526

51,039





LIABILITIES




Current liabilities




Trade and other payables

58,946

53,939

46,995

Current tax payable

-

82,195

-

Bank overdraft

-

-

-

Total current liabilities

58,946

136,134

46,995









Net assets

690,614

185,392

4,044





EQUITY




Share capital

452,858

3,285,796

3,285,796

Share premium account

2,427,349

1,852,339

1,852,339

Redenomination reserve

3,252,938

-

-

Capital redemption reserve

27,000

27,000

27,000

Translation reserve

370

113,907

-

Retained losses

(5,469,901)

(5,093,650)

(5,161,091)

Total equity

690,614

185,392

4,044





 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2011

 

 

 

Unaudited

6 months

ended

30 June

 2011

Unaudited

6 months

ended

30 June

2010

Audited

Year ended

31 December

2010


£

£

£





Cash flows from operating activities








Loss before taxation - continuing operations

(305,240)

(293,761)

(471,419)

(Loss)/profit before taxation - discontinued operations

(3,570)

(851)

2,306

Depreciation of property, plant and equipment

-

-

-

Interest receivable

-

(1,041)

(1,323)

Interest payable

-

1

-

(Increase)/Decrease in trade and other receivables

(10,289)

(1,979)

21,118

Increase/(decrease) in trade and other payables

11,951

(58,913)

(65,857)

Foreign exchange movement

370

(4,636)

(10,753)






(306,778)

(361,180)

(525,928)

Interest paid

-

(1)

-

Tax paid

-

(7,274)

(90,199)

Net cash used by operating activities

(306,778)

(368,455)

(616,127)





Cash flows from investing activities




Interest received

-

1,041

1,323


 

 

 

Net cash from investing activities

-

1,041

1,323





Cash flows from financing activities




Issue of shares - net proceeds

995,010

-

-

Repayment of loans

-

-

-

Repayment of finance leases

-

-

-

Net cash generated from financing activities

995,010

-

-





Net increase/(decrease) in cash in the period

688,232

(367,414)

(614,804)





Cash and cash equivalents at beginning of period

42,461

657,265

657,265





Cash and cash equivalents at end of period

730,693

289,851

42,461





 

 

NOTES TO THE INTERIM REPORT

 

1.            The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The group's statutory financial statements for the period ended 31 December 2010, prepared under International Financial Reporting Standards (IFRS), 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 498 (2) or (3) of the Companies Act 2006.

The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2010. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

 

The financial statements have been prepared on a going concern basis under the historical cost convention.

The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as they are in a position to meet all its liabilities as they fall due.

 

2.            The calculation of basic and diluted earnings per share is based on the loss for the period of £308,810 (2010: loss £294,612) and a weighted average number of ordinary shares of 35,080,331 (2010: 32,857,956).

3.            No interim dividend will be paid.

4.            On 11 May 2011, the Company redenominated its share capital to 0.1p from 10p.

5.            Copies of the interim report can be obtained from: The Company Secretary, Viridas PLC, 31, Harley Street, London W16 9QS and are available to view and download from the Company's website : www.viridasplc.com

 


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