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Web Shareshop (SVE)

  Print      Mail a friend       Annual reports

Friday 13 February, 2004

Web Shareshop

Interim Results

Web Shareshop (Holdings) PLC
13 February 2004

Web Shareshop (Holdings) plc

Interim report - six months ended 31 January 2004

Chairman's statement


The Group has continued to make very acceptable progress during the past six
months. Further trading profits have been taken and investments have been made
in two businesses, both on favourable terms.


The results for the six months to 31 January 2004 record a gross profit of
£274,510 on turnover of £299,510 and a profit on ordinary activities after
overheads but before taxation of £159,135.
The profit after taxation is equivalent to 0.38 pence per share, or 0.35 pence
per share fully diluted.

At 31 January 2004, the Group had £396,668 cash in the bank with net current
assets and net assets of £862,685. Trading investments are included in the
statement at the lower of cost or mid-market valuation. Based on the mid market
prices at the close of business on 30 January 2004, the valuation was £7.168m,
giving unrealised profits of £6.312m.

The underlying net asset value per share based on closing mid market prices as
at 30 January 2004 was 21.4 pence, or 20.1 pence fully diluted, an increase of
294% from 5.1 pence at 31 July 2003. At the close of business on 6 February
2004, the values were 25.7 pence and 24.2 pence respectively compared to a
Company share price of 15.5 pence.

No dividends have been proposed for the period.

Investments and current activities

The trade investment portfolio currently comprises holdings in the following:

                               Activities                       Domicile

Beowulf Gold plc               Gold exploration and             England &
                               development                      Wales

Brazilian Diamonds Limited     Diamond exploration              Canada

Franconia Minerals             North American minerals          Canada

Hidefield plc                  North American mining & energy   England &

MyHome plc                     Domestic cleaning services       England &

Southern African Resources plc High value metals & minerals     England &

St Helens Capital plc          Corporate finance advisor        England &

In addition, the Group holds warrants, the terms of which permit the purchase of
new shares at prices below the current market prices in Franconia and Southern

African Resources.

The Directors continue to be most satisfied with the trade investments made and
will continue to take profits as opportunities arise.

Capital requirements

As forecast in the Chairman's 2003 annual statement, the Group raised further
capital amounting to £182,900 net of expenses during the period.

In view of the satisfactory investment progress, it is the opinion of the
Directors that the Group is adequately funded at this time.


On 1 December 2003 the Board appointed Mr Tony Scutt as a non-executive
director; Tony, who has been a shareholder since inception in 2000, is an
experienced private investor and investment analyst. The Directors look forward
to his contribution to the benefit of all shareholders.

The Directors are very pleased with the six month results and look forward to
reporting continuing positive news following the Group's July year end.

R Bruce Rowan
Chairman & Chief Executive

13 February 2004

Consolidated Profit & Loss Accounts

                            6 months to 31    6 months to 31      Year ended
                            January 2004      January 2003
                                                                31 July 2003
                               Unaudited         Unaudited           Audited
                                   £,000             £,000             £,000

Turnover                             299                 0               160

Cost of sales                         25                 0                 0
                                  --------          --------         ---------
Gross profit                         274                 0               160

expenses                            (115)              (65)             (119)
                                  --------          --------         ---------
on ordinary
taxation                             159               (65)               41

Tax on
activities                           (48)                0                 0
                                  --------          --------         ---------
on ordinary
after taxation                       111               (65)               41

Dividends on
equity shares                          0                 0                 0
                                  --------          --------         ---------
profit/( loss)
for the period                       111               (65)               41
                                  --------          --------         ---------
                                  --------          --------         ---------
per share       

Basic                Note 3          0.38             (0.24)             0.15

Fully diluted                        0.35             (0.23)             0.14

                                  --------          --------         ---------

Consolidated Balance Sheet

                                    6 months to 31 6 months to 31   Year ended
                                    January 2004   January 2003
                                                                  31 July 2003
                                       Unaudited      Unaudited        Audited
                                           £,000          £,000          £,000

Fixed assets                                   0              0              0
                                          --------       --------      ---------
Current assets                                                                                                      
  Debtors                                      3              8              12
  Trading investments              Note 2    543            402             422
  Cash at bank and in hand                   397             43             176

                                             943            453             610
  Amounts falling due within one             (81)           (32)            (42)

  Net current assets                         862            421             568

  Total assets less current                  862            421             568
  Capital and reserves                                                                                                
  Called up share capital                    314            262             276
  Share premium account                    1,498          1,325           1,352
  Merger reserves                            424            424             424
  Profit and loss account                 (1,374)        (1,590)         (1,484)

  Equity shareholders' funds                 862            421             568

Reconciliation of Movement in Shareholders' Funds

                     6 months to 31        6 months to 31          Year ended
                     January 2004          January 2003
                                                                 31 July 2003
                        Unaudited             Unaudited               Audited
                            £,000                 £,000                 £,000
                           --------              --------             ---------
relating to
the period                    111                   (64)                   41
Net proceeds
of share
issues                        183                     0                    42
                           --------              --------             ---------
ease) in
funds                         294                   (64)                   83

funds                         568                   485                   485
                           --------              --------             ---------
funds                         862                   421                   568
                           --------              --------             ---------

Interim report notes

1.  Interim report

The information relating to the six month periods to 31 January 2004 and 31
January 2003 is unaudited.

The information relating to the year ended 31 July 2003 is extracted from the
audited accounts of the Company which have been filed at Companies House and on
which the auditors issued an unqualified audit report.

2.      Basis of accounting

The report has been prepared using accounting policies that are consistent with
those adopted in the statutory accounts for the year ended 31 July 2003 by the
Group and its subsidiary undertaking, although the information does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985.

The consolidated financial statements have been prepared using merger
accounting. Under merger accounting the results and cash flows are combined from
the beginning of the financial period and all comparatives are stated on the
combined basis. These interim financial statements consolidate the financial
statements of the Company and its subsidiaries.

The Company and Group will report again for the full year to 31 July 2004.
The Group's investments at 31 January 2004 are valued at cost.

3.      Profit per share
                                    6 months to 31 6 months to 31   Year ended
                                    January 2004   January 2003
                                                                  31 July 2003
                                       Unaudited      Unaudited        Audited
                                           £,000          £,000          £,000

These have
calculated on
of:                                          111            (65)            41
                                          --------       --------      ---------
The weighted
average number
of shares used
was:                                  29,317,245     26,229,130     26,825,052
The weighted
average number
of shares and
options used
was:                                  31,621,050     28,329,130     28,925,052
                                          --------       --------      ---------

Basic profit/(loss) per share:        0.38 pence   (0.24) pence     0.15 pence

Fully diluted profit/(loss) per       0.35 pence   (0.23) pence     0.14 pence
share:                                    --------       --------      ---------

Copies of this interim report are available free of charge by application in
writing to the Company Secretary at the Company's registered office, 123
Goldsworth Road, Woking, GU21 1LR, by email to [email protected] or from the
Company's website at

Enquiries to Tony Scutt, telephone 01483 475909, [email protected]

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

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