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Legendary Invest PLC (LEG)

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Wednesday 22 September, 2004

Legendary Invest PLC

Final Results - Replacement

Legendary Investments PLC
22 September 2004


The issuer advises that the following announcement replaces the announcement
issued at 12.03 today under RNS number 2141D. The end of the third bullet point
under 'Highlights' has been amended to read as 324%.



                        LEGENDARY INVESTMENTS PLC (LEG)

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2004

HIGHLIGHTS

- Successfully placed 95,600,000 new shares and thereby raised
  £502,000 at minimal cost

- Operating costs cut by £203,000, a reduction of 53%

- Year ended with cash and readily realisable assets of £1,219,000, an
  increase of 324%

- Net losses reduced to £1,052,000 from £2,201,000 last year



CHIEF EXECUTIVE'S STATEMENT

REVIEW OF ACTIVITIES

In the year under review, your Company continued to consolidate its investment
portfolio. Conservative criteria were applied to write-down certain investments
in order to ensure that the portfolio valuation reflects current market
conditions. Your Company significantly reduced operating costs thereby improving
operational efficiency. Your Company improved its cash and current asset
position and raised £502,000. Together, these improvements raise the ability of
your Company to increase returns and take advantage of investment opportunities.

Your Company assessed potential investments, both off-market and on market,
where the investee companies might benefit from your Company's hands-on
investment process in which the investee companies are assisted in certain areas
such as product development and marketing.

While some investments were made, on a net basis, £463,000 of disposals were
made. In addition, and in line with the prudent practices of your Company,
write-downs of certain unlisted investments were made. In total the investment
portfolio reduced by £1,132,000, the significant majority of which related to
write-downs of unlisted investments. This compares with a reduction of
£3,302,000 in the investment portfolio for the previous year.

On 6 September 2004, it was announced that Legends Surf Shops Plc had appointed
liquidators. As at 31 March 2004, your Company owned 18% of the ordinary share
capital of Legends, which was valued at £387,500. It is unlikely that any value
will be realised for the members.

In March 2004, your Company successfully placed 95,600,000 new shares at 0.525
pence per share raising £502,000. This was achieved at a cost of only £17,000 to
your Company. Your Company ended the year with cash and current asset
investments of £1,219,000. This is a substantial increase of 324% over the
previous year end when your Company had cash and current asset investments of
£376,000. Current asset investments comprise short term positions in various
fully listed investments. These assets are readily realisable into cash. The
management of the cash and current asset investment positions is part of your
Company's treasury activity.

The increase in cash and current asset investments to £1,219,000 increases the
ability of your Company to be able to take advantage of appropriate
opportunities when and as they arise.

Your Company's drive for efficiency continued. Administrative costs for the year
were reduced from £385,000 to £182,000 excluding the write back of accruals for
amounts that are no longer due. This is a significant reduction of 53% on the
previous year's administrative costs of £385,000, and follows on from the
reduction of 26% in administrative costs achieved during that year. As part of
this cost reduction, directors' emoluments were reduced from £57,000 to £49,000.
This follows on from the reduction from £105,000 made during 2003.

Overall, for the year under review, your Company made losses of £1,052,000
compared with losses of £2,201,000 for last year.

OUTLOOK

Your Company now has a better quality investment portfolio, more efficient
operations and more liquid assets, and it is better placed to be able to take
advantage of future mid to long term investment opportunities.

Shami Ahmed
Chief Executive Officer

22 September 2004


Registered Office:

4th Floor, Wembley Point
1 Harrow Road
Wembley
Middx HA9 6DE



For further information please contact:

Zafar Karim      Legendary Investments    020 7887 1338

Sarah Wharry     Seymour Pierce           020 7107 8000




PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2004

                                                             2004        2003
                                                            £'000       £'000

Administrative expenses                                       (51)       (385)
Net losses on investments                                    (979)     (1,826)

Operating loss                                             (1,030)     (2,211)
Interest receivable                                             3          12
Interest payable                                              (25)         (2)

Loss on ordinary activities before taxation                (1,052)     (2,201)
Taxation                                                        -           -

Retained loss for the financial period                     (1,052)     (2,201)

Loss per share                                              (0.2p)      (0.4p)
- basic and fully diluted


A separate statement of recognised gains and losses has not been prepared as the
Company has no recognised gains or losses in the current or prior period other
than the losses for the periods.

A separate note of historical cost profits and losses has not been prepared as
the practice of marking to market is not considered to be a departure from the
historical cost convention. Accordingly, the figures presented above are
prepared on the historical cost basis.

All activities are continuing.




BALANCE SHEET
As at 31 March 2004

                                                         2004             2003
                                               £'000    £'000   £'000    £'000

FIXED ASSETS                                                -                3
Tangible assets
Fixed asset investments                                 1,357            2,489

                                                        1,357            2,492
CURRENT ASSETS                                   27               32
Debtors
Listed investments                               807              376
Cash at bank and in hand                         412                -

                                               1,246              408
CREDITORS: amounts falling due within one     (1,039)            (769)
year

NET CURRENT ASSETS/(LIABILITIES)                          207             (361)

TOTAL ASSETS LESS CURRENT LIABILITIES                   1,564            2,131

CAPITAL AND RESERVES
Called up share capital                                   628              532
Share premium account                                   8,270            7,881
Profit and loss account - deficit                      (7,334)          (6,282)

EQUITY SHAREHOLDERS' FUNDS                              1,564            2,131





CASHFLOW STATEMENT
For the year ended 31 March 2004

                                               £'000    2004    £'000     2003
                                                       £'000             £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES              (127)           (1,016)
RETURNS ON INVESTMENTS AND SERVICING OF 
FINANCE
Interest received                                  3               12
Interest paid                                    (25)              (2)

                                                         (22)               10
CAPITAL EXPENDITURE AND FINANCIAL 
INVESTMENT
Payments to acquire fixed asset investments      (10)            (938)
Payments to acquire current asset            (30,654)          (9,598)
investments
Receipts from fixed assets investments           481            1,044
Receipts from current asset investments       30,085            9,947

NET CASH (OUTFLOW)/ INFLOW FROM INVESTING 
ACTIVITIES                                               (98)              455

NET CASH INFLOW/ (OUTFLOW) BEFORE FINANCING             (247)             (551)
FINANCING                                        485                -
Issue of shares
Director's loan                                  410                -

                                                         895                 -

INCREASE/(DECREASE)                                      648              (551)
IN CASH


1. BASIS OF PREPARATION

The results incorporated in the preliminary announcement have been prepared on
the basis of accounting policies consistent with previous years.

The preliminary announcement was approved by the Board of directors on 22
September 2004. The figures for the year ended 31 March 2004 do not constitute
full accounts within the meaning of Section 240 of the Companies Act 1985.

The figures for the year ended 31 March 2003 have been extracted from the
accounts for 2003, which have been delivered to the registrar of companies. The
auditors have reported on those accounts their reports were unqualified and did
not contain statements under section 237 (2) of (3) of the Companies Act 1985.

The Annual Report and Accounts for the year ended 31 March 2004 will be sent to
shareholders in due course.

                                                              2004       2003
2. LOSS PER ORDINARY SHARE                                   £'000      £'000

Attributable loss (£'000)                                   (1,052)    (2,201)

Average number of ordinary shares in issue ('000)          534,679    532,067

Average number of ordinary shares in issue and over which
options have been granted ('000)                           534,679    532,067

Basic loss per share (pence)                                   0.2p       0.4p

Fully diluted loss per share (pence)                           0.2p       0.4p

The fully diluted loss per share takes account of outstanding share options and
warrants, to the extent that they are dilutive.

                                                              2004       2003
3. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS'              £'000      £'000
FUNDS

Opening shareholders' funds                                  2,131      4,332

Loss for the financial year                                 (1,052)    (2,201)

Received from share issue                                      485          -

Closing shareholders' funds                                  1,564      2,131


                                                                 2004     2003
4. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM    £'000    £'000
OPERATING ACTIVITIES

Operating loss                                                 (1,030)  (2,211)

Depreciation of tangible fixed assets                               3        3

Losses on investments                                             971    1,209

Decrease in debtors                                                 5        1

Increase /(decrease) in creditors                                 (76)     (18)

Net cash outflow from operating activities                       (127)  (1,016)


5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH               £'000

Increase in cash in the year                                               648

New loan in the year                                                      (410)

Net debt at 31 March 2003                                                 (262)

Net debt at 31 March 2003                                                  (24)




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

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