RNS Number : 7545U
Clerkenwell Ventures PLC
30 June 2009
Clerkenwell Ventures PLC
Unaudited Interim Results
30 June 2009
Unaudited Interim Results for the period ended 31 March 2009
Clerkenwell Ventures PLC ('Clerkenwell Ventures' or 'the Company') announces its interim results for the period ended 31 March 2009.
Highlights :
-
Net cash as at 31 March 2009 of £3.56 million (2008: £29.68 million)
-
Loss before taxation for the period ended 31 March 2009 of £95,000 (2008: profit of £345,000)
-
Net cash today of £3.21 million
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman
Telephone: 07836 346934
Seymour Pierce Limited
Telephone: 020 7107 8000
Nicola Marrin
Redleaf Communications Ltd
Telephone: 020 7566 6700
Emma Kane/ Samantha Robbins/ Anna Dunkin
Clerkenwell Ventures PLC
Unaudited Interim Results
for the period ended 31 March 2009
Chairman's Statement
It gives me pleasure to report the interim results of Clerkenwell Ventures for the six months ended 31 March 2009.
Investment strategy
We have continued to evaluate a number of businesses.
Results
Loss after taxation for the six months ended 31 March 2009 was £55,000 (2008: profit of £182,000). As at 31 March 2009, Clerkenwell Ventures' net cash balances amounted to £3.56 million (2008: £29.68 million). Net cash today of £3.21 million.
Corporate activity
In March 2009, the Company returned £26.79 million to shareholders by way of the bonus issue and capital reduction.
David Page
Non-executive Chairman
30 June 2009
Clerkenwell Ventures PLC
Unaudited Income Statement
for the period ended 31 March 2009
|
|
Notes
|
Six months
ended
31 March
2009
Unaudited
£'000
|
Six months
ended
31 March
2008
Unaudited
£'000
|
Year
ended
30 September
2008
Audited
£'000
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(177)
|
(330)
|
(530)
|
|
|
|
|
|
|
|
Operating loss before share based payments
|
|
(177)
|
(330)
|
(530)
|
|
|
|
|
|
|
|
Share based payments
|
|
(148)
|
(153)
|
(307)
|
|
|
|
|
|
|
|
Operating loss
|
|
(325)
|
(483)
|
(837)
|
|
|
|
|
|
|
|
Finance income
|
|
230
|
828
|
1,574
|
|
|
|
|
|
|
|
(Loss)/profit on ordinary activities before taxation
|
|
(95)
|
345
|
737
|
|
|
|
|
|
|
|
Taxation receivable/(payable)
|
3
|
40
|
(163)
|
(323)
|
|
|
|
|
|
|
|
(Loss)/profit for the period
|
|
(55)
|
182
|
414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
4
|
(0.6p)
|
2.2p
|
5.0p
|
|
Diluted
|
4
|
(0.6p)
|
2.2p
|
5.0p
|
All amounts relate to continuing activities.
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 31 March 2009
|
|
Notes
|
As at
31 March
2009
Unaudited
£'000
|
As at
31 March
2008
Unaudited
£'000
|
As at
30 September
2008
Audited
£'000
|
|
|
|
|
|
|
|
Non current assets
|
|
|
|
|
|
Property, plant and equipment
|
|
2
|
4
|
3
|
|
|
|
|
|
|
|
|
|
2
|
4
|
3
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Trade and other receivables
|
|
2
|
92
|
276
|
|
Cash at bank and in hand
|
|
3,563
|
29,680
|
29,918
|
|
|
|
|
|
|
|
|
|
3,565
|
29,772
|
30,194
|
|
|
|
|
|
|
|
Total assets
|
|
3,567
|
29,776
|
30,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
|
(99)
|
(219)
|
(107)
|
|
Current taxation liabilities
|
|
(270)
|
(163)
|
(310)
|
|
|
|
|
|
|
|
|
|
(369)
|
(382)
|
(417)
|
|
|
|
|
|
|
|
Net current assets
|
|
3,196
|
29,390
|
29,777
|
|
|
|
|
|
|
|
Net assets
|
|
3,198
|
29,394
|
29,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Called up share capital
|
|
83
|
4,122
|
4,122
|
|
Share premium account
|
|
2,262
|
24,898
|
24,898
|
|
Retained earnings
|
|
853
|
374
|
760
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
3,198
|
29,394
|
29,780
|
|
|
|
|
|
|
Clerkenwell Ventures
Unaudited Statement of Changes in Shareholders' Equity
for the six months ended 31 March 2009
|
|
Share
capital
£'000
|
Share
premium
£'000
|
Retained
earnings
£'000
|
Total
equity
£'000
|
|
|
|
|
|
|
|
At 30 September 2007
|
4,122
|
24,894
|
39
|
29,055
|
|
|
|
|
|
|
|
Ordinary shares issued (net of expenses)
|
-
|
4
|
-
|
4
|
|
|
|
|
|
|
|
Share based payments
|
-
|
-
|
153
|
153
|
|
Profit for the period
|
-
|
-
|
182
|
182
|
|
|
|
|
|
|
|
Total recognised income and expense
|
-
|
-
|
335
|
335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2008
|
4,122
|
24,898
|
374
|
29,394
|
|
|
|
|
|
|
|
Ordinary shares issued (net of expenses)
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Share based payments
|
-
|
-
|
154
|
154
|
|
Profit for the period
|
-
|
-
|
232
|
232
|
|
|
|
|
|
|
|
Total recognised income and expense
|
-
|
-
|
386
|
386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2008
|
4,122
|
24,898
|
760
|
29,780
|
|
|
|
|
|
|
|
Ordinary shares issued (net of expenses)
|
50
|
100
|
-
|
150
|
|
Bonus issue of B Shares (net of expenses)
|
22,698
|
(22,736)
|
-
|
(38)
|
|
Return of capital
|
(26,787)
|
-
|
-
|
(26,787)
|
|
|
|
|
|
|
|
Share based payments
|
-
|
-
|
148
|
148
|
|
Profit for the period
|
-
|
-
|
(55)
|
(55)
|
|
|
|
|
|
|
|
Total recognised income and expense
|
-
|
-
|
93
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2009
|
83
|
2,262
|
853
|
3,198
|
|
|
|
|
|
|
|
|
|
|
|
|
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the period ended 31 March 2009
|
|
Notes
|
Six months
ended
31 March
2009
Unaudited
£'000
|
Six months
ended
31 March
2008
Unaudited
£'000
|
Year
ended
30 September
2008
Audited
£'000
|
|
|
|
|
|
|
|
Net cash from operating activities
|
5
|
90
|
(396)
|
(905)
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
-
|
(1)
|
-
|
|
Interest received
|
|
230
|
828
|
1,574
|
|
|
|
|
|
|
|
Net cash generated by investing activities
|
|
230
|
827
|
1,574
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Proceeds from issuance of new ordinary shares (net of expenses)
|
|
150
|
4
|
4
|
|
Proceeds from bonus issuance of new ordinary shares (net of expenses)
|
|
(38)
|
-
|
-
|
|
Return of capital
|
|
(26,787)
|
-
|
-
|
|
|
|
|
|
|
|
Net cash from financing activities
|
|
(26,675)
|
4
|
4
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
(26,355)
|
435
|
673
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period
|
|
29,918
|
29,245
|
29,245
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
3,563
|
29,680
|
29,918
|
|
|
|
|
|
|
Clerkenwell Ventures PLC
Notes to the Unaudited Interim Results
for the period ended 31 March 2009
1. General information
Clerkenwell Ventures PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is 1 Park Row, Leeds, LS1 5AB, United Kingdom. Copies of this Interim Statement may be obtained from the above address or the investor section of the Company's website at http://www.clerkenwellventures.com
2. Basis of preparation
The unaudited interim financial statements for the six months ended 31 March 2009 have been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ('IFRS') based on the accounting policies consistent with those used in the financial statements for the year ended 30 September 2008, and those to be applied for the year ending 30 September 2009. The unaudited interim financial statements were approved by the Board on 30 June 2009.
The interim financial statements for the six months ended 31 March 2009 do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year ended 30 September 2008 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237(3) of the Companies Act 1985.
The interim consolidated financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the Company operates. All values are rounded to the nearest thousand Pounds (£'000) except when otherwise indicated.
3. Income tax expense
|
|
Six months
ended
31 March
2009
Unaudited
£'000
|
Six months
ended
31 March
2008
Unaudited
£'000
|
Year
ended
30 September
2008
Audited
£'000
|
|
|
|
|
|
|
Based on the result for the period:
|
|
|
|
|
UK Corporation tax at 28% (2008: 29%)
|
4
|
150
|
310
|
|
Adjustment in respect of prior years
|
(44)
|
13
|
13
|
|
|
|
|
|
|
Total current tax
|
(40)
|
163
|
323
|
|
|
|
|
|
|
Deferred taxation:
|
|
|
|
|
Origination and reversal of timing differences
|
-
|
-
|
-
|
|
|
|
|
|
|
Taxation payable
|
(40)
|
163
|
323
|
|
|
|
|
|
4. Earnings per share
|
|
Six months
ended
31 March
2009
Unaudited
£'000
|
Six months
ended
31 March
2008
Unaudited
£'000
|
Year
ended
30 September
2008
Audited
£'000
|
|
|
|
|
|
|
Earnings for the purposes of basic and diluted earnings per share:
- (Loss)/profit for the period
|
(55)
|
182
|
414
|
|
Share based payments
|
148
|
153
|
307
|
|
|
|
|
|
|
Adjusted profit for the period for the purposes of headline basic and diluted earnings per share
|
93
|
335
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
number
of shares
'000
|
Weighted
Average
number
of shares
'000
|
Weighted
Average
number
of shares
'000
|
|
Weighted average number of shares in issue for the purposes of basic earnings per share
|
8,317
|
8,245
|
8,245
|
|
Effect of dilutive potential ordinary shares:
|
|
|
|
|
- Share options
|
-
|
53
|
50
|
|
|
|
|
|
|
Weighted average number of shares for the purposes of diluted earnings per share
|
8,317
|
8,298
|
8,295
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.6p)
|
2.2p
|
5.0p
|
|
Diluted
|
(0.6p)
|
2.2p
|
5.0p
|
|
|
|
|
|
|
Adjusted basic
|
1.1p
|
4.1p
|
8.7p
|
|
Adjusted diluted
|
1.1p
|
4.0p
|
8.7p
|
|
|
|
|
|
The Company returned £26.79 million to shareholders by way of a bonus issue of 272 B Shares per ordinary share of 5p each and a capital reduction which cancelled the B Shares and reduced the nominal value of each ordinary share from 5 pence to 0.1 pence each. On 9 March 2009, every 10 ordinary shares of 0.1 pence each in the Company were consolidated into 1 new ordinary share of 1 pence each in the Company. The weighted average number of shares in issue for the six months ended 31 March 2008 and year ended 30 September 2008 above has therefore been restated assuming that the consolidation had taken place.
5. Notes to the cash flow statement
Reconciliation of net cash flow from operating activities
|
|
Six months
ended
31 March
2009
Unaudited
£'000
|
Six months
ended
31 March
2008
Unaudited
£'000
|
Year
ended
30 September
2008
Audited
£'000
|
|
|
|
|
|
|
(Loss)/profit before taxation
|
(95)
|
345
|
737
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Investment revenues
|
(230)
|
(828)
|
(1,574)
|
|
Depreciation and amortisation
|
1
|
1
|
1
|
|
Share based payments expense
|
148
|
153
|
307
|
|
|
|
|
|
|
Operating cash flows before movements in working capital
|
(176)
|
(329)
|
(529)
|
|
Increase in trade and other receivables
|
274
|
(33)
|
(217)
|
|
(Decrease)/increase in payables
|
(8)
|
(34)
|
(146)
|
|
|
|
|
|
|
Cash generated from operating activities
|
90
|
(396)
|
(892)
|
|
Taxation received/(paid)
|
-
|
-
|
(13)
|
|
|
|
|
|
|
Net cash from operating activities
|
90
|
(396)
|
(905)
|
|
|
|
|
|
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR WUUQCQUPBUMU