Information  X 
Enter a valid email address

Clerkenwell Ventures (CRK)

  Print   

Tuesday 30 June, 2009

Clerkenwell Ventures

Half Yearly Report

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 (2008profit of £345,000)

  • Net cash today of £3.21 million


Enquiries


Clerkenwell Ventures PLC

David PageNon-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 (2008profit of £182,000). As at 31 March 2009Clerkenwell 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 

82

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 






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 

82

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, LeedsLS1 5ABUnited 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

1.1

4.1

8.7p 

Adjusted diluted

1.1

4.0

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 capital reduction which cancelled the B Shares and reduced the nominal value of each ordinary share from 5 pence to 0.1 pence each. O9 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

a d v e r t i s e m e n t