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Creon Corporation (AMED)

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Thursday 27 October, 2005

Creon Corporation

Interim Results

Creon Corporation PLC
27 October 2005



27 October 2005


                             CREON CORPORATION PLC



                           UNAUDITED INTERIM RESULTS


                       FOR THE PERIOD ENDED 31 JULY 2005




Creon Corporation Plc ("Creon" or "the Company"), the AIM-traded company, is
pleased to announce its unaudited results for the period ended 31 July 2005.



Highlights:

  • £1.493 million of gross funds raised
  • Admission to trading on AIM achieved
  • Mezzanine financings completed in line with stated strategy



Jonathan Freeman, a Director of Creon, commented:


"Our overall aim with Creon is to identify and support small and medium sized
residential property developers.  We believe that we are now doing this
successfully and that we have established the profile and expertise to build on
this platform.  The projects that we currently have and others that we are
evaluating should provide Creon with attractive levels of return within an
acceptably low level of risk.  We look forward to progress in the coming months
as we seek to continue to find and fund further residential developments."


For further information:


Jonathan Freeman,                                        +44 (0) 1600 750 432
Director, Creon Corporation plc


Alasdair Robinson                                        +44 (0) 131 225 9677
Noble & Company Limited




                             CREON CORPORATION PLC



                           UNAUDITED INTERIM RESULTS


                       FOR THE PERIOD ENDED 31 JULY 2005



Directors Review


Introduction


We are delighted to present these first interim results to shareholders which
show the financial performance of the Company for the period ended 31 July 2005.
It should be noted, however, that although Creon was incorporated on 27 August
2004 it did not raise its first material funds or seek to begin its investment
activities until after its admission to trading on AIM on 25 November 2004.
Creon provides mezzanine finance to small and medium sized UK residential
property developers.  This style of financing typically takes some months to
negotiate with the developers.  In addition the finance provided is usually for
a fixed 12 month period.  Accordingly these interim results cover too short a
period for there to be material revenue changes to the Company's financial
position.


Financing


We announced on 29 June 2005 that we had successfully completed our first
financing, which was the provision of £400,000 to support a £2.7 million
development of ten new houses in the Midlands.  On 20 July 2005 we announced the
completion of a further financing, providing £390,000 to support a £2.2 million
development of 5 new houses in South West England.  We will receive an agreed
finance fee on repayment of the facility in twelve months time.


We continue to negotiate with developers on a range of other developments and
expect to continue to provide funds to property developers on an increasingly
regular basis.


Funding


Our only material fund raisings occurred in November 2004 when a total of £1.493
million (gross) was raised.  Against this we have incurred considerable one off
costs in the creation of the Company, the raising of the funds, gaining
admission to trading on AIM and the setting up the internal infrastructure,
procedures and processes for the assessment and negotiation of potential
financing projects.  We believe that this process has now been completed though
we will, of course, continue to supervise and monitor the Company's processes
and controls with a view to improving and updating them as necessary.




                              CREON CORPORATION PLC
 


                           UNAUDITED INTERIM RESULTS

                       FOR THE PERIOD ENDED 31 JULY 2005


Funding (continued)


We also have an option agreement with Forestdale Trading Limited, information on
which was disclosed at the time of Creon's admission to trading on AIM.  This
option agreement entitles Creon to exercise an option requiring Forestdale
Trading Limited to procure the subscription by third party investors of £1.6
million for new ordinary shares during the one month period following eight
months after admission to trading on AIM, failing which it is to subscribe for
such shares itself.  Creon is completing the arrangements for this and will
announce the details as soon as it is completed.


We had anticipated, when we were planning the funding requirements of Creon at
the end of 2004, that the funds raised at the time of Admission together with
the option agreement with Forestdale Trading Limited, would provide sufficient
cash resources for Creon as financings would begin to be recycled by the time
this equity funding had been utilised.  However, we have found that the demand
for the financing offered by Creon is much greater than expected.  We are
therefore seeking additional sources of funding in order to accelerate the
development of the Company.


Outlook


The Directors believe that the financings already provided are proceeding as
anticipated and that the pipeline of potential new business under review is very
strong.  We therefore look forward to the future as we begin to use the profile
and platform we have created.  We believe that the projects that we are now
accessing should provide Creon with attractive levels of return within an
acceptably low level of risk.


Jonathan Freeman
James Barder



• October 2005




                             CREON CORPORATION PLC



                           UNAUDITED INTERIM RESULTS

                       FOR THE PERIOD ENDED 31 JULY 2005



Unaudited profit and loss account

                                                                                   11 Nov 2004 - 27 Aug 2004 -
                                                                                     31 Jul 2005   10 Nov 2004
                                                                              Note         £'000         £'000

Turnover                                                                         1            33             -
Cost of sales                                                                                (4)             -
Gross profit                                                                                  29             -
Administrative expenses                                                                    (110)             -
Loss on ordinary activities before interest                                                 (81)             -
Interest received                                                                             28             -
Interest paid                                                                                  -             -
Loss on ordinary activities before tax                                                      (53)             -
Tax on loss on ordinary activities                                                             -             -
Loss on ordinary activities after taxation                                                  (53)             -


Loss per share                                                                   2           89p             -







There were no recognised gains or losses other than the loss for the period.




                             CREON CORPORATION PLC



                           UNAUDITED INTERIM RESULTS

                       FOR THE PERIOD ENDED 31 JULY 2005


Unaudited balance sheet

                                                                                         As at         As at
                                                                                        31 Jul        10 Nov 
                                                                                          2005          2004
                                                                            Note         £'000         £'000
Current Assets
Debtors                                                                        3           719             -
Cash at bank                                                                               476           493
                                                                                         1,195           493

Creditors: amounts falling due within one 
year                                                                                      (23)
                                                                                          
Net current assets                                                                       1,172             -
Net Assets                                                                               1,172           493

Capital and Reserves
Called up equity share capital                                                              61            41
Share premium                                                                            1,164           452
Profit and loss account                                                                   (53)             -
Total Equity Shareholders' Funds                                               4         1,172           493






                             CREON CORPORATION PLC



                           UNAUDITED INTERIM RESULTS

                       FOR THE PERIOD ENDED 31 JULY 2005


Unaudited Cash Flow Statement
                                                                                    11 Nov 2004 - 27 Aug 2004 -
                                                                                      31 Jul 2005   10 Nov 2004
                                                                               Note         £'000         £'000
                                                                               
Net cash outflow from operating activities                                        5         (777)             -
Returns on investment and servicing of finance
Interest received                                                                              28             -
Interest paid                                                                                   -             -
                                                                                            (749)             -
Taxation                                                                                        -             -
Capital expenditure
Purchase of tangible fixed assets                                                               -             -
Net cash outflow before financing                                                           (749)             -
Financing
Issue of equity shares                                                                        732           493
(Decrease) / Increase in cash in the period                                                  (17)           493




Reconciliation of net cash to movement in net funds
                                                                                    11 Nov 2004 - 27 Aug 2004 -
                                                                                      31 Jul 2005   10 Nov 2004
                                                                                            £'000         £'000

(Decrease)/Increase in cash in the period                                                    (17)           476
Movement in net funds resulting from cash flows                                              (17)           476
Movement in net funds in period                                                              (17)           476
Net funds at start of period                                                                  493             -
Net funds at end of period                                                                    476           476





Analysis of movement in net funds
                                                                              As at     Cash flow         As at
                                                                          10 Nov 04         £'000    31 July 05
                                                                              £'000                       £'000

Cash at bank and in hand                                                        493          (17)           476





                             CREON CORPORATION PLC



                           UNAUDITED INTERIM RESULTS


                       FOR THE PERIOD ENDED 31 JULY 2005



Notes to the interim results


1)  Accounting policies

    Basis of accounting

The financial statements have been prepared under the historical cost convention
and in accordance with applicable accounting standards and the Companies Act
1985.

    Turnover

Turnover represents fees receivable on an accruals basis exclusive of Value
Added Tax.



2)  Earnings per Share

The calculation of loss per ordinary share is based on the loss per accounts for
the period from 11 November 2004 to 31 July 2005 of £53,000 and the 6,125,000
shares in issue on admission to trading on AIM and at 31 July 2005.  Prior to
admission the Company had not started trading.



3)  Debtors

                                                                                                     As at
                                                                                                31 July 05
                                                                                                     £'000

Loans to developers                                                                                    680
Accrued income                                                                                          33
Prepayments                                                                                              6
                                                                                                       719


All debtors are due within one year.



4)   Shareholders funds
                                                                                                     As at
                                                                                                31 July 05
                                                                                                     £'000

Shareholders funds at 10 November 2004                                                                 493
Loss for the period                                                                                   (53)
Issue of shares - share capital                                                                         20
Issue of shares - share premium                                                                        712
Shareholders funds at 31 July 2005                                                                   1,172



5)   Cash flow

Reconciliation of operating loss to net cash outflow from operating activities

                                                                            11 Nov 2004 - 27 Aug 2004 -
                                                                              31 Jul 2005   10 Nov 2004
                                                                                    £'000         £'000

Operating loss                                                                       (81)             -
(Increase) in debtors                                                               (719)             -
Increase in creditors                                                                  23             -
                                                                                    (777)             -



6)   The results for the period ended 31 July 2005 are unaudited and do not
     constitute statutory accounts within the meaning of Section 240 of the 
     Companies Act 1985.

7)   The company was granted a dispensation allowing the first unaudited 
     statement of interim results to cover the trading period from 10 November 
     2004 to 31 July 2005.  Following this initial submission of results, future 
     interim and annual audited results will be for 6 month and 12 month periods
     respectively. The next Annual Report will therefore be for the period to 
     31 January 2006.

8)   The unaudited comparative figures for the period from 27 August 2004 to
     10 November 2004 represent the financial information disclosed in the 
     admission document.

9)   The interim report is being sent to shareholders.  In addition copies are
     available from the Company's registered office, 120 Old Broad Street,
     London, EC2N 1AR.


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

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