Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Creon Corporation (AMED)

  Print      Mail a friend

Tuesday 03 October, 2006

Creon Corporation

Interim Results

Creon Corporation PLC
03 October 2006

                             CREON CORPORATION PLC


                     FOR THE SIX MONTHS ENDED 31 JULY 2006

Creon Corporation Plc ("Creon" or "the Company"), the AIM-traded company which
provides mezzanine financing packages for residential property projects, is
pleased to announce its unaudited results for the six months ended 31 July 2006.


  • Profit before tax for the period of £228,100 (2005: loss of £53,000)
  • Five mezzanine finance advances in place at period end
  • Raised debt funding of up to £1 million since period end

Jonathan Freeman, a Director of Creon, commented:

"Our aim with Creon is to identify and support small and medium sized
residential property developers.  We believe that we are doing this successfully
and that we have now created a business that is building momentum and
profitability.  We continue to receive interesting proposals that meet our
financing strategy and which we anticipate will provide an attractive level of
profit with an acceptably low risk profile.  We therefore look forward to the
coming months with confidence."

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


                     FOR THE SIX MONTHS ENDED 31 JULY 2006

Directors' Review


We are delighted to present these interim results to shareholders which show the
financial performance of the Company for the six months ended 31 July 2006.
Creon provides mezzanine finance to small and medium sized UK residential
property developers.  The business is based upon the experience of the Directors
in managing a quoted company and the experience of the partners of Creon Equity
LLP in the property sector generally and the provision of mezzanine finance in


The Directors believe that the market for the provision of equity finance for
small and medium sized residential developers is not well served by existing
sources which can often be expensive or uncertain in nature.  This has provided
an opportunity for Creon to develop a business supplying mezzanine finance to
developers at an attractive level of return within an acceptable level of risk.

Creon's approach is to maximize the return on its funds, at the same time as
minimizing its exposure to outside risks.  The preference, therefore, is to
provide finance on projects that can be completed within 18 months from
acquisition of the site and for the development to have strong appeal within the
market on which it is focused.

We discussed in our annual report for the year ended 31 January 2006 the
broadening of Creon's operational base by setting up a property investment
subsidiary to complement its mezzanine finance activities.  Whilst we have now
incorporated four subsidiary companies, (Creon Investments Ltd, Creon Estates
Ltd, Creon Property Investments Ltd and Creon Properties Ltd) we are yet to
identify suitable investment opportunities; these companies therefore remain
dormant for the time being.


We have now developed a mezzanine finance portfolio providing mezzanine finance
to five individual property developments.  This compares to a portfolio of two
financings as at 31 July 2005 and three financings as at 31 January 2006.  At 31
July 2006 mezzanine finance advances totalled £2,691,264 (31 January 2006:
£958,490) and were in respect of the following commitments:

10 terraced houses in Solihull                                      678,655
7 apartments in Wimbledon                                           523,194
5 houses in Cornwall                                                389,415
1 house in Suffolk                                                  600,000
1 house in Weybridge                                                500,000

We expect that the number of mezzanine finance advances and their total value
will continue to rise during this year.

We are delighted to be able to report that the income for the six months ended
31 July 2006 was £440,775, generating a pre-tax profit of £228,100.  We expect
that as our mezzanine finance portfolio continues to grow in both number and
value the prospects for the business will continue to grow.


We have raised a total of £3.3 million (before costs) in equity funding since
the Company was incorporated, all of which was raised in previous financial
periods.  In addition we have, since this period end, agreed a revolving debt
facility of up to £1 million with the Bank of Scotland which is available for
expanding our mezzanine finance portfolio, as opportunities arise (this debt
facility has not yet been used).

We are now providing clear evidence that the business model is one that can
deliver profits.  We therefore believe that it would be in the Company's
interest to have access to additional funds to enable it to continue to increase
its mezzanine finance portfolio and to take full advantage of the platform that
Creon has built.

Share Price

Trading volumes in the Company's ordinary shares continue to be very low, as has
been the case since trading on AIM began.  We believe that this is because it
has until now been very difficult for third parties to properly assess the
Company's business model or its prospects.  We are hopeful that increasing
profitability will generate additional interest from potential investors with
consequent increases in trading volumes.


The Directors believe that Creon has made further good progress in the
development of a business in a niche area of property finance.  We expect that
these results, which include our maiden profits, can be developed further as the
number of mezzanine finance advances continue to grow.  We also believe that
this growth will be achieved both organically and through the raising of
additional capital.  We consider that the possibilities for raising new capital
will tend to become easier and cheaper to achieve.  We continue to review a wide
range of potential opportunities and are confident that the current portfolio
will be realised in a profitable and timely manner.  We therefore remain
optimistic about the future.

Jonathan Freeman

James Barder

3 October 2006

                             CREON CORPORATION PLC


                     FOR THE SIX MONTHS ENDED 31 JULY 2006

Unaudited consolidated profit and loss account

                                                                     1 Feb 2006 -  11 Nov 2004 - 27 Aug 2004 -
                                                                      31 Jul 2006    31 Jul 2005   31 Jan 2006
                                                                       (unaudited)   (unaudited)     (audited)
                                                             Note           £'000         £'000          £'000

Turnover                                                       1               491            33           219
Administrative expenses                                                      (278)         (114)         (321)

Profit/(loss) on ordinary activities before interest                           213          (81)         (102)
Interest received                                                               16            28            46
Interest paid                                                                  (1)             -             -

Profit/(loss) on ordinary activities before tax                                228          (53)          (56)
Tax on profit/(loss) on ordinary activities                                   (63)             -             -

Profit/(loss) on ordinary activities after taxation                            165          (53)          (56)
                                                                             1.65p         (89)p       (0.77)p

Profit/(loss) per share                                        2

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

Unaudited consolidated balance sheet

                                                                             As at         As at         As at
                                                                            31 Jul        31 Jul        31 Jan
                                                                              2006          2005          2006
                                                             Note      (unaudited)   (unaudited)     (audited)
                                                                             £'000         £'000         £'000

Current Assets
Debtors                                                        3             3,276           719         1,128
Cash at bank                                                                    18           476         1,754

                                                                             3,294         1,195         2,882

Creditors: amounts falling due within one year                 4             (310)          (23)          (63)
Net current assets                                                           2,984         1,172         2,819

Net Assets                                                                   2,984         1,172         2,819

Capital and Reserves
Called up equity share capital                                                 100            61           100
Share premium                                                                2,775         1,164         2,775
Profit and loss account                                                        109          (53)          (56)

Total Equity Shareholders' Funds                               5             2,984         1,172         2,819

Unaudited consolidated cash flow statement

                                                                      01 Feb 2006 - 11 Nov 2004 - 27 Aug 2004 -
                                                                        31 Jul 2006   31 Jul 2005   31 Jan 2006
                                                                        (unaudited)   (unaudited)     (audited)
                                                              Note            £'000         £'000         £'000
Net cash outflow from operating activities                      6             (133)          (97)         (209)
Returns on investment and servicing of finance
Interest received                                                                16            28            46
Interest paid                                                                   (1)             -             -
                                                                              (118)          (69)         (163)
Taxation                                                                          -             -             -
Capital expenditure and financial instruments
Mezzanine finance advanced                                                  (1,733)         (680)         (958)

Net cash outflow before financing                                           (1,851)         (749)       (1,121)
Issue of equity shares                                                            -           732         2,875
New loan advanced                                               7               115             -             -

(Decrease) / Increase in cash in the period                                 (1,736)          (17)         1,754

Reconciliation of net cash to movement in net funds

                                                                      01 Feb 2006 - 11 Nov 2004 - 27 Aug 2004 -
                                                                        31 Jul 2006   31 Jul 2005   31 Jan 2006
                                                                        (unaudited)   (unaudited)     (audited)
                                                                              £'000         £'000         £'000

(Decrease)/increase in cash in the period                       7           (1,736)          (17)         1,754
Cash (inflow) from debt financing                                             (115)             -             -

Movement in net funds in period                                 7           (1,851)          (17)         1,754
Net funds at start of period                                                  1,754           493             -

Net (debt)/funds at end of period                               7              (97)           476         1,754

Notes to the consolidated 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


Turnover represents the arrangement fees due in respect of mezzanine finance
advances spread on a straight-line basis over the loan terms.

Deferred taxation

Deferred tax balances are recognised in respect of all timing differences that
have originated but not reversed by the balance sheet date, except that:

•   The recognition of deferred tax assets is limited to the extent that the 
    Company anticipates making sufficient taxable profits in the future to
    absorb the reversal of the underlying timing differences.

Financial Instruments

Finance provided by the Company is in the form of mezzanine finance which is
included in debtors and is stated at the amount of the funds advanced net of any
provision for potentially irrecoverable amounts.

2)  Earnings per Share

The earnings per share for the period was 1.65p. The calculation of earnings per
share is based on the profit of £165,100 for the period and the weighted number
of shares in issue (10,036,110).

3)  Debtors
                                                                     As at         As at         As at
                                                                31 July 06    31 July 05     31 Jan 06
                                                               (unaudited)   (unaudited)     (audited)
                                                                     £'000         £'000         £'000

Mezzanine finance advances                                           2,691           680           958
Prepayments and accrued income                                         585            39           170
                                                                     3,276           719         1,128

All debtors are due within one year.

4)  Creditors
                                                                     As at         As at         As at
                                                                31 July 06    31 July 05     31 Jan 06
                                                               (unaudited)   (unaudited)     (audited)

                                                                     £'000         £'000         £'000

Trade creditors and accruals                                           132            23            63
Corporation tax                                                         63             -             -
Other loan                                                             115             -             -
                                                                       310            23            63

All creditors are due within one year.

5)  Shareholders funds
                                                                     As at         As at         As at
                                                                31 July 06    31 July 05     31 Jan 06
                                                               (unaudited)   (unaudited)     (audited)
                                                                     £'000         £'000         £'000

Shareholders funds brought forward                                   2,819           493             -
Profit/(loss) for the period                                           165          (53)          (56)
Issue of shares - share capital                                          -            20           100
Issue of shares - share premium                                          -           712         2,775
Shareholders funds carried forward                                   2,984         1,172         2,819

6)  Reconciliation of operating loss to new cash outflow from operating
                                                              01 Feb 2006 - 11 Nov 2004 - 27 Aug 2004 -
                                                                31 Jul 2006   31 Jul 2005   31 Jul 2005
                                                                      £'000         £'000         £'000

Operating Profit/(loss)                                                 213          (81)         (102)
(Increase) in debtors                                                 (415)          (39)         (170)
Increase in creditors                                                    69            23            63
                                                                      (133)          (97)         (209)

7)  Analysis of movement in net funds
                                                                      As at                       As at
                                                                  01 Feb 06     Cash flow    31 July 06
                                                                      £'000         £'000         £'000

Cash at bank and in hand                                              1,754       (1,736)            18
Other loans:
Due within one year                                                       -         (115)         (115)
                                                                      1,754       (1,851)          (97)

8)  The results for the period ended 31 July 2006 are unaudited and do not
    constitute statutory accounts within the meaning of Section 240 of the 
    Companies Act 1985.

9)  The comparatives for the period ended 31 January 2006 are not the
    Company's full statutory accounts for that period.  A copy of the statutory
    accounts for that year has been delivered to the Registrar of Companies.  
    The auditors' report on those accounts was unqualified.

10) The interim report is being sent to shareholders as soon practicable.  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

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