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Creon Corporation (AMED)

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Wednesday 31 October, 2007

Creon Corporation

Interim Results

Creon Corporation PLC
31 October 2007


                             CREON CORPORATION PLC

                           UNAUDITED INTERIM RESULTS

                     FOR THE SIX MONTHS ENDED 31 JULY 2007


Creon Corporation plc ("Creon" or "the Company"), the AIM-traded company which
provides mezzanine financing packages for residential property projects,
announces its unaudited results for the six months ended 31 July 2007.

The loan portfolio as at 31 July 2007 stood at £2,684,364 an increase of
approximately 44% from a value of £1,859,204 at 31 January 2007. The Company
incurred a loss before tax of £68,000 in the same period.

Jonathan Freeman, a Director of Creon, commented:

"We are disappointed to report a net loss of £68,000 for the period which is a
result of loans being repaid at the end of 2006 and the resulting funds not
being lent out again for the whole of the period subject to this report.  The
total loan portfolio has significantly increased since the start of the period
under review which will have a positive effect on our income for the year.  We
continue to look at ways of increasing the capital available for  new loans."

The accounts are available on the Company's website at www.creoncorporation.com.

For further information:

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


John Riddell                                    +44 (0) 20 7763 2200
Noble & Company Limited






                             CREON CORPORATION PLC

                           UNAUDITED INTERIM RESULTS

                     FOR THE SIX MONTHS ENDED 31 JULY 2007


Introduction

We present these interim results to shareholders showing the financial
performance of the Company for the six months ended 31 July 2007.  During the
period, Creon has continued to focus on its core business of providing mezzanine
finance to small and medium-sized property developers in the UK in line with the
strategy set out in the Company's Admission Document in November 2004.

Progress

The Company has continued to make progress during the period and has begun to
utilise the facility from its bankers in addition to its own cash resources.
Growth has been constrained, however, by some later than projected loan
repayments.  However Creon continues to improve its profile in the mezzanine
finance market place and to demonstrate its ability to attract new proposals of
acceptable quality.

Strategy

The Directors continue to believe that the market for the provision of equity
finance for small and medium sized residential developers remains poorly served
by traditional sources which are often 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.

The Company is continuing with its strategy of relying on its existing contacts
for the introduction of new proposals, most of which come from selected finance
brokers who have a proven track record of introducing and handling good quality
development proposals.  The Directors aim to keep management and overhead costs
to a minimum by using the resources and expertise of the introducing finance
brokers wherever possible.  There are no plans for Creon to undertake any direct
marketing for the time being.

Financial Results

We are disappointed to report that for the period under review the Company has
incurred a loss before tax of £68,000 (profit of £165,100 for same period 2006).
This loss is the result of the time involved in procuring, evaluating and
completing new loans of an acceptable quality following early loan repayments at
the end of 2006, together with reliance on property transactions outside of the
company's control which do not always complete when expected.  There is
currently a healthy pipeline of good quality proposals which should enable the
Company to be fully lent during the next six month period.

Loans

At the beginning of this financial year, Creon had loans outstanding to three
individual property developers totalling £1,859,204.  This compares with a
portfolio of five loans as at 31 July 2006 totalling £2,691,264.  During the
period under review, the Company advanced two new loans totalling £750,000 and
provided an additional loan of £75,160 to an existing borrower.  At the end of
the period ended 31 July 2007 the Company had loans outstanding of £2,684,364.

Outlook

The Directors believe that Creon has continued to make  good progress in the
development of its business in the niche area of mezzanine property finance.  We
believe that growth will be achieved both organically and through the raising of
additional working capital in due course.  We continue to review a wide range of
potential opportunities and we are confident that the current portfolio will be
profitable and continue to grow.  We therefore remain optimistic about the
future.



Jonathan Freeman
James Barder


30 October 2007





Unaudited profit and loss account
                                                                     Six months       Six months             Year
                                                                          ended            ended            ended
                                                                    31 Jul 2007      31 Jul 2006      31 Jan 2007      
                                                                    (unaudited)      (unaudited)        (audited)
                                                                          £'000            £'000            £'000
                                                       Note                                                 
Turnover                                                                    215              491              806
Cost of Sales                                                              (87)            (193)            (265)

Gross Profit                                                                128              298              542

Administrative Expenses                                                   (208)             (85)            (206)

Profit/(loss) on ordinary activities before interest                       (80)              213              336
Interest received                                                            14               16               23
Interest paid                                                               (2)              (1)             (45)
Profit/(loss) on ordinary activities before tax                            (68)              228              314
Tax on profit/(loss) on ordinary activities                                   -             (63)             (49)
Profit/(loss) on ordinary activities after taxation                        (68)              165            (265)
                                                                        

(Loss)/Profit per share                                  6              (0.67)p            1.65p            2.64p




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



Unaudited balance sheet

                                                                         As at            As at            As at
                                                                   31 Jul 2007      31 Jul 2006      31 Jan 2007
                                                         Note      (unaudited)      (unaudited)        (audited)
                                                                         £'000            £'000            £'000

Fixed assets
Investments                                               7                  -                -                -

Current Assets
Debtors                                                   8              3,264            3,276            2,356
Cash at bank                                                               433               18              942
                                                                         3,697            3,294            3,298


Creditors: amounts falling due within one year            9              (680)            (310)            (213)
Net current assets                                                       3,017            2,984            3,085
Net Assets                                                               3,017            2,984            3,085

Capital and Reserves
Called up equity share capital                                             100              100              100
Share premium                                                            2,775            2,775             2775
Profit and loss account                                                    142              109              210
Total Equity Shareholders' Funds                          10             3,017            2,984            3,085


We confirm that to the best of our knowledge the condensed set of financial
statements which  has been prepared in accordance with the applicable set of
accounting standards and in accordance with Accounting Standard's Board
Statement on Half-yearly Financial Reports (July 2007):

     -  give a true and fair view of the assets, liabilities, financial
        position and return or loss

     -  includes an indication of the important events in the six months
        ended 31 July 2007 and their impact on the condensed set of financial 
        statements

     -  includes a description of the principal risks and uncertainties for
        the six months to 31 July 2007

     -  includes related party transactions in the six months to 31 July 2007


For and on behalf of the Board


Jonathan Freeman
Director

30 October 2007




Unaudited cash flow statement

                                                                    Six months       Six months             Year
                                                                         ended            ended            ended
                                                       Note        31 Jul 2007      31 Jul 2006      31 Jan 2007
                                                                   (unaudited)      (unaudited)        (audited)
                                                                         £'000            £'000            £'000
Net cash outflow from operating activities              11               (148)            (133)              110
Returns on investment and servicing of finance
Interest received                                                           14               16               23
Interest paid                                                              (-)              (1)             (45)
                                                                         (134)            (118)               88
Taxation                                                                     -                -                -
Capital expenditure and financial instruments
Mezzanine finance loans advanced                                         (825)          (1,733)          (1,991)
Mezzanine finance loans repaid                                               -                -            1,091
Net cash outflow before financing                                        (959)          (1,851)            (812)
Financing
New loan advanced                                       12                 450              115              377
Repayment of loans                                                           -                -            (377)
(Decrease) in cash in the period                                         (509)          (1,736)            (812)




Reconciliation of net cash to movement in net funds

(Decrease)/increase in cash in the period              12               (509)           (1,736)             (812)
Cash (inflow) from debt financing                                       (450)             (115)                 -
Movement in net funds in period                        12               (959)           (1,851)             (812)
Net funds at start of period                                              942             1,754             1,754
Net (debt)/funds at end of period                      12                (17)              (97)               942





Notes to the interim results

1)      The unaudited interim results cover the six months to 31 July 2007 and
have been drawn up in accordance with the Accounting Standard Board's (ASB)
statement on Half-yearly Financial Reports (July 2007) and adopting the
accounting policies set out in the statutory accounts for the year ended 31
January 2007 which were prepared under the historical cost convention and in
accordance with applicable accounting standards.

2)      In accordance with section 229 (2) of the Companies Act 1985 the Company
has not prepared consolidated financial statements on the basis that the
inclusion of those subsidiary undertakings, which have not traded since
incorporation, would not be material for the purpose of giving a true and fair
view

3)      Per AIM rule 19, an AIM company incorporated in an EEA country must
prepare and present their accounts in accordance with International Accounting
Standards.  Where, at the end of the relevant financial period, such company is
not a parent company, it may prepare and present such financial information
either in accordance with International Accounting Standards or in accordance
with the accounting and company legislation and regulations that are applicable
to that company due to its country of incorporation.

It is the directors' intention to dispose of the company's subsidiaries, all of
which are dormant, prior to 31 January 2008.  Therefore, Creon Corporation plc
is not expected to be a parent company by 31 January 2008 and the directors have
prepared the half yearly report for the period ended 31 July 2007 under UK
Generally Accepted Accounting Practice as the directors expect to apply UK GAAP
for the financial statements for the year ended 31 January 2008.

4)      The financial information set out in this report has neither been
audited nor reviewed pursuant to guidance issued by the Auditing Practices Board
and does not comprise full financial statements within the meaning of Section
240, of the Companies Act 1985. Statutory accounts for the year ended 31 January
2007, which were unqualified have been lodged with the Registrar of Companies.
No statutory accounts in respect of any period after 31 January 2007 have been
reported on by the Company's auditors or delivered to the Registrar of
Companies.

5)      Copies of the Interim Report are being sent to all shareholders. Further
copies are available free of charge from the Company's registered office and are
available on the Company's website.

6)      The calculation of earnings per share is based on the loss of £68,000
for the period and the weighted number of shares in issue of 10,036,110 (2006:
10,036,110).

7)      Investments

        The Company holds investments in the following subsidiary undertakings:


                                                         Percentage of         Capital &
Company                                                    shares held          reserves            Profit  

Creon Properties Limited                                          100%                 2                 -
Creon Investments Limited                                         100%                 2                 -
Creon Estates Limited                                             100%                 2                 -
Creon Property Investments Limited                                100%                 2                 -


        All subsidiary undertakings are dormant.



8)      Debtors
                                                                As at              As at              As at
                                                           31 July 07         31 July 06          31 Jan 07
                                                          (unaudited)        (unaudited)          (audited)
                                                                £'000              £'000              £'000
Mezzanine finance advances                                      2,684              2,691              1,859
Prepayments and accrued income                                    580                585                497
                                                                3,264              3,276              2,356


        All debtors are due within one year.



9)      Creditors
                                                                 As at              As at             As at
                                                            31 July 07         31 July 06         31 Jan 07
                                                           (unaudited)        (unaudited)         (audited)
                                                                 £'000              £'000             £'000
Bank loan                                                          450                  -                 -
Trade creditors and accruals                                       181                132               164
Corporation tax                                                     49                 63                49
Other loan                                                           -                115                 -
                                                                   680                310               213


        All creditors are due within one year.



10)     Shareholders funds
                                                                 As at              As at             As at
                                                            31 July 07         31 July 06         31 Jan 07
                                                           (unaudited)        (unaudited)         (audited)
                                                                 £'000              £'000             £'000
Shareholders funds brought forward                               3,084              2,819             2,820
(Loss)/profit for the period                                      (68)                165               265
Shareholders funds carried forward                               3,017              2,984             3,085




11)     Reconciliation of operating loss to new cash outflow from operating activities

                                                            Six months        Six months              Year
                                                                 ended             ended             ended
                                                           31 Jul 2007       31 Jul 2006       31 Jan 2007
                                                           (unaudited)       (unaudited)         (audited)
                                                                 £'000             £'000             £'000
Operating (loss)/profit                                           (80)               213               335
(Increase) in debtors                                             (83)             (415)             (326)
Increase in creditors                                               15                69               101
                                                                 (148)             (133)               110



12)     Analysis of movement in net funds
                                                                  As at                               As at
                                                              01 Feb 07         Cash flow        31 July 07
                                                                  £'000             £'000             £'000
Cash at bank and in hand                                            942             (509)               433
Bank loan:
Due within one year                                                   -             (450)             (450)
                                                                    942             (959)              (17)



13)     Related Party Transactions

The following information is provided in accordance with Financial Reporting
Standard 8 as being transactions with related parties for the year:


                                                            Six months         Six months               Year
                                                                 ended              ended              ended
Name of related party and nature of      Transaction       31 Jul 2007        31 Jul 2006        31 Jan 2007
relationship                             type                    £'000              £'000              £'000


Jonathan Freeman, Director of Creon      Directors fees             13                 13                 27
is a 50% shareholder in Combined
Management Services Limited


Jonathan Freeman, Director of Creon      Admin & support            13                 16                 27
is a 50% shareholder in Combined         services
Management Services Limited             




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

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