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Creon Corporation plc (AMED)

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Friday 29 October, 2010

Creon Corporation plc

Interim results for the six months ended 31 Jul...

For immediate release: 29 October 2010

                             Creon Corporation Plc                             

             Interim results for the six months ended 31 July 2010             

Creon Corporation Plc (AIM: CRO) today announces its interim results for the
six months ended 31 July 2010.




I am pleased to present these interim results of Creon Corporation Plc
("Creon", the "Group", or the "Company") for the six months ended 31 July 2010
to shareholders.



The Company's shareholders approved a broader investment strategy for the Group
at the Company's annual general meeting held in July this year. Accordingly,
the Group's investment policy allows investments in private companies, publicly
quoted companies and partnerships without the constraint of having to be
restricted to any particular industry sector. The Company will primarily focus
on European based businesses but will also consider investments in other
geographical areas if appropriate. The Group will not seek to limit the size of
the investment or the size of the entities in which it invests.


The Group's investment strategy does not limit the number of investments that
the Company can make, however it is envisaged that the total number of
investments at any given time will not exceed 50 investments. The Group does
not envisage at this stage gearing its investments but may consider doing so in
the future. The Board is currently reviewing a number of investment
opportunities and anticipates making an investment during the course of the
next 12 months.


The Group plans to identify its investments through the extensive network of
contacts of the Board and the Group's financial advisers and consultants.  Once
potential investments have been identified, the Board will evaluate them on the
basis of research prepared and presented to the Board by its financial advisers
and consultants.  The Board believes that this investment policy will help
maintain the Group's low cost base whilst having the potential to deliver
improved returns for shareholders.


Financial review

The Group recorded a loss during the period under review of £50,000, a material
reduction from the £96,000 loss recorded in the corresponding period in 2009.
Loss per share for the period was 0.11p (H1 2009: 0.22p). This reduction was
primarily due to the board's tight control of costs during the period, whilst
at the same time managing to review investment opportunities.


The Group's net assets at the period end of £446,000 remain weighted towards
the investment in the unquoted 7% preference share which is not due for
repayment until 2013. At the balance sheet date, the Group also had a
performing commercial loan outstanding of £97,000, which is not due for
repayment until July 2011. £13,000 of this loan was repaid by the borrower
during period, together with interest due.



The Directors and their advisers are continuing to review and evaluate
investment projects and are hopeful of being able to complete on a material
transaction in during the course of 2011. Any transaction would require the
need to raise further equity for investment from existing and potentially new






for the six months ended 31 July 2010

                                6 months ended   6 months ended 12 months ended 
                         Note          31.7.10          31.7.09         31.1.10    
                                         £'000            £'000           £'000                      
Revenue                                     -                4                4               
Cost of Sales                               10             (10)             (15)
                                        ______           ______           ______
Gross profit / (loss)                       10              (6)             (11)
Administrative expenses                   (67)            (101)            (152)
                                        ______           ______           ______
Loss from operations                      (57)            (107)            (163)
Financial income                             7               11               18
Financial expense                            -                -              (2)
                                        ______           ______           ______
Loss on ordinary                          (50)             (96)            (147)
activities before                                                               
Tax on (loss) on                             -                -                -
ordinary activities                                                             
                                        ______           ______           ______
Loss on ordinary                          (50)             (96)            (147)
activities after                                                                
                                        ______           ______           ______
Loss per share           1             (0.11)p          (0.22)p          (0.33)p



Consolidated unaudited statement of financial position

                                   As at          As at          As at  
                                   31.7.10        31.7.09        31.1.10
                                   £'000          £'000          £'000         
Non Current Assets                                                             
Investment properties              -              335            -             
Investment in unquoted        2    400            400            400           
preference shares                                                              
                                   _____          _____          _____         
                                   400            735            400           
Current Assets                                                                 
Investments in quoted shares       6              6              6             
Loans receivable              3    97             135            110           
Other receivables                  31             22             22            
Cash and cash equivalents          3              -              16            
                                   _____          ____           ____          
                                   137            163            154           
Total Assets                       537            898            554           
Current Liabilities                                                            
Trade and other payables           (91)           (101)          (58)          
Interest bearing loan              -              (250)          -             
                                   ____           ____           ____          
Total Liabilities                  (91)           (351)          (58)          
Net Assets                         446            547            496           
Capital and Reserves                                                           
Called up equity share             440            440            440           
Share premium account              3,816          3,816          3,816         
Retained earnings                  (3,810)        (3,709)        (3,760)       
                                   ____           ____           ____          
Total Equity                       446            547            496           

Unaudited consolidated cash flow statement

                                              6 months        6 months 12 months     
                                              ended           ended    ended                               
                                              31.7.10         31.7.09  31.1.10
                                              £'000           £'000    £'000
Reconciliation of operating profit to net                                      
cash flow from operating activities                                            
Loss for the period / year before tax         (50)            (96)     (147)   
Adjustments for:                                                               
Finance cost                                  -               -        2       
Investment income                             (7)             (11)     (18)    
Impairment of investment                      -               13       13      
Change in receivables                         4               219      219     
Change in  payables                           33              (3)      (46)    
                                              ____            ____     ____    
Cash flows from operating activities          (20)            122      23      
Interest received                             7               11       18      
                                              ____            ____     ____    
                                              7               11       18      
Investing activities                                                           
Loans made net of repayments                  -               (135)    (110)   
Interest paid                                 -               -        (2)     
                                              ____            ____     ____    
Net cash used in investing activities         -               (135)    (112)   
Financing activities                                                           
(Repayment) of bank borrowings                -               -        (250)   
Sale of investment properties                 -               -        335     
                                              ____            ____     ____    
Net cash from financing activities            -               -        85      
Net (decrease) in cash and equivalents        (13)            (2)      14      
Cash and equivalents at beginning of year     16              2        2       
Cash and equivalents at end of year           3               -        16      



1. Loss per share

The basic and diluted loss per share for the period ended 31 July 2010 was
0.11p. The calculation of loss per share is based on the loss of £50,000 for
the period ended 31 July 2009 and the weighted average number of shares in
issue during the period of 43,990,545.


2. Investment in unquoted preference shares

The investment in unquoted preference shares represents 400,000 £1 non-voting
redeemable preference share held in Pinnacle Plus Limited ("Pinnacle"). The
preference shares accrue interest at an annual rate of 7.0 per cent., payable
on the date of redemption, with redemption being at Pinnacle's discretion at
any time up to September 2013, upon which date they will be automatically


3. Loans receivable

Loans receivable represents a short-term loan made by the Company in February
2009 of £200,000, £103,000 of which had been repaid as at 31 July 2010,
including interest due thereon, with the balance of £97,000 due for repayment
in July 2011, unless deferred to a later date, as agreed between the Company
and the borrower.


4. Preparation of interim report

This report was approved by the Directors on 28 October 2010.

The Company's interim report for the period ended 31 July 2010 is available to
view and download from the Company's website at


For further information please contact:

Guus Berting, Creon Corporation                                               
+44 (0)20 7752 0215
Oliver Rigby, Daniel Stewart & Company Plc                              
+44 (0)20 7776 6550
Toby Hall / Christian Pickel, GTH Communications                      
+44 (0)20 3103 3900


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