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Adams PLC - Half Yearly Report

RNS Number : 1002Z
Adams PLC
08 December 2014
 

ADAMS PLC

 

Interim Results for the six months ended 30 September 2014

 

CHAIRMAN'S STATEMENT

I have pleasure in reporting on the six month period ended 30 September 2014.

As in previous periods, our overhead budget has remained tightly controlled and the Company is in a good position to pursue its acquisition policy.

The Board was shown a number of acquisition candidates, but having examined them in cooperation with shareholders, we concluded that none met our strict investment criteria.

We suspect that next year will provide us with a rich source of ideas and I look forward to keeping shareholders apprised of any progress in the months ahead. 

 

N C P Nelson

Chairman

 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014
                                                                                                                                                                                                                   

                                                                                                                                                                                                                  

 

 

6 months ended

 30 Sept 2014

Year ended

31 Mar 2014

6 months ended

 30 Sept 2013

 

(Unaudited)

(Audited)

(Unaudited)

 

€'000

€'000

€'000

 




Net change in fair value of financial assets at fair value through profit or loss

1

(18)

(11)

Total income

1

(18)

(11)

 




Expenses

 



 

 

 

 

Net foreign exchange gain/(loss)

6

(2)

1

Administrative expenses

(79)

(101)

(51)

Operating loss

(73)

(103)

(50)

 



 

Loss on ordinary activities before taxation

(72)

(121)

(61)

 




Tax on loss on ordinary activities

-

-

-

 



 

Loss for the period

(72)

(121)

(61)

 

Since there is no other comprehensive loss, the loss for the period is the same as the total comprehensive loss for the period attributable to the owners of the Company.

 

 

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 SEPTEMBER 2014

                                                                                                                                                                                                                  

                                                                                                                                                                                                                  

 

 

 

 

As at

30 Sept 2014

As at

31 Mar 2014

As at

30 Sept 2013

 


 

(Unaudited)

(Audited)

(Unaudited)

 

Note

 

€'000

€'000

€'000

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Investments

5

 

61

14

84

 


 

 

 

 

Current assets

 

 

 

 

 

Trade and other receivables

6

 

6

7

16

Cash and cash equivalents

7

 

154

117

95

 


 

160

124

111

Total assets

 

 

221

138

195

 


 

 

 

 

Equity and Liabilities

 

 

 

 

 

Called up share capital

9

 

2,598

2,448

2,448

Share premium

 

 

133

133

133

Retained earnings

 

 

(2,528)

(2,456)

(2,396)

Total equity

 

 

203

125

185

 


 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

8

 

18

13

10

Total current liabilities

 

 

18

13

10

Total liabilities

 

 

18

13

10

Total equity and liabilities

 

 

221

138

195

 

 

 

 

The interim reports were approved and authorised for issue by the Board of Directors on 3 December 2014 and signed on its behalf by:

 

 

 

 

 

……………………………………..

Nicholas Nelson

Director

 

 

STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

                                                                                                                                                                                                                     

                                                                                                                                                                                                                  

 

 

Share

Share

Retained

 

 

 

Capital

Premium

Losses

Total

 

 

€'000

€'000

€'000

€'000

 

 

 

 

 

 

Balance at 1 April 2014

 

2,448

133

(2,456)

125

 

 

 

 

 

 

Issued warrants

 

150

-

-

150

Total comprehensive loss for period

 

-

-

(72)

(72)

 

 

 

 

 

 

Balance at 30 September 2014

 

2,598

133

(2,528)

203

 

 

 

 

 

 

 

 

Share

Share

Retained

 

 

 

Capital

Premium

Losses

Total

 

 

€'000

€'000

€'000

€'000

 

 

 

 

 

 

Balance at 1 April 2013

 

2,448

133

(2,335)

246

 

 

 

 

 

 

Total comprehensive loss for year

 

-

-

(121)

(121)

 

 

 

 

 

 

Balance at 31 March 2014

 

2,448

133

(2,456)

125

 

 

 

 

 

 

 


Share

Share

Retained

 



Capital

Premium

Losses

Total

 


€'000

€'000

€'000

€'000

 






Balance at 1 April 2013

 

2,448

133

(2,335)

246

 






Total comprehensive loss for period

 

-

-

(61)

(61)

 


 

 

 

 

Balance at 30 September 2013

 

2,448

133

(2,396)

185

 

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.

Retained losses represent the cumulative loss of the Company attributable to equity shareholders.

 

 

 

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 SEPTEMBER 2014

                                                                                                                                                                                                                     

                                                                                                                                                                                                                  

 

 

As at

30 Sep 2014

As at

31 Mar 2014

As at

30 Sep 2013

 

(Unaudited)

(Audited)

(Unaudited)

 

€'000

€'000

€'000

 

 

 

 

Cash flows from operating activities

(66)

(123)

(75)

 

 

 


Cash flows from investing activities

 

 


Receipt from sales of investments/payments to acquire investment

 

(47)

101

-

Payments to acquire investments

-

-

(95)

Proceeds from disposal of investments

-

-

126

 

 

 


Net cash used in investing activities

(47)

101

31

 

 

 


Cash flows from financing activities

 

 

 

Receipt from warrants issued

150

-

-

 

 

 

 

Net cash from financing

150

-

-

 

 

 

 

Net decrease in cash and cash equivalents

37

(22)

(44)

 

 

 


Cash and cash equivalents at beginning of period

117

139

139

 

 

 


Cash and cash equivalents at end of period

154

117

95

 

 

 


 

 

 

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

                                                                                                                                                                                                                  

                                                                                                                                                                                                                  

1

Reconciliation of operating loss to net cash outflow from operating activities

 

 

 

 

6 months ended

30 Sept 2014

Year ended

31 Mar 2014

6 months ended

30 Sept 2013

 


€'000

€'000

€'000

 






Loss for the period

(72)

(121)

(61)


Decrease/(increase) in trade and other receivables

 

1

 

4

 

(5)


Increase/(decrease) in trade and other payables

5

(6)

(9)







Net cash used in operating activities

 (66)

 (123)

(75)






 

 

 



2

Reconciliation of net cash flow to movement in net cash

 

 

 

As at

30 Sep 2014

As at

31 Mar 2014

As at

30 Sep 2013



€'000

€'000

€'000

 

 

 




Increase/(decrease) in cash and cash equivalents

37

(22)

(44)







Net increase/(decrease) in cash and cash equivalents

37

(22)

(44)

 

 





Cash and cash equivalents at start of period

117

139

139







Cash and cash equivalents at end of period

154 

 117

95

 

 

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

                                                                                                                                                                                                                            

                                                                                                                                                                                                                  

1       General information           

Adams PLC is a company incorporated in the Isle of Man. The address of the registered office is disclosed on the company information page at the front of the annual report. The principal activities of the Company are described in the directors' report.

2       Basis of preparation

The financial information contained in the interim results has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. It has been prepared in accordance with IAS 34 - Interim Financial Reporting.

3       Going concern        

The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continuing support of the shareholders; this support will enable the company to continue for the foreseeable future.

The financial statements do not include any adjustments that would result if the above support was withdrawn.

The principal accounting policies applied in the preparation of these financial statements are set out below.

4        Significant accounting policies

The financial information contained in these interim results for the six months ended 30 September 2014 is unaudited. Full audited accounts of the company in respect to the financial year ended 31 March 2014 were prepared in accordance with IFRS, which received an unqualified audit opinion, and are available on the Company's website: www.adamsplc.co.uk .

The accounting policies and methods of computation used in the interim statements are consistent with those used in the financial statements for the year ended 31 March 2014 and are in accordance with International Financial Reporting Standards.

The interim financial statements do not include all the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS.

                                                                                                                                                                                                                                                                                                                                                                                                                                                 

5       Investments

 

As at

30 Sept 2014

As at

31 Mar 2014

As at

30 Sept 2013

 

€'000

€'000

€'000

Balance at 1 April

13

115

115

 

 

 

 

Acquisitions in period

56

123

95

Disposal in period

(8)

(224)

(126)

 

 

 

 

Total

61

14

84

                                                                                                                                           

6       Trade and other receivables

 

As at

30 Sept 2014

As at

30 Mar 2014

As at

30 Sept 2013

 

€'000

€'000

€'000

 

 

 

 

Prepayments

6

7

16

 

 

 

 

Total

6

7

16

 

 

 

 

The carrying amount of other current assets approximates to its fair value.

 

7       Cash and cash equivalents

For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash at banks and on hand and deposits with banks. Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows can be reconciled to the related items in the Statement of Financial Position as follows:

 

 

 

As at

30 Sep 2014

 

As at

31 Mar 2014

As at

 30 Sep 2013

 

€'000

€'000

€'000

 

 

 

 

Cash and cash equivalents

154

117

95

The carrying amount of cash and cash equivalents approximates to its fair value.

 

 

                                                                                                                                                                                                                                                                                                                                                                                                                                              

8       Trade and other payables

 

 

As at

30 Sep 2014

 

As at

31 Mar 2014

As at

 30 Sep 2013

 

€'000

€'000

€'000

 

 

 

 

Trade payables

16

3

4

Accruals

2

10

6

 

 

 

 

 

18

13

10

 

Accruals principally comprise amounts outstanding for ongoing expenses. The carrying amount of other payables approximates to its fair value.

 

9       Share capital and share premium

Number of

shares issued

and fully paid up

Share

capital

€'000

Share

premium

€'000

Issued

 




Balance at 1 April 2014

 

16,166,306

2,448

         133

Movements in the period

 

6,928,406

150

-

 





Balance at 30 September 2014

 

23,094,712

2,598

133

 

 

 

 

 

Balance at 1 April 2013

 

16,166,306

2,448

         133

Movements in the period

 

-

-

-

 

 

 

 

 

Balance at 31 March 2014

 

16,166,306

2,448

133

 

 

 

 

 

Balance at 1 April 2013

 

16,166,306

2,448

         133

Movements in the period

 

-

-

-

 

 

 

 

 

Balance at 30 September 2013

 

16,166,306

2,448

133

 

                                                                                                                                                                                                                  

10     Loss per share

The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:

 

 

Period ended

30 Sep 2014

Year ended

31 Mar 2014

Period ended

 30 Sep 2013

 

€'000

€'000

€'000

 

 

 

 

Loss after tax attributable to equity holders of the Company

(72)

(121)

(61)

 

 

 

 

Weighted average number of ordinary shares

17,321,370

16,166,306

16,166,306

 

 

 

 

Basic and diluted loss per share

(0.4)€c

(0.7)€c

(0.4)€c

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Price: 7

Market: AIM
Market Cap: £5.78 m
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