Interim Results
01 March 2003 - 1:49AM
UK Regulatory
RNS Number:1460I
Honeysuckle Group PLC
28 February 2003
HONEYSUCKLE GROUP PLC
("Honeysuckle" or "the Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2002
Main Points
For the six months ended 30 November 2002 2001
#'000 #'000
Turnover - 1
Loss before taxation (154) (240)
Losses per share (0.03p) (0.0)p
* Continuing reduction of costs
* On-going review of potential acquisition
Enquiries:
Adrian Bradshaw Honeysuckle Group plc 020 7495 5524
Colin Ingram Honeysuckle Group plc 020 8228 1640
HONEYSUCKLE GROUP PLC
INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 NOVEMBER 2002
Chairman's Statement
The results are for the six month period to 30 November 2002. In that period,
the Group made a loss before taxation of #154,000 (2001 - loss of #240,000).
Loss per share was 0.03p (2001 - 0.0p).
During this period costs have been reduced further and for the second half year
to May 2003 they will be considerably lower.
The Directors continue to review potential acquisitions and it is expected that
a suitable acquisition will be completed this year.
Sandy Anderson
Chairman
28 February 2003
consolidated profit and loss account
for the six months ended 30 November 2002
Six months to 30 Six months to 30 Year ended 31
November November May 2002
2002 2001 (audited)
(unaudited) (unaudited) #000
#000 #000
Turnover - 1 -
Cost of sales - - -
-------- -------- --------
Gross Profit - 1 -
Administrative expenses (130) (226) (535)
-------- -------- --------
Operating Loss (130) (225) (535)
Bank interest receivable - - 1
Interest payable (24) (15) (42)
-------- -------- --------
Loss on ordinary activities before taxation
(154) (240) (576)
Taxation - - -
-------- -------- --------
Loss for period (154) (240) (576)
-------- -------- --------
Loss per ordinary share (0.03p) (0.0) p (0.13p)
-------- -------- --------
consolidated balance sheet
As at 30 November 2002
As at As at As at
30 November 2002 30 November 2001 31 May 2002
(unaudited) (unaudited) (audited)
#000 #000 #000
Fixed assets
Tangible assets - - -
-------- -------- --------
Current assets
Debtors 22 13 11
Cash at bank and in hand 117 47 227
-------- -------- --------
139 60 238
-------- -------- --------
Creditors: amounts falling due within one year
Short term loans (516) (400) (472)
Other creditors (307) (354) (296)
-------- -------- --------
(823) (754) (768)
-------- -------- --------
Net current (liabilities) / assets (684) (694) (530)
-------- -------- --------
Total assets less current liabilities (684) (694) (530)
-------- -------- --------
Net (liabilities) / assets (684) (694) (530)
-------- -------- --------
Capital and reserves
Called up share capital 8,425 8,362 8,425
Share premium account 2,475 2,038 2,475
Capital redemption reserve 149 149 149
Profit and loss account (11,733) (11,243) (11,579)
-------- -------- --------
Equity shareholders' funds (684) (694) (530)
-------- -------- --------
group cash flow statement
for the six months ended 30 November 2002
Six months to 30 Six months to 30 Year to
November 2002 November 2001 31 May 2002
(unaudited) (unaudited) (audited)
#000 #000 #000
Net cash (outflow) from operating activities (154) (356) (527)
-------- -------- --------
Return on investments and service of finance
Interest received - - 1
Interest paid - - (42)
-------- -------- --------
Net cash flow from returns on investments and
servicing of finance - (16) (41)
-------- -------- --------
Capital expenditure
Disposal of tangible fixed assets - - 1
-------- -------- --------
Net cash flow from capital expenditure - - 1
--------- --------- --------
Net cash flows before financing (154) (372) (567)
-------- -------- --------
Financing
Issue of ordinary share capital - - 500
Debts due within one year - - -
New convertible and short-term loans 44 400 275
-------- -------- --------
44 400 275
-------- -------- --------
(Decrease) / Increase in cash (110) 28 208
-------- -------- --------
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2002
Basis of accounting
The financial information set out in this announcement has been prepared in
accordance with applicable accounting standards which are consistent with those
applied for the twelve months ended 31 May 2002. The accounts have been prepared
on a going concern basis which the Directors believe to be appropriate.
The financial information set out above does not constitute the statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
amounts shown in respect of the year ended 31 May 2002 have been extracted from
the full statutory accounts on which the auditors have made an unqualified
report. The statutory accounts have been filed with the Registrar of Companies.
Loss per Share
The basis loss per share has been calculated on the loss after taxation of
#154,000 (2001: #240,000) and on the average number of ordinary shares in issue
during the period of 480,622,500 (2001: 418,122,415).
Interim statement
Copies of the interim statement will be sent to shareholders during March and
will be available to the public at the registered office at 25 Upper Brook
Street, London, W1K 7QD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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