RNS Number:3987S
Voss Net PLC
24 November 2003
VOSS NET PLC
Announcement of Unaudited Interim Results for the 6 Months Ended 30 June 2003
CHAIRMAN'S STATEMENT
The unaudited results for the six months ended 30 June 2003 show that your
Company incurred a loss before and after tax of #338,000 (2002: profit before
tax #175 and profit after tax #12,000) on turnover of #377,000 (2002: #447,000).
The directors are not recommending payment of a dividend.
The results were adversely affected by the cessation of trading in the Company's
training business following the dispute over non-payment of the group's invoices
at the end of May 2003. Your Company therefore incurred expenses for the
remainder of the period without earning any income from its principal training
activities.
As reported in the Company's 2002 annual report and accounts, your directors
have recommended that the Company enter into a Company Voluntary Arrangement.
Meetings of creditors and shareholders have been convened for 24 November 2003
for this purpose, and the Annual General Meeting will take place on the same
day.
Future Development
We look forward to welcoming our proposed new directors, Leo Knifton and Nigel
Weller, who are due to join the Board at the Annual General Meeting. I shall be
retiring from the Board at the AGM.
Messrs Knifton and Weller will be actively seeking a new business activity for
Voss Net so as to provide a new future for your Company. We believe this offers
the best way forward for Voss Net and its shareholders, and we look forward to a
brighter future for your Company.
Barry O'Connell
Chairman
24 November 2003
UNAUDITED GROUP PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 30 JUNE 2003
Note Unaudited Unaudited Audited
Half year Half year Year
ended Ended Ended
30.6.2003 0.6.2002 31.12.2002
# # #
Turnover 377,414 446,715 1,131,739
Cost of sales 90,885 68,219 277,184
------------ ------------ ------------
Gross profit 286,529 378,496 854,555
Administrative expenses 424,069 377,846 882,281
------------ ------------ ------------
Operating(loss)/profit
before exceptional charges (137,540) 650 (27,726)
Provision for doubtful debts (132,270) - (127,280)
Business closure costs (62,047) - -
Goodwill written off - - (162,500)
------------ ------------ ------------
Operating (loss)/profit
after exceptional charges (331,857) 650 (317,506)
Interest payable/(receivable) - net 6,566 475 (367)
------------ ------------ ------------
(Loss)/profit on ordinary
activities before taxation (338,423) 175 (317,139)
Taxation on profit/loss on 2
ordinary activities - 12,000 18,000
------------ ------------ ------------
(Deficit)/ surplus (338,423) 12,175 (303,338)
for the period ========= ======== ========
(Loss)/profit per ordinary
share after exceptional charges (1.00p) 0.04p (0.90p)
(Loss)/profit per ordinary
share before exceptional charges (0.42p) 0.04p (0.04p)
The group has no gains or losses other than the results for the above periods.
The entire activities of the group ceased in the half year ended 30 June 2003
other than those of Sigma Freight Systems Limited and, subject to contract, that
company is to be sold to its management.
UNAUDITED GROUP BALANCE SHEET
30 JUNE 2003
Unaudited Unaudited Audited
30.6.2003 30.6.2002 31.12.2002
# # #
Fixed assets
Intangible fixed assets - 158,066 -
Tangible fixed assets 6,658 28,242 5,541
------------ ------------ -----------
6,658 186,308 5,541
========= ======== ========
Current assets
Debtors 14,300 411,623 235,635
Cash at bank and in hand 23,189 31,502 66,556
------------ ------------ ------------
37,489 443,125 302,191
Creditors: amounts 479,684 411,034 404,846
falling due within one
year ------------ ------------ ------------
Net current (442,195) 32,091 (102,655)
(liabilities)/assets ======== ======== ========
Total assets less (435,537) 218,399 (97,114)
current liabilities ======== ======== ========
Capital and reserves
Called up share capital 657,710 657,710 657,710
Share premium account 3,803,755 3,803,755 3,803,755
Profit and loss account (4,897,002) (4,243,066) (4,558,579)
------------ ------------ ------------
(Deficiency) of (435,537) 218,399 (97,114)
shareholders' funds ======== ======== ========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(Loss)/profit for the (338,423) 12,175 (303,338)
financial period
Issues of share - 259,750 259,750
capital
Expenses of issues of - (28,326) (28,326)
share capital
------------ ------------ ------------
(Decrease)/increase in (338,423) 243,599 (71,914)
shareholders' funds ------------ ------------ ------------
Opening (deficiency) of
shareholders' funds
At 1 January (97,114) 9,835 9,835
Prior year adjustment - (35,035) (35,035)
------------ ------------ ------------
At 1 January restated (97,114) (25,200) (25,200)
------------ ------------ ------------
Closing (deficiency) of
shareholders' funds at
30 June/ 31 December (435,537) 218,399 (97,114)
========= ========= =========
The interim accounts were approved by the Board on 21 November 2003.
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2003
Note Unaudited Unaudited Audited
Half year Half year Year
ended Ended Ended
30.6.2003 30.6.2002 31.12.2002
# # #
Net cash inflow /(outflow)
from Operating activities 4 31,254 (324,912) (303,274)
======== ======== ========
Returns on investments
And servicing of finance
Interest paid (6,941) (475) (4,199)
Interest received 375 - 367
------------ ------------ ------------
(6,566) (475) (3,832)
======== ======== ========
Taxation - - 18,000
========= ========= =========
Capital expenditure and
financial investment
Purchase of tangible (2,035) (6,825) (10,775)
fixed assets ======== ======== ========
Cash inflow/ (outflow)
before use of Financing 22,653 (332,212) (299,881)
========= ======== ========
Financing
Issues of share capital - 259,750 259,750
Expenses of issues of - (28,326) (28,326)
share capital
Factor (66,003) 63,297 66,003
------------ ------------ ------------
(43,350) 294,721 297,427
======== ======== ========
(Decrease) in cash
In the period 5 (43,350) (37,491) (2,454)
======== ======= ========
NOTES
1 Full accounts
The comparative figures for the financial year ended 31 December 2002 are not
the company's statutory accounts for that financial year. Those accounts have
been reported on by the company's auditors and will be delivered to the
Registrar of Companies. The report of the independent auditors was unqualified
and did not contain a statement under section 237 (2) or (3) of the Companies
Act 1985.
2 Taxation
The tax credits shown for the previous periods relate to payments receivable
from the Inland Revenue in respect of a tax relief claims for research and
development expenditure.
3. Loss per share
The calculation of loss/profit per ordinary share is based on a loss of #338,423
after exceptional charges (2002: #12,175 profit) and on a loss of #144,106
before exceptional charges (2002: #12,175 profit) together with 33,934,196
ordinary shares (2002: 33,578,945), being the weighted average number of
ordinary shares in issue during the period.
4 Reconciliation of operating loss to net cash inflow/(outflow) from operating
activities
Half year Half year Year
ended Ended Ended
30.6.2003 30.6.2002 31.12.2002
# # #
Operating (loss)/ profit (137,540) 650 (27,726)
Amortisation of - 4,434 -
intangible assets
Depreciation charges 918 6,357 33,008
Exceptional charges (194,317) - (127,280)
Decrease/(increase) in 221,335 (270,217) (119,967)
debtors
Increase/(decrease) in 140,858 (66,136) (61,309)
creditors ------------ ------------ ----------
31,254 (324,912) (303,274)
======== ======== ========
5 Analysis of changes in net funds
Net funds Net funds
At at
31.12.2002 Cash flow 30.6.2003
# # #
Cash at bank and in hand 66,539 (43,350) 23,189
Debt due within one year (66,003) 66,003 -
------------ ----------- ------------
536 22,653 23,189
========== ======== ========
6. *Interim report
Additional copies of the interim report may be obtained from the Company's
registered office at 11 Marlborough Place, Brighton, East Sussex, BN1 1UB.
This information is provided by RNS
The company news service from the London Stock Exchange
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