1st Quarter Results
13 May 2010 - 6:54PM
UK Regulatory
TIDMCSB
RNS Number : 8478L
Crosby Asset Management Inc
13 May 2010
CROSBY ASSET MANAGEMENT INC. ("CAM"or the "Group")
TRADING UPDATE - THREE MONTHS TO 31 MARCH 2010
13 May 2010
Revenue US$0.6million (Q1 2009: US$0.9million)
Loss attributable to owners US$0.4 million (Q1 2009:US$2.9 million)
Assets under management US$0.4 billion (Q1 2009: US$0.4 billion)
COMMENTARY
The Group has continued to pursue its strategy of significantly reducing its
cost base, as evidenced by the reduced loss to shareholders incurred in the
first quarter of 2010, despite a substantially reduced level of revenue (as
compared with the same period in 2009).
CAM has now completed its withdrawal from, and closure of, the Forsyth
businesses which has contributed to the fall in revenue versus the comparable Q1
2009 period.
The Crosby Wealth Management (CWM) business now accounts for the significant
majority of the Group's assets under management and this business unit continues
to make modest progress.
When announcing the 2009 annual results on 25 March 2010, the Group highlighted
that Orchard Petroleum ("Orchard") was innegotiations with its key creditor
(which is also the majority shareholder, Mercuria) (the "Creditor") regarding
debt repayment, and as a result, its outlook was unclear. As CAM shareholders
will be aware, CAM is a small minority shareholder in Orchard and the Group was
therefore not able to influence those negotiations directly. Towards the end of
the quarter ending 31 March 2010, the Creditor officially called an event of
default and took over the underlying assets of Orchard that were held as
collateral against the loan. Legal advice is currently being sought in relation
to the Creditor's actions and the rights of the minority shareholders in
Orchard. At this stage, we are not certain if any value can be recovered from
the Group's investment in Orchard. CAM will provide further updates via RNS, as
soon as there is further clarity with regard to this situation.
Trading Summary
+-----------------+--------+-----------+--------+-----------+
| | | Unaudited | | Unaudited |
| | | | | three |
| | | three | | months |
| | | months | | ended |
| | | ended | | 31 March |
| | | 31 March | | |
+-----------------+--------+-----------+--------+-----------+
| | | 2010 | | 2009 |
+-----------------+--------+-----------+--------+-----------+
| | | US$'000 | | US$'000 |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Revenue | | 558 | | 902 |
+-----------------+--------+-----------+--------+-----------+
| Cost | | (132) | | (90) |
| of | | | | |
| sales | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Gross | | 426 | | 812 |
| profit | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Gain/(Loss) | | | | |
| on | | 9 | | (25) |
| financial | | | | |
| assets at | | | | |
| fair value | | | | |
| through | | | | |
| profit or | | | | |
| loss | | | | |
+-----------------+--------+-----------+--------+-----------+
| Other | | 209 | | 192 |
| income | | | | |
+-----------------+--------+-----------+--------+-----------+
| Reveresal | | 218 | | - |
| of | | | | |
| restructuring | | | | |
| expenses | | | | |
+-----------------+--------+-----------+--------+-----------+
| Administrative | | (1,254) | | (3,068) |
| expenses | | | | |
+-----------------+--------+-----------+--------+-----------+
| Other | | (136) | | (1,044) |
| operating | | | | |
| expenses | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Loss | | (528) | | (3,133) |
| from | | | | |
| operations | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Finance | | (25) | | (32) |
| costs | | | | |
+-----------------+--------+-----------+--------+-----------+
| Share | | | | |
| of | | 25 | | 8 |
| profits | | | | |
| of | | | | |
| associates | | | | |
| / | | | | |
| | | | | |
| jointly | | | | |
| controlled | | | | |
| entities | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Loss | | (528) | | (3,157) |
| before | | | | |
| taxation | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Taxation | | 3 | | 24 |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Loss | | (525) | | (3,133) |
| for | | | | |
| the | | | | |
| period | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Attributable | | | | |
| to: | | | | |
+-----------------+--------+-----------+--------+-----------+
| Owners | | (382) | | (2,901) |
| of the | | | | |
| Company | | | | |
+-----------------+--------+-----------+--------+-----------+
| Non-controlling | | (143) | | (232) |
| interests | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Loss | | (525) | | (3,133) |
| for | | | | |
| the | | | | |
| period | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| Loss | | | | |
| per | | US | | US |
| share | | cents | | cents |
| attributable | | | | |
| to owners of | | | | |
| the Company | | | | |
| during the | | | | |
| period | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| - | | (0.16) | | (1.19) |
| Basic | | | | |
+-----------------+--------+-----------+--------+-----------+
| | | | | |
+-----------------+--------+-----------+--------+-----------+
| - | | (0.16) | | (1.19) |
| Diluted | | | | |
+-----------------+--------+-----------+--------+-----------+
Enquiries:
Crosby Asset Management Inc.
Ilyas Khan +44 (0)
20 3291 2863
Strand Hanson Limited
Stuart Faulkner/James Spinney +44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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