Interim Results
15 September 2006 - 5:01PM
UK Regulatory
RNS Number:9974I
Nettworx PLC
15 September 2006
NETTWORX PLC
INTERIM RESULTS FOR THE PERIOD TO 30TH JUNE 2006
Since Nettworx Plc was admitted to trading on AIM on 21st December 2005, the
Board has been evaluating a number of acquisition possibilities. The Company was
established by the Directors in order to acquire companies and businesses which
can benefit from the convergence of voice, video, data, fixed line and mobile
networks. The Board has been encouraged by the quality of opportunities it has
seen.
The Directors are progressing discussions in a number of areas which they hope
will prove to be constructive building blocks in the development of the group.
The Directors hope to be able to report more fully on developments as they
progress.
You will see from the accounts that subscription monies are largely intact other
than requisite professional costs.
15 September 2006
For further information contact
Jonathan Rowland - Director Tel No 020 7493 9116
NETTWORX PLC
PROFIT AND LOSS ACCOUNT TO 30th JUNE 2006
From
Incorporation
to
30th June 2006
Notes
#
Other operating expenses (159,680)
----------
OPERATING LOSS (159,680)
-----------
Bank interest receivable 122,077
----------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (37,603)
----------
Taxation -
----------
RETAINED LOSS FOR THE FINANCIAL PERIOD (37,603)
==========
Loss per ordinary share (pence) - Basic 3 (0.03)
========
Loss per ordinary share (pence) - Diluted 3 (0.03)
NETTWORX PLC
BALANCE SHEET AS AT 30th JUNE 2006
30th June 2006
(unaudited)
Notes
#
CURRENT ASSETS
Debtors 18,512
--------
Cash at bank and in hand 9,514,775
----------
9,533,287
-----------
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (62,402)
----------
NET ASSETS 9,470,885
==========
CAPITAL AND RESERVES
Called up share capital 1,110,000
Share premium account 8,398,488
Profit and loss account current year (37,603)
----------
EQUITY SHAREHOLDERS FUNDS 9,470,885
==========
NETTWORX PLC
CASH FLOW STATEMENT FOR THE PERIOD ENDED 30th JUNE 2006
From
Incorporation
to
30th June 2006
Notes
#
Net cash outflow from operating activities 4 (115,790)
----------
Returns on investments and servicing of finance 5 122,077
----------
CASH OUTFLOW BEFORE FINANCING 6,287
Financing 6 9,508,488
----------
INCREASE IN CASH IN THE PERIOD 9,514,775
==========
RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
FOR THE PERIOD ENDED 30th JUNE 2006
From
Incorporation
to
30th June 2006
Notes
#
Loss for the period (37,603)
Proceeds from issue of shares 1,110,000
Costs of share issue written off to share premium account (8,398,488)
----------
Net addition shareholders' funds 9,470,885
Opening equity shareholders' funds -
----------
Closing equity shareholders' funds 9,470,885
==========
NETTWORX PLC
NOTES TO THE INTERIM REPORT
1 The company was incorporated on 4th October 2005 and was admitted to the
Alternative Investment Market (AIM) on 21st December 2005, when it commenced its
business. The unaudited interim accounts for the period ending 30th June 2006
have been prepared on the basis of the accounting policies expected to apply for
the current financial period, under the historical cost convention and in
accordance with applicable accounting standards. The company will be required to
adopt Financial Reporting Standard 19 "deferred tax" in its statutory financial
statements for the period ending 31st December 2006, but this is not expected to
require material adjustments to the current results.
The financial information contained in this report does not constitute statutory
accounts for the company within the meaning of section 240 of the Companies Act.
2 The directors do not recommend the payment of a dividend.
3 The basic and diluted earnings per share are based on the loss for the
financial period of #37,603 and the following weighted average number of shares
in issue during the period ending 30th June 2006.
Basic 111,000,000
Diluted 122,000,000
4 Reconciliation of operating loss to net cash outflow from operating activities
#
Operating loss (159,680)
Increase in creditors 62,402
Increase in debtors (18,512)
----------
Net cash flow from operating activities (115,790)
==========
5 Returns on investment and servicing of finance
#
Bank interest 122,077
----------
Net cash outflow from returns on investments and servicing of
Finance 122,077
==========
6 Financing
#
Proceeds from share issue 10,110,000
Costs of AIM flotation and share issue (601,512)
----------
Net cash inflow from financing 9,508,488
==========
7 This interim statement will be sent to all shareholders and is also available
from the company's registered office at 43 North Audley Street, London, W1K 6WH
This information is provided by RNS
The company news service from the London Stock Exchange
END
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