RNS Number:5645E
Nettworx PLC
27 September 2007
Nettworx Plc
27 September
NETTWORX PLC
INTERIM RESULTS FOR THE PERIOD TO 30 JUNE 2007
Nettworx Plc was established in order to acquire companies and businesses which
can benefit from the convergence of voice, video, data, fixed line and mobile
networks, and was admitted to trading on AIM on 21 December 2005. Since this
date, the Company has evaluated a number of acquisitions. In April 2007 the
Company made one investment, in Sim4Travel Holdings Plc, a public company
carrying on the business as a supplier of telephone services and facilities.
The Directors continue to have discussions in a number of areas which they hope
will prove to be constructive building blocks in the development of the group.
The Directors will continue to report on developments as they progress.
Apart from the above investment and requisite professional costs, the
subscription monies are largely intact.
Highlights
- Profit per share for the six months to June 2007 was 0.05 pence
- At the period end, the Company had investments of #1.9m and cash at bank of
#7.7m
For further information contact
Jonathan Rowland - Nettworx Plc 020 7087 7975
Mark Ashurst - Canaccord Adams Limited 020 7050 6500
NETTWORX PLC
PROFIT AND LOSS ACCOUNT
Six months From incorp From incorp
Ended to to
30 June 30 June 31 December
2007 2006 2006
Notes (unaudited) (unaudited) (audited)
# # #
Net operating expenses (96,484) (159,680) (293,480)
OPERATING LOSS (96,484) (159,680) (293,480)
Net interest receivable 165,710 122,077 325,219
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES
BEFORE TAXATION 69,226 (37,603) 31,739
Taxation (11,880) - (9,522)
RETAINED PROFIT FOR THE
PERIOD 57,346 (37,603) 22,217
Profit/(Loss) per ordinary
share-Basic (pence) 3 0.05 (0.03) 0.02
Profit/(Loss) per ordinary
share-Diluted (pence) 3 0.05 (0.03) 0.02
NETTWORX PLC
BALANCE SHEET
Six months From incorp From incorp
Ended to to
30 June 30 June 31 December
2007 2006 2006
Notes (unaudited) (unaudited) (audited)
# # #
CURRENT ASSETS
Investments 1,937,972 - -
Debtors 36,591 18,512 1,275
Cash at bank 7,716,256 9,514,775 9,565,931
9,690,819 9,533,287 9,567,206
CREDITORS: AMOUNTS
FALLING DUE WITHIN
ONE YEAR (102,768) (62,402) (36,501)
NET ASSETS 9,588,051 9,470,885 9,530,705
CAPITAL AND RESERVES
Called up share capital 1,110,000 1,110,000 1,110,000
Share premium account 8,398,488 8,398,488 8,398,488
Profit and loss account 79,563 (37,603) 22,217
EQUITY SHAREHOLDERS'
FUNDS 9,588,051 9,470,885 9,530,705
NETTWORX PLC
CASH FLOW STATEMENT
Six months From incorp From incorp
Ended to to
30 June 30 June 31 December
2007 2006 2006
Notes (unaudited) (unaudited) (audited)
# # #
Net cash outflow
from operating activities 4 (77,413) (115,790) (267,776)
Returns on investments and
servicing of finance 5 165,710 122,077 325,219
Investing activities (1,937,972)
CASH (OUTFLOW)/ INFLOW
BEFORE FINANCING (1,849,675) 6,287 57,443
Financing - 9,508,488 9,508,488
(DECREASE)/INCREASE
IN CASH IN THE PERIOD (1,849,675) 9,514,775 9,565,931
RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS
Six months From incorp From incorp
Ended to to
30 June 30 June 31 December
2007 2006 2006
Notes (unaudited) (unaudited) (audited)
# # #
Profit/(Loss) for the
period 57,346 (37,603) 22,217
New share capital issued
net of costs - 9,508,488 9,508,488
Net addition shareholders'
funds 57,346 9,470,885 9,530,705
Opening equity shareholders'
funds 9,530,705
Closing equity shareholders'
funds 9,588,051 9,470,885 9,530,705
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 2007
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 2007, 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
profit for the financial period of #57,346 and the following weighted average
number of shares in issue during the period ending 30th June 2007.
Basic 111,000,000
Diluted 122,000,000
4 Reconciliation of operating loss to net cash outflow from operating activities
#
Operating loss (96,484)
Increase in creditors 66,267
----------
Increase in debtors (35,316)
Taxation paid (11,880)
----------
Net cash flow from operating activities (77,413)
==========
5 Returns on investment and servicing of finance
#
Bank interest 165,710
----------
Net cash outflow from returns on investments and servicing of
Finance 165,710
==========
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 5 Savile Row, London, W1S 3PD
This information is provided by RNS
The company news service from the London Stock Exchange
END
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