Interim Results
26 September 2008 - 4:00PM
UK Regulatory
RNS Number : 3573E
Nettworx PLC
26 September 2008
Nettworx Plc
26 September 2008
NETTWORX PLC
INTERIM RESULTS FOR THE PERIOD TO 30 JUNE 2008
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 amended its
strategy to allow the Company to invest in special situations and to include investments in companies where it does not necessarily take
100% control.
In April 2008 Sim4Travel repaid �500,000 of the 5% Convertible Loan Note 2008, resulting in Nettworx's cash available for future
acquisitions or investments increasing to �8.7m. The consultancy agreement between the Company and Sim4Travel was subsequently terminated.
The balance outstanding on the Loan Note and the remaining equity investment in Sim4Travel have been fully provided for.
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.
Highlights
- Profit per share for the six months to June 2008 was 0.11 pence
- At the period end, the Company had cash at bank of �8.7m
For further information contact
Jonathan Rowland - Nettworx Plc 020 7087 7975
Mark Williams - Canaccord Adams Limited 020 7050 6500
NETTWORX PLC Notes Six months Ended 30 Six months Ended 30 June 2007
June 2008 (unaudited)
(unaudited)
PROFIT AND LOSS ACCOUNT
� �
Net operating expenses (104,363) (96,484)
OPERATING LOSS (104,363) (96,484)
Net interest receivable 252,874 165,710
PROFIT ON ORDINARY ACTIVITIES 148,511 69,226
BEFORE TAXATION (30,445) (11,880)
Taxation
RETAINED PROFIT FOR THE PERIOD 118,066 57,346
Profit per ordinary 3 0.11 0.05
share-Basic (pence) 3 0.11 0.05
Profit per ordinary
share-Diluted (pence)
NETTWORX PLC Notes Six months Ended 30 Six months Ended 30 June 2007
June 2008 (unaudited)
(unaudited)
Balance Sheet
� �
CURRENT ASSETS
Investment - 1,937,972
Debtors 16,220 36,591
Cash at bank 8,728,391 7,716,256
8,744,611 9,690,819
CREDITOR AMOUNTS FALLING DUE (95,486) (102,768)
WITHIN ONE YEAR
NET ASSETS 8,649,125 9,588,051
CAPITAL AND RESERVES
Called up share capital 1,110,000 1,110,000
Share premium account 8,398,488 8,398,488
Profit and loss account (859,363) 76,563
EQUITY SHAREHOLDERS' FUNDS 8,649,125 9,588,051
NETTWORX PLC Notes Six months Ended 30 Six months Ended 30
June 2008 June 2007 (unaudited)
(unaudited)
CASHFLOW STATEMENT
� �
Net cash inflow/ (outflow) 4 444,428 (65,533)
from operating activities
5 252,874 165,710
Return on investments and
servicing of finance
(11,880)
Taxation
(1,937,972)
Investing activities
CASH INFLOW/ (OUTFLOW) BEFORE 697,302 (1,849,675)
FINANCING - -
Financing
INCREASE/DECREASE IN CASH IN 697,302 (1,849,675)
THE PERIOD
RECONCILIATION OF MOVEMENT IN Six months Ended 30 Six months Ended 30 June
EQUITY SHAREHOLDERS' FUNDS June 2008 2007 (unaudited)
(unaudited)
� �
Profit for the period 118,066 57,346
Net addition shareholders' 118,066 57,346
funds 8,531,059 9,530,705
Opening equity shareholders'
funds
Closing equity shareholders' 8,649,125 9,588,051
funds
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 2008 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 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 �118,066 and the
following weighted average number of shares in issue during the period ending 30th June 2008.
Basic 111,000,000
Diluted 111,000,000
4 Reconciliation of operating loss to net cash inflow / (outflow) from operating activities
Six Months ended 30 Six Months ended 30 June 2007
June 2008 (unaudited)
(unaudited)
Operating loss (104,363) (96,484)
Increase in creditors 63,521 66,267
Decrease / (Increase) in 485,270 (35,316)
debtors
Net cash inflow / (outflow) 444,428 (65,533)
from operating activities
5 Returns on investment and servicing of finance
Six Months ended 30 Six Months ended 30
June 2008 June 2007
(unaudited) (unaudited)
Bank interest 252,875 165,710
Net cash inflow from returns 252,875 165,710
on investments and servicing
of Finance
6 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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