RNS Number:8392B
StartIT.com PLC
30 September 2002
CHAIRMAN'S STATEMENT
For the Six Months ended 30 June 2002
RESULTS
The unaudited results for the six months ended 30 June 2002 reflect a post tax loss of #1,998,062 (of which #935,924
represents a further provision for diminution in value of investments and #796,485 represents a write-off of loans
made to some of our investments). This result compares with a loss of #380,470 for the same period last year.
TRADING UPDATE
We have had a very difficult six months. As my previous report indicated, the Board has been examining and exploring
various options available to maximise shareholder value. Progress was made on a number of potential opportunities but
unfortunately none have come to fruition. Accordingly, we announced on 13 September 2002 that the Board had resolved
not to increase the size of the Company's investment portfolio, but to continue to manage existing investments with a
view to conducting an orderly disposal of the portfolio and preserving the Company's cash resources. The Board is
currently considering the various options which remain open to it, including a member's voluntary liquidation, and
will make a further announcement in due course.
Peter So
Chairman
September 2002
startIT.com plc
Profit and Loss Account Unaudited Unaudited Year Ended 31
6 months ended 6 months ended Dec-01
30-Jun-02 30-Jun-01
# # #
Turnover 9,000 9,921 25,859
Administration costs
Provision for diminution in value of investments (935,924) (300,182) (200,000)
Loans to investment written off in the year (796,485) - (100,182)
Other administrative expenses (294,506) (129,250) (269,206)
------------ ------------ ------------
Operating loss (2,017,916) (419,511) (543,529)
Interest received 19,854 39,041 61,909
------------ ------------ ------------
Loss for the period before taxation (1,998,062) (380,470) (481,620)
Taxation - - -
------------ ------------ ------------
Loss for the period after taxation (1,998,062) (380,470) (481,620)
============ ============ ============
Basic loss per share 4.251p 0.810p 1.025p
============ ============ ============
startIT.com plc
Balance Sheet Unaudited as at As at
30-Jun-02 31-Dec-01
# #
Intangible assets 3,893 4,122
Tangible fixed assets 4,256 4,188
Fixed asset investments 200,065 1,776,806
------------ ------------
208,214 1,785,116
Current assets
Debtors 8,702 25,958
Investments - 100,222
Bank 533,385 760,618
------------ ------------
542,087 886,798
Current liabilities (97,956) (21,507)
------------ ------------
Net current assets 444,131 865,291
------------ ------------
Total assets less current liabilities 652,345 2,650,407
============ ============
Called up share capital 470,000 470,000
Share premium account 2,894,991 2,894,991
Profit & loss account (2,712,646) (714,584)
------------ ------------
Equity shareholders funds 652,345 2,650,407
============ ============
Net asset value per ordinary share
- Basic 1.39p 5.64p
startIT.com plc
Period Ending 30th June 2002
Cash Flow Statement for the Period Ended Unaudited Unaudited Year ended
6 months ended 6 months ended 31/12/01
30/06/02 30/06/01
# # #
Net Cash Outflow from Operating Activities
Operating loss (2,017,916) (119,329) (535,059)
Depreciation of tangible assets 702 844 1,568
Amortisation of website 229 - 458
Decrease in debtors 17,256 (12,446) (14,644)
Increase in creditors 76,631 6,045 (5,670)
Profit on disposal of investment - - (8,471)
Loans to investments written off in the year 796,485 - 100,182
Provision for diminution in value of investment 935,924 - 200,000
------------ ------------ ------------
Net cash outflow from operation activities (190,689) (124,886) (261,636)
Returns on Investments and Servicing of Finance
Interest received 11,455 39,041 61,909
Investing Activities
Payment to acquire fixed assets:
-Tangible assets (770) (156) (156)
-Investments - (286,457) (70,275)
Advance of loan to associated company (47,230) - (385,909)
------------ ------------ ------------
Net Cash Outflow before Financing (227,233) (372,458) (656,067)
(Decrease) in cash balances (227,233) (372,458) (656,067)
============ ============ ============
Reconciliation of net cash flow to movement in funds
(Decrease)/Increase in cash in period (227,233) (372,458) (656,067)
Movement in net funds in period (227,233) (372,458) (656,067)
Opening net funds 760,618 1,416,685 1,416,685
------------ ------------ ------------
Closing net funds 533,385 1,044,227 760,618
============ ============ ============
startIT.com plc
Interim Announcement - Notes
1. The information relating to the six month periods ended 30 June 2002 is unaudited. The information relating to the
year ended 31 December 2001 is extracted from the audited accounts of the Company which have been filed at Companies
House and on which the auditors issued an unqualified opinion.
2. The financial information relating to the six month period ended 30 June 2002 does not constitute statutory
accounts within the meaning of Section 240 Companies Act 1985.
3. The financial information contained in this report was approved by the Board of Directors on 23 September 2002.
4. Loss per share is based on the number of shares in issue during the period ended 30 June 2002 of 47,000,000.
startIT.com plc
INDEPENDENT REVIEW REPORT
Introduction
We have been instructed by the company to review the financial information for the six months ended 30 June 2002 set
out on pages 2 to 4, and we have read the other information contained in the interim report for any apparent
misstatements or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has been
approved by, the directors. The Listing Rules of the Financial Services Authority require that the accounting
policies and presentation applied to the interim figures should be consistent with those applied in preparing the
preceding annual accounts except where changes, and the reason for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices
Board. A review consists principally of making enquiries of management and applying analytical procedures to the
financial information and underlying financial data, and based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as
tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an
audit. Accordingly we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that should be made to the financial
information as presented for the six months ended 30th June 2002.
PRIDIE BREWSTER
Carolyn House
29-30 Greville Street
London
EC1N 8RB
September 2002
This information is provided by RNS
The company news service from the London Stock Exchange
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