Interim Results
27 Septiembre 2004 - 9:01AM
UK Regulatory
Immediate Release: 27 September 2004
Financial Development Corporation plc
("FDC" or the "Company")
Interim Results for the Six Months Ended 31 August 2004
Highlights
* Placing at 3 pence per share raising �5,905,000 before expenses
* Very strong cash position to pursue exciting opportunities
* Turnover: �817,000 (interim 2003: �319,000)
* Profit before tax: �160,000 (interim 2003: �19,000)
Chairman's Report
Financial Development Corporation plc is delighted to announce its interim
results for the six months ended 31 August 2004. The Company is in a very
strong position, having over �6.5 million of cash and current asset
investments, which will allow us to pursue a number of exciting opportunities
in the coming months. One of these opportunities is Griffin Leisure Limited, in
which we hold an option to acquire the entire issued share capital.
I look forward to continued growth and, through the potential implementation of
a number of projects, we believe that value will be added to the Group.
For further information please contact:
Paul Foulger, Finance Director
Tel. 020 7245 1100
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 AUGUST 2004
Note 6 months to 6 months to 12 months
31 August 31 August to 29
2004 2003 February
(unaudited) (unaudited) 2004
(audited)
�'000 �'000 �'000
Turnover 817 319 1,317
Cost of sales (319) (6) (551)
__________ _________ _________
Gross profit 498 313 766
Administrative expenses (351) (298) (630)
Other operating income 10 - 9
__________ _________ _________
Operating profit 157 15 145
Interest receivable 3 5 7
Amounts written off investments - - (10)
Interest payable - (1) (2)
__________ _________ _________
Profit on ordinary activities 160 19 140
before taxation
Taxation 3 (50) (4) (44)
__________ _________ _________
Profit on ordinary activities 110 15 96
after taxation
Dividends - - -
__________ _________ _________
Retained profit for the 110 15 96
financial period
__________ _________ _________
Earnings per share 4 Pence Pence Pence
-Basic earnings per share 0.077 0.013 0.081
-Diluted earnings per ordinary 0.071 0.013 0.079
share
The profit and loss has been prepared on the basis that all operations are
continuing operations.
There were no recognised gains or losses other than those passing through the
profit and loss account.
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2004
As at 31 As at 31 As at 29
August 2004 August 2003 February
(unaudited) (unaudited) 2004
(audited)
�'000 �'000 �'000
Fixed assets
Tangible assets 93 117 114
Investments 250 - -
_________ _________ ___________
343 117 114
_________ _________ ___________
Current assets
Debtors 171 166 279
Investments 598 289 403
Cash at bank and in hand 5,894 218 166
_________ _________ ___________
6,663 673 848
Creditors: amounts falling due (181) (244) (159)
within one year
_________ _________ ___________
Net current assets 6,482 429 689
_________ _________ ___________
Total assets less liabilities 6,825 546 803
_________ _________ ___________
Capital and reserves
Called up share capital 339 118 136
Share premium account 6,504 637 795
Merger reserve (29) (29) (29)
Profit and loss account 11 (180) (99)
_________ _________ ___________
Equity shareholders' funds 6,825 546 803
_________ _________ ___________
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 AUGUST 2004
Note 6 months to 31 6 months to 31 12 months to
August 2004 August 2003 29 February
(unaudited) (unaudited) 2004 (audited)
�'000 �'000 �'000 �'000 �'000 �'000
Net cash inflow/(outflow) 5 258 2 (11)
from operating activities
Returns on Investments and
servicing of finance
Interest received 3 5 7
Interest paid - (1) (2)
_____ _______ _____
Net cash inflow for returns 3 4 5
on investments and
servicing of finance
Taxation - - -
Capital expenditure and
financial investments
Payments to acquire - (6) (26)
tangible assets
Payments to acquire (250) - -
investments
_____ _______ _____
Net cash outflow for (250) (6) (26)
capital expenditure and
financial investments
_______ _____ _______
Net cash inflow/(outflow) 11 - (32)
before management of liquid
resources and financing
Management of Liquid
resources
Current asset investments (195) (115) (239)
Bank deposits 151 107 174
_____ _______ _____
Net cash outflow for (44) (8) (65)
management of liquid
resources
Financing
Issue of ordinary share 5,912 - 176
capital
_____ _______ _____
Net cash inflow from 5,912 - 176
financing
_______ _____ _______
Increase/(decrease) in cash 6 5,879 (8) 79
_______ _____ _______
NOTES TO INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2004
1. Basis of Preparation
The results for the six months ended 31 August 2004 are unaudited and have not
been reviewed by the auditors. They have been prepared on accounting bases and
policies that are consistent with those used in the preparation of the
financial statements of the Group for the period ended 29 February 2004.
The financial statements contained in this report do not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. The
results for the period ended 29 February 2004 were reported on by the auditors
and received an unqualified audit report. Full accounts for the period ended 29
February 2004 have been delivered to the Registrar of Companies.
2. Dividends
No dividend is proposed for the six months ended 31 August 2004.
3. Taxation
The charge for taxation for the six months ended 31 August 2004 reflects the
anticipated effective rate for the period.
4. Earnings Per Share
The calculation of basic earnings per share is based on the profits after tax
of �110,000 and 142,213,141 ordinary shares being the weighted average number
of ordinary shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings
per share adjusted to allow for the issue of shares issued on the assumed
conversion of all options resulting in 155,901,053 issued ordinary shares.
5. Reconciliation of operating profit to net cash inflow/(outflow) from
operating activities
6 months to 6 months to 12 months to
31 August 31 August 29 February
2004 2003 2004
�'000 �'000 �'000
Operating profit 157 15 145
Depreciation 21 17 40
Decrease/(Increase) in debtors 97 (36) (165)
(Decrease)/Increase in creditors (17) 6 (31)
___________ ___________ ___________
Net cash inflow/(outflow) from 258 2 (11)
operating activities
___________ ___________ ___________
6.Analysis of net funds
29 February Cash Flow 31 August
2004 Movements � 2004
'000
�'000 �'000
Net cash:
Cash at Bank 15 5,879 5,894
___________ __________ ___________
15 5,879 5,894
___________ __________ ___________
Liquid resources:
Current asset investments 403 195 598
Bank deposits 151 (151) -
___________ __________ ___________
554 44 598
___________ __________ ___________
Net funds 569 5,923 6,492
___________ __________ ___________
Copies of the Interim Results will be sent to shareholders shortly and will be
available to members of the public from the company's registered office, 14
Kinnerton Place South, London, SW1X 8EH.
END
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