TIDMWSBN
RNS Number : 9909N
Wishbone Gold PLC
30 September 2019
30 September 2019
Wishbone Gold Plc ("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ NEX: WSBN
Interim results
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
Chairman's statement
Wishbone Gold has pleasure in announcing its interim results for
the period ended 30th June 2019. Shareholders are reminded that
these results are unaudited and based on the Company's management
accounts.
The six months ended saw total sales of $6.562m, showing a
substantial increase over the same period last year (2018:
$3.908m). Volumes processed by the Company during this period were
mainly from local trading and from Asia. Gross margins for the
period were 0.48%, showing a slight increase from the last full
year (0.42%). As the Asian percentage of trading has risen over the
last couple of months we have seen margins improve further.
During the period cash increased by $0.012m (period ended 30
June 2018: reduction of $0.20m) and at 30 June 2019 the Company had
net cash of $0.036m (30 June 2018: $0.054m). Net assets at 30 June
2019 were $2.13m (30 June 2018 ($2.88m).
With the marked increase in the gold price we have seen an
increased interest in holding physical gold. There is also
increased activity in cross border trading of physical gold where
we are well positioned in Dubai between Asia and Europe.
The Company is seeking to extricate itself from its Honduras
operations, to focus on the burgeoning growth in trading in the
Middle East. The Australian licences remain in the Company for the
time being and the Board are considering strategies to increase
opportunities here. The Board look forward to updating shareholders
in due course.
We continue our discussions on potential acquisitions and will
announce progress when possible.
Many thanks to all our shareholders for their continuing
support.
S
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +44 207 812 0645
Beaumont Cornish Limited
(Nominated Adviser and NEX Exchange Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628 3396
Turner Pope Investments (TPI) Limited
(Broker)
Zoe Alexander/ Andy Thacker Tel: +44 20 3657 0050
Damson Communications
(Public Relations)
Abigail Stuart-Menteth Tel: +44 20 7812 0645
Wishbone Gold PLC
Consolidated Income Statement
for the period 1 January
2019 to 30 June 2019
Unaudited Unaudited Audited
Six Months Six Months Year Ended
Ended Ended 31 December
30 June 30 June 2018
2019 2018
US$ US$ US$
Sales 6,562,093 3,908,979 10,896,045
Cost of sales (6,530,233) (3,873,223) (10,849,774)
Gross profit 31,860 35,755 46,271
Administration expenses (555,687) (497,834) (1,064,988)
------------- ------------- ----------------
Operating loss (523,827) (462,079) (1,018,717)
Loss on equity sharing agreement - - (797,220)
Impairment of investments - - -
Foreign exchange gains (3,315) (6,746) (10,223)
Finance costs (10,595) (58,603) (64,007)
Loss on ordinary activities
before taxation (537,737) (527,428) (1,890,167)
Tax on loss on ordinary activities - - -
Loss for the financial year (537,737) (527,428) (1,890,167)
------------- ------------- ----------------
Wishbone Gold PLC
Consolidated Statement
of Financial Position
as at 30 June 2019
Unaudited Audited
Unaudited Six Months Year Ended
Six Months Ended 31 December
Ended 30 June 2018
30 June 2019 2018
US$ US$ US$
Current assets
Trade and other receivables 555,936 545,843 583,834
Cash and cash equivalents 36,271 54,102 24,428
Inventory - 27,751 -
Loans 199,864 306,183 199,864
792,071 933,879 808,126
-------------- ------------- -------------
Non-current assets
Property, plant and equipment 193,750 250,024 212,500
Goodwill 748,617 748,625 748,617
Assets 393,874 377,672 371,923
Loans - 572,278 -
1,336,241 1,948,599 1,333,040
-------------- ------------- -------------
Total assets 2,128,312 2,882,478 2,141,166
============== ============= =============
Current liabilities 555,407 1,397,345 863,176
Non-current liabilities - - -
Equity
Share capital 3,791,823 1,730,590 2,872,843
Share premium 7,370,895 7,115,052 7,306,550
Share based payment reserve 64,355 62,908 64,355
Accumulated losses (9,610,478) (7,710,000) (9,072,741)
Foreign exchange reserve (43,690) 286,583 106,983
Total equity and liabilities 2,128,312 2,882,478 2,141,166
============== ============= =============
Wishbone Gold PLC
Consolidated Statement of
Cash Flows
for the period from 1 January
2019 to 30 June 2019
Unaudited Audited
Unaudited Six Months Year Ended
Six Months Ended 31 December
Ended 30 June 2018
30 June 2019 2018
US$ US$ US$
Cash flows from operating
activities
Loss before tax (537,737) (527,428) (1,890,167)
Reconciliation to cash generated
from operations:
Foreign exchange (gain)/loss 3,315 6,745 10,223
Interest expense 10,595 58,603 64,007
Impairment losses - -
Write-off of loan receivable - 107,509
Losss on equity sharing
agreement - 797,220
Depreciation 18,750 - 37,500
Administrative expenses
converted into ordinary
shares - 382,950
Operating cash flow before
changes in working capital (505,077) (462,080) (490,758)
-------------- ------------ -------------
Derease/(increase) in inventory 4 27,755
Decrease/(increase) in receivables 27,898 22,553 (15,437)
Increase/(decrease) in payables (307,769) 178,036 (335,012)
Cash outflow from operations (784,948) (261,487) (813,452)
-------------- ------------ -------------
Cash flows from investing
activities
Increase/(decrease) in fixed
assets 34 -
Net movement in investments - - -
(Increase)/Decrease in Assets (21,951) 9,490 15,239
(Increase)/Decrease in Loans - 27 -
Other investing activities 108,198 (116,744)
Net cash flow from investing
activities (21,951) 117,749 (101,505)
-------------- ------------ -------------
Cash flows from financing
activities
(Decrease)/Increase in loans
payable (10,595) (389,276) (64,007)
Issue of shares for cash 983,325 - 747,289
Interest Paid - - -
Net cash flow from financing
activities 972,730 (389,276) 683,282
-------------- ------------ -------------
Effects of exchange rates
on cash and cash equivalents (153,988) 330,260 (754)
Net increase/(decrease)
in cash 11,843 (202,755) (232,429)
Cash at bank at 1 January 24,428 256,857 256,857
Cash at bank at period end 36,271 54,102 24,428
-------------- ------------ -------------
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END
IR SEWFFWFUSEDU
(END) Dow Jones Newswires
September 30, 2019 02:00 ET (06:00 GMT)
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