Final Results - Part II

2007

2006

Notes

£

£

Continuing operations

Revenues

4b, 6

1,575,055

642,755

Cost of sales

(693,868)

(572,998)

Gross profit

881,187)

69,757

Administrative expenses

(1,096,184)

(991,040)

Operating loss

(214,997)

(921,283)

Financial income

92,143)

103,432)

)

Loss before taxation

10

(122,854)

(817,851)

Taxation

(111,512)

89,554)

Loss for the year from continuing operations

(234,366)

(728,297)

Discontinued operations

Profit/(loss) for the year from discontinued operations

6,426

(51,061)

Loss after taxation

(227,940)

(779,358)

Attributable to:

Equity holders of the parent company

(148,949)

(668,674)

Minority interest

(78,991)

(110,684)

(227,940)

(779,358)

Continuing operations

Basic and diluted loss per share

12

(0.136)p

(0.572)p

Discontinued operations

Basic and diluted earnings/(loss) per share

12

0.003)p

(0.029)p

12

(0.133)p

(0.601)p

2007

2006

Notes

£

£

Revaluation (losses)/gains on available-for-sale investments taken to equity

(1,484,094)

124,697)

Tax on items taken directly to equity

482,518)

(37,410)

Net (expense)/income recognised directly in equity

(1,001,576)

87,287)

Transferred to profit or loss on sale of available-for-sale investments

(487,500)

-)

Tax on items transferred from equity

146,250)

-)

(1,342,826)

87,287

Loss for the year

(227,940)

(779,358)

Total recognised income and expense for the year

(1,570,766)

(692,071)

Attributable to equity holders of the parent

(1,491,775)

(581,387)

Attributable to minority interests

(78,991)

(110,684)

(1,570,766)

(692,071)

2007

2006

£

£

Non current assets

Goodwill

59,954

59,954

Plant and equipment

13,618

13,618

Deferred tax asset

16,181

-

Total non-current assets

89,753

73,572

Current assets

Available-for-sale investments

2,713,942

4,463,036

Trade and other receivables

123,558

91,155

Cash and cash equivalents

1,787,500

2,242,149

Total current assets

4,625,000

6,796,340

Total assets

4,714,753

6,869,912

Current liabilities

Trade and other payables

284,292

291,091

Bank overdraft

104,800

83,127

Total current liabilities

389,092

374,218

Non-current liabilities

Deferred taxation

306,537

807,612

Total non-current liabilities

306,537

807,612

Total liabilities

695,629

1,181,830

Net assets

4,019,124

5,688,082

Equity

Share capital

1,112,378

1,112,373

Share premium account

292,179

292,139

Capital redemption reserve

182,512

182,512

Merger reserve

325,584

325,584

Fair value reserve

1,191,144

2,533,970

Retained earnings

713,955

961,141

Equity attributable to shareholders’ of the parent company

3,817,752

5,407,719

Minority interest

201,372

280,363

Total Equity

4,019,124

5,688,082

2007

2006

£

£

Cash flow from operating activities

Loss before tax on continuing operations

(214,997)

(921,283)

Profit/(loss) before tax on discontinued operations

6,426)

(51,061)

(208,571)

(972,344)

Adjustments for:

Share based payment charges

13,000)

30,500)

Depreciation

-)

27,218)

Operating cash flow before working capital movements

(195,571)

(914,626)

Net purchases of available-for-sale investments

(222,500)

(74,998)

(Increase)/decrease in receivables

(32,403)

41,687)

(Decrease)/Increase in payables

(6,799)

90,369)

Operating cash flow

(457,273)

(857,568)

Financial income

)

92,143)

103,432)

Net cash used in operating activities

(365,130)

(754,136)

Financing activities

Issue of equity capital

45)

38)

Dividends paid

(111,237)

(111,237)

Net cash used in financing activities

(111,192)

(111,199)

Net change in cash and cash equivalents

(476,322)

(865,335)

Cash and cash equivalents and bank overdraft at the beginning of the year

2,159,022)

3,024,357)

Cash and cash equivalents and bank overdraft at the end of the year

1,682,700)

2,159,022)