Interim Results
31 Juli 2002 - 12:02PM
UK Regulatory
RNS Number:3473Z
Advance Capital Invest PLC
31 July 2002
Chairman's Statement
Results
Advance Capital Invest, the investment vehicle, was incorporated on 20 October
2000. In conjunction with its admission to AIM on 1 December 2001, the Company
raised a total of approximately #2 million cash. During the period under review,
ACI has not undertaken any trading activities, but incurred certain staff and
operational costs associated with reviewing a number of acquisitions.
Outlook
The Board continues to actively review potential acquisitions. ACI remains an
attractive investment vehicle and if necessary, one capable of providing
additional managerial and capital input into a suitable opportunity, once
identified. The Company continues to have a strong balance sheet with net
assets per share of approximately 17.0p, consisting predominantly of cash at
bank and in hand.
Nigel Whittaker
Chairman
31 July 2002
For further information, please contact:
Nigel Whittaker, Chairman Tel: 020 7796 4133
Charles Fairbairn, Finance Director
Advance Capital Invest
Alistair Mackinnon-Musson / Philip Dennis Tel: 020 7796 4133
Hudson Sandler Email: aci@hspr.co.uk
Profit and Loss Account
6 months
Period Period
Ended
Ended Ended
Notes 30 April
30 April 31 October 2001
2002
2001
(unaudited)
(unaudited) (audited)
#'000
#'000 #'000
Administrative expenses
Costs re terminated transaction -
(125) (460)
Other administrative expenses (69)
(38) (110)
___________
___________ __________
Operating Loss (69)
(163) (570)
Interest receivable from bank deposits 25
41 83
-
___________
___________ __________
Loss on ordinary activities before taxation (44)
(122) (487)
Tax on loss on ordinary activities -
- -
___________
___________ __________
Loss for the financial period (44)
(122) (487)
___________
___________ __________
Basic loss per share 2 (0.54)p
(1.51)p (6.01)p
Diluted loss per share 2 (0.54)p
(1.51)p (6.01)p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
Recognised gains and losses
There are no recognised gains and losses other than those dealt with through the
profit and loss account.
Balance Sheet
As at
As at As at
30 April
30 April 31 October 2001
2002
2001
(unaudited)
(unaudited) (audited)
Notes #'000
#'000 #'000
Current assets
Prepayments 4
- 4
Cash at bank and in hand 1,394
1,923 1,695
___________
___________ __________
1,398
1,923 1,699
Creditors: Amounts falling due within one year (17)
(133) (274)
___________
___________ __________
Net assets 1,381
1,790 1,425
___________
___________ __________
Capital and reserves
Called up share capital 810
810 810
Share premium account 1,102
1,102 1,102
Profit and loss account (531)
(122) (487)
___________
___________ __________
Equity shareholders' funds 1,381
1,790 1,425
___________
___________ __________
Cash Flow statement
Notes 6 Months Ended 30
Period Ended 30 Period ended 31
April 2002
April 2001 October 2001
(unaudited)
(unaudited) (audited)
#'000
#'000 #'000
Net cash outflow from operating activities B (326)
(30) (300)
Returns on investment and servicing of finance
Interest received 25
41 83
___________
___________ __________
Net cash outflow before financing (301)
11 (217)
Financing:
Placing C -
1,912 1,912
___________
___________ __________
Increase in cash in period (301)
1,923 1,695
___________
___________ __________
Notes to Cashflow Statement
A. Reconciliation of net cash flow to movement in net funds
6 Months Ended 30
Period Ended 30 Period ended 31
April 2002
April 2001 October 2001
(unaudited)
(unaudited) (audited)
#'000
#'000 #'000
(Decrease) / increase in cash in the period (301)
1,923 1,695
Net funds at beginning of period 1,695
- -
___________
___________ __________
Net funds at end of period 1,394
1,923 1,695
___________
___________ __________
There were no other sources of funding other than cash so all funds flows are
shown in the cashflow statement
B. Reconciliation of operating loss to net cash outflows from operating
activities
6 Months ended 30
Period ended 30 Period ended 31
April 2002
April 2001 October 2001
(unaudited)
(unaudited) (audited)
#'000
#'000 #'000
Operating loss (69)
(163) (570)
Increase in debtors -
(4) (4)
(Decrease)/Increase in creditors (257)
133 274
___________
___________ __________
Net cash outflow from operating activities (326)
(30) (300)
___________
___________ __________
C. Placing
6 Months ended 30
Period ended 30 Period ended 31
April 2002
April 2001 October 2001
(unaudited)
(unaudited) (audited)
#'000
#'000 #'000
Placing proceeds -
2,025 2,025
Costs of placing -
(113) (113)
___________
___________ __________
Total -
1,912 1,912
___________
___________ __________
Notes to the interim financial statements
1. Basis of preparation
The profit and loss account, balance sheet and cashflow statement which are
unaudited have been prepared in accordance with the accounting policies set out
in the 2001 Annual Report. The financial information contained in the financial
statements does not constitute statutory accounts within the meaning of section
240 of the Act.
The results for 2001 full year are an abridged review of the full accounts which
have received an unqualified audit report and have been filed with the Registrar
of Companies.
2. Loss per share
The basic loss per share calculation has been based on the loss attributable to
ordinary shareholders of #44,000 divided by 8,100,000 shares, being the entire
issued share capital of the company.
There is no difference between the basic and fully diluted earnings per Ordinary
Share, as no Ordinary Shares are issuable under the Share Options until the
completion by the Company of a business acquisition, and this condition had not
been met at the end of the reporting period.
3. Dividends
The Board has not declared a dividend in respect of this period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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