Feedback PLC Half Yearly Report (3710A)
19 Februar 2014 - 8:00AM
UK Regulatory
TIDMFDBK
RNS Number : 3710A
Feedback PLC
19 February 2014
19 February 2014
Feedback plc
("Feedback", the "Company" or the "Group")
Interim Report for the six months ended 30 November 2013
Chairman's Statement
The Company became an Investing Company (as defined by the AIM
Rules for Companies) on 1 June 2013 focussed on investing in the
technology sector. The Company's detailed Investing Policy is
available on the Company's website (www.fbk.com). The Directors are
endeavouring to implement the Company's investment policy by
identifying a suitable acquisition that will be effected by means
of a reverse takeover.
Results for the six months ended 30 November 2013 show a loss of
GBP136,000 (30 November 2012: loss GBP298,000). This loss
represents the costs of maintaining the company's listing on AIM
and activities related to implementing the Investing Policy. At 30
November 2013 the net tangible assets of the company were
GBP625,000.
These net assets include the proceeds from the disposal of the
Company's freehold property. This disposal was the subject of a
circular to shareholders dated 11 July 2013, and was approved at a
General Meeting held
on 29 July 2013.
The Board believes that the Company's cash reserve is sufficient
to meet its immediate requirements and also to pursue the Company's
Investing Policy.
The Board has commenced the assessment of various potential
projects in the technology sector in accordance with its Investing
Policy. While no such projects have yet come to fruition, the Board
is confident of moving forward on a project in the near future.
Nick Shepheard
Chairman and Chief Executive
18 February 2014
Enquiries:
Feedback plc
Nick Shepheard 020 3289 7747
Sanlam Securities UK Limited
(Nominated adviser and broker)
Simon Clements/Catherine Miles 020 7628 2200
UNAUDITED CONSOLIDATED INCOME STATEMENT
6 months 6 months 6 months 6 months Year Year Year
to to to to to to to
30 30 30 November 30 31 May 31 May 31 May
November November 2012 November 2013 2013 2013
2013 2012 2012
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total Continuing Discontinued Total Continuing Discontinued Total
Revenue - - 976 976 - 1,179 1,179
Cost of sales - - (519) (519) (1,010) (1,010)
----------- ----------- ------------- ----------- ----------- ------------- ----------
Gross profit - - 457 457 - 709 709
Other operating
expenses (114) (286) (464) (750) (492) (890) (1,382)
----------- ----------- ------------- ----------- ----------- ------------- ----------
Operating
profit/(loss) (114) (286) (7) (293) (492) (181) (673)
Losses on
disposal - - - - - -
of discontinued
operations
Finance costs (8) (26) - (26) (57) (57)
----------- ----------- ------------- ----------- ----------- ------------- ----------
Profit/(loss)
before tax (122) (312) (7) (319) (549) (181) (730)
Tax
credit/(expense) - - 21 21 - - -
----------- ----------- ------------- ----------- ----------- ------------- ----------
Loss/profit
on ordinary
activities
after tax (122) (312) 14 (298) (549) (181) (730)
----------- ----------- ------------- ----------- ----------- ------------- ----------
Profit on
disposals
of discontinued
operations 382 382
(Loss)/profit
for the period
attributable
to the equity
shareholders
of the parent (122) (312) 14 (298) (549) 201 (348)
Other
comprehensive
income/(expense)
Translation
differences
on overseas
operations (14) - - - - - (3)
----------- ----------- ------------- ----------- ----------- ------------- ----------
Total
comprehensive
income/(expense)
for the period (136) (312) 14 (298) (351)
=========== =========== ============= =========== =========== ============= ==========
Basic and
diluted earnings
per share 2 (0.09p) (0.24p) 0.02p (0.22p) (0.42p) (0.15p) (0.27p)
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Share Capital Retained Translation
Capital Premium Reserve Earnings Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 May
2012 327 851 300 (162) (204) 1,112
Total comprehensive
income for the
period - - - (298) - (298)
-------- -------- -------- --------- ------------ --------
Balance at 30 November
2012 327 851 300 (460) (204) 814
Total comprehensive
expense for the
period - - - (50) (3) (53)
-------- -------- -------- --------- ------------ --------
Balance at 31 May
2013 327 851 300 (510) (207) 761
Total comprehensive
income for the
period - - - (122) (14) (136)
-------- -------- -------- --------- ------------ --------
Balance at 30 November
2013 327 851 300 (632) (221) 625
======== ======== ======== ========= ============ ========
UNAUDITED CONSOLIDATED BALANCE SHEET
30 November 30 November 31 May
2013 2012 2013
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and - 1,090 -
equipment
Intangible assets - 270 -
- 1,360 -
------------ ------------ --------
Current assets
Inventories - 280 -
Trade receivables - 404 -
Other receivables 17 42 15
Cash and cash equivalents 696 - 342
------------ ------------ --------
713 726 357
------------ ------------ --------
Non current assets
held for sale - - 940
------------ ------------ --------
Total assets 713 2,086 1,297
============ ============ ========
LIABILITIES
Non-current liabilities
Deferred tax liabilities - 65 86
------------ ------------ --------
Current liabilities
Trade payables 66 229 102
Other payables 22 709 434
Bank overdrafts - 269 -
------------ ------------ --------
88 1,207 536
------------ ------------ --------
Total liabilities 88 1,272 536
------------ ------------ --------
Net assets 625 814 761
============ ============ ========
EQUITY
Capital and reserves
attributable to the
Company's equity
shareholders
Called up share capital 327 327 327
Share premium account 851 851 851
Capital reserve 300 300 300
Translation reserve (221) (204) (207)
Retained earnings (632) (460) (510)
------------ ------------ --------
Total equity 625 814 761
============ ============ ========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months Year to
to to 31 May
30 November 30 November 2013
2013 2012
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) before tax (122) (319) (730)
Adjustments for:
Loss on disposal of property
plant and equipment - - 17
Impairment provision against
property - - 110
Finance charges 8 - 57
Depreciation and amortisation - 115 241
Foreign exchange difference (14) - 3
Decrease/(increase) in
inventories - 36 193
(Increase)/decrease in
trade receivables - (61) 31
Decrease/(increase) in
other receivables (2) 118 136
Decrease/(increase) in
trade payables (36) 1 36
Decrease/(increase) in
other payables (412) 21 39
------------- ------------- --------
Net cash (used in)/ operating
activities (578) (89) 133
------------- ------------- --------
Cash flows from investing
activities
Purchase of tangible fixed
assets - - (9)
Purchase of intangible
assets - (22) (126)
Proceeds from sale of 940 - -
assets held for resale
Net cash disposed of with
subsidiary - (11)
Net proceeds from sale
of subsidiary - 570
------------- ------------- --------
Net cash used in investing
activities 940 (22) 424
------------- ------------- --------
Cash flows from financing
activities
Interest paid (8) - (57)
Net cash generated from
financing activities (8) - (57)
------------- ------------- --------
Net movement in cash and
cash equivalents 354 (111) 481
Cash and cash equivalents
at beginning of period 342 (158) (158)
------------- ------------- --------
Cash and cash equivalents
at end of period 696 (269) 342
============= ============= ========
FEEDBACK PLC
NOTES TO THE UNAUDITED INTERIM REPORT
1. BASIS OF PREPARATION
The consolidated interim financial statements
have been prepared in accordance with the
recognition and measurement principles of
International Financial Reporting Standards
as endorsed by the European Union ("IFRS")
and expected to be effective at the year end
of 31 May 2014. The accounting policies are
unchanged from the financial statements for
the year ended 31 May 2013.
The information set out in this interim report
for the six months ended 30 November 2013
does not comprise statutory accounts within
the meaning of section 434 of The Companies
Act 2006. The results for the year ended 31
May 2013 are based on the published accounts
for that period on which the auditors gave
a report which did not contain statements
under section 498 of the Companies Act 2006.
The accounts for the year ended 31 May 2013
have been filed with the Registrar of Companies.
This interim report was approved by the directors
on 18 February 2014.
2. EARNINGS PER SHARE
The earnings per share for the six months
ended 30 November 2013 is based on the Group
loss on ordinary activities after taxation
of GBP122,000 (2012: loss GBP298,500) attributed
to the weighted average of 130,946,746 Ordinary
Shares (2012: 130,946,746), being the weighted
average number of shares in issue.
3. AVAILABILITY OF THE INTERIM REPORT
Copies of the report will be available from
the Company's office and also from the Company's
website www.fbk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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