Interim Results
19 September 2007 - 4:46PM
UK Regulatory
RNS Number:1247E
Meriden Group PLC
19 September 2007
19 September 2007
Meriden Group Plc (the "Company" or "the Group")
Interim results for the six months ended 30 June 2007
Financial Highlights
* The Company losses totalled #54,673 for the six month period
* No interim dividend is recommended
* Loss per share of 0.02 pence (17 Month period ending 31 December
2006 : loss 0.46)
Chairman's Statement
I am pleased to present my Chairman's report for Meriden Group Plc for the six
months ended 30 June 2007.
During the period the Company made pre tax losses of #54,673 (17 Month period
ending 31 December 2006: loss #1,577,358).
The Company continues to search for suitable candidates for a reverse takeover.
A number of approaches have been received and are being evaluated, which it is
hoped will lead to a transaction.
European Commercial Trust Limited, a substantial shareholder in the Company has
made funds available to the business to continue the search for a suitable
takeover target.
As previously announced on 16 August 2007, Russell Stevens resigned as a
director in order to pursue other business interests.
Richard Payne
19 September 2007
Company Profit and Loss Account for the 6 months ended 30 June 2007
Note 6 months 17 months
ended ended
30 June 31 December
2007 2006
(unaudited) (audited)
# #
Administrative expenses -
continuing (54,693) (185,166)
- exceptional - (1,231,973)
----------- -----------
Operating loss (54,693) (1,417,139)
Amounts written off investments - (167,953)
Interest receivable 20 7,741
Interest payable - (7)
----------- -----------
Loss on ordinary activities
before (54,673) (1,577,358)
taxation
Taxation - -
----------- -----------
Loss for the financial period (54,673) (1,577,358)
Dividends - -
----------- -----------
Retained loss for the period (54,673) (1,577,358)
----------- -----------
Basic and diluted loss per
share 2 (0.02) (0.46)
(pence)
----------- -----------
The company has no recognised gains or losses other than the profit for the
period, which has been derived from continuing operations.
Company Balance Sheet as at 30 June 2007
Note As at As at
30 June 31 December
2007 2006
(unaudited) (audited)
# #
Current assets
Debtors 11,749 1,164
Cash at bank and in hand 88 2,725
----------- -----------
11,837 3,889
Current liabilities falling due within one (113,715) (51,094)
year
----------- -----------
Net current liabilities (101,878) (47,205)
----------- -----------
Total assets less current liabilities (101,878) (47,205)
----------- -----------
Capital and reserves
Called up share capital 345,000 345,000
Share premium 1,110,263 1,110,263
Profit and loss account (1,557,141) (1,502,468)
----------- -----------
Equity shareholders' funds 5 (101,878) (47,205)
----------- -----------
Company Cash Flow Statement for the 6 months ended 30 June 2007
Note 6 months ended 17 month period ended
30 June 31 December
2007 (unaudited) 2006 (audited)
# #
Net cash
outflow from
operating
activities 4 (2,653) (31,639)
Return on
investments
Interest
received 20 7,741
Interest
payable - (7)
----------- -----------
Net cash
inflow from
returns on
investment and
servicing of
finance 20 7,734
Taxation
Payments of
taxation - (4,800)
Amounts
eliminated
under CVA
arrangement - (9,450)
Dividends (4) (20,410)
----------- -----------
Net cash
outflow before
financing (2,637) (58,565)
Financing
Refund of VAT
on flotation
costs - 61,108
----------- -----------
Net cash
inflow from
financing - 61,108
----------- -----------
(Decrease)/inc
rease in cash 5 (2,637) 2,543
----------- -----------
Notes to the Interim Results for the period ended 30 June 2007
1 Basis of preparation
The interim report does not represent statutory accounts within the meaning
of section 240 Companies Act 1985. Comparative figures for the 17 month
period ended 31 December 2006 are an abridged version of the Company's full
accounts which carries an unqualified audit report and have been delivered
to the Registrar. The interim report has not been audited or reviewed but
was approved by the Board on 03 September 2007.
2 Basic earnings per share
The calculation of the basic earnings per share is based on the (loss)/
profit on ordinary activities after taxation and on the weighted average
number of shares in issue during the period. The (loss)/profit and weighted
average number of shares used in the calculations are set out below:
(Loss)/ Weighted Basic
profit average (loss)/
# number earnings
of shares per share
(pence)
6 months ended 30 June (54,673) 345,000,000 (0.02)
2007
17 month period ended (1,577,358) 345,000,000 (0.46)
31 December 2006
----------- --------------- -----------
3 Reconciliation of movements in shareholders' funds
6 months 17 month period
ended ended
30 June 31 December
2007 2006
(unaudited) (audited)
# #
Loss on ordinary activities after taxation (54,673) (1,577,358)
Refund of VAT on flotation costs originally - 61,108
charged to share premium account
----------- -----------
Loss on ordinary activities after taxation and (54,673) (1,516,250)
dividends
Opening shareholders' funds (47,205) 1,469,045
----------- -----------
Closing shareholders' funds (101,878) (47,205)
----------- -----------
4 Reconciliation of operating profit with net cash flow from operating
activities
6 months 17 month
period ended period ended
30 June 31 December
2007 2006
(unaudited) (audited)
Operating loss (54,693) (1,417,139)
(Increase)/decrease in debtors (10,585) 1,384,693
(Decrease)/increase in creditors 62,625 807
----------- -----------
Net cash outflow from operating (2,653) (31,639)
activities
----------- -----------
5 Analysis of changes in net funds
As at Cash flow As at
1 January in period 30 June
2007 2007
# # #
Cash at bank and in hand 2,725 (2,637) 88
----------- ----------- -----------
2,725 (2,637) 88
----------- ----------- -----------
6 Interim Dividend
The directors do not recommend payment of an interim dividend.
7 Notification of Results
Copies of the Interim Results will be available for download from the
Company's website at www.meriden-group.co.uk from 19 September 2007 or by
request from the Company's registered office, St Georges Court, Winnington
Avenue, Northwich, Cheshire CW8 4EE.
---------------------------------------------------------------------------
Enquiries:
Richard Payne 01606 721300
Executive Director
Jonathan Wright 020 7107 8000
Seymour Pierce Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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