TRO Trochus

RNS Number:2030E
Trochus PLC
20 September 2007



                                                              20 September  2007


                                  Trochus plc

              Preliminary results for the year ended 30 June 2007

Trochus plc (formerly SRS Technology Group plc), an investing company, which
previously developed and sold a range of environmental control and telecare
solutions for the healthcare markets, is pleased to announce its unaudited
preliminary results for the year ended 30 June 2007.

Introduction and Financial Overview


The Company's trading subsidiary, SRS Technology Limited, was disposed of for a
nominal consideration of #1 on 30 October 2006, which gave rise to a loss on
disposal of discontinued operations of #519,000. The operating loss of the
subsidiary for the four months prior to 30 October 2006 is incorporated in the
consolidated unaudited profit and loss account of the Company, as set out in
this announcement. Since the disposal of the trading subsidiary, the Company has
been non-trading.



Following the disposal, costs have been restricted to the absolute minimum
necessary to maintain our AIM listing whilst we actively seek a new acquisition
opportunity.



Capital restructuring

The Board believed that the Company would benefit from a re-basing of its share
price and nominal value together with a simplification of its capital structure,
therefore at an EGM on 18 May 2007 approval was obtained for the majority of the
Company's issued ordinary shares of 1p each to be consolidated into new ordinary
shares of 10p each.

In addition, on 10 July 2007 the Company's issued deferred shares and share
premium account were cancelled leaving the Company with an issued ordinary share
capital of #166,000 and a positive profit and loss account of over #175,000 at
that date. This capital re-structuring has not affected the overall net asset
position of the Company and is not reflected in the balance sheet of the Company
as at 30 June 2007.

The Company also changed its name from SRS Technology Group plc to Trochus plc
on 18 May 2007.



Acquisition search



We have investigated a number of opportunities in a variety of sectors to date
and will continue to search selectively for the right value proposition for the
Company.



Our aim is to complete this process and seek shareholder approval for any
acquisition as soon as possible.



David Gration
Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2007




                                                              2007                  2006
                                                              #000                  #000

Turnover                                                       349                 1,200


Cost of sales                                                (133)                 (451)

Gross profit                                                   216                   749


Administrative expenses                                      (616)               (1,413)

Operating loss                                               (400)                 (664)


Net interest receivable                                         25                    29
Loss on sale of discontinued operations                      (519)                     -

Loss on ordinary activities before                           (894)                 (635)
taxation


Tax credit on loss on ordinary activities                        -                    30

Loss on ordinary activities after taxation                   (894)                 (605)
and retained for the year

Basic loss per share                                           54p                   49p

Diluted loss per share                                         54p                   49p





There are no recognised gains or losses other than the loss for the year.



All of the activities of the Group are classed as discontinuing following the
sale of the trading subsidiary on 30 October 2006. The Company will have certain
administrative expenses going forward relating to the directors and costs
associated with being listed on the AIM market.



The disclosed loss per share information reflects the consolidation of 1p
ordinary shares into 10p ordinary shares during the year. Comparative loss per
share information has been re-stated accordingly.




CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2007



                                                                               
                                                 2007            2006
                                                 #000            #000

Fixed assets
Tangible assets                                     -              50

Current assets

Stock                                               -             220
Debtors                                            23             387
Cash at bank and in hand                          421             901
                                                  444           1,508

Creditors: amounts falling due within one year    (88)          (310)

Net current assets                                356           1,198


Total assets less current liabilities             356           1,248

Net assets                                        356           1,248

Capital and reserves

Called up share capital                           2,253         2,251
Share premium account                             4,274         4,274
Profit and loss account                          (6,171)       (5,277)

Shareholders' funds                                 356         1,248



CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007




                                                 2007                  2006
                                              #000        #000        #000         #000


Net cash flow from operating activities                  (496)                    (729)

Returns on investments and servicing of
finance

Interest received                               25                      31
Interest paid                                    -                     (2)

Net cash flow from returns on                               25                       29
investments and servicing of finance

Taxation
R&D Tax credit                                   -                      30
Net cash flow from taxation                                  -                       30

Capital expenditure and financial
investment

Purchase of tangible fixed assets              (5)                     (3)

Net cash flow from capital expenditure                     (5)                      (3)
and financial investment

Net cash flow before management of                       (476)                    (673)
liquid resources and financing

Management of liquid resources
Decrease in short term deposits                  -                     400
Net cash flow from management of liquid                      -                      400
resources

Financing activities

Issue of ordinary share capital                  -                     962
Capital element of finance lease rental        (4)                     (9)
payments

Net cash flow from financing                               (4)                      953


(Decrease)/increase in cash                              (480)                      680



NOTES



1. The financial information set out in this announcement does not constitute
the Group's statutory accounts for the years ended 30 June 2007 or 30 June 2006.
The financial information for the year ended 30 June 2006 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under s237(2) or (3) Companies Act 1985.  The
audit of the statutory accounts for the year ended 30 June 2007 is not yet
complete.  These accounts will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registar of Companies following the Company's annual general
meeting.


2. The full audited accounts of Trochus plc for the year ended 30 June 2007 and
Notice of the Annual General Meeting are expected to be posted to shareholders
no later than 30 November 2007 and will be available for a period of one month
to the public at the Company's registered office, 1 Dean's Yard, London, SW1P
3NP from that date.


For more information please contact:


David Gration, Executive Chairman
Trochus plc                                             Telephone: 077689 38181

Gerry Beaney/Fiona Owen
Grant Thornton Corporate Finance                        Telephone: 0207 383 5100




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

FR LMMITMMTTBBR

Trochus (LSE:TRO)
Historical Stock Chart
Von Dez 2024 bis Jan 2025

Trochus (LSE:TRO)
Historical Stock Chart
Von Jan 2024 bis Jan 2025