Half Yearly Report
27 September 2010 - 9:20AM
UK Regulatory
TIDMXPH
RNS Number : 3151T
X-Phonics plc
27 September 2010
X-PHONICS PLC
("X-Phonics" or the "Company")
Interim Statement for the period ended 31st March 2010
CHAIRMAN'S STATEMENT
I present the financial statements for the six months to 31st March 2010.
Over the last six months we have continued to seek alternative opportunities
that could make use of the company's infrastructure and listing on AIM in market
sectors where there is scale, growth and a revenue model that is better suited
to a public market.
Having looked at a number of possible opportunities I am pleased to be able to
tell you that the Company announced on 3rd September proposals for a proposed
investment through Verdes Management Limited ("VML") to raise GBP141,000 in
aggregate (before expenses), Board changes and a strategic change in business
direction for the Company conditional upon a share reorganisation and
shareholders' approval in general meeting.
The investing policy of the Group (subject to shareholders' approval) will be to
pursue a new strategic business direction as a turnaround advisory business
offering services to stakeholders, as well as seeking investment opportunities
in UK public companies in need of restructuring.
The net proceeds of the fundraising through VML will provide short term working
capital to allow the Company to commence business, and progress the proposed
recruitment of an established turnaround team (where discussions are currently
at an advanced stage). It is intended that there will be a more substantial
fundraising in due course.
I hope to be able to report progress upon this matter in due course.
Robin Davies
Chairman
27 September 2010
+--------------------------------------------+-------------------------+
| Contacts: | |
+--------------------------------------------+-------------------------+
| | |
+--------------------------------------------+-------------------------+
| X-Phonics plc | www.xphonicsgroup.co.uk |
+--------------------------------------------+-------------------------+
| Mike Hosie, Finance Director | +44 (0) 208 987 |
| | 0800 |
+--------------------------------------------+-------------------------+
| | |
+--------------------------------------------+-------------------------+
| WH Ireland Limited | www.wh-ireland.co.uk |
+--------------------------------------------+-------------------------+
| John Wakefield / Marc Davies | +44 (0) 117 945 |
| | 3470 |
+--------------------------------------------+-------------------------+
X-Phonics plc
Consolidated Income Statement for six months ended 31st March 2010
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | Note | 6 months | | 6 | | Year |
| | | ended | | months | | ended |
| | | 31 March | | ended | | 30 |
| | | 2010 | | 31 | |September |
| | | | | March | | 2009 |
| | | | | 2009 | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | |(unaudited) | |(unaudited) | |(audited) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | GBP | | GBP | | GBP |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Revenue | | 34,364 | | 67,712 | | 94,066 |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Cost of Sales | | - | | (24,134) | | (37,194) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Gross Profit | | 34,364 | | 43,578 | | 56,872 |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Administrative | | (50,432) | | (82,077) | | (154,722) |
| expenses | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Operating Loss | | (16,068) | | (38,499) | | (97,850) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Finance income | | - | | 1 | | 47 |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Finance costs | | (218) | | (221) | | (546) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Loss on ordinary | | (16,286) | | (38,719) | | (98,349) |
| activities before | | | | | | |
| taxation | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Income tax expense | | - | | - | | - |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Loss for the period | | (16,286) | | (38,719) | | (98,349) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Loss per share | | | | | | |
| attributable to the | | | | | | |
| equity holders of the | | | | | | |
| company: | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Basic loss per | 3. | (0.03 | | (0.06 | | (0.15 |
| ordinary share | | pence) | | pence) | | pence) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| Diluted loss per | 3. | (0.03 | | (0.06 | | (0.15 |
| ordinary share | | pence) | | pence) | | pence) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
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