TIDMBDT
RNS Number : 6467T
Bidtimes PLC
30 September 2010
30 September 2010
BIDTIMES PLC
("Bidtimes" or "the Company")
Interim Results for six months ended 30 June 2010
Chairman's statement
I am pleased to present the interim results of the Company for the six month
period ended 30 June 2010 in which the Company continued to pursue its stated
investment strategy, albeit with a limited budget, in order to build value for
its shareholders.
During the period under review, the Company continued to focus on identifying
and assessing investment opportunities in the energy sector, particularly the
alternative energy sector. The Company is continuing to assess an opportunity in
the clean energy sector which was highlighted in the Company's last annual
report, as the Directors believe that considerable opportunities with the
potential to create shareholder value exist within this industry.
Very limited exploration work has been carried out on the exploration licence
over the Kyber Pass project, the Company's joint venture interest in South
Australia. The Company continues to review the data generated from this work, in
order to assess whether further investment is warranted.
During the six month period, the Company made a loss of GBP26,421 after
taxation, compared with a loss of GBP101,358 in the ten months ended 31 December
2009.
Anthony Brennan
Executive Chairman
30 September 2010
Enquiries:
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Simon Clements | +44 (0) 20 7628 2200 |
+-------------------------------------------+----------------------------+
| David Worlidge | |
+-------------------------------------------+----------------------------+
| Merchant Securities Limited | |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Julian Moore | +44 (0) 778 782 5269 |
+-------------------------------------------+----------------------------+
| Non-Executive Director, Bidtimes Plc | |
+-------------------------------------------+----------------------------+
Income Statement
for the six months ended 30 June 2010
+----------------------------+------+-------------+-------------+-----------+
| | | Six | Six | Ten |
| | | months | months | Months |
| | | ended | ended | ended |
| | | 30 June | 31 | 31 |
| | | 2010 | August | December |
| | Note | (unaudited) | 2009 | 2009 |
| | | GBP | (unaudited) | (audited) |
| | | | GBP | GBP |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Revenue | | - | - | - |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Administrative expenses | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Other administration | | (26,482) | (61,794) | (101,486) |
| expenses | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Operating loss | | (26,482) | (61,794) | (101,486) |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Loss on ordinary | | | | |
| activities before taxation | | (26,482) | (61,794) | (101,486) |
| and finance costs | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Finance income | | 69 | 216 | 332 |
+----------------------------+------+-------------+-------------+-----------+
| Finance costs | | (8) | - | (204) |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Loss before taxation | | (26,421) | (61,578) | (101,358) |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Taxation | | - | - | - |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Loss after taxation | | (26,421) | (61,578) | (101,358) |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Attributable to: | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Equity shareholders of the | | (26,421) | (61,578) | (101,358) |
| Company | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Loss transferred to | | (26,421) | (61,578) | (101,358) |
| reserves | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
| Basic loss per share | 5 | (0.03) | (0.06) | (0.10) |
| (pence) | | | | |
+----------------------------+------+-------------+-------------+-----------+
| | | | | |
+----------------------------+------+-------------+-------------+-----------+
All activities relate to continuing operations
Balance Sheet
as at 30 June 2010
+------------------------------+------+-------------+-------------+-------------+
| | | As at | As at | As at |
| | | 30 June | 31 | 31 |
| | | 2010 | August | December |
| | | (unaudited) | 2009 | 2009 |
| |Note | GBP | (unaudited) | (audited) |
| | | | GBP | GBP |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Non-current assets | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Investments | | 153,470 | - | - |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Current assets | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Trade and other receivables | | 7,087 | 3,575 | 1,519 |
+------------------------------+------+-------------+-------------+-------------+
| Cash and cash equivalents | | 165,183 | 258,353 | 219,318 |
+------------------------------+------+-------------+-------------+-------------+
| | | 172,270 | 261,928 | 220,837 |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Total assets | | 325,740 | 261,928 | 220,837 |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Current liabilities | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Trade and other payables | | (172,019) | (42,006) | (40,695) |
+------------------------------+------+-------------+-------------+-------------+
| Total liabilities | | (172,019) | (42,006) | (40,695) |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Net assets | | 153,721 | 219,922 | 180,142 |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Shareholders funds | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Issued capital | | 1,268,676 | 1,268,676 | 1,268,676 |
+------------------------------+------+-------------+-------------+-------------+
| Share premium account | | 714,948 | 714,948 | 714,948 |
+------------------------------+------+-------------+-------------+-------------+
| Retained earnings | | (1,829,903) | (1,763,702) | (1,803,482) |
+------------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------------+------+-------------+-------------+-------------+
| Total equity | 8 | 153,721 | 219,922 | 180,142 |
+------------------------------+------+-------------+-------------+-------------+
Cash Flow Statement
for the six months ended 30 June 2010
+-----------------------------------+------+-------------+-------------+-----------+
| | | Six | Six | Ten |
| | | months | months | Months |
| | | ended | ended | ended |
| | | 30 June | 31 | 31 |
| |Note | | August | December |
| | | 2010 | 2009 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
| | | GBP | GBP | GBP |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Cash inflow/(outflow) from | 9 | 99,274 | (61,760) | (100,707) |
| operating activities | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Cash (outflow)/inflow from | | | | |
| investing activities | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Finance income received | | 69 | 216 | 332 |
+-----------------------------------+------+-------------+-------------+-----------+
| Commitment to investments | | (153,470) | - | - |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Net cash (outflow)/inflow from | | (153,401) | 216 | 332 |
| investing activities | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Cash outflow from financing | | | | |
| activities | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Finance cost paid | | (8) | - | (204) |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Net cash outflow from financing | | (8) | - | (204) |
| activities | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Net decrease in cash and cash | | (54,135) | (61,544) | (100,579) |
| equivalents | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Cash and cash equivalents at | | 219,318 | 319,897 | 319,897 |
| beginning of period | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Cash and cash equivalents at end | 10 | 165,183 | 258,353 | 219,318 |
| of period | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
Other primary statements the six months ended 30 June 2010
Statement of total recognised gains and losses
+-----------------------------------+------+-------------+-------------+-----------+
| | | Six | Six | Ten |
| | | months | months | months |
| | | ended | ended | ended |
| | | 30 June | 31 | 31 |
| |Note | | August | December |
| | | 2010 | 2009 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
| | | GBP | GBP | GBP |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Loss for the financial period | | (26,421) | (61,578) | (101,358) |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Total losses recognised for the | | (26,421) | (61,578) | (101,358) |
| period | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Attributable to: | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
| Equity Shareholders of the | | (26,421) | (61,578) | (101,358) |
| company | | | | |
+-----------------------------------+------+-------------+-------------+-----------+
Notes to the interim results
for the six months ended 30 June 2010
1. Accounting policies
The interim financial statements have been prepared in accordance with IAS 34,
"Interim Financial Reporting" as adopted by the European Union. The principal
accounting policies of Bidtimes for the interim financial statements have
remained unchanged from those set out in Bidtimes' 2009 annual report and
financial statements, which have been prepared in accordance with IFRS as
adopted by the European Union.
2. Basis of preparation
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
figures for the ten month period ended 31 December 2009, have been extracted
from the statutory financial statements, prepared under IFRS, which have been
filed with the Registrar of Companies. The auditors report on those financial
statements was unqualified, did not contain an emphasis of matter paragraph and
did not contain a statement under Section 498 of the Companies Act 2006.
3. Dividends
No dividend is proposed for the six months ended 30 June 2010.
4. Taxation
On the grounds that year to date losses have been made there is no taxation
charged to the profit and loss account in this period.
5. Loss per share
The calculation of the basic loss per share is based on the loss on ordinary
activities after tax and on the weighted average number of shares in issue
during the period. The impact of the share options is anti-dilutive. The loss
and weighted average number of shares used in the calculations are set out below
+----------------------------+-----------+--------------+----------+
| | Loss | Weighted | Loss per |
| | GBP | average | share |
| | | number of | (pence) |
| | | shares | |
+----------------------------+-----------+--------------+----------+
| Basic Loss per share | | | |
+----------------------------+-----------+--------------+----------+
| 6 months ended 30 June | (26,421) | 97,373,523 | (0.03) |
| 2010 | | | |
+----------------------------+-----------+--------------+----------+
| 6 months ended 31 August | (61,578) | 97,373,523 | (0.06) |
| 2009 | | | |
+----------------------------+-----------+--------------+----------+
| 10 months ended 31 | (101,358) | 97,373,523 | (0.10) |
| December 2009 | | | |
+----------------------------+-----------+--------------+----------+
| | | | |
+----------------------------+-----------+--------------+----------+
6. Investments
This represents costs incurred on investigating and pursuing certain investment
opportunities.
7. Trade and other payables
Included in trade creditors is an unsecured interest-free loan of GBP138,571
advanced to the Company by a third party to fund the costs of investigating and
pursuing an acquisition opportunity in the clean energy sector. In the event
that the Company is unable to conclude the acquisition, the loan will be waived.
8. Reconciliation of movements in shareholders' funds
+----------------------------+-------------+-------------+------------+
| | Six months | Six months | Ten months |
| | ended | ended | |
| | 30 June | 31 August | ended |
| | 2010 | 2009 | 31 |
| | (unaudited) | (unaudited) | December |
| | GBP | GBP | 2009 |
| | | | (audited) |
| | | | GBP |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| Loss on ordinary | (26,421) | (61,578) | (101,358) |
| activities | | | |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| Net decrease in | | | |
| shareholders' funds | (26,421) | (61,578) | (101,358) |
+----------------------------+-------------+-------------+------------+
| Shareholders' funds | 180,142 | 281,500 | 281,500 |
| brought forward | | | |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| Shareholders' funds at the | | | |
| end of the period | 153,721 | 219,922 | 180,142 |
+----------------------------+-------------+-------------+------------+
9. Reconciliation of operating loss with net cash flow from operating
activities
+----------------------------+-------------+-------------+------------+
| | Six months | Six months | Ten months |
| | ended | ended | |
| | 30 June | 31 August | ended |
| | 2010 | 2009 | 31 |
| | (unaudited) | (unaudited) | December |
| | GBP | GBP | 2009 |
| | | | (audited) |
| | | | GBP |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| Operating loss | (26,482) | (61,794) | (101,486) |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| (Increase)/decrease in | (5,568) | (619) | 1,437 |
| debtors | | | |
+----------------------------+-------------+-------------+------------+
| Increase/(decrease) in | 131,324 | 653 | (658) |
| creditors | | | |
+----------------------------+-------------+-------------+------------+
| | | | |
+----------------------------+-------------+-------------+------------+
| Net cash inflow/(outflow) | | | |
| from operating activities | 99,274 | (61,760) | (100,707) |
+----------------------------+-------------+-------------+------------+
10. Analysis of changes in cash and cash equivalents and net funds
+-----------------------+-----------+----------+----------+-------------+
| | As at | Cash | | As at |
| | 1 | Flow | | 30 June |
| | January | GBP | Non-Cash | 2010 |
| | 2010 | | Movement | (unaudited) |
| | (audited) | | GBP | GBP |
| | GBP | | | |
+-----------------------+-----------+----------+----------+-------------+
| | | | | |
+-----------------------+-----------+----------+----------+-------------+
| Cash at bank and in | 219,318 | (54,135) | - | 165,183 |
| hand | | | | |
+-----------------------+-----------+----------+----------+-------------+
| | | | | |
+-----------------------+-----------+----------+----------+-------------+
| | | | | |
+-----------------------+-----------+----------+----------+-------------+
| Cash and cash | 219,318 | (54,135) | - | 165,183 |
| equivalents | | | | |
+-----------------------+-----------+----------+----------+-------------+
11. Copies of the Interim Results are available for download from the
Company's website at www.bidtimes.com
or by request from the Company's registered office, Meriden House, 6
Great Cornbow, Halesowen, West
Midlands B63 3AB.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LMMATMBTJBLM
Bidtimes (LSE:BDT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Bidtimes (LSE:BDT)
Historical Stock Chart
From Nov 2023 to Nov 2024
