Interim Results
November 30 2004 - 3:00AM
UK Regulatory
RNS Number:7880F
Base Group PLC
30 November 2004
Base Group plc
Unaudited Interim Results for the six months ended 31 August 2004
I am pleased to present the unaudited interim results for Base Group plc for the
six months ended 31 August 2004.
The loss of #84,000 for the six month period (2003: loss of #905,000) was the
result of basic "plc" running costs combined with one-off costs resulting from
the Group's withdrawal from its operating activities.
Following the sale of the operating businesses a year ago, the Board have been
actively pursuing acquisition opportunities, which it is intended will lead to a
reverse takeover of the Group. Whilst a number of opportunities have arisen,
none have as yet offered acceptable value to Base shareholders, with growth
opportunities that meet with the Board's underlying criteria. Further
opportunities are constantly being considered and with market conditions
continuing to improve, the Board are confident they will find an appropriate
acquisition during the first half of 2005.
Adrian Bradshaw
Chairman
30 November 2004
Base Group plc
Unaudited results for six months ended 31 August 2004
Consolidated Profit and Loss Account
6 months 6 months 12 months
to 31/08/04 to 31/08/03 to 29/02/04
(Unaudited) (Unaudited) (Audited)
Note #000 #000 #000
Turnover - 332 595
Cost of sales - (108) (158)
__________ __________ __________
Gross profit - 224 437
Administrative expenses (92) (1,137) (1,391)
__________ __________ __________
(92) (913) (954)
Other operating income 5 - -
__________ __________ __________
Operating loss (87) (913) (954)
Loss on disposal of subsidiaries - - (362)
Net interest receivable 3 8 1
__________ __________ __________
Loss on ordinary activities before taxation (84) (905) (1,315)
Taxation - - -
__________ __________ __________
Loss for the financial period (84) (905) (1,315)
__________ __________ __________
Loss per ordinary share:
Basic 3 (0.01)p (0.11)p (0.16)p
Diluted (0.01)p (0.11)p (0.16)p
All results are derived from discontinued operations.
There were no recognised gains and losses other than the reported losses above.
Unaudited results for six months ended 31 August 2004
Consolidated Balance Sheet
6 months 6 months 12 months
to 31/08/04 to 31/08/03 to 29/02/04
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Fixed Assets
Intangible assets - - -
Tangible assets - 37 -
_____________ ___________ ___________
- 37 -
Current Assets
Debtors 12 317 19
Cash at bank and in hand 153 575 224
_____________ ___________ ___________
165 892 243
Creditors: Amounts falling due within one year (83) (452) (77)
_____________ ___________ ___________
Net current assets 82 440 166
_____________ ___________ ___________
_____________ ___________ ___________
Total assets less current 82 477 166
liabilities _____________ ___________ ___________
Capital and reserves
Called up share capital 8,399 8,399 8,399
Shares to be issued 99 - 99
Share premium account 3,011 3,011 3,011
Other reserves - 3,330 -
Profit and loss account (11,427) (14,263) (11,343)
_____________ ___________ ___________
Equity shareholders' funds 82 477 166
_____________ ___________ ___________
Consolidated cash flow statement
for the six months ended 31st August 2004
6 months 6 months 12 months
to 31/08/04 to 31/08/03 to 29/02/04
(Unaudited) (Unaudited) (Audited)
Note #000 #000 #000
Net cash outflow from operating 1 (74) (474) (718)
activities
Returns on investments and servicing of
finance
Net interest received 3 8 1
Capital expenditure
Payments for tangible fixed assets - (2) -
Acquisitions and disposals
Disposal of subsidiary undertakings,
net of cash borrowings acquired - - (102)
__________ __________ __________
Cash outflow before financing (71) (468) (819)
Management of liquid resources - - (219)
___________ __________ ___________
Decrease in cash in the period (71) (468) (1,038)
__________ __________ __________
Unaudited results for six months ended 31 August 2004
Reconciliation of movements in shareholders' funds
for the six months ended 31 August 2004
6 months 6 months 12 months
to 31/08/04 to 31/08/03 to 29/02/04
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Loss for the financial year (84) (1,004) (1,315)
Opening shareholders' funds 166 1,481 1,481
____________ _________ ___________
Closing shareholders' funds 82 477 166
____________ _________ ___________
Unaudited results for six months ended 31 August 2004
Notes to the Interim Accounts
1. Reconciliation of operating loss to net cash flow from operating activities
6 months 6 months 12 months
to 31/08/04 to 31/08/03 to 29/02/04
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Operating profit/(loss) (87) (913) (954)
Goodwill amortisation and impairment
and depreciation - 391 493
Working capital movements: 13 48 (257)
____________ ___________ _____________
Net cash outflow from operating (74) (474) (718)
activities _____________ ___________ _____________
2. This interim report was neither audited nor reviewed by the auditors. It does
not constitute statutory accounts within the meaning of s240 of the Companies
Act 1985, but has been prepared using the accounting policies set out in the
Group's 2004 Statutory Accounts. The financial information for the twelve months
ended 29 February 2004 was derived from the latest Group accounts, which have
been filed with the Registrar of Companies and received a qualified audit
report, due to the limitation of evidence being available following the sale of
the operating subsidiaries during the year. As such, the auditors were unable
to form an opinion as to whether the financial statements gave a true and fair
view of the loss of the Group for the year ended 29 February 2004. The opinion
in relation to the state of affairs of the Group as at 29 February 2004 was that
the financial statements gave a true and fair view.
3. Loss per share was calculated on the group loss for the financial period and
on the weighted average number of ordinary shares during the period of (2003:
839,944,149). The adjusted loss per share is calculated before exceptional
items and charges for goodwill amortisation.
4. The Board approved these Interim Accounts on 30 November 2004.
FOR FURTHER INFORMATION PLEASE CONTACT:
Base Group plc
Adrian Bradshaw
Chairman
Tel: 020 7495 5524
This information is provided by RNS
The company news service from the London Stock Exchange
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