Interim Results
March 27 2003 - 5:23AM
UK Regulatory
RNS Number:2733J
MG Capital PLC
27 March 2003
MG Capital Plc Interim Report
Chairman's Statement
Against the background of the continuing global bear market, the six month
period to 31st December 2002 was again characterized by investor pessimism,
dwindling retail interest in equity investment, and growing economic
uncertainty. Against this unforgiving background we nevertheless continued to
make progress during the period.
As noted in the Annual Report, we were involved in the establishment of New
Opportunities Investment Trust Plc. This new investment trust was launched on
25th September 2002, and we benefited from fees relating to the launch. A new
group subsidiary NOIT Services Limited also provides certain services to the
Trust for which it receives a monthly fee at the annual rate of 1.5 per cent of
the Trust's net asset value.
The Elite MoneyGuru Income with Growth Trust, to which our regulated subsidiary
MoneyGuru Limited is portfolio adviser, continued to perform very well, although
the negative investment background has clearly hindered the marketing of the
fund. At the end of December 2002 the fund had outperformed the FT All-Share
(total return) Index by 21.3% since its launch in February 2002, and was 10th
out of its UK Equity Income peer group of 80 funds. Its good record has
continued since then. On 28th February 2003 it completed its first year and at
that time was 6th in its peer group. At the moment the fund is small but once
investor sentiment shows signs of improvement we would hope to be able to market
it successfully.
A number of new products are under preparation, designed to address specific
investment needs. None of them rely on any sudden rebound in investor sentiment
for a successful launch, and we hope to move ahead with the first one of them
shortly.
As well as securing the new revenues mentioned above we have taken steps to
further contain our costs, and since the last year end we have raised #300,000
of additional equity capital by an issue of new ordinary shares.
27 March 2003
MG Capital Plc
Interim Results (Unaudited)
For the half year ended 31st December 2002.
# #
Profit and Loss Account
Unaudited Audited
6 months to 12 months to
31/12/2002 30/06/2002
Turnover Continued operations 613,347 436,440
Discontinued operations 359,961
Total 613,347 796,401
Operating Continued operations 102,205 -1,753,403
Profit /
(Loss) Discontinued operations -13,512
Total 102,205 -1,766,915
Interest Payable -133,223 -85,871
Interest Receivable 163 2,004
Loss on ordinary activities before taxation -30,855 -1,850,782
Tax on loss on ordinary activities 0 0
Loss on ordinary activities after taxation -30,855 -1,850,782
Non-equity dividend payable -46,036 -91,819
Loss for the financial period -76,891 -1,942,601
Basic and diluted earnings per share -0.003p -0.813p
Summarised Balance Sheets
31/12/2002 30/06/2002
Fixed Assets
Tangible at net book value 141,039 172,371
Intangible at net book value 0 3,137
Purchased Goodwill less amortisation 00
141,039 175,508
Current Assets
Debtors 341,094 98,230
Cash 3,059 2,667
344,153 100,897
Creditors (falling due within 1 year) -728,675 -789,039
Net Current Liabilities -384,522 -688,142
Net Assets -243,483 -512,634
Creditors (falling due after 1 year)
Convertible unsecured loan stock 867,530 867,530
Subordinated loan 85,000 85,000
Total creditors falling due after 1 year 952,530 952,530
Capital and Reserves
Called up share capital 2,467,859 2,407,859
Share premium account 2,467,247 2,243,489
Profit and Loss account -6,318,510 -6,257,868
Preference dividend reserve 187,391 141,356
-1,196,013 -1,465,164
Total capital employed -243,483 -512,634
Turnover - Geographical Analysis
United Kingdom 613,347 793,501
North America 0 0
Australasia 0 2,900
613,347 796,401
Consolidated Cashflow Statement:
Net Inflow from operations -40,663 -1,453,204
Returns on investments and servicing of finance
Interest paid -105,121 -14,206
Interest received 163 2,004
Net Cash outflow from returns on investments and
servicing of finance -104,958 -12,202
Taxation 0 -710
Capital expenditure and financial investment
Payments to acquire tangible fixed assets 0 0
Sale of trade investment 0 0
Proceeds from sale of tangible fixed assets 0 6,353
Net cash outflow from capital expenditure and
financial investment 0 6,353
Financing
Issue of share capital 175,000 1,124,411
Conversion / Issue of debt 0 -30,000
Expenses paid in connection with share issue 0 0
Net cash inflow from financing 175,000 1,094,411
(Reduction) / Increase in cash 29,379 -365,352
This information is provided by RNS
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