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) |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+-----------------------+------+-------------+----------+-------------+----------+-----------+
All of the activities of the group are classed as continuing
X-Phonics plc
Consolidated Balance Sheet as at 31st March 2010
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | 31 March | | 31 | | 30 |
| | | 2010 | | March | | September |
| | | | | 2009 | | 2009 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | |(unaudited) | |(unaudited) | | (audited) |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Assets | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Non-current assets | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Property, plant and | | 8,158 | | 27,120 | | 17,460 |
| equipment | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | 8,158 | | 27,120 | | 17,460 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Current assets | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Trade and other | | 54,381 | | 77,777 | | 49,328 |
| receivables | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Cash and cash | | 2,451 | | 5,618 | | 7,457 |
| equivalents | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | 56,832 | | 83,395 | | 56,785 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Total assets | | 64,990 | | 110,515 | | 74,245 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Liabilities and Equity | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Current liabilities | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Trade and other payables | | 431,252 | | 399,077 | | 422,181 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Financial liabilities - | | - | | - | | 1,148 |
| bank overdraft | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Obligations under | | 4,091 | | 5,875 | | 4,983 |
| finance lease | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Total liabilities | | 435,343 | | 404,952 | | 428,312 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Equity | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Called-up equity share | | 2,803,119 | | 2,803,119 | | 2,803,119 |
| capital | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Share premium account | | 743,474 | | 743,474 | | 743,474 |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Merger reserve | | (738,578) | | (738,578) | | (738,578) |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Retained earnings | | (3,178,368) | | (3,102,452) | | (3,162,082) |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Total Equity | | (370,353) | | (294,437) | | (354,067) |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| Total Liabilities and | | 64,990 | | 110,515 | | 74,245 |
| Equity | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+--------------------------+----------+-------------+----------+-------------+----------+-------------+
X-Phonics plc
Consolidated Statement of Changes in Equity as at 31st March 2010
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | Share | | Share | | Merger | | Retained | | Total |
| | Capital | |Premium | | Reserve | | Earnings | | Equity |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | GBP | | GBP | | GBP | | GBP | | GBP |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| Balance at | 2,803,119 | | 743,474 | | (738,578) | | (3,063,733) | | (255,718) |
| 1 October | | | | | | | | | |
| 2008 | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| Loss for | - | | - | | - | | (38,719) | | (38,719) |
| period | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| At 31 March | 2,803,119 | | 743,474 | | (738,578) | | (3,102,452) | | (294,437) |
| 2009 | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| Loss for | - | | - | | - | | (59,630) | | (59,630) |
| period | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| At 30 | 2,803,119 | | 743,474 | | (738,578) | | (3,162,082) | | (354,067) |
| September | | | | | | | | | |
| 2009 | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| Loss for | - | | - | | - | | (16,286) | | (16,286) |
| period | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| At 31 March | 2,803,119 | | 743,474 | | (738,578) | | (3,178,368) | | (370,353) |
| 2010 | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
| | | | | | | | | | |
+-------------+-----------+----------+---------+----------+-----------+----------+-------------+----------+-----------+
X-Phonics plc
Consolidated Cash Flow Statement for six months ended 31st March 2010
+------------------------------+-------------+----------+-------------+----------+-----------+
| | 6 months | | 6 months | | Year |
| | ended | | ended | | ended |
| | 31 March | | 31 March | | 30 |
| | 2010 | | 2009 | |September |
| | | | | | 2009 |
+------------------------------+-------------+----------+-------------+----------+-----------+
| |(unaudited) | |(unaudited) | |(audited) |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | GBP | | GBP | | GBP |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net cash (outflow)/inflow | | | 370 | | 2,233 |
| from operating activities | (2,749) | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Investing activities | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Interest paid | (218) | | (221) | | (546) |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Interest received | - | | 1 | | 47 |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net cash flow before | (2,967) | | 150 | | 1,734 |
| financing activities | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Financing activities | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Capital element of finance | (891) | | (891) | | (1,784) |
| leases repaid | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net cash used in financing | (891) | | (891) | | (1,784) |
| activities | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net (decrease)/increase in | (3,858) | | (741) | | (50) |
| cash and cash equivalents | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Opening net cash and cash | 6,309 | | 6,359 | | 6,359 |
| equivalents | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Closing net cash and cash | 2,451 | | 5,618 | | 6,309 |
| equivalents | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Reconciliation of operating | 6 months | | 6 months | | Year |
| loss to net cash | ended | | ended | | ended |
| outflow/inflow from | 31 March | | 31 March | | 30 |
| operating activities | 2010 | | 2009 | |September |
| | | | | | 2009 |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | GBP | | GBP | | GBP |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Operating Loss | (16,068) | | (38,499) | | (97,850) |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Depreciation | 9,301 | | 9,661 | | 19,322 |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Operating cash flows before | (6,767) | | (28,838) | | (78,528) |
| movements in working capital | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Decrease/(increase) in | (5,053) | | 6,483 | | 33,675 |
| receivables | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Increase/(decrease) in | 9,071 | | 22,725 | | 45,829 |
| payables | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net movement in working | 4,018 | | 29,208 | | 79,504 |
| capital | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net movement in cash flow | (2,749) | | 370 | | 976 |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Income taxes paid | - | | - | | 1,257 |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| Net cash (outflow)/inflow | (2,749) | | 370 | | 2,233 |
| from operating activities | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-----------+
Notes to the unaudited financial statements
1. Basis of prepapration
The financial information included in this report does not constitute statutory
accounts as defined in section 435 of the Companies Act 2006. The consolidated
interim financial statements for the six months ended 31 March 2010 have been
prepared under applicable International Financial Reporting Standards adopted by
the European Union ("IFRS").The financial information for the period ended 30
September 2009 has been extracted from the statutory accounts for that period.
The auditors report on the full statutory accounts for the period ended 30
September 2009 was unqualified with an emphasis of matter with regards going
concern. The financial information for the six months ended 31 March 2009 and 31
March 2010 has not been audited.
2. Principal Accounting Policies
The principal accounting policies adopted are consistent with those of the
annual financial statements for the year ended 30 September 2009 and are those
expected to be applied for the year ended 30 September 2010.
3. Earnings per Share
The earnings per ordinary share have been calculated on the ordinary activities
after taxation of GBP16,286 (31 March 2009 - GBP38,719, 30 September 2009 -
GBP98,349) using the weighted average number of ordinary shares in issue during
the peiod being 66,214,920 (31 March 2009 - 66,214,920, 30 September 2009 -
66,214,920). The weighted average number of diluted ordinary shares in issue
during the period was 66,214,920 (31 March 2009 - 66,214,920, 30 September 2009
- 66,214,920).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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