Alltrue Investments PLC
28 September 2007
FOR IMMEDIATE RELEASE 28 September 2007
ALLTRUE INVESTMENTS PLC
('Alltrue' or the 'Company')
Interim accounts for the months ended 30 June 2007
CHAIRMAN'S STATEMENT
Turnover for the six months to 30 June 2007 has risen substantially to £1,049,
000 from £583,000 in the same period last year while Cost of Sales has risen to
£505,000 from £224,000. Both the increase in revenue and costs is largely a
result of including the contribution from Montague Pitman for the first time.
Profits before Tax show a loss of £60,000 compared to a reported profit of
£77,000 in 2006. At the operating level both Falcon Securities and Information
Exchange reported lower profits in this half year period.
The key change to our operating position during this period was, as already
reported, the formation of a second stock broking business, Montague Pitman
Stockbrokers Ltd., in which we own a majority shareholding. From a standing
start in February, this business reported a breakeven position at the half year
end and we expect the company to be profitable for the year as a whole. One of
the immediate objectives for this business is to build a meaningful customer
base and in this respect significant progress has been made with over 750 client
accounts opened in the period to end August. We fully expect this rapid
expansion to continue with MPS making a useful contribution to the Group in the
current year.
Our FSA Regulated broker, Falcon Securities (UK) Ltd, reported lower operating
profits for the half year but the second half has started very strongly. Net
commission from general broking activity was usefully ahead of the same period
last year but we did not participate in any significant corporate transactions
in the period and retainer fees were also lower reflecting suspension from
trading on a number of our AIM listed corporate clients. The focus of Falcon's
business continues to evolve toward experienced high net worth investors and
corporate clients and we continue to look for opportunities to expand our
presence in this area.
Information Exchange posted a modest profit of approximately £13,000 in the half
year. The business has not yet been able to extend its franchise from the
successful IX Investor shows into other related areas and competition in this
sector is restricting performance. We are therefore currently reviewing the
overall outlook for this business to determine strategy going forward.
L.E.V. Knifton
Executive Chairman
For further information, please contact:
Leo Knifton/Stephen Oakes, Alltrue Investments plc on 020 7251 3762
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
ALLTRUE INVESTMENTS PLC
Income Statement
for the Six months ended 30 June 2007
Six months Six months Year ended
to 30 June 30 June 31 December
2007 2006 2006
Unaudited Unaudited audited
£'000s £'000s £'000s
Continuing operations
Revenue 1,049 583 1,029
Cost of Sales (505) (224) (339)
Gross Profit 544 359 690
Administrative expenses (610) (294) (907)
Operating Profit/(Loss) (66) 65 (217)
Investment revenues 6 12 19
Finance costs - - -
Profit/(Loss) before tax (60) 77 (198)
Income tax recovery (charges) - - 3
Profit/(Loss) for the period from (60) 77 (195)
continuing operations attributable to
shareholders
Profit/(Loss) per share
From continuing operations:
Basic and diluted (0.025p) 0.035p (0.084p)
The company's turnover and operating loss arise from continuing operations.
There were no recognised gains or losses other than those recognised in the
income statement above.
ALLTRUE INVESTMENTS PLC
Balance Sheet as at 30 June 2007
As at 30 June As at 30 June As at 31 December
2007 2006 2006
Unaudited Unaudited Audited
£'000s £'000s £'000s
Assets
Non-current assets
Property, plant and equipment 45 43 37
Goodwill 1,689 1,733 1,687
1,734 1,776 1,724
Current assets
Trade and other receivables 708 186 218
Cash and cash equivalents 390 473 305
1,098 659 523
Total assets 2,832 2,435 2,247
Equity and liabilities
Capital and reserves
Share capital 244 244 244
Capital Reserves 2,082 2,082 2,082
Retained earnings (392) (60) (332)
Total equity 1,934 2,266 1,994
Current liabilities
Trade and other payables 648 169 253
Other Loans 250 - -
898 169 253
Total liabilities 898 169 253
Total equity and liabilities 2,832 2,435 2,247
ALLTRUE INVESTMENTS PLC
Cash Flow Statement
For the Six months ended 30 June 2007
Six months Six months Year ended
to 30 June to 30 June 31 December
2007 2006 2006
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Operating activities 3 (157) (96) (274)
Net cash inflow from - - 3
taxation
Investing activities
Interest received 6 12 19
Purchases of plant and (14) - -
equipment
Purchase of subsidiaries - (62) (62)
(8) (50) (43)
Financing activities
Loan received 250 - -
250 - -
Net cash inflow/(outflow) 85 (146) (314)
Cash and cash 305 619 619
equivalents at the
beginning of the period
Bank balances and cash 390 473 305
Consolidated statement of changes in equity
As at As at As at
30 June 2007 30 June 2006 31 December
2006
£'000s £'000s £'000s
As at beginning of period 1,994 682 682
Surplus/(Deficit) for (60) 77 (195)
the period
Acquisition of - 1,350 1,350
subsidiaries
Issue of share capital - 157 157
net of expenses
As at end of period 1,934 2,266 1,994
ALLTRUE INVESTMENTS PLC
Notes to the Interim Report
1. Significant Accounting Policies
These interim accounts have been prepared in accordance with International
Financial Reporting Standards and on the historical cost basis, using generally
recognised accounting principles. The Company adopted International Financial
Reporting Standards (IFRS) adopted by the European Union as the basis for
preparation of its financial statements from 1 January 2007. The only adjustment
resulting from the transition to IFRS was that the goodwill has not been
amortised.
This interim report for the five months to 30 June 2007 was approved by the
Board on 27 September 2007.
2. Loss per Share
Six months Six months Year ended
to to 31 December
2006
30 June 2007 30 June 2006
Earnings per ordinary shares
Basic and diluted (0.025p) 0.035p (0.08p)
The loss per ordinary share is based on the company's loss for the period of
£60,000 (30 June 2006 - profit £77,000;31 December 2006- loss £195,000) and a
basic and diluted weighted average number of shares in issue of 244,167,500 (30
June 2006 - 218,476,892; 31 December 2006 - 231,427,774) .
3. Reconciliation of operating loss to net cash outflow from
operating activities.
Six months Six months Year ended
to 30 June 2006 31 December
30 June 2007 2006
£'000s £'000s £'000s
Profit/(Loss) for the (66) 65 (217)
period
Adjustments for :
Amortisation of other - 37 81
intangibles
Depreciation of 4 6 15
property, plant and
equipment
(Increase)/Decrease in (490) (14) (45)
receivables
Increase in payables 395 (190) (108)
Net cash from (157) (96) (274)
operating activities
4. Called up Share Capital
The issued share capital as at 31 December 2006, per the audited accounts, was
244,167,500 Ordinary Shares of 0.1p each.
ALLTRUE INVESTMENTS PLC
Notes to the Interim Report
5. The unaudited results for period ended 30 June 2007 do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The comparative figures for the year ended 31 December 2006 are extracted from
the statutory financial statements which have been filed with the Registrar of
Companies and which contain an unqualified audit report and did not contain
statements under Section 237(2) or (3) of the Companies Act 1985.
6. Copies of this interim statement are available from the Company
at its registered office at Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The
interim statement will also be available on the company website www.
Alltrueinvestments.co.uk.
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