19 March 2009
The Niche Group plc
("the Company")
Interim results for the six month period ended 31 December 2008
Chairman's Statement
I am pleased to present the interim results of the Company for the six month
period ended 31 December 2008.
During the period, the Company made a loss of £76,000 attributable to operating
costs.
The turmoil in the financial markets has continued and there remain very few
IPO opportunities. As a result, no investments were made in the period. At the
end of the period under review, the Company's portfolio comprised investments
in four quoted companies and three private companies.
At 31 December 2008, the Company had cash at bank of £119,000, unquoted
investments at book value of £100,000 and quoted investments with a market
value of £23,150.
Market values of the Company's quoted investments are depressed, in line with
general market conditions. It is the intention of the Directors to realise
these investments depending on liquidity in the market.
The Board is seeking to increase the capital available to the Company and is
actively considering ways of improving shareholder value.
C Stainforth
Chairman
19 March 2009
Further enquires
The Niche Group plc Rakesh Patel Tel: +44 (0) 20 8371 3000
John East & Partners John East Tel: +44 (0) 20 7628 2200
Limited
The Niche Group plc
Income Statement
for the six months ended 31 December 2008
Six months Six months Year ended
ended 31 ended 31 30 June 2008
December 200 December 200
8 7 (audited)
(unaudited) (unaudited) £'000
£'000 £'000
Revenue - - -
Administrative expenses (77) (72) (158)
Operating loss (77) (72) (158)
Amounts written off investments - - (38)
Other income 1 - 1
Loss on ordinary activities before (76) (72) (195)
taxation
Tax on loss on ordinary activities - - -
Loss on ordinary activities after (76) (72) (195)
taxation
Retained loss for the period (76) (72) (195)
Loss per ordinary share (pence) (0.07) (0.07) (0.19)
The income statement has been prepared on the basis that all operations are
continuing operations. All recognised gains or losses are dealt with through
the income statement.
The Niche Group plc
Statement of changes in equity
for the six months ended 31 December 2008
Share Share Other Retained Total
capital premium reserves earnings
£'000 £'000 £'000 £'000 £'000
At 30 June 2008 1,029 110 (30) (763) 346
Loss for the period - - - (76) (76)
Net losses on available for - - (35) - (35)
sale investments
At 31 December 2008 1,029 110 (65) (839) 235
for the six months ended 31 December 2007
Share Share Other Retained Total
capital premium reserves earnings
£'000 £'000 £'000 £'000 £'000
At 30 June 2007 1,029 110 45 (567) 617
Loss for the period - - - (72) (72)
Net losses on available for - - (53) - (53)
sale investments
At 31 December 2007 1,029 110 (8) (639) 492
for the year ended 30 June 2008
Share Share Other Retained Total
capital premium reserves earnings
£'000 £'000 £'000 £'000 £'000
At 30 June 2007 1,029 110 45 (567) 617
Loss for the year - - - (196) (196)
Net losses on available for - - (75) - (75)
sale investments
At 30 June 2008 1,029 110 (30) (763) 346
The Niche Group plc
Balance Sheet
as at 31 December 2008
31 December 31 December 30 June 2008
2008 2007
(audited)
(unaudited) (unaudited)
£'000
£'000 £'000
Non- current assets
Available for sale financial assets 123 218 158
123 218 158
Current assets
Trade and other receivables 10 13 12
Cash at bank and in hand 119 282 185
129 295 197
Current liabilities
Trade and other payables (17) (21) (9)
Net current assets 112 274 188
Total assets less current liabilities 235 492 346
Net assets 235 492 346
Capital and reserves
Called up share capital 1,029 1,029 1,029
Share premium 110 110 110
Other reserves (65) (8) (30)
Profit and loss account (839) (639) (763)
Equity shareholders' funds 235 492 346
The Niche Group plc
Cash Flow Statement
for the six months ended 31 December 2008
Six months Six months Year ended
ended ended 30 June 2008
31 December 31 December
2008 2007 (audited)
(unaudited) (unaudited)
£'000 £'000 £'000
Cash flows from operating activities (77) (72) (200)
Cash used in operations
Cash flows from investing activities
Interest received 1 - 1
Net cash generated from investing 1 - 1
activities
Decrease in cash (76) (72) (199)
The Niche Group plc
Notes to the Interim Results
1. Basis of preparation
The financial information contained in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985.
The financial information contained in this interim report has been prepared on
the basis of accounting policies consistent with International Financial
Reporting Standards ("IFRS"). The financial information has been prepared in
accordance with the accounting policies as set out in the statutory accounts
for the year ended 30 June 2008.
2. Loss per share
The loss per share for the six months ended 31 December 2008 has been
calculated on the basis of the loss after taxation for the period of £76,000
(2007: £72,000 loss) and the weighted average number of shares in issue during
the period of 103,339,000 (2007: 103,339,000).
3. Copies of the interim results will be available at the registered office of
the Company, Hanover House, 14 Hanover Square, London W15 1HP and on the
Company's website www.nichegroupplc.co.uk.
4. The directors do not propose to pay a dividend for the period.