Wednesday 24 June, 2009
Mission Capital PLC
Half Yearly Report
RNS Number : 3941U Mission Capital PLC 24 June 2009
Mission Capital plc
INTERIM RESULTS
For the six months to 31 March 2009
Mission Capital plc ('Mission Capital' or the 'Company') announces its unaudited interim results for the six months to 31 March 2009.
Chairman's Statement
The consolidated interim results of the Company and its subsidiaries for the six months ended 31 March 2009 show turnover of £1.9 million (2008: £1.7 million). What would have been an operating profit before taxation of £66,000 (2008: loss of £0.6 million) has been transformed into a loss on ordinary activities before taxation of £0.69 million as a result of writing down the goodwill attaching to the Company's wholly-owned subsidiary, Karspace Management Limited, by £0.73 million in the light of its anticipated basic disposal price of £1,290,000 as separately announced today and to be set out in the related Circular to shareholders expected to be despatched later today. This represents a basic and diluted loss per share of 0.641p (2008: 0.572p). As at 31 March 2009, the Company had consolidated net assets of £2.7 million (2008: £4.0 million). The Company will not be paying an interim dividend.
I deal in that Circular with the general position of the Company.
Philip Goldenberg
Chairman
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Consolidated interim income statement
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For the six months ended 31 March 2009
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Six months 31 March 2009 (unaudited)
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Six months
31 March 2008 (unaudited)
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Year ended
30 September 2008
(audited)
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Notes
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£
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£
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£
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Gross turnover
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1,881,899
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1,657,208
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3,393,106
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Less: landlords share of parking receipts
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(1,031,799)
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(776,599)
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(1,723,277)
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Net revenue
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850,100
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880,609
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1,669,829
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Cost of sales
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(326,492)
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(415,459)
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(666,355)
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Gross profit
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523,608
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465,150
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1,003,474
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Distribution costs
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(51,379)
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(64,497)
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(141,331)
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Administrative expenses
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(1,132,868)
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(976,948)
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(2,285,484)
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Operating loss
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(660,639)
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(576,295)
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(1,423,341)
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Finance income
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9,334
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15,033
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27,721
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Finance expense
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(27,602)
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(28,656)
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(56,388)
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Loss for the period before taxation
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(678,907)
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(589,918)
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(1,452,008)
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Tax expense, net
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(14,000)
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-
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13,777
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Loss for the period
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(692,907)
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(589,918)
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(1,438,231)
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Attributable to shareholders of Mission Capital plc
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Loss per share (pence)
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Basic and diluted
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3
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0.641p
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0.572p
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1.367p
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Consolidated interim balance sheet
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31 March 2009
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31 March 2009 (unaudited)
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31 March 2008 (unaudited)
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30 Sept 2008
(audited)
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£
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£
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£
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Assets
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Non-current assets
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Goodwill
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789,919
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1,971,477
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1,516,907
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Plant, property and equipment
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13,964
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35,904
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18,558
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Investment property
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850,000
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1,000,000
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850,000
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1,653,883
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3,007,381
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2,385,465
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Current assets
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Trade and other receivables
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383,237
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341,612
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459,014
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Cash and cash equivalents
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663,339
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602,644
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601,444
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Total
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1,046,576
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944,256
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1,060,458
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Total assets
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2,700,459
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3,951,637
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3,445,923
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Equity
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Share capital
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1,081,749
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1,030,672
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1,081,749
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Share premium account
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3,960,673
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3,654,208
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3,960,673
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Equity reserve
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54,390
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87,023
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54,390
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Retained earnings
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(4,097,339)
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(2,588,752)
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(3,404,432)
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Total Equity
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999,473
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2,183,151
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1,692,380
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Liabilities
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Non-current
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Borrowings
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692,331
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758,321
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713,177
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692,331
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758,321
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713,177
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Current
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Trade and other payables
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697,488
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958,026
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783,655
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Borrowings
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311,167
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35,437
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256,711
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Current tax liabilities
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-
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16,702
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-
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Obligations under finance lease
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-
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-
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-
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1,008,655
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1,010,165
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1,040,366
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Total liabilities
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1,700,986
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1,768,486
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1,753,543
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Total equity and liabilities
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2,700,459
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3,951,637
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3,445,923
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Consolidated interim statement of changes in equity
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31 March 2009
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Equity attributable to equity holders of Mission Capital plc:
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Share capital
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Share premium account
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Equity reserve
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Retained earnings
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Total equity
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£
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£
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£
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£
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£
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Balance at 1 October 2007
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1,030,672
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3,654,208
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87,023
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(1,998,834)
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2,773,069
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Loss for the six month period and total recognised income and expense for the period
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-
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-
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-
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(589,918)
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(589,918)
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Balance at 31 March 2008
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1,030,672
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3,654,208
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87,023
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(2,588,752)
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2,183,151
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Issue of share capital
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51,077
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306,465
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-
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-
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357,542
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Loss for the six month period and total recognised income and expense for the period
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-
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-
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-
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(848,313)
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(848,313)
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Warrants exercised
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-
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-
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(32,633)
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32,633
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-
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Balance at 30 September 2008
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1,081,749
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3,960,673
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54,390
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(3,404,432)
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1,692,380
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Loss for the six month period and total recognised income and expense for the period
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-
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-
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-
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(692,907)
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(692,907)
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Balance at 31 March 2009
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1,081,749
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3,960,673
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54,390
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(4,097,339)
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999,473
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Consolidated interim cash flow statement
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For the six months ended 31 March 2009
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Six months 31 March 2009 (unaudited)
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Six months 31 March 2008 (unaudited)
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Year ended 30 Sept 2008 (audited)
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£
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£
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£
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Operating activities
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Results for the period after tax
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(692,907)
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(589,918)
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(1,452,008)
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Depreciation of property, plant and equipment
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6,934
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18,975
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29,553
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Impairment of goodwill
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726,988
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-
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454,570
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Loss on disposal of property, plant and equipment
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-
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40,102
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49,624
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Interest receivable
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(9,334)
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(15,033)
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(27,721)
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Interest payable
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27,602
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28,656
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56,388
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Tax payable
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14,000
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-
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(16,012)
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Decrease in value of investment property
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-
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100,000
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250,000
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Changes in trade and other receivables
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73,437
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112,326
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(5,076)
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Change in trade and other payables
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(100,167)
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215,954
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54,670
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Net cash generated from operating activities
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46,553
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(88,938)
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(606,012)
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Investing activities
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Additions to property, plant and equipment
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-
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(569)
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(3,322)
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Receipts from sales of property, plant and equipment
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-
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6,431
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6,430
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Interest received
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9,334
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15,033
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27,721
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Net cash used from investing activities
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9,334
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20,895
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30,829
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Financing activities
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Interest paid
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(27,602)
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(28,656)
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(56,388)
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Repayment of borrowings
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(25,270)
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(18,723)
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(36,712)
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Repayment of finance lease obligations
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-
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(8,762)
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(8,762)
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Proceeds from share issues
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-
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-
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357,542
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Net cash from financing activities
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(52,872)
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(56,141)
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255,680
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Net changes in cash and cash equivalents
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3,015
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(124,184)
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(319,503)
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Cash and cash equivalents, beginning of period
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407,325
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726,828
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726,828
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Cash and cash equivalents, end of period
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410,340
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602,644
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407,325
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Selected explanatory notes
1. Nature of operations and general information
The principal activity of Mission Capital plc (the 'Company') and its subsidiaries (together, the 'Group') is property investment and management. The trading subsidiaries are Karspace Management Limited, a company specialising in the provision of car park and traffic management services to both the public and private sector, Mission Capital (Gloucester) Limited, a property company, and Mission Real Estate Limited, the management company to Athens Investments Holding Group Limited.
Mission Capital plc, a limited liability company, is the Group's ultimate parent company. It is registered in England and Wales. The address of Mission Capital plc's registered office, which is also its principal place of business, is Suite 2 & 3 Business Centre, 1-7 Commercial Road, Paddock Wood, Tunbridge Wells, Kent, TN12 6EN. Mission Capital plc's shares are listed on the London Stock Exchange's Alternative Investment Market (AIM).
These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies expected to be followed for the year ending 30 September 2009. These policies are consistent with those of the annual financial statements for the year ended 30 September 2008 which are based on the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 September 2008.
2. Segment analysis
The Group has three streams of income.
An analysis of gross turnover is given below:
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Six months 31 March 2009 (unaudited)
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Six months 31 March 2008 (unaudited)
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Year ended 30 September 2008 (audited)
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£
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£
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£
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Car park management
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1,833,774
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1,609,083
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3,282,155
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Property trading
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-
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-
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100,250
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Property management
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48,125
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48,125
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10,701
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1,881,899
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1,657,208
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3,393,106
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3. Losses per share
The calculation of the basic loss per share is based on the losses attributable to the shareholders of Mission Capital plc divided by the weighted average number of shares in issue during the period. All losses per share calculations relate to continuing operations of the Company.
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Losses attributable to shareholders
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Weighted average number of shares
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Basic loss per share amount in pence
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Six months ended 31 March 2009
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(692,907)
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108,174,872
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0.641
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Six months ended 31 March 2008
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(589,918)
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103,067,126
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0.572
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Year ended 30 September 2008
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(1,438,231)
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105,230,297
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1.367
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Fully diluted loss per share is also based upon the above figures as there are no potential dilutive ordinary shares in issue.
4. Financial Statements
The financial information included in this report does not constitute statutory accounts for the purposes of section 240 of the Companies Act 1985. This statement will be available on the Company's website www.missioncapitalplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange END IR GGGZVLFDGLZM
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