Alltrue Investments: Interim Accounts | Company Announcements

Wednesday 30 September, 2009

Alltrue Investments

Interim Accounts

RNS Number : 9809Z

Alltrue Investments PLC

30 September 2009

For immediate release 30 September 2009

ALLTRUE INVESTMENTS PLC

CHAIRMAN'S STATEMENT

Unaudited Interim accounts for the six months ended 30 June 2009

The figures reported herein are for the business for the six months to 30 June 2009.

In common with the general experience in the financial services sector and current market conditions the board is currently considering the future focus of its business activities. As a consequence we have made several important changes to the structure and future development of the business, specifically concerning Falcon Securities Limited and Montagu Pitman Limited, our key operating subsidiaries and how they have operated and continue to operate within our group. This has necessarily lead to certain exceptional costs.

In the immediate future further costs associated with this change of strategy are likely to be incurred.

Nevertheless, at present day to day trading within the group is at or around breakeven.

After this difficult period we look forward to the future based on our current day to day trading.

For further information contact:

Leo Knifton, Chairman, 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 2009

	Six months to 30 June 2009 Unaudited	Six months 30 June 2008 Unaudited	Year ended 31 December 2008 audited
	£'000s	£'000s	£'000s

Continuing operations

Revenue	1,290	1,034	2,147

Cost of Sales	(255)	(155)	-

Gross Profit	1,035	879	2,147

Administrative expenses	(1,143)	(975)	(2,558)

Operating Profit/(Loss)	(108)	(96)	(411)

Investment revenues	-	7	15

Finance costs	-	(1)	(21)

Profit/(Loss) before tax	(108)	(90)	(417)

Income tax	-	-	-

Profit/(Loss) after tax	(108)	(90)	(417)

Minority interests	-	4	-

Profit/(Loss) for the period from continuing operations attributable to shareholders	(108)	(86)	(417)

Profit/(Loss) per share

From continuing operations:

Basic and diluted	(0.044p)	(0.035p)	(0.17p)

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 2009

	As at 30 June 2009 Unaudited	As at 30 June 2008 Unaudited	As at 31 December 2008 Audited
	£'000s	£'000s	£'000s

Assets

Non-current assets
Property, plant and equipment	75	99	81
Goodwill	950	950	950
Investments	175	175	175
	1,200	1,224	1,206

Current assets
Financial assets	52	54	56
Trade and other receivables	395	602	244
Cash and cash equivalents	619	301	513

	1,066	957	813


Total assets	2,266	2,181	2,019


Equity and liabilities

Capital and reserves
Share capital	244	244	244
Capital Reserves	2,082	2,082	2,082
Retained earnings	(1,106)	(667)	(998)
Minority interests	-	-	-
Total equity	1,220	1,659	1,328

Current liabilities
Trade and other payables	796	272	441
Other loans	250	250	250

	1,046	522	691

Total liabilities	1,046	522	691

Total equity and liabilities	2,266	2,181	2,019

ALLTRUE INVESTMENTS PLC

Cash Flow Statement

For the Six months ended 30 June 2009

		Six months to 30 June 2009 Unaudited	Six months to 30 June 2008 Unaudited	Year ended 31 December 2008 Audited

	Note	£'000	£'000	£'000

Operating activities	3	110	(172)	56


Net cash inflow from taxation		-	-	56

Investing activities
Interest received		-	7	15
Interest paid		-	(1)	(21)
Purchases of plant and equipment		(4)	(69)	(73)
		(4)	(63)	(79)


Net cash inflow/(outflow)		106	(235)	(23)

Cash and cash equivalents at the beginning of the period		513	536	536

Bank balances and cash		619	301	513

Consolidated statement of changes in equity

	As at 30 June 2009	As at 30 June 2008	As at 31 December 2008
	£'000s	£'000s	£'000s

As at beginning of period	1,328	1,745	1,745

Surplus/(Deficit) for the period	(108)	(86)	(417)

As at end of period	1,220	1,659	1,328

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 and using the accounting policies which are consistent with those set out in the Company Annual Report and Accounts for the year ended 31 December 2008.

This interim report for the six months to 30 June 2009, which complies with IAS34, was approved by the Board on 30 September 2009.

2. Loss per Share

	Six months to 30 June 2009	Six months to 30 June 2008	Year ended 31 December 2008

Loss per ordinary shares
Basic and diluted	(0.044p)	(0.035p)	(0.17p)

The loss per ordinary share is based on the company's loss for the period of £108,000 (30 June 2008 - loss £86,000; 31 December 2008- loss £417,000) and a basic and diluted weighted average number of shares in issue of 244,167,500 (30 June 2008 - 244,167,500; 31 December 2008 - 244,167,500)

3. Reconciliation of operating profit to net cash inflow from operating activities.

	Six months to 30 June 2009	Six months 30 June 2008	Year ended 31 December 2008
	£'000s	£'000s	£'000s

Profit/(Loss) for the period	(108)	(86)	(417)
Adjustments for :
Depreciation of property, plant and equipment	10	13	45
(Increase)/decrease in investments	56	-	2
(Increase)/decrease in receivables	(203)	(143)	215
Increase in payables	355	44	211

Net cash from operating activities	110	(172)	56

4. Called up Share Capital

The issued share capital as at 31 December 2008, 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 2009 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 2008 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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