Interim Results
4 June 2015
Guscio PLC
("Guscio" or the "Company")
Unaudited interim results for the six month period ended 31 March 2015
CHAIRMAN'S STATEMENT
I present the Company's results for the six months ended 31 March 2015.
The Company has made a loss before tax of £84,000 during the six month period
(2014: loss £120,000).
As shareholders are aware, the Company disposed of its two trading
subsidiaries, Talent Holdings and Talent South, on 8th September 2014 and was
re-classified as a non-operating investing Company in accordance with the AIM
rules.
Since the start of the period under the review, the Company's financial
position and board composition have both been strengthened. In total, £864,000
(£860,000 net of costs) has been raised by the issue of new ordinary shares and
Gail Ganney, John Steele and I have joined the Board.
The Company has therefore been able to implement its investment policy of
acquiring technology and media companies from a position of strength, and we
were able to make our first investment, being a 30 per cent. interest in the
issued share capital of Sportsdata Limited ("Sportsdata"). Sportsdata is a
technology company that has developed and implemented a website application for
the purposes of monitoring and improving physical literacy and the
participation of children in sports and active pursuits at school. The website
has been developed with Youth Sports Trust ("YST"), a leading charity for
sports-driven and educational programmes. Sportsdata has entered into a
collaboration agreement with YST to utilise the website via a recently launched
Skills2Achieve programme. The Skills2Achieve programme has started selling
licenses to operate the website to primary schools throughout the United
Kingdom.
The Company will continue to work with Sportsdata to maximise the value of this
investment, and will also actively pursue other investment opportunities.
Richard Thompson
Chairman
4 June 2015
FURTHER ENQUIRIES
Guscio PLC
Tony Humphreys / Marcus Yeoman 020 3053 1897
Sanlam Securities UK Limited
Virginia Bull / Simon Clements 020 7628 2200
Peterhouse Corporate Finance Limited
Lucy Williams / Eran Zucker 020 7469 0936
INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2015
Six months Six months Year
ended 31/3/ ended 31/3/ ended 30/9/
15 14 14
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Administrative expenses -86 -88 -177
Finance income 2 0 0
Finance costs 0 0 0
Loss from continuing operations -84 -88 -177
Profit from discontinued operations 0 -32 644
(Loss) / profit for the period -84 -120 467
Income tax expense 0 0 0
(Loss) / profit for the period -84 -120 467
Basic (loss) / profit per share (0.934p) (7.104p) 26.001p
(pence)
BALANCE SHEET AS AT 31 MARCH 2015
At 31/3/15 At 31/3/14 At 30/9/14
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Assets
Non-current assets
Goodwill 0 1,082 0
Investments 542 0 0
Property, plant and equipment 0 3 0
542 1,085 0
Current assets
Inventories 0 141 0
Trade and other receivables 20 48 66
Cash and cash equivalents 210 1 0
230 190 66
Total assets 772 1,275 66
Equity and liabilities
Equity
Share capital 6,382 6,368 6,369
Share premium 12,718 11,822 11,871
Share option reserve 3 148 3
Retained earnings -18,334 -18,985 -18,250
Total equity 769 -647 -7
Current liabilities
Bank overdraft 0 0 0
Borrowings 0 918 0
Trade and other payables 3 1,004 73
Total liabilities 3 1,922 73
Total equity and liabilities 772 1,275 66
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2015
Six months Six months Year
ended 31/3/15 ended 31/3/14 ended 30/9/14
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Cash flow from operating activities
(Loss) / profit from continuing -84 -88 -177
operations
Adjustments for:
Cash generated from discontinued -1 128 485
operations
Loss on disposal of fixed assets 0 0 0
Depreciation of tangible assets 0 0 0
Share option reserve 0 0 3
Interest paid 0 0 0
-85 40 311
Decrease / (increase) in trade and 46 0 16
other receivables
(Increase) / decrease in inventories 0 0 0
Increase / (decrease) in trade and -70 0 -258
other payables
Net cash flows from operating -109 40 69
activities
Cash flows from investing activities
Purchase of property, plant and 0 0 0
equipment
Sale proceeds of fixed assets 0 0 0
disposals
Purchase of investments -542 0 0
Interest received 1 0 0
Net cash used in investing activities -541 0 0
Cash flows from financing activities
Cash raised from equity issue (net of 860 0 0
costs)
Net decrease in borrowing 0 -2 0
Interest paid 0 -22 -54
Net cash from financing activities 860 -24 -54
Net increase in cash and cash 210 16 15
equivalents
Cash and cash equivalents at 0 -15 -15
beginning of period
Cash and cash equivalents at end of 210 1 0
period
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MARCH 2015
Share
Share Share Option Retained
Capital Premium Reserve Earnings Total
£000 £000 £000 £000 £000
As at 30 September 2014 6,369 11,871 3 -18,250 -7
Loss for the period 0 0 0 -84 -84
Equity issued 13 847 0 0 860
Equity share option recognised 0 0 0 0 0
As at 31 March 2015 6,382 12,718 3 -18,334 769
Share
Share Share Option Retained
Capital Premium Reserve Earnings Total
£000 £000 £000 £000 £000
As at 30 September 2013 6,368 11,822 148 -18,865 -527
Loss for the period 0 0 0 -120 -120
Equity issued 0 0 0 0 0
Equity share option recognised 0 0 0 0 0
As at 31 March 2014 6,368 11,822 148 -18,985 -647
NOTES TO THE HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2015
1. BASIS OF PREPARATION
The interim report is unaudited and does not constitute statutory accounts
within the meaning of s.498 of the Companies Act 2006. The statutory accounts
for 2014, which were prepared under IFRS, have been delivered to the Registrar
of Companies. The auditor's opinion on these accounts was unmodified and did
not contain a statement under s.498 of the Companies Act 2006.
The interim financial information has been prepared on a basis which is
consistent with the accounting policies adopted by the Company for the last
financial statements and in compliance with IAS 34.
Comparative figures are given for the six months ended 31 March 2014 and the
year ended 30 September 2014.
2. REVENUE AND LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
The results for the six months ended 31 March 2015 and 31 March 2014 are
unaudited. The audited results for the year ended 30 September 2014 have also
been shown.
3. EARNINGS PER ORDINARY SHARE
The earnings per share is based on a loss for the period of £84,000 (six months
ended 31 March 2014 - a loss of £120,000; year ended 30 September 2014 - a
profit of £467,000), being the profit or loss attributable to ordinary
shareholders, and a weighted average of (six months ended 31 March 2015
8,990,989 ordinary shares, six months ended 31 March 2014 1,689,253 ordinary
shares, year ended 30 September 2014 1,796,055 ordinary shares).
The diluted earnings / (loss) per share are not shown as the Company was loss
making during the period.
4. INVESTMENTS
The investments as at 31st March 2015 represent a 30% shareholding in
Sportsdata Limited (£528,000) and an investment in an AIM quoted company (£
14,000).
5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND CASH EQUIVALENTS
Six months Six months Year
ended 31/3/15 ended 31/3/14 ended 30/9/14
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Increase in cash and cash 210 16 15
equivalents in the period
Cash and cash equivalents 0 -15 -15
at the beginning of the
period
Cash and cash equivalents 210 1 0
at the end of the period
6. AVAILABILITY OF THE INTERIM RESULTS
Copies of the half-yearly results will be available from the Company's
registered office 27-28 Eastcastle Street, London W1W 8DH, and will be
available from the Company's website www.guscioplc.com.
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