Interim Results

Lo-Q PLC 16 December 2005 LO-Q PLC ('LO-Q' or the 'Company') Interim Results for the 12 months to 30 September 2005 Chairman's Statement The positive start to the season, previously mentioned in the March 2005 Interim results, has continued throughout the summer and the Company's results reflect the benefit of the increase of Q-bot rental income. Your Board has decided to align the Company year-end with that of our major customer. This will enable us to report on a single calendar year and the December year-end will allow us to operate more efficiently. The interim results reflect the twelve-month performance for the period ended September 2005. The full accounting period which will end on December 31st will cover a fifteen month period. The Company made a small profit of £101,437 after taxation for the twelve-month period, and all members of the Company are delighted with this outcome. Q-bot income has risen substantially this year due to a number of factors. Chief amongst these were increases in Q-bot rental rates, increased demand, even where attendances have not risen and the success of a tight management approach to the rental sales and administration teams in each park. Having Steve Drake, during the operating season, spend the bulk of his time on front-line supervision in the United States has undoubtedly been a major factor. Four of the parks achieved revenues of over US $1million with total Q-bot rental revenue taken in the parks increasing by 37% over last year. Corporate sales have also contributed to this increase, with single orders of 100's of Q-bots becoming a major feature of our business. Well over one and a half million people have now used a Q-bot. Our product has featured in a number of TV programmes including the coast-to-coast 'Good morning America' and Fox news in Atlanta. The painstaking work of minor modifications to the Q-bot design has also paid dividends with the new rugged case being much more resilient and waterproof. Further system enhancements to improve performance and to add features have been completed this year including Q pass, an electronic immediate front of the line facility. Our show reservation capability has been brought into use during the year. The R&D team have also perfected a wireless backbone system for data transmission throughout the park and this will allow both a lower cost and quicker installation of a full system. Relocating our UK offices in Henley is now complete. We expect to announce the results for the full 15 month 'year' by the end of March by including the last three months of this calendar year to the twelve months covered in this statement. These 3 months see little theme park attendance and therefore, the Company will receive little income. Jeff McManus Chairman LO-Q PLC Consolidated profit and loss account Unaudited Audited Year to 30 Year to 30 September 2005 September 2004 £ £ Turnover Total Lo-q income from park operations 1,678,794 845,535 Cost of Sales 474,662 149,437 __________ __________ Gross profit/(loss) 1,204,132 696,098 Administrative expenses 1,128,831 1,204,222 __________ __________ Operating profit/(loss) 75,301 (508,124) Profit on Disposal of Fixed Assets 0 159,849 Interest receivable 712 351 Interest payable and similar charges (426) (458) __________ __________ Profit/(loss) on ordinary activities before 75,587 (348,382) taxation Corporation Tax repaid/(paid) 25,850 37,328 __________ __________ Profit/(loss) on ordinary activities after 101,437 (311,054) taxation __________ __________ Earnings (profit/(loss) per share 0.01 (0.02) Basic (and diluted) __________ __________ LO-Q PLC Consolidated balance sheet Unaudited Audited Year to 30 Year to 30 September 2005 September 2004 £ £ Fixed assets Tangible assets 21,375 51,157 __________ __________ Current Assets Stocks 172,351 198,448 Debtors falling due within one year 1,151 255,180 - Other debtors 14,211 12,165 - Corporation tax 28,614 41,762 Debtors falling after one year - Prepayments & accrued income 167,424 124,342 Cash at bank and in hand 693,975 259,297 __________ __________ 1,077,726 891,194 Creditors: amounts falling due within one year 160,643 110,421 __________ __________ Net current assets/(liabilities) 917,082 780,773 __________ __________ Total assets less current liabilities 938,458 831,930 __________ __________ Capital and Reserves Called up share capital 143,478 143,478 Share premium account 4,971,617 4,971,617 Capital reserve 12,473 12,473 Profit and loss account (4,189,110) (4,295,638) __________ __________ Equity shareholders' funds 938,458 831,930 __________ __________ LO-Q PLC Consolidated cash flow statement Unaudited Audited Year to 30 Year to 30 September 2005 September 2004 £ £ Net cash inflow/(outflow) from operating 3 393,157 (357,138) activities __________ __________ Returns on investments and servicing of finance Interest received 712 351 Interest paid (426) (458) __________ __________ Net cash inflow/(outflow) from returns on 286 (107) investments and servicing of finance __________ __________ Taxation Corporation tax received 38,998 124,730 __________ __________ Capital expenditure and financial investments (2,853) 188,444 __________ __________ Cash inflow/(outflow) before use of liquid 429,588 (44,071) resources and financing Cash inflow/(outflow) from financing 0 0 __________ __________ Increase/(Decrease) in cash 429,588 (44,071) __________ __________ LO-Q PLC Notes forming part of the accounts 1 Basis of preparation The results for the year ended 30 September 2005 are unaudited. The comparative figures for the year ended 30 September 2004 are audited. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements of the Group for the year ended 30 September 2004. The financial information contained in this report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the period ended 30 September 2004 has been extracted from the audited financial statements for that period, which have been filed with the Registrar of Companies and which contain an unqualified audit report. 2 Profit per share Basic profit per share for the year ended 30 September 2005 has been calculated based on the weighted average number of shares in issue during the period of 14,347,837 (30 September 2004 - 14,347,837) and the profit for the period of £101,437 (30 September 2004 - loss of £311,054). The profit attributable to ordinary shareholders and the weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of FRS14. 3 Net cash outflow from operating activities Unaudited Audited Year ended Year ended 30 September 2005 September 2004 £ £ Operating profit/(loss) 75,301 (508,124) Depreciation of tangible fixed assets 32,635 94,014 Loss on sale of tangible fixed assets - - (Increase)/decrease in stocks 26,097 21,342 Decrease/(increase) in debtors 251,983 (30,204) (Increase)/decrease in deferred income and other debtors (43,082) 86,533 Increase/decrease in creditors 50,222 (20,699) Net cash inflow/(outflow) from operating activities 393,157 (357,138) 4 Dividend The company does not intend to pay a dividend at this time. Copies of this statement will be available for a period of one 1 month from the company's registered office. The Company Secretary, 42 Portman Road, Reading, RG30 1EA This information is provided by RNS The company news service from the London Stock Exchange

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