Interim Results

Billam PLC 15 July 2004 BILLAM PLC ('BLLM') (AIM) Interim Financial Information for the six months ended 30 June 2004 The Board of Billam Plc ('Billam' or 'the Company'), the investment company specialising in technology for the future, announces its unaudited interim results for the six months ended 30 June 2004. The half-year has seen continued progress for each of the investee companies' businesses and, of particular importance for Billam Plc, the flotation of EiRx Therapeutics plc. This is further validation of your Company's strategy and business model. The value of our shareholding in Cybit Holdings plc has had a major impact on our results: whilst operationally Cybit has performed well with sales up 60% and showing an operating profit (an improvement of £1 million compared to 2002/3), this has not been reflected in its share price. We believe Cybit's share price has been affected by the well publicised troubles of other telematic service providers, rather than Cybit's performance in the past year. As a fast growing market leader we believe Cybit will be re-rated in due course. Sirus Pharmaceuticals Limited was sold to Arakis Limited, a larger and better funded business. Arakis identifies, researches and commercialises product opportunities based on new clinical uses for known drugs or known drug templates. We believe that becoming part of a larger, better resourced group will result in reduced risks and increased chances for commercial success. Since the acquisition, Arakis has made positive announcements about two of its drugs in Phase II(a) trials. Company The key issue for Billam Plc shareholders is the change in the nature of the portfolio, as the investee companies develop and an increasing proportion of the portfolio is represented by quoted shares. At the end of this period 50% of the value of the Company's total assets is represented by quoted shares (including EiRx Therapeutics plc), whereas at the year end it was 33.5%. There has been coverage of Billam Plc in the investment press and in two broker notes, and in all cases there has been comment on the discount between net assets per share and the share price. Your Board has been aware of this discount for some time. The strategy to reduce the discount is a combination of increasing the number and value of quoted companies in the portfolio, and better communications with newsflow in the press and via the website. In line with the statements made in the Annual Report and Accounts and following the steps taken last year there has been a significant reduction in overheads of the business without a detrimental effect on its operational efficiency. Shareholders Since the share consolidation in December 2003, the spread between bid and offer prices has been much reduced. More than 400 holders took up the free dealing service offered to small shareholders in March. It is the Board's intention to have a further consolidation of the shares and reduce the number of shareholders for the reasons given previously. It will seek the necessary approvals at an Extraordinary General Meeting, details of which will be sent to shareholders. Outlook Portfolio: The plan for the portfolio, subject to stock market conditions and company performance, includes one more flotation in 2004. The other portfolio companies continue to expand and strengthen their trading performances with the prospect of further flotations in 2005. In view of the increasing maturity of the existing portfolio Billam Plc has again been screening potential investment opportunities and several interesting businesses have been identified as new investment candidates. Corporately: Following the changes I referred to in my statement in the year end accounts, further changes to the Company's structure are being considered to assist with the development of the business. Details of these will be sent to shareholders later in the year. Victor Beamish Chairman Billam Plc Consolidated statement of total return (unaudited) --------------- --------------- ------------- Six months to 30 June Six months to 30 June Year to 31 December 2004 2003 2003 Capital Revenue Total Capital Revenue Total Capital Revenue Total £000 £000 £000 £000 £000 £000 £000 £000 £000 Realised (losses)/gains on investments (326) - (326) (29) - (29) 132 - 132 Net change in unrealised investments (1,681) - (1,681) (497) - (497) 2,061 - 2,061 Income - 21 21 - 21 21 - 239 239 ------ ------ ------ ------ ------ ------ ------ ------ ------ Gross Return (2,007) 21 (1,986) (526) 21 (505) 2,193 239 2,432 Administrative expenses - (304) (304) - (491) (491) - (871) (871) Loss on sale of subsidiary - - - - - - (116) - (116) Interest payable - (2) (2) - - - - (6) (6) ------ ------ ------ ------ ------ ------ ------ ------ ------ Return before taxation (2,007) (285) (2,292) (526) (470) (996) 2,077 (638) 1,439 Provision for taxation 336 - 336 - - - (339) 121 (218) ------ ------ ------ ------ ------ ------ ------ ------ ------ Return after taxation (1,671) (285) (1,956) (526) (470) (996) 1,738 (517) 1,221 ------ ------ ------ ------ ------ ------ ------ ------ ------ Transfer to reserves (1,671) (285) (1,956) (526) (470) (996) 1,738 (517) 1,221 ------ ------ ------ ------ ------ ------ ------ ------ ------ Return per ordinary share (p) (4) (10.3) (1.8) (12.1) (4.0) (4.0) (8.0) 12.7 (3.8) 8.9 ------ ------ ------ ------ ------ ------ ------ ------ ------ Billam Plc Consolidated balance sheet as at 30 June 2004 30 June 30 June 31 December 2004 2003 2003 £'000 £'000 £'000 Fixed assets Tangible assets - 13 - Investments 9,694 8,823 11,798 -------- -------- ---------- 9,694 8,836 11,798 -------- -------- ---------- Current assets Debtors 196 199 137 Cash at bank and in hand 165 207 158 -------- -------- ---------- 361 406 295 Creditors: amounts falling due within one year (513) (1,006) (143) -------- -------- ---------- Net current (liabilities)/assets (152) (600) 152 -------- -------- ---------- Total assets less current liabilities 9,542 8,236 11,950 Creditors: amounts falling due after more than one year (783) - (899) Provisions for liabilities and charges - (118) (336) -------- -------- ---------- 8,759 8,118 10,715 Minority interests - (110) - -------- -------- ---------- Total net assets 8,759 8,008 10,715 ======== ======== ========== Financed by: Called up share capital 1,775 1,525 1,775 Share premium account 5,056 4,812 5,056 Capital reserve realised (1,198) (1,082) (886) Capital reserve unrealised 3,491 2,782 4,850 Merger reserve 1,736 1,736 1,736 Revenue account (2,101) (1,765) (1,816) -------- -------- ---------- Shareholders' funds 8,759 8,008 10,715 -------- -------- ---------- Total shareholders' funds are attributable to: Equity interests - ordinary shareholders' funds 8,601 7,850 10,557 Non equity interests 158 158 158 -------- -------- ---------- 8,759 8,008 10,715 ======== ======== ========== Net asset value pence per share (7) Ordinary shares 53.2 66.1 65.3 Deferred shares 0.1 0.1 0.1 Consolidated Cash Flow Statement (unaudited) Six months Six months Year ended to 30 June to 30 June 31 December 2004 2003 2003 £000 £000 £000 Net cash outflow from operating activities (88) (164) (817) Net cash outflow from returns on servicing finance (2) - (6) Net cash outflow from investment (356) (566) (1,044) Net cash inflow from sale of investments 453 572 776 New cash inflow from financing - 353 846 Receipt of borrowings - - 397 -------- -------- -------- Increase in cash for the period 7 195 152 ======== ======== ======== Notes: 1. Basis of preparation The unaudited interim results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2003. 2. Comparatives Comparatives are shown for the six months to 30 June 2003 and year to 31 December 2003. 3. Results for the year ended 31 December 2003 The results for the year ended 31 December 2003 are a non-statutory version of the full report and accounts for that year, which have been filed with the Registrar of Companies on which the auditors reported under Section 235 of the Companies Act 1985. The report contained no qualifications, in respect of the year ended 31 December 2003, or any statement under Section 237(2) or (3) of the said Act. 4. Returns Returns per Ordinary Share are based on the weighted average number of ordinary shares in issue during the period 16,172,312 Ordinary and 157,950,000 deferred shares in issue (year to 31 December 2003 13,624,235 Ordinary and 157,950,000 deferred shares/period to 30 June 2003 restated 11,736,700 Ordinary and 157,950,000 deferred shares). 5. Taxation No tax provision was considered necessary on the unrealised gain. 6. Dividends The Directors do not recommend the payment of an interim dividend. 7. Net asset value per share Net asset value per Ordinary Share is based on the net assets attributable to Ordinary shareholders at the period end and 16,172,312 Ordinary and 157,950,000 deferred shares in issue at the period end (at 31 December 2003: 16,172,312 Ordinary and 157,950,000 deferred shares/at 30 June 2003: restated 11,872,311 Ordinary and 157,950,000 deferred shares). Copies of this announcement will be available for collection, free of charge, from Billam's offices, 32 Clerkenwell Green, London EC1R 0DU for a period of one month from the date of this announcement --ENDS-- Enquiries: Billam Plc Tel: 020 7336 1300 Angus Forrest Bishopsgate Communications Ltd Tel: 020 7430 1600 Maxine Barnes / Dominic Barretto This information is provided by RNS The company news service from the London Stock Exchange

Companies

Drumz (DRUM)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today