Interim Results

Enition PLC 19 September 2005 ENITION PLC INTERIM RESULTS CHAIRMAN'S STATEMENT Introduction I am pleased to report the Company's interim results for the period 1 January 2005 to 30 June 2005. In the period under review the Company has operated as a cash shell since its trading subsidiary, CDE Solutions Limited, was put into liquidation in December 2004. Results The loss on ordinary activities for the period under review amounted to £100,000 resulting in a loss per share of 0.05 pence. Administrative expenses amounted to £80,000 during the period. Included in that figure were payments of £18,000 to the liquidator of CDE Solutions Limited together with an impairment charge of £17,000 in respect of the Company's intellectual property. Other administrative costs were tightly controlled as the Board explored potential options for the Company. The directors are unable to declare an interim dividend. Outlook A circular is being posted to shareholders outlining a proposed capital reorganisation, the issue of new ordinary shares, a change to the existing Board and notice of an Extraordinary General Meeting. Subject to shareholder approval of the resolutions being proposed at the Extraordinary General Meeting, I shall be resigning from the Board together with the Chief Executive, Adrian Finn. We wish the new Board well as they take the Company forward with fresh funds and a new investment strategy. A J Leon Chairman 19 September 2005 ENITION PLC PROFIT AND LOSS ACCOUNTS FOR THE PERIOD 1 JANUARY 2005 TO 30 JUNE 2005 Entity Entity Consolidated 1 January 6 July 2003 6 July 2003 2005 to to to 30 June 31 December 31 December 2005 2004 2004 (Unaudited) (Audited) (Audited) £000 £000 £000 Turnover - - - Cost of sales - - - Gross loss - - - Administrative expenses: - Investment written off - (4,500) - - Goodwill impairment - - (2,814) - Loans to subsidiary written off - (1,041) (2,727) - Other administrative expenses (80) (187) (187) ---- ----- ----- Operating loss (80) (5,728) (5,728) Interest receivable - 7 7 Interest payable (20) - - ----- ---- ---- Loss on ordinary activities before and after tax and loss for the financial period (100) (5,721) (5,721) ------ ----- ------ Loss per share - basic and diluted (0.05)p (4.1)p (4.1)p ======== ====== ====== Notes: 1. Basic loss per share has been calculated using a loss for the financial period of £100,000 (£5,721,000 loss for the period ended 31 December 2004) and a weighted average number of ordinary shares in issue during the period 1 January 2005 to 30 June 2005 of 203,305,780 (140,155,709 for the period ended 31 December 2004). Exercise of the Company's share options would not result in any dilution in the loss per share. 2. The group has no liability to current taxation due to the existence of tax losses. The group has no potential liability to deferred taxation. ENITION PLC BALANCE SHEETS AS AT 30 JUNE 2005 Entity Entity Consolidated 30 31 31 June December December 2005 2004 2004 (Unaudited) (Audited) (Audited) £000 £000 £000 Fixed assets Intangible assets - 17 17 ------ ----- ------ Current assets Debtors 4 1 1 Cash at bank 1 34 34 ------ ----- ------ 5 35 35 Creditors: amounts falling due within one year (431) (378) (378) ------ ----- ------ Net current liabilities (426) (343) (343) ------ ----- ------ Net liabilities (426) (326) (326) ====== ====== ===== Capital and reserves Called up share capital 508 508 508 Share premium account 612 612 612 Other reserves - - 1,461 Profit and loss account (1,546) (1,446) (2,907) ------ ----- ------ Shareholders' deficit (426) (326) (326) ====== ====== ===== Notes 1. The interim financial statements for the period ended 30 June 2005 reflect the transactions of the Company entity only, as its subsidiary, Law 2407 Limited, has been dissolved. Law 2407 Limited was dormant during the period ended 30 June 2005. The consolidated results for the period ended 31 December 2004 reflect the results of both the Company and Law 2407 Limited. 2. The interim financial statements have not been audited and they do not constitute full financial statements within the meaning of s240 of the Companies Act 1985. 3. The interim financial statements have been prepared in accordance with applicable accounting standards. 4. Copies of this interim report are being posted to all of the Company's shareholders. Further copies can be obtained by writing to The Company Secretary, Enition plc, Number 14, The Embankment, Vale Road, Heaton Mersey, Stockport, Cheshire, SK4 3GN. ENITION PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD 1 JANUARY 2005 TO 30 JUNE 2005 Entity Entity Consolidated 1 January 6 July 2003 6 July 2003 2005 to 31 to 31 to 30 June December December 2005 2004 2004 (Unaudited) (Audited) (Audited) Reconciliation of operating loss to £000 £000 £000 net cash outflow from operating activities Operating loss (80) (5,728) (5,728) Investment written off - 4,500 - Loans to subsidiary written off - 1,041 2,727 Goodwill impairment - - 2,814 Intellectual property impairment 17 - - Issue of shares to pay administrative expenses - 92 92 Increase in debtors (3) (1) (1) Increase in creditors 3 48 48 ------ ----- ------ Net cash outflow from operating activities (63) (48) (48) ------ ----- ------ Returns on investment and servicing of finance Interest received - 7 7 Capital expenditure and financial investment Purchase of tangible fixed assets - (17) (17) ------ ----- ------ Cash outflow before financing (63) (58) (58) ------ ----- ------ Financing Issue of ordinary share capital - 1,046 1,046 Expenses of share issues - (243) (243) Loans received 30 330 330 Loans advanced - (1,041) (1,041) ------ ----- ------ 30 92 92 ------ ----- ------ (Decrease)/increase in cash for the period (33) 34 34 ====== ===== ===== This information is provided by RNS The company news service from the London Stock Exchange

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