Results for 6 months ended 30 June 2011

RNS Number : 0419P

Viridas PLC

28 September 2011

 



VIRIDAS PLC

"Viridas" or the "Company"

Results for 6 months ended 30 June 2011

Viridas is pleased to announce its interim results for the six months ended 30 June 2011.

Financial results

The group operating loss for the half year ended 30 June 2011 amounted to £308,810 (30 June 2010: £294,612).  A retained loss £308,810 (30 June 2010: £294,612) has been transferred to reserves. Net assets as at 30 June 2011 stood at £690,614 (30 June 2010: £185,392).

Operational review and outlook

During the six months to 30 June 2011, the Company completed its financial restructuring as set out in the Chairman's statement dated 23 June 2011 and changed its investment strategy.  Going forward, overheads have been reduced significantly and the Company has also raised an additional £500,000 during July 2011 in order to strengthen its balance sheet and to ensure that it is well placed to take advantage of market opportunities as they arise.

A number of investment opportunities have been reviewed during this period and work is continuing on a small number of these.  In particular, these include an interesting manganese opportunity in Southern Africa - manganese is relatively easy to mine and is a key component in the production of steel.  A gold asset in Chile in an area that is well known for both gold and copper and a copper/gold property in Spain in an area where there are existing mining operations.

The Company is very much focused on creating value for shareholders and looks forward to announcing the progress of its strategy in due course.

N Lee

Chairman

28 September 2011

For more information:

For more information please contact:

Viridas Plc:                                                            [phone]

Nicholas Lee, Chairman

Nominated Adviser and Joint Broker:      [phone]

Arbuthnot Securities

Antonio Bossi/Paul Gillam

Joint Broker:                                                       [phone]

Rivington Street Corporate Finance

Peter Greensmith

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2011

	Unaudited 6 months ended 30 June  2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£
Operating loss	(305,240)	(294,101)	(471,826)
Finance income	-	341	407
Finance expense	-	(1)	-
Loss before taxation	(305,240)	(293,761)	(471,419)
Taxation	-	-	-
Loss for the period from continuing operations	(305,240)	(293,761)	(471,419)
(Loss)/profit for the period from discontinued operations	(3,570)	(851)	109,366
Loss for the period	(308,810)	(294,612)	(362,053)
(Loss)/earnings per share
Basic and diluted continuing operations	(0.87p)	(0.89p)	(1.43p)
Basic and diluted discontinued operations	(0.01p)	(0.01p)	0.33p
Total basic and diluted	(0.88p)	(0.90p)	(1.10p)
Dividend per share	-	-	-

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2011

	Unaudited 6 months ended 30 June  2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£
Loss for the period	(308,810)	(294,612)	(362,053)
Exchange differences on translating foreign operations	370	(4,636)	(10,753)
Total comprehensive expense for the period	(308,440)	(299,248)	(372,806)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2011

	Share Capital	Share Premium	Capital Redemption Reserve	Translation Reserve	Redenomination. Reserve	Retained Earnings	Total Equity
Balance at 1 January 2010	3,285,796	1,852,339	27,000	118,543	-	(4,799,038)	484,640
Loss for the financial year	-	-	-	-	-	(362,053)	(362,053)
Other comprehensive expense
Exchange differences on translating foreign operations	-	-	-	(10,753)	-	-	(10,753)
Total comprehensive expense for the year	-	-	-	(10,753)	-	(362,053)	(372,806)
Recognition of foreign exchange gains on discontinued activities	-	-	-	(107,790)	-	-	(107,790)
Balance at 31 December 2010	3,285,796	1,852,339	27,000	-	-	(5,161,091)	4,044
Issue of share capital	420,000	630,000	-	-	-	-	1,050,000
Cost of shares issued	-	(54,990)	-	-	-	-	(54,990)
Reduction in par value	(3,252,938)	-	-	-	3,252,938	-	-
Transactions with owners	(2,832,938)	575,010	-	-	3,252,938	-	995,010
Loss for the period	-	-	-	-	-	(308,810)	(308,810)
Other comprehensive expense
Exchange differences on translating foreign operations	-	-	-	370	-	-	370
Total comprehensive expense for the period	-	-	-	370	-	(308,810)	(308,440)
Balance at 30 June 2011	452,858	2,427,349	27,000	370	3,252,938	(5,469,901)	690,614

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2011

	Unaudited 6 months ended 30 June  2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£
ASSETS
Non-current assets
Property, plant and equipment	-	-	-
Total non-current assets	-	-	-
Current assets
Trade and other receivables	18,867	31,675	8,578
Cash and cash equivalents	730,693	289,851	42,461
Total current assets	749,560	321,526	51,039
Total assets	749,560	321,526	51,039
LIABILITIES
Current liabilities
Trade and other payables	58,946	53,939	46,995
Current tax payable	-	82,195	-
Bank overdraft	-	-	-
Total current liabilities	58,946	136,134	46,995
Net assets	690,614	185,392	4,044
EQUITY
Share capital	452,858	3,285,796	3,285,796
Share premium account	2,427,349	1,852,339	1,852,339
Redenomination reserve	3,252,938	-	-
Capital redemption reserve	27,000	27,000	27,000
Translation reserve	370	113,907	-
Retained losses	(5,469,901)	(5,093,650)	(5,161,091)
Total equity	690,614	185,392	4,044

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2011

	Unaudited 6 months ended 30 June  2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£
Cash flows from operating activities
Loss before taxation - continuing operations	(305,240)	(293,761)	(471,419)
(Loss)/profit before taxation - discontinued operations	(3,570)	(851)	2,306
Depreciation of property, plant and equipment	-	-	-
Interest receivable	-	(1,041)	(1,323)
Interest payable	-	1	-
(Increase)/Decrease in trade and other receivables	(10,289)	(1,979)	21,118
Increase/(decrease) in trade and other payables	11,951	(58,913)	(65,857)
Foreign exchange movement	370	(4,636)	(10,753)
	(306,778)	(361,180)	(525,928)
Interest paid	-	(1)	-
Tax paid	-	(7,274)	(90,199)
Net cash used by operating activities	(306,778)	(368,455)	(616,127)
Cash flows from investing activities
Interest received	-	1,041	1,323
Net cash from investing activities	-	1,041	1,323
Cash flows from financing activities
Issue of shares - net proceeds	995,010	-	-
Repayment of loans	-	-	-
Repayment of finance leases	-	-	-
Net cash generated from financing activities	995,010	-	-
Net increase/(decrease) in cash in the period	688,232	(367,414)	(614,804)
Cash and cash equivalents at beginning of period	42,461	657,265	657,265
Cash and cash equivalents at end of period	730,693	289,851	42,461

NOTES TO THE INTERIM REPORT

1.            The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The group's statutory financial statements for the period ended 31 December 2010, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies.  The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2010. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

The financial statements have been prepared on a going concern basis under the historical cost convention.

The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as they are in a position to meet all its liabilities as they fall due.

2.            The calculation of basic and diluted earnings per share is based on the loss for the period of £308,810 (2010: loss £294,612) and a weighted average number of ordinary shares of 35,080,331 (2010: 32,857,956).

3.            No interim dividend will be paid.

4.            On 11 May 2011, the Company redenominated its share capital to 0.1p from 10p.

5.            Copies of the interim report can be obtained from: The Company Secretary, Viridas PLC, 31, Harley Street, London W16 9QS and are available to view and download from the Company's website : www.viridasplc.com

 

END

 

 

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