Interim Results

Catalyst New Opportunities PLC 28 February 2006 FOR IMMEDIATE RELEASE 28 February 2006 CATALYST NEW OPPORTUNITIES PLC Interim results for the six months ended 30 November 2005 Chairman's statement Results The Company is pleased to report its unaudited financial results for the period 1st June 2005 until 30th November 2005 These results reflect that the Company is a 'shell' with no current business or trade and, is actively seeking an investment or business to reverse into. Progress and Outlook Your Board is searching actively for a suitable acquisition and an announcement will be made when this objective is achieved. Under the AIM Rules, if the Company has not announced a 'reverse transaction' by 1 April 2006, dealings in the shares of the Company may be suspended by the London Stock Exchange. Company Secretary The Company is pleased to announce the appointment of Anita Madhas as the new Company Secretary with effect from 1 March 2006. Andrew Moore Chairman CATALYST NEW OPPORTUNITIES PLC Profit and loss account for the six months ended 30 November 2005 Six months Six months Note ended 30 ended 30 Year ended November 2005 November 2004 31 May 2005 Unaudited Unaudited Audited £000 £000 £000 Turnover - - - Cost of sales - - - -------- -------- -------- Gross profit - - - Administrative expenses (34) (59) (138) -------- -------- -------- Operating (loss) (34) (59) (138) -------- -------- -------- (Loss) on ordinary activities before interest (34) (59) (138) Interest payable and similar charges - - - Interest receivable and similar income - - - -------- -------- -------- (Loss) on ordinary activities before taxation (34) (59) (138) Tax on loss on ordinary activities 2 - - - -------- -------- -------- Retained loss for the financial period (34) (59) (138) ======== ======== ======== (Loss) per ordinary share Basic and fully diluted 3 (1.9)p (3.3)p (7.7)p ======== ======== ======== Balance sheet at 30 November 2005 Note Six months ended Six months ended Year ended 30 November 2005 30 November 2004 31 May 2005 Unaudited Unaudited Audited £000 £000 £000 Current assets Debtors 4 2 6 Cash at bank and in hand 79 158 120 -------- -------- -------- 83 160 126 Creditors: amounts falling due within one year (37) (1) (46) -------- -------- -------- Net current assets/ (liabilities) 46 159 80 -------- -------- -------- Total assets less current liabilities 46 159 80 Creditors: amounts falling due after more than one year - - - -------- -------- -------- Net assets 46 159 80 ======== ======== ======== Capital and reserves Called up share capital 4 54 54 54 Share premium account 164 164 164 Profit and loss account (172) (59) (138) -------- -------- -------- Equity shareholders' funds 5 46 159 80 ======== ======== ======== Cash flow statement for the six months ended 30 November 2005 Note Six months ended Six months ended Year ended 30 November 2005 30 November 2004 31 May 2005 Unaudited Unaudited Audited £000 £000 £000 Net cash (outflow) from operating activities 6 (41) (60) (98) Returns on investment and servicing of finance - - - Capital expenditure and financial investments - - - Acquisitions and disposals - - - -------- -------- -------- Cash (outflow) before financing (41) (60) (98) Financing Issue of ordinary share capital - 218 218 -------- -------- -------- (Decrease)/Inc rease in cash and cash equivalents in the period (41) 158 120 Cash and cash equivalents at start of the period 120 - - -------- -------- -------- Cash and cash equivalents at end of the period 79 158 120 ======== ======== ======== Reconciliation of net funds 1 June Cash flow Non- cash 30 November 2005 2005 £000 Movement £000 £000 £000 Cash at bank and in hand 120 (41) - 79 ========= ======== ========= ======== Notes 1 BASIS OF PREPARATION The Directors approved the interim financial statements on 27 February 2006. The interim financial information for the six months to 30 November 2005 is unaudited and has been prepared based on the accounting policies set out in the statutory accounts for the year ended 31 May 2005. These accounting policies are also expected to be adopted in the statutory accounts for the year ended 31 May 2006. The interim financial information for the six months ended 30 November 2005 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 May 2005, which received an unqualified auditors' report, have been delivered to the Registrar of Companies. 2 TAXATION There is no tax liability for the periods reported and no deferred tax asset has been recognised in respect of the tax losses carried forward. 3 LOSS PER ORDINARY SHARE The calculation of basic loss per share is based on losses of £178,000 (six months ended 30 November 2004: loss of £59,000, year ended 31 May 2005: loss of £138,000) and ordinary shares of 1,783,335 (30 November 2004 and 31 May 2005: ) being the weighted average number of ordinary shares in issue during the period. 4 SHARE CAPITAL Six months ended 30 Six months ended 30 Year ended 31 November 2005 November 2004 May 2005 £000 £000 £000 ======== ======== ======== Authorised: 3,333,333 ordinary shares of 3p each 100 100 100 ======== ======== ======== ======== ======== ======== Authorised: 3,333,333 ordinary shares of 3p each 100 100 100 ======== ======== ======== 5 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Six months ended 30 Six months ended 30 Year ended 31 November 2005 November 2004 May 2005 £000 £000 £000 (Loss) for the financial period (34) (59) (138) New share capital subscribed (including premium and expenses) - 218 218 Opening shareholders' funds 80 - - -------- -------- -------- Closing shareholders' funds 46 159 80 ======== ======== ======== 6 RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS Six months ended 30 Six months ended 30 Year ended 31 May November 2005 November 2004 2005 £000 £000 £000 Operating (loss) (34) (59) (138) Decrease/ (increase) in debtors 2 (2) (6) (Decrease) /inc rease in creditors (9) 1 46 -------- -------- -------- Net cash (outflow) from operating activities (41) (60) (98) ======== ======== ======== 7 COPIES OF INTERIM REPORT Copies of the interim report are available from the Company's Registered Office at 4 Sovereign Court, Graham Street, Birmingham, B1 3JR. CATALYST NEW OPPORTUNITIES PLC Independent review report to CATALYST NEW OPPORTUNITIES PLC Introduction We have been instructed by the company to review the financial information for the period to 30 November 2005 which comprises a profit and loss account, balance sheet, cash flow statement and associated notes numbered 1 to 7. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The AIM Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those adopted in the AIM company's annual accounts having regard to the accounting standards applicable to such annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the period ended 30 November 2005. Rochesters Registered Auditors Chartered Accountants 27 February 2006 No 3 Caroline Court Caroline Street Birmingham B3 1TR This information is provided by RNS The company news service from the London Stock Exchange

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