Interim Results

26 July 2006

               SILENTPOINT PLC ("Silentpoint" or "the Company")                

            Interim results for the six months ended 30 April 2006             

 

Silentpoint Plc, the investment company, today announces its unaudited interim
results for the six months to 30th April 2006.

Highlights


* The Company achieved a pleasing result for the six months ended 30 April 2006
* Profit before tax for the period £92,484 (2005: £57,497)
* Earnings per share for the period of 0.44p (2005: 0.33p)
* The results reflects the benefit of continuing with our policy of investing
in quality small companies with prospects of capital growth.

 

Enquiries: Smit Berry - Chief Executive 020 8656 4648
Haresh Kanabar - Chairman 020 7297 0010

 

CHAIRMAN'S STATEMENT

I am pleased to report a reasonable first half performance with gains from
fixed asset disposals generating a pretax profit of £92,484 during the first
half to 30 April 2006, an improvement over the pretax profit of £57,497
reported at the interim stage last year. Earnings per share increased to 0.44p
(0.33p).

 

We continue to cautiously seek further investments in line with our stated
strategy. While we are alert to the prospect of rising interest rates and
a derating of multiples that investors are willing to pay for investments,
which has impacted our existing holdings, current market conditions have
provided us with an opportunity to review potential investments which carry
more attractive multiples.

 

Share buy backs


Following the profits reported today, we now have available distributable
reserves for the first time in the Company's history although no dividend is
proposed at this time as the Directors believe it prudent to continue to seek
to deliver capital growth for shareholders. As part of this process, since
September 2005, the Company has purchased 525,000 ordinary shares in the
Company, representing approximately 3% of the current issued share capital, for
cancellation.


Following these transactions, the Company has 16,975,000 ordinary shares in
issue. As part of the Company's stated objective to enhance shareholder value
through the repurchase of its own shares, the Directors will continue to
monitor the position and will, if appropriate, make further purchases of the
Company's own shares.

Assets at the year end were £1,502,168 (2005: 1,408,379) which included net
cash balances amounting to £555,180 (2005: £715,330)

Outlook


We view the interim results as satisfactory and continue to have a positive
view of prospects for the full year.

Haresh Kanabar

Chairman

Profit and Loss Account
For the six months ended 30 April 2006

                                           Six months   Six months   Year ended
                                                             ended             
                                                ended                31 October
                                                          30 April             
                                             30 April                      2005
                                                              2005             
                                                 2006                 (audited)
                                                       (unaudited)             
                                          (unaudited)                         £
                                                                 £             
                                                    £                          
                                                                               
Turnover - investment income                  231,391      124,344      203,974
                                                                               
Diminution in value of current asset         (80,000)     (40,000)     (20,000)
investments                                                                    
                                                                               
Other operating expenses (net)               (70,486)     (42,347)     (84,426)
                                                                               
Operating Profit                               80,905       41,997       99,548
                                                                               
Other interest receivable and similar          11,579       15,500       32,139
income                                                                         
                                                                               
Profit on ordinary activities before           92,484       57,497      131,687
taxation                                                                       
                                                                               
Taxation                                     (18,000)            -     (16,274)
                                                                               
Profit on ordinary activities after            74,484       57,497      115,413
taxation                                                                       
                                                                               
Earnings per share - basic and diluted          0.44p        0.33p        0.66p



Balance Sheet
As at 30 April 2006

                                              As at         As at         As at
                                           30 April      30 April    31 October
                                                                           2005
                                               2006          2005     (audited)
                                        (unaudited)   (unaudited)             £
                                                  £             £              
                                                                               
Fixed Assets                                                                   
                                                                               
Investments                               1,126,204       665,229             -
                                                                               
                                          1,126,204       665,229             -
                                                                               
Current assets                                                                 
                                                                               
Investments                                       -             -       766,914
                                                                               
Debtors                                      17,813        55,833        96,240
                                                                               
Cash at bank and in hand                    555,180       715,330       633,715
                                                                               
                                            572,993       771,163     1,496,869
                                                                               
Creditors falling due within one year     (197,029)      (28,013)      (30,574)
                                                                               
Net current assets                          375,964       743,150     1,466,295
                                                                               
Total assets less current liabilities     1,502,168     1,408,379     1,466,295
                                                                               
Capital and reserves                                                           
                                                                               
Share capital                               339,500       350,000       350,000
                                                                               
Share premium account                     1,076,496     1,076,496     1,076,496
                                                                               
Capital Redemption Reserve                   10,500             -             -
                                                                               
Profit and loss account                      75,672      (18,117)      (39,799)
                                                                               
Shareholders' funds - equity              1,502,168     1,408,379     1,466,295



Cash flow statement for the six months ended 30 April 2006

                                          Six months   Six months    Year ended
                                                            ended              
                                               ended                 31 October
                                                         30 April              
                                            30 April                       2005
                                                             2005              
                                                2006                  (audited)
                                                      (unaudited)              
                                         (unaudited)                    £      
                                                          £                    
                                                   £                           
                                                                               
Net cash outflow from operating             (51,503)    (150,747)     (249,001)
activities                                                                     
                                                                               
Returns on investments and servicing of       11,579       15,500        32,139
finance                                                                        
                                                                               
Net cash outflow before financing and       (39,924)    (135,247)     (216,862)
use of liquid resources                                                        
                                                                               
Management of liquid resources                                                 
                                                                               
Reduction in treasury reserve deposits       189,272      116,436       205,908
                                                                               
Capital expenditure                                                            
                                                                               
Purchase of own shares                      (38,611)            -             -
                                                                               
Increase/(Decrease) in cash in the           110,737      (18,811)       10,954    
period                                                                         
                                                                               

Notes to the Interim Results

1. Basis of preparation

The interim accounts for the six months ended 30 April 2006 are unaudited and
do not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.

The financial statements have been prepared in accordance with currently
applicable Accounting Standards in the United Kingdom, which have been applied
consistently, and under the historical cost convention.

Accounting policies consistent with those applied in the financial statements
for the period ended 31 October 2005 have been used in preparing the unaudited
interim financial statements for the six months ended 30 April 2006.

2. Taxation

The charge for taxation is based on the profit for the period as adjusted for
disallowable items.

3. Dividends

The Directors are not declaring a dividend for the six months ended 30 April
2006.

4. Earnings per ordinary share

The calculation of basic and diluted earnings per share of 0.44 pence is based
on the profit for the period of £74,484 (2005: £57,497) and on 16,998,077
(2005: 17,500,000) ordinary shares, being the weighted average number of
ordinary shares in issue during the six months ended 30 April 2006.

The effect of all potential ordinary shares is antidilutive and therefore
dilutive EPS is the same as basic EPS.

5. Copies of interim results

Copies of the interim results are available from the Company's office, 84
Addiscombe Road, Croydon, Surrey CR0 5PP.