Orchard Furniture
Interim Results
Orchard Furniture PLC
25 April 2001
ORCHARD FURNITURE PLC
GROUP INTERIM RESULTS FOR
SIX MONTHS ENDED 31 DECEMBER 2000
CHAIRMAN'S STATEMENT
The results for the six months to 31 December 2000 show a profit before tax of
£214,000. The profit reflects the benefit of interest receivable on the
Company's cash balances, which are in excess of £15m, and has been achieved
after taking account of exceptional charges of £116,000.
As shareholders are aware, Orchard is a cash shell with no business. The Board
has continued to evaluate potential reverse take-over candidates, and will
report to shareholders at the appropriate time.
A. T. Lawson-Cruttenden
CHAIRMAN
20 March 2001
PROFIT AND LOSS ACCOUNT
Notes 6 months ended 6 months ended Year ended
31.12.00 31.12.99 30.06.00
(unaudited) (unaudited) (audited)
£000 £000 £000
TURNOVER - - -
Operating Costs (201) (114) (97)
Other operating income - - 92
______ ______ ______
Operating loss (201) (114) (5)
Operating loss (85) (114) (20)
Exceptional items (116) - 15
______ ______ ______
(201) 114 (5)
______ ______ ______
Interest receivable 415 - 84
Interest payable - (38) -
______ ______ ______
Profit / (loss) on
ordinary
activities before tax 214 (152) 79
Tax on profit / (loss)
on ordinary activities 2 - - -
______ ______ ______
Profit / (loss) for the
financial period / year 214 (152) 79
______ ______ ______
Basic profit / (loss) per
share 3 0.01p (0.2p) 0.002p
Profit / loss) per share
before
exceptional item 0.016p (0.2p) 0.02p
CASH FLOW STATEMENT
Notes 6 months ended 6 months ended Year ended
31.12.00 31.12.99 30.06.00
(unaudited) (unaudited) (audited)
£000 £000 £000
Net cash outflow / inflow
from
the operating activities 4 (198) 63 (24)
Returns on investments
and servicing
of Finance
Interest received 415 - 84
Interest paid - (38) -
______ ______ ______
Net cash inflow before
financing 217 25 60
Financing
Repayment of convertible
secured loan stock - - (31)
Proceeds from new share issue 2,035 - 13,074
______ ______ ______
2,035 - 13,043
______ ______ ______
Increase in cash 2,252 25 13,103
______ ______ ______
CONSOLIDATED BALANCE SHEETS
Notes 6 months ended 6 months ended Year ended
31.12.00 31.12.99 30.06.00
(unaudited) (unaudited) (audited)
£000 £000 £000
Current assets
Debtors 36 - 63
Cash 15,360 30 13,108
______ ______ ______
15,396 30 13,171
Creditors
Amounts falling due
within one year (313) (470) (337)
______ ______ ______
Net assets 15,083 (440) 12,834
______ ______ ______
Capital and reserves
Called up share capital 7,172 5,079 6,965
Share premium account 20,166 6,330 18,338
Other reserves 557 557 557
Profit and loss account (12,812) (13,257) (13,026)
_______ _______ ______
Equity Shareholders' funds 15,083 (1,291) 12,834
_______ _______ ______
Non equity share capital - 851 -
Convertible loan stock
_______ _______ _______
Total shareholder's funds 15,083 (440) 12,834
_______ _______ _______
NOTES TO THE INTERIM RESULTS
1. Basis of preparation
The interim financial information for the six months ended 31 December
2000 is un-audited and was approved by the directors on 24 April 2001.
The interim financial information has been prepared in accordance with the
accounting policies detailed in the financial statements for the year
ended 30 June 2000.
The comparative figures for the year ended 30 June 2000 are the groups
statutory accounts for that financial year. Those accounts have been
reported on by the company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain
a statement under section 237(2) or (3) of the Companies Act 1985.
2. Tax
No charge to corporation tax arises as a result of losses brought forward
from previous year.
3. Profit per share 6 months ended Year ended
31.12.00 30.6.00
Profit for the financial period / year 213,577 78,295
Number of shares in issue (weighted
average) 1,937,606,170 445,905,688
Basic profit per share 0.01p 0.02p
4. Reconciliation of operating loss to net cash outflow from operating
activities
6 Months ended Year ended
31.12.00 30.6.00
£000 £000
Operating loss (201) (5)
Decrease / (increase) in working capital 3 (19)
______ ______
Net cash outflow from operating activities (198) (24)
______ ______