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Jellybook Limited (JELY)

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Wednesday 26 September, 2012

Jellybook Limited

Half Yearly Report

RNS Number : 1715N
Jellybook Limited
26 September 2012
 



JELLYBOOK LIMITED

("Jellybook" or the "Company")

 

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2012

 

HIGHLIGHTS

 

·       Cash resources of £10.35 million at 30 June 2012 (H1 2011: £10.8m)

·       Company conserving cash resources in uncertain environment

·       Acquisition evaluation process continues

 

 

CHAIRMAN'S STATEMENT

 

Dear Shareholder

 

I am pleased to present our interim report to our shareholders covering the first six months of 2012.  During this period your Board has continued to focus on seeking out and evaluating suitable investment or acquisition opportunities, following a rigorous process that I have personally overseen.  Two of these have been attractive enough to warrant the engagement of professional advisers in order to conduct detailed financial, technical and legal due diligence but negotiations were ultimately discontinued in both cases.  Your Board remains committed to delivering long term shareholder value and refuses to overpay for transactions or otherwise dilute potential returns to an unacceptably low level in a sector where valuations demanded continue to be stretched and expectations need to be carefully managed.

 

Whilst we would have preferred to have concluded an investment or acquisition by now, we are confident that our stringent evaluation process is correct and are ever mindful of both the risks in this market and the need to maintain a keen eye on costs to conserve our cash resources: at 30 June 2012 the Company had cash balances of approximately £10.35m equating to 6.1p per share at its disposal (H1 2011: £10.8m, equating to 6.15p per share). Market conditions have moved such that the value of your Company with its cash resources and listed status has become more and more desirable for targets.

 

I remain confident that we will be able to identify one or more suitable acquisitions subject to the Board's desired terms and that the rationale for flotation, namely the access to both deal flow and the proven track record of the Board, endures.  Jellybook is the UK's first publicly traded company dedicated to investing in the high-growth European social media sector, seeking out tomorrow's champions that have innovative, low cost and scalable technologies and the potential to attain a significant market share.  The pioneer's path is, however, seldom straightforward and, whilst we press forward committed to the hard work of completing an acquisition in the sector, we are also ready to widen our horizons and acquisition criteria with your approval should that become necessary to fully realise the potential value that we all see in the listed vehicle for the full benefit of our shareholders.

 

Jonathan Rowland

Chairman

 

For further information, contact:

 

Jellybook Limited

Tel:

+ 44 (0)1603 753675

Jonathan Rowland, Chairman                                    

 

Allenby Capital Limited

Tel:

+ 44 (0) 20 3328 5656

Alex Price, Nick Naylor

 

Maitland

Tel:

+ 44 (0) 20 7379 5151

Neil Bennett, Daniel Yea

 

 

Statement Of Comprehensive Income For The Six Months Ended 30 June 2012

 


Note


 

 

Six months

ended 30

June 2012

(unaudited)


From

incorporation

to

31 December

2011

(audited)




£


£







Other operating expenses



(216,472)


(192,257)

Exceptional items



-


(157,775)

Operating loss



(216,472)


(350,032)

Finance income



66,025


54,668

Loss on ordinary activities before taxation



(150,447)


(295,364)

Taxation



-


-

Retained loss for the financial period



(150,447)


(295,364)

 

 

 






Loss per ordinary share (pence) - basic and diluted

4


(0.088)


(0.274)

 

The Company's loss arose from continuing operations.

 

There were no gains or losses other than those recognised in the income statements.

 

 

Statement Of Financial Position As At 30 June 2012

 


Note


 

30 June 2012

(unaudited)


31 December 2011

(audited)




£


£







Current Assets






Trade and other receivables



30,730


12,578

Cash and cash equivalents



10,350,793


10,489,142




10,381,523


10,501,720







Current Liabilities






Trade and other payables



(74,564)


(44,314)




(74,564)


(44,314)







Net Current Assets



10,306,959


10,457,406







Net Assets



10,306,959


10,457,406













Capital And Reserves






Ordinary shares

6


1,707,500


1,707,500

Share premium



9,045,270


9,045,270

Retained earnings



(445,811)


(295,364)







Equity Shareholders Funds



10,306,959


10,457,406

 

 

Statement Of Cash Flows For The Six Months Ended 30 June 2012

 


Note


 

 

Six months

ended 30

June 2012

(unaudited)


From

incorporation

to 31

December

2011

(audited)




£


£







Cash flows from operating activities

5





Cash used in operations



(204,374)


(170,679)

Interest received



66,025


54,668

Net cash used in operating activities



(138,349)


(116,011)

Cash flows from financing activities



-


10,605,153

Net (decrease) / increase in cash and cash equivalents



(138,349)


10,489,142

Cash and cash equivalents at the beginning of the period



10,489,142


-

Cash and cash equivalents at the end of the period



10,350,793


10,489,142

 

 

Statement Of Changes In Shareholders' Equity For The Six Months Ended 30 June 2012

 


Share

Share

Accumulated

Total


capital

premium

losses



£

£

£

£






1 January 2012

1,707,500

9,045,270

(295,364)

10,457,406

Loss for the period

-

-

(150,447)

(150,447)

Balance at 30 June 2012

1,707,500

9,045,270

(445,811)

10,306,959

 

 

NOTES TO THE INTERIM REPORT

 

1       The unaudited interim accounts for the period ended 30 June 2012 have been prepared on the basis of the accounting policies operating in the period from incorporation to 31 December 2011 and expected to apply for the full current financial period, under the historical cost convention and in accordance with applicable accounting standards.

 

The interim report for the period to 30 June 2012, which complies with IAS34, was approved by the Board on 25 September 2012.

 

2       Jellybook was incorporated in Bermuda on 1 March 2011 and was admitted to AIM, the junior market of the London Stock Exchange ("AIM") on 22 June 2011, when it commenced its business.

 

3       The Directors do not recommend the payment of a dividend.

 

4       Basic earnings per share is calculated by dividing the loss attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period.  Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares; the company has no dilutive potential ordinary shares outstanding.

 


 

Six months

ended

30 June

2012

(unaudited)


From

incorporation

to 31

December

2011

(audited)





Loss attributable to equity holders of the company

£150,447


£295,364

Weighted average number of ordinary shares in issue

170,750,000


107,880,000





Loss per ordinary share (pence) - basic and diluted

(0.088)


(0.274)

 

5       Reconciliation of operating loss to net cash flows from operating activities

 


 

Six months

ended

30 June

2012

(unaudited)


From

incorporation

to 31

December

2011

(audited)


£


£





Loss before income tax from continuing operations

(150,447)


(295,364)

Adjustments for




-       costs of AIM flotation

-


147,617

-       finance income

(66,025)


(54,668)

Changes in working capital




-       (increase) in trade & other receivables

(18,152)


(12,578)

-       increase in trade & other payables

30,250


44,314

Cash used in operations

(204,374)


(170,679)

 

 

6       The issued share capital as at 31 December 2011 and 30 June 2012 was 170,750,000 ordinary shares of £0.01 each.

 

7      The unaudited results for the period ended 30 June 2012 do not constitute statutory accounts under the Bermuda Companies Act 1981.

 

8      This interim statement is available on the Company's website (www.jellybook.com) in accordance with AIM Rule 20.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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