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Meriden Group PLC (MRD)

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Tuesday 16 September, 2008

Meriden Group PLC

Interim Results

RNS Number : 5216D
Meriden Group PLC
16 September 2008
 



MERIDEN GROUP PLC


INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008




CHAIRMAN'S STATEMENT

Introduction

I am pleased to present my Chairman's report for Meriden Group plc for the six months ended 30 June 2008.

Results

During the period the Company made pre-tax losses of £18,857 (2007 - loss of £54,673).

Events during the year


On 9 June 2008 the Company announced that it was in detailed negotiations regarding an acquisition which, if consummated, would constitute a reverse takeover under the AIM Rules. The acquisition would be subject to the approval of shareholders and the granting by the Takeover Panel of a waiver of the obligation on the Company to make a general offer under Rule 9 of the City Code on Takeovers and Mergers.

Since the Company had been unable to complete a reverse takeover prior to 9 June 2008, being 12 months after the Company became an investing company pursuant to the AIM Rules, trading in the Company's shares on AIM was suspended on that date.  

I am please to be able to advise shareholders that negotiations with the target company are continuing. Restoration of trading will occur upon publication of the Company's circular and AIM admission document relating to the acquisition.

Richard Payne

15 September 2008



INCOME STATEMENT

                


 
6 months ended
30 June 2008
Unaudited
6 months ended
30 June 2007
Unaudited
Year ended
31 December 2007
Audited
 
£
£
£
 
Administrative expenses
 
- Continuing
- Exceptional
 
(19,204)
-
 
(54,693)
-
 
(207,197)
(353)
 
Operating loss
 
(19,204)
 
(54,693)
 
(207,550)
 
 
 
 
 
Finance income
 
347
20
123
 
 
 
 
 
Loss on ordinary activities before and after taxation and loss for the year
 
(18,857)
 
(54,673)
 
(207,427)
 
 
 
 
 
Loss per share – basic and diluted
(0.01)p
(0.02)p
(0.06)p


 

 

There were no recognised gains or losses other than the loss or profit for the period.


Continuing operations


None of the Companies activities were acquired or discontinued during the current period.




BALANCE SHEET


 

 
As at
30 June 2008
Unaudited
As at
 30 June 2007
Unaudited
As at 31 December 2007
Audited
ASSETS
Current assets
 
 
 
Trade and other receivables
Cash and cash equivalents
4,673
26,256
11,749
88
2,362
30,317
 
Total current assets
 
30,929
 
11,837
 
32,679
 
 
 
 
 
Total assets
 
30,929
11,837
32,679
 
 
 
 
 
EQUITY AND LIABILITIES
Capital and reserves attributable to the equity holders
 
 
 
Share capital
345,000
345,000
345,000
Share premium account
1,110,263
1,110,263
1,110,263
Retained losses
(1,742,114)
(1,557,141)
(1,709,895)
 
Total equity
 
(286,851)
 
(101,878)
 
(254,632)
 
Current liabilities
Trade and other payables
 
 
317,780
 
 
113,715
 
 
287,311
 
 
 
 
 
Total equity and liabilities
 
30,929
11,837
32,679

                    


The financial statements were approved by the Board of Directors on 15 September 2008.




Richard Payne

Chairman


  CASH FLOW STATEMENT



 
 
6 months ended
30 June 2008
Unaudited
6 months ended
30 June 2007
Unaudited
Year ended
31 December 2007
Audited
 
Cash flows from operating activities
 
 
 
Cash generated from operations
(4,401)
(2,653)
27,584
Finance income
347
20
123
 
Net cash used in operating activities
 
(4,054)
 
(2,633)
 
27,707
 
Cash flows from financing activities
 
 
 
Dividends paid
(7)
(4)
(115)
 
Net cash used in financing activities
 
(7)
 
(4)
 
(115)
Net increase/(decrease) in cash and cash equivalents
 
(4,061)
 
(2,637)
 
27,592
Cash and cash equivalents at the beginning of the period
 
30,317
 
2,725
 
2,725
 
 
 
 
Cash and cash equivalents at the end of the year
26,256
88
30,317

 


NOTES TO THE INTERIM RESULTS

1        Basis of preparation

This interim report does not represent statutory accounts within the meaning of section 240 Companies Act 1985. The interim report has not been audited or reviewed but was approved by the Board on 15 September 2008.

The principal accounting policies used in preparing the interim results are those the company expects to apply in its financial statement for the year ended 31 December 2008 and are unchanged from those disclosed in the Annual Report for the year ended 31 December 2007. 


2        Loss per share

The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of ordinary shares in issue during the year.  



Loss

Weighted average number of shares

Basic loss per share


£


pence


Basic and diluted loss per share




Year ended 31 December 2007

(207,427)

345,000,000

(0.06)

Six months ended 30 June 2007

(54,673)

345,000,000

(0.02)

Six months ended 30 June 2008

(18,857)

345,000,000

(0.01)





 

3        Reconciliation of operating profit with net cash outflow from operating activities

 

 


 
6 months ended
30 June 2008
Unaudited
6 months ended
30 June 2007
Unaudited
Year ended
31 December 2007
Audited
 
£
£
 
 
 
 
 
Operating loss
(19,204)
(54,693)
(207,550)
Decrease/(increase) in debtors
(2,113)
(10,585)
(1,198)
Increase in creditors
16,916
62,625
236,332
 
 
 
 
Net cash inflow/(outflow) from operating activities
(4,401)
(2,653)
27,584
 
 
 
 

 

 

 

4.      Interim dividend

         The directors do not recommend payment of an interim dividend.


5.      Availability of interims


Copies of this interim statement are available from the Company's Registered Office at St George's Court, Winnington Avenue, Northwich, Cheshire, CW8 4EE.



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