Information  X 
Enter a valid email address

SBS Group PLC (SBG)

  Print      Mail a friend

Friday 11 November, 2005

SBS Group PLC

Interim Results


For immediate Release

11 November 2005

                         SBS GROUP PLC (The 'Company')                         

                             CHAIRMAN'S STATEMENT                              

          Interim accounts for the six months ended 10 September 2005          

OVERVIEW

The Company remains a cash shell at present, although continuing actively to
seek new opportunities to enhance shareholder value.

We are maintaining a tight control of the company's resources, which we
consider adequate to support current levels of expenditure.

FINANCIAL OVERVIEW

The Company has not yet made an acquisition and the expenses incurred to date
relate to the routine listing maintenance and administration.

A loss of £19,000 was incurred in the period, on the above expenses; this
constitutes a loss of 0.5 pence share basic and 0.4 pence per share fully
diluted.

CASH FLOW AND FUNDING

As announced on 6 October the Directors placed 1,000,000 ordinary shares at 5p
each raising £50,000.

It is not expected that the rate of routine expenditure and administration will
vary materially in the near future.

OUTLOOK

The Board continues to seek ways, by acquisition, to enhance shareholder value.

W.N.V. Weller

Chairman

10 November 2005

For further information :

SBS GROUP PLC               Nigel Weller      0207 251 3762

Beaumont Cornish Limited    Roland Cornish    0207 628 3396

SBS GROUP PLC
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD FROM 11 MARCH 2005 TO 10 SEPTEMBER 2005

                                      6 Months to     Period to       Year to
                                     10 September      10 March  10 September
                              Notes          2005          2005          2004
                                                                             
                                            £'000         £'000         £'000
                                                                             
Turnover                                        -             1             -
                                                                             
Cost of Sales                                   -             -             -
                                                                             
Gross Profit                                    -             1             -
                                                                             
Administrative                               (19)          (42)          (26)
expenses                                                                     
                                                                             
Operating Loss                               (19)          (41)          (26)
                                                                             
Loss on ordinary                                                             
activities                                                                   
                                                                             
before taxation                              (19)          (41)          (26)
                                                                             
Tax on loss on                                  -             -             -
ordinary activities                                                          
                                                                             
Loss for the financial                       (19)          (41)          (26)
period                                                                       
                                                                             
Dividends                                       -             -             -
                                                                             
Retained loss for the                        (19)          (41)          (26)
financial period                                                             
                                                                             
                                            Pence         Pence         Pence
                                                                             
Earnings per share                                                           
(losses)                                                                     
                                                                             
Basic Earnings per                2         (0.5)         (1.1)        (0.7p)
share                                                                        
                                                                             
Fully diluted earnings            2         (0.4)         (0.9)        (0.7p)
per share                                                                    
                                                                             

SBS GROUP PLC

BALANCE SHEET

AS AT 10 SEPTEMBER 2005

                                  10         10          10
                           September      March   September
              Notes             2005       2005        2004
                                                           
                               £'000      £'000       £'000
                                                           
Current                                                    
Assets                                                     
                                                           
Debtors                            8          1          35
                                                           
Cash at bank                      11         35           -
and in hand                                                
                                                           
                                  19         36          35
                                                           
Creditors                                                  
                                                           
Amounts                         (59)       (57)        (41)
falling due                                                
within one                                                 
year                                                       
                                                           
Net Current                     (40)       (21)         (6)
Liabilities                                                
                                                           
Net                             (40)       (21)         (6)
Liabilities                                                
                                                           
Capital and                                                
Reserves                                                   
                                                           
Called up                        353        353         353
share capital                                              
                                                           
Share premium                  6,387      6,387       6,387
account                                                    
                                                           
Profit and                   (6,780)    (6,761)     (6,746)
loss account                                               
                                                           
Equity                          (40)       (21)         (6)
Shareholders'                                              
Deficit                                                    
                                                           

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' DEFICIT

                                10          10          10
                         September       March   September
                              2005        2005        2004
                             £'000       £'000       £'000
                                                    
Loss for the                  (19)        (41)        (26)
period/(year)                                       
                                                    
New share                        -          71          71
capital                                             
subscribed                                          
                                                    
Net increase/                 (19)          30          45
(reduction) in                                      
shareholders'                                       
funds                                               
                                                    
Equity                        (21)        (51)        (51)
shareholders'                                       
deficit at 10                                       
March 2005                                          
                                                    
Equity                        (40)        (21)         (6)
shareholders'                                       
deficit at 10                                       
September 2005                                      
                                                    

SBS GROUP PLC
Cash Flow Statement
for the six months ended 10 September 2005

                                             Unaudited     Audited    Unaudited
                                              6 Months      Year       6 months
                                                 ended      ended         ended
                                                                               
                                          10 September     10 March    10 September
                                                  2005        2005         2004
                                                                               
                                    Note         £'000       £'000        £'000
                                                                               
Cash outflow from operating         3             (24)        (10)            -
activities                                                                     
                                                                               
Financing - Issue of shares                          -          45            -
                                                                               
Cash increase/(decrease) in the                  £(24)          35            -
period                                                                         
                                                                               

           Reconciliation of Net Cash Flow to Movement in Net Funds            
 
                                             Unaudited     Audited     Unaudited
                                              6 Months      Year         6 months
                                                 ended       ended        ended
                                                                               
                                          10 September    10 March      10 September
                                                  2005       2005          2004    
                                                                           
                                                                               
                                                 £'000       £'000        £'000
                                                                               
Increase/(Decrease) in cash in the                (24)          35            -
period                                                                         
                                                                               
Issue of convertible loan stock                      -        (50)            -
                                                                               
Net debt as at the start of the                   (15)           -            -
period                                                                         
                                                                               
Net debt as at the end of the                    £(39)       £(15)            -
period                                                                         
                                                                               

SBS GROUP PLC

NOTES TO THE INTERIM ACCOUNTS

FOR THE PERIOD ENDED 10 SEPTEMBER 2005

1. ACCOUNTING POLICIES

(a) Basis of preparation

    The interim report has been prepared using accounting policies consistent with
    those set out in the Company's Annual Report and Accounts for the year to 10
    March 2005. Those financial statements were prepared on a going concern basis.

    The interim report for the six months to 10 September 2005 was approved by the
    Board on 9 November 2005

(b) Cash Flow Statement
   
    A cash flow statement for the six month period ended 10 September 2004 has not
    been prepared as the company did not operate a bank account during the period;
    liabilities to trade creditors were paid by way of loans from shareholders.

 2. LOSS PER SHARE
   
   
                                       6 Months            Year        6 Months                
                                          ended              to           ended
                                   10 September        10 March    10 September
                                           2005            2005            2004
                                                                               
                                          pence           pence           pence
                                                                               
(Loss) earnings                                                                
per ordinary                                                                   
share                                                                          
                                                                               
- basic                                   (0.5)           (1.1)           (0.7)
                                                                               
- diluted                                 (0.4)           (0.9)           (0.7)
                                                                               
                                          £'000           £'000           £'000
                                                                               
(Loss) for                                 (19)            (41)            (26)
period/year                                                                    
                                                                               
                                         Number          Number          Number
                                                                               
- basic                               3,784,889       3,671,238       3,767,816
                                                                               
- diluted                             4,784,889       4,671,238       3,767,816

SBS GROUP PLC

NOTES TO THE INTERIM ACCOUNTS

FOR THE PERIOD ENDED FROM 10 SEPTEMBER 2005

 3. RECONCILIATION OF OPERATING LOSS TO NET OUTFLOW FROM OPERATING ACTIVITIES
   
                                             Unaudited     Audited     Unaudited
                                              6 Months      Year        6 months
                                                 ended      ended         ended
                                          10 September    10 March    10 September
                                                  2005        2005         2004
                                                                               
                                                 £'000       £'000        £'000
                                                                               
Operating loss                                    (19)        (41)            -
                                                                               
Net increase/(decrease) in debtors                 (7)         (1)            -
                                                                               
Net increase/(decrease) in                           2          32            -
creditors                                                                      
                                                                               
Net inflow/(outflow) from operating              £(24)       £(10)            -
activities                                                                     
                                                                               

 4. The information for the year ended 10 March 2005 was extracted from the
    audited accounts, which have been delivered to Registrar of Companies.

 5. Copies of this interim statement are available for the next four weeks from
    the Company at its registered office at Finsgate, 5-7 Cranwood Street, London
    EC1V 9EE.

___________________________________________________________________________

                                

a d v e r t i s e m e n t