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Webb Capital Plc (WCAP)

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Monday 05 September, 2011

Webb Capital Plc

Interim results for period ended 30 June 2011


                                                               5 September 2011

                                 WEBB CAPITAL PLC

                        ("WEBB CAPITAL" or "THE COMPANY")

                 Interim results for period ended 30 June 2011                 

CHAIRMAN'S STATEMENT

The Company announces its results for the six months ended 30 June 2011.

In the six month period the Company recorded a loss before tax of £276,969
(2010: loss £328,001) on turnover of £130,765 (2010: £2,500).

Review of Activities

The Group continues to seek out new opportunities to utilise the knowledge and
experience of its management team, business contacts and owners. On the
corporate finance front several new mandates are being negotiated and in fund
management the Group continues to review opportunities and expects to announce
details of a new venture shortly.

Future

In order to maximise shareholder value, the Board has reached the conclusion
that Company's expertise should be exploited through seeking strategic
acquisitions and investments in addition to current activities.

Chris Marsh

Chairman

The Directors of Webb Capital Plc are responsible for the contents of this
announcement. For further information please contact:

Webb Capital PLC                                                             
Peter Webb - CEO                       Tel: 0207 634 9510                    
                                                                             
Daniel Stewart & Company plc (Broker)                                        
Paul Shackleton                        Tel: 020 7776 6550                    
                                                                             
Media Enquiries                                                              
Buchannan Communications                                                     
Tim Anderson, Lisa Baderoon            Tel: 0207 466 5000                    


Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2011

                                          Note 6 months    6 months to Year to  
                                               to 30 June  30 June     31 December 
                                               2011        2010        2010     
                                                                                
                                               (Unaudited) (Unaudited) (Audited)
                                                                                
                                               £           £           £        
                                                                                
Continuing operations                                                           
                                                                                
Revenues                                       130,765     2,500       226,304  
                                                                                
Cost of sales                                  (47,250)    -           (60,782) 
                                                                                
Gross profit                                   83,515      2,500       165,522  
                                                                                
Administrative expenses                        (360,611)   (330,501)   (735,115)
                                                                                
Goodwill impairment                            -           -           (91,696) 
                                                                                
(Loss) before taxation                         (277,096)   (328,001)   (661,289)
                                                                                
Taxation                                       (127)       -           7,395    
                                                                                
(Loss) for the period                          (276,969)   (328,001)   (668,684)
                                                                                
(Loss)/earnings per ordinary share from                                         
continuing operations attributable to                                           
equity shareholders of the Company                                              
(expressed in pence per share)                                                  
                                                                                
Basic and diluted                            2 (3.46) p    (7.10) p    (8.81) p 
                                                                                

Consolidated Statement of Financial Position

30 June 2011

Company number 06313858

                                        Note 30          30          31         
                                             June        June        December   
                                             2011        2010        2010       
                                                                                
                                             (Unaudited) (Unaudited) (Audited)  
                                                                                
                                             £           £           £          
                                                                                
Non-current Assets                                                              
                                                                                
Intangible assets                            -           42,500      -          
                                                                                
Investments                                  -           103,150     -          
                                                                                
Property, plant and equipment                46,144      39,020      51,768     
                                                                                
Total non-current assets                     46,144      184,670     51,768     
                                                                                
Current Assets                                                                  
                                                                                
Loans and receivables                        50,000      -           50,000     
                                                                                
Available for sale financial assets          53,154      -           53,150     
                                                                                
Trade and other receivables                  144,498     41,111      66,266     
                                                                                
Cash and cash equivalents                    200,940     622,659     488,756    
                                                                                
Total current assets                         448,592     663,770     658,172    
                                                                                
Current liabilities                                                             
                                                                                
Trade and other payables                     72,615      64,518      171,220    
                                                                                
Current taxation                             7,268       -           7,395      
                                                                                
Total current liabilities                    79,883      64,518      178,615    
                                                                                
Net current assets/(liabilities)             368,709     599,252     479,557    
                                                                                
Net Assets                                   414,853     783,922     531,325    
                                                                                
EQUITY                                                                          
                                                                                
Share capital                              3 1,037,468   960,988     981,468    
                                                                                
Share premium                                897,847     783,127     813,847    
                                                                                
Reserves                                     57,383      -           36,886     
                                                                                
Retained earnings                            (1,577,845) (960,193)   (1,300,876)
                                                                                
Shareholders' equity                         414,853     783,922     531,325    
                                                                                

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2011

Attributable to equity shareholders of the Company

Group                      Share     Share Reserves     Retained     Total
                                   premium              earnings          
                         capital                                          
                                                                          
                               £         £         £           £         £
                                                                          
Balance at 1 January   981,468   813,847   36,886    (1,300,876) 531,325  
2011                                                                      
                                                                          
Loss for the period    -                             (276,969)   (276,969)
                                                                          
Total comprehensive    -         -                   (276,969)   (276,969)
income for the period                                                     
                                                                          
Share based payment    -         -         20,497    -           20,497   
transactions                                                              
                                                                          
Shares issued          56,000    84,000    -         -           140,000  
                                                                          
Balance at 30 June 201 1,037,468 897,847   57,383    (1,577,845) 414,853  
1                                                                         
                                                                          
Balance at 1 January   370,188   390,937   -         (632,192)   128,933  
2010                                                                      
                                                                          
Loss for the period    -         -         -         (328,001)   (328,001)
                                                                          
Total comprehensive    -         -         -         (328,001)   (328,001)
income for the period                                                     
                                                                          
Share based payment    -         -         -         -           -        
transactions                                                              
                                                                          
Shares issued          590,800   392,190   -         -           982,990  
                                                                          
Balance at 30 June     960,988   783,127   -         (960,193)   783,922  
2010                                                                      
                                                                          
Balance at 1 January   370,188   390,937   -         (632,192)   128,933  
2010                                                                      
                                                                          
Loss for the financial -         -         -         (668,684)   (668,684)
year                                                                      
                                                                          
Total comprehensive    -         -         -         (668,684)   (668,684)
income for the year                                                       
                                                                          
Share based payment    -         -         36,886    -           36,886   
transactions                                                              
                                                                          
Shares issued          611,280   422,910   -         -           1,034,190
                                                                          
Balance at 31 December 981,468   813,847   36,886    (1,300,876) 531,325  
2010                                                                      

Group Cash Flow Statements

For the six months ended 30 June 2011

                                              6 months    6 months to Year to 31
                                              to 30 June  30 June     December  
                                              2011        2010        2010      
                                                                                
                                              (Unaudited) (Unaudited) (Audited) 
                                                                                
                                              £           £           £         
                                                                                
Operating loss                                (277,096)   (328,001)   (661,289) 
                                                                                
Depreciation and amortisation                 5,624       3,788       101,657   
                                                                                
Expenses settled by the issue of share        20,497      -           36,886    
based payments                                                                  
                                                                                
Decrease/(increase) in loans and              -           -           (50,000)  
receivables                                                                     
                                                                                
Decrease/(increase) in receivables            (78,232)    (35,480)    (60,635)  
                                                                                
(Decrease)/increase in payables               (98,605)    17,673      122,682   
                                                                                
Cash used in operations                       (427,812)   (342,020)   (510,699) 
                                                                                
Interest expense                                                                
                                                                                
Tax paid                                      -           -           -         
                                                                                
Net cash generated used in operating          (427,812)   (342,020)   (510,699) 
activities                                                                      
                                                                                
Purchases of property, plant and              -           (42,808)    (61,729)  
equipment                                                                       
                                                                                
Purchases of available for sale               (4)         (53,150)    (53,150)  
investments                                                                     
                                                                                
Cash acquired with subsidiary undertaking     -           -           17,410    
                                                                                
Net cash generated from/(used in)             (4)         (95,958)    (97,469)  
investing activities                                                            
                                                                                
Financing activities                                                            
                                                                                
Net proceeds from issue of shares             140,000     890,797     927,084   
                                                                                
Net cash generated from financing             140,000     890,797     927,084   
activities                                                                      
                                                                                
Net increase/(decrease) in cash and cash      (287,816)   452,819     318,916   
equivalents                                                                     
                                                                                
Cash and cash equivalents at beginning of     488,756     169,840     169,840   
year                                                                            
                                                                                
Cash and cash equivalents at end of year      200,940     622,659     488,756   
                                                                                

1.  Basis of preparation
   
The financial information contained in this half year financial report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The financial information for the half years ended 30 June 2011 and 30
June 2010 has been neither audited nor reviewed by the auditors. The figures
and financial information for the period ended 31 December 2010 are extracted
from the latest published audited financial statements of the Group and do not
constitute the statutory financial statements for that period. The audited
financial statements for the period ended 31 December 2010 have been filed with
the Registrar of Companies. The report of the independent auditors on those
financial statements contained no qualification or statement under section 498
(2) or section 498(3) of the Companies Act 2006.

The financial information has been prepared in accordance with the recognition
and measurement criteria of International Financial Reporting Standards (IFRS)
as adopted by the European Union and IFRIC interpretations. The financial
information has been prepared under the historical cost convention. The
statutory financial statements are prepared in accordance with IFRSs as adopted
by the European Union.

The Group has applied consistent accounting policies in preparing the interim
financial statements for the six months ended 30 June 2011, the comparative
information for the six months ended 30 June 2010, and the financial statements
for the period ended 31 December 2010.

As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial
Statements" in preparing this interim financial information.

The directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. Thus
they continue to adopt the going concern basis of accounting in preparing these
half-yearly financial statements.

2.  Loss per share
   
Basic loss per share has been calculated by dividing the loss on ordinary
activities after taxation by the weighted average number of shares in issue
during the year. None of the share based payments were potentially dilutive at
the year end and so there is no difference between the basic and diluted loss
per share.

                                            6 months    6 months to Year to 31 
                                            to 30 June  30 June     December   
                                            2011        2010        2010       
                                                                               
                                            (Unaudited) (Unaudited) (Audited)  
                                                                               
Loss on ordinary activities after taxation  £276,969    £328,001    £668,684   
                                                                               
Number of shares                            8,014,324   4,619,732   7,593,551  
                                                                               
(Loss) per share (pence)                    (3.46) p    (7.10) p    (8.81) p   

 3.  Share capital
   
   
            6 months to 30   6 months to 30 June    Year to 31            
             June 2011             2010           December 2010          
                                                                
Allotted  No. of             No. of            No. of           
and       Shares             Shares            Shares           
fully                                                           
paid                                                            
         `000        £'000   `000      £'000   `000      £'000  
                                                                
Ordinary                                                        
shares                                                          
of 10p                                                          
                                                                
At 1     7,593,551   759,355 1,480,752 148,075 1,480,752 148,075
January                                                         
2011                                                            
                                                                
Issued     560,000    56,000 5,907,999 590,800 6,112,799 611,280
in                                                              
period                                                          
                                                                
At 30    8,153,551   815,355 7,388,751 738,875 7,593,551 759,355
June                                                            
2011                                                            
                                                                
Deferred                                                        
shares                                                          
of 15p                                                          
                                                                
At 1     1,480,752   222,113 1,480,752 222,113 1,480,752 222,113
January                                                         
and                                                             
30 June                                                         
2011                                                            
                                                                
                   1,037,468           960,988           981,468


                                                        

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