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Webb Capital Plc (WCAP)

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Friday 28 May, 2010

Webb Capital Plc

Preliminary Results to 31 December 2009


        Webb Capital Plc (formerly Structured Investment Products plc)         

                   Preliminary Announcement of Unaudited Results 
                       for the Year ended 31 December 2009                                      

                                  HIGHLIGHTS                                   


 - Loss for the Year £29,115 (2008 Loss £665,251)

 - Sale of loss making Swiss subsidiary

 - Recruitment of Peter Webb as Chief Executive

 - Refocus on addressing the needs of entrepreneurs, managers and investors in SME
   companies

Since year end:

 - Re-launched group as Webb Capital plc

 - Gained FSA Advisory Licence through acquisition of KHI Partners.

 - KHI Partners now renamed Webb Capital Advisory

 - Raised £980,000 of new equity

 

Commenting on the Results Chief Executive Peter Webb said

"I am delighted that the legacy of the past is now firmly behind us and look
forward to the future with confidence in our business model and a certain
degree of excitement at the opportunity that lies ahead.

During recent months and following our office move and fund raising there has
been a marked increase in activity at all levels and prospects for future
growth appear very positive indeed."

The Directors accept responsibility for this announcement.

A copy of this announcement is available on www.webbcapital.com


For further information

Webb Capital plc
Peter Webb - Chief Executive                                               
Tel: 020 7634 9510

Daniel Stewart & Co PLC
Paul Shackleton                                                                      
Tel: 020 7776 6550

 

CHAIRMAN'S STATEMENT - PRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 2009

Introduction

I am pleased to present the results for the year ended 31 December 2009, a year
which marks a significant change in the Company's activities and fortunes.

Review of Activities

The results show a much reduced loss for the financial year of £29,115 (2008:
loss £647,739) and shareholders' funds at 31 December were £128,933 (2008: £
21,725). No dividend is declared for the year ended 31 December 2009 (2008:
nil)

Following the appointment of Peter Webb as Chief Executive in April 2009 the
decision was taken to dispose of our shareholding in our Swiss subsidiary Fund
Advisors Admin AG which had recorded substantial losses in 2008.

An agreement was reached in June, the disposal was completed in September and
all proceeds due under the agreement had been received by 31 December 2009.  
These accounts report a £205,576 profit arising from this transaction as
Discontinued Operations change in fair value.

Post Balance Sheet Events

Since the beginning of the new financial year the Company has made significant
progress in fulfilling its new strategy of building a group focussed on
providing Ideas, Advice and Capital to entrepreneurs, managers and investors in
SME companies to help small companies develop and grow stronger.

In February 2010 the Company completed the acquisition of KHI Partners which
brought with it an FSA Authorised corporate advisory permission, and following
this we undertook a share placing which raised £940,000 of new capital.

A number of high profile Consultants have been recruited to enable us to expand
our corporate advisory capacity and to commence the building of a Fund
Management business, for which we are now seeking regulatory approval.

Conclusion

The measures that have been taken over the last year have substantially
improved the Company's prospects and despite the difficult economic times I
believe shareholders can view our future with confidence

Chris Marsh - Chairman

                                                                               

                               Webb Capital plc                                

  Unaudited Consolidated Income Statement for the Year ended 31 December 2009  

                                                                               

                                                                   Period
                                                                  from 16
                                                                July 2007
                                                      Year to       to 31
                                                     December    December
                                                         2009        2008
                                                                         
                                                            £           £

Revenue                                                     -           -
                                                                         
Cost of sales                                               -           -
                                                                         
Gross Profit                                                -           -
                                                                         
Administrative expenses                             (233,647)    (69,688)
                                                                         
Operating Loss                                      (233,647)    (69,688)
                                                                         
                                                                         
Finance Income                                              -      22,976
                                                                         
Interest payable                                            -       (912)
                                                                         
Loss on Ordinary Activities                         (233,647)    (47,624)
                                                                         
Tax on Ordinary Activities                                  -           -
                                                                         
Loss on Ordinary Activities after taxation          (233,647)    (47,624)
                                                                         
                                                                         
Discontinued Activities                                                  
                                                                         
Loss from Discontinued Operations                               (353,004)
                                                                         
Changes in Fair Value - (Impairment)/ Revaluation     204,532   (264,623)
                                                                         
Profit /(Loss) on Discontinued Activities             204,532   (617,627)
                                                                         
                                                                         
Retained loss for the financial year                 (29,115)   (665,251)
                                                                         
                                                                         
Attributable to:                                                         
                                                                         
Equity holders of the company                        (29,115)   (647,739)
                                                                         
Minority Interest                                           -    (17,512)
                                                                         
                                                     (29,115)   (665,251)
                                                                         
Earnings per share                                                       
                                                                         
Basic Earnings/(loss) per share ( pence)               (2.14)     (72.06)
                                                                         
From continuing and total operations (pence)          (17.19)      (5.30)
                                                                         

 

                               Webb Capital plc                                

                  Unaudited Balance Sheet at 31 December 2009                  

                                                                               

                                         31 Dec 2009       31 Dec 2008
                                                                      
                                                   £                 £
                                                                      
Assets                                                                
                                                                      
Non-current assets                                                    
                                                                      
Other Intangible assets                            -            88,117
                                                                      
Investments                                        -             1,044
                                                                      
Total non-current assets                           -            89,161
                                                                      
                                                                      
Current assets                                                        
                                                                      
Trade and other receivables                    5,631            94,884
                                                                      
Cash and cash equivalents                    169,840           216,273
                                                                      
Total current assets                         175,471           311,157
                                                                      
                                                                      
Total assets                                 175,471           400,318
                                                                      
                                                                      
Liabilities                                                           
                                                                      
Trade and other payables                    (46,538)         (157,368)
                                                                      
Non-current liabilities                                               
                                                                      
Long term borrowings                               -         (221,225)
                                                                      
Total liabilities                           (46,538)         (378,593)
                                                                      
Net assets                                   128,933            21,725
                                                                      
Equity                                                                
                                                                      
Share capital                                370,188           259,188
                                                                      
Share premium                                390,937           390,937
                                                                      
Translation reserve                                -            19,339
                                                                      
Profit and loss account                    (632,192)         (647,739)
                                                                      
Total Equity                                 128,933            21,725
                                                                      

 

Notes:

The results are unaudited but have been agreed with the auditors, HMT Assurance
LLP

Earnings per share are calculated using the weighted average of shares in issue
in the year 2009: 1,359,108 (2008: 898,787)


                                                                                                                                                                                                                                                          

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