Half Yearly Report

Adams

08/12/2014 10:42

RNS Number : 1002Z

Adams PLC

08 December 2014

ADAMS PLC

Interim Results for the six months ended 30 September 2014

CHAIRMAN'S STATEMENT

I have pleasure in reporting on the six month period ended 30 September 2014.

As in previous periods, our overhead budget has remained tightly controlled and the Company is in a good position to pursue its acquisition policy.

The Board was shown a number of acquisition candidates, but having examined them in cooperation with shareholders, we concluded that none met our strict investment criteria.

We suspect that next year will provide us with a rich source of ideas and I look forward to keeping shareholders apprised of any progress in the months ahead.

N C P Nelson

Chairman

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

6monthsended
30 Sept 2014
Year ended
31 Mar 2014
6monthsended
30 Sept 2013
(Unaudited)
(Audited)
(Unaudited)
'000
'000
'000
Net change in fair value of financial assets at fair value through profit or loss
1
(18)
(11)
Total income
1
(18)
(11)
Expenses
Net foreign exchange gain/(loss)
6
(2)
1
Administrative expenses
(79)
(101)
(51)
Operating loss
(73)
(103)
(50)
Loss on ordinary activities before taxation
(72)
(121)
(61)
Tax on loss on ordinary activities
-
-
-
Loss for the period
(72)
(121)
(61)

Since there is no other comprehensive loss, the loss for the period is the same as the total comprehensive loss for the period attributable to the owners of the Company.

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 SEPTEMBER 2014

As at
30 Sept 2014
As at
31 Mar 2014
As at
30 Sept 2013
(Unaudited)
(Audited)
(Unaudited)
Note
'000
'000
'000
Assets
Non-current assets
Investments
5
61
14
84
Current assets
Trade and other receivables
6
6
7
16
Cash and cash equivalents
7
154
117
95
160
124
111
Total assets
221
138
195
Equity and Liabilities
Called up share capital
9
2,598
2,448
2,448
Share premium
133
133
133
Retained earnings
(2,528)
(2,456)
(2,396)
Total equity
203
125
185
Current liabilities
Trade and other payables
8
18
13
10
Total current liabilities
18
13
10
Total liabilities
18
13
10
Total equity and liabilities
221
138
195

The interim reports were approved and authorised for issue by the Board of Directors on 3 December 2014 and signed on its behalf by:

..

Nicholas Nelson

Director

STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

Share
Share
Retained
Capital
Premium
Losses
Total
'000
'000
'000
'000
Balance at 1 April 2014
2,448
133
(2,456)
125
Issued warrants
150
-
-
150
Total comprehensive loss for period
-
-
(72)
(72)
Balance at 30 September 2014
2,598
133
(2,528)
203
Share
Share
Retained
Capital
Premium
Losses
Total
'000
'000
'000
'000
Balance at 1 April 2013
2,448
133
(2,335)
246
Total comprehensive loss for year
-
-
(121)
(121)
Balance at 31 March 2014
2,448
133
(2,456)
125
Share
Share
Retained
Capital
Premium
Losses
Total
'000
'000
'000
'000
Balance at 1 April 2013
2,448
133
(2,335)
246
Total comprehensive loss for period
-
-
(61)
(61)
Balance at 30 September 2013
2,448
133
(2,396)
185

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.

Retained losses represent the cumulative loss of the Company attributable to equity shareholders.

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 SEPTEMBER 2014

As at
30 Sep 2014
As at
31 Mar 2014
As at
30 Sep 2013
(Unaudited)
(Audited)
(Unaudited)
'000
'000
'000
Cash flows from operating activities
(66)
(123)
(75)
Cash flows from investing activities
Receipt from sales of investments/payments to acquire investment
(47)
101
-
Payments to acquire investments
-
-
(95)
Proceeds from disposal of investments
-
-
126
Net cash used in investing activities
(47)
101
31
Cash flows from financing activities
Receipt from warrants issued
150
-
-
Net cash from financing
150
-
-
Net decrease in cash and cash equivalents
37
(22)
(44)
Cash and cash equivalents at beginning of period
117
139
139
Cash and cash equivalents at end of period
154
117
95


NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

1
Reconciliation of operating loss to net cash outflow from operating activities
6monthsended
30 Sept 2014
Yearended
31 Mar 2014
6monthsended
30 Sept 2013
'000
'000
'000
Loss for the period
(72)
(121)
(61)
Decrease/(increase) in trade and other receivables
1
4
(5)
Increase/(decrease) in trade and other payables
5
(6)
(9)
Net cash used in operating activities
(66)
(123)
(75)
2
Reconciliation of net cash flow to movement in net cash
As at
30 Sep 2014
As at
31Mar2014
As at
30 Sep 2013
'000
'000
'000
Increase/(decrease) in cash and cash equivalents
37
(22)
(44)
Net increase/(decrease) in cash and cash equivalents
37
(22)
(44)
Cash and cash equivalents at start of period
117
139
139
Cash and cash equivalents at end of period
154
117
95


NOTES TO THE FINANCIAL STATEMENTS

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2014

1 General information

Adams PLC is a company incorporated in the Isle of Man. The address of the registered office is disclosed on the company information page at the front of the annual report. The principal activities of the Company are described in the directors' report.

2 Basis of preparation

The financial information contained in the interim results has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. It has been prepared in accordance with IAS 34 - Interim Financial Reporting.

3 Going concern

The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continuing support of the shareholders; this support will enable the company to continue for the foreseeable future.

The financial statements do not include any adjustments that would result if the above support was withdrawn.

The principal accounting policies applied in the preparation of these financial statements are set out below.

4 Significant accounting policies

The financial information contained in these interim results for the six months ended 30 September 2014 is unaudited. Full audited accounts of the company in respect to the financial year ended 31 March 2014 were prepared in accordance with IFRS, which received an unqualified audit opinion, and are available on the Company's website: www.adamsplc.co.uk .

The accounting policies and methods of computation used in the interim statements are consistent with those used in the financial statements for the year ended 31 March 2014 and are in accordance with International Financial Reporting Standards.

The interim financial statements do not include all the information required for full annual financial statements and therefore cannot be construed to be in full compliance with IFRS.

5 Investments

As at
30 Sept 2014
As at
31 Mar 2014
As at
30 Sept 2013
'000
'000
'000
Balance at 1 April
13
115
115
Acquisitions in period
56
123
95
Disposal in period
(8)
(224)
(126)
Total
61
14
84

6 Trade and other receivables

As at
30 Sept 2014
As at
30 Mar 2014
As at
30 Sept 2013
'000
'000
'000
Prepayments
6
7
16
Total
6
7
16


The carrying amount of other current assets approximates to its fair value.

7 Cash and cash equivalents

For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash at banks and on hand and deposits with banks. Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows can be reconciled to the related items in the Statement of Financial Position as follows:

As at
30 Sep 2014
As at
31 Mar 2014
As at
30 Sep 2013
'000
'000
'000
Cash and cash equivalents
154
117
95

The carrying amount of cash and cash equivalents approximates to its fair value.

8 Trade and other payables

As at
30 Sep 2014
As at
31 Mar 2014
As at
30 Sep 2013
'000
'000
'000
Trade payables
16
3
4
Accruals
2
10
6
18
13
10

Accruals principally comprise amounts outstanding for ongoing expenses. The carrying amount of other payables approximates to its fair value.

9 Share capital and share premium

Number of
shares issued
and fully paid up
Share
capital
'000
Share
premium
'000
Issued
Balance at 1 April 2014
16,166,306
2,448
133
Movements in the period
6,928,406
150
-
Balance at 30 September 2014
23,094,712
2,598
133
Balance at 1 April 2013
16,166,306
2,448
133
Movements in the period
-
-
-
Balance at 31 March 2014
16,166,306
2,448
133
Balance at 1 April 2013
16,166,306
2,448
133
Movements in the period
-
-
-
Balance at 30 September 2013
16,166,306
2,448
133

10 Loss per share

The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:

Period ended
30 Sep 2014
Year ended
31 Mar 2014
Period ended
30 Sep 2013
'000
'000
'000
Loss after tax attributable to equity holders of the Company
(72)
(121)
(61)
Weighted average number of ordinary shares
17,321,370
16,166,306
16,166,306
Basic and diluted loss per share
(0.4)c
(0.7)c
(0.4)c



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