Source - RNS
RNS Number : 0841L
Polemos PLC
28 September 2016
 

For immediate release                                                                                                                                                           28 September 2016

 

Polemos plc

("Polemos" or the "Company")

 

Unaudited interim results for the six months ended 30 June 2016

 

 

The Board of Polemos announces the unaudited interim results for the six months ended 30 June 2016.

 

The interim results appear below and a copy will shortly be made available on the Company's website http://www.polemos.co.uk/.  

 

For further information, please contact:

 

Polemos plc

Hamish Harris/Jason Berry

 

+44 (0)20 7440 0640

Beaumont Cornish Limited (Nominated Adviser and Broker)

James Biddle

Michael Cornish

 

+44 (0)20 7628 3396

Peterhouse Corporate Finance (Joint Broker)

Duncan Vasey/Lucy Williams                     

 

+44 (0)20 7469 0930 

 

 

 

Chairman's statement

 

The Board continues to evaluate new investment opportunities as they arise. In the short term, the Company has investments in listed securities with, what the Board believes to be, high levels of liquidity within the natural resources sector.

 

The Company continues to review a number of potential new investment opportunities in accordance with its investing policy and further announcements will be made in due course as appropriate. 637.5 million new shares were placed during the period at 0.04p to raise £255,000 to assist the board in securing new investments.

 

Financial Results

 

During the period, the Company made a loss before taxation from continuing operations of £63,000 (6 months ended 30 June 2015: loss £38,000). There was a weighted loss per share from continuing operations of 0.005p (6 months ended 30 June 2015: loss per share of 0.01p). 

 

Cash and cash equivalents at 30 June 2016 amounted to £295,000 (30 June 2015: £263,000).

Outlook

 

Your Board is continuing to review a number of other investment opportunities in accordance with its investing policy and further announcements will be made as appropriate.

 

 

Hamish Harris

Chairman

28 September 2016

 

 

Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2016

 



Six months ended
30 June 2016

 

Unaudited

Six months ended
30 June 2015

 

Unaudited

Year ended
31 December 2015

 Audited



£'000

£'000

£'000






Revenue


-

-

-

Administrative expenses


(63)

(38)

(149)

Investment Income


-

-

-

Operating loss


(63)

(38)

(149)






Finance income


-

-

-

Loss before taxation


(63)

(38)

(149)






Taxation


-

-

-

(Loss) for the period attributable to equity holders of the parent


(63)

(38)

(149)






Other Comprehensive Income:





Other comprehensive income

Items that may be subsequently reclassified to profit or loss:

Transfers to income statement



-


Increase/(decrease) in value of available for sale asset


22

(17)

(66)

Total other comprehensive income


22

(17)

(66)






Total comprehensive income for the period attributable to equity holders of the company


(41)

(55)

(215)











Loss per share





Earnings per share - basic and diluted (pence)


(0.005)

(0.01)

(0.02)











 



 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2016

 



As at
30 June 2016 Unaudited

 £'000

As at
30 June 2015 Unaudited

 £'000

As at
 31 December 2015 Audited

£'000

Non-current assets





Available-for-sale financial assets


77

100

51

Total non-current assets


77

100

51






 

Current assets





Trade and other receivables


25

13

13

Cash and bank balances


295

263

207

Total current assets


320

276

220






Total assets


397

376

271






 

Current liabilities





Trade and other payables


(17)

(42)

(97)

Total current liabilities


(17)

(42)

(97)






Net current assets


303

234

123






 

Net assets


380

334

174






 

Equity





Share capital


19,459

19,395

19,395

Share premium account


18,624

18,441

18,441

Share based payment reserve


63

63

63

Available-for-sale asset reserve


(233)

(206)

(255)

Retained deficit


(37,533)

(37,359)

(37,470)

Equity attributable to equity holders of the parent


380

334

174

 

 

               

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2016.

 


Six months ended 30 June 2016

 Unaudited

£'000

 

Six months ended 30 June 2015

Unaudited

£'000

 

Year ended
31 December 2015 Audited

£'000

 

Net (loss) from operating activities

(63)

(38)

(149)





(Increase)/decrease in trade and other receivables

(12)

(9)

(9)

(Decrease)/increase in trade and other payables

(80)

(32)

23

Net cash (outflow) from operating activities

(155)

(79)

(135)





Investing activities




Purchase of available for sale financial assets

(4)

-

-

Proceeds from disposal of available-for-sale financial assets

-

-

-

Net cash inflow from investing activities

(4)

-

-





Financing activities




Issue of share capital

256

-

-

Issue costs

(9)

-

-

Net cash inflow from Financing activities

247

-

-





Net (decrease)/increase in cash and cash equivalents

88

(79)

(135)





Cash and cash equivalents at beginning of period

207

342

342





Cash and cash equivalents at end of period

295

263

207



 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2016.

 


Share

capital

Share

premium

Share based payment reserve

Available for sale asset reserve

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000

At 31 December 2014

19,395

18,441

63

(189)

(37,321)

389








Shares issued

-

-

-

-

-

-

Share issue costs

-

-

-

-

-

-








Total contributions by and distributions to owners of the Company

-

-

-

-

-

-

Comprehensive Income for the year

-

-

-

-

-

-








Decrease in value of available for sale assets

-

-

-

(66)

-

(66)

Loss for the year

-

-

-

-

(149)

(149)








Total Comprehensive Income for the Year

-

-

-

(66)

(149)

(215)








At 31 December 2015

19,395

18,441

63

(255)

(37,470)

174








Shares issued

64

192

-

-

-

256

Share issue costs

-

(9)

-

-

-

(9)








Total contributions by and distributions to owners of the Company

64

183

-

-

-

247

Comprehensive Income for the year














Increase in value of available for sale assets

-

-

-

22

-

22

Loss for the year

-

-

-

-

(62)

(62)








Total Comprehensive Income for the Year




22

(62)

(40)








At 30 June 2016

19,459

18,624

63

(233)

(37,532)

381



Notes to the Unaudited Condensed Company Financial Statements
for the six months ended 30 June 2016

 

1.     General Information

 

The condensed financial information for the 6 months to 30 June 2016 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

 

The condensed financial information in respect of the year ended 31 December 2015 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2015, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

 

The Report was approved by the Directors on 22 September 2016 and will be available shortly on the Company's website at www.polemos.co.uk.

 

Basis of preparation

The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.

 

Basis of accounting

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2015 annual financial statements.

 

2.     Loss per share

 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.  In accordance with IAS 33, as the Company has reported a loss for the period, diluted earnings per share are not included.  A reconciliation is set out below:

 

Basic and diluted loss per share is calculated on the loss of the Company attributable to equity holders of the parent.

 


6 months to

6 months to

Year ended


30 June
2015

30 June
2015

31 December 2015


Unaudited

Unaudited

Audited


£'000

£'000

£'000





(Loss) attributable to equity holders of the  Company

(63)

(38)

(149)





Number of Shares

000's

000's

000's





Weighted average number of ordinary shares (thousands)

1,246,385

886,907

886,907





(Loss) per share - basic and diluted

(0.005p)

(0.01p)

(0.02p)

 

3.     Events after the end of the reporting period

There are no events after the end of the reporting period to report.


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

Related Charts

Polemos Ord 0.01p (PLMO)

0.00p (0.00%)
delayed 18:15PM