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DJ INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2019

 
 EcoVista PLC (EVTP) 
INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2019 
 
03-Jun-2019 / 09:58 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
         3 June 2019 
 
    ECOVISTA PLC 
 
    INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2019 
 
         Chairman's statement 
 
         I have great pleasure in announcing the Company's interim results. 
 
 The unaudited financial results for the 6 months to 28th February 2019 show 
         a loss of GBP 202,492 (12 months ended 31st August 2018: GBP238,454). 
 
         CASH FLOW AND FUNDING 
 
       Cash in hand at 28th February 2019 of GBP418,537, which, under analysis 
         adequately covers routine running expenses. 
 
         OUTLOOK 
 
   The continuing delay to the outcome of Brexit has seen the housing market 
slow down across the country. The local market to the Company's headquarters 
 is holding up well, although valuers are downgrading future values which is 
         making traditional bank funding much more difficult. 
 
  The building of the 5 bedroom, 4,500sq. ft. property at 100 Rye Street has 
 now finished and will be marketed at GBP1,750,000 from the beginning of June. 
 
      The Company has an 80% investment in Start Hill Limited which owns a 4 
       bedroom detached property, near to Stansted Airport. This property is 
  currently let on an assured short-term tenancy and the Board are confident 
        that planning will be granted for at least 7 new homes on this site. 
 
    The neighbouring property and land has been granted permission for 9 new 
    homes. We are currently seeking to raise funds in order to purchase this 
       site and build out the planning permission that we have been granted. 
 
      The Company continues to support its interest in Cignella Srl. We will 
 continue to look at any opportunities to secure further funding in order to 
         exercise our option on Cignella Srl. 
 
  The Directors are actively seeking further inward investment, with current 
 deal flow far outweighing the access to capital. A number of investors seem 
        to be waiting for the outcome of Brexit before making any investment 
         decisions. 
 
David Barnett 
 
Chairman 
 
      The directors of Ecovista accept responsibility for this announcement. 
 
         For further information: 
 
ECOVISTA Plc 
 
Tel: +44 (0) 1279 654151 
 
NEX EXCHANGE CORPORATE ADVISER: 
 
Alexander David Securities Limited 
 
David Scott - Corporate Finance 
 
James Dewhurst - Institutional Sales 
 
Telephone: +44 (0) 20 7448 9820 
 
http://www.ad-securities.com 
 
49 Queen Victoria Street, London EC4N 4SA 
 
Ecovista Plc 
 
Consolidated Income Statement 
 
For the period ended 28 February 2019 
 
                                                 Period  Year to 
                                                   to 
                                                   28      31 
                                                February August 
                                                  2019    2018 
Continuing operations                             GBP        GBP 
 
Turnover                                           8,700  17,400 
Cost of sales                                          -       - 
Gross profit                                       8,700  17,400 
Administrative expenses                         (148,629 (190,61 
                                                       )      4) 
Operating loss                                  (139,929 (173,21 
                                                       )      4) 
Financial expense                               (62,543) (65,240 
                                                               ) 
Loss before tax                                 (202,472 (238,45 
                                                       )      4) 
Taxation                                               -       - 
Loss for the year from                          (202,472 (238,45 
continuing operations                                  )      4) 
 
Loss for the financial year attributable to: 
Non-controlling                                    (238) (7,544) 
interest 
Equity shareholders of the company              (202,234 (230,91 
                                                       )      0) 
                                                (202,472 (238,45 
                                                       )      4) 
 
Other Comprehensive 
Income: 
 
Revaluation of property                                - 142,075 
 
Total Comprehensive                             (202,472 (96,379 
Loss for the Year                                      )       ) 
 
Loss/ total comprehensive income for the 
financial year attributable to: 
Non-controlling                                    (238) (7,544) 
interest 
Equity shareholders of the company              (202,234 (88,835 
                                                       )       ) 
                                                (202,472 (96,379 
                                                       )       ) 
 
Earnings per share 
attributable to owners 
of the parent company 
Basic earnings per                              (0.0037) (0.005) 
share (pence) 
 
Ecovista Plc 
 
Statements of Financial Position 
 
As At 28 February 2019 
 
                       Interim Six    Financial     Interim Six 
                      Month Period    Statements   Month Period 
                        Ended 28    Year Ended 31    Ended 28 
                      February 2019  August 2018   February 2018 
                           GBP             GBP              GBP 
Fixed assets 
Property, plant and       2,275,341      2,107,090     1,733,529 
equipment 
Investments                 504,415        508,616       270,738 
                          2,779,756      2,615,706     2,004,267 
Current assets 
Debtors                       8,563          5,545       111,175 
Prepayments                  27,470          4,078         3,460 
Cash at bank and in         418,537         75,637        73,960 
hand 
                            454,570         85,260       188,594 
Creditors: amounts        (116,065)      (365,131)     (109,876) 
falling due within 
one year 
Net current                 338,505      (279,871)        78,718 
(liabilities) / 
assets 
Total assets less         3,118,261      2,335,835     2,082,985 
current liabilities 
Creditors: amounts      (1,929,999)      (944,862)     (879,930) 
falling due after 
more than one year 
Net assets                1,188,262      1,390,973     1,203,055 
 
Capital and reserves 
Called up share             181,760        181,760       173,210 
capital 
Share premium             2,918,687      2,918,687     2,683,045 
account 
Revaluation reserve         142,075        142,075             - 
Equity reserve               74,710         74,710        14,552 
Profit and loss         (2,121,188)    (1,918,715)   (1,694,085) 
account 
Equity attributed to      1,196,044      1,398,517     1,176,722 
Parent 
Non-controlling             (7,782)        (7,544)        26,333 
interest 
Shareholders' Funds       1,188,262      1,390,973     1,203,055 
 
The directors of Ecovista Limited accept responsibility for this 
announcement. 
 
For further information: 
 
Ecovista Plc 
 
100 Rye Street, Bishops Stortford 
 
Hertfordshire 
 
CM23 2HH 
 
United Kingdom 
 
Tel: +44 (0) 1279 654151 
 
http://www.ecovistaplc.com/ 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Alexander David Securities Limited 
 
David Scott - Corporate Finance 
 
James Dewhurst - institutional Sales 
 
Telephone: +44 (0) 20 7448 9820 
 
49 Queen Victoria Street EC4N 4SA 
 
http://www.ad-securities.com 
 
ISIN:          GB00B0W5NJ22 
Category Code: IR 
TIDM:          EVTP 
LEI Code:      2138009TFBHJ8KVP2S10 
Sequence No.:  8931 
EQS News ID:   818357 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

June 03, 2019 04:59 ET (08:59 GMT)