Back to all announcements

DJ Welney Plc Half-year Report for Six Months Ended 31-12-2019

 
TIDMWENP 
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY WELNEY TO 
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION 
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT 
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
 
 
 
                                  Welney Plc 
                          ("Welney" or the "Company") 
 
       Interim Results for the six months' period to 31st December 2019 
 
Chairman's Statement 
 
Welney Plc is pleased to announce its unaudited interim results for the first 
six months of the current financial year. Operational costs for the period 1st 
July to 31st December 2019 amounted to GBP26,714, compared to GBP33,503 for the 
first half of financial 2019-20. The Company continues to keep costs to a 
minimum whilst seeking investment opportunities. 
 
The Company's creditors have been supportive. Significant progress has been 
made with the board-approved proposal whereby certain of the Company's 
creditors have accepted, conditional upon the outcome of a shareholders' 
meeting to approve certain enabling measures, a payment of 7.5% of face value 
and a further payment in equity in satisfaction of the debts within the 
Company. An announcement concerning this and other detailed proposals entailing 
a GBP50,000 funding package to support the Company's working capital requirement 
will imminently be made. 
 
 
Darren Edmonston 
Chairman 
 
 
 
 
                                  Welney Plc 
                       Unaudited Profit and Loss Account 
                      Six months ended 31st December 2019 
 
 
                                                 6 months            6 months 
                                                    ended               ended 
                                            31st Dec 2019       31st Dec 2018 
 
                                                 GBP '000            GBP '000 
 
Revenue                                                 -                   - 
 
Other Income                                            -                   - 
 
Gross Profit                                            -                   - 
 
Administrative Expenses                          (22,814)            (28,779) 
 
Operating (Loss)                                 (22,814)            (28,779) 
 
Interest payable                                  (3,900)             (4,724) 
 
Profit / (Loss) on ordinary                      (26,714)            (33,503) 
activities 
 
 
 
                                  Welney Plc 
                    Balance Sheet as at 31st December 2019 
 
 
                                                  6 months           6 months 
                                                     ended              ended 
                                             31st Dec 2019      31st Dec 2018 
 
                                                  GBP '000           GBP '000 
 
Fixed assets 
 
Investments                                          1,248              2,328 
 
Current assets 
 
Trade and other receivables                              -                  - 
 
Debtors                                              2,100             11,078 
 
Cash and cash equivalents                                -                  - 
 
Total Assets                                         3,348             13,406 
 
Current Liabilities 
 
Trade and other payables                          (71,341)           (45,619) 
 
Net Current Assets                                (67,993)           (32,213) 
 
Long term Liabilities                            (292,933)          (269,062) 
 
Net (Liabilities)                                (360,925)          (301,275) 
 
Shareholders' Equity 
 
Share Capital                                    1,545,511          1,545,511 
 
Share Premium Reserve                            1,562,336          1,562,336 
 
Equity Reserve                                           -             10,714 
 
Reserves                                       (3,468,772)        (3,419,836) 
 
Shareholders' deficit                            (360,925)          (301,275) 
 
 
The financial information set out above has not been reviewed or audited by the 
Company's auditors. 
 
The Directors of Welney Plc accept responsibility for this announcement. 
 
For further information: 
 
Welney Plc 
Darren Edmonston 
+44 (0) 1279 635511 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Alexander David Securities Limited 
David Scott 
Telephone: +44 (0) 20 7448 9820 
49 Queen Victoria Street EC4N 4SA 
 
 
 
 
 
END 
 

(END) Dow Jones Newswires

June 02, 2020 11:15 ET (15:15 GMT)