Interim Results for the six months period to 31 December 2016 InPublic

31st March 2017

Welney Plc
("Welney" or the "Company")

Interim Results for the six months period to 31 December 2016

Chairman's Statement

Welney Plc is pleased to announce its unaudited interim results for the 6 months period to 31 December 2016. Operational costs for the period amounted to £36k for the 6 months to December 2016 compared to £22k for the 6 months to December 2015. The Company continues to keep costs to a minimum whilst it continues to look for investment opportunities.

The Board continues to review a number potential acquisitions and proposals which is reliant on new investment being achieved by virtue of equity or loan capital.

The company continues to be supported by loans arranged by the company's directors.

Further announcements will be made in due course.

Darren Edmonston
Chairman


Welney Plc
Unaudited Profit and Loss Account
Six months ended 31 December 2016

 6 months ended           31st Dec 2016  6 months ended           31st Dec 2015
 GBP '000  GBP '000
Revenue                   -                     -  
Other Income                   -                     -  
 
Gross Profit                   -                     -  
 
Administrative Expenses         (30,556)         (21,709)
     
Operating (Loss)                (30,556)                (21,709)
 
Interest payable                   (5,830)   (5,526)
 
Profit / (Loss) on ordinary activities                (36,386) (27,235)
 


Welney Plc
Balance Sheet as at 31 December 2016

6 months ended           31st Dec 2016   6 months ended           31st Dec 2015
 GBP '000  GBP '000
 
Current assets  
Trade and other receivables - 71,700
Debtors 16,950 -
Cash and cash equivalents - 59
Investments 1,567 2,675
 
Total Assets              18,517 74,434
 
Current Liabilities  
Trade and other payables                   (16,343) (51,439)
 
Net Current Assets 2,174 22,995
     
Long term Liabilities (159,585) (95,397)
     
Net (Liabilities) (157,411)              (72,402)
 
Shareholders' Equity  
Share Capital                1,545,511 1,545,511
Share Premium Reserve 1,562,336 1,562,336q
Loan note Reserve 10,714 10,714
Share option Reserve 132,240 132,240
Reserves (3,408,212) (3,323,203)
 
Shareholders' deficit (1574,411) (72,402)

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




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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Welney Plc via Globenewswire