Welney Plc : Half-yearly report Thomson Reuters

Welney Plc

("Welney" or the "Company")

INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2014

Chairman's Statement

I present the interim results of the Company for the six months ended 31 December 2014.

As stated in the Company's final results to 30 June 2014, released earlier today, the Company has secured new investment of £100,000 and is in discussions with regards to the sale of Aircraft Recycling Limited and Blaze and Barney Limited.

The Directors plan to focus the Company's business on the recycling of rubber and plastics, with initial focus on the recycling of tyres.

The Directors expect to be in a position to update shareholders on further developments in the near future.

Cameron Luck

Chairman


UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDING 31st DECEMBER 2014

  6 months to 6 months to
  31/12/2014 31/12/2013
Turnover - 64,163
Cost of Sales - (44,325)
Gross Profit - 19,838
Administrative Expenses (11,642) (40,802)
Operating loss (11,642) (20,964)
Interest payable and similar charges - (1,717)
Loss on ordinary activities (11,642) (22,681)
Profit and loss reserve brought forward (3,288,431) (2,629,553)
Profit and loss reserve carried forward (3,300,073) (2,652,234)

UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2014

 

 
 As At
 31/12/2014
As At
31/12/2013
Fixed Assets
Intangible assets 
 

-
 

21,542
     
Tangible Assets - 4,293
  - 25,835
Current Assets    
Stocks - 5,500
Debtors 1,950 216,328
Cash at Bank 23 120,205
Investment 2,675  677,000
  4,648 1,019,034
Creditors -  Within One Year (64,634) (219,992)
Net Current Assets (59,986) 799,042
Long term liabilities -   (652,093)
Net (liabilities)/assets (59,986) 172,783
Capital and reserves    
Called up share capital 1,545,511 1,111,911
Share Premium Reserve 1,562,336 1,319,687
Loan note Reserve - 393,419
Share option reserve 132,240 -
Profit and loss reserve (3,300,073) (2,652,234)
Shareholders' (deficit)/funds    (59,986) 172,783

The financial information contained in the interim statement has not been audited or reviewed by the Company's auditors and does not constitute statutory accounts.

The directors of the Company accept responsibility for the contents of this announcement.

--ENDS--

Enquiries:

Welney Plc
Cameron Luck
Tel:  +353 (0)861734543

Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel:  020 7469 0930  




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
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

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