Metroelectric Plc : Half-yearly report Thomson Reuters

Metroelectric Plc
("Metroelectric" or the "Company")

INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2013

Chairman's Statement

I am pleased to present the interim results of the Company for the six months ended 31 December 2013.

On the 24 September 2013 we announced the appointment of Cameron Luck to the Board of the Company as an Executive Director. Cameron has over 24 years' experience in waste and recycling management and is using his expertise to identify opportunities for the Company in the environmental sector, particularly in the fields of Recycling and Waste to Energy.

Since Cameron's appointment, a total of £350,000 has been raised by way of subscription to allow the Company to invest in these areas and on 5 December 2013 the Company announced it had acquired an option over a 10% interest in Aircraft Recycling Limited ("ARL") (the "Option"), a company set up to dismantle and recycle redundant aircraft and is currently preparing to undertake its first contract with a major international airline. On 7 February 2014 Metroelectric announced that the Company had exercised the Option and also acquired a further 20% interest in ARL, bringing Metroelecric's total holding  in ARL to 30%. At the same time, the Company announced that it had acquired Blaze & Barney Limited, a company operating a large baling machine for compacting materials, such as plastics and metals.

Sales within Powabyke, remained disappointing during the reporting period and underlined the Board's intention to move away from the Company's historic focus on electric vehicles.

Greg Collier

Chairman

UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2013

 
6 months to 6 months to
31/12/2013 31/12/2012
Turnover 64,163 87,893
Cost of Sales (44,325) (86,532)
Gross Profit 19,838 1,361
Administrative Expenses (40,802) (97,041)
Operating loss (20,964) (95,680)
Interest payable and similar charges (1,717)
Profit on sale of investment 165,000
Profit/(Loss)  on Ordinary activities (22,681) 69,320
Profit and loss reserve brought forward (2,629,553) (1,819,796)
Profit and loss reserve (2,652,234) (1,750,476)
 
 

                         

UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2013

             As At
              31/12/2013
            As At
                31/12/2012
Fixed Assets
Intangible assets                      
21,542 275,917
Tangible Assets 4,293 10,892
25,835 286,809
Current Assets
Stocks 5,500 40,270
Debtors 216,328 193,480
Cash at Bank 120,205 14,255
Investment                              677,000 300,000
1,019,034 548,005
Creditors -  Within One Year (219,992) (517,461)
Net Current Assets 799,042 (30,544)
Long term liabilities     (652,093) (300,521)
Net assets / liabilities 172,783 (16,832)
Capital and reserves
Called up share capital 1,111,911 602,011
Share Premium Reserve 1,319,687 1,010,586
Loan note Reserve 393,419 22,471
Share option reserve 132,240
Profit and loss reserve (2,652,234) (1,750,476)
Shareholders' funds                                                                       172,783 16,832

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:

Metroelectric Plc
Greg Collier
Tel:  07830 182501

Peterhouse Corporate Finance Limited
Fungai Ndoro and Eran Zucker
Tel:  020 7469 0934      




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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: Metroelectric Plc via Globenewswire

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