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)
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