Welney Plc - Half-year Report for Six Months Ended 31-12-2019
PR Newswire
London, June 2
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 31stDecember 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 31stDecember 2019 amounted to £26,714, compared to £33,503 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 £50,000 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 31stDecember 2019
| 6 months ended 31st Dec 2019 | 6 months ended 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 activities | (26,714) | (33,503) |
Welney Plc
Balance Sheet as at 31stDecember 2019
| 6 months ended 31st Dec 2019 | 6 months ended 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
