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EcoVista PLC: INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2020

EcoVista PLC (EVTP) 
EcoVista PLC: INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2020 
 
02-Jul-2020 / 17:01 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
ECOVISTA PLC 
 
INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2020 
 
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 2020 show 
a loss of GBP 70,543 (12 months ended 31st August 2019: GBP368,403). 
 
CASH FLOW AND FUNDING 
 
Cash in hand at today of GBP41,948, which, under analysis adequately covers 
the company reduced routine running expenses. 
 
OUTLOOK 
 
After extensive negotiations with another property company to merge our 
operations, the talks unfortunately broke down and subsequently we have 
decided not to proceed with the merger. 
 
The uncertainty in the property market last year due to Brexit has not 
improved, combined with the current Covid 19 crisis, has created even more 
uncertainty and nervousness. 
 
Given these unprecedented circumstances, the board has decided to reduce 
costs further and this has resulted in the decision to delist from the Aquis 
Exchange. 
 
The combined cost of being listed, with corporate advisor, listing fees, 
extra audit and legal costs etc being in excess of GBP60,000, the board 
doesn't believe it is in the shareholders' best interests for the Company to 
be paying these fees, given the lack of new capital available for investment 
in the microcap market. 
 
Furthermore, the Company has slimmed down its operation and has disposed of 
Willside Ltd, Ecovista UK Property Holdings Ltd and 100 Rye Street Ltd. 
 
100 Rye Street Limited has an outstanding debt to the company of which we 
expect to receive GBP750,000 on the sale of the property at 100 Rye Street. 
 
Looking forward, the Company is applying for planning permission for 8 new 
properties through its subsidiary Start Hill Ltd and we expect further news 
on this towards the end of the year. 
 
CIGNELLA SRL 
 
Ecovista Plc continues to hold a 13% stake in Cignella SRL along with a loan 
to them of GBP349,583, with the current situation in Italy, we are waiting for 
the market in Italy to recover before attempting to sell this asset. 
 
David Barnett 
 
Chairman 
 
           Ecovista Plc 
Statements of Financial 
               Position 
 As At 29 February 2020 
 
                                       Financial 
                                       Statements 
                        Interim Six                 Interim Six 
                        Month Period      Year      Month Period 
 
                           29-Feb        31-Aug        28-Feb 
                            2020          2019          2019 
                        GBP            GBP              GBP 
           Fixed assets 
    Property, plant and      532,090        532,375    2,275,341 
              equipment 
 
    Investment property            -      1,700,000 - 
 
            Investments      151,806        151,806      504,415 
 
                             683,896      2,384,181    2,779,756 
 
         Current assets 
                Debtors    1,337,152        405,306        8,563 
 
            Prepayments          693          7,190       27,470 
 
    Cash at bank and in          753          9,143      418,537 
                   hand 
 
                           1,338,598        421,639      454,570 
 
     Creditors: amounts      -74,789       -863,877     -116,065 
 falling due within one 
                   year 
 
            Net current    1,263,809       -442,238      338,505 
   (liabilities)/assets 
 
      Total assets less    1,947,705      1,941,943    3,118,261 
    current liabilities 
 
     Creditors: amounts   -1,212,500     -1,100,054   -1,929,999 
            falling due 
 
    after more than one 
                   year 
 
            Net current      735,205        841,889    1,188,262 
   (liabilities)/assets 
 
   Capital and reserves 
Called up share capital      181,760        181,760      181,760 
 
  Share premium account    2,918,687      2,918,687    2,918,687 
 
    Revaluation reserve            -         36,141      142,075 
 
         Equity reserve            -              -       74,710 
 
Profit and loss account   -2,365,262     -2,294,699   -2,121,188 
 
   Equity attributed to      735,185        841,889    1,196,044 
                 Parent 
 
        Non-controlling           20              -       -7,782 
               interest 
 
    Shareholders' Funds      735,205        841,889    1,188,262 
 
           Ecovista Plc 
Statements of Financial 
               Position 
 As At 29 February 2020 
 
                                       Financial 
                                       Statements 
                        Interim Six                 Interim Six 
                        Month Period      Year      Month Period 
 
                           29-Feb        31-Aug        28-Feb 
                            2020          2019          2019 
                        GBP            GBP              GBP 
           Fixed assets 
    Property, plant and      532,090        532,375    2,275,341 
              equipment 
 
    Investment property            -      1,700,000 - 
 
            Investments      151,806        151,806      504,415 
 
                             683,896      2,384,181    2,779,756 
 
         Current assets 
                Debtors    1,337,152        405,306        8,563 
 
            Prepayments          693          7,190       27,470 
 
    Cash at bank and in          753          9,143      418,537 
                   hand 
 
                           1,338,598        421,639      454,570 
 
     Creditors: amounts      -74,789       -863,877     -116,065 
 falling due within one 
                   year 
 
            Net current    1,263,809       -442,238      338,505 
   (liabilities)/assets 
 
      Total assets less    1,947,705      1,941,943    3,118,261 
    current liabilities 
 
     Creditors: amounts   -1,212,500     -1,100,054   -1,929,999 
            falling due 
 
    after more than one 
                   year 
 
            Net current      735,205        841,889    1,188,262 
   (liabilities)/assets 
 
   Capital and reserves 
Called up share capital      181,760        181,760      181,760 
 
  Share premium account    2,918,687      2,918,687    2,918,687 
 
    Revaluation reserve            -         36,141      142,075 
 
         Equity reserve            -              -       74,710 
 
Profit and loss account   -2,365,262     -2,294,699   -2,121,188 
 
   Equity attributed to      735,185        841,889    1,196,044 
                 Parent 
 
        Non-controlling           20              -       -7,782 
               interest 
 
    Shareholders' Funds      735,205        841,889    1,188,262 
 
ISIN:          GB00B0W5NJ22 
Category Code: IR 
TIDM:          EVTP 
LEI Code:      2138009TFBHJ8KVP2S10 
Sequence No.:  73368 
EQS News ID:   1085107 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

July 02, 2020 12:01 ET (16:01 GMT)

© 2020 Dow Jones News
Zeitenwende! 3 Uranaktien vor der Neubewertung
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Mit einem umfassenden Maßnahmenpaket sollen Genehmigungsprozesse reformiert, kleinere Reaktoren gefördert und der Anteil von Atomstrom in den USA massiv gesteigert werden. Auslöser ist der explodierende Energiebedarf durch KI-Rechenzentren, der eine stabile, CO₂-arme Grundlastversorgung zwingend notwendig macht.

In unserem kostenlosen Spezialreport erfahren Sie, welche 3 Unternehmen jetzt im Zentrum dieser energiepolitischen Neuausrichtung stehen, und wer vom kommenden Boom der Nuklearindustrie besonders profitieren könnte.

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