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