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)
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