31st March 2018
Welney Plc
("Welney" or the "Company")
Interim Results for the six months period to 31 December 2017
Chairman's Statement
Welney Plc is pleased to announce its unaudited interim results for the 6 months period to 31 December 2017. Operational costs for the period amounted to £37k for the 6 months to December 2017 compared to £36k for the 6 months to December 2016 and continue to keep costs to a minimum whilst it continues to look for investment opportunities.
The Board continues to review a number potential acquisitions and proposals which is reliant on new investment being achieved by virtue of equity or loan capital.
The company continues to be supported by loans arranged by the company's directors.
Further announcements will be made in due course.
Darren Edmonston
Chairman
Welney Plc
Unaudited Profit and Loss Account
Six months ended 31 December 2017
| 6 months ended 31st Dec 2017 | 6 months ended 31st Dec 2016 | |
| GBP '000 | GBP '000 | |
| Revenue | - | - |
| Other Income | - | - |
| Gross Profit | - | - |
| Administrative Expenses | (32,394) | (30,556) |
| Operating (Loss) | (32,394) | (30,556) |
| Interest payable | (4,724) | (5,830) |
| Profit / (Loss) on ordinary activities | (37,118) | (36,386) |
Welney Plc
Balance Sheet as at 31 December 2017
| 6 months ended 31st Dec 2017 | 6 months ended 31st Dec 2016 | |
| GBP '000 | GBP '000 | |
| Current assets | ||
| Trade and other receivables | - | - |
| Debtors | 11,346 | 16,950 |
| Cash and cash equivalents | - | - |
| Investments | 1,567 | 1,567 |
| Total Assets | 12,913 | 18,517 |
| Current Liabilities | ||
| Trade and other payables | (37,455) | (16,343) |
| Net Current Assets | (24,542) | 2,174 |
| Long term Liabilities | (209,250) | (159,585) |
| Net (Liabilities) | (233,792) | (157,411) |
| Shareholders' Equity | ||
| Share Capital | 1,545,511 | 1,545,511 |
| Share Premium Reserve | 1,562,336 | 1,562,336 |
| Loan note Reserve | 10,714 | 10,714 |
| Share option Reserve | - | 132,240 |
| Reserves | (3,352,353) | (3,408,122) |
| Shareholders' deficit | (233,792) | (157,411) |
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