Metroelectric Plc
("Metroelectric" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2013
Chairman's Statement
I am pleased to present the interim results of the Company for the six months ended 31 December 2013.
On the 24 September 2013 we announced the appointment of Cameron Luck to the Board of the Company as an Executive Director. Cameron has over 24 years' experience in waste and recycling management and is using his expertise to identify opportunities for the Company in the environmental sector, particularly in the fields of Recycling and Waste to Energy.
Since Cameron's appointment, a total of £350,000 has been raised by way of subscription to allow the Company to invest in these areas and on 5 December 2013 the Company announced it had acquired an option over a 10% interest in Aircraft Recycling Limited ("ARL") (the "Option"), a company set up to dismantle and recycle redundant aircraft and is currently preparing to undertake its first contract with a major international airline. On 7 February 2014 Metroelectric announced that the Company had exercised the Option and also acquired a further 20% interest in ARL, bringing Metroelecric's total holding in ARL to 30%. At the same time, the Company announced that it had acquired Blaze & Barney Limited, a company operating a large baling machine for compacting materials, such as plastics and metals.
Sales within Powabyke, remained disappointing during the reporting period and underlined the Board's intention to move away from the Company's historic focus on electric vehicles.
Greg Collier
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2013
| 6 months to | 6 months to | |
| 31/12/2013 | 31/12/2012 | |
| Turnover | 64,163 | 87,893 |
| Cost of Sales | (44,325) | (86,532) |
| Gross Profit | 19,838 | 1,361 |
| Administrative Expenses | (40,802) | (97,041) |
| Operating loss | (20,964) | (95,680) |
| Interest payable and similar charges | (1,717) | |
| Profit on sale of investment | 165,000 | |
| Profit/(Loss) on Ordinary activities | (22,681) | 69,320 |
| Profit and loss reserve brought forward | (2,629,553) | (1,819,796) |
| Profit and loss reserve | (2,652,234) | (1,750,476) |
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2013
| As At 31/12/2013 | As At 31/12/2012 | |
| Fixed Assets Intangible assets | 21,542 | 275,917 |
| Tangible Assets | 4,293 | 10,892 |
| 25,835 | 286,809 | |
| Current Assets | ||
| Stocks | 5,500 | 40,270 |
| Debtors | 216,328 | 193,480 |
| Cash at Bank | 120,205 | 14,255 |
| Investment | 677,000 | 300,000 |
| 1,019,034 | 548,005 | |
| Creditors - Within One Year | (219,992) | (517,461) |
| Net Current Assets | 799,042 | (30,544) |
| Long term liabilities | (652,093) | (300,521) |
| Net assets / liabilities | 172,783 | (16,832) |
| Capital and reserves | ||
| Called up share capital | 1,111,911 | 602,011 |
| Share Premium Reserve | 1,319,687 | 1,010,586 |
| Loan note Reserve | 393,419 | 22,471 |
| Share option reserve | 132,240 | |
| Profit and loss reserve | (2,652,234) | (1,750,476) |
| Shareholders' funds | 172,783 | 16,832 |
The financial information contained in the interim statement has not been audited or reviewed by the Company's auditors and does not constitute statutory accounts.
The directors of the Company accept responsibility for the contents of this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Eran Zucker
Tel: 020 7469 0934