METROELECTRIC PLC
("Metroelectric" or the "Company")
Unaudited Final Results
Chairman's Statement
The Board is pleased to present the results of Metroelectric plc ("the Company") for the year ended 30th June 2013.
RESULTS
During the period for the year to 30 June 2013, the Company made a loss of £217,697 (2012: £295,527). The loss per ordinary share for the year was 0.021p (2012: 0.061p). Sales have continued to be slow, primarily hampered by cash restraint. Product development has also continued to be limited by the Company's cash position during the year. On the 2nd August 2012 the company announced the conversion of all the loan notes outstanding at the time (totalling £309,000). Whilst this cleared most of the outstanding debt it left the company with limited cash reserves and on the 7th November 2012 we raised a further £250,000 by issue of convertible loan notes.
On the 5th November 2012, Metroelectric announced it has sold a 30% stake in Powabyke EV Ltd, its trading subsidiary to the Green Automotive Company Corporation ("GACR"), for 1,050,000 GACR ordinary shares. GACR shares are traded on the OTC Market Tier--OTC Pink Current under the ticker "GACR". The Company still retains these shares.
POST BALANCE SHEET EVENTS
Whilst Metroelectric has made some progress in its main business, the retailing of electric bicycles, the Company continues to be constrained by cash, limiting the Directors' ability to drive forward the Company's current business plan. On the 28th September 2013 the Company was pleased to announce the appointment of a new Executive Director, Cameron Luck. With over 24 years' experience in waste and recycling, Cameron will help to broaden the Company's activities encompassing other eco-friendly products and technologies, particularly in the fields of Recycling and Waste to Energy. The Company simultaneously announced the need to raise additional capital and on 30th October 2013 a £100,000 was raised by issue of new shares.
Greg Collier
Chairman
Metroelectric plc
30 November 2013
thshares are traded on the OTC Market Tier--OTC Pink Current under the ticker "GACR". The Company still retains these shares.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2013
| 2013 £ | 2012 £ | |||
| Turnover | 137,792 | 226,619 | ||
| Cost of sales | (143,968) | (248,295) | ||
| Gross loss | (6,176) | (21,676) | ||
| Research and development credit | 27,113 | - | ||
| Administrative expenses | (236,372) | (233,626) | ||
| Gain on disposal of investment | 150,000 | - | ||
| Provision for diminution in value of investment | (123,000) | - | ||
| Operating loss | (188,435) | (255,302) | ||
| Interest payable and similar charges | (29,262) | (40,225) | ||
| Loss on ordinary activities before taxation | (217,697) | (295,527) | ||
| Tax on loss on ordinary activities | - | - | ||
| Loss for the year | (217,697) | (295,527) | ||
| Attributable to: | ||||
| Owners of the parent company | (182,125) | (295,527) | ||
| Minority interests | (35,572) | - | ||
| (217,697) | (295,527) | |||
| Earnings per share (pence) | ||||
| Basic and diluted loss per share | (0.021)p | (0.061)p | ||
CONSOLIDATED BALANCE SHEET
as at 30 June 2013
| . | 2013 | 2012 | |||||||||
| £ | £ | ||||||||||
| Fixed assets | |||||||||||
| Goodwill | 311,924 | 421,917 | |||||||||
| Other intangible fixed assets | 10,892 | 13,840 | |||||||||
| Investments | 162,000 | - | |||||||||
| 484,816 | 435,757 | ||||||||||
| Current assets | |||||||||||
| Stocks | 3,964 | 64,653 | |||||||||
| Debtors | 77,966 | 27,448 | |||||||||
| Cash at bank and in hand | 20,018 | 399 | |||||||||
| 101,948 | 92,500 | ||||||||||
| Creditors: Amounts falling due within one year | (278,437) | (386,224) | |||||||||
| Net current liabilities | (166,489) | (293,724) | |||||||||
| Creditors greater than one year: | |||||||||||
| Convertible loan notes | (208,373) | (194,521) | |||||||||
| Net liabilities/(assets) | 99,954 | (52,488) | |||||||||
| Capital and reserves | |||||||||||
| Called up share capital | 911,011 | 602,011 | |||||||||
| Share premium | 1,010,586 | 1,010,586 | |||||||||
| Loan note holders reserve | 61,139 | 22,471 | |||||||||
| Share option reserve | 132,240 | 132,240 | |||||||||
| Profit and loss account | (1,979,450) | (1,819,796) | |||||||||
| Shareholders funds/(deficit) | 135,526 | (52,488) | |||||||||
| Minority interest | (35,572) | - | |||||||||
| (99,954) | (52,488) | ||||||||||
The financial information contained in this announcement has not been audited. The financial information contained in these results has been reviewed by the Company's auditor. The Company does not declare a dividend for the period.
--ENDS--
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker
Tel: 020 7469 0932