Metroelectric Plc
("Metroelectric" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31st DECEMBER 2012
Chairman's Statement
I am pleased to present the interim results for the Company for the six months ended 31st December 2012.
Turnover during the period was £87,893. The Directors believe that the sales of the Company continued to be affected by the dull and wet summer/autumn in the UK and the general uncertain economic environment. Furthermore, lack of sufficient working capital has constrained our ability to order sufficient stock and restricted our ability to fully implement our business plan.
However development and manufacture of the new range of Powabyke, the "Xbyke", is underway and the Directors expect delivery of units to the UK to occur during the summer. The Xbyke features include improved battery capacity with an integrated control box, increasing efficiency and reducing external wiring.
On 5 November 2012, Metroelectric announced that it had 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". With a presence in the USA, we hope to work with GACR to develop business opportunities in that country.
The Company is currently seeking further funds and expects to be in a position to notify Shareholders of the result of such efforts in the near future.
Greg Collier
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2012
| 6 months to | 6 months to | |
| 31/12/2012 | 31/12/2011 | |
| Turnover | 87,893 | 130,100 |
| Cost of Sales | (86,532) | (128,127) |
| Gross Profit | 1,361 | 1,973 |
| Administrative Expenses | (97,041) | (133,021) |
| Operating loss | (95,680) | (131,048) |
| Interest payable and similar charges | (30,711) | |
| Profit on sale of investment | 165,000 | |
| Profit on Ordinary activities | 69,920 | (161,759) |
| Profit and loss reserve brought forward | (1,819,796) | (1,524,269) |
| Profit and loss reserve | (1,750,476) | (1,686,028) |
UNAUDITED BALANCE SHEET
AS AT 31st DECEMBER 2012
| As At 31/12/2012 | As At 31/12/2011 | |
| Fixed Assets Intangible assets | 275,917 | 445,317 |
| Tangible Assets | 10,892 | 8,790 |
| 286,809 | 454,107 | |
| Current Assets | ||
| Stocks | 40,270 | 133,121 |
| Debtors | 193,480 | 160,546 |
| Cash at Bank | 14,255 | 759 |
| Investment | 300,000 | 0 |
| 548,005 | 294,426 | |
| Creditors - Within One Year | (517,461) | (599,602) |
| Net Current Assets | 30,544 | (305,176) |
| Long term liabilities | (300,521) | (190,151) |
| Net assets / liabilities | 16,832 | (41,220) |
| Capital and reserves | ||
| Called up share capital | 602,011 | 479,511 |
| Share Premium Reserve | 1,010,586 | 1,010,586 |
| Loan note Reserve | 22,471 | 22,471 |
| Share option reserve | 132,240 | 132,240 |
| Profit and loss reserve | (1,750,476) | (1,686,028) |
| Shareholders' funds | 16,832 | (41,220) |
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 Ltd
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0932 end_of_the_skype_highlighting