MYRATECH.NET PLC
Group Profit and Loss Account
Unaudited Unaudited Unaudited Audited
6 months to 6 months to year to year to
31 December 30 June 31 December 31 December
2003 2003 2003 2002
£'000 £'000 £'000 £'000
Turnover 891 819 1,710 1,894
Cost of sales (384) (564) (948) (1,258)
--------- --------- --------- ---------
Gross profit 507 255 762 636
Other operating expenses (340) (513) (853) (1,244)
Interest receivable 7 1 8 4
Interest payable (6) - (6) (4)
--------- --------- --------- ---------
Profit/(loss)on ordinary
activities before taxation 168 (257) (89) (608)
Taxation 12 - 12 22
--------- --------- --------- ---------
Profit/(loss) on ordinary
activities after tax 180 (257) (77) (586)
--------- --------- --------- ---------
Basic profit/(loss) per share 0.6p (0.9p) (0.3p) (2.1p)
Diluted profit/(loss) per share 0.5p (0.8p) (0.2p) (1.9p)
Group Balance Sheet
Unaudited Unaudited Audited
31 December 30 June 31 December
2003 2003 2002
£'000 £'000 £'000
Fixed Assets
Tangible assets 32 48 80
--------- --------- ---------
32 48 80
Current Assets
Stock 28 46 59
Debtors 173 322 338
Cash at bank and in hand 16 10 73
--------- --------- ---------
217 378 470
Creditors: amounts falling
due within one (435) (792) (676)
year
--------- --------- ---------
Net current liabilities (218) (414) (206)
--------- --------- ---------
Creditors: amounts falling
due after more - - (3)
than one year
--------- --------- ---------
Net (liabilities)/assets (186) (366) (129)
--------- --------- ---------
Capital and Reserves
Called up share capital 296 289 289
Share premium 4,877 4,864 4,864
Merger reserve (118) (118) (118)
Profit and loss account (5,241) (5,421) (5,164)
--------- --------- ---------
(186) (366) (129)
--------- --------- ---------
Group Cash Flow
Unaudited Unaudited Audited
6 months to 6 months to year to
31 December 30 June 31 December
2003 2003 2002
£'000 £'000 £'000
Nest cash outflow from operating
activities (90) (78) (343)
Returns on investment and
servicing of finance 2 1 -
Capital expenditure and
financial investment (5) (1) (1)
--------- --------- ---------
Cash outflow before management
of liquid resources and financing (93) (78) (344)
Financing
Issue of ordinary shares 20 20 59
R&D tax credit 26
Decrease in debt (10) (5) (24)
---------- ---------- ---------
Decrease in cash in the period (57) (63) (309)
Notes to the audited interim report for the period ended 31 December 2003
1. Basis of preparation
The financial information contained in this interim report does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
The accounts for the year ended 31 December 2002 have been reported on by
the auditors, Baker Tilly, without qualification and have been delivered to
the Registrar of Companies and did not contain a statement under section 237
(2) or (3) of the Companies Act 1985.
The financial information contained in this interim report has been prepared
on the basis of the accounting policies set out in the Group's statutory
accounts for the year ending 31 December 2002. They have been prepared on a
going concern basis which assumed that the company would continue in
operational existence for the foreseeable future. Since the company was
unable to continue in operational existence adjustments would have to be
made to reduce the balance sheet value of assets to their recoverable
amounts.
2. Basis of consolidation
The Group's financial information consolidates that of the Company and all
its subsidiary undertakings.
3. Profit/(loss) per share
The calculation of profit/(loss) per share is based on the profit/(loss) for
the financial period and 29,259,658 (June 2003 28,914,779) ordinary shares,
being the weighted average number of shares in issue during the period.
The calculation of diluted earnings per share assumes the conversion of all
options and warrants. It is based on the profit/(loss) after tax for the
period and 32,810,293 (June 2003 30,826,415) ordinary shares, being the
weighted average number of shares in issue during the period.
4. Interim Report
Copies of the interim report will be sent to shareholders. Further copies can be
obtained from the Company's registered office at 32 Bedford Row, London WC1R
4HE.