REG-Pinnacle Telecom Grp Half Yearly Report - Part 2
Released: 23/06/2009
Part 2 : For preceding part double-click [nRn1W3116U]
For the six months ended 31 March 2009
3 Analysis of losses
6 months to 6 months to 12 months to
31 March 31 March 30 September
2009 2008 2008
£ £ £
By business sector
Mobile services
Loss from operations (30,597) (30,859) (81,502)
IT
Loss from operations before exceptional items (44,340) (19,815) (33,890)
Amortisation (10,000) (10,000) (20,000)
Loss from operations after exceptional items (54,340) (29,815) (53,890)
Other communication services
Profit from operations before exceptional items (88,758) 6,200 (213,202)
Amortisation (85,547) (71,711) (150,244)
Loss from operations after exceptional items (174,305) (65,511) (363,446)
Head office (249,969) (304,503) (565,984)
Continuing operations (509,211) (430,688) (1,064,822)
IT - discontinued operations (3,650) (433,040) (566,108)
Total losses (512,861) (863,728) (1,630,930)
By destination
United Kingdom (512,861) (863,728) (1,630,930)
Total losses (512,861) (863,728) (1,630,930)
By origin
Pinnacle Telecom Group - continuing operations (249,969) (304,503) (565,984)
Glen Communications - continuing operations (84,937) (60,674) (135,392)
Pinnacle - continuing operations (174,305) (65,511) (363,446)
Total losses (509,211) (430,688) (1,064,822)
Eclectic and IG Software - discontinued operations (3,650) (433,040) (566,108)
Total losses (512,861) (863,728) (1,630,930)
PINNACLE TELECOM GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six months ended 31 March 2009
4 Loss per share
6 months to 6 months to 12 months to
31 March 31 March 30 September
2009 2008 2008
£ £ £
Basic and fully diluted (0.04) p (0.07) p (0.14) p
Loss for the period attributable to shareholders:
Losses basic and fully diluted (512,861) (863,728) (1,630,930)
Weighted average number of shares in issue:
Basic and fully diluted 1,194,099,804 1,194,099,804 1,194,099,804
5 Profit and loss reserve
6 months to 6 months to 12 months to
31 March 31 March 30 September
2009 2008 2008
£ £ £
Opening deficit (5,798,048) (4,167,118) (4,167,118)
Loss for the period (512,861) (863,728) (1,630,930)
Closing deficit (6,310,909) (5,030,846) (5,798,048)
6 Post Balance Sheet Event
On 11 June 2009, the Company announced the acquisition of Accent Telecom UK Limited ("Accent") and its associated companies for an all
share consideration of £661,450. Based on its unaudited management accounts, in the year ended 31March 2009, Accent had a turnover of
£3,522,430 (2008: £2,454,956), operating profit of £17,484 (2008: £29,935) and retained profit of £9,922 (2008: £22,103). On a
historical basis, the pro-forma turnover of the enlarged group for the six months to 31 March 2009 would have been £2,793,400.
At 31 March 2009, Accent had net assets of £330,570 (2008: £270,648) and no debt other than the sum of £42,189 (2008: £54,109)
relating to equipment leasing. On acquisition it is likely that the Company will re-evaluate the balance sheet carrying value of the
Accent interest in the Associated Companies. At 31March 2009 these interests had a carrying value of £223,070. Accent has no
contractual obligation to fund any of the associated companies.
7 Statutory accounts
These financial statements do not constitute statutory accounts. The information is unaudited and has not been reviewed by the
auditors. The statutory accounts for the year ended 30 September 2008, contained an unqualified audit report and are filed with the
Registrar of Companies.
8 Availability of interim statement
This interim statement will be available for download from the Company's website at www.pinnacletelecomgroup.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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