Cantina Augusto plc

February 27, 2009 10:29 ET

Final Results for the year ended 30 September 2008

                                          CANTINA AUGUSTO PLC
                                            (the "Company")

                          Audited results for the year ended 30 September 2008

Cantina Augusto plc today announces its results for the year ended 30 September 2008.


I am pleased to make this report to you as Chairman of the Company.

Review of activities

The Company was admitted to PLUS Markets in October 2007 at which time it acquired , through its
wholly owned subsidiary Cantina Augusto ( Clerkenwell Road ) Limited , the business of Cantina Augusto
which has been established as an Italian restaurant in Clerkenwell Road, London for over 30 years.

In April as part of the PLUS Investors Awards 2008 the Company was awarded the PLUS - quoted New Issue
of Year.

Building upon the established business of the Cantina Augusto brand the Directors have been seeking
other suitable locations where Italian restaurants similar to Cantina Augusto can be opened and
established to be funded through loan finance together with the Placing of shares in the Company.
Unfortunately this has proved to be a far slower process than envisaged due, in part , to the general
economic climate but also to a sudden change in bank lending policy which resulted in opportunities
being lost at the last moment. However this strategy is still being pursued under the guidance of our

Financial & Business Review

The results for the year reflect the overhead expenses and financial costs of fund raising applicable
to a newly listed PLUS Markets-traded Company. The consolidated loss for the period amounted to
£185,000 and loss per share was 1.58 pence. The Cantina Augusto restaurant recorded a loss of £17,000,
which is lower than the forecast profit due to the cost of carrying surplus trained staff in
anticipation of opening a new restaurant.

Strategy & Outlook

In recognising the current recession the Directors believe this will present opportunities to pursue
the investment strategy as suitable locations become available. Negotiations therefore continue, under
guidance of the Corporate Advisers, to raise further equity to fund acquisitions pending an easing of
the bank's lending policy.

M Nash
Consolidated profit and loss account
for the year ended 30 September 2008

                                                                  Note       Year ended     Year ended
                                                                               30/09/08       30/09/09
                                                                                   £000           £000

Turnover     -    Acquired operations                                               378              -

Cost of sales                                                                      (275)             -

Gross profit                                                                        103              -

Administrative expenses                                                            (281)            (2)

Operating (loss)                                                                   (178)            (2)
(Operating loss includes £17,000 loss from acquired operations)

Interest payable and similar charges                                                 (7)             -

(Loss)/profit on ordinary activities before taxation                               (185)            (2)

Tax on profit on ordinary activities                                                  -              -

Retained (loss)/profit for the financial period                                    (185)            (2)

Earnings per ordinary share
Basic and fully diluted                                              1            (1.58)p        (0.03)p

None of the Group's operations were discontinued during the current year.  All operations are
considered to be continuing.

There are no recognised gains or losses for the current year or preceding period other than the loss
shown in the profit and loss account above.

Consolidated balance sheet
at 30 September 2008

                                                                                   2008           2007
                                                                                   £000           £000
Fixed assets
Intangible fixed assets                                                             228              -
Fixed assets                                                                         44              -

                                                                                    272              -

Current assets
Stock                                                                                 8              -
Debtors                                                                              62             57
Cash at bank and in hand                                                              -              -

                                                                                     70             57

Creditors: amounts falling due within one year                                     (124)            (9)

Net current (liabilities)/assets                                                    (54)            48

Total assets less current liabilities                                               218             48

Creditors: amounts falling due after more than one year                             (32)             -

Net assets                                                                          186             48

Capital and reserves
Called up share capital                                                             100             50
Share premium account                                                               273              -
Profit and loss account                                                            (187)            (2)
Equity shareholders' funds                                                          186             48

Notes to the financial information

1.      The calculation of basic earnings per share is based on losses of £185,000 (2007: £2,000) and
        ordinary shares of 11,693,819, (2007: 6,281,250 shares) being the weighted average number of ordinary
        shares in issue during the period.
        The profit for the period and the weighted average number of ordinary shares for the purposes
        of calculating the fully diluted earnings per share are the same as for the basic earnings per
        share calculation.  This is because there were 800,000 warrants in place exercisable at 0.8p
        within 3 years, but if exercised these would not have a material dilutive effect on the

2.      The  financial information set out above does not constitute full accounts within the meaning
        of Section 240 of the Companies Act 1985 ('the Act').  Full accounts for the Company for the year,
        which received an unqualified auditors' report within the meaning of Section 235 of the Act and which
        will not contain a statement under Section 237 (2) or (3) of the Act, will be posted to shareholders
        as soon as is practicable.

3.      The  financial information in this announcement has been extracted from the Company's audited
        accounts and has been prepared under UK GAAP.

4.      This  statement was approved by the Board of Directors on 26 Februay 2009.   Copies  of  this
        statement will be available free of charge from the Company's Registered Office at Radbourne, 56
        Kenilworth Road, Lemington Spa, Warwickshire.

The directors of the Company accept responsibility for this announcement.

Registered No. 05881592


Cantina Augusto plc                             
Adriano Bernabei                                   020 7242 3246
PLUS Corporate Adviser                                             
Gary Miller                                                        
Fisher Corporate plc                               020 7388 7000

Contact Information

  • Cantina Augusto plc