Award International Holdings plc
LSE : AIHP

June 26, 2009 09:42 ET

Half year report

                                     AWARD INTERNATIONAL HOLDINGS PLC
                                                     
                          Interim results for the six months ended 31 March 2009
                                                     

CHAIRMAN'S STATEMENT


OVERVIEW

The  company  remains  a cash shell at present, although continuing actively to seek new  opportunities  to
enhance shareholder value.

We  are  maintaining  a  tight control of the company's resources, which we consider  adequate  to  support
current levels of expenditure.

FINANCIAL RESULTS

The  unaudited financial results for the six months to 31 March 2009 show an operating profit of  GBP1,210;
earnings per share being 0.001p basic.

CASH FLOW AND FUNDING

Cash  resources  remain adequate for the current level of routine transactions but will  be  reviewed  once
opportunities to return to profitability present themselves.

OUTLOOK

The Board continues to seek ways, by acquisition, to enhance shareholder value.




L.E.V. Knifton
Chairman

25 June 2009

The Directors of the issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
Award International Holdings Plc
Finsgate
5-7 Cranwood Street
London
EC1V 9EE


Tel +44 (0) 20 7309 2223
Fax +44(0) 20 7566 0023


Nick Michaels
Alfred Henry Corporate Finance Limited
Tel +44(0) 20 7251 3762
                                                     
                                                     
Profit & Loss Account for the six months ended 31 March 2009



                                                         Unaudited          Audited          Unaudited
                                                          6 Months        Year ended         6 months
                                                           ended         30 September          ended
                                                       31 March 2009         2008            31 March
                                                                                                2008
                                              Note        GBP'000           GBP'000           GBP'000
                                                                                          
 Turnover                                                   4                 -                 -
                                                                                          
 Operating expenses                                        (4)              (48)              (36)
                                                                                          
 Interest received                                          1                 7                 4
                                                      --------          --------          --------
 Profit/(Loss)  on  ordinary   activities                                                 
 before taxation                                            1               (41)              (32)
                                                                                          
 Taxation                                                   -                 -                 -
                                                      --------          --------          --------
 Profit/(Loss) on ordinary activities                                                     
 after taxation - retained                               GBP1            GBP(41)           GBP(32)
                                                      -------           -------           -------
 Earning/(Loss) per share:  basic                                                         
 before exceptional income                     2       0.001p            (0.04p)           (0.03p)
                                                      -------           -------           -------
                                                                                          
                                                                                          



There were no recognised gains or losses other than those recognised in the profit and loss account.



Balance Sheet as at 31 March 2009




                                                               Unaudited        Audited        Unaudited
                                                                 As at         As at  30         As at
                                                             31 March 2009     September     31 March 2008
                                                                                  2008
 
                                                                GBP'000         GBP'000         GBP'000
                                                                                             
 CURRENT ASSETS                                                                              
 Debtors                                                          9                 2               5
 Cash at bank and in hand                                       138               153             167
                                                            --------         --------        --------
                                                                147               155             172
                                                                                             
 Creditors: amounts falling due                                                              
 within one year                                                (7)               (16)           (24)
                                                            -------           -------        -------
 NET CURRENT ASSETS                                          GBP140            GBP139          GBP148
                                                            -------           -------         -------
                                                                                             
 CAPITAL AND RESERVES                                                                        
                                                                                             
 Called up share capital                                       341               341             341
 Share premium                                               1,667             1,667           1,667
 Merger Reserve                                               (118)             (118)           (118)
 Profit and loss account                                    (1,750)           (1,751)         (1,742)
                                                            --------         --------        --------
 Equity shareholders' funds                                  GBP140           GBP139          GBP148
                                                            -------          -------         -------
                                                     
                                                     
                                                     
Consolidated Cash Flow Statement for the six months ended 31 March 2009
                                                     
                                                            Unaudited                         Unaudited
                                                             6 Months         Audited          6 months
                                                              ended          Year ended         ended
                                                          31 March 2009     30 September       31 March
                                                                                2008             2008
                                                 Note        GBP'000          GBP'000          GBP'000
                                                                                           
 Cash inflow/(outflow) from operating                                                      
 activities                                        3           (16)             (48)            (31)
                                                                                           
 Investing:  Interest received                                   1                7               4
                                                                                           
 Financing:                                                                                
 Issue of ordinary share capital                                 -               -                -
                                                          --------         --------        --------
 Cash decrease in the period                                GBP(15)         GBP(41)          GBP(27)
                                                          -------          -------         -------
                                                     







Reconciliation of Net Cash Flow to Movement in Net Funds
                                                     
                                                            Unaudited                         Unaudited
                                                             6 Months         Audited          6 months
                                                              ended          Year ended         ended
                                                          31 March 2009     30 September       31 March
                                                                                2008             2008
                                                             GBP'000          GBP'000          GBP'000
                                                                                           
 Decrease in cash in the period                              (15)             (41)              (27)
                                                                                           
 Net cash at start of period                                  153             194               194
                                                          --------         --------          --------
 Net funds at end of period                                GBP138           GBP153            GBP167
                                                          -------          -------           -------
                                                                                           
                                                     





NOTES TO THE INTERIM REPORT

1.  Accounting Policies

    The  interim report has been prepared using accounting policies consistent with those set  out  in  the
    Company's Annual Report and Accounts for the year ended 30 September 2008.

    The interim report for the six months to 31 March 2009 was approved by the Board on 25 June 2009.


2.  Loss per Share

                                                       Six                                     Six
                                                      Months             Year                Months
                                                      Ended              Ended                Ended
                                                  31 March 2009      30 September           31 March
                                                                         2008                  2008
                                                      Pence              Pence                Pence
                                                                                        
    Earnings per share: basic                         0.001p           (0.04p)               (0.03p)
                                                                                        

    Loss  per  ordinary  share  is  based  on the Company's profit for the  financial  period  of  GBP1,000
    (September 2008 - loss GBP41,000; March 2008- loss GBP32,000).

    The weighted average number of shares used in the calculation is:

                                                      Number             Number              Number
                                                                                        
    Earnings per shares: basic                       113,500,000    113,500,000          113,500,000
                                                                                        


3.  Reconciliation of operating loss to net outflow from operating activities


                                                    Unaudited                            Unaudited
                                                     6 months          Audited            6 months
                                                      ended          Year ended            ended
                                                  31 March 2009     30 September          31 March
                                                                        2008                2008
                                                     GBP'000           GBP'000            GBP'000
                                                                                     
                                                                                     
    Operating Profit/(loss)                              1             (48)              (36)
                                                                                     
    Net increase/(decrease) in working capital         (12)             -                  5
                                                  --------        --------           --------
    Net  Inflow/(outflow) from operating                                             
    activities                                      GBP(11)         GBP(48)            GBP31
                                                  -------         -------            -------
                                                                                     


4.   The  information for the year ended 30 September 2008 has been extracted from the audited accounts for
     that  period,  which  have  been delivered to the Registrar of Companies and received  an  unqualified
     audit  opinion.   The  unaudited  results  for the six months  period  have  been  prepared  on  basis
     consistent  with  the  Accounting  Policies disclosed in  the  Company's  2008  accounts  and  do  not
     constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.

5.   Copies  of the interim statement are available from the company at its Registered Office, at Finsgate,
     5-7 Cranwood Street, London, EC1V 9EE.

Contact Information

  • Award International Holdings plc