SIM4Travel Holdings plc
LSE : SIMO

December 23, 2008 07:36 ET

Half-yearly report to 30 Spetember 2008

                                                  S4T PLC
                                    (Formerly SIM4TRAVEL HOLDINGS PLC)
                                                     
                                           CHAIRMAN'S STATEMENT

To accompany the accounts for the six months to 30 September 2008

FINANCIAL RESULTS

The  unaudited  financial results for the six months ended 30 September 2008 show profit of  GBP1,415,000
and earnings per share of 0.19p.

OVERVIEW AND OUTLOOK

On  8 April 2008, the business assets of S T Realisations Limited (formerly Sim4travel Limited) were sold
to  Truphone,  which  is  the  trading name of Software Cellular Network  Limited  ("SCN")  for  a  total
consideration of GBP2,643,252, satisfied by GBP1,343,254 in cash and 31,004 'D' shares in SCN. The  group
realised approximately GBP1.5m gain on the disposal of the business and assets of Sim4travel.

As part of the terms of the disposal, the name of the Company was changed to S4T Plc on 25 November 2008.

The  executive directors of S T Realisations Limited and all staff continue to be employed within the SCN
organisation to ensure business continuity and help to develop and grow the parent company.

SCN  is  a  privately  owned UK technology company founded in 2000 and funded by  a  mixture  of  private
investment  and  venture capital. SCN trades under the name of Truphone that enables  mass-market  mobile
phones to make free and low cost calls via the internet.

The   Group  will  continue  to  develop  shareholder  value  by  exploring  new  technologies  and  market
opportunities.


Leo Knifton
Chairman

19 December 2008

The Directors of the issuer accept responsibility for this announcement.

For further information please contact:

Paul Buck, Director
S4T Plc
Tel:  01895 259876

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  020 7251 3762


S4T PLC
(Formerly SIM4TRAVEL HOLDINGS PLC)

Consolidated Profit & Loss Account for the six months to 30 September 2008

                                                                                       Unaudited
                                              Unaudited             Audited       for 6 months ended
                                            6 months ended       year ended 31         30 September
                                 Note     30 September 2008       March 2008              2007
                                               GBP'000              GBP'000             GBP'000
                                                                                  
Turnover                                          -                    1,740              628
                                                                                  
Cost of sales                                     -                   (1,445)            (606)
                                               _______               _______            _______
                                                                                    
Gross profit                                      -                      295               22
                                                                                  
Distribution expense                              -                     (124)             (14)
Administrative expenses                          (54)                 (1,890)            (693)
                                              _______                _______            _______
Operating loss                                   (54)                 (1,719)            (685)
                                                                                  
Exceptional item                 6             1,478                      -                 -
Bank interest received                          -                         12                9
Loan interest payable                             (9)                    (27)             (19)
                                              _______                _______            _______
Profit/(loss) on ordinary                                                           
activities before taxation                     1,415                  (1,734)            (695)
                                                                                  
Tax on loss on ordinary                                                           
activities                                       -                    -                  -
                                             _______                _______             _______
Profit/(loss) on ordinary                                                                
activities after taxation                      1,415                 (1,734)              (695)
                                              ======                =======             =======
                                                                                  
                                                                                  
Earnings/(loss) per ordinary                                                      
share:
Basic and diluted                              0.19p                 (0.24)p             (0.09)p
                                                                                  
                                                                                  

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


The  profit  and  loss  account  has  been prepared on the basis that  all  operations  are  discontinued
operations to 31 March 2008.

Consolidated Balance Sheet as at 30 September 2008


                                                                                          Unaudited
                                                    Unaudited           Audited      for 6 months ended
                                                      as at              as at        30 September  
                                   Note         30 September 2008     31 March 2008         2007
                                                     GBP'000            GBP'000            GBP'000
                                                                                     
Fixed Assets                                                                         
                                                                                     
Goodwill                                               156                  174              705
Investments                                          1,300                  -                -
Tangible assets                                        -                    -                562
                                                   _______              _______          _______
                                                     1,456                  174            1,267
Current Assets                                                                       
                                                                                     
Tangible assets                                       -                   1,148             -
Stock                                                 -                      50              113
Debtors                                                  9                  224               84
Cash at bank and in hand                                31                  173              161
                                                   _______              _______          _______
                                                        40                1,595              358
Creditors: amounts falling due                                                       
within one year                                       (235)              (2,179)            (332)
                                                   _______              _______          _______
Net current assets/(liabilities)                      (195)                (584)              26
                                                   _______              _______          _______
Creditors: amounts falling due more                                                  
than one year                                         (256)                -                (756)
                                                   _______              _______          _______
Net assets/(liabilities)                             1,005                (410)              537
                                                    ======               ======           ======
                                                                                     
                                                                                     
CAPITAL AND RESERVES                                                                 
                                                                                     
Called up share capital                                741                  741              741
Share premium (net expenses)                           757                  757              757
Other reserves                                          93                   93               -
Accumulated loss                                      (586)              (2,001)            (961)
                                                   _______              _______          _______
Equity shareholder's funds                           1,005                 (410)            537
                                                   =======              =======          =======



Consolidated Cash Flow Statement
For the six months to 30 September 2008

                                                                                       Unaudited
                                                 Unaudited           Audited      For 6 months ended
                                              6 months ended      year ended 31      30 September
                                   Note      30 September 2008     March 2008             2007
                                                  GBP'000            GBP'000            GBP'000
                                                                                  
Cash (outflow) from operating                                                     
activities                           3               (322)             (116)            (571)
                                                                                  
Returns on investments and                                                        
servicing of finance
Interest received                                       -                11                9
Interest paid                                          (9)              (27)              -
                                                                                  
                                                                                  
Capital expenditure                                                               
Payments to purchase tangible                                                     
assets                                                  -            (1,330)            (532)
Proceeds from sale of tangible                                                    
assets                                                  -                 8                -
                                                                                  
Acquisitions                                                                      
Sale of business assets                             1,343                -                 -
                                                                                  
Financing - increase in                                                           
convertible debt (net)                                 -              1,128               756
- Increase in share capital                            -                474               475
Repayment of debt                                   (870)                -                 -
                                                 _______            _______           _______
Cash increase/(decrease) in the                                                   
period                                              (142)               148               137
                                                 =======            =======           =======
                                                                                  
Reconciliation of Net Cash Flow to Movement in Net funds                          
                                                                                  
                                                  GBP'000            GBP'000            GBP'000
                                                                                  
Increase/(decrease)in cash in the                                                 
period                                             (142)                148              137
                                                                                  
Issue of convertible loan stock                      -               (1,128)            (756)
                                                                                  
Repayment of loan stock                             870                  -                -
                                                _______              _______          _______
                                                    728                (980)            (619)
Net debt as at the start of the                                                   
period                                           (1,050)                (70)             (70)
                                                _______              _______          _______
Net debt as at the end of the                                                     
period                                             (322)             (1,050)            (689)
                                                =======              =======          =======
                                                                                  

                                                     
Reconciliation of movements in shareholders' funds for the six months to
30 September 2008
                                                     

                                                                                       Unaudited
                                                 Unaudited           Audited      For 6 months ended
                                              6 months ended      year ended 31       30 September
                                   Note      30 September 2008     March 2008            2007
                                                  GBP'000            GBP'000            GBP'000
                                                                                  
Profit/(Loss) for the period                      1,415              (1,735)             (695)
                                                                                  
Increase in share capital                           -                   117               118
Increase in share premium                           -                   357               357
Purchase of own shares                              -                    94                -
Opening shareholders' funds                       (410)                 757               757
                                                _______              _______          _______
Closing shareholders' funds                      1,005                 (410)              537
                                                 ======              =======          =======
                                                                                  

NOTES TO THE 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 period ended 31 March 2008.
    
    The interim report for the six months to 30 September 2008 was approved by the Board on 19 December
    2008.
    
2.   Earnings per Share

                                                                                       Unaudited
                                                 Unaudited           Audited      for 6 months ended
                                              6 months ended      year ended 31       30 September
                                             30 September 2008     March 2008             2007
                                                   Pence              Pence              Pence
                                                                                  
     Earnings/(loss) per share:                                                   
     basic and diluted                             0.19p             (0.24p)            (0.09p)
                                                                                  

    Earnings  per  ordinary share is based on the Group's profit for the financial period  of  GBP1,415,000
    (31  March  2008 - Loss GBP1,734,000; 30 September 2007- Loss GBP695,000). The weighted average  number
    of  shares  used in the calculation is:  basic - 740,454,796 (31 March 2008 - 736,918,723; 30 September
    2007 - 730,677,018).

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

                                                                                       Unaudited
                                                 Unaudited           Audited      for 6 months ended
                                              6 months ended      year ended 31        30 September
                                             30 September 2008     March 2008             2007
                                                  GBP'000            GBP'000            GBP'000
                                                                                  
     Operating loss                               (54)                (1,719)            (685)
     Depreciation                                  -                     224               18
     Amortisation of goodwill                      18                    550               19
     Loss on disposal of tangible assets            -                      9                -
     Decrease/(Increase) in stock                  50                     68                6
     Decrease/(Increase) in debtors               215                    (89)              51
     Increase/(Decrease) in creditors            (551)                   841               20
                                                _______               _______           _______
     Net cash outflow from operating                                                   
     activities                                  (322)                  (116)            (571)
                                                                 
                                                =======               =======           =======


4.  The  information  for the period ended 31 March 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 statutory accounts are available from the Company's Registered Office - Finsgate, 5-7
    Cranwood Street, London EC1V 9EE.

6.  The exceptional item relates to the gain on disposal of the business of its subsidiaries.


     Sale of business assets                                                             GBP'000
                                                                                         
     Net assets disposal of                                                              
     Fixed assets                                                                        1,148
     Stocks                                                                                 50
     Debtors                                                                               296
     Creditors                                                                            (329)
                                                                                         -----
                                                                                         1,165
     Gain on disposal                                                                    1,478
                                                                                         -----
                                                                                         2,643
                                                                                         -----
     Satisfied by:                                                                       
     Cash                                                                                1,343
     Shares                                                                              1,300
                                                                                         -----
                                                                                         2,643
                                                                                         -----
                                                                                         

    The business sold during the period, contributes GBP56,000 to the group net operating cash flows and
    GBP279,000 for loan repayment.

Contact Information

  • SIM4Travel Holdings plc