LB Holdings (UK) plc

December 30, 2008 09:24 ET

Interim Results for the Six Months Ending 30 September 2008

                                                               ISIN: GB00B197TT07

                                    LB HOLDINGS (UK) PLC
                                  ("LBH" or the "Company")
                                      INTERIM RESULTS

LB Holdings (UK) Plc is pleased to announce its interim results for the six months
ending 30 September 2008.

The Board of Directors are pleased to report on the trading for the six months to
September 2008.  Trading conditions have been difficult during the period under review
largely due to exchange rate fluctuations on the euro and trading conditions on the
high street.

Lovely Bubbly Ltd, a wholly owned subsidiary of LBH selling a range of exclusive
champagnes, has been affected by the falling exchange rate with the euro.  Sales for
the period have increased compared with the same period last year however due to the
drop in exchange rates gross profit margins have been significantly reduced.

Love Your Art Ltd, having earlier in the year branched out from selling art through its
e-commerce website to opening a high street store suffered as the high street saw a
reduction in spending as a whole.  The decision since the end of the period has been
taken to close down the Love Your Art store and review its future over the coming

Commenting on the performance of the Company Keith Robinson, Chairman of the company,
said "We have faced a difficult period in the first half of the year due to economic
issues beyond our control.  However, it is encouraging to see an increase in demand for
some of our products despite this fact.  We have reviewed pricing to try to ensure our
expected margins can still be achieved in future periods and will be continually
monitoring conditions moving forward."


The financial position to 30 September 2008 includes the final costs of opening the
Love Your Art high street store which opened in April 2008.

The results for the period show turnover of GBP76,454, a gross profit of GBP4,439,
administrative expenses of GBP186,913 and interest received of GBP694.  The loss before
tax and loss per share for the period amounted to GBP181,780 and GBP0.0144
respectively. The Directors do not propose to declare a dividend.

The Directors of the Issuer accept responsibility for the contents of this

for the six months ended 30 September 2008

                                                    6 months to     12 months to      6 months to
                                                     30/09/2008       30/03/2008       30/09/2007
                                                      Unaudited          Audited        Unaudited
                                                            GBP              GBP              GBP
 TURNOVER                                                76,454          110,519           50,060
 Cost of sales                                         (72,015)        (167,017)         (36,029)

 GROSS PROFIT                                             4,439         (56,498)           14,031
 Administration expenses                              (186,913)        (282,249)         (55,681)

 OPERATING PROFIT/(LOSS)                              (182,474)        (338,747)         (41,650)
 Interest receivable and similar income                     694            1,207              583
 PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE          (181,780)        (337,540)         (41,067)
 Minority Interests                                    (16,208)          (3,041)                -

 LOSS FOR THE PERIOD                                  (165,572)        (334,499)         (41,067)
 Profit/(Loss) per share                                 (1.44)           (3.14)          (0.004)
 The Company made no recognised gains or losses other than the result for the period.
 All activities derive from continuing operations.

as at 30 September 2008

                                                    30/09/2008        30/03/2008       30/09/2007
                                                     Unaudited           Audited        Unaudited
                                                           GBP               GBP              GBP
 FIXED ASSETS                                                                                    
 Tangible assets                                        54,077            57,877          173,611
 Intangible assets                                     111,652           122,286           24,092
                                                       165,729           180,163          197,703
 CURRENT ASSETS                                                                                  
 Stock                                                  55,656            42,745           22,637
 Debtors                                                36,361            51,675           47,262
 Cash at bank                                           27,083            55,366          106,590
                                                       119,100           149,786          176,489
 Amounts falling due within one year                  (66,738)         (100,078)         (59,564)

 NET CURRENT ASSETS                                     52,362            49,708          116,925

 TOTAL ASSETS LESS CURRENT LIABILITIES                 218,091           229,871          314,628
 CREDITORS: Amounts falling due after more           (395,000)         (225,000)                -
 than one year
                                                     (176,909)             4,871          314,628
 MINORITY INTERESTS                                   (32,533)          (16,325)                -
                                                     (144,376)            21,196          314,628
 CAPITAL & RESERVES                                                                              
 Called up share capital                               114,796           114,796          114,796
 Share premium                                         281,122           281,122          281,122
 Profit & loss account                               (540,294)         (374,722)         (81,290)
                                                     (144,376)            21,196          314,128
 The  financial  information  for the period ended 30 September 2008  has  not  been  audited  or  
 reviewed by the company's auditors and does not constitute statutory accounts within the meaning
 of Section 240 of the Companies Act 1985.


1      The calculation of profit per share is based on the loss on ordinary
       activities after taxation of GBP165,572 and the weighted average number of
       shares of 11,479,600 in issue during the period.
2      The financial statements have been prepared under UK GAAP and the accounting
       policies of the company as set out in its Financial Reporting Procedures.
3      The interim  financial information has not been audited  or  reviewed  by  the
       auditors. The interim financial statement does not constitute statutory
       accounts within the meaning of Section 240 of the Companies Act 1985 (the
4      The Directors have not declared an interim dividend.
5      The interim statement was approved by the Board of Directors on 29 December

Contact Information

  • LB Holdings (UK) plc