Ecovista Plc
LSE : ALLO

September 30, 2010 10:14 ET

Interim Results to 30 June 2010

ECOVISTA PLC (the "Company")

INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2010



CHAIRMAN'S STATEMENT

OVERVIEW

I  present  my  first chairman's statement having been appointed chairman on 22 September 2010.  After  the
period  under  review two changes in the board have taken place.  Firstly, on 8 July 2010 Richard Armstrong
resigned  as  director  and  I was appointed to the board. Secondly, on 22 September  2010  Tom  Kristensen
resigned  and  Russell Laikin was appointed as CEO. We feel the new appointments will assist  us  take  the
company forward under its new strategy.

I  would like to take this opportunity to thank both Richard and Tom for their hard work and wish them  all
the best with their new endeavours.

The  company  remains  a cash shell at present, although continuing actively to seek new  opportunities  to
enhance  shareholder  value.  To  this end, we have amended our publicly  stated  strategy  to  that  which
specifies that the company will acquire electric vehicles to rent to the general public.

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 period to 30 June 2010 show an operating  loss  of  GBP 23,000;
earnings per share are negative, being 0.02p.

CASH FLOW AND FUNDING

GBP 15,000 of the expenses during the period were settled by issue of equity.  Cash in hand at the date  of
this report is GBP 34,000, which adequately covers routine running expenses and also preparatory investment
research cost, for the next year.

OUTLOOK

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


Luca Tenuta
Chairman

30 September 2010

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ecovista plc
Luca Tenuta
39 St James's street
London
SW1A 1JD
Tel: +44(0)20 7290 1234


Nick Michaels
Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44(0)20 7251 3762
                                                     
                                                     
Profit & Loss Account
For the six months to 30 June 2010


                                                             Unaudited            Audited          Unaudited
                                                            Six Months         Year ended         Six Months
                                                            to 30 June        31 December         to 30 June
                                                                  2010               2009               2009
                                             Note             GBP '000           GBP '000           GBP '000
                                                                                           
Turnover                                                             -                  -                  -
                                                                                           
Operating expenses                                                 (23)               (21)                (7)
                                                                 -----              -----              -----
Operating loss                                                     (23)               (21)                (7)
                                                                                            
Interest received                                                    -                  -                  -
                                                                 -----              -----              -----
Loss   on   ordinary   activities   before                         (23)               (21)                (7)
taxation
                                                                                           
Taxation                                                             -                  -                  -
                                                                 -----              -----              -----
Loss on ordinary activities after taxation                         (23)               (21)                (7)
                                                                                           
Dividends                                                            -                  -                  -
                                                                 -----              -----              -----  
Deficit for the period                                         GBP (23)           GBP (21)            GBP (7)
                                                                 =====              =====              -----
                                                                                           
Loss per ordinary share:  Basic               2                 (0.02p)            (0.02p)           (0.005p)
                                                                                              
 
There were no recognised gains or losses other than those recognised in the profit and loss account above.
                                                 

Balance Sheet as at 30 June 2010

                                                           Unaudited             Audited       Unaudited
                                                            At at 30            As at 31        As at 30 
                                                                June            December            June  
                                                                2010                2009            2009
                                                            GBP '000            GBP '000        GBP '000
                                                                                          
CURRENT ASSETS                                                                            
Debtors                                                            7                   4               7
Cash at bank and in hand                                          34                  43              52
                                                               -----               -----           -----  
                                                                  41                  47              59
                                                                                          
Creditors:  amounts falling due within                                                    
   one year                                                      (13)                (11)             (9)
                                                               -----               -----           ----- 
NET CURRENT ASSETS                                                28                  36              50
                                                                                          
Creditors:   amounts falling due  after  more                                             
than one year                                                   (101)               (101)           (101)
                                                               -----               -----           -----  
NET ASSETS                                                   GBP (73)            GBP (65)        GBP (51)
                                                               =====               =====           ===== 
                                                                                          
CAPITAL AND RESERVES                                                                      
                                                                                          
Called up share capital                                          144                 129             129
Profit and loss account                                         (217)               (194)           (180)
                                                               -----               -----           -----   
Equity shareholders' (deficit)/ funds                        GBP (73)            GBP (65)        GBP (51)
                                                               =====               =====           =====
                                                     
                                                     
Cash Flow Statement
For the six months to 30 June 2010
                                                     
                                                            Unaudited            Audited           Unaudited
                                                           Six Months         Year ended          Six Months
                                                           to 30 June        31 December          to 30 June
                                                                 2010               2009                2009
                                               Note          GBP '000           GBP '000            GBP '000
                                                                                          
Cash (outflow) from operating activities        3                  (9)               (23)                (14)
                                                                                            
Investing - Interest received                                       -                  -                   -
                                                                                          
Financing                                                                                 
  - Increase in debt                                                -                  -                  -
                                                                -----              -----              -----    
Cash increase in the period                                    GBP (9)           GBP (23)           GBP (14)
                                                                =====              =====              =====


Reconciliation of Net Cash Flow to Movement in Net Funds

                                                            Unaudited            Audited           Unaudited
                                                           Six Months         Year ended          Six Months
                                                           to 30 June        31 December          to 30 June
                                                                 2010               2009                2009
                                                             GBP '000           GBP '000            GBP '000
                                                                                          
Decrease in cash in the period                                     (9)               (23)                (14)
                                                                                          
Net  (debt)/  funds as at the start  of  the                      (58)               (35)                (35)
period                                                           
                                                                -----              -----               -----
Net  (debt)/  funds as at  the  end  of  the                                              
period                                                        GBP (67)           GBP (58)            GBP (49)
                                                                =====              =====               =====


Reconciliation of movements in Shareholders' funds
For the six months to 30 June 2010

                                                            Unaudited           Audited         Unaudited
                                                           Six Months        Year ended        Six Months
                                                           to 30 June       31 December        to 30 June
                                                                 2010              2009              2009
                                                             GBP '000          GBP '000          GBP '000
                                                                                          
Loss for the period                                               (23)              (21)               (7)
                                                                                          
Issue of shares                                                    15                 -                 -
                                                                                          
Opening shareholders' (deficit)/funds                             (65)              (44)               (44)
                                                                -----             -----              -----
Closing shareholders' (deficit)/funds                         GBP (73)          GBP (65)           GBP (51)
                                                                =====             =====              =====
                                                                                          

NOTES TO THE INTERIM REPORT

1.  Accounting Policies

    The  interim report has been prepared using accounting policies consistent with applicable accounting
    standards, consistent with those in the audited financial statements for the year ended 31 December
    2009.

    The interim report for the six months to 30 June 2010 was approved by the Board on 30 September 2010.

2.  Loss per Share
                                                       Unaudited              Audited           Unaudited
                                                      Six Months           Year ended          Six Months
                                                      to 30 June          31 December          to 30 June
                                                            2010                 2009                2009
                                                                                                           
                                                           Pence                Pence               Pence
                                                                                        
Earnings per share: basic                                 (0.02p)              (0.02p)            (0.005p)
                                                                                        

    Loss  per  ordinary  share is based on the Company's loss for the financial period of  GBP  23,000  (31
    December 2009 - GBP 21,000; 30 June 2009 - GBP 7,000)

    The  weighted  average  number of shares used in the calculation is 128,655,040  (31  December  2009  -
    128,572,167; 30 June 2009 - 128,572,167)

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

                                                       Unaudited            Audited           Unaudited
                                                      Six Months         Year ended          Six Months
                                                      to 30 June        31 December          to 30 June
                                                            2010               2009                2009

                                                        GBP '000           GBP '000            GBP '000
                                                                                     
                                                                                     
     Operating loss                                           (8)               (21)                 (7)
                                                                                      
     Net increase/(decrease) in working                       (1)                (2)                 (7)
     capital
                                                            -----             -----               -----
     Net (outflow) from operating activities              GBP (9)           GBP (23)            GBP (14)
                                                            =====             =====               =====

4.   The  information for the year ended 31 December 2009 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  2009  accounts  and  do  not
     constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

5.   Copies  of  this  interim  statement are available from the Company at its  registered  office  at
     Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.

Contact Information

  • Ecovista Plc