Aspartus plc
LSE : ASPP

November 24, 2010 05:35 ET

Interim results to 31 August 2010

ASPARTUS PLC (The "Company")

CHAIRMAN'S STATEMENT

Interim accounts for the six months ended 31 August 2010


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 OVERVIEW

The  Company continues to own minority stakes in Kleenair Systems International Plc and Ovidia Investments
Plc at 31 August 2010; both remain dormant at present.

The  Company  has  not  yet made an acquisition and the expenses incurred to date relate  to  the  routine
listing maintenance and administration.

As  no  suitable investment has yet been made we will seek shareholder approval at the next Annual General
Meeting  which  will  be announced with the full year figures, to further the pursuit  of  our  investment
strategy.

CASH FLOW AND FUNDING

The  Company  had cash in hand of GBP2,000 at 31 August 2010 and adequate additional funding available  to
finance routine administration costs, which will not vary materially in the near future.

OUTLOOK

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

L.E.V. Knifton
Chairman

24 November 2010


The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
Aspartus PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
Tel: +44 (0) 20 7309 2280
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel: +44 (0) 20 7251 3762


PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 31 AUGUST 2010

                                                                Unaudited        Audited         Unaudited
                                                              6 months to        Year to       6 Months to
                                                                31 August    28 February         31 August
                                                                     2010           2010              2009
                                                     Note         GBP'000        GBP'000           GBP'000
                                                                                           
Administrative expenses                                              (10)           (48)              (15)
                                                                                            
Profit/(loss) on disposal or revaluation of                                                 
 investments                                                           -              6                 -
                                                                    -----           -----            -----
Operating profit (loss)                                              (10)            (42)             (15)
                                                                                            
Interest receivable                                                   -               -                 -
                                                                    -----           -----            -----
Profit (Loss) on ordinary activities before                                                 
 taxation                                                            (10)            (42)             (15)
                                                                                            
Tax on profit(loss) on ordinary activities                             -               -                -
                                                                    -----           -----            -----
Retained profit(loss) for the financial period                       (10)            (42)             (15)
                                                                    =====           =====            =====
                                                                                            
                                                                                            
                                                                    Pence           Pence            Pence
Loss per share                                                                              
Basic earnings per share                              2            (0.01)          (0.06)           (0.07)
                                                                    =====           =====            =====
                                                                                            

BALANCE SHEET
AS AT 31 AUGUST 2010

                                                               Unaudited          Audited         Unaudited
                                                             6 Months to          Year to       6 Months to
                                                               31 August      28 February         31 August
                                                                    2010             2010              2009
                                                                 GBP'000          GBP'000           GBP'000
                                                                                                           
Fixed Assets                                                                                 
Investments                                                           -                 -                 -
                                                                  -----             -----             -----
Current Assets                                                                                  
Debtors                                                              16                19                12
Cash at bank and in hand                                              2                 8                35
                                                                  -----             -----             -----
                                                                     18                27                47
Creditors                                                                                    
Amounts falling due within one year                                 (10)               (9)              (15)
                                                                  -----             -----             -----
                                                                                             
Net current assets                                                    8                18                32
                                                                  -----             -----             -----
Creditors      
Amounts falling due after more than one year                        (29)              (29)              (71)
                                                                  -----             -----             -----
                                                                                             
Net assets                                                       GBP(21)           GBP(11)           GBP(39)
                                                                  =====             =====             =====
Capital and reserves                                                                         
Called up share capital                                              23                23                21
Share premium account                                               284               284               230
Profit and loss account                                            (328)            (318)              (290)
                                                                  -----             -----             -----
Equity shareholders' Funds                                       GBP(21)           GBP(11)           GBP(39)
                                                                  =====             =====             =====

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                               Unaudited         Audited           Unaudited
                                                             6 Months to         Year to         6 Months to
                                                               31 August     28 February           31 August
                                                                    2010            2010                2009
                                                                 GBP'000         GBP'000             GBP'000
                                                                                            
Profit (Loss) for the period                                        (10)              55                (15)
Issue of shares                                                       -              (42)                 -
                                                                  -----            -----              -----
Net (decrease)/increase in shareholders' funds                      (10)              13                (15)
Equity shareholders' funds brought forward                          (11)             (24)               (24)
                                                                  -----            -----              -----
Equity shareholders' funds carried forward                       GBP(21)          GBP(11)            GBP(39)
                                                                  =====            =====              =====

Cash Flow Statement
for the six months ended 31 August 2010
                                                              Unaudited          Audited         Unaudited
                                                          Six months to          Year to     Six months to
                                                              31 August      28 February         31 August
                                                                   2010             2010              2009
                                              Note              GBP'000          GBP'000           GBP'000
                                                                                           
Cash inflow (outflow) from operating                                                       
activities                                      3                   (6)             (73)              (27)
                                                                 -----            -----             -----
Returns on investments                                               -                -                 -
                                                                 -----            -----             ----- 
Acquisitions and disposals                                                                 
Fixed asset investment                                               -              (20)                -
Disposal of fixed asset investment                                   -               26                 -
                                                                 -----            -----             -----
                                                                     -                6                 -
Financing                                                        -----            -----             -----
Convertible loan                                                     -               55                41
                                                                 -----            -----             -----
Cash increase/(decrease) in the period                                                     
                                                                   (6)              (12)               14
                                                                 =====            =====             =====



Reconciliation of Net Cash Flow to Movement in Net Debt
                                                     
                                                     
                                                             Unaudited          Audited         Unaudited
                                                         Six months to          Year to     Six months to
                                                             31 August      28 February         31 August
                                                                  2010             2010              2009
                                                               GBP'000          GBP'000           GBP'000
                                                                                            
Increase/(decrease) in cash in the period                          (6)             (12)               14
Cash outflow (inflow) from decrease (increase) in debt                                      
                                                                    -                1               (41)
Net funds/(debt) brought forward                                  (20)              (9)               (9)
                                                                -----            -----             -----
Net funds/(debt) carried forward                                  (26)             (20)              (36)
                                                                =====            =====             =====

                                                                                           
NOTES TO THE INTERIM ACCOUNTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2010


1.    ACCOUNTING POLICIES

(a)   Basis of preparation

      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  to  28  February  2010.   Those
      financial statements were prepared on a going concern basis.

      The  interim report for the six months to 31 August 2010 was approved by the Board  on  23
      November 2010.
            
2.    PROFIT/(LOSS) PER SHARE
                                                             Unaudited            Audited           Unaudited
                                                         Six months to            Year to       Six months to
                                                             31 August        28 February           31 August
                                                                  2010               2010                2009
                                                                 Pence              Pence               Pence
                                                                                            
       Profit (Loss) per ordinary share                                                     
       - basic                                                  (0.01)             (0.06)              (0.07)
                                                                                            
                                                               GBP'000            GBP'000             GBP'000
                                                                                            
       Profit (Loss) for period                                   (10)               (42)                (15)
                                                                                            
                                                                Number             Number              Number
       - basic                                             158,658,016         72,854,400          21,459,350
                                                                                            
                                                                                            

3.     RECONCILIATION OF OPERATING LOSS TO NET OUTFLOW FROM OPERATING ACTIVITIES


                                                            Unaudited            Audited            Unaudited
                                                        Six months to            Year to        Six months to
                                                            31 August        28 February            31 August
                                                                 2010               2010                 2009
       
                                                              GBP'000            GBP'000              GBP'000
                                                                                             
       Operating profit (loss)                                   (10)               (48)                 (15)
       Net (increase)/decrease in debtors                          3                (11)                  (5)
       Net increase/(decrease) in creditors                        1                (14)                  (7)
                                                               -----              -----                -----
       Net inflow(outflow) from operating                        (6)                (73)                 (27)
       activities
                                                               =====              =====                =====


4.   The  information for the period ended 28 February 2010 was extracted from the audited accounts,  which
     have  been  delivered  to  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.
    

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