Chapmore Plc

August 30, 2011 07:16 ET

Unaudited interim results - six months to 31 May 2011



Pre-tax profit of GBP3,583 for the six months ended 31 May 2011 (31 May 2010 loss of GBP1,910).


This  Interim Statement for the six months ending 31 May 2011 reflects the divestment of the operating
subsidiary  and  corporate  restructuring undertaken by the Board to reduce administrative  costs  and
streamline the Company.  As a result, the Company is able to report a much improved financial position
compared to the last financial year.


In  January  2011  shareholders voted in favour of turning the Company into  a  cash  shell,  and  new
shareholders were introduced to support the Company financially as well as assisting in the search for
a suitable investment opportunity.

The  Company  remains  a  cash  shell at present but we are actively seeking  investments  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.

It  may  however be that the board during the current financial year will seek to increase the capital
base  of the Company via the issue of new equity. The rationale for this is twofold; firstly to ensure
sufficient  continued  operating  resources, and secondly  the  fact  that  having  greater  financial
resources available would enhance the ability of the Company to attract good quality deals.

The  Directors  are  presented with opportunities on an ongoing basis from  an  extensive  network  of
contacts.  Many of those which have been evaluated have been considered too small, with the  Directors
being  mindful  that microcap companies are not in favour in current market conditions, and  therefore
often trade at a significant discount to fair value. To date none of the businesses have presented the
right  reward profile in terms of value creation for the shareholders, but your Board is committed  to
identifying and consummating a suitable acquisition

T. O Kristensen


30 August 2011

                                                       Unaudited           Unaudited              Audited
                                                    Period ended        Period ended         Period ended
                                                     31 May 2011         31 May 2010          30 Nov 2010
                                                         GBP'000             GBP'000              GBP'000
Turnover                                                      18                   -                    -
Cost of sales                                                  -                   -                    -
                                                        ========            ========             ========
Gross profit                                                  18                   -                    -
Administration expenses                                      (14)                (71)                 (49)
                                                        ========            ========             ========
Profit/(loss) on ordinary activities before                                                              
taxation                                                       4                 (71)                 (49)
Taxation                                                       -                   -                    -
                                                        ========            ========             ========
Profit/(loss) on ordinary activities after                                                               
taxation                                                       4                (71)                  (49)
                                                        ========            ========             ========

Earnings per share                                                                                       
Basic                                                     0.033p             (0.91)p              (0.62)p
Diluted                                                   0.031p             (0.91)p              (0.62)p


                                                       Unaudited           Unaudited              Audited
                                                    Period ended        Period ended         Period ended
                                                     31 May 2011         31 May 2010          30 Nov 2010
                                                         GBP'000             GBP'000              GBP'000
Fixed assets                                                                              
Plant & equipment                                              -                   1                    1
                                                        --------            --------             --------
Total fixed assets                                             -                   1                    1

Current assets                                                                                           
Debtors                                                        4                  31                    -
Cash at bank                                                  26                   -                    -
                                                        --------            --------             --------
Total current assets                                          30                  31                    -
Creditors: amounts falling due within one year                                                           
                                                             (60)               (137)                 (84)
                                                        --------            --------             --------
Net current liabilities                                      (30)               (106)                 (84)
                                                        --------            --------             --------
Total assets less current liabilities                        (30)               (105)                 (83)
                                                        ========            ========             ========
Capital & reserves                                                                                       
Share capital                                                418                 390                  390
Share premium                                                174                 153                  153
Share based payment reserve                                  136                 136                  136
Profit & loss account                                       (758)               (784)                (762)
                                                        --------            --------             --------
Total shareholders' funds                                    (30)               (105)                 (83)
                                                        ========            ========             ========

1        The financial information contained in this statement does not constitute statutory accounts
         as defined in section 435 of the Companies Act 2006. These statements, which are unaudited,
         have been prepared under the historical cost convention. The financial information has not
         been reviewed by the Company's auditor. The accounts for the year ended 30 November 2010 have
         been extracted from the statutory accounts filed with the Registrar of Companies; the report
         of the auditors on those accounts was qualified as set out below:-
         "Qualified opinion on the financial statements
         During  the  year two of the company's subsidiaries were dissolved, Three's  A  Crowd  Online
         Limited  and Feast Films Limited. We have not had access to the accounting records for  these
         two  subsidiary  companies and therefore were unable to obtain sufficient audit  evidence  in
         respect  of their respective disposals or ascertain their respective turnover, cost of  sales
         and  administrative expenses. However, any adjustments to these amounts would have had no net
         effect on the group loss for the period or net assets at the period end..
         Except  for the financial effects of such adjustments, if any, as might be determined  to  be
         necessary  in respect of the above amounts included in the group profit and loss account,  in
         our opinion the financial statements:
         *       give  a true and fair view of the state of the group's and the parent company's
                 affairs as at 30 November 2010 and of the group's loss for the year then ended;

         *       have been properly prepared in accordance with United Kingdom Generally Accepted
                 Accounting Practice; and

         *       have been prepared in accordance with the requirements of the Companies Act 2006."

2        Earnings per share                                                                            
                                                     Unaudited            Unaudited             Audited
                                                  Period ended         Period ended        Period ended
                                                   31 May 2011          31 May 2010         30 Nov 2010
         Profit/(loss) for the period                 GBP3,583          GBP(71,121)         GBP(48,720)
         Average weighted number of shares in       10,802,088            7,806,450           7,806,450
         Basic earnings per share                       0.033p              (0.91)p             (0.62)p
         Average weighted number of shares in                                                          
         issue, including                           
         potentially dilutive instruments           11,652,088            8,656,450           8,656,450
         Diluted earnings per share                     0.031p              (0.91)p             (0.62)p

         As the company made losses in the comparative periods, conversion of all potentially dilutive
         ordinary shares is not taken into account and diluted earnings per share are the same as
         The numbers of shares in issue shown under the comparative periods have been restated to
         take account of 10 for 1 consolidation effected in January 2011.

3        Copies of the statement will be despatched to shareholders.  Copies of this announcement are
         available from: The Secretary, Chapmore Plc, Finsgate, 5-7 Cranwood Street, London EC1V 9EE

The directors of the issuer accept responsibility for this announcement.

Note to editors:

Chapmore plc (PLUS: CHAP) was floated on PLUS markets in November 2007. The company is a cash shell.


Tom Kristensen
Chapmore Plc
Tel: +44 (0) 7734 266 119

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

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