ECOVISTA PLC

("Ecovista" or "the Company")

 

 

INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2018

 

Chairman's statement

 

I have great pleasure in announcing the Company's interim results.

 

The unaudited financial results for the 6 months to 28th February 2018 show a loss of GBP 6,280 (12 months ended 31st August 2017: £887,306).  

 

CASH FLOW AND FUNDING   

 

Cash in hand at 28th February 2018 of £73,960, which together with the capital raised post this financial period, under analysis adequately covers routine running expenses.

 

 

OUTLOOK   

 

The building of the 5 bedroom, 4,500sq. ft. property at 100 Rye Street continues.  The external build is nearing completion and the internal works have recently started.  It is expected that the property will be completed by September.

 

The Company purchased an 80% share of Start Hill Limited, a company that owns a 4 bedroom detached property, near to Stansted Airport.  In addition to this we secured an option on the neighbouring property and land.  We are working with architects and planners to maximise use and profitability of this area and are currently considering a number of options.

 

The company continues to support its interest in Cignella Srl.  We will continue to look at any opportunities to  secure further funding in order to exercise our option on Cignella  Srl.

 

The directors are also actively seeking further property investments - commercial and residential in the UK to enhance shareholder value.    We thus look to the future with confidence.  

 

 

Louise Stokely

Chairman

 

31 May 2018

 

The directors of Ecovista accept responsibility for this announcement.

For further information:

 

ECOVISTA Plc

 Tel: +44 (0) 1279 654151

 

NEX EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited

David Scott - Corporate Finance

James Dewhurst - Institutional Sales 

Telephone: +44 (0) 20 7448 9820

http://www.ad-securities.com

49 Queen Victoria Street, London EC4N 4SA

 

 

ECOVISTA PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 28 FEBRUARY 2018

 

	Interim Accounts Six Month Period Ended 28th February		Financial Statements Year Ended 31st August
	2018 GBP		2017 GBP
Revenue	8,700		-
Cost of sales	-		-
Gross Profit	8,700		-
Administrative expenses	(164,980)		(887,306)
Profit of revaluation of property investment	150,000		-
Bank Interest received
Loss before tax	(6,280)		(887,306)
Taxation	-		-
Loss for the period	(6,280)		(887,306)
	4,590,315,699		4,590,315,699
	(.0001)		(.01933)

ECOVISTA PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED 28 FEBRUARY 2018

 

		Interim Accounts Six Month Period Ended 28th February		Financial Statements Year Ended 31st August			Interim Accounts Six Month Period Ended 28th February
		2018 GBP		2017 GBP			2017 GBP
Fixed Assets
Freehold Property		1,733,529		1,347,090			1,165,000
Fixed Asset Investments		270,738		270,739			661,961
Goodwill on Consolidation							2,416
		2,004,267		1,617,829			1,829,377
Current Assets
Debtors		111,175		75,092			192,076
Prepayments		3,460		-			5,750
Bank and cash		73,960		124,310			31,822
		188,594		199,402			229,648
Current Liabilities
Amounts falling due within 1 year		(109,876)		(80,071)			(119,104)
Net current assets		78,718		119,331			110,544
Convertible loans		(470,000)		(554,178)			(178,000)
Other Loan		(409,930)		-			-
Net assets		1,203,055		1,182,982			1,761,921
Equity
Issued share capital		173,210		173,190			163,190
Share premium		2,683,045		2,683,045			2,343,045
Other reserve		14,552		14,552			22,000
Non controlling interest		26,333
Profit and loss		(1,694,085)		(1,687,805)			(766,314)
		1,203,055		1,182,982			1,761,921