3 June 2019

 

ECOVISTA PLC

 

 

INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2019

 

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 2019 show a loss of GBP 202,492 (12 months ended 31st August 2018: £238,454).  

 

CASH FLOW AND FUNDING   

 

Cash in hand at 28th February 2019 of £418,537, which, under analysis adequately covers routine running expenses.

 

OUTLOOK   

 

The continuing delay to the outcome of Brexit has seen the housing market slow down across the country. The local market to the Company's headquarters is holding up well, although valuers are downgrading future values which is making traditional bank funding much more difficult.

 

The building of the 5 bedroom, 4,500sq. ft. property at 100 Rye Street has now finished and will be marketed at £1,750,000 from the beginning of June. 

 

The Company has an 80% investment in Start Hill Limited which owns a 4 bedroom detached property, near to Stansted Airport. This property is currently let on an assured short-term tenancy and the Board are confident that planning will be granted for at least 7 new homes on this site.

 

The neighbouring property and land has been granted permission for 9 new homes. We are currently seeking to raise funds in order to purchase this site and build out the planning permission that we have been granted.

 

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 actively seeking further inward investment, with current deal flow far outweighing the access to capital. A number of investors seem to be waiting for the outcome of Brexit before making any investment decisions.

 

David Barnett

Chairman

 

 

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 Income Statement

For the period ended 28 February 2019

 

		Period to	Year to
		28 February 2019	31 August 2018
Continuing operations		£	£
Turnover		8,700	17,400
Cost of sales		-	-
Gross profit		8,700	17,400
Administrative expenses		(148,629)	(190,614)
Operating loss		(139,929)	(173,214)
Financial expense		(62,543)	(65,240)
Loss before tax		(202,472)	(238,454)
Taxation		-	-
Loss for the year from continuing operations		(202,472)	(238,454)
Loss for the financial year attributable to:
Non-controlling interest		(238)	(7,544)
Equity shareholders of the company		(202,234)	(230,910)
		(202,472)	(238,454)
Other Comprehensive Income:
Revaluation of property		-	142,075
Total Comprehensive Loss for the Year		(202,472)	(96,379)
Loss/ total comprehensive income for the financial year attributable to:
Non-controlling interest		(238)	(7,544)
Equity shareholders of the company		(202,234)	(88,835)
		(202,472)	(96,379)
Earnings per share attributable to owners of the parent company
Basic earnings per share (pence)		(0.0037)	(0.005)

 

 

 

Ecovista Plc

Statements of Financial Position

As At 28 February 2019

 

		Interim Six Month Period Ended 28 February 2019	Financial Statements Year Ended 31 August 2018	Interim Six Month Period Ended 28 February 2018
		£	£	£
Fixed assets
Property, plant and equipment		2,275,341	2,107,090	1,733,529
Investments		504,415	508,616	270,738
		2,779,756	2,615,706	2,004,267
Current assets
Debtors		8,563	5,545	111,175
Prepayments		27,470	4,078	3,460
Cash at bank and in hand		418,537	75,637	73,960
		454,570	85,260	188,594
Creditors: amounts falling due within one year		(116,065)	(365,131)	(109,876)
Net current (liabilities) / assets		338,505	(279,871)	78,718
Total assets less current liabilities		3,118,261	2,335,835	2,082,985
Creditors: amounts falling due after more than one year		(1,929,999)	(944,862)	(879,930)
Net assets		1,188,262	1,390,973	1,203,055
Capital and reserves
Called up share capital		181,760	181,760	173,210
Share premium account		2,918,687	2,918,687	2,683,045
Revaluation reserve		142,075	142,075	-
Equity reserve		74,710	74,710	14,552
Profit and loss account		(2,121,188)	(1,918,715)	(1,694,085)
Equity attributed to Parent		1,196,044	1,398,517	1,176,722
Non-controlling interest		(7,782)	(7,544)	26,333
Shareholders' Funds		1,188,262	1,390,973	1,203,055

 

 

 

 

 

 

 

The directors of Ecovista Limited accept responsibility for this announcement.

For further information:

 

Ecovista Plc

100 Rye Street, Bishops Stortford

Hertfordshire

CM23 2HH

United Kingdom

Tel: +44 (0) 1279 654151

http://www.ecovistaplc.com/

 

 

CORPORATE ADVISER AND CONTACT DETAILS:

 

Alexander David Securities Limited

David Scott  - Corporate Finance

James Dewhurst - institutional Sales

Telephone: +44 (0) 20 7448 9820

49 Queen Victoria Street EC4N 4SA

http://www.ad-securities.com