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EcoVista PLC (EVTP)
02-Jul-2020 / 17:01 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
ECOVISTA PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2020
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 2020 show a loss of GBP 70,543 (12 months ended 31st August 2019: GBP368,403).
CASH FLOW AND FUNDING
Cash in hand at today of GBP41,948, which, under analysis adequately covers the company reduced routine running expenses.
OUTLOOK
After extensive negotiations with another property company to merge our operations, the talks unfortunately broke down and subsequently we have decided not to proceed with the merger.
The uncertainty in the property market last year due to Brexit has not improved, combined with the current Covid 19 crisis, has created even more uncertainty and nervousness.
Given these unprecedented circumstances, the board has decided to reduce costs further and this has resulted in the decision to delist from the Aquis Exchange.
The combined cost of being listed, with corporate advisor, listing fees, extra audit and legal costs etc being in excess of £60,000, the board doesn't believe it is in the shareholders' best interests for the Company to be paying these fees, given the lack of new capital available for investment in the microcap market.
Furthermore, the Company has slimmed down its operation and has disposed of Willside Ltd, Ecovista UK Property Holdings Ltd and 100 Rye Street Ltd.
100 Rye Street Limited has an outstanding debt to the company of which we expect to receive £750,000 on the sale of the property at 100 Rye Street.
Looking forward, the Company is applying for planning permission for 8 new properties through its subsidiary Start Hill Ltd and we expect further news on this towards the end of the year.
CIGNELLA SRL
Ecovista Plc continues to hold a 13% stake in Cignella SRL along with a loan to them of £349,583, with the current situation in Italy, we are waiting for the market in Italy to recover before attempting to sell this asset.
David Barnett
Chairman
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Ecovista Plc
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Statements of Financial Position
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As At 29 February 2020
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Financial Statements
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Interim Six
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Interim Six
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Month Period
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Year
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Month Period
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29-Feb
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31-Aug
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28-Feb
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2020
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2019
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2019
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|
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£
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£
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£
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Fixed assets
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|
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Property, plant and equipment
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532,090
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532,375
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2,275,341
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|
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Investment property
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-
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1,700,000
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-
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|
|
|
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Investments
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151,806
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151,806
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504,415
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683,896
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2,384,181
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2,779,756
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Current assets
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Debtors
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1,337,152
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405,306
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8,563
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Prepayments
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693
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7,190
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27,470
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Cash at bank and in hand
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753
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9,143
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418,537
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1,338,598
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421,639
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454,570
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Creditors: amounts falling due within one year
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-74,789
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-863,877
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-116,065
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Net current (liabilities)/assets
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1,263,809
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-442,238
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338,505
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Total assets less current liabilities
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1,947,705
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1,941,943
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3,118,261
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Creditors: amounts falling due
after more than one year
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-1,212,500
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-1,100,054
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-1,929,999
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Net current (liabilities)/assets
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735,205
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841,889
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1,188,262
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Capital and reserves
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Called up share capital
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181,760
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181,760
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181,760
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Share premium account
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2,918,687
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2,918,687
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2,918,687
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Revaluation reserve
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-
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36,141
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142,075
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Equity reserve
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-
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-
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74,710
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Profit and loss account
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-2,365,262
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-2,294,699
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-2,121,188
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Equity attributed to Parent
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735,185
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841,889
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1,196,044
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Non-controlling interest
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20
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-
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-7,782
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Shareholders' Funds
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735,205
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841,889
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1,188,262
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Ecovista Plc
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|
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Statements of Financial Position
|
|
|
|
|
As At 29 February 2020
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements
|
|
|
|
Interim Six
|
|
Interim Six
|
|
|
Month Period
|
Year
|
Month Period
|
|
|
|
|
|
|
|
29-Feb
|
31-Aug
|
28-Feb
|
|
|
2020
|
2019
|
2019
|
|
|
£
|
£
|
£
|
|
Fixed assets
|
|
|
|
|
Property, plant and equipment
|
532,090
|
532,375
|
2,275,341
|
|
|
|
|
|
|
Investment property
|
-
|
1,700,000
|
-
|
|
|
|
|
|
|
Investments
|
151,806
|
151,806
|
504,415
|
|
|
|
|
|
|
|
683,896
|
2,384,181
|
2,779,756
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Debtors
|
1,337,152
|
405,306
|
8,563
|
|
|
|
|
|
|
Prepayments
|
693
|
7,190
|
27,470
|
|
|
|
|
|
|
Cash at bank and in hand
|
753
|
9,143
|
418,537
|
|
|
|
|
|
|
|
1,338,598
|
421,639
|
454,570
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
-74,789
|
-863,877
|
-116,065
|
|
|
|
|
|
|
Net current (liabilities)/assets
|
1,263,809
|
-442,238
|
338,505
|
|
|
|
|
|
|
Total assets less current liabilities
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1,947,705
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1,941,943
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3,118,261
|
|
|
|
|
|
|
Creditors: amounts falling due
after more than one year
|
-1,212,500
|
-1,100,054
|
-1,929,999
|
|
|
|
|
|
|
Net current (liabilities)/assets
|
735,205
|
841,889
|
1,188,262
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
Called up share capital
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181,760
|
181,760
|
181,760
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|
|
|
|
|
|
Share premium account
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2,918,687
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2,918,687
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2,918,687
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|
|
|
|
|
|
Revaluation reserve
|
-
|
36,141
|
142,075
|
|
|
|
|
|
|
Equity reserve
|
-
|
-
|
74,710
|
|
|
|
|
|
|
Profit and loss account
|
-2,365,262
|
-2,294,699
|
-2,121,188
|
|
|
|
|
|
|
Equity attributed to Parent
|
735,185
|
841,889
|
1,196,044
|
|
|
|
|
|
|
Non-controlling interest
|
20
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-
|
-7,782
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|
|
|
|
|
|
Shareholders' Funds
|
735,205
|
841,889
|
1,188,262
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