Interim Results

WESTSIDE ACQUISITIONS PLC

CHAIRMAN'S STATEMENT AND CHIEF EXECUTIVE'S REVIEW FOR THE SIX MONTHS ENDED 30 JUNE 2006

We are pleased to make our interim report in respect of the half year ended 30 June 2006.

Operating Results

In respect of the half year to 30 June 2006, the Group incurred a loss on ordinary activities before taxation of £407,114 (30 June 2005 - £309,706).

An analysis of the Group loss, is as follows:

 

  Unaudited
  6 months to 30 June
  2006 2005
  £ £
Parent company 137,994 127,965
Pantheon Leisure (including The Elms) 96,730 -
The Elms - 15,269
RTI 150,359 139,627
Amortisation of goodwill 22,031 22,031
Other losses - 4,814
 

Loss on ordinary activities £407,114 £309,706
 

 

It is not the intention of the Board of Westside to pay an interim dividend.

Reverse Take-Over Investments Plc (RTI)

The market value at 30 June 2006 of the investment portfolio held by RTI was £3.15 million against book cost of £552,000.

The ordinary shares and warrants in all of the companies which comprise the RTI listed portfolio trade on the AIM market. Each of them has benefitted from positive developments announced in the first half of our trading year.

In March 2006, Cheerful Scout plc -- where RTI holds 20 million ordinary shares -- announced new contract wins from The Central Office of Information (COI), The Home Office and Directorate of Optometric Continuing Education & Training(DOCET). Cheerful also announced that it had secured a 2 year contract with leading law firm Allen & Overy to supply creative consultancy work.

In April 2006, Messaging International plc -- where RTI holds 20 million ordinary shares -- announced that its subsidiary Telemessage (TM) had expanded its relationship with Sprint / Nextel, a leading Tier 1 USA mobile network operator, through the launch of its proprietary 'Text to Landline' solution. The Telemessage (TM) software solution is being made available to over 50 million mobile phone subscribers on both the Sprint and Nextel networks.

In May 2006, ADDleisure plc -- where RTI holds 22.54 million ordinary shares --announced that its 50.2% subsidiary, Digital Plantation Ltd, had won a contract with Mspa International Ltd to install Ez-Book on-line management software in its spa properties. Mspa operates some 25 spa properties across Asia, the Middle East and Africa and the Ez-Book software will use English, Chinese and Asian characters as required.

ADDleisure also announced in June 2006 that its 75% owned subsidiary, Fitbug Ltd, had won a contract to supply memberships of fitbug.co.uk to PruHealth policyholders. PruHealth is a leading innovative private medical insurance group with more than 50,000 policyholders who will be offered fitbug memberships as their on-line personal health and well being coach.

In May 2006, York Pharma plc -- where we hold 2 million ordinary shares -- announced progress in the development of 2 of the products in its portfolio - Abasol (TM) and Sabarep (TM).

Abasol (TM) is a new chemical entity which uniquely has both fungicidal and fungistatic properties. This dual function differentiates Abasol (TM) from existing treatments which feature one property only. The topical antifungal market in which Abasol (TM) will compete is estimated to be worth $2.4 billion. Sabarep (TM) is a novel treatment for eczema and related diseases of the skin. A UK Government report has estimated that some 18 million people in Britain will at sometime in their lives suffer from eczema and related skin diseases or allergic skin conditions. Saberep (TM) will compete in a market estimated to be worth $2.5 billion.

We believe that our shareholders will appreciate the diversity of the RTI portfolio and the potential within it for further capital appreciation once market conditions improve for AIM companies.

Pantheon Leisure Plc

Pantheon acquired the entire share capital of The Elms Group Ltd in September 2005 from Westside, by way of a share for share exchange, and, as a result, we hold 75 million ordinary shares representing 62.5% of the Pantheon issued share capital. The results of Pantheon for the 6 months ended 30 June 2006 are accordingly consolidated in the Westside figures.

In the half year to 30 June 2006 Pantheon incurred a loss before taxation of £96,730.

The Elms continues to make a substantial investment in both time and money to develop and expand its involvement in children's leisure activities through its 'Sport in Schools' initiative.

We believe that the financial position of Pantheon, where cash balances are around £1 million, and the future contribution of The Elms will enable Pantheon to develop as a successful Company on AIM.

Financial Position

Our financial position remains exceptionally strong with the combined value of cash balances and the market value of our investment portfolio exceeding £5.88 million.

Conclusion and Future Prospects

Subject, of course, to market conditions we believe that the second half of the year should reflect some renewed progress in the valuation of our investment portfolio.

Richard L. Owen
Geoffrey Simmonds
27 September 2006

 

WESTSIDE ACQUISITIONS PLC    
CONSOLIDATED PROFIT AND LOSS ACCOUNT  
FOR THE SIX MONTHS ENDED 30 JUNE 2006  
Notes Unaudited Unaudited Audited
  6 months to 6 months to 12 months to
  30 June 30 June 31 December
  2006 2005 2005
  £ £ £
TURNOVER 4 343,236 276,535 803,848
Cost of Sales (304,690) (208,654) (690,696)




GROSS PROFIT 38,546 67,881 113,153
Administrative expenses (507,542) (415,487) (883,454)




OPERATING LOSS (468,996) (347,606) (770,301)
Profit on Sale of Fixed Asset
Investments
- - 156,799
Profit on deemed partial
disposal of subsidiaries
- - 695,110




(LOSS) PROFIT ON ORDINARY
ACTIVITIES BEFORE INTEREST AND
TAXATION
(468,996) (347,606) 8,608
Interest receivable 62,443 37,900 69,686
Interest payable (561) - (153)
 


(LOSS) PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION
(407,114) (309,706) 151,141
Tax on profit (loss) on ordinary
activities
- - -
 


(LOSS) PROFIT ON ORDINARY
ACTIVITES AFTER TAXATION
(407,114) (309,706) 151,141
Minority Interest 36,275 - 25,087
 


(LOSS) PROFIT FOR THE FINANCIAL
PERIOD
(370,839) (309,706) 176,228




BASIC (LOSS) EARNINGS PER SHARE 5 (0.333p) (0.309p) 0.175p
DILUTED (LOSS) EARNINGS PER 5
SHARE
(0.333p) (0.309p) 0.152p




WESTSIDE ACQUISITIONS PLC    
CONSOLIDATED BALANCE SHEET    
FOR THE SIX MONTHS ENDED 30 JUNE 2006  
Notes Unaudited Unaudited Audited
  6 months to 6 months to 12 months to
  30 June 30 June 31 December
  2006 2005 2005

FIXED ASSETS
£ £ £
Intangible assets 320,786 364,848 342,817
Tangible assets 27,227 54,501 40,836
Investments - 160,000 -
 


  348,013 579,349 383,653

CURRENT ASSETS



Debtors 254,405 150,972 132,842
Investments 552,000 502,000 552,000
Cash at bank and in hand 2,730,875 1,923,673 3,024,357




  3,537,280 2,576,645 3,709,199




 

CREDITORS amounts falling due within one year

Deferred income (184,739) (264,579) (138,939)
Other creditors (215,538) (179,627) (61,783)
 


  (400,277) (444,206) (200,722)
  _

NET CURRENT ASSETS 3,137,003 2,132,439 3,508,477




TOTAL ASSETS LESS CURRENT
LIABILITIES
3,485,016 2,711,788 3,892,130

CAPITAL AND RESERVES



Called up share capital 1,112,368 1,002,055 1,112,368
Share premium account 292,106 99,058 292,106
Capital Redemption Reserve 182,512 182,512 182,512
Merger Reserve 325,584 325,584 325,584
Profit & loss account 1,217,674 1,102,579 1,588,513




SHAREHOLDER'S' FUNDS - EQUITY 3,130,244 2,711,788 3,501,083
Minority Interest - Equity 354,772 - 391,047




TOTAL CAPITAL EMPLOYED 3,485,016 2,711,788 3,892,130




The accounts were approved by the board on 27 September 2006 And signed on behalf of:

Richard L. Owen
Geoffrey Simmonds
Directors

 

  WESTSIDE ACQUISITIONS PLC    
  CONSOLIDATED CASH FLOW STATEMENT  
  FOR THE SIX MONTHS ENDED 30 JUNE 2006  
  Notes Unaudited Unaudited Audited
  6 months to 6 months to 12 months to
  30 June 30 June 31 December
  2006 2005 2005
  £ £ £
Net cash outflow
activities
from operating 2 (355,364) (120,438) (734,865)




 

 

Returns on investments and

servicing of finance      
Interest received 61,882 37,900 69,533
 


  61,882 37,900 69,533

 

 

Capital expenditure and

financial investment    
Payments to acquire tangible
fixed assets
- (75,000) -
Recewipt from sale of fixed
asset investments
- - 316,799



Net cash outflow from capital
exependiture and financial
investment activities
- (75,000) 316,799



Cash outflow before use of
liquid resources and financing
(293,482) (157,538) (348,533)



 

 

Management of Liquid Resources

Payments to acquire current
asset investments
- - (125,000)
Financing      
Issue of ordinary share capital - 650 304,011
Cash acquired on deemed partial - - 1,127,244




Net cash inflow from financing - 650 1,431,255




Decrease in cash in the period 3 (293,482) (156,888) 957,722)




 

FINANCIAL INFORMATION

The interim results for the six months ended 30 June 2006 are unaudited and do not constitute accounts within the meaning of section 240 of the Companies Act 1985. The interim results have been drawn up using accounting policies and presentation consistent with those applied in the audited accounts for the year ended 31 December 2005. The comparative information contained in this report for the periods ended 30 June 2005 and 31 December 2005 does not constitute the statutory accounts for that financial period. The accounts to 31 December 2005 have been reported on by the Company's Auditors, BDO Stoy Hayward LLP, and delivered to the Registrar of Companies. The report of the Auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.

Where necessary, the accounts to 30 June 2005 have been restated to reflect the accounting policies and presentation adopted in the accounts to 31 December 2005.

RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

  Unaudited Unaudited Audited
  6 months to 6 months to 12 months to
  30 June 30 June 31 December
  2006 2005 2005
  £ £ £
Operating loss (468,996) (347,606) (770,301)
Costs relating to deemed partial
disposal of subsidiary
- - (16,000)
Depreciation of tangible fixed
assets
13,609 16,247 29,912
Amortisation of goodwill 22,031 22,031 44,062
Increase in debtors (121,563) (76,606) (58,476)
Increase in creditors 199,555 265,496 35,938




Net cash outflow from operating
activities
(355,364) (120,438) (734,865)




ANALYSIS OF NET FUNDS

At 31 December Cash Flow At 30 June
  2005   2006
  £ £ £
Cash 3,024,357 (293,482) 2,730,875
Other Liquid resources 552,000 - 552,000




  3,576,357 (293,482) 3,282,875




TURNOVER

  Unaudited Unaudited Audited
  6 months to 6 months to 12 months to
  30 June 30 June 31 December
  2006 2005 2005
  £ £ £
Small sided football leagues 343,236 276,535 803,848
Investment - - -




  343,236 276,535 803,848




BASIC AND DILUTED LOSS PER SHARE

The basic and diluted loss per share at 30 June 2006 have been calculated on the Group's loss on ordinary activities after taxation attributable to shareholders of £370,839 and on the weighted average number of shares in issue during the financial period, which was 111,236,800.

The basic and diluted loss per share at 30 June 2005 have been calculated on the Group's loss on ordinary activities after taxation attributable to shareholders of £309,706 and on the weighted average number of shares in issue during the financial period, which was 100,191,082.

he basic earnings per share at 31 December 2005 has been calculated on the Group's profit on ordinary activities after taxation attributable to shareholders of £176,228 and on the weighted average number of shares in issue during the financial period, which was 100,552,588.

The diluted earnings per share at 31 December 2005 has been calculated on the basis that the outstanding options had been converted on 1 January 2005. This assumption increases the Group's weighted average number of shares to 115,762,588.

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