EVTP Ecovista PLC

EcoVista PLC: INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2020

EcoVista PLC (EVTP)
EcoVista PLC: INTERIM RESULTS FOR THE SIX MONTHS TO 28th February 2020

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

 

 

Ecovista Plc

 

 

 

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

1,947,705

1,941,943

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

181,760

181,760

181,760

 

 

 

 

Share premium account

2,918,687

2,918,687

2,918,687

 

 

 

 

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

-

-7,782

 

 

 

 

Shareholders' Funds

735,205

841,889

1,188,262

 

Ecovista Plc

 

 

 

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

1,947,705

1,941,943

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

181,760

181,760

181,760

 

 

 

 

Share premium account

2,918,687

2,918,687

2,918,687

 

 

 

 

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

-

-7,782

 

 

 

 

Shareholders' Funds

735,205

841,889

1,188,262

 

 
ISIN: GB00B0W5NJ22
Category Code: IR
TIDM: EVTP
LEI Code: 2138009TFBHJ8KVP2S10
Sequence No.: 73368
EQS News ID: 1085107

 
End of Announcement EQS News Service

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EN
02/07/2020

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