Monday 06th Sep, 2010News
Half Year Results
23 Dec 2008
Canisp plc Unaudited Interim Results for the six month period ended 30 September 2008 Canisp (AIM:CN.) is pleased to present the Group’s unaudited interim results for the six month period ended 30 September 2008. Chairman’s statement: I am pleased to present the Group’s unaudited interim results for the six month period ended 30 September 2008. Trading results In the last annual accounts issued in June 2008, I reported on the competitiveness of the trading environment and on the price pressures faced by our core business. Our strategy remains to build customer relationships through improved administration and service and we remain focused on product innovation. We offer a range of innovative telecom solutions including a Voice Over Internet Protocol (“VOIP”) offering and we continue to seek new ways to service our customers' needs. We remain committed to maintaining a very lean head office operation and overhead costs are in line with expectations. In the period under review, the Group recorded a loss before and after tax of £125,000 (2007: £197,000). No dividend is proposed. Borrowings The Group’s reliance on bank borrowings continues to be carefully managed with the overdraft at the period end amounting to £215,000 (2007: £302,000). On 5 December 2008 Corvus Capital Inc (“Corvus”) notified the Company that it had disposed of its entire interest in the £1,600,000 assignable convertible loan facility to Poppy Development Limited ("Poppy"), a company incorporated in the British Virgin Islands. At Poppy's request, the loan may be capitalised in whole or in part through the issue of new ordinary shares at one penny per share. If the capitalisation does not occur by 31 December 2009, the loan and any interest accrued at two per cent per annum, will be repayable on demand although the loan, together with accrued interest will remain capable of being capitalised on the above terms. Outlook The ability to drive down overheads further remains limited but the Group benefits from a very low cost base for a listed public company and we continue to maintain a very tight control of costs. The work undertaken to improve the service range and administrative support, together with the development of new product offerings, continues and we also continue to review strategic solutions to the recovery of shareholder value. Mike Hirschfield Chairman 22 December 2008
