Notice of Results

LONDON--()--

Unaudited Preliminary Results for the Year Ended 31 December 2017

The directors of Mandicon PLC announce the company’s preliminary unaudited results for the year ended 31 December 2017. These have been released in conjunction with the circular sent to shareholders as at the same date of this announcement and the further announcement setting out the Company’s intention to withdraws its securities from the NEX Exchange Growth Market, and pursue preparations to return capital to shareholders by way of a solvent liquidation.

The unaudited consolidated results for the Mandicon Group (including a net profit on disposal of Mechan Controls and the liquidation of PJO Industrial of approximately £875,000) show an unaudited profit after taxation of £1.39m (2016 Audited: Loss of £214,000) on unaudited revenues on £2.76m (2016 Audited: £3.99m). Nirvana Engineering, the Group’s remaining trading subsidiary, recorded an unaudited profit before taxation of £554,130 (2016 Audited: £416,844) on unaudited revenues of £1.99 million (2016 Audited: £1.70 million).

While Nirvana Engineering has had a slow beginning to 2018, order levels and sales have started to pick up. The Board believes that the best course of action is to continue to pursue its strategy to realise value for Shareholders by way of a return of capital and therefore does not propose recommending a dividend.

The Directors of the Company take responsibility for this statement.

Mandicon PLC Unaudited Group Statement Of Comprehensive Income

For The Year Ended 31 December 2017

 

 

  2017

£

  2016

£

Revenue

 

2,764,096

3,995,799

Cost of sales (1,343,856) (2,148,269)

Gross profit

1,420,240

1,847,530

Distribution costs

(76,072)

(148,466)

Administrative expenses (699,271) (1,747,879)
Other operating income - 1,114
Exceptional stock write-down - (47,581)

Operating profit/(loss)

644,897

(95,282)

Investment income

 

94

4,098

Finance costs

Profit/(loss) on disposal of operations

- Mandicon Plc

(5,791)

 

940,687

(4,727)

 

-

- PJO Industrial Limited (65,734) -

Profit/(loss) before taxation

1,514,153

(95,911)

Tax on profit/(loss)

(122,977)

(117,914)

Profit/(loss) for the financial year

1,391,176

(213,825)

Other comprehensive income

Tax relating to other comprehensive income

-

1,022

Total comprehensive income for the year

1,391,176

(212,803)

Profit/(loss) for the financial year is all attributable to the owners of the parent company

Total comprehensive income for the year is all attributable to the owners of the parent company

Mandicon PLC Unaudited Group Statement Of Financial Position

As At 31 December 2017

  2017   2016

Fixed assets

  £   £ £ £
Total intangible assets 410,892     598,630
Property, plant and equipment 34,956 239,815

Current assets

Inventories

71,132

416,232

Trade and other receivables 979,200 832,694
Cash and cash equivalents 2,179,839 829,126

3,230,171

2,078,052

Current liabilities (283,328) (483,029)

Net current assets

2,946,843

1,595,023

Total assets less current liabilities

3,392,691

2,433,468

Non-current liabilities

 

-

(89)

Provisions for liabilities

(11,235)

(25,048)

Net assets

3,381,456

2,408,331

Equity

Called up share capital

 

50,000

50,000

Share premium account 653,000 653,000
Revaluation reserve - 98,492
Own shares (849,975) (492,267)
Retained earnings 3,528,431 2,099,106

Total equity

3,381,456

2,408,331

Short Name: MECP
Category Code: NOR
Sequence Number: 645259
Time of Receipt (offset from UTC): 20180418T113657+0100

Contacts

Mechan Controls Plc

Contacts

Mechan Controls Plc