Business
Half-yearly Report
Half-yearly Report.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \n For Immediate Release\n\n 21 July 2008\n\n SILENTPOINT PLC \n\n (\"Silentpoint\" or \"the Company\") \n\n Half yearly results for the six months ended 30 April 2008 \n\nChairman's statement\n\nI am pleased to report Silentpoint's interim results for the six month period\nended 31 March 2008. These interim statements for the six months ended 30 April\n2008 are the first that the Company has prepared under International Financial\nReporting Standards ('IFRS') and include reconciliations to the previously\nreported numbers prepared under United Kingdom Generally Accepted Accounting\nPrinciples ('UK GAAP'). The Company has continued its strategy of making\ninvestments and in the six month period to 30 April 2008 made a loss before tax\nof £94,516 compared to a profit before tax of £277,831 in the previous\ncorresponding period as calculated under the IFRS accounting convention. As at\n30 April 2008 the net assets of the Company stood at £1,301,939, of which £\n1,028,723 was held in cash. Our net asset value per share stands at 8.17 pence,\nof which cash represents 6.45 pence per share. The loss per share in the period\namounted to 0.6p per share versus a profit of 1.7p in the same period last\nyear. Our cash balance has increased substantially since 30 April 2007 when our\ncash balance was £587,316.\n\nThe loss incurred in the period was anticipated as April 2008 when we announced\nthe Company's preliminary results when we stated that markets would remain\ndifficult and volatile in the near term. We expected to report a loss at the\ninterim stage as we mark-to-market the value of investments. Our approach to\ninvestments has always been cautious and we believe that is the right strategy\nin the current volatile market conditions.\n\nOutlook\n\nWith the credit cycle having turned in recent months, we have seen an increased\ntempo in approaches, both in number and quality, from companies seeking\ninvestment. Corporate earnings have yet to fall sharply and although valuations\nin the stock market have already fallen very sharply, we think the UK may slip\ninto recession. This cycle could well be long and deep and therefore valuations\nare likely to fall further. Consequently it remains our view that holding a\nlarge cash balance, which stand at almost twice the level of this time last\nyear, places us in good stead as we rev...