Hot Rocks Investments plc
Hot Rocks Investments plc: Interim Results to 30 September 2018
Hot Rocks Investments plc (HRIP) 2 January 2019 HOT ROCKS INVESTMENTS PLC
(“Hot Rocks” or the “Company”)
UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2018
CHAIRMAN’S STATEMENT
I hereby present the interim results for the Company for the six months ended 30 September 2018.
The Company is an active investor largely in junior natural resources companies and we have experienced a turbulent first half in this sector. Nonetheless our portfolio has performed satisfactorily and we are excited about new additions to our portfolio such as Predator Oil & Gas (LSE:PRD).
The Company made a total comprehensive gain of GBP81,935 for the period, compared to a total comprehensive loss of GBP10,259 for the same period last year. The Company will not be paying a dividend.
Cash at bank as at 30 September 2018 was GBP47,679 (30 September 2017: GBP7,446).
We hold stakes in the following entities:
Brazil Tungsten Holdings Limited Copper Bay Limited Elephant Oil Limited Block Energy plc (formerly Goldcrest Resources plc) Impact Oil & Gas Limited Mafula Energy Limited MedGold Resources Corp Minergy Limited Rift Resources Limited New Horizon Oil & Gas Limited (trading as t5) Royal Road Minerals Limited (formerly Tigris Resources Limited) Upland Resources Limited N4 Pharma PLC Predator Oil & Gas Holdings PLC
The interim results have not been reviewed by the Company’s auditors.
Brian Rowbotham Non-Executive Chairman
The Directors of the issuer are responsible for the content of this announcement.
For further information please contact:
Hot Rocks Investments plc Gavin Burnell: 0207 264 4366
Peterhouse Capital Limited Guy Miller: 020 7220 9796
HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2018
AS AT 30 SEPTEMBER 2018
HOT ROCKS INVESTMENTS PLC CONDENSED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2018
HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1 Financial Information
The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS) as adopted by the European Union.
The accounting policies used in the preparation of this set of condensed interim financial statements are consistent with those set out in the Company’s annual financial statements for the year ended 31 March 2018. Statutory accounts for the year ended 31 March 2018 were approved by the Board of Directors on 31 August 2018 and delivered to the Registrar of Companies. The report of the independent auditor on those accounts was unqualified.
The financial information for the six months ended 30 September 2018 has not been reviewed. As permitted, the Company has chosen not to adopt IAS 34 “Interim Financial Statements” in preparing this interim financial information.
Risks and Uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company’s medium-term performance and the factors that mitigate those risks have not substantially changed from those discussed in the Financial Statements to 31 March 2018.
Critical accounting estimates
The preparation of the condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to estimates are set out in the accounting policies of the Company’s Financial Statements to 31 March 2018.
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ISIN: | GB00B1WV3198 |
Category Code: | MSCU |
TIDM: | HRIP |
Sequence No.: | 7079 |
EQS News ID: | 762737 |
End of Announcement | EQS News Service |