Half Yearly Report

RNS Number : 8862M
Ross Group PLC
30 August 2013
 



Ross Group Plc Half Yearly Financial Report  30th June 2013

HALF YEARLY FINANCIAL REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2013

Financial Summary (6 months to  30 June 2013)

2013


2012




   £'000


  £'000


  Change







Group Revenue

0


112


-100%







Gross Profit/(Loss)

(34)


11


-422%







Profit/(Loss) before tax

(34)


11


-422%







Basic earnings per share

(0.02p)


0.01p


-413%







Diluted earnings per share

(0.02p)


0.01p


-413%


Chairman's Statement

 

For the half year to 30th June 2013, Ross Group made a modest loss of £34,000. This reflects a change in strategy, as management has decided to focus exclusively in this period on endeavoring to explore major new business opportunities. Due to rigorous cost control, we were successful in managing our ongoing administrative expenses and were therefore able to minimize the loss.

 

The Board is satisfied with our progress to date both in researching and developing new business opportunities for the Group and are fully confident that we remain close to concluding a significant and profitable deal to recommend to our shareholders in the near future.

 

 

 

 

Business Outlook

 

 

I shall,  along with the management team, continue to work towards concluding an appropriate strategic new business arrangement in order to take the Group into an exciting future. 

 

 

Dividend

 

No ordinary interim dividend is proposed after considering the result for the first half of the year, and the existing deficiency of retained reserves (2012 - £Nil).

 

I would very much like to thank the members of the Board of Directors, as well as our contractors, consultants and advisors for all their excellent support and hard work during this difficult, but ultimately potentially rewarding, transitional stage of the Group's performance.

 

Finally, as always, I would extend my sincere thanks to our extraordinarily loyal, long-suffering, shareholders for their continued patience and understanding.

 

 


 

Barry Richard Pettitt

Chairman and Chief Executive Officer

 

Approved 30 August 2013


CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED

 







6 months


6 months


Year Ended


ended 30 June


ended 30 June


31 Dec


2013


2012


2012


   £'000


  £'000


  £'000







Group Revenue












Continuing Operations

0


112


112







Discontinuing Operations

0


0


0







Operating Profit / (Loss)












Continuing Operations

(34)


11


(158)







Discontinuing Operations

0


   0


0













Profit  before Finance Cost

(34)


11


(158)













Finance Cost












Profit before Taxation

(34)


11


(158)







Taxation

0


0


0







Profit for the Period

(34)


11


(158)













Earnings per share (pence)

(0.02)


0.01


(0.10)

Adjusted earnings per share (pence)

(0.02)


0.01


(0.10)


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED

Share

Capital

Accumulated

Losses

Other

Reserves

Total

£'000

£'000

£'000

£'000

Balance at 1 Jan 2012

11,149

(35,534)

17,919

(6,466)

Profit for the period

11

11

Total recognised income

11

11

Issue of New Share Capital

15

151

166

Balance at 30 June 2012

11,164

(35,523)

18,070

(6,289)

Profit/(loss) for the period

(169)

(169)

Total recognised income

(169)

(169)

Balance at 31 Dec 2012

11,164

(35,692)

18,070

(6,458)

Balance at 1 Jan 2013

11,164

(35,692)

18,070

(6,458)

Profit for the period

(34)

(34)

Total recognised income

(34)

(34)

Issue of New Share Capital

Balance at 30 June 2013

11,164

(35,726)

18,070

(6,492)


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED


6 months


6 months


Year Ended


ended 30 June


ended 30 June


31 Dec


2013


2012


2012


£'000


£'000


£'000







Non Current Assets

0


0


0







Current Assets












Inventories

0


0


0

Trade and Other Receivables

0


192


2

Cash and Cash Equivalents

2


18


19














2


210


21







Total Assets

2


210


21













Equity and Liabilities












Shareholders' Equity












Share Capital

11,164


11,164


11,164

Share Premium Account

 2,686


 2,685


 2,686

Other Reserves

15,384


15,384


15,384

Retained Earnings

  (35,726)


  (35,523)


   (35,692)













Total Equity

(6,492)


(6,290)


(6,458)







Non-Current Liabilities






Long Term Borrowings (Group)

6,258


6,288


6,258







Current Liabilities






Trade and Other Payables

222


212


211

Bank Overdraft and Loans

10


0


10













Total Liabilities

6,490


6,500


6,479







Total Equity and Liabilities

2


210


21


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED


6 months


6 months


Year Ended


ended 30 June


ended 30 June


31 Dec


2013


2012


2012


   £'000


  £'000


  £'000







Net Cash From/(Used In) Operating Activities

(17)


(149)


(133)







Net Cash Used In Investing Activities

0


0


0







Cash Flows From Financing Activities

              

          0 


165


150







Net Increase/(Decrease) In Borrowings

0


0


0

Net Cash Flow Used In Financing Activities

0


165


150







Net Increase/(Decrease) In Cash and Cash Equivalents

(17)


   16


17







Cash and Cash Equivalent at Beginning of Period

19


2


2







Cash and Cash Equivalent at End of Period

2


18


19







Notes to the Interim Report

(1)      The interim financial statements have been prepared on the basis of the

accounting policies set out in the audited statutory accounts for the year ended

31 December 2012.

The financial information contained in these statements for the six months ended

30 June 2013 and 30 June 2012 is unaudited and does not constitute statutory

accounts as defined in section 434 of the Companies Act 2006.

(2)      Reconciliation of Operating Profit to Net Cash Flows From Operating

Activities


6 months


6 months


Year Ended


ended 30 June


ended 30 June


31 Dec


2013


2012


2012


   £'000


  £'000


  £'000







Operating Profit/(Loss) On Continuing Activities

(34)


11


(158)







Depreciation and Amortisation

0


0


0

Decrease/(Increase) In Inventories

0


0


0

Decrease/(Increase) In Trade and Other Receivables

2


(130)


60

Increase/(Decrease) In Trade and Other Payables

15


(30)


(35)







Net Cash Generated From Operations

(17)


(149)


(133)







(3)       No ordinary interim dividend is proposed for 2013 (2012 - £Nil).

(4)       The comparative cash flow for the year ended 31 December 2012 has been

extracted from the audited accounts. The cash flows for the six months ended 30

June 2013 and 30 June 2012 are unaudited.

(5)       Reconciliation of Movements In Equity


6 months


6 months


Year Ended


ended 30 June


ended 30 June


31 Dec


2013


2012


2012


   £'000


  £'000


  £'000

Share Premium Account






Brought Forward

2,686


2,535


2,535

Movement



150


151

Carried Forward

2,686


2,685


2,686







Other Reserves






Brought Forward

15,384


15,384


15,384

Movement

0


0


0

Carried Forward

15,384


   15,384


15,384







Retained Earnings






Brought Forward

  (35,692)


(35,534)


(35,534)

Profit/(Loss) for the Period

(34)


11


      (158)







Carried Forward

(35,726)


(35,523)


(35,692)







(6)       The Group is supported by short term borrowings from its larger

shareholders and supporters by way of formal agreements. At 30 June 2013 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,247,825 from the Group's supporters. Keniworth Capital Ltd holds 24% of the issued ordinary share capital.

(7)       These Statements are prepared in accordance with International

Financial Reporting Standards (IFRS) as adopted for use in the EU.

(8)       The Interim Report will be sent by mail to all registered shareholders

and copies will be available from the Company's registered office at Everett and Son,

35 Paul Street, London, EC2A 4UQ. A downloadable copy will also be

posted on the Company's website www.ross-group.co.uk

Responsibility statement:

    The Directors confirm that, to the best of their knowledge:-

a)    the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

b)    the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

c)    the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

On behalf of the Board

B Pettitt                          

Chief Executive Officer                        

Ross Group plc

Registered Office

35 Paul Street

London EC2A 4UQ

Contact - M Simon, Non Executive Director

Tel. - 07561 091699

Email - michael@simonsilvermyer.com

Website - www.ross-group.co.uk

 


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