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Ford Eagle Group Ltd (FEGP)

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Wednesday 18 May, 2011

Ford Eagle Group Ltd

Final Results


                           Ford Eagle Group Limited                            

                        ("Ford Eagle" or the "Company")                        

                                 Final Results                                 

The board of Ford Eagle is pleased to announce the final results of the Company
for the year ended 31 December 2010.

CHAIRMAN'S STATEMENT

Review of operations

The year has been one of significant developments for the Company.

On 2 August 2010, the Company was admitted to the PLUS-quoted market of the
PLUS Stock Exchange and its shares opened for trading.

The Company acquired full control of Ford Eagle Capital Limited as well as Ford
Eagle Investment Consulting (Shenzhen) Limited. Its presence in Shenzhen, PRC
is continuing to attract business from SMEs in a number of cities and provinces
in the PRC.

The Company has recently signed several new engagements. Sectors in which it is
currently active include natural resources, media, internet, commercial
property, retail and leisure.

Three recent mandates are outlined below.

The Company is advising a highly successful B-to-B commercial property focused
internet company based in Guangzhou with a view to having its ordinary shares
listed on the London Stock Exchange before the close of 2011.

The Company is in active discussions with plans to advise a newly formed
company led by a number of well known veterans from the animated film industry
in the USA and China on building a substantial animation film studio, technical
school and animation theme park, together with other related facilities, in
Guangdong Province.

A producing iron ore mining company in Anhui Province, northern China, has
recently engaged Ford Eagle Group. This assignment encompasses raising
development capital to boost significantly the company's annual production
capacity as well as identifying strategic investment partners and preparing the
company for an eventual listing of its shares in London or another suitable
equity market.

Finally, with a view to strengthening its existing ties to the financial
markets in the UK as well as to enhance its client offering, the Company has
formed a joint venture with a well established London based corporate finance
adviser. The principals of this company have many years experience advising
international companies on capital markets and general corporate finance. It is
anticipated that this may be followed by the formation of further joint venture
companies in other major capital markets.

The outlook for the economy of China and for the relevant commercial sectors
remains very positive and the Board continues to identify new opportunities
within the SME sector in China and to find companies that will be suitable for
listing their shares on overseas equity markets, particularly in the U.K.

Results

The Company is reporting a net loss for the year of GBP369, 947 or 13.67p per
share.

As mentioned in the interim report, the advisory fees generated from projects
the company is engaged in tend to be very heavily weighted towards the
conclusion of the company's mandates. Whilst the underlying business,
therefore, continues to grow and the Company has signed new corporate advisory
engagements, the full benefit of work in progress is not yet reflected in the
results. In addition, the Company has experienced delays in developing part of
its existing client base to the point of readiness for overseas listings.
Nonetheless, it is envisaged that, as the companies develop, they will be fully
using the services of the Company to assist the expansion of their business.

We are confident that the Company's longer term prospects remain excellent,
especially in view of the most recent developments referred to above.

Nicholas Littlewood

Executive Chairman

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2010

                                                    31 December     31 December
                                                                               
                                                           2010            2009
                                                                               
                                                          £'000           £'000
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                                44               1
                                                                               
                                                             44               1
                                                                               
Current assets                                                                 
                                                                               
Trade and other receivables                                  11              78
                                                                               
Cash and cash equivalents                                    53               6
                                                                               
                                                             64              84
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                                   (24)             (3)
                                                                               
Net current assets                                           40              81
                                                                               
Non-current liabilities                                                        
                                                                               
Loan from a related party                                  (65)            (11)
                                                                               
Net Assets                                                   19              71
                                                                               
Shareholders' equity                                                           
                                                                               
Called up share capital                                     321             150
                                                                               
Share premium                                               147               -
                                                                               
Foreign currency translation reserve                          2               -
                                                                               
Retained earnings                                         (451)            (79)
                                                                               
Total equity                                                 19              71

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2010

                                                      Yearended          Period
                                                                          ended
                                                    31 December                
                                                                    31 December
                                                           2010            2009
                                                                               
                                                          £'000           £'000
                                                                               
Revenue                                                      34               -
                                                                               
Cost of sales                                                 -               -
                                                                               
Gross profit                                                 34               -
                                                                               
Other income                                                  -               1
                                                                               
Administrative expenses                                   (406)            (80)
                                                                               
Loss from operations                                      (372)            (79)
                                                                               
Finance costs                                               (1)               -
                                                                               
Loss before taxation                                      (373)            (79)
                                                                               
Taxation                                                      -               -
                                                                               
Loss for the year/period attributable to equity           (373)            (79)
holders                                                                        
                                                                               
Other comprehensive income                                                     
                                                                               
Exchange differences on translating foreign                   3               -
operations                                                                     
                                                                               
Other comprehensive income for the year/period                3               -
attributable to equity holders                                                 
                                                                               
Total comprehensive income for the year/period            (370)            (79)
attributable to equity holders                                                 
                                                                               
Loss per share                                                                 
                                                                               
Basic and diluted (pence)                               (13.67)          (5.26)

NOTES

1. The information above has been extracted from the audited financial
statements of the Company, in respect of which the Company's auditors have
issued an unqualified audit report. In forming their opinion, which is not
qualified, the auditors have considered the adequacy of the disclosures made in
the financial statements concerning the Company's ability to continue as a
going concern. The going concern assumption is predicated on the ability of the
Company to complete a number of corporate finance assignments, the timing of
which is not certain. This condition indicates the existence of a material
uncertainty which may cast significant doubt about the Company's ability to
continue as a going concern. The financial statements do not include the
adjustments that would result if the Company was unable to continue as a going
concern.

2. The Directors of Ford Eagle Group Limited take responsibility for the
content of this announcement.

For further information, please contact:

Ford Eagle Group Ltd

Nicholas Littlewood, Executive Chairman

+44 7813 623 558 (UK)

+852 6140 1214 (HK)

Cairn Financial Advisers LLP - Corporate Adviser

Simon Sacerdoti

+ 44 20 7148 7900

Alexander David Securities Limited - Broker

David Scott

+44 20 7448 9830

Axiom Capital Ltd - Financial Adviser

David Sinclair or Kobus Huisamen

+44 20 8455 0011


          

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