RNS Number:4754X
G.R. Holdings PLC
26 January 2006
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2005
The unaudited results, balance sheet, and cash flow statement of the group for
the six months ended 31 December 2005 together with those of the corresponding
six months in 2004 and for the year ended 30 June 2005
Six months ended Six months Year Ended
ended
31 December 2005 31 December 30 June 2005
2004
# # #
Turnover
Continuing operations 556,597 437,070 696,991
Discontinued operations - 1,954,028 2,559,208
556,597 2,391,098 3,256,199
Operating loss
Continuing operations (190,602) (9,599) (451,772)
Discontinued operations - (79,414) (308,287)
Profit / (loss) on disposal of investments 63,441 (21,375) 25,338
(127,161) (110,388) (734,721)
Exceptional profit on disposal of business - - 7,183,308
(Loss) / profit on ordinary activities before (127,161) (110,388) 6,647,492
interest
Interest receivable and similar income 296,703 71,252 298,736
Interest payable and similar charges (362) - (5,451)
296,341 71,252 293,285
Profit / (loss) on ordinary activities before 169,180 (39,136) 6,940,777
taxation
Tax on profit /(loss) on ordinary activities - - (241,397)
Profit / (loss) on ordinary activities after 169,180 (39,136) 6,699,380
taxation
Dividends (213,062) (160,021) (202,265)
(Loss) / profit for the financial year (43,882) (199,157) 6,497,115
Earnings per share 0.7p (0.9p) 49.6p
G.R. (Holdings) plc
Consolidated Balance Sheet
31 December 31 December 30
2005 2004 June 2005
# # #
Fixed assets
Intangible assets 1 1 1
Tangible assets 380,576 1,371,296 364,352
Investments 873,606 1,473,700 1,468,377
1,254,183 2,808,997 1,832,730
Current assets
Stocks 74,211 154,361 79,748
Debtors 162,149 367,024 149,707
Cash at bank and in hand 12,332,108 3,466,163 11,759,771
12,568,468 3,987,548 11,989,226
Creditors : amounts falling due
within one year 308,279 594,574 220,146
Net current assets 12,260,189 3,392,974 11,769,080
Total assets less current liabilities 13,514,372 6,201,971 13,601,810
Provision for liabilities and charges
Deferred taxation 143,000 - 143,000
13,371,372 6,201,971 13,458,810
Capital and reserves
Called up share capital 2,208,513 2,208,513 2,208,513
Capital redemption reserve 425,000 425,000 425,000
Revaluation reserve 606,344 - 606,344
Share premium account 198,396 198,396 198,396
Profit and loss account 9,933,119 3,370,062 10,020,557
Shareholders funds 13,371,372 6,201,971 13,458,810
G.R. (Holdings) plc
Cash flow Statement for the period
31 December 31 December 30
2005 2004 June 2005
# # #
Reconciliation of operating loss to net cash inflow
from operating activities
Operating loss (127,161) (108,413) (535,816)
Depreciation 5,243 115,935 145,846
Provision against investments - - 250,000
Profit on disposal of tangible fixed assets - - (13,013)
Profit on disposal of business - - (7,183,308)
(Profit) / loss on disposal of investments (63,441) 21,375 (25,338)
Decrease in stocks 5,537 33,805 108,418
(Increase) / decrease in debtors (12,442) (92,642) 88,590
Increase /(decrease) in creditors 88,133 3,923 (412,866)
Net cash outflow from operating activities (104,131) (26,017) (7,577,487)
Exceptional profit on disposal of business - - 7,183,308
Net cash outflow from operating activities (104,131) (26,017) (394,179)
Net cash outflow from operating activities (104,131) (26,017) (394,179)
Returns from investment and servicing of finance 214,960 (12,104) 130,524
Taxation - - (993)
Capital expenditure and financial investments 636,745 (165,574) 8,397,466
Equity dividend paid (131,681) - (39,504)
Net cash inflow /(outflow) before financing 615,893 (203,695) 8,093,314
Financing - (8,150) (18,135)
Increase /(decrease) in cash for the period 615,893 (211,845) 8,075,179
Reconciliation of net cash flow to movement in net
funds
Increase /(decrease) in cash for the period 615,893 (211,845) 8,075,179
Cash outflow from lease financing - 8,150 18,135
Exchange movements (43,556) (3,240) (6,641)
Movement in net funds for the period 572,337 (206,935) 8,086,673
Net funds as at 30 June 2005 11,759,771 3,673,098 3,673,098
Net funds as at 31 December 2005 12,332,108 3,466,163 11,759,771
G.R (Holdings) plc
The pre-tax profit of the group for the period was #169,180 (#39,136 2004 -
loss). The operating loss of continuing operations was #190,602 (#9,599 2004 -
loss).
During the period, the group was engaged in (a) the manufacture and sale of
Morlands footwear, sheepskin car rugs, and other products, (b) transactions
involving property and (c) investments.
At 31 December 2005, we were still involved as a limited partner in nine
partnerships in land in the USA. In the six months to 31 December 2005, three
partnerships disposed of the entirety of their holding, of which partial sales
had been made in previous years in one of the partnerships. The disposals
resulted in losses in two and a profit in one partnership, with a net profit of
#63,441 (#21,375 loss -2004). There were a further two partial disposals during
the period.
In line with the Chairman's statement released on 27 September 2005, the trading
position of Morlands has continued to improve.
The board has decided not to declare an interim dividend (2004 - 0.3p) for the
year ending 30 June 2006.
The Board's current intention is to declare a substantial special dividend
before the end of March 2006. Following the decision as to the quantum of any
special dividend and confirmation as to whether it is to be declared, the Board
currently intends to apply to the London Stock Exchange to de-list the Ordinary
Shares in the Company. This will be subject to the approval of shareholders in
general meeting. A. Stanford and Company Limited, a 75.05% shareholder in the
Company, has indicated to the Board that it will support the necessary
resolutions.
The board is advised that as at 30 June 2006 the company was a close company
within the meaning of the Income and Corporation Taxes Act 1988.
7 Queripel House
1 Duke of York Square
London SW3 4LY
020 7730 8799
26 January 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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