RNS Number:2802J
G.R. Holdings PLC
21 September 2006
The Company announces that the Final Results issued under reference number
RNS-2387J at 15:13 on 20 September 2006 contained a typographical error in the
Chairman's Statement.
The penultimate paragraph was incorrectly stated as:
Overall, I am pessimistic regarding the results for the current year and the
probability is that fairly substantial losses will result, despite continuing
efforts to reduce our overheads to a minimum.
The paragraph should have stated:
Overall, I am pessimistic regarding the trading results for the current year and
the probability is that fairly substantial losses will result, despite
continuing efforts to reduce our overheads to a minimum.
All other information in the release is correct. A fully copy of he corrected
announcement appears below
G.R. (Holdings) plc
Consolidated Profit and Loss Account
For the year ended 30 June 2006
2006 2005
# # #
Turnover
Continuing operations 1,037,090 696,991
Discontinued operations - 2,559,208
1,037,090 3,256,199
Operating loss
Continuing operations (258,243) (408,892)
Discontinued operations - (126,924)
Profit on disposal of US investments 214,924
Profit on disposal of investments and fixed 44,963
assets
Adjustment to provision against investments 245,130 (250,000)
246,774 (535,816)
Exceptional profit on disposal of business - 7,183,308
Profit on ordinary activities before interest 246,774 6,647,492
Interest receivable and similar income 529,552 298,736
Interest payable and similar charges (1,754) (5,450)
527,798 293,286
Profit on ordinary activities before taxation 774,572 6,940,778
Tax on profit on ordinary activities 119,789 (241,397)
Profit for the financial year 894,361 6,497,115
Earnings per share 5.5p 49.6p
G.R. (Holdings) plc
Consolidated Balance Sheet
As at 30 June 2006
2006 2005
# # #
Fixed assets
Intangible assets 1 1
Tangible assets 542,329 364,351
Investments 1,245,318 1,468,377
1,787,648 1,832,730
Current assets
Stocks 81,929 79,748
Debtors 123,043 149,707
Cash at bank and in hand 3,218,046 11,759,771
3,423,018 11,989,226
Creditors : amounts falling due
within one year 368,228 220,146
Net current assets 3,054,790 11,769,080
Total assets less current liabilities 4,842,438 13,601,810
Creditors : amounts falling due after
more than one year 1,550,108 1,550,108
Provision for liabilities and charges
Deferred taxation - 143,000
3,292,330 11,908,702
Capital and reserves
Called up share capital 658,405 658,405
Capital redemption reserve 425,000 425,000
Revaluation reserve 1,055,526 606,344
Share premium account 198,396 198,396
Profit and loss account 955,003 10,020,577
Shareholders funds 3,292,330 11,908,702
G.R (Holdings) plc
Notes:
1. The summary of results for the year ended 30 June 2006 does not
constitute full financial statements within the meaning of Section 240 of the
Companies Act 1985.
2. The board has decided to declare a final dividend of 1.0p, (2005 -
1.0p) for the year ending 30 June 2006 on the ordinary shares of the company.
This will be paid on 20 November 2006 to those shareholders on the Register of
Members on 20 October 2006.
3. The calculation of earnings per share is based on a profit of #774,572
(2005: #6,940,778) being the profit after taxation and after deducting
preference dividends, and on 13,168,100 ordinary shares of 5p each (2005:
13,168,100).
4. The Annual General Meeting will be held at 11.00am on 10 November 2006
at the offices of Evolution Securities Limited, 100 Wood Street, London EC2V
7AN.
5. Copies of the 2006 Report and Accounts are being sent to shareholders
in due course. Further copies are available from the Company's registered
office at 7 Queripel House, 1 Duke of York Square, London SW3 4LY.
G.R. (HOLDINGS) PLC
PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2006
CHAIRMAN'S STATEMENT
The pre-tax profit of the group on ordinary activities for the year ended 30
June 2006 was #774,572 (2005 - #6,940,778). After taxation, the profit
attributable to members of the company is #894,361 against #6,669,381 for the
previous year. The turnover from continuing operations increased from #696,991
to #1,037,090.
Morland's turnover increased by approximately 49%, which gave rise to a profit
for the year of #87,759, but unfortunately we lost the contract with our largest
customer in March.
During the year, four of the partnerships in land in the USA disposed of the
entirety of their holding, of which partial sales had been made in previous
years in one of these partnerships. In addition, partial sales were made by two
of the partnerships during the year. These disposals, of #1,026,863 have
resulted in a profit of #214,924. At the year end we were still involved as
limited partners in eight partnerships.
At the year end, our stock increased by #2,181. Debtors have increased by #6,448
whilst creditors have decreased by #1,918. Net cash at bank and in hand has
decreased by #8,541,725 to #3,218,046. largely as a consequence of the below
mentioned special dividend.
Since the year end, the trading position of Morlands has been adversely affected
by the loss of its major contract and unfortunately the company is now trading
at a loss.
Of the remaining eight partnerships in which we still have interests, one
constitutes over 50% of the value of such partnerships amounting to #431,441.
This investment has been held since December 1987 and no serious offers for it
have been received to date.
Earlier this month a sale was completed by a property company in which Mintbay
Limited has a 50% interest resulting in the group achieving the value stated in
the accounts at which this investment has been stated in accounts.
On 30 June 2006, we paid a special dividend of 72.1p per share amounting to
#9,494,200.
Overall, I am pessimistic regarding the trading results for the current year and
the probability is that fairly substantial losses will result, despite
continuing efforts to reduce our overheads to a minimum.
Finally, I would like to thank my co-director and all the staff for their
support and efforts during the year.
A.D. Stalbow
Chairman
20 September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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