TIDMGRH
RNS Number : 1880J
G.R. Holdings PLC
25 March 2010
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2009
Consolidated Income Statement
For the 6 months ended 31 December 2009
+--------------------------+-----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+--------------------------+-----------+-----------+-----------+
| | 31 | 31 | 30 June |
| | December | December | 2009 |
| | 2009 | 2008 | |
+--------------------------+-----------+-----------+-----------+
| | GBP | GBP | GBP |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Continuing operations | | | |
+--------------------------+-----------+-----------+-----------+
| Revenue | 339,675 | 386,907 | 527,468 |
+--------------------------+-----------+-----------+-----------+
| Cost of sales | (137,786) | (182,243) | (266,507) |
+--------------------------+-----------+-----------+-----------+
| Gross profit | 201,889 | 204,664 | 260,961 |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Distribution costs | (23,613) | (19,708) | (34,770) |
+--------------------------+-----------+-----------+-----------+
| Administrative expenses | (270,259) | (326,067) | (633,439) |
+--------------------------+-----------+-----------+-----------+
| Increase in value of | - | - | 123,915 |
| property investments | | | |
+--------------------------+-----------+-----------+-----------+
| Profit / (loss) on | 24,579 | - | (17,146) |
| disposal of USA | | | |
| investments | | | |
+--------------------------+-----------+-----------+-----------+
| | (269,293) | (345,775) | (561,440) |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Loss from continuing | (67,404) | (141,111) | (300,479) |
| activities | | | |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Financial income | 133 | 28,913 | 30,886 |
+--------------------------+-----------+-----------+-----------+
| Financial costs | - | (368) | (773) |
+--------------------------+-----------+-----------+-----------+
| | 133 | 28,545 | 30,113 |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Loss before taxation | (67,271) | (112,566) | (270,366) |
+--------------------------+-----------+-----------+-----------+
| Income tax expense | - | - | 42,605 |
+--------------------------+-----------+-----------+-----------+
| Loss on ordinary | (67,271) | (112,566) | (227,761) |
| activities after | | | |
| taxation | | | |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Earnings per share | (0.5)p | (0.9)p | (2.0)p |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
Consolidated statement of recognised income and expense
For the six months ended 31 December 2009
+--------------------------+----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
+--------------------------+----------+-----------+-----------+
| | 31 | 31 | 30 |
| |December | December | June |
| | 2009 | 2008 | 2009 |
+--------------------------+----------+-----------+-----------+
| | GBP | GBP | GBP |
+--------------------------+----------+-----------+-----------+
| Exchange difference | (9,692) | (7,330) | 11,094 |
| arising on translation | | | |
| of foreign operations | | | |
+--------------------------+----------+-----------+-----------+
| Net expenses recognised | (9,692) | (7,330) | 11,094 |
| directly to equity | | | |
+--------------------------+----------+-----------+-----------+
| Loss for the period | (67,271) | (112,566) | (227,761) |
+--------------------------+----------+-----------+-----------+
| Total recognised income | (76,963) | (119,896) | (216,667) |
| and expense for the | | | |
| period | | | |
+--------------------------+----------+-----------+-----------+
| | | | |
+--------------------------+----------+-----------+-----------+
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2009
Consolidated Balance Sheet
As at 31 December 2009
+------------------------+-----------+-----------+-----------+-+
| | 31 | 31 | 30 | |
| | December | December | June | |
| | 2009 | 2008 | 2009 | |
+------------------------+-----------+-----------+-----------+-+
| | GBP | GBP | GBP | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| Assets | | | | |
+------------------------+-----------+-----------+-----------+-+
| Non-current assets | | | | |
+------------------------+-----------+-----------+-----------+-+
| Property, plant and | 125,286 | 131,468 | 124,276 | |
| equipment | | | | |
+------------------------+-----------+-----------+-----------+-+
| Investment properties | 600,614 | 756,794 | 863,563 | |
+------------------------+-----------+-----------+-----------+-+
| Intangible assets | 7,035 | 1 | 5,907 | |
+------------------------+-----------+-----------+-----------+-+
| | 732,935 | 888,263 | 993,746 | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| Current assets | | | | |
+------------------------+-----------+-----------+-----------+-+
| Inventories | 45,822 | 77,077 | 70,984 | |
+------------------------+-----------+-----------+-----------+-+
| Trade and other | 155,928 | 125,565 | 92,046 | |
| receivables | | | | |
+------------------------+-----------+-----------+-----------+-+
| Cash and cash | 1,479,393 | 1,581,206 | 1,357,176 | |
| equivalents | | | | |
+------------------------+-----------+-----------+-----------+-+
| | 1,681,143 | 1,783,848 | 1,520,206 | |
+------------------------+-----------+-----------+-----------+-+
| Current liabilities | | | | |
+------------------------+-----------+-----------+-----------+-+
| Trade and other | 94,758 | 147,163 | 117,669 | |
| payables | | | | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| Total net current | 1,586,385 | 1,636,685 | 1,402,537 | |
| assets | | | | |
+------------------------+-----------+-----------+-----------+-+
| Total assets less | 2,319,320 | 2,524,948 | 2,396,283 | |
| current liabilities | | | | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| Non-current | | | | |
| liabilities | | | | |
+------------------------+-----------+-----------+-----------+-+
| Deferred income tax | 37,582 | 69,476 | 37,582 | |
| liabilities | | | | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| | 2,281,738 | 2,455,472 | 2,358,701 | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| | | | | |
+------------------------+-----------+-----------+-----------+-+
| Shareholders' equity | | | | |
+------------------------+-----------+-----------+-----------+-+
| Called up share | 658,405 | 658,405 | 658,405 | |
| capital | | | | |
+------------------------+-----------+-----------+-----------+-+
| Capital redemption | 425,000 | 425,000 | 425,000 | |
| reserve | | | | |
+------------------------+-----------+-----------+-----------+-+
| Share premium account | 198,396 | 198,396 | 198,396 | |
+------------------------+-----------+-----------+-----------+-+
| Profit and loss | 999,937 | 1,173,671 | 1,076,900 | |
| account | | | | |
+------------------------+-----------+-----------+-----------+-+
| Shareholders' funds | 2,281,738 | 2,455,472 | 2,358,701 | |
+------------------------+-----------+-----------+-----------+-+
| | | | |
| | | | |
+------------------------+-----------+-----------+-----------+-+
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2009
Consolidated cash flow statement for the period
+-------------------------------+-----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | ended |
| | ended | ended | |
| | 31 | 31 | 30 |
| | December | December | June |
| | 2009 | 2008 | 2009 |
+-------------------------------+-----------+-----------+-----------+
| | GBP | GBP | GBP |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Cash flows from operating | | | |
| activities | | | |
+-------------------------------+-----------+-----------+-----------+
| Loss for the period | (67,404) | (141,111) | (300,479) |
+-------------------------------+-----------+-----------+-----------+
| Depreciation of property, | 843 | 4,415 | 6,075 |
| plant and equipment | | | |
+-------------------------------+-----------+-----------+-----------+
| Amortisation of intangible | 2,662 | | 4,327 |
| assets | | | |
+-------------------------------+-----------+-----------+-----------+
| Revaluation of investment | - | - | (123,915) |
| property | | | |
+-------------------------------+-----------+-----------+-----------+
| (Gain) / loss on disposal of | (24,579) | - | 17,146 |
| investment property | | | |
+-------------------------------+-----------+-----------+-----------+
| Cash absorbed from operations | (88,478) | (136,696) | (396,846) |
| before changes in working | | | |
| capital | | | |
+-------------------------------+-----------+-----------+-----------+
| Decrease in inventories | 25,162 | 19,747 | 25,840 |
+-------------------------------+-----------+-----------+-----------+
| (Increase) / decrease in | (63,882) | (1,033) | 30,595 |
| trade and other receivables | | | |
+-------------------------------+-----------+-----------+-----------+
| (Decrease) / increase in | (22,911) | 12,673 | (16,917) |
| trade and other payables | | | |
+-------------------------------+-----------+-----------+-----------+
| Cash absorbed from operations | (150,109) | (105,309) | (357,328) |
| before tax payments | | | |
+-------------------------------+-----------+-----------+-----------+
| Income taxes paid | - | - | 12,707 |
+-------------------------------+-----------+-----------+-----------+
| Cash flows from operating | (150,109) | (105,309) | (344,621) |
| activities | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Investing activities | | | |
+-------------------------------+-----------+-----------+-----------+
| Payments for property, plant | (5,643) | - | (4,710) |
| and equipment | | | |
+-------------------------------+-----------+-----------+-----------+
| Proceeds on sale of property | 287,528 | - | - |
| investments | | | |
+-------------------------------+-----------+-----------+-----------+
| Interest received | 133 | 28,913 | 30,886 |
+-------------------------------+-----------+-----------+-----------+
| Cash flows from investing | 282,018 | 28,913 | 26,176 |
| activities | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Financing activities | | | |
+-------------------------------+-----------+-----------+-----------+
| Interest paid | - | (368) | (773) |
+-------------------------------+-----------+-----------+-----------+
| Cash flows from financing | - | (368) | (773) |
| activities | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Net decrease in cash for the | 131,909 | (76,764) | (319,218) |
| period | | | |
+-------------------------------+-----------+-----------+-----------+
| Exchange movements | (9,692) | (7,330) | 11,094 |
+-------------------------------+-----------+-----------+-----------+
| Movement in net funds for the | 122,217 | (84,094) | (308,124) |
| period | | | |
+-------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at | 1,357,176 | 1,665,300 | 1,665,300 |
| beginning of the period | | | |
+-------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at | 1,479,393 | 1,581,206 | 1,357,176 |
| end of the period | | | |
+-------------------------------+-----------+-----------+-----------+
G.R (Holdings) plc
Interim Report
for the six months to 31 December 2009
Notes to the Interim Report
1 Company information
Registered office
7 Queripel House
1 Duke of York Square
London SW3 4LY
0207 730 8799
Registered number
449563
Nominated Advisor and Broker
Evolution Securities Limited
100 Wood Street
London EC2V 7AN
2 General Information
GR (Holdings) plc is a public limited company incorporated in the UK with a
listing on the Alternative Investment Market.
The interim report was approved for issue by the board of directors on 25 March
2010. It has not been audited nor reviewed by the auditors Gerald Kreditor &
Co.
This interim report does not comprise statutory accounts within the meaning of
Section 434 of the Companies Act 2006. The figures for the year ended 30 June
2009 have been extracted from the 2009 annual financial statements, which was
approved by the board of directors on 19 October 2009 and delivered to the
Registrar of Companies. The report of the auditors on those accounts was
unqualified, but did contain an emphasis of matter paragraph in relation to the
group's investments in the USA.
3 Availability of interim report
This statement will be 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 or via the company's website www.grholdingsplc.co.uk
4 Basis of preparation
This condensed half-yearly financial information for the six months ended 31
December 2009 has been prepared in accordance with IAS 34 "Interim Financial
Reporting" as adopted by the European Union. The half-yearly financial report
should be read in conjunction with the annual financial statements for the year
ended 30 June 2009, which have been prepared in accordance with IFRS's as
adopted by the European Union.
5 Significant accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 June 2009.
6 Principal risks and uncertainties for the remaining six months of
the financial year
The most significant risks to the Group's business relate to the ongoing world
economic crisis.
The Group has no gearing with surplus cash available, so being in a position to
take advantage of situations arising out of the current economic environment.
G.R (Holdings) plc
Interim Report
for the six months to 31 December 2009
Notes to the Interim Report (continued)
7 Segmental analysis
a. Segmental revenues and results
The following is an analysis of the group's revenue and results by reportable
segment:
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| | Revenue | | Pre-tax profit / (loss) |
+-------------------------+--------------------------------+----------+----------------------------------+
| | Six | | Six | | Six | | Six |
| | months | | months | | months | | months |
| | ended | | ended | | ended | | ended |
| | 31 | | 31 | | 31 | | 31 |
| |December | |December | | December | | December |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| | 2009 | | 2008 | | 2009 | | 2008 |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| | GBP | | GBP | | GBP | | GBP |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| Manufacture and sale of | 331,003 | | 373,780 | | 73,819 | | 47,887 |
| Morlands sheepskin car | | | | | | | |
| rugs, footwear and | | | | | | | |
| other related products | | | | | | | |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| Gain on disposal of | | | - | | 24,579 | | - |
| property investment | | | | | | | |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| Property investment | 8,670 | | 13,127 | | (5,253) | | (20,488) |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| Central costs | - | | - | | (160,549) | | (168,510) |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| Net interest | - | | - | | 133 | | 28,545 |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
| | 339,673 | | 386,907 | | (67,271) | | (112,566) |
+-------------------------+----------+----------+----------+----------+-----------+----------+-----------+
Revenue reported above represents revenue generated form external customers.
There were no inter-segment sales during the period, (2007: nil).
b. Geographical segments
The group operates in two principal geographical areas - United Kingdom and
United States of America. The group's revenue from external customers and
information about its segment assets by geographical location are detailed
below:
+-----------+---------+----------+----------+----------+-----------+----------+---------+----------+-----------+----------+-----------+
| | Six months ended 31 December 2009 | | Six months ended 31 December 2008 |
+-----------+------------------------------------------------------+----------+-------------------------------------------------------+
| | Source | | Pre-tax | | Net | | Source | | Pre-tax | | Net |
| | of | | Profit | | Assets | | of | | Profit | | Assets |
| |revenue | | / | | | |revenue | | / | | |
| | | | (loss) | | | | | | (loss) | | |
+-----------+---------+----------+----------+----------+-----------+----------+---------+----------+-----------+----------+-----------+
| | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+-----------+---------+----------+----------+----------+-----------+----------+---------+----------+-----------+----------+-----------+
| United | 339,673 | | (82,177) | | 1,996,377 | | 386,907 | | (100,938) | | 2,141,747 |
| Kingdom | | | | | | | | | | | |
+-----------+---------+----------+----------+----------+-----------+----------+---------+----------+-----------+----------+-----------+
| United | - | | 14,906 | | 285,361 | | - | | (11,628) | | 313,725 |
| States of | | | | | | | | | | | |
| America | | | | | | | | | | | |
+-----------+---------+----------+----------+----------+-----------+----------+---------+----------+-----------+----------+-----------+
| | 339,673 | | (67,271) | | 2,281,738 | | 386,907 | | (112,566) | | 2,455,472 |
+-----------+---------+----------+----------+----------+-----------+----------+---------+----------+-----------+----------+-----------+
c. Revenue
Analysis of revenue by geographical market is given below:
For the six months ended 31 December
+----------------------------------------+---------+----+---------+
| | 2009 | | 2008 |
+----------------------------------------+---------+----+---------+
| | GBP | | GBP |
+----------------------------------------+---------+----+---------+
| United Kingdom | 238,798 | | 287,176 |
+----------------------------------------+---------+----+---------+
| Rest of European Union | 52,042 | | 32,665 |
+----------------------------------------+---------+----+---------+
| Rest of the world | 48,833 | | 67,066 |
+----------------------------------------+---------+----+---------+
| | 339,673 | | 386,907 |
+----------------------------------------+---------+----+---------+
All the revenue for the above periods relate to continuing activities.
G.R (Holdings) plc
Interim Report
for the six months to 31 December 2009
Notes to the Interim Report (continued)
8 Earnings per share
The calculation of earnings per share is based on a loss of GBP67,271 (2008:
GBP112,566 loss) being the loss after taxation and after deducting preference
dividends, and on 13,168,100 ordinary shares of 5p each (2008: 13,168,100).
9 Related part transactions
There were no related party transactions during the period.
10 Directors' Statement of Responsibilities
The directors confirm to the best of their knowledge:
· The condensed set of financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
· The interim management report includes a fair review of the information
required by DT 4.2.7R being an indication of important events that have occurred
during the first 26 weeks of the financial year and their impact on the
condensed set of financial statements and a description of the principal risks
and uncertainties for the remaining 26 weeks of the year; and
· The interim management report includes a fair review of the information
required by DT 4.2.8R being disclosure of related party transactions and changes
therein since the last annual report.
The names of the directors of G.R. (Holdings) plc are listed in the G.R.
(Holdings) plc Annual Report for 30 June 2009 and a list of current directors is
maintained on the G.R. (Holdings) plc website www.grholdingsplc.co.uk
By order of the Board:
Anthony Stalbow, Chairman John Lewis, Non-executive
director
25 March 2010
G.R. (Holdings) plc
Interim Management Statement
for the six months to 31 December 2009
Chairman's Statement
The pre-tax loss of the group for the period was GBP67,271 (2007 loss:
GBP112,566).
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.
Morlands' turnover fell to GBP331,003 from GBP373,780 for the corresponding
period last year , whilst the profit increased from GBP47,887 to GBP73,819; this
was due to cost savings.
At 31 December 2009, we were still involved as a limited partner, in three
partnerships in land, in the USA. There was one part disposal during the six
months to 31 December 2009 resulting in a profit of GBP24,579.
Since 30 June 2009, the stock decreased by GBP25,162, debtors increased by
GBP63,822 and creditors decreased by GBP22,911. Net cash at bank and in hand
increased by GBP122,217.
The operating outlooks for the group are still difficult to predict in view of
the uncertainty of the current economic climate, the group is continuing to
review all its costs.
The board has decided not to declare an interim dividend (2008 - nil).
AD Stalbow
Chairman
7 Queripel House
1 Duke of York Square
London SW3 4LY
020 7730 8799
25 March 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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