Ross Group PLC Half-year Report (4197I)
30 August 2016 - 8:45PM
UK Regulatory
TIDMRGP
RNS Number : 4197I
Ross Group PLC
30 August 2016
Ross Group Plc Half Yearly Financial Report 30(th) June 2016
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 JUNE 2016
Financial Summary (6 months
to 30 June 2016) 2016 2015
GBP'000 GBP'000 Change
Group Revenue 63 76 -17%
Gross Profit/(Loss) 14 37 -62%
Profit/(Loss) before tax 14 37 -62%
Basic earnings per share 0.008p 0.021p
Diluted earnings per share 0.008p 0.021p
Chairman's Statement
For the half year to 30th June 2016, I am pleased to report that the Ross Group has made
a
profit of GBP14,000 on revenues of GBP63,000.
The Board's continuing strategy is to maintain our ongoing commitment towards strong
cost
controls and minimal expenditure, whilst also maintaining a focused endeavour to try to
find
an appropriate merger, acquisition or business opportunity to present to our loyal and
supportive
shareholders.
Therefore it is satisfying to report that our revenues this year continue to be
sufficient
to more than cover our operating costs.
A point to bear in mind if looking at the prior year comparison is that our costs in the
first
half last year were lower than normal, arising from some un-needed expense provisions
being
reversed in that period.
We are as confident as ever that we shall be able to recommend to our shareholders in
the
near future a significant and beneficial deal in order to try to secure a prosperous
future
for Ross Group Plc.
Business Outlook
Along with myself, our dedicated team of Directors, Advisors and Consultants,
we are all continuing to work tirelessly towards trying to conclude an beneficial,
strategic business arrangement in order to take our Group into an exciting
and new 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
(2015 - GBPNil).
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 continued,
and highly appreciated, support and hard work.
Finally, as always, I would also like to personally extend my sincere thanks
to our extraordinarily loyal shareholders for all their continued patience
and understanding.
Barry Richard Pettitt
Chairman and Chief Executive Officer
Approved 30 August 2016
CONDENSED CONSOLIDATED INCOME
STATEMENT UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Group Revenue
Continuing Operations 63 76 157
Discontinuing Operations 0 0 0
Operating Profit / (Loss)
Continuing Operations 14 37 111
Discontinuing Operations 0 0 0
Profit before Finance Cost 14 37 111
--------- --------- -----------
Finance Cost
Profit before Taxation 14 37 111
--------- --------- -----------
Taxation 0 0 0
Profit for the Period 14 37 111
--------- --------- -----------
Earnings per share (pence) 0.008 0.021 0.062
Adjusted earnings per share
(pence) 0.008 0.021 0.062
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
Share Accumulated Other Total
Capital Losses Reserves
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 Jan 2015 11,179 (35,740) 18,187 (6,374)
Profit for the period 37 37
--------- ------------ ---------- --------
Total recognised income 37 37
--------- ------------ ---------- --------
Balance at 30 June 2015 11,179 (35,703) 18,187 (6,337)
--------- ------------ ---------- --------
Profit/(loss) for the period 74 74
--------- ------------ ---------- --------
Total recognised income 74 74
--------- ------------ ---------- --------
Balance at 31 Dec 2015 11,179 (35,629) 18,187 (6,263)
--------- ------------ ---------- --------
Balance at 1 Jan 2016 11,179 (35,629) 18,187 (6,263)
Profit for the period 14 14
--------- ------------ ---------- --------
Total recognised income 14 14
--------- ------------ ---------- --------
Issue of New Share Capital
Balance at 30 June 2016 11,179 (35,615) 18,187 (6,249)
--------- ------------ ---------- --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Non Current Assets 0 0 0
Current Assets
Inventories 0 0 0
Trade and Other Receivables 14 9 21
Cash and Cash Equivalents 0 9 4
14 18 25
Total Assets 14 18 25
--------- --------- -----------
Equity and Liabilities
Shareholders' Equity
Share Capital 11,179 11,179 11,179
Share Premium Account 2,803 2,803 2,803
Other Reserves 15,384 15,384 15,384
Retained Earnings (35,615) (35,703) (35,629)
--------- --------- -----------
Total Equity (6,249) (6,337) (6,263)
Non-Current Liabilities
Long Term Borrowings (Group) 6,072 6,139 6,072
Current Liabilities
Trade and Other Payables 181 206 206
Bank Overdraft and Loans 10 10 10
--------- --------- -----------
Total Liabilities 6,263 6,355 6,288
Total Equity and Liabilities 14 18 25
--------- --------- -----------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Net Cash From/(Used In) Operating
Activities (4) (6) 64
Net Cash Used In Investing
Activities 0 0 0
Cash Flows From Financing Activities 0 0 (75)
Net Increase/(Decrease) In
Borrowings 0 0 0
--------- --------- -----------
Net Cash Flow Used In Financing
Activities 0 0 (75)
--------- --------- -----------
Net Increase/(Decrease) In
Cash and Cash Equivalents (4) (6) (11)
Cash and Cash Equivalent at
Beginning of Period 4 15 15
--------- --------- -----------
Cash and Cash Equivalent at
End of Period 0 9 4
--------- --------- -----------
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 2015.
The financial information contained in these statements for the six months
ended
30 June 2016 and 30 June 2015 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 ended 30
June June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Operating Profit/(Loss) On Continuing
Activities 14 37 111
Depreciation and Amortisation 0 0 0
Decrease/(Increase) In Inventories 0 0 0
Decrease/(Increase) In Trade
and Other Receivables 7 (7) (11)
Increase/(Decrease) In Trade
and Other Payables (25) (36) (36)
Net Cash Generated From/(Used
In) Operations (4) (6) 64
--------- --------- -----------
(3) No ordinary interim dividend is proposed for 2016 (2015 - GBPNil).
(4) The comparative cash flow for the year ended 31 December 2015 has been
extracted from the audited accounts. The cash flows for the six months ended
30
June 2016 and 30 June 2015 are unaudited.
(5) Reconciliation of Movements In Equity 6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Share Premium Account
Brought Forward 2,803 2,803 2,803
Movement 0 0 0
--------- --------- -----------
Carried Forward 2,803 2,803 2,803
--------- --------- -----------
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 (35,629) (35,740) (35,740)
Profit for the Period 14 37 111
Carried Forward (35,615) (35,703) (35,629)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2016
total borrowings from One World Limited were GBP4,010,000 and GBP2,067,172
from Excite Enterprises Limited, neither of which is a related party.
(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 71-75
Shelton Street, London, WC2H 9JQ. 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
71 - 75 Shelton Street
London WC2H 9JQ
Contact - M Simon, Non Executive Director
Tel. - 07887 628152
Email - michael@simonsilvermyer.com
Website - www.ross-group.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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