TIDMWRN
RNS Number : 3789S
Worthington Group PLC
29 November 2012
WORTHINGTON GROUP PLC
Interim Financial Statements
for the half year ended
30(th) September 2012
CHIEF EXECUTIVE'S STATEMENT
The Company's revenue increased to GBP111,000 (2011: GBP47,000)
which resulted in a gross profit of GBP105,000 (2011: loss of
GBP34,000). However, increased Pension costs, being mainly legal
fees, of GBP140,000 (2011: GBP28,000), plus fees for the fund
raising of GBP600,000 of new capital and loans described later
herein, resulted in the Company recording a net loss for the period
of GBP267,000 (2011: GBP187,000). This includes non-cash charges in
the period of GBP50,000 (2011: GBP55,000) in relation to pension
scheme finance costs.
We are pleased to report that Trimmings by Design, our
associated company, continued to trade profitably and the Company
recognised a profit of GBP46,000 (2011: GBP19,000) in the period.
No dividend distribution was received from them in the period
(2011: GBP44,000).
Following the demolition of the remaining buildings at the
Keighley site, as expected, the rental income reduced to GBP1,000
(2011: GBP47,000). The Company is currently in negotiations with
the local authority over how to best utilise the now cleared
Keighley site. Some land owned by the local authority may need to
be included in any planning application. Therefore, before
proceeding with an application, it is important that the Company
knows what value the local authority place on the parcels of land
required for a successful application.
In order to fund working capital, on the 9(th) July 2012, the
directors issued 350,000 new ordinary 10p shares at 10.45p each,
raising proceeds of GBP36,575 before costs, for the Company. On
6(th) August 2012, the directors issued a further 900,000 new
ordinary 10p shares at 10.2p each, raising proceeds of GBP91,800
before costs, for the Company. The subscribers to these new
ordinary shares also received warrants to subscribe for 2,500,000
new ordinary shares at 5p each, this subscription price is subject
to shareholders approving a capital reorganisation. These warrants
are exercisable within 5 years of the dates of subscription of the
ordinary shares.
In addition, since the period end, the Company has issued
GBP475,000 of Secured Convertible Loan Stock, secured by a first
charge on the Company's assets. The Convertible Loan Stock gives
holders the right to convert each GBP1 of Loan Stock into 20 new
ordinary shares, within 7 years of issue, this conversion rate is
subject to shareholders approving a capital reorganisation. Holders
of GBP13,606.90 of the Convertible Loan Stock have elected in
November to convert them into 136,069 new ordinary shares at 10p.
The subscribers to the Convertible Loan Stock have also received
warrants to subscribe for 9,500,000 new ordinary shares at a price
of 5p each, this subscription price is subject to shareholders
approving a capital reorganisation. These warrants are exercisable
for a period of 5 years from the date of issue.
Following completion of the fund raising, as described above,
the Pension Scheme funding risk continues to represent the
principle risk factor faced by the Company. We continue to monitor
the Pension Scheme investments and liabilities, which represent the
key risks to the Company at present. Details of our principal risk
factors can be found in the director's report on page 3 of the 2012
Annual Report and Accounts. There have been no significant changes
to the principal risks in the half year to 30(th) September 2012.
However, the administrators of Rangers FC have now been replaced by
BDO as liquidators and litigants. The Company is still confident
that the GBP3m of Pension Scheme funds, currently held under a
court order with regard to an uncompleted loan, will be returned to
the Pension Scheme in due course, along with costs.
Doug Ware
Chief Executive
29 November 2012 Website: www.worthingtongroup.co.uk
Enquiries: Anne Aylesbury, PD Cosec Limited
Company Secretary, Worthington Group plc on 020 8940 0963
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
This interim report may contain forward-looking statements based
on current expectations of, and assumptions and forecasts made by
management. Various known and unknown risks, uncertainties and
other factors could lead to substantial differences between the
actual future results and, financial situation development or
performance of the company and the estimates and historical results
given herein. Undue reliance should not be placed on forward
looking statements which speak only as at the date of this
document. We undertake no obligation publicly to update or revise
any forward-looking statements, except as may be required by
law.
Worthington Group plc
Income Statement
for the six months ended 30 September 2012
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 March
30 September 30 September 2012
2012 2011 GBP'000
GBP'000 GBP'000
------------------------------------ ------------------------- ------------------------ ----------------
Continuing operations
------------------------------------ ------------------------- ------------------------ ----------------
Revenue 111 47 43
------------------------------------ ------------------------- ------------------------ ----------------
Cost of sales (6) (81) (115)
------------------------------------ ------------------------- ------------------------ ----------------
____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Gross profit/(loss) 105 (34) (72)
------------------------------------ ------------------------- ------------------------ ----------------
Administrative expenses (260) (89) (165)
------------------------------------ ------------------------- ------------------------ ----------------
Share based payment - (61) (166)
------------------------------------ ------------------------- ------------------------ ----------------
Pension expenses (140) (28) (235)
------------------------------------ ------------------------- ------------------------ ----------------
____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Operating loss (295) (212) (638)
------------------------------------ ------------------------- ------------------------ ----------------
Investment revenues and management
charges 32 61 87
------------------------------------ ------------------------- ------------------------ ----------------
Pension finance costs (50) (55) (101)
------------------------------------ ------------------------- ------------------------ ----------------
Share of results of associates 46 19 27
------------------------------------ ------------------------- ------------------------ ----------------
____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Loss before taxation (267) (187) (625)
------------------------------------ ------------------------- ------------------------ ----------------
Taxation - - -
------------------------------------ ------------------------- ------------------------ ----------------
____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Loss on ordinary activities after
taxation (267) (187) (625)
------------------------------------ ------------------------- ------------------------ ----------------
____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Loss per share
------------------------------------ ------------------------- ------------------------ ----------------
Basic (2.2p) (1.6p) (5.3p)
------------------------------------ ------------------------- ------------------------ ----------------
-- ____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Fully diluted N/A N/A N/A
------------------------------------ ------------------------- ------------------------ ----------------
-- ____ ____ ____
------------------------------------ ------------------------- ------------------------ ----------------
Statement of Comprehensive Income
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 March
30 September 30 September 2012
2012 2011 GBP'000
GBP'000 GBP'000
-------------------------------------- --------------- --------------- -------------
Loss for the period (267) (187) (625)
-------------------------------------- --------------- --------------- -------------
Actuarial loss on retirement benefit
obligation - - (979)
-------------------------------------- --------------- --------------- -------------
____ ____ ____
-------------------------------------- --------------- --------------- -------------
Total comprehensive loss for the
period (267) (187) (1,604)
-------------------------------------- --------------- --------------- -------------
____ ____ ____
-------------------------------------- --------------- --------------- -------------
Worthington Group plc
Statement Of Financial Position
at 30 September 2012
Unaudited Unaudited Audited
30 September 30 September 31 March
2012 2011 2012
GBP'000 GBP'000 GBP'000
------------------------------- --------------- --------------- -----------
Non-current assets
------------------------------- --------------- --------------- -----------
Investment Property - 4,000 -
------------------------------- --------------- --------------- -----------
Interests in associates 187 134 140
------------------------------- --------------- --------------- -----------
Other financial assets 800 800 800
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
987 4,934 940
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Current assets
------------------------------- --------------- --------------- -----------
Inventories 4,000 - 4,000
------------------------------- --------------- --------------- -----------
Trade and other receivables 295 74 34
------------------------------- --------------- --------------- -----------
Cash and bank balance 101 455 264
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
4,396 529 4,298
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Total assets 5,383 5,463 5,238
------------------------------- --------------- --------------- -----------
Current liabilities
------------------------------- --------------- --------------- -----------
Trade and other payables (395) (110) (106)
------------------------------- --------------- --------------- -----------
Non-current liabilities
------------------------------- --------------- --------------- -----------
Retirement benefit obligation (3.928) (2,842) (3,933)
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Total liabilities (4,323) (2,952) ( 4,039)
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Net assets 1,060 2,511 1,199
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Equity
------------------------------- --------------- --------------- -----------
Called up share capital 1,306 1,181 1,181
------------------------------- --------------- --------------- -----------
Share premium account 9,839 9,836 9,836
------------------------------- --------------- --------------- -----------
Other reserve 10,626 10,626 10,626
------------------------------- --------------- --------------- -----------
Share based payment reserve 166 61 166
------------------------------- --------------- --------------- -----------
Retained earnings (20,877) (19,193) (20,610)
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Total equity 1,060 2,511 1,199
------------------------------- --------------- --------------- -----------
_____ _____ _____
------------------------------- --------------- --------------- -----------
Worthington Group plc
Statement Of Changes
In
Equity
for the periods to 30
September 2012
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Share Share Other Share based Retained Total
capital premium Reserve Compensation earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
As at 1 April 2011
11,807
9,836 (20,556) 1,087 1,181 9,836 10,626 - (19,006) 2,637
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Share based
compensation - - - 61 - 61
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Total comprehensive
income
for the period - - - - (187) (187)
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
______ _____ _____ _____ ______ _____
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
As at 30 September 2011 1,181 9,836 10,626 61 (19,193) 2,511
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Share based
compensation - - 105 - 105
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Total comprehensive
income
for the
period - - - - (1,417) (1,417)
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
______ _____ _____ _____ ______ _____
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
As at 31 March 2012 1,181 9,836 10,626 166 (20,610) 1,199
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Issue of ordinary
shares 125 3 - - - 128
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Total comprehensive
income
for the period - - - - (267) (267)
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
______ ______ ______ ______ ______ _____
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
As at 30 September 2012 1,306 9,839 10,626 166 (20,877) 1,060
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
______ ______ ______ ______ ______ _____
------------------------ ---------- -------------- -------------- -------------------- -------------- ----------
Worthington Group plc
Cash Flow Statement
for the six months ended 30 September 2012
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 March
30 September 30 September 2012
2012 2011 GBP'000
GBP'000 GBP'000
----------------------------------------- --------------- --------------- -------------
Cash flow from operating activities
----------------------------------------- --------------- --------------- -------------
Operating loss for the period (295) (212) (638)
----------------------------------------- --------------- --------------- -------------
Movement in trade and other receivables (27) (38) (99)
----------------------------------------- --------------- --------------- -------------
Movement in trade and other payables 145 23 102
----------------------------------------- --------------- --------------- -------------
Share based payment - 61 166
----------------------------------------- --------------- --------------- -------------
Payments to retirement benefit
scheme (55) (55) 11
----------------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------------- --------------- --------------- -------------
Net cash outflow from operating
activities (232) (221) (464)
----------------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------------- --------------- --------------- -------------
Cash flows from investing activities
----------------------------------------- --------------- --------------- -------------
Interest received 32 35 87
----------------------------------------- --------------- --------------- -------------
Dividend received from associated
undertaking - 44 44
----------------------------------------- --------------- --------------- -------------
Loans advanced (264) - -
----------------------------------------- --------------- --------------- -------------
Loans repaid 30 350 350
----------------------------------------- --------------- --------------- -------------
____ _____ _____
----------------------------------------- --------------- --------------- -------------
Net cash (used in)/from investing
activities (202) 429 481
----------------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------------- --------------- --------------- -------------
Cash flows from financing activities
----------------------------------------- --------------- --------------- -------------
Proceeds from issue of new shares 128 - -
----------------------------------------- --------------- --------------- -------------
Proceeds from new loans 143 - -
----------------------------------------- --------------- --------------- -------------
____ _____ _____
----------------------------------------- --------------- --------------- -------------
Net cash generated by financing 271 - -
activities
----------------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------------- --------------- --------------- -------------
(Decrease)/increase in cash and
cash equivalents (163) 208 17
----------------------------------------- --------------- --------------- -------------
Cash and cash equivalents at the
beginning of the period 264 247 247
----------------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------------- --------------- --------------- -------------
Cash and cash equivalents at end
of period 101 455 264
----------------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------------- --------------- --------------- -------------
Cash and cash equivalents comprise
cash held at bank.
----------------------------------------- --------------- --------------- -------------
Worthington Group plc
Notes to the Interim Financial Statements for the six months
ending 30(th) September 2012
1. General Information
Worthington Group plc is a company incorporated in the United
Kingdom.The Company has its primary listing on the London Stock
Exchange.
These condensed interim financial statements were approved for
issue on 29 November 2012. These interim financial statements do
not constitute statutory accounts as defined by section 434 of the
Companies Act 2006. Full accounts of the company for the year ended
31 March 2012 on which the Auditors gave an unqualified report,
have been delivered to the Registrar of Companies.
2. Basis of preparation
These condensed interim financial statements for the 6 months
ended 30 September 2012 has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Services
Authority and with IAS 34 'Interim Financial Reporting' as adopted
by the European Union. The interim financial statements should be
read in conjunction with the annual financial statements for the
year ended 31 March 2012, which have been prepared in accordance
with IFRS's as adopted by the European Union.
Going Concern
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. On this basis, the directors consider it
appropriate to prepare the interim financial statements on the
going concern basis.
3. Significant accounting policies
The accounting policies adopted in the preparation of the
interim financial statements are consistent with those followed in
the preparation of the annual financial statements for the year
ended 31March 2012, as described in those financial statements. Any
new amended Accounting Standards applicable for the period do not
have a significant effect. These accounting policies are expected
to be applied for the full year to 31 March 2013.
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
4. Segmental analysis
The company only has one operating segment relating to property
rental and management of businesses. Disclosure is in accordance
with IAS 34. All operations are continuing and in the UK.
5. Earnings per share
The calculation of basic and diluted earnings per share is based
upon the loss for the period and the weighted average number of
shares in issue during the period. There is no difference between
basic and diluted earnings per share in either period.
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 March
30 September 30 September 2012
2012 2011 No:
No: No:
----------------------------------- --------------- --------------- -------------
Weighted average number of shares 12,240,709 11,807,013 11,807,014
----------------------------------- --------------- --------------- -------------
_________ _________ _________
----------------------------------- --------------- --------------- -------------
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 March
30 September 30 September 2012
2012 2011 pence
Pence pence
----------------------------------- --------------- --------------- -------------
Loss per share (2.2p) (1.6p) (5.3p)
----------------------------------- --------------- --------------- -------------
_____ _____ _____
----------------------------------- --------------- --------------- -------------
Worthington Group plc
Notes to the Interim Financial Statements for the six months
ending 30(th) September 2012
6. Share capital
------------------------------- ------------- ------------- ----------
Unaudited Unaudited Audited
------------------------------- ------------- ------------- ----------
30 September 30 September 31 March
------------------------------- ------------- ------------- ----------
2012 2011 2012
------------------------------- ------------- ------------- ----------
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ----------
Authorised:
------------------------------- ------------- ------------- ----------
New ordinary shares 10p each
------------------------------- ------------- ------------- ----------
52,736,850 (2011: 52,736,850) 5,274 5,274 5,274
------------------------------- ------------- ------------- ----------
_________ _________ _________
------------------------------- ------------- ------------- ----------
Allotted, called up and fully
paid:
------------------------------- ------------- ------------- ----------
New ordinary shares 10p each
------------------------------- ------------- ------------- ----------
13,057,014 ( 2011: 11,807,014) 1,306 1,181 1,181
------------------------------- ------------- ------------- ----------
_________ _________ _________
------------------------------- ------------- ------------- ----------
On the 9(th) July 2012 the directors issued 350,000 new ordinary
10p shares at 10.45p each raising proceeds of GBP36,575 before
costs for the Company. On 6(th) August 2012 the directors issued a
further 900,000 new ordinary 10p shares at 10.2p each raising
proceeds of GBP91,800 before costs for the Company. The subscribers
to the ordinary shares will also receive 2,500,000 warrants to
subscribe for new ordinary shares at 5p each subject to
shareholders approving a capital reorganisation. These warrants are
exercisable within 5 years of the subscription of the ordinary
shares.
As at 30 September 2012 options were outstanding in respect of a
total of 3,935,671 new ordinary 10p shares exercisable at a price
of 11p. In addition warrants to subscribe for 2,500,000 shares at
5p are outstanding at 30 September 2012.
In November 2012 the Company issued GBP475,000 Secured
Convertible Loan Stock secured as a first charge on the Company's
assets. The convertible gives holders the right to convert each
GBP1 of Loan Stock into 20 new ordinary shares within 7 years of
issue. In addition subscribers to the loan stock will also receive
9,500,000 warrants to subscribe for new ordinary shares at a price
of 5p each subject to shareholders approving a capital
reorganisation. These warrants are exercisable for a period of 5
years from the date of issue. Holders of GBP13,606.90 of the loan
stock elected to convert it into 136,069 new ordinary shares.
Worthington Group plc
Notes to the Interim Financial Statements for the six months
ending 30(th) September 2012
7. Directors' Statement of Responsibilities
The Directors confirm to the best of their knowledge:
-- The condensed set of financial statements has 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 DTR 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 DTR 4.2.8R being disclosure of related
party transactions and changes therein since the last annual
report.
By order of the Board - Doug Ware
- David Simpson
29 November 2012
8. Related party transactions
Included in other financial assets are loan notes of GBP800,000
(31 March 2012 - GBP800,000) due from Trimmings by Design Limited
an associated company in which the Company has a 44% interest. The
loan notes are subject to interest at 6.5% amounting to an interest
revenue for the period of GBP26,000 (6 months to 30 September 2011
- GBP26,000) and as at the period end there was GBP13,000 (31 March
2012 - GBP13,000) of unpaid interest within Trade and other
receivables.
9. Availability of Interim Report
A copy of this report is available on the company's website at
www.worthingtongroupplc.co.uk. Copies are being sent to
shareholders and are also available from The Secretary, Worthington
Group plc, 1 The Green, Richmond, Surrey TW9 1PL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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