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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ross Group Plc | LSE:RGP | London | Ordinary Share | GB0002192606 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Engineering Services | 0 | -2.58M | -0.0106 | -0.71 | 1.82M |
TIDMRGP
RNS Number : 2742P
Ross Group PLC
30 August 2017
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Ross Group Plc Half Yearly Financial Report 30(th) June 2017
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 JUNE 2017
Financial Summary (6 months
to 30 June 2017) 2017 2016
GBP'000 GBP'000 Change
Group Revenue 95 63 +51%
Gross Profit/(Loss) 17 14 +21%
Profit/(Loss) before tax 17 14 +21%
Basic earnings per share 0.01p 0.008p
Diluted earnings per share 0.01p 0.008p
Chairman's Statement
For the half year to 30th June 2017, I am pleased to report that the Ross Group has made
a
profit of GBP17,000 on revenues of GBP95,000.
The Board in the first half 2017 has continued with its stringent strategy in
maintaining
strong cost controls with minimal expenditure, while also increasingly intensifying our
extensive
endeavours in trying to identify an appropriate merger, acquisition or exceptional
business
opportunity to be able to present to our loyal and supportive shareholders.
Notwithstanding all our efforts to date, it is somewhat satisfying to be able to
successfully
report that our revenues this first half year are more than sufficient to cover our
operating
costs as well as any related transactional expenses.
Business Outlook
For the second half of 2017 the Board and myself will continue, along with
our team of Advisors and Consultants, to work tirelessly towards trying
to successfully search and hopefully conclude a 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
(2016 - 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, expertise 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 2017
CONDENSED CONSOLIDATED INCOME
STATEMENT UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2017 2016 2016
GBP'000 GBP'000 GBP'000
Group Revenue
Continuing Operations 95 63 59
Discontinuing Operations 0 0 0
Operating Profit / (Loss)
Continuing Operations 17 14 (62)
Discontinuing Operations 0 0 0
Profit before Finance Cost 17 14 (62)
--------- --------- -----------
Finance Cost
Profit before Taxation 17 14 (62)
--------- --------- -----------
Taxation 0 0 0
Profit for the Period 17 14 (62)
--------- --------- -----------
Earnings per share (pence) 0.010 0.008 (0.030)
Adjusted earnings per share
(pence) 0.010 0.008 (0.030)
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 2016 11,179 (35,629) 18,187 (6,263)
Profit for the period 14 14
--------- ------------ ---------- --------
Total recognised income 14 14
--------- ------------ ---------- --------
Balance at 30 June 2016 11,179 (35,615) 18,187 (6,249)
--------- ------------ ---------- --------
Profit/(loss) for the period (76) (76)
--------- ------------ ---------- --------
Total recognised income (76) (76)
--------- ------------ ---------- --------
Balance at 31 Dec 2016 11,179 (35,691) 18,187 (6,325)
--------- ------------ ---------- --------
Balance at 1 Jan 2017 11,179 (35,691) 18,187 (6,325)
Profit for the period 17 17
--------- ------------ ---------- --------
Total recognised income 17 17
--------- ------------ ---------- --------
Balance at 30 June 2017 11,179 (35,674) 18,187 (6,308)
--------- ------------ ---------- --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2017 2016 2016
GBP'000 GBP'000 GBP'000
Non Current Assets 0 0 0
Current Assets
Inventories 0 0 0
Trade and Other Receivables 9 14 13
Cash and Cash Equivalents 7 0 1
16 14 14
Total Assets 16 14 14
--------- --------- -----------
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 (35,674) (35,615) (35,691)
--------- --------- -----------
Total Equity (6,308) (6,249) (6,325)
Non-Current Liabilities
Long Term Borrowings (Group) 6,072 6,072 6,072
Current Liabilities
Trade and Other Payables 242 181 257
Bank Overdraft and Loans 10 10 10
--------- --------- -----------
Total Liabilities 6,324 6,263 6,339
Total Equity and Liabilities 16 14 14
--------- --------- -----------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2017 2016 2016
GBP'000 GBP'000 GBP'000
Net Cash From/(Used In) Operating
Activities 6 (4) (41)
Net Cash Used In Investing
Activities 0 0 0
Cash Flows From Financing Activities:
Amount introduced by Directors 0 0 38
Net Increase/(Decrease) In
Borrowings 0 0 0
--------- --------- -----------
Net Cash Flow From Financing
Activities 6 0 38
--------- --------- -----------
Net Increase/(Decrease) In
Cash and Cash Equivalents 6 (4) (3)
Cash and Cash Equivalent at
Beginning of Period 1 4 4
--------- --------- -----------
Cash and Cash Equivalent at
End of Period 7 0 1
--------- --------- -----------
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 2016.
The financial information contained in these statements for the six months
ended
30 June 2017 and 30 June 2016 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
2017 2016 2016
GBP'000 GBP'000 GBP'000
Operating Profit/(Loss) On Continuing
Activities 17 14 (62)
Depreciation and Amortisation 0 0 0
Decrease/(Increase) In Inventories 0 0 0
Decrease/(Increase) In Trade
and Other Receivables 4 7 0
Increase/(Decrease) In Trade
and Other Payables (15) (25) 21
Net Cash Generated From/(Used
In) Operations 6 (4) (41)
--------- --------- -----------
(3) No ordinary interim dividend is proposed for 2017 (2016 - GBPNil).
(4) The comparative cash flow for the year ended 31 December 2016 has been
extracted from the audited accounts. The cash flows for the six months ended
30
June 2017 and 30 June 2016 are unaudited.
(5) Reconciliation of Movements In Equity 6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2017 2016 2016
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 (35,691) (35,629) (35,629)
Profit for the Period 17 14 (62)
Carried Forward (35,674) (35,615) (35,691)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2017
total borrowings from One World Limited were GBP4,010,000 and GBP2,062,172
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
END
IR PMMPTMBTJMIR
(END) Dow Jones Newswires
August 30, 2017 04:29 ET (08:29 GMT)
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