Formation Group Plc - Half-year Report

Formation Group PLC
(“Formation” or the “Group”)

Unaudited Interim Results

The Group is pleased to announce its unaudited interim results for the six months ended 28 February 2018.

Director’s Statement

I am pleased to report the Group’s results for the six months ended 28 February 2018.

Revenue for the 6 months ended 28 February 2018 of £17.2m was 15% lower than the £20.2m generated in the same period last year. This resulted in a gross profit of £0.9m for the period (2017: £1.2m), a fall of 25%. Administrative costs, which are relatively fixed in nature, were slightly lower than the prior year at £1.1m (2017: £1.2m). As a result, the group posted a loss for the period of £0.3m compared to the small profit of £0.05m for the same period in 2017.

The Directors continue to pursue opportunities for new projects and new clients in order to grow revenues.

David Kennedy
25 May 2018




Consolidated income statement
For the six months ended 28 February 2018

	6 Months ended 28 Feb 2018 (Unaudited)	6 Months ended 28 Feb 2017 (Unaudited)	Year ended 31 Aug 2017 (Audited)
	£’000	£’000	£’000
Continuing operations
Turnover	17,206	20,184	37,011
Cost of sales	(16,349)	(18,969)	(34,835)
	__________	__________	__________
Gross profit	857	1,215	2,176
Administrative expenses	(1,134)	(1,167)	(2,283)
	__________	__________	__________
Operating (loss) / profit from continuing operations	(277)	48	(107)
Finance income	-	(33)	(33)
Finance costs	-	-	(12)
	__________	__________	__________
(Loss) / Profit on ordinary activities before taxation	(277)	15	(152)
Taxation	-	-	-
	__________	__________	__________
(Loss) / Profit for the period from continuing operations	(277)	15	(152)
	__________	__________	__________
(Loss) / Profit for the period	(277)	15	(152)
	__________	__________	__________
Attributable to:
	__________	__________	__________
Equity holders of the parent	(277)	15	(152)
	__________	__________	__________
Earnings  per share
From continuing operations
Basic and diluted	(0.63)p	0.03p	(0.34)p
From discontinued operations
Basic and diluted	-	-	-
From continuing and discontinued operations
Basic and diluted	(0.63)p	0.03p	(0.34)p

 

Consolidated statement of financial position
As at 28 February 2018

		£’000	£’000	£’000
Fixed Assets
Tangible Assets		16	25	21
Investment Property		275	275	275
		__________	__________	__________
		291	300	296
		__________	__________	__________
Current assets
Inventories Debtors		170 11,417	2,495 9,789	1,406 7,525
Cash at bank and in hand		3,204	1,579	4,229
		__________	__________	__________
		14,791	13,863	13,160
		__________	__________	__________
Current liabilities
Creditors: Amounts falling due within one year
Creditors		(5,130)	(3,767)	(3,227)
		__________	__________	__________
Total current liabilities		(5,130)	(3,767)	(3,227)
		__________	__________	__________
Net current assets		9,661	10,096	9,933
		__________	__________	__________
Total assets less current liabilities		9,952	10,396	10,229
		__________	__________	__________
Net assets		9,952	10,396	10,229
		__________	__________	__________

   

Shareholders’ funds
Share capital		2,205	2,205	2,205
Share premium account		2,106	2,106	2,106
Capital redemption reserve		61	61	61
Share option reserve		22	22	22
Retained earnings		5,558	6,002	5,835
		__________	__________	__________
Total shareholders’ funds		9,952	10,396	10,229
		__________	__________	__________

Enquiries:

Formation Group Plc
David Kennedy; Chief Executive Officer
020 7920 7590
www.formationgroupplc.com


NEX Exchange Corporate Advisor
Peterhouse Capital Limited
Fungai Ndoro and Mark Anwyl
0207 469 0930
 

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