Final Results

 

TIDMGRH 
 
RNS Number : 9807U 
G.R. Holdings PLC 
26 October 2010 
 

                              G.R. (HOLDINGS) PLC 
 
                    PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS 
                        FOR THE YEAR ENDED 30 JUNE 2010 
 
Chairman's Statement 
 
The pre-tax loss of the group on ordinary activities for the year ended 30 June 
2010 was GBP180,627 (2009: GBP270,366 loss). After taxation, the loss 
attributable to members of the company is GBP182,362 against a loss GBP227,761 
for the previous year. This year's turnover was GBP652,580 compared to 
GBP527,468 for the previous year. 
 
Morlands' turnover increased from GBP514,343 to GBP643,910, whilst the profit 
for the year amounted to GBP50,050 compared to a profit of GBP12,616 for the 
previous year. 
 
In October 2009, Lichfield Land Company Limited, a joint venture company in 
which Mintbay Limited, a group subsidiary, has a 50% interest, completed the 
sale of a parcel of land. The sale has resulted in a net profit before tax of 
GBP128,038 of which GBP123,915 of the gain was reflected in the results for the 
previous year as an increase in the value of the property investments. 
 
We were involved as limited partners in three partnerships in land in the United 
States of America. There was one part disposal during the year resulting in a 
net profit of GBP24,579. Of the remaining three partnerships included in these 
financial statements at a value of GBP195,879, one constitutes the greater part 
of the total value. This single investment has been held since December 1987, 
and no serious offers for sale have been received to date. 
 
During the year the stock decreased by GBP31,188, debtors have increased by 
GBP33,439 whilst creditors have decreased by GBP21,943. Net cash at bank and in 
hand has increased by GBP42,827 to GBP1,400,003. 
 
Overall, in view of the uncertainty of the current economic climate, it is very 
difficult to project trading profits for the current year. 
 
I would like to thank my co-director and all the staff for their support and 
efforts during the year. 
 
Finally, your Board has concluded that it would be in the best interests of the 
Company to cancel trading in the ordinary shares of the Company ("Ordinary 
Shares") on AIM (the "Delisting"). The Board has taken the decision to pursue a 
Delisting based on the costs and regulatory requirements associated with 
maintaining admission to AIM which are a significant burden on the Company's 
financial resources and outweigh the benefits gained from maintaining admission. 
Further, the Company has minimal liquidity in its Ordinary Shares with only 5.12 
per cent. of the Company in public hands. 
 
Should the Delisting be approved, the Company intends to act in a manner 
befitting a company whose shares no longer trade through a public market. The 
principal effect of the Delisting will be that shareholders will no longer be 
able to buy and sell Ordinary Shares through a public stock market and any 
liquidity in the Ordinary Shares of the Company will be further reduced. 
Following the Delisting Ordinary Shares will only be capable of being held and 
transferred in certificated form. 
 
The Directors intend to enter into discussions with Morlands Holdings Limited, a 
substantial shareholder in the Company and a related party to the Company, 
following the Delisting to assist in providing liquidity to shareholders where 
possible. Shareholders should contact the  Company directly following the 
Delisting if they wish to buy or sell Ordinary Shares in the Company. The 
contact details of the Company are set out on the Company's website: 
www.grholdingsplc.co.uk. 
 
Under the AIM Rules for Companies, the Delisting can only be effected by the 
Company after the passing of a resolution approved by at least 75 per cent. of 
the votes cast by shareholders (present in person or by proxy) in a general 
meeting, and the expiration of a period of 20 business days from the date on 
which notice of the Delisting is given. In addition, a period of at least five 
business days following approval of the Delisting is required before the 
Delisting may be put into effect. Assuming that shareholders approve this 
resolution, it is proposed that the delisting would take place on 9 December 
2010. 
 
 
 
 
A.D. Stalbow 
Chairman 
20 October 2010 
 
 
 
 
G.R. (Holdings) plc 
 
Consolidated Income Statement 
for the year ended 30 June 2010 
 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |   2010    | |    2009    | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |    GBP    | |    GBP     | 
+----------------------------------+------+-----------+-+------------+ 
| Continuing operations            |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Revenue                          |      |   652,580 | |    527,468 | 
+----------------------------------+------+-----------+-+------------+ 
| Cost of sales                    |      | (307,045) | |  (266,507) | 
+----------------------------------+------+-----------+-+------------+ 
| Gross profit                     |      |   345,535 | |    260,961 | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Distribution costs               |      |  (38,913) | |   (34,770) | 
+----------------------------------+------+-----------+-+------------+ 
| Administrative expenses          |      | (516,205) | |  (633,439) | 
+----------------------------------+------+-----------+-+------------+ 
| Increase in value of property    |      |         - | |    123,915 | 
| investments                      |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Profit /(loss) on disposal of    |      |    24,579 | |   (17,146) | 
| USA investments                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Profit on disposal of UK         |      |     4,123 | |          - | 
| investments and assets           |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      | (526,416) | |  (561,440) | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Loss for the year                |      | (180,881) | |  (300,479) | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Financial income                 |      |       254 | |     30,886 | 
+----------------------------------+------+-----------+-+------------+ 
| Financial costs                  |      |         - | |      (773) | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |       254 | |     30,113 | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Loss on ordinary activities      |      | (180,627) | |  (270,366) | 
| before taxation                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Income tax expenses              |      |   (1,735) | |     42,605 | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Loss for the year                |      | (182,362) | |  (227,761) | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
| Earnings per share from          |      |    (1.4p) | |     (2.0p) | 
| continuing operations            |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
|                                  |      |           | |            | 
+----------------------------------+------+-----------+-+------------+ 
 
 
 
 
 
 
G.R. (Holdings) plc 
 
Consolidated Balance Sheet 
as at 30 June 2010 
 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |                       | |           | 
+------------------------+----+-----------------------+-+-----------+ 
|                        |    |         2010          | |   2009    | 
+------------------------+----+-----------------------+-+-----------+ 
|                        |    |    GBP    |    GBP    | |    GBP    | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Assets                 |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Non-current assets     |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Property, plant and    |    |           |   126,181 | |   124,276 | 
| equipment              |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Investment properties  |    |           |   602,870 | |   863,563 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Intangible assets      |    |           |     8,324 | |     5,907 | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           |   737,375 | |   993,746 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Current assets         |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Inventories            |    |    39,796 |           | |    70,984 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Trade and other        |    |   125,485 |           | |    92,046 | 
| receivables            |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Cash and cash          |    | 1,400,003 |           | | 1,357,176 | 
| equivalents            |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    | 1,565,284 |           | | 1,520,206 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Current liabilities    |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Trade and other        |    |    95,726 |           | |   117,669 | 
| payables               |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           | 1,469,558 | | 1,402,537 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Total assets less      |    |           |           | |           | 
| current liabilities    |    |           | 2,206,933 | | 2,396,283 | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Non-current            |    |           |           | |           | 
| liabilities            |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Deferred income tax    |    |           |    37,582 | |    37,582 | 
| liabilities            |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           | 2,169,351 | | 2,358,701 | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Shareholders' equity   |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Issued share capital   |    |           |   658,405 | |   658,405 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Capital redemption     |    |           |   425,000 | |   425,000 | 
| reserve                |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Share premium account  |    |           |   198,396 | |   198,396 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Retained earnings      |    |           |   887,550 | | 1,076,900 | 
+------------------------+----+-----------+-----------+-+-----------+ 
| Total shareholders'    |    |           | 2,169,351 | | 2,358,701 | 
| equity                 |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
|                        |    |           |           | |           | 
+------------------------+----+-----------+-----------+-+-----------+ 
 
 
 
G.R (Holdings) plc 
 
Notes: 
 
1.   The financial information set out above does not constitute the company's 
statutory accounts for the years ended 30 June 2009 or 2010, but is derived from 
those accounts. Statutory accounts for 2009 have been delivered to the Registrar 
of Companies and those for 2010 will be delivered following the company's annual 
general meeting. The auditors have reported on those accounts; their reports for 
both years were unqualified, however for 30 June 2010 they did draw attention to 
matters by way of emphasis without qualifying their report. For both years their 
report did not contain statements under s498 (2) or (3) Companies Act 2006 or 
equivalent preceding legislation. 
 
2.   The boardhas decided not to declare a final dividend for the year ending 30 
June 2010 (2009: nil) on the ordinary shares of the company. 
 
3.   The calculation of earnings per share is based on a loss of GBP180,627 
(2009: GBP270,366 loss) being the loss before taxation, and on 13,168,100 
ordinary shares of 5p each (2009: 13,168,100). 
 
4.   The Annual General Meeting will be held at 11.30am on 1 December 2010 at 
Queripel House, 1 Duke of York Square, London SW3 4LY. 
 
5.   Copies of the 2010 Report and Accounts are being 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 and from the company 
website www.grholdingsplc.co.uk. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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