Interim Results

RNS Number:8502J
G.R. Holdings PLC
16 March 2005

                              G.R. (HOLDINGS) PLC

                                 Interim Report

                            For the six months ended

                               31st December 2004

The unaudited results and balance sheet of the group for the six months ended
31st December 2004, together with those of the corresponding six months in 2003
and for the year ended 30th June 2004.

                                                                                                                      
                                                                             Six months      Six months         Year
                                                                                  Ended           Ended        Ended
                                                                          31st December   31st December    30th June
                                                                                   2004            2003         2004
                                                                                      #               #            #

Group turnover                                                               2,391,098       2,101,157    4,465,296 

Group loss before taxation:                                                                                         
Continuing operations                                                          (39,136)       (337,927)    (371,418)

Taxation for the period -                                                             -               -        (400)
Corporation tax at current rates                                                                                    

Loss on ordinary activities                                                    (39,136)       (337,927)    (371,818)

Amounts absorbed:                                                                                                   
i. Dividend on preference shares                                                 81,381          81,381      162,761
ii Dividend on ordinary shares paid and proposed                                 39,504          39,504       39,504
                                                                                                            
                                                                              (160,021)       (458,812)    (574,083)    
         
Earnings per ordinary shares of 5p each (based on the profit after               (0.9p)          (3.2p)       (4.1p)
taxation and preference dividends)                                                                                  


The board has decided to declare an interim dividend of 0.3p, (2003 - 0.3p) for
the year ending 30th June 2005 on the ordinary shares of the company. This will
be paid on 5th May 2005 to those shareholders on the Register of Members on 15th
April 2005

The board is advised that as at 30th June 2004, the company was a close company
within the meaning of the Income and Corporation Taxes Act 1988.

During the period the group was engaged in (a) the operation of Grayshott Hall
Health Fitness Retreat, (b) transactions involving property (c) the manufacture
and sale of Morlands footwear, sheepskin car rugs and other products and (d)
investment.

The group disposed of its business Grayshott Hall Health Fitness Retreat on 18
February 2005 for a cash consideration of #8,900,000. The turnover of the
business included in the six monthly figures was #1,954,028 (2003 - #1,756,132).
The net loss of the business for the above periods were #79,414 (2003 - #242,171
loss).

Queripel House
1 Duke of York Square
London SW3 4LY
15 March 2005



                              G. R. (HOLDINGS) PLC

                           Consolidated Balance Sheet

                                                                                                             
                                                                  as at         as at       as at
                                                            31 December   31 December     30 June
                                                                   2004          2003        2004
                                                                      #             #           #

Fixed assets                                                                                     
Intangible assets                                                     1             1           1
Tangible assets                                               1,409,977     1,436,513   1,156,091
Investments                                                   1,437,700     1,874,450   1,641,947
                                                              2,847,678     3,310,964   2,798,039
Current assets                                                                                   
Stocks                                                          154,361       170,590     188,166
Debtors                                                         328,343       496,846     235,701
Cash at bank and in hand                                      3,466,163     3,045,694   3,691,233
                                                              3,948,867     3,713,130   4,115,100
Creditors : amounts falling due within one year                 594,574       494,538     549,826
Net current assets                                            3,354,293     3,218,592   3,565,274
Total assets less current liabilities                         6,201,971     6,529,556   6,363,313
Creditors : amounts falling due after more                            -         7,512       1,321
than one year                                                                                    
                                                              6,201,971     6,522,044   6,361,992
Capital and reserves                                                                             
Called up share capital (including non-equity interests)      2,208,513     2,208,513   2,208,513
Capital redemption reserve                                      425,000       425,000     425,000
Share premium account                                           198,396       198,396     198,396
Profit and loss account                                       3,370,062     3,690,135   3,530,083

Shareholders funds                                            6,201,971     6,522,044   6,361,992




                              G. R. (Holdings) plc

                        Consolidated Cash Flow Statement
                                                                                                                 
                                                                                   Six months        Year
                                                                                        Ended       Ended
                                                                                  31 December     30 June
                                                                                         2004        2004
Reconciliation of operating loss to net cash inflow from operating activities                            

                                                                                            #           #
Operating loss                                                                      (108,413)   (486,408)
Depreciation                                                                          115,935     267,341
Profit on disposal of tangible fixed assets                                                 -        (26)
Loss / (profit) on disposal of investments                                             21,375   (126,509)
Decrease in stocks                                                                     33,805       6,730
Increase in debtors                                                                  (92,642)    (33,905)
Decrease in creditors                                                                   3,923      76,964

Net cash outflow from operating activities                                           (26,017)   (295,813)

Net cash outflow from operating activities                                           (26,017)   (295,813)
Returns from investment and servicing of finance                                     (12,104)    (47,771)
Taxation                                                                                    -       (116)
Capital expenditure and financial investments                                       (165,574)     403,922
Equity dividend paid                                                                        -    (39,504)
Net cash (outflow) / inflow before financing                                        (203,695)      20,718
Financing                                                                             (8,150)    (16,301)
(Decrease) / increase in cash for the period                                        (211,835)       4,417

Reconciliation of net cash flow to movement in net funds                                                 

(Decrease) / increase in cash for the period                                        (211,835)       4,417
Cash outflow from lease financing                                                       8,150      16,301
Exchange movements                                                                    (3,240)    (44,781)
Movement in net funds for the period                                                (206,935)    (24,063)
Net funds as at 30 June 2004                                                        3,673,098   3,697,161
Net funds as at 31 December 2004                                                    3,466,163   3,673,098




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