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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| G.R.(Hldgs) | LSE:GRH | London | Ordinary Share | GB0003581526 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.125 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5498Q
G.R. Holdings PLC
20 March 2008
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2007
Profit and Loss Account
For the 6 months ended 31 December 2007
Six months ended Six months ended Year Ended
31 December 2007 31 December 2006 30 June
2007
£ £ £
Turnover 404,004 450,739 677,044
Operating profit
Operating loss (102,857) (141,464) (311,279)
Profit on disposal of US investments - 9,377 (3,556)
Profit on disposal of investments 38,854 165,988 166,289
Release of provision against investments - -
(Loss)/ profit on ordinary activities before (64,003) 33,901 (148,546)
interest
Interest receivable and similar income 72,339 59,779 125,748
Interest payable and similar charges (3,457) (668) (1,066)
Dividends paid on preference shares (81,381) (81,381) (162,761)
(12,499) (22,270) (38,079)
(Loss) / profit on ordinary activities before (76,502) 11,631 (186,625)
taxation
Tax on (loss) / profit on ordinary activities - - 103,764
(Loss) / profit for the financial year (76,502) 11,631 (82,861)
Earnings per share (0.6)p 0.1p (0.6)p
Statement of Total Recognised Gains and Losses
For the 6 months ended 31 December 2007
Six months Six months Year Ended
ended ended 30 June 2007
31 December 31 December
2007 2006
£ £ £
(Loss) / profit for the financial year (76,502) 11,631 (82,861)
Realised surplus on revaluation of (8,174) (165,988) (212,385)
properties
Foreign exchange adjustments 1,560 (27,874) (44,648)
Total losses recognised in the (83,116) (182,231) (339,894)
period
G.R. (Holdings) plc
Consolidated Balance Sheet
31 December 31 December 30 June
2007 2006 2007
£ £ £
Fixed assets
Intangible assets 1 1 1
Tangible assets 542,307 539,978 537,494
Investments 881,969 1,205,572 846,912
1,424,277 1,745,551 1,384,407
Current assets
Stocks 87,708 60,433 76,055
Debtors 141,146 161,303 153,584
Cash at bank and in hand 2,907,236 3,001,451 3,030,554
3,136,090 3,223,187 3,260,193
Creditors : amounts falling due
within one year 1,667,042 284,206 119,917
Net current assets 1,469,048 2,938,981 3,140,276
Total assets less current liabilities 2,893,325 4,684,532 4,524,683
Creditors: amounts falling due after more than 5,686 1,556,114 1,553,928
year
5,686 1,556,114 1,553,928
2,887,639 3,128,418 2,970,755
Capital and reserves
Called up share capital 658,405 658,405 658,405
Capital redemption reserve 425,000 425,000 425,000
Revaluation reserve 834,967 889,538 843,141
Share premium account 198,396 198,396 198,396
Profit and loss account 770,871 957,079 845,813
Shareholders funds 2,887,639 3,128,418 2,970,755
Reconciliation of Movement in Shareholders Funds
Share Revaluation Capital Share Profit and Total
capital reserve redemption premium Loss
reserve account account
£ £ £ £ £ £
Balance as at 30 June 658,405 843,141 425,000 198,396 845,813 2,970,755
2007
Loss for the year - - - - (76,502) (76,502)
Reduction on - (8,174) - - - (8,174)
realisation of fixed
assets and investments
Foreign exchange - - - - 1,560 1,560
adjustments
Balance as at 31 658,405 834,967 425,000 198,396 770,871 2,887,639
December 2007
G.R. (Holdings) plc
Cash flow Statement for the period
6 months ended 6 months ended Year ended
31 December 31 December 30 June
2007 2006 2007
£ £ £
Reconciliation of operating loss to net cash inflow
from operating activities
Operating (loss) / profit (64,003) 33,901 (148,546)
Depreciation 3,466 3,213 7,691
Reduction in provision against investments - -
Profit on disposal of tangible fixed assets (605) -
Profit on disposal of investments (38,854) (175,465) (162,733)
(Increase) / decrease in stocks (11,653) 21,496 5,874
Decrease / (increase) in debtors 12,438 (38,260) (34,380)
(Decrease) / increase in creditors (1,117) 71,984 5,509
Net cash outflow from operating activities (100,328) (83,031) (326,585)
Net cash outflow from operating activities (100,328) (83,031) (326,585)
Returns from investment and servicing of finance (12,499) (22,270) (38,079)
Taxation - 7,603
Capital expenditure and financial investments (12,051) 48,261 345,898
Equity dividend paid (131,681) (131,681)
Decrease in cash for the period (124,878) (188,721) (142,844)
Reconciliation of net cash flow to movement in net
funds
Decrease in cash for the period (124,878) (188,721) (142,844)
Exchange movements 1,560 (27,874) (44,648)
Movement in net funds for the period (123,318) (216,595) (187,492)
Net funds as at 30 June 2007 3,030,554 3,218,046 3,218,046
Net funds as at 31 December 2007 2,907,236 3,001,451 3,030,554
G.R (Holdings) plc
Notes:
1 This interim report was neither audited nor reviewed by the auditors. It was
authorised for issue by the board on 18 March 2008. It has been prepared using
accounting policies that are consistent with those adopted in the statutory
accounts for the year ended 30 June 2007.
2 The calculation of earnings per share is based on a loss of £76,502 (2006:
£11,631 profit) being the profit after taxation and after deducting preference
dividends, and on 13,168,100 ordinary shares of 5p each (2006: 13,168,100).
3 This statement is 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 or via the company's website
www.grholdingsplc.co.uk
4 The interim results do not constitute the statutory accounts within the
meaning of s240 of the Companies Act 1985.
5 The board is advised that as at 31 December 2007 the company was a close
company within the meaning of the Income and Corporation Taxes Act 1988.
G.R (Holdings) plc
The pre-tax loss of the group for the period was £76,502 (£11,631 2006 -
profit).
During the period, the group was engaged in (a) the manufacture and sale of
Morlands footwear, sheepskin car rugs, and other products, (b) transactions
involving property and (c) investments.
At 31 December 2007, we were still involved as a limited partner in four
partnerships in land in the USA. There were no disposals during the six months
to 31 December 2007.
During the period, a small parcel of land was sold by a property company in
which Mintbay Limited, a group subsidiary, has a 50% interest. This sale
resulted in our share of the profit of £38,854.
In January 2008, the group disposed of a flat located in the City of London for
a net consideration of £599,254. The flat had previously been revalued in the
accounts at £400,000.
On 24 January 2008, the company redeemed all of the Second Cumulative Preference
shares.
Overall, I am still pessimistic regarding the trading position of the group.
The board has decided not to declare an interim dividend (2006 - nil).
AD Stalbow
Chairman
7 Queripel House
1 Duke of York Square
London SW3 4LY
020 7730 8799
20 March 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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