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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Griffin Grp. | LSE:GFF | London | Ordinary Share | GB0009530188 | 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% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8212V Griffin Group PLC 16 December 2005 GRIFFIN GROUP plc ("Griffin" or the "Company") PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005 Financial highlights: * Turnover up 220% to #10.58m (2004: #3.31m) * Net Profit before exceptional items up 107% to #938,597 (2004: #453,642) * Goodwill impairment write off amounting to #372,712 treated as exceptional item * Earnings per share before exceptional items up 48% to 1.38p (2004: 0.93p) * Net current assets #2,557,016 (2004: #1,115,638) including cash at bank of #904,451 and publicly tradable investments of #925,152 * Net assets #1,913,909 (2004: #1,700,375) equivalent to 4.71p per share (2004: 4.3p) * UK operations continued to be buoyant achieving six new AIM admissions and completed a number of corporate transactions * US operations have continued to struggle in difficult market conditions in their sector resulting in a trading loss of #65,591 before goodwill amortisation of #105,744 and the exceptional goodwill impairment write off of #372,712 * Disposal of the US operations to the US management team completed shortly after the year end date CHAIRMAN'S STATEMENT I am pleased to be able to report another year of record results for the Group reflecting a further significant improvement in the performance of the Group during this last financial year. In the year ended 30 September 2005, turnover increased 220 per cent. to #10,585,325 (2004: #3,310,569) as a result of an increase in completed transactions in the period. Administrative costs rose as a result of the additional business at #4,426,320 (2004: #1,495,352). Net profit before taxation and the exceptional goodwill write off amounted to #938,597 (2004: #453,642) and earnings per share (excluding the exceptional goodwill write off) amounted to 1.38p (2004: 0.93p). Shareholders' funds increased to #1,913,909 (2004: #1,700,375) equivalent to 4.71p per share. The Directors do not propose to declare a dividend (2004: nil). At the end of the year, the Company had cash on hand of #904,451 and investments held as short term stock of #925,152. Griffin Corporate Finance Limited ("Griffin UK") Griffin UK has undertaken ten corporate transactions in the year and established six new AIM flotations and one Ofex flotation. The corporate transactions and publicly floated companies cover various industry sectors. The corporate finance fee income amounted to #3.16 million and trading of investments totalled #5.8 million. The new AIM and Ofex admissions promoted by Griffin UK are as follows: Interbulk Investments plc Initial investment into an intermodal transport business Ionian Estates plc Initial investment into a Croatia property development business Process Handling plc Initial investment into an international pneumatic conveying solutions business Euro Investment Fund plc Initial investment into a specialist packaging business providing a Child Resistant Senior Friendly solution to the pharmaceutical industry Croatia Ventures plc Under new management Nanotech Energy plc Under new management Firenze Ventures plc Just admitted to Ofex at the year end Griffin UK's policy is not to maintain large long-term holdings in these companies and, whilst a management agreement exists whereby Griffin provides administrative support to these new AIM companies, Griffin UK looks to input appropriate new executives into these companies at an early opportunity, once the strategic direction of each company is determined. Griffin Securities Inc ("Griffin US") Your Company has today completed the disposal of the US subsidiaries and trading operations to the US management team. The disposal is effective from 1 October 2005 and the disposal proceeds were $825,885 all payable in cash on completion. The disposal proceeds represent the net assets disposed of plus $200,000 goodwill. Trading performance in the US operations has been disappointing and lacks the growth potential that your Board is seeking for the Group. The results of the US operations in recent years are set out below: 2005 2004 2003 # # # Turnover 1,563,826 1,681,627 396,452 (Loss)/Profit before taxation and goodwill amortisation (65,591) 140,600 (222,212) Goodwill amortisation (105,744) (105,748) (105,748) Goodwill impairment write down (372,712) - - (Loss)/Profit before taxation (544,047) 34,852 (327,960) The board has decided that it was in the best interests of the Company to dispose of the US operations due to the lack of potential growth and profits from the US business, to ensure management time remained focused on the profitable operations in the UK and to obtain an inflow of funds from the disposal of the US operations by converting the US balance sheet assets into cash. At the same time as the disposal the US directors on the Group board, Adrian Stecyk and Chrystyna Bedrij, resigned as directors of the Company to concentrate on the management of the US operations. Your board wishes to thank them for their hard work over recent years and wishes them every success with the future trading of the US operations. No remaining members of the Group board have any interest in the US operations disposed of. Under the AIM Rules, as Adrian Stecyk and Chrystyna Bedrij are both directors of the Company and interested in this disposal, the transaction is to a related party. Accordingly the terms of the disposal have been reviewed by Stephen Dean and Vince Nicholls, the independent directors, who after consultation with the Company's Nominated Adviser, believe the terms of the disposal to be fair and reasonable insofar as the shareholders of the Company are concerned. Directors' Share Dealings and Shareholdings In relation to the disposal of the US operations, as set out above, Adrian Stecyk and Chrystyna Bedrij have today disposed of 1,305,113 ordinary shares of 5p each at 3.25p per share and no longer hold any shares in their personal names in the Company. First Financial Securities Limited, a company in which Adrian Stecyk holds a beneficial interest, has today disposed of 3,134,593 ordinary shares of 5p each at 3.25p per share and now holds 5,422,643 ordinary shares of 5p each (13.33%). Global Investments Limited, a company in which Stephen Dean holds a discretionary beneficial interest, has today acquired 1,539,706 ordinary shares of 5p each at 3.25p per share and now holds 8,000,000 ordinary shares of 5p each (19.67%). Vince Nicholls has today acquired 2,900,000 ordinary shares of 5p each at 3.25p per share and now holds 4,000,000 ordinary shares of 5p each (9.83%). Group Financial Overview During the year, the Group has achieved pre tax profits (excluding the exceptional goodwill impairment write off) of #938,597. Due to the disposal of the US operations after the year end, the goodwill in the group's balance sheet has been written down to #100,000 representing the excess over net assets achieved from the disposal. The Group's net assets as at 30 September 2005 amounted to #1,913,909 equivalent to 4.71p per share. Earnings per share (excluding the exceptional goodwill write off) have increased by 48% to 1.38p (2004: 0.93p) which, based on the current share price of 6.13p, puts the shares at a p/e of around 4.44. As at 30 September 2005, the Group's cash balances were #904,451 and the Group also held investments (publicly tradeable on markets in London and New York) at book values totalling #925,152, all held for short term disposal. The Group's only debts are the convertible loan notes totalling #925,000. #175,000 of these loans is due for repayment or conversion in March 2006. The new loans of #750,000 were entered into just before the year end date and are repayable or convertible by 28 September 2007. The cash balances at 30 September 2005 do not reflect the receipt of the new loans of #750,000 as the funds were in transit at the year end date. The Directors consider that the Group's financial position and its trading position are very satisfactory. We believe the Group's financial performance for 2005 supports the Directors' belief that the economic climate is conducive to the smaller company markets in which we operate in the UK. The Directors are actively seeking strategic opportunities for the Company. In the last year, we have increased the Group's profile, developed the UK operating business and increased shareholder value substantially. The Directors believe the current year will present substantial opportunities for the Group's future success. The employees and advisers of the Group have worked hard to achieve these record results and the Board would like to thank all of them for their continuing support and loyalty. Stephen Dean Chairman GROUP PROFIT & LOSS ACCOUNT For The Year Ended 30 September 2005 2005 2004 # # TURNOVER - Continuing operations 9,021,499 1,628,942 - Discontinuing operations 1,563,826 1,681,627 ___________ ___________ 10,585,325 3,310,569 COST OF SALES (5,275,093) (1,250,651) ___________ ___________ GROSS PROFIT 5,310,232 2,059,918 Administrative expenses (4,426,320) (1,495,352) Goodwill amortisation (105,744) (105,748) ___________ ___________ OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS 778,168 458,818 Goodwill impairment write off (372,712) - ___________ ___________ OPERATING PROFIT 405,456 458,818 - Continuing operations 949,503 423,966 - Discontinuing operations (544,047) 34,852 Interest receivable & similar income 178,879 3,261 Interest payable (18,450) (8,437) ___________ ___________ PROFIT ON ORDINARY ACTIVITIES BEFORE 565,885 453,642 TAXATION Taxation (381,378) (121,627) ___________ ___________ RETAINED PROFIT FOR THE YEAR 184,507 332,015 ___________ ___________ Basic earnings per share (note 1) 0.46p 0.93p Diluted earnings per share (note 1) 0.45p 0.93p Basic earnings per share before goodwill impairment 1.38p 0.93p The Company made no recognised gains or losses other than the result for the year. The continuing operations represent the UK operations which are continuing. The discontinued operations represent the US operations which were disposed of with effect from 1 October 2005. GROUP BALANCE SHEET As at 30 September 2005 2005 2004 # # FIXED ASSETS Intangible fixed assets 100,000 578,456 Tangible fixed assets 6,893 6,281 ___________ ___________ 106,893 584,737 ___________ ___________ CURRENT ASSETS Investments (note 5) 925,152 946,428 Debtors 3,475,173 641,681 Cash at bank & in hand 904,451 711,500 ___________ ___________ 5,304,776 2,299,609 CREDITORS: Amounts falling due within one year Convertible debt (175,000) (225,000) Other creditors (2,572,760) (958,971) ___________ ___________ NET CURRENT ASSETS 2,557,016 1,115,638 ___________ ___________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,663,909 1,700,375 CREDITORS: Amounts falling due after more than one year (750,000) - ___________ ___________ NET ASSETS 1,913,909 1,700,375 ___________ ___________ CAPITAL & RESERVES Called up share capital - equity 2,033,831 1,974,181 Share premium account 527,349 557,972 Profit & loss account (647,271) (831,778) ___________ ___________ EQUITY SHAREHOLDERS' FUNDS 1,913,909 1,700,375 ___________ ___________ GROUP CASH FLOW STATEMENT For The Year Ended 30 September 2005 2005 2004 # # NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (note 2) (690,058) 35,374 RETURNS ON INVESTMENTS & SERVICING OF FINANCE Interest received 178,879 3,261 Interest paid (18,450) (8,437) ___________ ___________ NET CASH INFLOW/(OUTFLOW) FROM RETURNS ON INVESTMENTS & SERVICING OF FINANCE 160,429 (5,176) TAXATION UK corporation tax paid - - CAPITAL EXPENDITURE & FINANCIAL INVESTMENT Purchase of tangible fixed assets (6,447) (6,882) ___________ ___________ NET CASH OUTFLOW FROM CAPITAL EXPENDITURE & FINANCIAL INVESTMENT (6,447) (6,882) ACQUISITIONS & DISPOSALS Purchase of investments - - Disposal of investments - - ___________ ___________ NET CASH OUTFLOW FROM ACQUISITIONS & - - DISPOSALS EQUITY DIVIDENDS PAID - - ___________ ___________ NET CASH (OUTFLOW)/INFLOW BEFORE (536,076) 23,316 FINANCING ___________ ___________ FINANCING Issue of ordinary share capital 59,650 675,000 Costs of share issues (30,623) (257,038) Debt finance introduced 750,000 225,000 Debt finance repaid (50,000) - ___________ ___________ NET CASH INFLOW FROM FINANCING 729,027 642,962 ___________ ___________ INCREASE IN CASH (notes 3 & 4) 192,951 666,278 ___________ ___________ NOTES 1 Earnings per share The basic earnings per share are calculated by dividing the profit for the financial year attributable to shareholders by the weighted average number of shares in issue. In calculating the diluted earnings per share, share options and warrants outstanding have been taken into account. The weighted average number of shares were: 2005 2004 Number Number Weighted average number of shares 40,405,344 35,577,892 Effect of outstanding warrants and options 400,000 - __________ __________ Adjusted weighted average number of ordinary 40,805,344 35,577,892 shares __________ __________ 2 Net cash (outflow)/inflow from operating activities 2005 2004 # # Operating profit 405,456 458,818 Depreciation 5,835 11,784 Amortisation 105,744 105,748 Goodwill impairment write off 372,712 - Provision against investments - 18,300 (Increase)/decrease in investments 21,276 (599,483) (Increase)/decrease in debtors (2,833,492) (555,250) Increase/(decrease) in creditors 1,232,411 595,457 ___________ __________ Net cash (outflow)/inflow from operating (690,058) 35,374 activities ___________ __________ 3 Reconciliation of change in cash to movement in net funds 2005 2004 # # Increase in cash in the year 192,951 666,278 Debt finance introduced (750,000) (225,000) Debt finance repaid 50,000 ___________ __________ Movement in net funds (507,049) 441,278 ___________ __________ 4 Analysis of net cash and debt 2004 Cashflow 2005 # # # Cash at bank 711,500 192,951 904,451 __________ __________ __________ Net funds 711,500 192,951 904,451 Convertible loan notes (225,000) (700,000) (925,000) __________ __________ __________ 486,500 (507,049) (20,549) __________ __________ __________ 5 Investments The investments represent shares which are publicly tradeable on a recognised market in either USA or UK. 6 The Board of Directors does not propose to pay a dividend. 7 The financial information set out in this document has not been audited and does not constitute statutory group accounts. 8 The report and accounts for the year to 30 September 2005 will be posted to shareholders and, after being laid before the Annual General Meeting, will be delivered to the Registrar of Companies. Copies of the Report and Accounts will be available to the public, free of charge, from the office of Griffin Group plc, Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent, TN11 9BH during normal office hours, with the exception of Saturdays, Sundays and bank holidays, for one month from today. Enquiries: Griffin Group plc Stephen Dean, Chairman 0034 605 282 211 Nabarro Wells & Co Limited Keith Smith 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END FR TFBITMMIBBMA
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