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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 |
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RNS Number:7855E
Griffin Group PLC
19 June 2006
19th June 2006
Griffin Group plc
("Griffin" or the "Company")
Interim Statement
for the Six Months ended 31st March 2006
(the "Period")
Highlights:
*Turnover #4,762,965 (2005: #4,701,297)
*Pre tax profits #453,890 (2005: #452,255)
*Earnings per share of 0.76p (2005: 0.70p)
*Net assets per share of 5.43p (2005: 4.99p)
*Cash balance after reducing debt financing by #425,000 of #997,070 (2005:
#629,254)
*Good progress in the Company's UK operations, with two new OFEX
admissions and five completed corporate transactions
*Disposal of loss-making US operations effective 1st October 2005
Of these results Chairman Stephen Dean commented "Griffin has a proven formula
of creating UK-listed investment companies and then finding suitable targets
with growth potential for them. In addition, the Company has successfully begun
placing new companies on the OFEX market. Our ability to source new investments
and business development opportunities augers well for the remainder of this
financial year."
GRIFFIN GROUP PLC
Chairman's Statement
I am pleased to make this interim results announcement on behalf of our Company,
which demonstrates the further success we have achieved.
The Directors are satisfied with the results for the Period, which reflect our
continuing strategy of establishing UK listed investment companies and then
finding suitable investment targets for them. The disposal of the US operations
has allowed the Board to focus on growing Griffin's profitable UK operation and
we continue to review possible investment and business development
opportunities.
On 16th December 2005, the Company announced the disposal of its US operations
for US$825,885, with effect from 1st October 2005. These disposal proceeds
represented the net assets disposed of plus US$200,000 of goodwill. The Board
made their decision to sell based on the lack of potential growth and profits
from the US business, to ensure management focus on the more profitable UK
operations and to obtain an inflow of funds into the UK by converting the US
balance sheet assets into Sterling cash.
The Company's fee income for the six months ended 31st March 2006 increased to
#4,762,965 compared to #4,701,297 in the same period to 31st March 2005. Profits
before tax increased to #453,890 from #452,255 and earnings per share increased
to 0.76p from 0.70p.
Eliminating the US operations from the 2005 comparatives shows turnover of
#4,762,965 (2005: #3,515,492) and profits before tax of #453,890 (2005:
#356,508). The second half of the Company's year to 30th September 2005 saw
substantial losses in the US, which significantly reduced the Group results for
that year. Accordingly, I am confident that the Group will achieve a substantial
overall improvement in profits for the full year ending on 30th September 2006.
As at 31st March 2006, the Company had cash balances of #997,070 (2005:
#629,254) and marketable investments of #489,728 (2005: #1,108,397). During the
period the Company's debts were reduced by #425,000 to #500,000.
Griffin's balance sheet debtors include convertible loan notes totalling
#1,867,500. Of this, #795,000 will today be converted into 60,000,000 shares in
Avid Holdings plc, whose closing share price as of Friday 16th June was 2.5p,
and the remainder, issued by Pearl Street Holdings plc and if not converted into
shares, is due for repayment between April 2007 and February 2008.
In the UK, business has continued to be busy. We have initiated and arranged the
flotation of two OFEX investment companies, both as an investor and agent. The
concentration of our efforts in the last six months has been focused on
completing the reverse acquisitions of our existing investment companies. This
work has taken longer than anticipated and will require further cash investment
either by Griffin or from the Market. We are also now seeing a number of
transactions reach their conclusions and these will both generate fee income for
Griffin and enable your Company to convert its investments back into cash.
In March we established Griffin Communications Limited as a subsidiary of
Griffin. This company was set up to provide marketing, investor relations,
public relations and research services and is able to assist the companies we
bring to the Market by ensuring they reach the radar of institutional and
private shareholders and the financial and trade press.
Your Board continues to seek strategic acquisitions and investments for Griffin
with the objective of delivering enhanced shareholder value. On behalf of the
Board I wish to thank our staff and the Company's advisors for their loyalty and
continued support.
Stephen Dean
Chairman
Post Balance Sheet Events:
*Completion of two corporate transactions in the current quarter to date.
(1) A successful placing on behalf of One Charter plc (OFEX: ONCO) in April - an
aircraft chartering, brokerage and management service set up to capitalise on
the growth in the private aircraft charter sector.
(2) The acquisition by Euro Investment Fund plc (LSE: EUF) - an AIM-listed cash
shell - in May of the outstanding 82.5% of its sole investment, 3 Point Blue
Ltd, a pharmaceutical packaging company. Euro Investment Fund plc has today
changed its name to Avid Holdings plc.
GRIFFIN GROUP PLC
Group Profit And Loss Account
Six months to Six months to 12 months to
31st March 31st March 30th September
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
# # #
TURNOVER
Continuing operations 4,762,965 3,515,491 9,021,499
Discontinued operations - 1,185,806 1,563,826
________ ________ ________
4,762,965 4,701,297 10,585,325
COST OF SALES (2,049,282) (1,605,452) (5,275,093)
________ ________ ________
GROSS PROFIT 2,713,683 3,095,845 5,310,232
Administrative expenses (2,286,357) (2,587,396) (4,426,320)
Goodwill amortisation - (52,872) (105,744)
________ ________ ________
OPERATING PROFIT BEFORE
EXCEPTIONAL ITEMS 427,326 455,577 778,168
Goodwill impairment write-off - - (372,712)
________ ________ ________
OPERATING PROFIT 427,326 455,577 405,456
- Continuing operations 427,326 359,830 949,503
- Discontinued operations - 95,747 (544,047)
Interest receivable & similar
income 48,299 5,570 178,879
Interest payable & similar
charges (21,735) (8,892) (18,450)
________ ________ ________
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 453,890 452,255 565,885
TAXATION (note 2) (145,409) (170,695) (381,378)
________ ________ ________
RETAINED PROFIT FOR THE PERIOD 308,481 281,560 184,507
========== ========== ==========
Basic earnings per share (note 3) 0.76p 0.70p 0.46p
Diluted earnings per share (note 3) 0.75p 0.69p 0.45p
GRIFFIN GROUP PLC
Group Balance Sheet
At 31st March At 31st March At 30th
September
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
# # #
FIXED ASSETS
Intangible fixed assets - 525,584 100,000
Tangible fixed assets - 7,612 6,893
________ ________ ________
- 533,196 106,893
CURRENT ASSETS
Investments 489,728 1,108,397 925,152
Debtors 3,551,255 3,007,483 3,483,719
Cash at bank & in hand 997,070 629,254 904,451
________ ________ ________
5,038,053 4,745,134 5,313,322
CREDITORS: Amounts falling due
within one year
Convertible loan notes - (175,000) (175,000)
Other creditors (2,165,663) (3,074,868) (2,581,306)
________ ________ ________
NET CURRENT ASSETS 2,872,390 1,495,266 2,557,016
________ ________ ________
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,872,390 2,028,462 2,663,909
CREDITORS: Amounts falling due after
more than one year
Convertible loan notes (500,000) - (750,000)
________ ________ ________
NET ASSETS 2,372,390 2,028,462 1,913,909
========== ========== ==========
CAPITAL & RESERVES
Called up share capital -
equity 2,183,831 2,033,831 2,033,831
Share premium account 527,349 544,849 527,349
Profit & loss account (338,790) (550,218) (647,271)
________ ________ ________
EQUITY SHAREHOLDERS' FUNDS 2,372,390 2,028,462 1,913,909
========== ========== ==========
NET ASSETS PER ORDINARY SHARE 5.43p 4.99p 4.71p
GRIFFIN GROUP PLC
Group Cash Flow Statement
Six months to Six months to 12 months to
31st March 31st March 30th September
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
# # #
NET CASH INFLOW/(OUTFLOW)
FROM OPERATING ACTIVITIES 18,896 (30,861) (574,506)
RETURNS ON INVESTMENTS & SERVICING
OF FINANCE
Interest received 48,299 5,570 178,879
Interest paid (21,735) (8,892) (18,450)
________ ________ ________
NET CASH INFLOW/(OUTFLOW) FROM
RETURNS ON INVESTMENTS &
SERVICING OF FINANCE 26,564 (3,322) 160,429
TAXATION
UK Corporation Tax paid - (42,326) (119,300)
CAPITAL EXPENDITURE & FINANCIAL
INVESTMENT
Purchase of tangible fixed
assets - (2,264) (2,699)
________ ________ ________
NET CASH OUTFLOW FROM CAPITAL - (2,264) (2,699)
EXPENDITURE & FINANCIAL INVESTMENT
ACQUISITIONS AND DISPOSALS
Net cash disposed of with
subsidiary (100,103) - -
Sale of subsidiary undertaking 422,262 - -
________ ________ ________
NET CASH INFLOW FROM
ACQUISITIONS AND DISPOSALS 322,159 - -
EQUITY DIVIDENDS PAID - - -
________ ________ ________
NET CASH INFLOW/(OUTFLOW)
BEFORE FINANCING 367,619 (78,773) (536,076)
FINANCING
Issue of ordinary share capital 150,000 59,650 59,650
Cost of shares issued - (13,123) (30,623)
Debt finance introduced - - 750,000
Debt financing repaid (425,000) (50,000) (50,000)
________ ________ ________
NET CASH (OUTFLOW)/INFLOW FROM
FINANCING (275,000) (3,473) 729,027
________ ________ ________
INCREASE/(DECREASE) IN CASH 92,619 (82,246) 192,951
========== ========== ==========
GRIFFIN GROUP PLC
Notes to the Statement of Cash Flows
A) RECONCILIATION OF OPERATING PROFIT TO
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
Six months to Six months to 12 months to
31st March 31st March 30th September
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
# # #
Operating profit 427,326 455,577 405,456
Depreciation - 933 2,087
Amortisation - 52,872 105,744
Goodwill impairment
write-off - - 372,712
Provision against
investments 43,800 - 5,057
Decrease/(Increase) in
investments 389,481 (161,969) 16,219
Increase in debtors (373,930) (2,365,802) (2,842,038)
(Decrease)/Increase in
creditors (467,781) 1,987,528 1,360,257
________ ________ ________
NET CASH INFLOW/(OUTFLOW)
FROM OPERATING ACTIVITIES 18,896 (30,861) (574,506)
========== ========== ==========
(B) RECONCILIATION OF NET CASH
FLOW TO MOVEMENT IN NET FUNDS
Six months to Six months to 12 months to
31st March 31st March 30th September
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
# # #
Increase/(Decrease) in
cash in period 92,619 (82,246) 192,951
Debt finance introduced - - (750,000)
Debt finance repaid 425,000 50,000 50,000
________ ________ ________
Movement in net funds in
the period 517,619 (32,246) (507,049)
Opening net funds (20,549) 486,500 486,500
________ ________ ________
Closing net funds 497,070 454,254 (20,549)
========== ========== ==========
(C) ANALYSIS OF NET CASH AND DEBT
At 31st March At 31st March At 30th
September
2006 2005 2005
(Unaudited) (Unaudited) (Audited)
# # #
Net Cash
Cash at bank 997,070 629,254 904,451
Other debt (500,000) (175,000) (925,000)
________ ________ ________
Net Funds/(Debt) 497,070 454,254 (20,549)
========== ========== ==========
GRIFFIN GROUP PLC
Notes to the Interim Statement
1. The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts to 30th
September 2005. The interim figures have not been audited. The interim
financial statement does not constitute statutory accounts within the meaning
of Section 240 of the Companies Act 1985 (the "Act").Comparative financial
information for the 12 months ended 30th September 2005 has been extracted
from the statutory accounts for the period which have been delivered to the
Registrar of Companies and upon which the auditors gave an unqualified report,
with no statement under Section 237(2) or (3) of the Act.
2. Taxation charges have been estimated for the six months, based on a 30%
Corporation tax rate in the UK.
3. The calculation of earnings per share is based on the profit on ordinary
activities after taxation and 40,677,943 (31st March 2005: 40,129,124;
30th September 2005: 40,405,344) ordinary shares being the weighted average
number of shares in issue during the half year.
The calculation of fully diluted earnings per share is based on the profit on
ordinary activities after taxation and 41,130,699 (31st March 2005: 40,639,124;
30th September 2005: 40,805,344) ordinary shares being the weighted average
number of shares in issue during the half year, after allowing for dilution by
share options, warrants and convertible loan notes.
4. The Directors have not declared an interim dividend.
5. The interim statement was approved by the Board of Directors on 19th June
2006. Copies of this statement will be available free of charge from the
Company's Registered Office at Hilden Park House, 79 Tonbridge Road,
Hildenborough, Kent TN11 9BH.
GRIFFIN GROUP PLC
Registered office: Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent
TN11 9BH.
Registered No. 03861966
Contacts:
Company
Stephen Dean 00 34 605 282211
Vince Nicholls 01732 836 300
Nominated Adviser
David Nabarro 020 7710 7400
Investor Relations
Melissa Gilmour 01732 836 300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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