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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 : 8265X Griffin Group PLC 30 June 2008 Griffin Group plc ("Griffin" or the "Company") Interim Statement for the Six Months ended 31st March 2008 (the "Period") Highlights: * Revenue £916,233 before £850,106 unrealised loss on investments (2007: £1,119,094 before £1,164,250 unrealised loss on investments) * Loss after tax from continuing operations £846,137 (2007: £745,768) * Loss per share from continuing operations of 0.77p (2007: 1.71p) GRIFFIN GROUP PLC Chairman's Statement I am pleased to make this interim results announcement on behalf of our Company. The results for this Period have been substantially affected by the lack of liquidity in Plus Markets stocks and the reporting changes required to comply with International Financial Reporting Standards ("IFRS") which we are required to report under for the first time. The comparative financial results have been similarly restated and reconciliations provided to explain the movements. The key changes are: * Sales of trading investments are now reported on a net profit basis rather than disposal proceeds and cost of sales being separately shown. * Trading investments are now stated at fair value and the revaluation reported through the income statement. Previously these were stated at the lower of cost and net realisable value. * Where more than 50% of the share capital of an investment company is held, but that investment is held exclusively for resale, it is now treated as a subsidiary held exclusively for resale in accordance with IFRS5 and shown as a disposal group at the lower of initial carrying value and fair value less any anticipated costs to sell. Previously, where such shares were held for resale they were carried at cost less impairment. However, it is the lack of liquidity in Plus Markets stocks experienced over the last six to nine months that has had a major impact on these results, and your Board have recognised a substantial fall in the value of these investments and the related loan notes, to reflect the difficulties in converting these investments back into cash. During the Period we are delighted to have introduced Interactive Publishing plc to PLUS Markets and this company quickly completed the reverse acquisition of Trojan Publishing Limited in February 2008. Trojan publishes a number of periodical magazines and after its first year of trading at a loss, it has achieved critical mass and is now trading profitably. Since the Period we have provided further finance to Interactive Publishing to enable it to purchase Attitude magazine and we are very pleased with the progress of this business. In common with our Plus Markets stocks in general, sales of our initial investment in this company have been slower than we would have hoped for and the lack of liquidity has reduced the amount of cash available to us to fund further deals which in turn create the profits. Despite the difficult markets we are currently experiencing, we have a number of deals at various stages for the newly-listed companies together with reverse deals for existing companies in our portfolio. The Company's fee income and realised profit from the sale of investments for the six months ended 31st March 2008 reduced from £1,119,094 to £916,233 compared to the same period to 31st March 2007. The unrealised loss on investments reduced from £1,164,250 to £850,106. As a result of the unrealised losses on investments, the post-tax loss from continuing operations for the period ended 31st March 2008 was £846,137 compared to £745,768 in the comparative period. The loss per share on continuing operations was 0.77p to 31st March 2008 and 1.71p to 31st March 2007. As at 31st March 2008, the Company had cash balances of £14,888 (2007: £521,536). We currently have no gearing or debt on our balance sheet. Our principal balance sheet assets are our investments and loans in at present listed companies totalling £2,179,738 (2007: £1,946,708). Our primary objective is to be able to liquidate our investment positions and return cash back into the Griffin balance sheet. The year end results will depend on our success in this regard and the fluctuations in the share prices of the investments held at that date. However, following the fall in the fair value of these investments recognised in this Period we expect the second half to show more favorable results. Your Board is actively seeking acquisitions for Griffin with the objective of delivering a wider offering of financial services and we anticipate making a further announcement in this regard before the year end date. Finally, I would like to take this opportunity on behalf of the Board to thank our staff and the Company's advisors for their loyalty and continued support. Stephen Dean Chairman GRIFFIN GROUP PLC Group Income Statement 12 months to 30 September 2007 6 months to 31 March 6 months to 31 March (Audited) 2008 2007 (Unaudited) (Unaudited) Restated Restated £ £ £ REVENUE - continuing operations Fee income 414,190 644,500 1,480,816 Realised profit on 502,043 474,594 1,013,734 investments Unrealised loss on (850,106) (1,164,250) (671,915) investments _________ _________ _________ 66,127 (45,156) 1,822,635 Cost of sales (60,000) (47,500) (442,500) _________ _________ _________ GROSS PROFIT/(LOSS) 6,127 (92,656) 1,380,135 Administrative expenses (946,172) (967,295) (1,797,952) Fair value adjustments to loan (193,919) - (54,000) notes _________ _________ _________ (LOSS)/PROFIT FROM OPERATIONS (1,133,964) (1,059,951) (471,817) Finance revenue 46,500 10,674 110,753 Finance costs (1,360) (264) (701) _________ _________ _________ (LOSS)/PROFIT BEFORE TAXATION (1,088,824) (1,049,541) (361,765) Taxation 242,687 303,773 72,993 _________ _________ _________ (LOSS)/PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS (846,137) (745,768) (288,772) (Loss)/profit for the period (1,116,678) 2,756 28,356 from disposal groups _________ _________ _________ LOSS FOR THE PERIOD FROM ALL OPERATIONS (1,962,815) (743,012) (260,416) _________ _________ _________ Basic and diluted earnings per share - continuing operations (0.77)p (1.71)p (0.65)p -all operations (1.80)p (1.70)p (0.58)p GRIFFIN GROUP PLC Group Balance Sheet At 30 September 2007 At 31 March 2008 At 31 March 2007 (Unaudited) (Unaudited) (Audited) Restated Restated £ £ £ NON-FINANCIAL ASSETS Property, plant & machinery - 2,930 - _________ _________ _________ - 2,930 - CURRENT ASSETS Held for trading investments 461,105 608,301 1,217,850 Assets of disposal groups 720,747 1,486,821 1,709,079 Trade and other receivables 374,588 1,243,054 1,392,436 Convertible loan notes 834,670 - 486,000 Loans & receivables 569,084 - - Cash and cash equivalents 14,888 521,536 1,378,545 _________ _________ _________ 2,975,082 3,859,712 6,183,910 CURRENT LIABILITIES Trade and other payables (1,044,908) (1,587,582) (2,419,267) Liabilities of disposal groups (405,868) (148,414) (277,522) _________ _________ _________ NET CURRENT ASSETS 1,524,306 2,123,716 3,487,121 _________ _________ _________ TOTAL ASSETS LESS CURRENT 1,524,306 2,126,646 3,487,121 LIABILITIES _________ _________ _________ NET ASSETS 1,524,306 2,126,646 3,487,121 _________ _________ _________ EQUITY Issued share capital 2,249,346 2,183,831 2,249,346 Share premium account 1,339,713 527,349 1,339,713 Profit & loss account (2,064,753) (584,534) (101,938) _________ _________ _________ SHAREHOLDERS' FUNDS 1,524,306 2,126,646 3,487,121 _________ _________ _________ GRIFFIN GROUP PLC GROUP CASH FLOW STATEMENT 12 months to 30 September 2007 6 months to 31 March 6 months to 31 March 2008 2007 (Unaudited) (Unaudited) (Audited) Restated Restated £ £ £ Cash flow from operating activities (Loss)/profit before taxation (1,088,824) (1,049,541) (361,765) Adjusted for: Investment income (46,500) (10,674) (110,753) Investment expenses 1,360 264 701 Depreciation - 1,170 4,348 (Increase)/decrease in - 499,099 1,344,500 investments Decrease/(increase) in trade 1,774,593 15,081 (134,301) and other receivables (Increase)/decrease in (345,776) 913,500 (1,095,000) convertible loan notes (Decrease)/increase in trade (1,181,672) (688,257) 37,910 and other payables Increase in loans and (510,305) - receivables Tax paid - - (125,262) _________ _________ _________ Net cash from operating (1,397,124) (319,358) (439,622) activities Cash flows from investing activities Purchase of tangible fixed - (4,100) (4,348) assets Interest received 34,827 10,674 110,753 Interest payable (1,360) (264) (701) _________ _________ _________ Net cash from investing 33,467 6,310 105,704 activities Cash flows from financing activities Issue of shares - - 982,724 Expenses of issue - - (104,845) Repayment of loan notes - (450,000) (450,000) _________ _________ _________ Net cash used in financing - (450,000) 427,879 activities _________ _________ _________ Net change in cash and cash (1,363,657) (763,048) 93,961 equivalents Opening cash & cash 1,378,545 1,284,584 1,284,584 equivalents _________ _________ _________ 14,888 521,536 1,378,545 Closing cash & cash _________ _________ _________ equivalents GRIFFIN GROUP PLC STATEMENT OF MOVEMENTS IN EQUITY Issued Share Capital Share Premium Profit and Loss Account Account Total Reserves Restated Restated Restated Restated £ £ £ £ At 1st October 2006 2,183,831 527,349 158,478 2,869,658 Loss for the period - - (743,012) (743,012) _________ _________ _________ _________ At 31st March 2007 2,183,831 527,349 (584,534) 2,126,646 Open Offer & Placing 65,515 917,209 - 982,724 Expenses of issue - (104,845) - (104,845) Loss for the period - - 482,596 482,596 _________ _________ _________ _________ At 30th September 2007 2,249,346 1,339,713 (101,938) 3,487,121 Loss for the period - - (1,962,815) (1,962,815) _________ _________ _________ _________ At 31st March 2008 2,249,346 1,339,713 (2,064,753) 1,524,306 _________ _________ _________ _________ Note - On 23rd April 2008, by Court Order, the share premium account was reduced to £530,938 and the reduction applied to reduce the deficit on the Company's profit and loss account. GRIFFIN GROUP PLC Accounting policies The following is a summary of the principal changes to accounting policies arising from the application of International Financial Reporting Standards ("IFRS") in these financial statements. The comparative figures have been restated in accordance with IFRS and the effect of these changes is shown in note 8: 1. Basis of Consolidation Subsidiaries are entities controlled by the Group. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefit from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In certain instances the group has acquired in excess of 50% of the issued share capital of an entity but holds those shares exclusively with a view to subsequent resale. Such investments are accounted for as disposal groups in accordance with IFRS 5 'Non-current assets held for sale and discontinued operations' and are initially recognised at the lower of cost and fair value less costs to sell. At each subsequent reporting date the carrying value of the investment is remeasured to the lower of its initial carrying amount, and fair value less costs to sell at the reporting date. The post-tax profit or loss of the subsidiary and the post-tax gain or loss on remeasurement is charged to the income statement. 2. Investment Portfolio (i) Recognition and measurement Investments are recognised and de-recognised on a date where the purchase or sale of an investment is under a contract whose terms require the delivery or settlement of the investment. The Group manages its investments with a view to profiting from the sale of the equity investments. Quoted investments are designated at fair value through profit and loss and subsequently carried in the balance sheet at fair value. Fair value is generally based on the closing bid price at the reporting date, where the investment is quoted on an active stock market. Many of the investments are in illiquid stocks where the directors do not consider that an active market exists. Fair value of these investments is based on either the closing bid price at the reporting date with a downward adjustment for marketability or using an alternative valuation model where the directors consider that this is more appropriate. Unquoted equity investments are designated at fair value through profit and loss and are subsequently carried in the balance sheet at fair value. Other investments including non convertible loan investments are included as loans and receivables. Where the fair value of loans and receivables is anticipated to be substantially different to the holding value the carrying value of the loans and receivables is reduced accordingly. (ii) Revenue Fee income represents amounts invoiced for services provided, net of VAT. The realised and unrealised profits/losses on investments are equivalent to "revenue" for the purposes of IAS 1. They represent the overall increase in net assets from the investment portfolio net of deal-related costs. Investment income is analysed into the following components: (a) Realised profits over value on the disposal of investments are the difference between the fair value of the consideration received less any directly attributable costs, on the sale of equity and its carrying value at the start of the accounting period. (b) Unrealised profits on the revaluation of investments are the movement in the carrying value of investments between the start and end of the accounting period. GRIFFIN GROUP PLC Notes to the Interim Statement 1. The interim financial information has been prepared using a basis consistent with International Financial Reporting Standards (*IFRS*) as adopted by the EU except that IAS 34 *Interim Financial Statements* which is not mandatory for AIM companies has not been adopted in the preparation of this statement. Previous results have been reported under UK GAAP using accounting policies as set out in the Group*s statutory accounts to 30th September 2007. The comparative results for 31st March 2007 and 30th September 2007 have been restated using IFRS and a reconciliation of the income statement and balance sheets under the two methods has been presented (note 8). The statutory accounts to 30th September 2008 will be presented under IFRS. 2. The interim figures have not been audited. The interim financial statements do 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 2007 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, and, for the purposes of this announcement, restated into IFRS presentation for comparison purposes. 3. Taxation charges have been estimated for the six months, based on a 30% Corporation tax rate in the UK. 4. The calculation of earnings per share is based on the profit on ordinary activities after taxation and 109,191,573 (31st March 2007: 43,676,629; 30th September 2007: 44,576,560) 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 109,191,573 (31st March 2007: 43,676,629; 30th September 2007: 44,576,560) 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. 5. The Directors have not declared an interim dividend. 6. Since the period end, the Company has sought and obtained Court approval for a reduction of its Share Premium Account from £1,339,713 to £530,938, the reduction being applied to the Profit and Loss Account and allowing the Company, for example, to pay a dividend out of future distributable profits earned. 7. The interim statement was approved by the Board of Directors on 30 June 2008. 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. 8. Restatement of Prior Periods to IFRS The effect of the changes in accounting policies and other restatements described in note 1 on the previously reported results, assets and liabilities for the periods are, in summary, as follows: Reclassification of Reporting of sales invest-ments to a of invest-ments on a disposal group net basis As previously stated Revaluation of assets to fair value Year to 31st March 2007 As restated £ £ £ £ £ Revenue 2,472,603 (1,353,509) (1,164,250) - (45,156) Cost of sales (1,401,009) 1,353,509 - - (47,500) Fair value adjustments to loan notes - - - - 609,000 Taxation (34,411) - 338,184 - 303,773 Loss from disposal groups - - 609,000 (606,244) 2,756 Profit/(Loss) from all operations 80,298 - (217,066) (606,244) (743,012) _________ _________ _________ _________ _________ Property, plant & machinery 2,930 - - - 2,930 Investments held for resale 2,348,311 - 204,642 (1,944,652) 608,301 Assets of disposal groups - - - 1,486,821 1,486,821 Trade and other receivables 1,243,054 - - - 1,243,054 Convertible loan notes - - - - - Cash & cash equivalents 521,536 - - - 521,536 _________ _________ _________ _________ _________ Total assets 4,115,831 - 204,642 (457,831) 3,862,642 Trade & other payables (1,515,099) - (72,483) - (1,587,582) Liabilities of disposal groups - - - (148,414) (148,414) _________ _________ _________ _________ _________ Total liabilities (1,515,099) - (72,483) (148,414) (1,735,996) _________ _________ _________ _________ _________ Net assets 2,600,732 - 132,159 (606,245) 2,126,646 _________ _________ _________ _________ _________ Equity - profit and loss account 2,600,732 - 132,159 (606,245) 2,126,646 _________ _________ _________ _________ _________ Reclassification of invest-ments to a Reporting of sales disposal group of invest- ments on a net basis As previously stated Revaluation of assets to fair value Year to 30th September 2007 As restated £ £ £ £ £ Revenue 6,744,934 (4,250,384) (671,915) - 1,822,635 Cost of sales (4,692,884) 4,250,384 - - (442,500) Fair value adjustments to loan notes - - (54,000) - (54,000) Taxation (117,490) - 190,483 - 72,993 Loss from disposal groups - - 609,000 (580,644) 28,356 Profit/(Loss) from all operations 246,660 - 73,568 (580,644) (260,416) _________ _________ _________ _________ _________ Investments held for resale 2,533,075 - 696,977 (2,012,202) 1,217,850 Assets of disposal groups - - - 1,709,079 1,709,079 Trade and other receivables 1,932,436 - (540,000) - 1,392,436 Convertible loan notes - 486,000 - 486,000 Cash & cash equivalents 1,378,545 - - - 1,378,545 _________ _________ _________ _________ _________ Total assets 5,844,056 - 642,977 (303,123) 6,183,910 Trade & other payables (2,199,083) - (220,184) - (2,419,267) Liabilities of disposal groups - - - (277,522) (277,522) _________ _________ _________ _________ _________ Total liabilities (2,199,083) - (220,184) (277,522) (2,696,789) _________ _________ _________ _________ _________ Net assets 3,644,973 - 422,793 (580,645) 3,487,121 _________ _________ _________ _________ _________ Equity - profit and loss account 3,644,973 - 422,793 (580,645) 3,487,121 _________ _________ _________ _________ _________ The effect of the changes in accounting policies and other restatements described in note 1 on the balance sheet of the group at the date of transition to IFRS, 1st October 2006, is as follows: Reporting of sales of invest-ments on a net basis As previously stated Revaluation of assets to fair value At 1st October 2006 As restated £ £ £ £ Investments held for resale 1,074,159 - 1,368,892 2,443,051 Trade and other receivables 2,780,635 (1,522,500) - 1,258,135 Convertible loan notes - 1,522,500 (609,000) 913,500 Cash & cash equivalents 1,284,584 - - 1,284,584 _________ _________ _________ _________ Total assets 5,139,378 - 759,892 5,899,270 Trade & other payables (2,168,944) - (410,668) (2,579,612) Borrowings (450,000) - - (450,000) Liabilities of disposal groups - - - - _________ _________ _________ _________ Total liabilities (2,618,944) - (410,668) (3,029,612) _________ _________ _________ _________ Net assets 2,520,434 - 349,224 2,869,658 _________ _________ _________ _________ Equity - profit and loss 2,520,434 - 349,224 2,869,658 account _________ _________ _________ _________ GRIFFIN GROUP PLC Registered office: Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent TN11 9BH. Registered No. 03861966 Contacts: Company Vince Nicholls 01732 836180 Nominated Adviser James Caithie Dowgate Capital Advisers Limited 020 7492 4777 Investor Relations Melissa Gilmour 07970 767869 This information is provided by RNS The company news service from the London Stock Exchange END IR FKKKDFBKKAAN
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