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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Real Office | LSE:REAL | London | Ordinary Share | GB00B23FXY03 | 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% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMREAL RNS Number : 3619D Real Office Group PLC 01 December 2009 1 December 2009 Real Office Group plc ("ROG" or "the Company") Unaudited final results for the period ended 31 July 2009 Real Office Group, the AIM quoted global design and build business, today announces its unaudited final results for the period ended 31 July 2009. On 30 October 2009, Real Office Group plc stated that it intended to issue its final results for the period ended 31 July 2009 during the week commencing 23 November 2009. Whilst the Company has prepared its unaudited accounts it is still working with its auditors to complete the audit. The Company is therefore issuing its unaudited accounts for the period ended 31 July 2009 today. The audit will be completed as soon as practicable. The Board has prepared its accounts on a going concern basis. However, a combination of lower than projected sales for the first quarter to 31 October 2009, increased credit taken by certain customers, the additional cost of taking over the former business of Welconstruct coupled with the delay in commencement of some of its contracts has put pressure on working capital resources. New bank facilities are required to provide assurance that the business can deal effectively with the impact of any unexpected delays on its cash flow going forward. Early stage discussions are in process with the Company's bankers, the outcome of which are uncertain at this time. Highlights * Multi-jurisdictional mergers completed * Three new geographies opened and trading smoothly * New service lines coming on stream * Debt free business * Solid platform for growth Commenting on the results, Roger Smee, Executive Chairman and Chief Executive Officer of ROG, said: "Given the economic backdrop, we are pleased to have made such major strides over a very short period of time towards realising our core strategic objectives of creating a global office design and build group. The group has a long track record of running debt free. However, the Board considers it prudent that the Group should put in place bank facilities that allow it to withstand fluctuations in the volume of business and enable it to finance acquisitions should they arise. The philosophy of running debt free remains a core focus. "An impressive international platform is now in place and our projections for 2010 are underpinned by an order book of GBP12.8 million. This is an extremely exciting and formative time for the Group and I look forward to the future with confidence." Contacts: Real Office Group plc 020 7822 0989 Roger Smee, Executive Chairman and Chief Executive Officer Philip Brady, Group Finance Director Cenkos Securities plc (Nominated adviser and broker) 020 7397 8900 Nicholas Wells / Elizabeth Bowman Smithfield 020 7360 4900 Reg Hoare / Rebecca Whitehead Chairman's Statement It has been an excellent year for the Real Office Group. Having regard to the significant set up costs of creating the Group and expanding our global network against a backdrop of challenging economic circumstances, I am pleased to be reporting that group turnover for the year to 31 July 2009 reached GBP44.9 million with profits of GBP2.796 million, before writing off all of the one off costs of buying out minority shareholders, acquiring subsidiaries and relisting the company of some GBP2.1 million. Over the last twelve months we have made significant progress towards fulfilling our strategic objective, namely to create a global office design and build group capable of providing a 'one stop shop' to major national and international companies. Our integrated offering allows occupants to focus on their core business knowing that their office requirements are being managed centrally to ensure a consistently high standard wherever they are in the world. In April we re-listed on AIM and acquired three new companies, Pacific Interiors Limited and ISIS Projects Limited (formerly CFC Group Limited), two profitable and established UK businesses, and Pacific Middle East Limited, a two year old Qatari based business with an active presence throughout the Middle East. The integration process for the individual businesses is underway with significant knowledge-sharing already occurring across the group. Further plans are in place to develop group procurement and treasury management systems to ensure that both best practice and best price operate across the group. Meanwhile the 'engine room' of the group, Pacific Interiors in the UK has delivered strong performance in a difficult marketplace. Its top tier design expertise has acted as a unique selling point for other parts of the group and been instrumental in helping to win business in other locations around the globe. The Real Office Group global network now includes London, Reading and Birmingham in the UK, Doha in Qatar, Dubai and Abu Dhabi in the United Arab Emirates and Bangalore, Delhi and Mumbai in India. This expanded platform allows us to deliver office fit out solutions at a consistently high level of quality across multiple locations. Going forward, we will look to further expand our international network so that national and international companies can call on our expertise for projects from Saratoga to Sydney. As ever, our strategic growth plans focus on countries where significant GDP growth remains and the next geographic focus will be further penetration into the Asian and Far Eastern markets. Our diversified global base has helped us to cope with the challenging economic climate. Whilst trading has been slow to develop in Qatar, we have established a new strategic alliance with Rumaillah Group which will allow Pacific Middle East to accelerate its growth. As the burgeoning office space of Doha comes on stream, the country is increasingly in need of quality design and finishes to match other financial capitals of the world. Rumaillah Group is an established market-leading construction services group in Doha, that is well connected with those at the top of the Qatari business world. Pacific Middle East had worked with Rumaillah for two years and we decided to combine our complimentary capabilities into one vehicle that expands the level of quality and scope of service of the separate companies. In the United Arab Emirates the team have been further strengthened by the arrival of a number of experienced design and build professionals and there is a strong pipeline of work in both Abu Dhabi and Dubai. Having gained real momentum over the last 12 months, Pacific India is poised for growth over the next year. Further strategic alliances with key players in the Indian commercial property market are currently being explored to ensure that Real Office Group is the first design and build outfit to achieve truly national coverage of the country. Across India we are seeing increasing demand from international corporates who want the same level of reliability, quality and high-end design that they have seen in Western markets. We plan to rapidly build up a powerful national presence and target the untapped end of the market whose needs are often not met by the larger property players and architects. Finally, the newly rebranded ISIS Projects is building a strong order book and in October established a Birmingham office and expanded its London operation. The new Birmingham office will be staffed by eight project specialists from the fit-out and build arm of the recently collapsed Welconstruct Group. ISIS has also taken on responsibility for a number of client projects whose project launches are imminent. In addition, ISIS has taken on a further eight Welconstruct staff for its London office. This enlarged team of over 20 staff will help drive continued growth in the London office. In addition to geographic growth, we have worked hard to broaden out the range of fitout services offered to clients. As part of this strategy we have launched Incotec Global, a specialist IT consultancy capable of delivering bespoke data and telecommunications solutions for our clients. The launch of other complimentary service lines such as furniture and environmental services will be considered as the year progresses. This year we have also been delighted to welcome Andrew Huntley to the Board as a non-executive director. He brings over forty years experience in the commercial property sector, both in the UK and internationally and his insight will be invaluable as the group expands. Given the economic backdrop, we are pleased to have made such major strides over a very short period of time towards realising our core strategic objectives of creating a global office design and build group. The group has a long track record of running debt free. However, the Board considers it prudent that the Group should put in place bank facilities that allow it to withstand fluctuations in the volume of business and enable it to finance acquisitions should they arise. The philosophy of running debt free remains a core focus. An impressive international platform is now in place and our projections for 2010 are underpinned by an order book of GBP12.8 million. This is an extremely exciting and formative time for the Group and I look forward to the future with confidence. Roger Smee Executive Chairman and Chief Executive Officer 1 December 2009 UNAUDITED FINANCIAL STATEMENTS Group Income Statement For the period ended 31 July 2009 +-------------------------------------------------------+--------+----------+-------------+----------+-----------+ | | | | 2009 | | 2008 | +-------------------------------------------------------+--------+----------+-------------+----------+-----------+
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