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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ross Group Plc | LSE:RGP | London | Ordinary Share | GB0002192606 | 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% | 0.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 0 | -2.58M | -0.0106 | -0.71 | 1.82M |
TIDMRGP
RNS Number : 4197I
Ross Group PLC
30 August 2016
Ross Group Plc Half Yearly Financial Report 30(th) June 2016 HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE 2016 Financial Summary (6 months to 30 June 2016) 2016 2015 GBP'000 GBP'000 Change Group Revenue 63 76 -17% Gross Profit/(Loss) 14 37 -62% Profit/(Loss) before tax 14 37 -62% Basic earnings per share 0.008p 0.021p Diluted earnings per share 0.008p 0.021p Chairman's Statement For the half year to 30th June 2016, I am pleased to report that the Ross Group has made a profit of GBP14,000 on revenues of GBP63,000. The Board's continuing strategy is to maintain our ongoing commitment towards strong cost controls and minimal expenditure, whilst also maintaining a focused endeavour to try to find an appropriate merger, acquisition or business opportunity to present to our loyal and supportive shareholders. Therefore it is satisfying to report that our revenues this year continue to be sufficient to more than cover our operating costs. A point to bear in mind if looking at the prior year comparison is that our costs in the first half last year were lower than normal, arising from some un-needed expense provisions being reversed in that period. We are as confident as ever that we shall be able to recommend to our shareholders in the near future a significant and beneficial deal in order to try to secure a prosperous future for Ross Group Plc. Business Outlook Along with myself, our dedicated team of Directors, Advisors and Consultants, we are all continuing to work tirelessly towards trying to conclude an beneficial, strategic business arrangement in order to take our Group into an exciting and new future. Dividend No ordinary interim dividend is proposed after considering the result for the first half of the year, and the existing deficiency of retained reserves (2015 - GBPNil). I would very much like to thank the members of the Board of Directors, as well as our contractors, consultants and advisors for all their continued, and highly appreciated, support and hard work. Finally, as always, I would also like to personally extend my sincere thanks to our extraordinarily loyal shareholders for all their continued patience and understanding. Barry Richard Pettitt Chairman and Chief Executive Officer Approved 30 August 2016 CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED 6 months 6 months Year Ended ended 30 ended 30 June June 31 Dec 2016 2015 2015 GBP'000 GBP'000 GBP'000 Group Revenue Continuing Operations 63 76 157 Discontinuing Operations 0 0 0 Operating Profit / (Loss) Continuing Operations 14 37 111 Discontinuing Operations 0 0 0 Profit before Finance Cost 14 37 111 --------- --------- ----------- Finance Cost Profit before Taxation 14 37 111 --------- --------- ----------- Taxation 0 0 0 Profit for the Period 14 37 111 --------- --------- ----------- Earnings per share (pence) 0.008 0.021 0.062 Adjusted earnings per share (pence) 0.008 0.021 0.062 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED Share Accumulated Other Total Capital Losses Reserves GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 Jan 2015 11,179 (35,740) 18,187 (6,374) Profit for the period 37 37 --------- ------------ ---------- -------- Total recognised income 37 37 --------- ------------ ---------- -------- Balance at 30 June 2015 11,179 (35,703) 18,187 (6,337) --------- ------------ ---------- -------- Profit/(loss) for the period 74 74 --------- ------------ ---------- -------- Total recognised income 74 74 --------- ------------ ---------- -------- Balance at 31 Dec 2015 11,179 (35,629) 18,187 (6,263) --------- ------------ ---------- -------- Balance at 1 Jan 2016 11,179 (35,629) 18,187 (6,263) Profit for the period 14 14 --------- ------------ ---------- -------- Total recognised income 14 14 --------- ------------ ---------- -------- Issue of New Share Capital Balance at 30 June 2016 11,179 (35,615) 18,187 (6,249) --------- ------------ ---------- -------- CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED 6 months 6 months Year Ended ended 30 ended 30 June June 31 Dec 2016 2015 2015 GBP'000 GBP'000 GBP'000 Non Current Assets 0 0 0 Current Assets Inventories 0 0 0 Trade and Other Receivables 14 9 21 Cash and Cash Equivalents 0 9 4 14 18 25 Total Assets 14 18 25 --------- --------- ----------- Equity and Liabilities Shareholders' Equity Share Capital 11,179 11,179 11,179 Share Premium Account 2,803 2,803 2,803 Other Reserves 15,384 15,384 15,384 Retained Earnings (35,615) (35,703) (35,629) --------- --------- ----------- Total Equity (6,249) (6,337) (6,263) Non-Current Liabilities Long Term Borrowings (Group) 6,072 6,139 6,072 Current Liabilities Trade and Other Payables 181 206 206 Bank Overdraft and Loans 10 10 10 --------- --------- ----------- Total Liabilities 6,263 6,355 6,288 Total Equity and Liabilities 14 18 25 --------- --------- ----------- CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED 6 months 6 months Year Ended ended 30 ended 30 June June 31 Dec 2016 2015 2015 GBP'000 GBP'000 GBP'000 Net Cash From/(Used In) Operating Activities (4) (6) 64 Net Cash Used In Investing Activities 0 0 0 Cash Flows From Financing Activities 0 0 (75) Net Increase/(Decrease) In Borrowings 0 0 0 --------- --------- ----------- Net Cash Flow Used In Financing Activities 0 0 (75) --------- --------- ----------- Net Increase/(Decrease) In Cash and Cash Equivalents (4) (6) (11) Cash and Cash Equivalent at Beginning of Period 4 15 15 --------- --------- ----------- Cash and Cash Equivalent at End of Period 0 9 4 --------- --------- ----------- Notes to the Interim Report (1) The interim financial statements have been prepared on the basis of the accounting policies set out in the audited statutory accounts for the year ended 31 December 2015. The financial information contained in these statements for the six months ended 30 June 2016 and 30 June 2015 is unaudited and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.
(2) Reconciliation of Operating Profit to Net Cash Flows From Operating Activities 6 months 6 months Year Ended ended 30 ended 30 June June 31 Dec 2016 2015 2015 GBP'000 GBP'000 GBP'000 Operating Profit/(Loss) On Continuing Activities 14 37 111 Depreciation and Amortisation 0 0 0 Decrease/(Increase) In Inventories 0 0 0 Decrease/(Increase) In Trade and Other Receivables 7 (7) (11) Increase/(Decrease) In Trade and Other Payables (25) (36) (36) Net Cash Generated From/(Used In) Operations (4) (6) 64 --------- --------- ----------- (3) No ordinary interim dividend is proposed for 2016 (2015 - GBPNil). (4) The comparative cash flow for the year ended 31 December 2015 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2016 and 30 June 2015 are unaudited. (5) Reconciliation of Movements In Equity 6 months 6 months Year Ended ended 30 ended 30 June June 31 Dec 2016 2015 2015 GBP'000 GBP'000 GBP'000 Share Premium Account Brought Forward 2,803 2,803 2,803 Movement 0 0 0 --------- --------- ----------- Carried Forward 2,803 2,803 2,803 --------- --------- ----------- Other Reserves Brought Forward 15,384 15,384 15,384 Movement 0 0 0 --------- --------- ----------- Carried Forward 15,384 15,384 15,384 --------- --------- ----------- Retained Earnings Brought Forward (35,629) (35,740) (35,740) Profit for the Period 14 37 111 Carried Forward (35,615) (35,703) (35,629) (6) The Group is supported by short term borrowings from its larger shareholders and supporters by way of formal agreements. At 30 June 2016 total borrowings from One World Limited were GBP4,010,000 and GBP2,067,172 from Excite Enterprises Limited, neither of which is a related party. (7) These Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the EU. (8) The Interim Report will be sent by mail to all registered shareholders and copies will be available from the Company's registered office at 71-75 Shelton Street, London, WC2H 9JQ. A downloadable copy will also be posted on the Company's website www.ross-group.co.uk Responsibility statement: The Directors confirm that, to the best of their knowledge:- a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting'; b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). On behalf of the Board B Pettitt Chief Executive Officer Ross Group plc Registered Office 71 - 75 Shelton Street London WC2H 9JQ Contact - M Simon, Non Executive Director Tel. - 07887 628152 Email - michael@simonsilvermyer.com Website - www.ross-group.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
August 30, 2016 06:45 ET (10:45 GMT)
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