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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Worthington Group Plc | LSE:WRN | London | Ordinary Share | GB00B01YQ796 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 87.00 | 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 : 7017C
Worthington Group PLC
18 November 2009
WORTHINGTON GROUP PLC
Interim Report
for the half year ended
30 September 2009
CHAIRMAN'S STATEMENT
The company recorded a trading profit of GBP11,000 (2008: loss GBP63,000) for
the period after all head office and pension expenses. This includes a non cash
charge of GBP50,000 (2008: GBP6,000) in respect of our share of losses in our
associate Trimmings by Design in the period.
Trimmings by Design continues to trade at a reduced loss and the directors have
taken appropriate steps to realign the overheads of the business to sales
volumes in what remains a difficult economic climate for them. However there
have been some recent signs of improved trading.
Investment returns for the pension scheme assets have been positive in the
period helped by the rebound in financial markets over the period and the early
retirement exercise has now been largely completed.
Rental income and expenses continue to be in line with our budgets and we
continue to monitor the pension scheme investments and liabilities which
continue to represent the key risk to the company at present. Details
of our principal risk factors can be found in the director's report on page 3 of
the 2009 Annual Report and Accounts. There have been no significant changes to
the principal risks in the half year to 30 September 2009.
Since the period end we have been repaid our principal and interest in respect
of our bridging loan of some GBP600,000 and the money has largely been relent on
another loan where we have a first fixed charge on a property whose value is
substantially in excess of our loan. The interest and arrangement fees generated
are providing a very worthwhile contribution to income as can be seen from the
increased investment income in the income statement.
We continue to seek opportunities for our cash resources in this difficult
economic climate, not withstanding the ongoing liability of the pension fund.
J C Dwek CBE
Chairman
18 November 2009
This interim report may contain forward-looking statements based on current
expectations of, and assumptions and forecasts made by management. Various known
and unknown risks, uncertainties and other factors could lead to substantial
differences between the actual future results and, financial situation
development or performance of the company and the estimates and historical
results given herein. Undue reliance should not be placed on forward looking
statements which speak only as at the date of this document. We undertake no
obligation publicly to update or revise any forward-looking statements, except
as may be required by law.
Worthington Group plc
Income Statement
for the six months ended 30 September 2009
+---------------------------------------+-------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | Year ended |
| | ended | ended | 31 March |
| | 30 | 30 | 2009 |
| | September | September | GBP'000 |
| | 2009 | 2008 | |
| | GBP'000 | GBP'000 | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Revenue | 91 | 64 | 142 |
+---------------------------------------+-------------+-------------+------------+
| Cost of sales | (12) | (72) | (83) |
+---------------------------------------+-------------+-------------+------------+
| Gross profit/(loss) | 79 | (8) | 59 |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Administrative expenses | (99) | (91) | (149) |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Operating loss | (20) | (99) | (90) |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Investment revenues | 81 | 42 | 79 |
+---------------------------------------+-------------+-------------+------------+
| Finance Costs | - | - | (166) |
+---------------------------------------+-------------+-------------+------------+
| Share of results of associates | (50) | (6) | (56) |
+---------------------------------------+-------------+-------------+------------+
| Provision for impairment losses | - | - | (254) |
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Profit/ (loss) before taxation | 11 | (63) | (487) |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Taxation | - | - | - |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Profit/ (loss) on ordinary activities | 11 | (63) | (487) |
| after taxation | | | |
| | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Earnings/(loss) per share | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Basic | 0.1p | (0.5p) | (4.1p) |
+---------------------------------------+-------------+-------------+------------+
| Fully Diluted | 0.1p | (0.5p) | (4.1p) |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
There are no recognised gains or losses other than those shown in the above
income statement.
All items are derived from continuing operations.
+---------------------------------------+-------------+-------------+------------+
| Statement of recognised income and | Unaudited | Unaudited | Audited |
| expense | 6 months | 6 months | Year ended |
| | ended | ended | 31 March |
| | 30 | 30 | 2009 |
| | September | September | GBP'000 |
| | 2009 | 2008 | |
| | GBP'000 | GBP'000 | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Actuarial loss on retirement benefit | - | - | (1,779) |
| obligation | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Net expense recognised directly in | - | - | (1,779) |
| equity | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Profit /(loss) for the period | 11 | (63) | (487) |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Total income and expense for the | 11 | (63) | (2,266) |
| period | | | |
+---------------------------------------+-------------+-------------+------------+
Worthington Group plc
Balance Sheet
at 30 September 2009
+---------------------------------------+-------------+------------+------------+
| | Unaudited | Unaudited | Audited |
| | 30 | 30 | 31 March |
| | September | September | 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | |
+---------------------------------------+-------------+------------+------------+
| Non-current assets | | | |
+---------------------------------------+-------------+------------+------------+
| Investment property | 1,800 | 1,800 | 1,800 |
+---------------------------------------+-------------+------------+------------+
| Interests in associates | 378 | 732 | 429 |
+---------------------------------------+-------------+------------+------------+
| Other financial assets | 800 | 800 | 800 |
+---------------------------------------+-------------+------------+------------+
| | 2,978 | 3,332 | 3,029 |
+---------------------------------------+-------------+------------+------------+
| Current assets | | | |
+---------------------------------------+-------------+------------+------------+
| Trade and other receivables | 679 | 13 | 85 |
+---------------------------------------+-------------+------------+------------+
| Cash and cash equivalents | 169 | 910 | 796 |
+---------------------------------------+-------------+------------+------------+
| | 848 | 923 | 881 |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| Total assets | 3,826 | 4,255 | 3,910 |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| Current liabilities | | | |
+---------------------------------------+-------------+------------+------------+
| Trade and other payables | (179) | (158) | (182) |
+---------------------------------------+-------------+------------+------------+
| Non-current liabilities | | | |
+---------------------------------------+-------------+------------+------------+
| Retirement benefit obligation | (2,549) | (807) | (2,641) |
+---------------------------------------+-------------+------------+------------+
| Total liabilities | (2,728) | (965) | ( 2,823) |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| Net assets | 1,098 | 3,290 | 1,087 |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| Equity | | | |
+---------------------------------------+-------------+------------+------------+
| Called up share capital | 11,807 | 11,807 | 11,807 |
+---------------------------------------+-------------+------------+------------+
| Share premium account | 9,836 | 9,836 | 9,836 |
+---------------------------------------+-------------+------------+------------+
| Profit and loss account | (20,545) | (18,353) | (20,556) |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| Total Equity | 1,098 | 3,290 | 1,087 |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
| | | | |
+---------------------------------------+-------------+------------+------------+
Worthington Group plc
Cash Flow Statement
for the six months ended 30 September 2009
+---------------------------------------+-------------+-------------+------------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | Year ended |
| | ended | ended | 31 March |
| | 30 | 30 | 2009 |
| | September | September | GBP'000 |
| | 2009 | 2008 | |
| | GBP'000 | GBP'000 | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Cash flow from operating activities | | | |
+---------------------------------------+-------------+-------------+------------+
| Operating loss for the period | (20) | (99) | (90) |
+---------------------------------------+-------------+-------------+------------+
| Movement in trade and other | 63 | 19 | (40) |
| receivables | | | |
+---------------------------------------+-------------+-------------+------------+
| Movement in trade and other payables | (3) | (7) | 17 |
+---------------------------------------+-------------+-------------+------------+
| Payments to retirement benefit scheme | (92) | (111) | (223) |
| | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Net cash outflow from operating | (52) | (198) | (336) |
| activities | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Investing activities | | | |
+---------------------------------------+-------------+-------------+------------+
| Interest received | 27 | 42 | 66 |
+---------------------------------------+-------------+-------------+------------+
| Loan advances | (602) | - | - |
+---------------------------------------+-------------+-------------+------------+
| Dividends from associate undertakings | - | 66 | 66 |
| | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Net cash (outflow)/inflow from | (575) | 108 | 132 |
| investing activities | | | |
+---------------------------------------+-------------+-------------+------------+
| Net decrease in cash and cash | (627) | (90) | (204) |
| equivalents | | | |
+---------------------------------------+-------------+-------------+------------+
| Cash and cash equivalents at the | 796 | 1,000 | 1,000 |
| beginning of the period | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
| Cash and cash equivalents at end of | 169 | 910 | 796 |
| period | | | |
+---------------------------------------+-------------+-------------+------------+
| | | | |
+---------------------------------------+-------------+-------------+------------+
Worthington Group plc
Notes to the Interim Statements for the six months ending 30th September 2009
1. General Information
Worthington Group plc is a company incorporated in the United Kingdom.
The company has its primary listing on the London Stock Exchange.
This condensed half-yearly financial information was approved for issue on
18 November 2009.
These interim financial statements do not constitute statutory accounts as
defined by section 434 of the Companies Act 2006. Full accounts of the company
for the year ended 31 March 2009 on which the Auditors gave an unqualified
report, have been delivered to the Registrar of Companies.
2. Basis of preparation
This condensed half-yearly financial information for the 6 months ended 30
September 2009 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34 'Interim
Financial Reporting' as adopted by the European Union. The half- yearly
financial report should be read in conjunction with the annual financial
statements for the year ended 31 March 2009, which have been prepared in
accordance with IFRS's as adopted by the European Union.
3. Accounting policies
Except as described below, the accounting policies adopted are consistent with
those of the annual financial statements for the year ended 31 March 2009, as
described in those financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
The following amendments to standards or interpretations are mandatory for the
first time for the year beginning 1 April 2009, but are not currently relevant
to the company.
Standard amendments:
+------+-------------------------------------------------------------------------------------------------+
| - | IFRS 1, 'First time adoption of International Reporting Standards'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IFRS 2, 'Share based Payment'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 16, 'Property, Plant and Equipment'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 19, 'Employee Benefits'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 20, 'Government Grants and Disclosure of Government Assistance'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 23, 'Borrowing Costs' |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 27, 'Consolidated and Separate Financial Statements'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 29, 'Financial Reporting in Hyperinflationary Economies'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 31, 'Interest in Joint Ventures'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 32, 'Financial Instruments: Presentation'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 38, 'Intangible Assets'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 39, 'Financial Instruments: Recognition and Measurement'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 40, 'Investment Properties'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 41, 'Agriculture'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
New interpretations:
+------+-------------------------------------------------------------------------------------------------+
| - | IFRIC 15, 'Agreements for the Construction of Real Estate'. |
| | |
+------+-------------------------------------------------------------------------------------------------+
The following amendments to standards are relevant to the company and management
currently reviewing their impact on the annual financial statements.
+------+-------------------------------------------------------------------------------------------------+
| - | IFRS 7, 'Financial instruments: Disclosures' - amendments enhancing disclosures about fair |
| | value and liquidity risk. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IFRS 8, 'Operating Segments' - replaces IAS 14 'Segment reporting'. The expected impact is |
| | expected to by minimal given that the company has only one segment. |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 1, 'Presentation of Financial Statements' - revision including requiring a statement of |
| | comprehensive income. The impact is expected to be minimal. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 28, 'Investments in Associates' - amendments resulting from May 2008 annual improvements. |
| | The impact is expected to be minimal. |
| | |
+------+-------------------------------------------------------------------------------------------------+
| - | IAS 36, 'Impairment of Assets' - amendments resulting from May 2008 annual improvements. The |
| | impact is expected to be minimal. |
| | |
+------+-------------------------------------------------------------------------------------------------+
4. Segmental analysis
The company only has one operating segment relating to property rental and
management. Disclosure is in accordance with IAS 34. All operations are
continuing and in the UK.
5. Earnings per share
The calculation of basic and diluted earnings per share is based upon the
profit/ (loss) for the period and the weighted average number of shares in issue
during the period.
+---------------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | Year ended |
| | ended | ended | 31 March |
| | 30 | 30 | 2009 |
| | September | September | No: |
| | 2009 | 2008 | |
| | No: | No: | |
+---------------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------------+--------------+--------------+--------------+
| Weighted average number of shares | 11,807,013 | 11,807,013 | 11,807,013 |
+---------------------------------------+ + + +
| | | | |
+---------------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | Year ended |
| | ended | ended | 31 March |
| | 30 | 30 | 2009 |
| | September | September | pence |
| | 2009 | 2008 | |
| | Pence | pence | |
+---------------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------------+--------------+--------------+--------------+
| Earnings/(loss) per share | 0.1p | (0.5p) | (4.1p) |
+---------------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------------+--------------+--------------+--------------+
There is no difference between basic and diluted earnings per share in either
period.
6. Directors' Statement of Responsibilities
The Directors' confirm to the best of their knowledge:
+------+-------------------------------------------------------------------------------------------------+
| - | The condensed set of financial statement has been prepared in accordance with IAS 34 Interim |
| | Financial Reporting as adopted by the EU; |
+------+-------------------------------------------------------------------------------------------------+
| - | The interim management report includes a fair review of the information required by DTR 4.2.7R |
| | being an indication of important events that have occurred during the first 26 weeks of the |
| | financial year and their impact on the condensed set of financial statements and a description |
| | of the principal risks and uncertainties for the remaining 26 weeks of the year; and |
+------+-------------------------------------------------------------------------------------------------+
| - | The interim management report includes a fair review of the information required by DTR 4.2.8R |
| | being disclosure of related party transactions and changes therein since the last annual |
| | report. |
| | |
+------+-------------------------------------------------------------------------------------------------+
+---------------------------------------------------+---------------------------------------------------+
| By order of the Board | Joe C Dwek, Chairman |
| | |
+---------------------------------------------------+---------------------------------------------------+
| | David Shalom Finance Director |
| | |
+---------------------------------------------------+---------------------------------------------------+
18 November 2009
7. Related party transactions
There were no related party transactions in the period.
8. Independent Review Report to Worthington Group plc
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2009, which comprises the income statement, balance sheet, statement
of recognised income and expense, cash flow statement and related notes. We have
read the other information in the half-yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half- yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the company are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half yearly financial
report has been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting', as adopted by the European Union.
Our responsibilities
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on out
review. This report, including the conclusion, has been prepared for and only
for the company for the purpose of the Disclosure and Transparency Rules of the
Financial Services Authority and for no other purpose. We do not, in producing
this report, accept or assume responsibility for any other purpose or to any
other person to who, this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity." A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 September 2009 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
UHY Hacker Young Manchester LLP18 November 2009
Chartered Accountants
St James Building
79 Oxford Street
Manchester M1 6HT
9. Availability of Interim Report
A copy of this report is available on the company's website at
www.worthingtongroupplc.co.uk and is being sent to shareholders. Copies are also
available from The Secretary, Worthington Group plc, Suite 1 Courthill House, 66
Water Lane, Wilmslow, Cheshire SK9 5AP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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