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WRN Worthington Group Plc

87.00
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
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

Interim Results

29/10/2010 7:00am

UK Regulatory



 

TIDMWRN 
 
RNS Number : 2037V 
Worthington Group PLC 
29 October 2010 
 

                              WORTHINGTON GROUP PLC 
                          Interim Financial Statements 
                            for the half year ended 
                                30 September 2010 
 
CHAIRMAN'S STATEMENT 
 
The company recorded a loss of GBP162,000 (2009: GBP72,000) for the period after 
all head office and pension scheme costs. This includes non-cash charges in the 
period of GBP39,000 (2009: GBP50,000) in respect of our share of losses in our 
associate Trimmings by Design together with GBP121,000 (2009: GBP83,000) in 
relating to pension scheme finance costs. 
 
Trimmings by Design continues to trade at a loss.  Trimmings Directors believe 
they will return to profitability next year but we remain concerned as to the 
costs within the business.  We intend to seek the appointment of Peter Townsend 
to the board of Trimmings as our company representative and feel this will 
provide us with a better understanding of the business and help us determine how 
best to proceed. 
 
The proposed new medical centre for the Keighley site has not progressed and we 
do not feel that this is likely to proceed any further especially given current 
public sector spending cuts. We are however aware of other potential 
opportunities for the site and consultations are currently underway as to how 
best to proceed.  Inevitably any potential development proposals will require us 
to invest funds without any guarantee of success.  Indeed some funds have 
already been committed in order to prepare the site and begin the planning 
process for a scheme that we believe is viable. 
 
The main tenant in the Keighley property has indicated that they are likely to 
relocate their operation at the expiry of their current lease in October 2011. 
We believe it would be extremely difficult to find another tenant and are 
considering if it would be better to demolish the building, removing the 
requirement to pay rates and in preparation for any potential re-development. 
 
The draft results of the full triennial actuarial pension scheme valuation as at 
5th April 2010 have been received by the Trustees.  Although Worthington's 
covenant is not improving year on year the Scheme Trustees are mindful of the 
changes and opportunities that the new management are exploring and negotiations 
to agree a deficit reduction plan are ongoing. 
 
Rental income and expenses are in line with our budgets although we do 
anticipate that our cost base will increase as we fully investigate the 
development potential and other opportunities that we may wish to put before the 
shareholders.   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 2010 Annual Report and Accounts. There have been no significant 
changes to the principal risks in the half year to 30 September 2010. 
 
We continue to actively investigate other opportunities for the company whilst 
determining the most effective proposal to enable us to obtain planning 
permission for the redevelopment of the property. This is my first communication 
with you as Chairman since Peter and I were appointed to the board in July. I 
believe we have made considerable progress since that appointment and I 
anticipate that by the time we publish our year end results we will have 
materially enhanced the commercial position and future prospects of the company. 
 
 
 
A R Cooke 
Chairman 
28 October 2010 
 
 
 
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 2010 
 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
|                                 | Unaudited |                Unaudited |          Audited | 
|                                 |  6 months |                 6 months |             Year | 
|                                 |     ended |                    ended |            ended | 
|                                 |        30 |                       30 |               31 | 
|                                 | September |                September |            March | 
|                                 |      2010 |                     2009 |             2010 | 
|                                 |   GBP'000 |                  GBP'000 |          GBP'000 | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
| Continuing operations           |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Revenue                         |        69 |                       91 |              147 | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Cost of sales                   |    (11)   |                     (12) |             (12) | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Gross profit                    |        58 |                       79 |              135 | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Administrative expenses         |      (87) |                     (99) |             (74) | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Operating loss                  |      (29) |                     (20) |             (61) | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Investment revenues             |        27 |                      81  |              169 | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Finance costs                   |     (121) |                     (83) |            (242) | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Share of results of associates  |      (39) |                     (50) |             (79) | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Provision for impairment losses |         - |                        - |            (225) | 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Loss before taxation            |     (162) |                     (72) |            (316) | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Taxation                        |         - |                          |                - | 
|                                 |           |                        - |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Loss on ordinary activities     |     (162) |                     (72) |            (316) | 
| after taxation                  |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Loss per share                  |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Basic                           |         ( |                          |                  | 
|                                 |     1.4p) |                   (0.6p) |           (2.7p) | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
+---------------------------------+-----------+--------------------------+------------------+ 
| Fully diluted                   |       N/A |                      N/A |              N/A | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |      ____ |                     ____ |             ____ | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
|                                 |           |                          |                  | 
+---------------------------------+-----------+--------------------------+------------------+ 
 
 
 
+---------------------------------+-----------+-----------+---------+ 
| Statement of Comprehensive      |           |           |         | 
| Income                          | Unaudited | Unaudited | Audited | 
|                                 |  6 months |  6 months |    Year | 
|                                 |     ended |     ended |   ended | 
|                                 |        30 |        30 |      31 | 
|                                 | September | September |   March | 
|                                 |      2010 |      2009 |    2010 | 
|                                 |   GBP'000 |   GBP'000 | GBP'000 | 
+---------------------------------+-----------+-----------+---------+ 
|                                 |           |           |         | 
| Loss  for the period            |     (162) |      (72) |   (316) | 
|                                 |           |           |         | 
+---------------------------------+-----------+-----------+---------+ 
| Actuarial loss on retirement    |         - |         - |   (539) | 
| benefit obligation              |           |           |         | 
+---------------------------------+-----------+-----------+---------+ 
|                                 |      ____ |      ____ |    ____ | 
+---------------------------------+-----------+-----------+---------+ 
| Total comprehensive loss for    |     (162) |      (72) |   (855) | 
| the period                      |           |           |         | 
+---------------------------------+-----------+-----------+---------+ 
|                                 |      ____ |      ____ |    ____ | 
+---------------------------------+-----------+-----------+---------+ 
|                                 |           |           |         | 
+---------------------------------+-----------+-----------+---------+ 
 
Worthington Group plc 
 
Statement Of Financial Position 
at 30 September 2010 
 
 
+---------------------------------+-----------+-------------+----------+ 
|                                 |           |             |          | 
|                                 | Unaudited |   Unaudited |  Audited | 
|                                 |        30 |          30 |       31 | 
|                                 | September |   September |    March | 
|                                 |      2010 |        2009 |     2010 | 
|                                 |   GBP'000 |     GBP'000 |  GBP'000 | 
+---------------------------------+-----------+-------------+----------+ 
| Non-current assets              |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
| Investment property             |     1,800 |       1,800 |    1,800 | 
+---------------------------------+-----------+-------------+----------+ 
| Interests in associates         |        86 |         378 |      125 | 
+---------------------------------+-----------+-------------+----------+ 
| Other financial assets          |       800 |         800 |      800 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     2,686 |       2,978 |    2,725 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
| Current assets                  |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
| Trade and other receivables     |        60 |         679 |       15 | 
+---------------------------------+-----------+-------------+----------+ 
| Cash and bank balance           |       687 |         169 |      831 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |      747  |         848 |      846 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
| Total assets                    |     3,433 |       3,826 |     3571 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
| Current liabilities             |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
| Trade and other payables        |      (92) |       (179) |    (99)  | 
+---------------------------------+-----------+-------------+----------+ 
| Non-current liabilities         |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
| Retirement benefit obligation   |   (3,271) |     (2,632) |  (3,240) | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
| Total liabilities               |   (3,363) |     (2,811) | ( 3,339) | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
| Net assets                      |        70 |       1,015 |      232 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
| Equity                          |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
| Called up share capital         |    11,807 |      11,807 |   11,807 | 
+---------------------------------+-----------+-------------+----------+ 
| Share premium account           |     9,836 |       9,836 |    9,836 | 
+---------------------------------+-----------+-------------+----------+ 
| Retained earnings               |  (21,573) |    (20,628) | (21,411) | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
| Total equity                    |        70 |       1,015 |      232 | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |     _____ |       _____ |    _____ | 
+---------------------------------+-----------+-------------+----------+ 
|                                 |           |             |          | 
+---------------------------------+-----------+-------------+----------+ 
|                                 | 
+---------------------------------+-----------+-------------+----------+ 
 
 
 
 
 
 
 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         |          |                   | 
| Worthington Group plc      |         |         |          |                   | 
|                            |         |         |          |                   | 
|                            |         |         |          |                   | 
| Statement Of Changes In    |         |         |          |                   | 
| Equity                     |         |         |          |                   | 
| for the periods to 30      |         |         |          |                   | 
| September 2010             |         |         |          |                   | 
|                            |         |         |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         |          |                   | 
|                            |  Share  |  Share  | Retained |             Total | 
|                            | capital | premium | earnings |            equity | 
|                            | GBP'000 | GBP'000 |  GBP'000 |           GBP'000 | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
| As at 1 April 2009         |  11,807 |   9,836 | (20,556) |             1,087 | 
|                            |         |         |          |                   | 
|                            |         |         |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
| Total comprehensive income |       - |         |     (72) |              (72) | 
| for the period             |         |       - |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |  ______ |   _____ |   ______ |             _____ | 
+----------------------------+---------+---------+----------+-------------------+ 
| As at 30 September 2009    |  11,807 |   9,836 | (20,628) |             1,015 | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
| Total comprehensive income |       - |         |    (783) |             (783) | 
| for the period             |         |       - |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |  ______ |   _____ |   ______ |             _____ | 
+----------------------------+---------+---------+----------+-------------------+ 
| As at 31 March 2010        |  11,807 |   9,836 | (21,411) |               232 | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
| Total comprehensive income |       - |         |    (162) |             (162) | 
| for the period             |         |       - |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |  ______ |  ______ |   ______ |             _____ | 
+----------------------------+---------+---------+----------+-------------------+ 
| As at 30 September 2010    |  11,807 |   9,836 | (21,573) |                70 | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |  ______ |  ______ |   ______ |             _____ | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         |          |                   | 
+----------------------------+---------+---------+----------+-------------------+ 
|                            |         |         | 
+----------------------------+---------+---------+----------+-------------------+ 
 
Worthington Group plc 
 
Cash Flow Statement 
for the six months ended 30 September 2010 
 
 
+---------------------------------+-----------+-----------+----------+ 
|                                 |           |           |          | 
|                                 | Unaudited | Unaudited |  Audited | 
|                                 |  6 months |  6 months |     Year | 
|                                 |     ended |     ended |    ended | 
|                                 |        30 |        30 |       31 | 
|                                 | September | September |    March | 
|                                 |      2010 |      2009 |     2010 | 
|                                 |   GBP'000 |   GBP'000 |  GBP'000 | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
| Cash flow from operating        |           |           |          | 
| activities                      |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
| Operating (loss)/profit for the |      (29) |      (20) |       61 | 
| period                          |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
| Movement in trade and other     |      (45) |        63 |       70 | 
| receivables                     |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
| Movement in trade and other     |        19 |       (3) |     (83) | 
| payables                        |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
| Payments to retirement benefit  |      (90) |      (92) |    (182) | 
| scheme                          |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |     _____ |     _____ |    _____ | 
+---------------------------------+-----------+-----------+----------+ 
| Net cash outflow from operating |     (145) |      (52) |    (134) | 
| activities                      |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |     _____ |     _____ |    _____ | 
+---------------------------------+-----------+-----------+----------+ 
| Cash flows from investing       |           |           |          | 
| activities                      |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
| Interest received               |         1 |        27 |      169 | 
+---------------------------------+-----------+-----------+----------+ 
| Loans advanced                  |         - |     (602) |    (602) | 
+---------------------------------+-----------+-----------+----------+ 
| Loans repaid                    |         - |         - |      602 | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |      ____ |     _____ |    _____ | 
+---------------------------------+-----------+-----------+----------+ 
| Net cash from/(used in)         |         1 |     (575) |      169 | 
| investing activities            |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |     _____ |     _____ |    _____ | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |           |           |          | 
| (Decrease) / increase in cash   |     (144) |     (627) |       35 | 
| and cash equivalents            |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |           |           |          | 
| Cash and cash equivalents at    |       831 |       796 |      796 | 
| the beginning of the period     |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |     _____ |     _____ |    _____ | 
+---------------------------------+-----------+-----------+----------+ 
| Cash and cash equivalents at    |       687 |       169 |      831 | 
| end of period                   |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |     _____ |     _____ |    _____ | 
+---------------------------------+-----------+-----------+----------+ 
|                                 |           |           |          | 
| Cash and cash equivalents       |           |           |          | 
| comprise cash held at bank.     |           |           |          | 
|                                 |           |           |          | 
+---------------------------------+-----------+-----------+----------+ 
 
 
 
 
 
 
 
 
 
 
Worthington Group plc 
 
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 2010 which comprises the income statement, statement of comprehensive 
income, statement of financial position, statement of changes in equity and the 
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 International Financial Reporting Standards 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 our 
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 (UK and Ireland) 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 (UK and 
Ireland) 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 2010 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 LLP                                       28 October 
2010 
Chartered Accountantsand Statutory Auditors 
Manchester, UK 
 
 
 
 
 
 
 
Worthington Group plc 
 
Notes to the Interim Financial Statements for the six months ending 30th 
September 2010 
 
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. 
 
These condensed interim financial statements were approved for issue on 28 
October 2010.  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 2010 on which the Auditors gave an 
unqualified report, have been delivered to the Registrar of Companies. 
 
2. Basis of preparation 
 
These condensed interim financial statements for the 6 months ended 30 September 
2010 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 interim financial statements 
should be read in conjunction with the annual financial statements for the year 
ended 31 March 2010, which have been prepared in accordance with IFRS's as 
adopted by the European Union. 
 
3. Significant accounting policies 
 
The accounting policies adopted are consistent with those of the annual 
financial statements for the year ended 31 March 2010, 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 revised Standards and Interpretations were effective in the 
current year whilst they have not had any impact on these condensed interim 
financial statements but may do so in the future. 
·      IAS 1        - Presentation of financial statements 
·      IAS 7        - Statement of Cash Flows 
·      IAS 17      - Leases 
·      IAS 28      - Investments in Associates 
·      IAS 31      - Interest in Joint Ventures 
·      IAS 32      - Financial instruments: Presentation 
·      IAS 36      - Impairment of Assets 
·      IAS 38      - Intangible assets : Recognition and Measurement 
·      IAS 39      - Financial instruments: Recognition and Measurement 
·      IFRS 2      - Share based payment 
·      IFRS 3      - Business combinations 
·      IFRS 5      - Non current assets held for sale 
·      IFRS 8      - Operating Segments 
 
At the date of authorisation of these condensed interim financial statements, 
the following Standards and interpretations which have not been applied in these 
financial statements were in issue but not yet effective. The Directors do not 
expect the adoption of these in future periods will have material impact on the 
financial statements of the Company. 
 
·      IAS           - Presentation of financial statements (revised May 2010) 
·      IAS 24      - Related Party Disclosures (revised November 2009) 
·      IAS 27      - Consolidated and Separate Financial Statements (revised May 
2010) 
·      IAS 34      - Interim Financial Reporting (revised May 2010) 
·      IFRS 1      - First time adoption of IFRS (revised May 2010) 
·      IFRS 3      - Business combinations (revised May 2010) 
·      IFRS 7      - Financial instruments disclosure (revised May 2010) 
·      IFRS 9      - Financial Instruments - Classification and Measurement 
(revised November 2009) 
 
Worthington Group plc 
 
Notes to the Interim Financial Statements for the six months ending 30th 
September 2010 
 
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 (loss) 
/profit 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 | 
|                                 |           30 |           30 |           31 | 
|                                 |    September |    September |        March | 
|                                 |         2010 |         2009 |         2010 | 
|                                 |          No: |          No: |          No: | 
+---------------------------------+--------------+--------------+--------------+ 
|                                 |              |              |              | 
+---------------------------------+--------------+--------------+--------------+ 
| Weighted average number of      |   11,807,013 |   11,807,013 |   11,807,013 | 
| shares                          |              |              |              | 
+---------------------------------+--------------+--------------+--------------+ 
|                                 |    _________ |    _________ |    _________ | 
+---------------------------------+--------------+--------------+--------------+ 
|                                 |              |              |              | 
|                                 |    Unaudited |    Unaudited |      Audited | 
|                                 |     6 months |     6 months |         Year | 
|                                 |        ended |        ended |        ended | 
|                                 |           30 |           30 |           31 | 
|                                 |    September |    September |        March | 
|                                 |         2010 |         2009 |         2010 | 
|                                 |        pence |       pence  |       pence  | 
+---------------------------------+--------------+--------------+--------------+ 
|                                 |              |              |              | 
+---------------------------------+--------------+--------------+--------------+ 
| Loss  per share                 |              |              |              | 
|                                 |       (1.4p) |       (0.6p) |       (2.7p) | 
+---------------------------------+--------------+--------------+--------------+ 
|                                 |        _____ |        _____ |        _____ | 
+---------------------------------+--------------+--------------+--------------+ 
|                                 |              |              |              | 
+---------------------------------+--------------+--------------+--------------+ 
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 statements 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   -        Peter Townsend 
                                      -        Anthony Cooke 
 
Date 28  October 2010 
 
 
 
 
 
Worthington Group plc 
 
Notes to the Interim Financial Statements for the six months ending 30th 
September 2010 
 
 
7.  Related party transactions 
 
Included in other financial assets are loan notes of GBP800,000 (31 March 2010 
- GBP800,000) due from Trimmings by Design Limited an associated company in 
which the Company has a 44% interest.  The loan notes are subject to interest at 
6.5% amounting to an interest revenue for the period of GBP26,000 (6 months to 
30 September 2009 - GBP26,000) and as at the period end there was GBP39,000 (31 
March 2010 - GBP13,000) of unpaid interest within Trade and other receivables. 
 
8. Availability of Interim Report 
 
A copy of this report is available on the company's website at 
www.worthingtongroupplc.co.uk. Copies are being sent to shareholders and are 
also available from The Secretary, Worthington Group plc, 1 The Green, Richmond, 
Surrey TW9 1PL. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR KKFDDPBDDQKB 
 

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