Source - RNS
RNS Number : 4197I
Ross Group PLC
30 August 2016
 

Ross Group Plc Half Yearly Financial Report  30th June 2016

 

 

 

HALF YEARLY FINANCIAL REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

 

 

 

Financial Summary (6 months to  30 June 2016)

2016

 

2015

 

 

 

   £'000

 

  £'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 £14,000 on revenues of £63,000.   


 

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 - £Nil).

 

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 June

 

ended 30 June

 

31 Dec

 

2016

 

2015

 

2015

 

   £'000

 

  £'000

 

  £'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

Capital

 

Accumulated

Losses

 

Other

Reserves

 

Total

 

 

£'000

 

£'000

 

£'000

 

£'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 June

 

ended 30 June

 

31 Dec

 

2016

 

2015

 

2015

 

£'000

 

£'000

 

£'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 June

 

ended 30 June

 

31 Dec

 

2016

 

2015

 

2015

 

   £'000

 

  £'000

 

  £'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 June

 

ended 30 June

 

31 Dec

 

2016

 

2015

 

2015

 

   £'000

 

  £'000

 

  £'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 - £Nil).

 

 

(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 June

 

ended 30 June

 

31 Dec

 

2016

 

2015

 

2015

 

   £'000

 

  £'000

 

  £'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 £4,010,000 and £2,067,172 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 - [email protected]

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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