Half-year Report

Ross

30/08/2016 11:45

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 30thJune 2016,I am pleased to report thattheRoss Group has made aprofitof 14,000on revenues of 63,000.
The Board's continuing strategy is to maintain ourongoing commitment towards strong cost controls and minimal expenditure, whilst also maintaining a focused endeavour to try to find an appropriate merger, acquisition or business opportunityto 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 areasconfidentaseverthat weshallbe able to recommend to our shareholders in the near futurea 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 continuingto 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 theircontinued, and highly appreciated,supportandhard work.
Finally,as always,I would also like to personally extend my sincerethanks toour extraordinarily loyal shareholders for all their continued patience and understanding.
Barry Richard Pettitt
Chairman and Chief Executive Officer
Approved30August 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 - michael@simonsilvermyer.com
Website - www.ross-group.co.uk

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