Half-year Report

Ross

30/08/2017 09:29

RNS Number : 2742P

Ross Group PLC

30 August 2017

Ross Group Plc Half Yearly Financial Report 30th June 2017
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2017
Financial Summary (6 months to 30 June 2017)
2017
2016
'000
'000
Change
Group Revenue
95
63
+51%
Gross Profit/(Loss)
17
14
+21%
Profit/(Loss) before tax
17
14
+21%
Basic earnings per share
0.01p
0.008p
Diluted earnings per share
0.01p
0.008p
Chairman's Statement
For the half year to 30thJune 2017,I am pleased to report thattheRoss Group has made aprofitof 17,000on revenues of 95,000.
The Boardin the first half 2017 hascontinued with its stringentstrategyinmaintainingstrong cost controlswithminimal expenditure, whilealsoincreasinglyintensifying ourextensive endeavoursin trying to identifyan appropriate merger, acquisition or exceptional business opportunityto be able to present to our loyal and supportive shareholders.
Notwithstanding all our efforts to date, it is somewhat satisfying to be able to successfully report that our revenuesthisfirst halfyearare more thansufficient to cover our operating costs as well as any related transactional expenses.
Business Outlook
For the second half of 2017 the Board and myself will continue, along with our team of Advisors and Consultants,towork tirelessly towardstrying tosuccessfullysearch and hopefullyconcludea beneficial,strategic business arrangementin 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 (2016- 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,support, expertiseandhard 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 2017
CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2017
2016
2016
'000
'000
'000
Group Revenue
Continuing Operations
95
63
59
Discontinuing Operations
0
0
0
Operating Profit / (Loss)
Continuing Operations
17
14
(62)
Discontinuing Operations
0
0
0
Profit before Finance Cost
17
14
(62)
Finance Cost
Profit before Taxation
17
14
(62)
Taxation
0
0
0
Profit for the Period
17
14
(62)
Earnings per share (pence)
0.010
0.008
(0.030)
Adjusted earnings per share (pence)
0.010
0.008
(0.030)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
Share
Capital
Accumulated
Losses
Other
Reserves
Total
'000
'000
'000
'000
Balance at 1 Jan 2016
11,179
(35,629)
18,187
(6,263)
Profit for the period
14
14
Total recognised income
14
14
Balance at 30 June 2016
11,179
(35,615)
18,187
(6,249)
Profit/(loss) for the period
(76)
(76)
Total recognised income
(76)
(76)
Balance at 31 Dec 2016
11,179
(35,691)
18,187
(6,325)
Balance at 1 Jan 2017
11,179
(35,691)
18,187
(6,325)
Profit for the period
17
17
Total recognised income
17
17
Balance at 30 June 2017
11,179
(35,674)
18,187
(6,308)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2017
2016
2016
'000
'000
'000
Non Current Assets
0
0
0
Current Assets
Inventories
0
0
0
Trade and Other Receivables
9
14
13
Cash and Cash Equivalents
7
0
1
16
14
14
Total Assets
16
14
14
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
(35,674)
(35,615)
(35,691)
Total Equity
(6,308)
(6,249)
(6,325)
Non-Current Liabilities
Long Term Borrowings (Group)
6,072
6,072
6,072
Current Liabilities
Trade and Other Payables
242
181
257
Bank Overdraft and Loans
10
10
10
Total Liabilities
6,324
6,263
6,339
Total Equity and Liabilities
16
14
14
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2017
2016
2016
'000
'000
'000
Net Cash From/(Used In) Operating Activities
6
(4)
(41)
Net Cash Used In Investing Activities
0
0
0
Cash Flows From Financing Activities:
Amount introduced by Directors
0
0
38
Net Increase/(Decrease) In Borrowings
0
0
0
Net Cash Flow From Financing Activities
6
0
38
Net Increase/(Decrease) In Cash and Cash Equivalents
6
(4)
(3)
Cash and Cash Equivalent at Beginning of Period
1
4
4
Cash and Cash Equivalent at End of Period
7
0
1
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 2016.
The financial information contained in these statements for the six months ended
30 June 2017 and 30 June 2016 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
2017
2016
2016
'000
'000
'000
Operating Profit/(Loss) On Continuing Activities
17
14
(62)
Depreciation and Amortisation
0
0
0
Decrease/(Increase) In Inventories
0
0
0
Decrease/(Increase) In Trade and Other Receivables
4
7
0
Increase/(Decrease) In Trade and Other Payables
(15)
(25)
21
Net Cash Generated From/(Used In) Operations
6
(4)
(41)
(3) No ordinary interim dividend is proposed for 2017 (2016 - Nil).
(4) The comparative cash flow for the year ended 31 December 2016 has been
extracted from the audited accounts. The cash flows for the six months ended 30
June 2017 and 30 June 2016 are unaudited.
(5) Reconciliation of Movements In Equity
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2017
2016
2016
'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
(35,691)
(35,629)
(35,629)
Profit for the Period
17
14
(62)
Carried Forward
(35,674)
(35,615)
(35,691)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2017 total borrowings from One World Limited were 4,010,000 and 2,062,172 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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