Half-year Report

Ross

31/08/2018 11:40

RNS Number : 4297Z

Ross Group PLC

31 August 2018

 

Ross Group Plc Half Yearly Financial Report 30th June 2018

 

HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2018
Financial Summary (6 months to 30 June 2018)
2018
2017
£'000
£'000
Change
Group Revenue
68
95
-28%
Gross Profit/(Loss)
10
17
-41%
Profit/(Loss) before tax
10
17
-41%
Basic earnings per share
0.006p
0.01p
-41%
Diluted earnings per share
0.006p
0.01p
-41%

Chairman's Statement
For the half year to 30th June 2018, I am pleased to report that the Ross Group PLC has made a net profit after tax of £10,000 on revenues of £68,000
The Board in the first half 2018 has continued with its stringent strategy of strong cost controls along with minimal expenditure, continuing to maintain our operational and supply chain management services, whilst also increasingly intensifying our extensive endeavours in trying to identify an appropriate acquisition and/or exceptional opportunity to be able to integrate into our existing business.
Notwithstanding all our efforts to date - which have been more focused than ever before - it is also satisfying to be able to still successfully report that our revenues again during this first half year are more than sufficient to cover our operating costs as well as any advanced and/or related transactional expenses.
Business Outlook
For the second half of 2018 the Board and myself will continue, along with our team of Advisors and Consultants, to work tirelessly towards trying to successfully search and hopefully conclude a beneficial, strategic acquisition, in addition to our Group's existing business into an exciting 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 (2017: £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, expertise 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 exceptional understanding.
Barry Richard Pettitt
Chairman and Chief Executive Officer
Approved 30 August 2018
CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2018
2017
2017
£'000
£'000
£'000
Group Revenue
Continuing Operations
68
95
57
Discontinuing Operations
0
0
0
Operating Profit / (Loss)
Continuing Operations
10
17
57
Discontinuing Operations
0
0
0
Profit before Finance Cost
10
17
57
Finance Cost
Profit before Taxation
10
17
57
Taxation
0
0
0
Profit for the Period
10
17
57
Earnings per share (pence)
0.006
0.010
0.030
Adjusted earnings per share (pence)
0.006
0.010
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 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)
Profit/(loss) for the period
40
40
Total recognised income
40
40
Balance at 31 Dec 2017
11,179
(35,634)
18,187
(6,268)
Balance at 1 Jan 2017
11,179
(35,634)
18,187
(6,268)
Profit for the period
10
10
Total recognised income
10
10
Balance at 30 June 2018
11,179
(35,624)
18,187
(6,258)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2018
2017
2017
£'000
£'000
£'000
Non Current Assets
0
0
0
Current Assets
Inventories
0
0
0
Trade and Other Receivables
79
9
4
Cash and Cash Equivalents
1
7
19
80
16
23
Total Assets
80
16
23
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
(35,624)
(35,674)
(35,634)
Total Equity
(6,258)
(6,308)
(6,268)
Non-Current Liabilities
Long Term Borrowings (Group)
6,072
6,072
6,072
Current Liabilities
Trade and Other Payables
256
242
209
Bank Overdraft and Loans
10
10
10
Total Liabilities
6,338
6,324
6,291
Total Equity and Liabilities
80
16
23

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2018
2017
2017
£'000
£'000
£'000
Net Cash From/(Used In) Operating Activities
(18)
6
21
Net Cash Used In Investing Activities
0
0
0
Cash Flows From Financing Activities:
Amount withdrawn by Directors
0
0
(3)
Net Increase/(Decrease) In Borrowings
0
0
0
Net Cash Flow From Financing Activities
(18)
6
18
Net Increase/(Decrease) In Cash and Cash Equivalents
(18)
6
18
Cash and Cash Equivalent at Beginning of Period
19
1
1
Cash and Cash Equivalent at End of Period
1
7
19

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 2017.
The financial information contained in these statements for the six months ended
30 June 2018 and 30 June 2017 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
2018
2017
2017
£'000
£'000
£'000
Operating Profit/(Loss) On Continuing Activities
10
17
57
Depreciation and Amortisation
0
0
0
Decrease/(Increase) In Inventories
0
0
0
Decrease/(Increase) In Trade and Other Receivables
(75)
4
9
Increase/(Decrease) In Trade and Other Payables
47
(15)
(45)
Net Cash Generated From/(Used In) Operations
(18)
6
21
(3) No ordinary interim dividend is proposed for 2018 (2017 - £Nil).
(4) The comparative cash flow for the year ended 31 December 2017 has been
extracted from the audited accounts. The cash flows for the six months ended 30
June 2018 and 30 June 2017 are unaudited.
(5) Reconciliation of Movements In Equity
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2018
2017
2017
£'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
(35,634)
(35,691)
(35,691)
Profit for the Period
10
17
57
Carried Forward
(35,624)
(35,674)
(35,634)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2018 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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