Half Yearly Report

Ross

30/08/2013 14:14

RNS Number : 8862M

Ross Group PLC

30 August 2013

 



Ross Group Plc Half Yearly Financial Report 30th June 2013
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Financial Summary (6 months to 30 June 2013)
2013
2012
£'000
£'000
Change
Group Revenue
0
112
-100%
Gross Profit/(Loss)
(34)
11
-422%
Profit/(Loss) before tax
(34)
11
-422%
Basic earnings per share
(0.02p)
0.01p
-413%
Diluted earnings per share
(0.02p)
0.01p
-413%

Chairman's Statement
For the half year to 30th June 2013, Ross Group made a modest loss of £34,000. This reflects a change in strategy, as management has decided to focus exclusively in this period on endeavoring to explore major new business opportunities. Due to rigorous cost control, we were successful in managing our ongoing administrative expenses and were therefore able to minimize the loss.
The Board is satisfied with our progress to date both in researching and developing new business opportunities for the Group and are fully confident that we remain close to concluding a significant and profitable deal to recommend to our shareholders in the near future.
Business Outlook
I shall, along with the management team, continue to work towards concluding an appropriate strategic new business arrangement in order to take the Group into an exciting 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 (2012 - £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 excellent support and hard work during this difficult, but ultimately potentially rewarding, transitional stage of the Group's performance.
Finally, as always, I would extend my sincere thanks to our extraordinarily loyal, long-suffering, shareholders for their continued patience and understanding.
Barry Richard Pettitt
Chairman and Chief Executive Officer
Approved 30 August 2013

CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2013
2012
2012
£'000
£'000
£'000
Group Revenue
Continuing Operations
0
112
112
Discontinuing Operations
0
0
0
Operating Profit / (Loss)
Continuing Operations
(34)
11
(158)
Discontinuing Operations
0
0
0
Profit before Finance Cost
(34)
11
(158)
Finance Cost
Profit before Taxation
(34)
11
(158)
Taxation
0
0
0
Profit for the Period
(34)
11
(158)
Earnings per share (pence)
(0.02)
0.01
(0.10)
Adjusted earnings per share (pence)
(0.02)
0.01
(0.10)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
Share
Capital
Accumulated
Losses
Other
Reserves
Total
£'000
£'000
£'000
£'000
Balance at 1 Jan 2012
11,149
(35,534)
17,919
(6,466)
Profit for the period
11
11
Total recognised income
11
11
Issue of New Share Capital
15
151
166
Balance at 30 June 2012
11,164
(35,523)
18,070
(6,289)
Profit/(loss) for the period
(169)
(169)
Total recognised income
(169)
(169)
Balance at 31 Dec 2012
11,164
(35,692)
18,070
(6,458)
Balance at 1 Jan 2013
11,164
(35,692)
18,070
(6,458)
Profit for the period
(34)
(34)
Total recognised income
(34)
(34)
Issue of New Share Capital
Balance at 30 June 2013
11,164
(35,726)
18,070
(6,492)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2013
2012
2012
£'000
£'000
£'000
Non Current Assets
0
0
0
Current Assets
Inventories
0
0
0
Trade and Other Receivables
0
192
2
Cash and Cash Equivalents
2
18
19
2
210
21
Total Assets
2
210
21
Equity and Liabilities
Shareholders' Equity
Share Capital
11,164
11,164
11,164
Share Premium Account
2,686
2,685
2,686
Other Reserves
15,384
15,384
15,384
Retained Earnings
(35,726)
(35,523)
(35,692)
Total Equity
(6,492)
(6,290)
(6,458)
Non-Current Liabilities
Long Term Borrowings (Group)
6,258
6,288
6,258
Current Liabilities
Trade and Other Payables
222
212
211
Bank Overdraft and Loans
10
0
10
Total Liabilities
6,490
6,500
6,479
Total Equity and Liabilities
2
210
21

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2013
2012
2012
£'000
£'000
£'000
Net Cash From/(Used In) Operating Activities
(17)
(149)
(133)
Net Cash Used In Investing Activities
0
0
0
Cash Flows From Financing Activities
0
165
150
Net Increase/(Decrease) In Borrowings
0
0
0
Net Cash Flow Used In Financing Activities
0
165
150
Net Increase/(Decrease) In Cash and Cash Equivalents
(17)
16
17
Cash and Cash Equivalent at Beginning of Period
19
2
2
Cash and Cash Equivalent at End of Period
2
18
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 2012.
The financial information contained in these statements for the six months ended
30 June 2013 and 30 June 2012 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
2013
2012
2012
£'000
£'000
£'000
Operating Profit/(Loss) On Continuing Activities
(34)
11
(158)
Depreciation and Amortisation
0
0
0
Decrease/(Increase) In Inventories
0
0
0
Decrease/(Increase) In Trade and Other Receivables
2
(130)
60
Increase/(Decrease) In Trade and Other Payables
15
(30)
(35)
Net Cash Generated From Operations
(17)
(149)
(133)
(3) No ordinary interim dividend is proposed for 2013 (2012 - £Nil).
(4) The comparative cash flow for the year ended 31 December 2012 has been
extracted from the audited accounts. The cash flows for the six months ended 30
June 2013 and 30 June 2012 are unaudited.
(5) Reconciliation of Movements In Equity
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2013
2012
2012
£'000
£'000
£'000
Share Premium Account
Brought Forward
2,686
2,535
2,535
Movement
150
151
Carried Forward
2,686
2,685
2,686
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
(35,692)
(35,534)
(35,534)
Profit/(Loss) for the Period
(34)
11
(158)
Carried Forward
(35,726)
(35,523)
(35,692)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2013 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,247,825 from the Group's supporters. Keniworth Capital Ltd holds 24% of the issued ordinary share capital.
(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 Everett and Son,
35 Paul Street, London, EC2A 4UQ. 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
35 Paul Street
London EC2A 4UQ
Contact - M Simon, Non Executive Director
Tel. - 07561 091699
Email - michael@simonsilvermyer.com
Website - www.ross-group.co.uk

 

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