Half Yearly Report

Ross

29/08/2014 09:06

RNS Number : 3361Q

Ross Group PLC

29 August 2014

Ross Group Plc Half Yearly Financial Report 30th June 2014
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2014
Financial Summary (6 months to 30 June 2014)
2014
2013
'000
'000
Change
Group Revenue
47
0
-
Gross Profit/(Loss)
(7)
(34)
-79%
Profit/(Loss) before tax
(7)
(34)
-79%
Basic earnings per share
(0.004p)
(0.02p)
-79%
Diluted earnings per share
(0.004p)
(0.02p)
-79%
Chairman's Statement
For the half year to 30thJune 2013, Ross Group made a modest loss of 7,000, on revenues of 47,000. This outcome reflects our ongoing commitment to strong cost controls and minimal expenditure while we continue to explore new business opportunities for the Group.
The Board is satisfied with our progress to datebothin researching and developing new business opportunities for the Group, and we are as confident as ever that weshall be able to recommend to our shareholders in the near future a significant and beneficial deal to secure a prosperous future for Ross.
I am also pleased to announce that during the period, Ross Group was able to secure further investment of 132,000 by means of a share placing with GEM Global Yield Fund which has strengthened our working capital position. I am delighted to welcomethisnew shareholder and for the Ross Group to be able to hopefully benefit from their expertise.
Business Outlook
I shall, along with the management team, continue to work towards concluding an appropriatestrategic new business arrangementin 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 (2013- Nil).
I would very much like to thank the members of the Board of Directors, as well as our contractors, consultants and advisors for their continued, and much appreciated, support and hard work.
Finally, as always,I wouldextend my sincerethanks toour extraordinarily loyal, long-suffering, shareholders for their continued patience and understanding.
Barry Richard Pettitt
Chairman and Chief Executive Officer
Approved 28 August 2014
CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2014
2013
2013
'000
'000
'000
Group Revenue
Continuing Operations
47
0
100
Discontinuing Operations
0
0
0
Operating Profit / (Loss)
Continuing Operations
(7)
(34)
(50)
Discontinuing Operations
0
0
0
Profit before Finance Cost
(7)
(34)
(50)
Finance Cost
Profit before Taxation
(7)
(34)
(50)
Taxation
0
0
0
Profit for the Period
(7)
(34)
(50)
Earnings per share (pence)
(0.004)
(0.02)
(0.03)
Adjusted earnings per share (pence)
(0.004)
(0.02)
(0.03)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
Share
Capital
Accumulated
Losses
Other
Reserves
Total
'000
'000
'000
'000
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)
Profit/(loss) for the period
(16)
(16)
Total recognised income
(16)
(16)
Balance at 31 Dec 2013
11,164
(35,742)
18,070
(6,508)
Balance at 1 Jan 2014
11,164
(35,742)
18,070
(6,508)
Profit for the period
(7)
(7)
Total recognised income
(7)
(7)
Issue of New Share Capital
15
117
132
Balance at 30 June 2014
11,179
(35,749)
18,187
(6,383)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2014
2013
2013
'000
'000
'000
Non Current Assets
0
0
0
Current Assets
Inventories
0
0
0
Trade and Other Receivables
60
0
1
Cash and Cash Equivalents
39
2
1
87
2
2
Total Assets
99
2
2
Equity and Liabilities
Shareholders' Equity
Share Capital
11,179
11,164
11,164
Share Premium Account
2,803
2,686
2,686
Other Reserves
15,384
15,384
15,384
Retained Earnings
(35,749)
(35,726)
(35,742)
Total Equity
(6,383)
(6,492)
(6,508)
Non-Current Liabilities
Long Term Borrowings (Group)
6,258
6,258
6,258
Current Liabilities
Trade and Other Payables
214
222
242
Bank Overdraft and Loans
10
10
10
Total Liabilities
6,482
6,490
6,510
Total Equity and Liabilities
99
2
2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2014
2013
2013
'000
'000
'000
Net Cash From/(Used In) Operating Activities
(94)
(17)
(18)
Net Cash Used In Investing Activities
0
0
0
Cash Flows From Financing Activities
132
0
0
Net Increase/(Decrease) In Borrowings
0
0
0
Net Cash Flow Used In Financing Activities
132
0
0
Net Increase/(Decrease) In Cash and Cash Equivalents
38
(17)
(18)
Cash and Cash Equivalent at Beginning of Period
1
19
19
Cash and Cash Equivalent at End of Period
39
2
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 2013.
The financial information contained in these statements for the six months ended
30 June 2014 and 30 June 2013 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
2014
2013
2013
'000
'000
'000
Operating Profit/(Loss) On Continuing Activities
(7)
(34)
(50)
Depreciation and Amortisation
0
0
0
Decrease/(Increase) In Inventories
0
0
0
Decrease/(Increase) In Trade and Other Receivables
(59)
2
1
Increase/(Decrease) In Trade and Other Payables
(28)
15
31
Net Cash Generated From/(Used In) Operations
(94)
(17)
(18)
(3) No ordinary interim dividend is proposed for 2014 (2013 - Nil).
(4) The comparative cash flow for the year ended 31 December 2013 has been
extracted from the audited accounts. The cash flows for the six months ended 30
June 2014 and 30 June 2013 are unaudited.
(5) Reconciliation of Movements In Equity
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2014
2013
2013
'000
'000
'000
Share Premium Account
Brought Forward
2,686
2,686
2,686
Movement
117
Carried Forward
2,803
2,686
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
(35,742)
(35,692)
(35,692)
Profit/(Loss) for the Period
(7)
(34)
(50)
Carried Forward
(35,749)
(35,726)
(35,74)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2014 total borrowings from Keniworth Capital Ltd were 4,020,000 and 2,247,825 from the Group's supporters. Keniworth Capital Ltd holds 22% 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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