Half Yearly Report

Ross

27/08/2015 10:51

RNS Number : 2926X

Ross Group PLC

27 August 2015

Ross Group Plc Half Yearly Financial Report 30th June 2015
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Financial Summary (6 months to 30 June 2015)
2015
2014
'000
'000
Change
Group Revenue
76
47
+62%
Gross Profit/(Loss)
37
(7)
Profit/(Loss) before tax
37
(7)
Basic earnings per share
0.021p
(0.004p)
Diluted earnings per share
0.021p
(0.004p)
Chairman's Statement
For the half year to 30thJune 2015,I am pleased to report thattheRoss Group has made aprofitof 37,000on revenues of 76,000.
I have mentioned, in previous Annual and Interim Statements, about our Group's ongoing commitment towards strong cost controls and minimal expenditure, whilst maintaining a focused endeavour to try to find an appropriate merger, acquisition or business opportunity.
Therefore it is satisfying to report that our revenues currently continue to be sufficient to more than cover our operating costs during this particular period.
In point of fact, our costs in the first half of 2015 were much lower than normal since we were also able to reverse some prior expense provisions that had been made during 2014 against certain costs that are now not deemed necessary. Nevertheless, even without those, we would have still recorded a profit on this trading performance.
The Board is satisfied with our progress to datebothin researching and developing new business opportunities for the Group,andweareasconfidentaseverthat weshallbe able to recommend to our shareholders in the near futurea significant and beneficial deal to secure a prosperous future for Ross.
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 (2014- 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
Approved27August 2015
CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2015
2014
2014
'000
'000
'000
Group Revenue
Continuing Operations
76
47
154
Discontinuing Operations
0
0
0
Operating Profit / (Loss)
Continuing Operations
37
(7)
2
Discontinuing Operations
0
0
0
Profit before Finance Cost
37
(7)
2
Finance Cost
Profit before Taxation
37
(7)
2
Taxation
0
0
0
Profit for the Period
37
(7)
2
Earnings per share (pence)
0.021
(0.004)
0.001
Adjusted earnings per share (pence)
0.021
(0.004)
0.001
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
Share
Capital
Accumulated
Losses
Other
Reserves
Total
'000
'000
'000
'000
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)
Profit/(loss) for the period
9
9
Total recognised income
9
9
Balance at 31 Dec 2014
11,179
(35,740)
18,187
(6,374)
Balance at 1 Jan 2015
11,179
(35,740)
18,187
(6,374)
Profit for the period
37
37
Total recognised income
37
37
Issue of New Share Capital
Balance at 30 June 2015
11,179
(35,703)
18,187
(6,337)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2015
2014
2014
'000
'000
'000
Non Current Assets
0
0
0
Current Assets
Inventories
0
0
0
Trade and Other Receivables
9
60
2
Cash and Cash Equivalents
9
39
15
18
99
17
Total Assets
18
99
17
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
(35,703)
(35,749)
(35,740)
Total Equity
(6,337)
(6,383)
(6,374)
Non-Current Liabilities
Long Term Borrowings (Group)
6,139
6,258
6,139
Current Liabilities
Trade and Other Payables
206
214
242
Bank Overdraft and Loans
10
10
10
Total Liabilities
6,355
6,482
6,391
Total Equity and Liabilities
18
99
17
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2015
2014
2014
'000
'000
'000
Net Cash From/(Used In) Operating Activities
(6)
(94)
31
Net Cash Used In Investing Activities
0
0
0
Cash Flows From Financing Activities
0
132
(17)
Net Increase/(Decrease) In Borrowings
0
0
0
Net Cash Flow Used In Financing Activities
0
132
(17)
Net Increase/(Decrease) In Cash and Cash Equivalents
(6)
38
14
Cash and Cash Equivalent at Beginning of Period
15
1
1
Cash and Cash Equivalent at End of Period
9
39
15
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 2014.
The financial information contained in these statements for the six months ended
30 June 2015 and 30 June 2014 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
2015
2014
2014
'000
'000
'000
Operating Profit/(Loss) On Continuing Activities
37
(7)
2
Depreciation and Amortisation
0
0
0
Decrease/(Increase) In Inventories
0
0
0
Decrease/(Increase) In Trade and Other Receivables
(7)
(59)
(1)
Increase/(Decrease) In Trade and Other Payables
(36)
(28)
30
Net Cash Generated From/(Used In) Operations
(6)
(94)
31
(3) No ordinary interim dividend is proposed for 2015 (2014 - Nil).
(4) The comparative cash flow for the year ended 31 December 2014 has been
extracted from the audited accounts. The cash flows for the six months ended 30
June 2015 and 30 June 2014 are unaudited.
(5) Reconciliation of Movements In Equity
6 months
6 months
Year Ended
ended 30 June
ended 30 June
31 Dec
2015
2014
2014
'000
'000
'000
Share Premium Account
Brought Forward
2,803
2,686
2,686
Movement
117
117
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
(35,740)
(35,742)
(35,742)
Profit/(Loss) for the Period
37
(7)
2
Carried Forward
(35,703)
(35,749)
(35,740)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2015 total borrowings from Keniworth Capital Ltd were 4,020,000 and 2,128,693 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 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. - 07561 091699
Email - michael@simonsilvermyer.com
Website - www.ross-group.co.uk

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