RNS Number : 3745C
Ross Group PLC
29 August 2008
Ross Interim Results
GROUP INCOME STATEMENT
UNAUDITED
6 months 6 months Year Ended
ended 30 June ended 30 June 31-Dec
2008 2007 2007
'000 '000 '000
Group Revenue
Continuing Operations 42 158 62
Discontinuing Operations 624 851 1,640
Operating Profit / (Loss)
Continuing Operations 34 75 (76)
Discontinuing Operations (31) (274) (471)
Profit / (Loss) before Finance 3 (199) (547)
Cost
Finance Cost (265) (228) (521)
(Loss) before Taxation (262) (427) (1,068)
Taxation 0 0 0
(Loss) for the Period (262) (427) (1,068)
Earnings per share (pence) (0.19) (0.31) (0.78)
Adjusted earnings per share (0.19) (0.31) (0.78)
(pence)
GROUP BALANCE SHEET UNAUDITED
6 months 6 months Year Ended
ended 30 June ended 30 June 31-Dec
2008 2007 2007
'000 '000 '000
Non Current Assets 0 31 38
Current Assets
Inventories 0 691 3
Trade and Other Receivables 252 367 671
Cash and Cash Equivalents 9 29 11
261 1087 685
Total Assets 261 1118 723
Equity and Liabilities
Shareholders' Equity
Share Capital 11,136 11,136 11,136
Share Premium Account 2,317 2,317 2,317
Other Reserves 15,384 15,384 15,384
Retained Earnings (34,911) (34,007) (34,649)
Total Equity (6,074) (5,170) (5,812)
Non-Current Liabilities
Long Term Borrowings (Group) 0 0 0
Current Liabilities
Trade and Other Payables 6,128 6,288 6,335
Bank Overdraft and Loans 207 0 200
Total Liabilities 6,335 6,288 6,535
Total Equity and Liabilities 261 1118 723
GROUP CASH FLOW STATEMENT UNAUDITED
6 months 6 months Year Ended
Ended Ended 31 Dec. 2007
30 June 2008 30 June 2007
'000 '000 '000
Net Cash (Used in) Operating
Activities 30 25 (193)
Cash Flows From Investing
Activities
Purchase of Plant and Machinery 0 (8) (8)
Net Cash Used In Investing 0 (8) (200)
Activities
Cash Flows From Financing
Activities
Net Increase In Borrowings (32) 0 200
Repayment of Capital Element of
Finance Lease 0 0 0
Net Cash Flow Used In Financing
Activities 0 0 200
Net Increase/ (Decrease) In
Cash
And Cash Equivalents (2) 17 8
Cash and Cash Equivalents at
Beginning of Period 11 12 4
Cash and Cash Equivalents at
end of Period 9 29 12
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 2007.
The financial information contained in these statements for the six months ended
30 June 2008 and 30 June 2007 is unaudited and does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985.
(2) Reconciliation of Operating Loss to Net Cash Flows From Operating
Activities
6 months 6 months Year Ended
Ended Ended 31 Dec. 2007
30 June 2008 30 June 2007
'000 '000 '000
Operating (Loss) On Continuing -34 -199 (548)
Activities
Depreciation and Amortisation 0 7 0
Decrease / (Increase) In 3 -680 8
Inventories
Decrease / (Increase) In Trade 419 581 277
And
Other Receivables
Increase / (Decrease) In Trade -358 316 591
And Other
Payables
Interest Paid (521)
30 25 (193)
(3) No ordinary interim dividend is proposed for 2008 (2007-nil).
(4) The comparative cash flow for the year ended 31 December 2007 has been
extracted from the audited accounts. The cash flows for the six months ended 30
June 2008 and 30 June 2007 are unaudited.
(5) Reconciliation of Movements In Equity
6 months 6 months
Ended Ended Year Ended
30 June 2008 30 June 2007 31 Dec 2007
'000 '000 '000
Share Premium Account
Brought Forward 2,317 2,317 2,317
Movement 0 0 0
Carried Forward 2,317 2,317 2,317
Other Reserves - Brought 15,384 15,384 15,384
Forward
(Depreciation) 0 0 0
Carried Forward 15,384 15,384 15,384
Retained Earnings - Brought
Forward (34,649) (33,580) (33,580)
(Loss) For Period (262) (427) (1,068)
Profit on Translation of 0 0 (1)
Subsidiary
Transfer From Revaluation 0 0 0
Reserve
Carried Forward (34,911) 0 (34,007) 0 (34,649)
(6) The Group is supported by short term borrowings from it's larger
shareholders by way of formal agreements. At 30 June 2008 total borrowings from
Keniworth Capital Ltd were 3,836k and 1,840k from The Grande Group and its
subsidiary companies. Keniworth Capital Ltd hold 29% of the issued ordinary
share capital and The Grande Holding Ltd has direct or indirect control of
41.4%.
(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
Ross Group plc
Registered Office
35 Paul Street
London EC2A 4UQ
Contact - M Simon, Non Executive Director
Tel. - 020 7258 0011
Email - michael@simonsilvermyer.com
Website - www.ross-group.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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