ROSS GROUP PLC

Interim / Quarterly Report • Aug 30, 2013

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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

This information is provided by RNS

The company news service from the London Stock Exchange

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