ROSS GROUP PLC

Interim / Quarterly Report • Aug 27, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

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 30th June 2015, I am pleased to report that the Ross Group has made a profit of £37,000 on 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 date both in researching and developing new business opportunities for the Group, and we  are as confident as ever that we shall be able to recommend to our shareholders in the near future a 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 continuing to 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 their continued, and highly appreciated, support and hard work.

Finally, as always, I would also like to personally extend my sincere thanks to our extraordinarily loyal shareholders for all their continued patience and understanding.

Barry Richard Pettitt

Chairman and Chief Executive Officer

Approved 27 August 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

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR PKODQCBKKNFB