ROSS GROUP PLC

Interim / Quarterly Report • Aug 30, 2017

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RNS Number : 2742P

Ross Group PLC

30 August 2017

Ross Group Plc Half Yearly Financial Report  30th June 2017

HALF YEARLY FINANCIAL REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2017

Financial Summary (6 months to  30 June 2017)	2017		2016
	£'000		£'000		Change
Group Revenue	95		63		+51%
Gross Profit/(Loss)	17		14		+21%
Profit/(Loss) before tax	17		14		+21%
Basic earnings per share	0.01p		0.008p
Diluted earnings per share	0.01p		0.008p

Chairman's Statement

For the half year to 30th June 2017, I am pleased to report that the Ross Group has made a profit of £17,000 on revenues of £95,000.   

The Board in the first half 2017 has continued with its stringent strategy in maintaining strong cost controls with minimal expenditure, while also increasingly intensifying our extensive endeavours in trying to identify an appropriate merger, acquisition or exceptional business opportunity to be able to present to our loyal and supportive shareholders.

Notwithstanding all our efforts to date, it is somewhat satisfying to be able to successfully report that our revenues this first half year are more than sufficient to cover our operating costs as well as any related transactional expenses. 

Business Outlook

For the second half of 2017 the Board and myself will continue, along with our team of Advisors and Consultants, to work tirelessly towards trying to successfully search and hopefully conclude a 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 (2016 - £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, expertise 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 30 August 2017

CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED
	6 months		6 months		Year Ended
	ended 30 June		ended 30 June		31 Dec
	2017		2016		2016
	£'000		£'000		£'000
Group Revenue
Continuing Operations	95		63		59
Discontinuing Operations	0		0		0
Operating Profit / (Loss)
Continuing Operations	17		14		(62)
Discontinuing Operations	0		0		0
Profit  before Finance Cost	17		14		(62)
Finance Cost
Profit before Taxation	17		14		(62)
Taxation	0		0		0
Profit for the Period	17		14		(62)
Earnings per share (pence)	0.010		0.008		(0.030)
Adjusted earnings per share (pence)	0.010		0.008		(0.030)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED

		Share Capital		Accumulated Losses		Other Reserves		Total
		£'000		£'000		£'000		£'000
Balance at 1 Jan 2016		11,179		(35,629)		18,187		(6,263)
Profit for the period				14				14
Total recognised income				14				14
Balance at 30 June 2016		11,179		(35,615)		18,187		(6,249)
Profit/(loss) for the period				(76)				(76)
Total recognised income				(76)				(76)
Balance at 31 Dec 2016		11,179		(35,691)		18,187		(6,325)
Balance at 1 Jan 2017		11,179		(35,691)		18,187		(6,325)
Profit for the period				17				17
Total recognised income				17				17
Balance at 30 June 2017		11,179		(35,674)		18,187		(6,308)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED

	6 months		6 months		Year Ended
	ended 30 June		ended 30 June		31 Dec
	2017		2016		2016
	£'000		£'000		£'000
Non Current Assets	0		0		0
Current Assets
Inventories	0		0		0
Trade and Other Receivables	9		14		13
Cash and Cash Equivalents	7		0		1
	16		14		14
Total Assets	16		14		14
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	(35,674)		(35,615)		(35,691)
Total Equity	(6,308)		(6,249)		(6,325)
Non-Current Liabilities
Long Term Borrowings (Group)	6,072		6,072		6,072
Current Liabilities
Trade and Other Payables	242		181		257
Bank Overdraft and Loans	10		10		10
Total Liabilities	6,324		6,263		6,339
Total Equity and Liabilities	16		14		14

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED

	6 months		6 months		Year Ended
	ended 30 June		ended 30 June		31 Dec
	2017		2016		2016
	£'000		£'000		£'000
Net Cash From/(Used In) Operating Activities	6		(4)		(41)
Net Cash Used In Investing Activities	0		0		0
Cash Flows From Financing Activities:
Amount introduced by Directors	0		0		38
Net Increase/(Decrease) In Borrowings	0		0		0
Net Cash Flow From Financing Activities	6		0		38
Net Increase/(Decrease) In Cash and Cash Equivalents	6		(4)		(3)
Cash and Cash Equivalent at Beginning of Period	1		4		4
Cash and Cash Equivalent at End of Period	7		0		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 2016.

The financial information contained in these statements for the six months ended

30 June 2017 and 30 June 2016 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
	2017		2016		2016
	£'000		£'000		£'000
Operating Profit/(Loss) On Continuing Activities	17		14		(62)
Depreciation and Amortisation	0		0		0
Decrease/(Increase) In Inventories	0		0		0
Decrease/(Increase) In Trade and Other Receivables	4		7		0
Increase/(Decrease) In Trade and Other Payables	(15)		(25)		21
Net Cash Generated From/(Used In) Operations	6		(4)		(41)

(3)       No ordinary interim dividend is proposed for 2017 (2016 - £Nil).

(4)       The comparative cash flow for the year ended 31 December 2016 has been

extracted from the audited accounts. The cash flows for the six months ended 30

June 2017 and 30 June 2016 are unaudited.

(5)       Reconciliation of Movements In Equity

	6 months		6 months		Year Ended
	ended 30 June		ended 30 June		31 Dec
	2017		2016		2016
	£'000		£'000		£'000
Share Premium Account
Brought Forward	2,803		2,803		2,803
Movement	0		0		0
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	(35,691)		(35,629)		(35,629)
Profit for the Period	17		14		(62)
Carried Forward	(35,674)		(35,615)		(35,691)

(6)       The Group is supported by short term borrowings from its larger

shareholders and supporters by way of formal agreements. At 30 June 2017 total borrowings from One World Limited were £4,010,000 and £2,062,172 from Excite Enterprises Limited,  neither of which is a related party.

(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. - 07887  628152

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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