Formation Group PLC
(“Formation” or the “Group”)
Unaudited Interim
Results
The Group is pleased to announce its unaudited interim results
for the six months ended 28 February
2018.
Director’s Statement
I am pleased to report the Group’s results for the six months
ended 28 February 2018.
Revenue for the 6 months ended 28
February 2018 of £17.2m was 15% lower than the £20.2m
generated in the same period last year. This resulted in a gross
profit of £0.9m for the period (2017: £1.2m), a fall of 25%.
Administrative costs, which are relatively fixed in nature, were
slightly lower than the prior year at £1.1m (2017: £1.2m). As a
result, the group posted a loss for the period of £0.3m compared to
the small profit of £0.05m for the same period in 2017.
The Directors continue to pursue opportunities for new projects
and new clients in order to grow revenues.
David Kennedy
25 May 2018
Consolidated income statement
For the six months ended 28 February
2018
|
6
Months ended
28 Feb 2018
(Unaudited) |
6 Months
ended
28 Feb 2017
(Unaudited) |
Year
ended 31
Aug 2017
(Audited) |
|
£’000 |
£’000 |
£’000 |
Continuing
operations |
|
|
|
Turnover |
17,206 |
20,184 |
37,011 |
Cost of sales |
(16,349) |
(18,969) |
(34,835) |
|
__________ |
__________ |
__________ |
Gross profit |
857 |
1,215 |
2,176 |
Administrative
expenses |
(1,134) |
(1,167) |
(2,283) |
|
__________ |
__________ |
__________ |
Operating (loss) /
profit from continuing operations |
(277) |
48 |
(107) |
|
|
|
|
Finance income |
- |
(33) |
(33) |
|
|
|
|
Finance costs |
- |
- |
(12) |
|
__________ |
__________ |
__________ |
(Loss) / Profit on
ordinary activities before taxation |
(277) |
15 |
(152) |
Taxation |
- |
- |
- |
|
__________ |
__________ |
__________ |
(Loss) / Profit for
the period from continuing operations |
(277) |
15 |
(152) |
|
__________ |
__________ |
__________ |
(Loss) / Profit for
the period |
(277) |
15 |
(152) |
|
__________ |
__________ |
__________ |
|
|
|
|
Attributable to: |
|
|
|
|
__________ |
__________ |
__________ |
Equity holders of the
parent |
(277) |
15 |
(152) |
|
__________ |
__________ |
__________ |
|
|
|
|
Earnings per
share |
|
|
|
From continuing
operations |
|
|
|
Basic and diluted |
(0.63)p |
0.03p |
(0.34)p |
|
|
|
|
From discontinued
operations |
|
|
|
Basic and diluted |
- |
- |
- |
|
|
|
|
From continuing and
discontinued operations |
|
|
|
Basic and diluted |
(0.63)p |
0.03p |
(0.34)p |
Consolidated statement of financial position
As at 28 February 2018
|
|
£’000 |
£’000 |
£’000 |
Fixed Assets |
|
|
|
|
|
|
|
|
|
Tangible Assets |
|
16 |
25 |
21 |
Investment Property |
|
275 |
275 |
275 |
|
|
__________ |
__________ |
__________ |
|
|
291 |
300 |
296 |
|
|
__________ |
__________ |
__________ |
Current assets |
|
|
|
|
Inventories
Debtors |
|
170
11,417 |
2,495
9,789 |
1,406
7,525 |
Cash at bank and in hand |
|
3,204 |
1,579 |
4,229 |
|
|
__________ |
__________ |
__________ |
|
|
14,791 |
13,863 |
13,160 |
|
|
__________ |
__________ |
__________ |
Current
liabilities |
|
|
|
|
Creditors: Amounts falling due
within one year |
|
|
|
|
Creditors |
|
(5,130) |
(3,767) |
(3,227) |
|
|
__________ |
__________ |
__________ |
Total current
liabilities |
|
(5,130) |
(3,767) |
(3,227) |
|
|
__________ |
__________ |
__________ |
Net current
assets |
|
9,661 |
10,096 |
9,933 |
|
|
|
|
|
|
|
__________ |
__________ |
__________ |
Total assets less current
liabilities |
|
9,952 |
10,396 |
10,229 |
|
|
__________ |
__________ |
__________ |
Net assets |
|
9,952 |
10,396 |
10,229 |
|
|
__________ |
__________ |
__________ |
Shareholders’ funds |
|
|
|
|
Share capital |
|
2,205 |
2,205 |
2,205 |
Share premium account |
|
2,106 |
2,106 |
2,106 |
Capital redemption reserve |
|
61 |
61 |
61 |
Share option reserve |
|
22 |
22 |
22 |
Retained earnings |
|
5,558 |
6,002 |
5,835 |
|
|
__________ |
__________ |
__________ |
Total shareholders’ funds |
|
9,952 |
10,396 |
10,229 |
|
|
__________ |
__________ |
__________ |
Enquiries:
Formation Group Plc
David Kennedy; Chief Executive
Officer
020 7920 7590
www.formationgroupplc.com
NEX Exchange Corporate Advisor
Peterhouse Capital Limited
Fungai Ndoro and Mark Anwyl
0207 469 0930