Ross Group PLC Half-year Report (4297Z)
August 31 2018 - 6:40AM
UK Regulatory
TIDMRGP
RNS Number : 4297Z
Ross Group PLC
31 August 2018
Ross Group Plc Half Yearly Financial Report 30(th) June 2018
HALF YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 JUNE 2018
Financial Summary (6 months
to 30 June 2018) 2018 2017
GBP'000 GBP'000 Change
Group Revenue 68 95 -28%
Gross Profit/(Loss) 10 17 -41%
Profit/(Loss) before tax 10 17 -41%
Basic earnings per share 0.006p 0.01p -41%
Diluted earnings per share 0.006p 0.01p -41%
Chairman's Statement
For the half year to 30th June 2018, I am pleased to report that the Ross Group PLC has
made
a net profit after tax of GBP10,000 on revenues of GBP68,000
The Board in the first half 2018 has continued with its stringent strategy of strong
cost
controls along with minimal expenditure, continuing to maintain our operational and
supply
chain management services, whilst also increasingly intensifying our extensive
endeavours
in trying to identify an appropriate acquisition and/or exceptional opportunity to be
able
to integrate into our existing business.
Notwithstanding all our efforts to date - which have been more focused than ever before
-
it is also satisfying to be able to still successfully report that our revenues again
during
this first half year are more than sufficient to cover our operating costs as well as
any
advanced and/or related transactional expenses.
Business Outlook
For the second half of 2018 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 acquisition,
in addition to our Group's existing business into an exciting 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
(2017: GBPNil)
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 exceptional understanding.
Barry Richard Pettitt
Chairman and Chief Executive Officer
Approved 30 August 2018
CONDENSED CONSOLIDATED INCOME
STATEMENT UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2018 2017 2017
GBP'000 GBP'000 GBP'000
Group Revenue
Continuing Operations 68 95 57
Discontinuing Operations 0 0 0
Operating Profit / (Loss)
Continuing Operations 10 17 57
Discontinuing Operations 0 0 0
Profit before Finance Cost 10 17 57
--------- --------- -----------
Finance Cost
Profit before Taxation 10 17 57
--------- --------- -----------
Taxation 0 0 0
Profit for the Period 10 17 57
--------- --------- -----------
Earnings per share (pence) 0.006 0.010 0.030
Adjusted earnings per share
(pence) 0.006 0.010 0.030
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
Share Accumulated Other Total
Capital Losses Reserves
GBP'000 GBP'000 GBP'000 GBP'000
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)
--------- ------------ ---------- --------
Profit/(loss) for the period 40 40
--------- ------------ ---------- --------
Total recognised income 40 40
--------- ------------ ---------- --------
Balance at 31 Dec 2017 11,179 (35,634) 18,187 (6,268)
--------- ------------ ---------- --------
Balance at 1 Jan 2017 11,179 (35,634) 18,187 (6,268)
Profit for the period 10 10
--------- ------------ ---------- --------
Total recognised income 10 10
--------- ------------ ---------- --------
Balance at 30 June 2018 11,179 (35,624) 18,187 (6,258)
--------- ------------ ---------- --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2018 2017 2017
GBP'000 GBP'000 GBP'000
Non Current Assets 0 0 0
Current Assets
Inventories 0 0 0
Trade and Other Receivables 79 9 4
Cash and Cash Equivalents 1 7 19
80 16 23
Total Assets 80 16 23
--------- --------- -----------
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 (35,624) (35,674) (35,634)
--------- --------- -----------
Total Equity (6,258) (6,308) (6,268)
Non-Current Liabilities
Long Term Borrowings (Group) 6,072 6,072 6,072
Current Liabilities
Trade and Other Payables 256 242 209
Bank Overdraft and Loans 10 10 10
--------- --------- -----------
Total Liabilities 6,338 6,324 6,291
Total Equity and Liabilities 80 16 23
--------- --------- -----------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2018 2017 2017
GBP'000 GBP'000 GBP'000
Net Cash From/(Used In) Operating
Activities (18) 6 21
Net Cash Used In Investing
Activities 0 0 0
Cash Flows From Financing Activities:
Amount withdrawn by Directors 0 0 (3)
Net Increase/(Decrease) In
Borrowings 0 0 0
--------- --------- -----------
Net Cash Flow From Financing
Activities (18) 6 18
--------- --------- -----------
Net Increase/(Decrease) In
Cash and Cash Equivalents (18) 6 18
Cash and Cash Equivalent at
Beginning of Period 19 1 1
--------- --------- -----------
Cash and Cash Equivalent at
End of Period 1 7 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 2017.
The financial information contained in these statements for the six months
ended
30 June 2018 and 30 June 2017 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 ended 30
June June 31 Dec
2018 2017 2017
GBP'000 GBP'000 GBP'000
Operating Profit/(Loss) On Continuing
Activities 10 17 57
Depreciation and Amortisation 0 0 0
Decrease/(Increase) In Inventories 0 0 0
Decrease/(Increase) In Trade
and Other Receivables (75) 4 9
Increase/(Decrease) In Trade
and Other Payables 47 (15) (45)
Net Cash Generated From/(Used
In) Operations (18) 6 21
--------- --------- -----------
(3) No ordinary interim dividend is proposed for 2018 (2017 - GBPNil).
(4) The comparative cash flow for the year ended 31 December 2017 has been
extracted from the audited accounts. The cash flows for the six months ended
30
June 2018 and 30 June 2017 are unaudited.
(5) Reconciliation of Movements In Equity 6 months 6 months Year Ended
ended 30 ended 30
June June 31 Dec
2018 2017 2017
GBP'000 GBP'000 GBP'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 (35,634) (35,691) (35,691)
Profit for the Period 10 17 57
Carried Forward (35,624) (35,674) (35,634)
(6) The Group is supported by short term borrowings from its larger
shareholders and supporters by way of formal agreements. At 30 June 2018
total borrowings from One World Limited were GBP4,010,000 and GBP2,062,172
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
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END
IR PBMMTMBTJBIP
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