RNS Number : 5769O Formation Group PLC 29 May 2015
Formation Group PLC ("Formation" or "the Group")
Interim Results for the Six Months ended 28 February 2015
The Group is pleased to announce its interim results for the six months ended 28 February 2015. Formation Group is now predominately a property development and project management company providing professional services to its clients within this sector.
· Revenue from continuing operations of £10.78 million (2014: £3.23m).
· Operating profit from continuing operations of £0.266 million (2014: £0.145m loss).
· Cash position as at 28 February 2015 of £1.707 million (31 August 2014 £0.328m).
· Completed on acquisition site for development 159-161 Iverson Road, London utilising £2.408 million of funds from repayment of its investment in J V Finance Ltd.
· Received £1.551 million further cash repayment from its investment in J V Finance Ltd.
Post Period End Events
· Balance of £1.268 million, of the £6.229 million due was received from J V Finance Ventures Limited. .
· Addition of two further experienced directors to the board.
· The Group is trading in line with management's expectations and the board remains confident about the Group's prospects for the remainder of the year.
Formation Group Plc:
David Kennedy; Chief Executive Officer - 020 7920 7590
NOMAD to Formation Group Plc:
Zeus Capital Limited - 0161 831 1512
I am pleased to report the Group's results for the six months ended 28 February 2015.
Since the period end the balance of £1.268m due to Formation from J V Finance Limited has been received. The group turnover has grown materially due to its increasing order book on Project Management contracts. Additionally, Formation has now completed on the purchase of the Iverson Road development as previously announced. The board believes that the future prospects of the group will be materially enhanced by property development on its own or via joint venture agreements as such potential opportunities are actively sourced.
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