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LONDON (Alliance News) - Ross Group PLC, previously Ross Consumer Electronics, said Friday its profit in the first half of the year fell as it continues its search for a suitable acquisition.
The company made a GBP10,000 pretax profit in the six months to June 30, below its GBP17,000 profit the year before. Revenue fell 28% to GBP68,000 from GBP95,000.
Ross joint chair and chief executive, Barry Pettitt, said this was "more than sufficient" to cover the company's operating costs and transactional expenses.
Ross is supported by short-term borrowings from its shareholders. As at June 30, its borrowings from unrelated parties totalled GBP4.0 million from One World Ltd and GBP2.1 million from Excite Enterprises Ltd.
"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," said Chief Executive Barry Pettitt.
Shares in Ross Group were untraded at 0.65 pence on Friday.