LONDON (Alliance News) - Ross Group PLC on Tuesday reported lower profit and revenue in the first half of 2016, as the company continues to operate as a cash shell and look for merger and acquisition opportunities.
The company, previous Ross Consumer Electronics, made pretax profit of GBP14,000 on revenue of GBP63,000 for the first six months of 2016, down from GBP37,000 in profit and GBP76,000 in revenue for the same period in 2015.
The interim report noted the previous year had seen lower costs from the reversal of unnecessary expense provisions.
No interim dividend was proposed due to the company holding no retained reserves.
"The board's continuing strategy is to maintain our ongoing commitment towards strong cost controls and minimal expenditure, whilst also maintaining a focused endeavour to try to find an appropriate merger, acquisition or business opportunity to present to our loyal and supportive shareholders" said Barry Pettitt, chairman and chief executive.
Shares in Ross Group were down 3.7% at 0.674 pence a share Tuesday midday.
By Adam Clark; adamclark@alliancenews.com
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Ross Grp. (RGP)