Crawshaw Group Regulatory News (CRAW)

26th September, 2013

CRAWSHAW GROUP PLC

Interim Results

Crawshaw Group PLC (the "Company"), the meat focused retailer, today reports its interim results for the 6 months ended 31 July 2013.

Chairman's Statement

The various measures being taken by management to improve our performance continue to have a positive impact on trading, helped by good BBQ weather in July. LFL sales are up 5% in the half year to 31st July, 2013 as compared to the same period the previous year. In addition, total sales for the first half have increased to £9.8m (2012 : £9.3m).

Gross Profit has increased by 6% to £4.3m (2012 : £4.1m) and I am encouraged that there have been further improvements in gross margin to 43.9% (2012 : 43.6%) in the 6 months to 31st July.

Overhead expenditure continues to be controlled well, remaining relatively flat in the period at £4.0m (2012 : £4.0m) with just a 1% increase in total costs as compared to the same period in the previous year. This change is wholly related to an increase in staff hours within our shops as the management team implement measures to further drive sales.

In the 6 months to 31st July 2013 EBITDA increased to £0.5m (2012 : £0.3m) and profit before tax rose 3 fold to £0.3m (2012 : £0.1m). Earnings per share rose to 0.473p (2012 : 0.155p).

Cash generated from operating activities after movements in working capital in the period was £0.5m (2012 £0.2m). This is wholly offset by the partial mortgage repayment of £0.3m, the payment of our maiden dividend (£0.1m) and capital expenditure (£0.1m). I am pleased to report that our balance sheet is now cash positive with the mortgage of £0.54m being more than offset by our cash balances of £0.88m and therefore net cash is £0.34m (31st January 2013 : nil).

Now our recovery in trading performance has become established we are giving consideration to re-starting our expansion program, albeit on a cautious basis, and will report further in due course.

We are encouraged with current trading, like for like sales for the first 8 weeks of the second half are up 10% with gross margin in line with first half performance.

Following on from our maiden dividend announced in April of this year we are delighted to announce an interim dividend, of 0.09p per share, as a measure of our confidence in the business going forward. The dividend will be paid on 25th October, 2013 to shareholders on the register on 4th October, 2013. The ex-dividend date will be 2nd October, 2013.

Richard Rose

Chairman

26 September, 2013

For further information please contact:

Notes to the consolidated financial statements

 1. BASIS OF PREPARATION

Reporting Entity

Crawshaw Group Plc (the "Company") is a company incorporated and domiciled in the UK.

The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 July 2013 comprise the Company and its subsidiaries (together referred to as the "Group") and equity account the Group's interest in jointly controlled entities.

Basis of Preparation

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the EU and do not include all of the information required for full annual financial statements.

The comparative figures for the financial year ended 31 January 2013 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

The condensed consolidated interim financial statements have not been audited but have been reviewed by the Company's auditors. Their review report for the 6 month period ended 31 July 2013 is set out on page 12.

These condensed consolidated interim financial statements were approved by the Board of Directors on 26th September, 2013.

Significant Accounting Policies

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 January 2013, as described in those annual financial statements,which were prepared in accordance with IFRS as adopted by the EU.

Significant Judgements, Key Assumptions and Estimation Uncertainty

The preparation ofthe condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable at the time the estimate is made. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 31 January 2013.

Going Concern

The Group has in place borrowing facilities up to a maximum of £790,000. They consist of a mortgage of £540,000 and a working capital overdraft facility of £250,000. These facilities are not subject to financial performance covenants, however, overdraft facilities can be withdrawn by the bank at any time.

The overdraft facility is open ended but renegotiated on an annual basis, the next review being due in April 2014. The mortgage was renewed in May 2013. The Directors have reviewed the banking facilities available to the Group plus the profit and cash forecasts of the Group with appropriate sensitivities around operational performance. The Directors have concluded that the Group will have sufficient cash to meet its obligations and to pursue its existing strategy. Accordingly the Directors consider that these statements should be prepared on a going concern basis.

Basis of Consolidation

The consolidated financial information includes the financial information of the Company and its subsidiary undertakings made up to 31 July 2013 (together referred to as the 'Group').

 2. REVENUE

 The Directors have undertaken a review of the Group's continuing operations and their associated

 business risks. The Directors consider that the continuing operations represent one product offering

 with similar risks and rewards and should be reported as a single business segment in line with the

 Group's internal reporting framework. All revenue received during the period was received from

 customers within the United Kingdom.

 7. RELATED PARTY TRANSACTIONS

 Crawshaw Butchers Limited, a subsidiary of Crawshaw Group Plc, holds a 50% share in a partnership which trades under the name of RGV Refrigeration. The operations of the partnership comprise of the maintenance and repair of refrigeration machinery for a variety of customers.

INDEPENDENT REVIEW REPORT TO CRAWSHAW GROUP PLC

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly report for the six months ended31 July 2013 which comprises the Condensed Consolidated Statement ofComprehensive Income, Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Changes inShareholders' Equity, Condensed Consolidated Cash FlowStatementand the related explanatory notes. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for noother purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing PracticesBoard for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that mightbe identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended31 July 2013 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the AIM Rules.

Jeremy Gledhill

for and on behalf of KPMG Audit Plc

Chartered Accountants

1 The Embankment

Neville Street

Leeds

LS1 4DW

26th September, 2013

This is the final version of the interim report and in line with last year it will not be printed and distributed to shareholders however, this report will be available from the Company's website www.crawshawgroupplc.comfrom today.