HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2015 Financial Summary (6 months to 30 June 2015) | 2015 |
| 2014 |
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| £'000 |
| £'000 |
| Change |
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| Group Revenue | 76 |
| 47 |
| +62% |
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| Gross Profit/(Loss) | 37 |
| (7) |
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| Profit/(Loss) before tax | 37 |
| (7) |
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| Basic earnings per share | 0.021p |
| (0.004p) |
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| Diluted earnings per share | 0.021p |
| (0.004p) |
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Chairman's Statement For the half year to 30th June 2015, I am pleased to report that the Ross Group has made a profit of £37,000 on revenues of £76,000.
I have mentioned, in previous Annual and Interim Statements, about our Group's ongoing commitment towards strong cost controls and minimal expenditure, whilst maintaining a focused endeavour to try to find an appropriate merger, acquisition or business opportunity. Therefore it is satisfying to report that our revenues currently continue to be sufficient to more than cover our operating costs during this particular period. In point of fact, our costs in the first half of 2015 were much lower than normal since we were also able to reverse some prior expense provisions that had been made during 2014 against certain costs that are now not deemed necessary. Nevertheless, even without those, we would have still recorded a profit on this trading performance. The Board is satisfied with our progress to date both in researching and developing new business opportunities for the Group, and we are as confident as ever that we shall be able to recommend to our shareholders in the near future a significant and beneficial deal to secure a prosperous future for Ross. |
Business Outlook Along with myself, our dedicated team of Directors, Advisors and Consultants, we are all continuing to work tirelessly towards trying to conclude an beneficial, strategic business arrangement; in order to take our Group into an exciting and 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 (2014 - £Nil). 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 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 understanding. Barry Richard Pettitt Chairman and Chief Executive Officer Approved 27 August 2015 CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED |
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| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2015 |
| 2014 |
| 2014 |
| £'000 |
| £'000 |
| £'000 |
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| Group Revenue |
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| Continuing Operations | 76 |
| 47 |
| 154 |
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| Discontinuing Operations | 0 |
| 0 |
| 0 |
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| Operating Profit / (Loss) |
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| Continuing Operations | 37 |
| (7) |
| 2 |
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| Discontinuing Operations | 0 |
| 0 |
| 0 |
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| Profit before Finance Cost | 37 |
| (7) |
| 2 |
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| Finance Cost |
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| Profit before Taxation | 37 |
| (7) |
| 2 |
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| Taxation | 0 |
| 0 |
| 0 |
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| Profit for the Period | 37 |
| (7) |
| 2 |
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| Earnings per share (pence) | 0.021 |
| (0.004) |
| 0.001 | Adjusted earnings per share (pence) | 0.021 |
| (0.004) |
| 0.001 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED | | Share Capital | | Accumulated Losses | | Other Reserves | | Total | | | £'000 | | £'000 | | £'000 | | £'000 | Balance at 1 Jan 2014 | | 11,164 | | (35,742) | | 18,070 | | (6,508) | | | | | | | | | | Profit for the period | | | | (7) | | | | (7) | Total recognised income | | | | (7) | | | | (7) | | | | | | | | | | Issue of New Share Capital | | 15 | | | | 117 | | 132 | Balance at 30 June 2014 | | 11,179 | | (35,749) | | 18,187 | | (6,383) | | | | | | | | | | Profit/(loss) for the period | | | | 9 | | | | 9 | | | | | | | | | | Total recognised income | | | | 9 | | | | 9 | Balance at 31 Dec 2014 | | 11,179 | | (35,740) | | 18,187 | | (6,374) | | | | | | | | | | | | | | | | | | | Balance at 1 Jan 2015 | | 11,179 | | (35,740) | | 18,187 | | (6,374) | | | | | | | | | | Profit for the period | | | | 37 | | | | 37 | Total recognised income | | | | 37 | | | | 37 | | | | | | | | | | Issue of New Share Capital | | | | | | | | | Balance at 30 June 2015 | | 11,179 | | (35,703) | | 18,187 | | (6,337) |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2015 |
| 2014 |
| 2014 |
| £'000 |
| £'000 |
| £'000 |
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| Non Current Assets | 0 |
| 0 |
| 0 |
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| Current Assets |
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| Inventories | 0 |
| 0 |
| 0 | Trade and Other Receivables | 9 |
| 60 |
| 2 | Cash and Cash Equivalents | 9 |
| 39 |
| 15 |
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| 18 |
| 99 |
| 17 |
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| Total Assets | 18 |
| 99 |
| 17 |
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| Equity and Liabilities |
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| Shareholders' Equity |
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| 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 | (35,703) |
| (35,749) |
| (35,740) |
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| Total Equity | (6,337) |
| (6,383) |
| (6,374) |
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| Non-Current Liabilities |
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| Long Term Borrowings (Group) | 6,139 |
| 6,258 |
| 6,139 |
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| Current Liabilities |
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| Trade and Other Payables | 206 |
| 214 |
| 242 | Bank Overdraft and Loans | 10 |
| 10 |
| 10 |
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| Total Liabilities | 6,355 |
| 6,482 |
| 6,391 |
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| Total Equity and Liabilities | 18 |
| 99 |
| 17 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2015 |
| 2014 |
| 2014 |
| £'000 |
| £'000 |
| £'000 |
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| Net Cash From/(Used In) Operating Activities | (6) |
| (94) |
| 31 |
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| Net Cash Used In Investing Activities | 0 |
| 0 |
| 0 |
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| Cash Flows From Financing Activities | 0 |
| 132 |
| (17) |
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| Net Increase/(Decrease) In Borrowings | 0 |
| 0 |
| 0 | Net Cash Flow Used In Financing Activities | 0 |
| 132 |
| (17) |
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| Net Increase/(Decrease) In Cash and Cash Equivalents | (6) |
| 38 |
| 14 |
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| Cash and Cash Equivalent at Beginning of Period | 15 |
| 1 |
| 1 |
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| Cash and Cash Equivalent at End of Period | 9 |
| 39 |
| 15 |
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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 2014. The financial information contained in these statements for the six months ended 30 June 2015 and 30 June 2014 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 June |
| ended 30 June |
| 31 Dec |
| 2015 |
| 2014 |
| 2014 |
| £'000 |
| £'000 |
| £'000 |
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| Operating Profit/(Loss) On Continuing Activities | 37 |
| (7) |
| 2 |
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| Depreciation and Amortisation | 0 |
| 0 |
| 0 | Decrease/(Increase) In Inventories | 0 |
| 0 |
| 0 | Decrease/(Increase) In Trade and Other Receivables | (7) |
| (59) |
| (1) | Increase/(Decrease) In Trade and Other Payables | (36) |
| (28) |
| 30 |
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| Net Cash Generated From/(Used In) Operations | (6) |
| (94) |
| 31 |
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(3) No ordinary interim dividend is proposed for 2015 (2014 - £Nil). (4) The comparative cash flow for the year ended 31 December 2014 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2015 and 30 June 2014 are unaudited. (5) Reconciliation of Movements In Equity
| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2015 |
| 2014 |
| 2014 |
| £'000 |
| £'000 |
| £'000 | Share Premium Account |
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| Brought Forward | 2,803 |
| 2,686 |
| 2,686 | Movement |
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| 117 |
| 117 | Carried Forward | 2,803 |
| 2,803 |
| 2,803 |
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| Other Reserves |
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| Brought Forward | 15,384 |
| 15,384 |
| 15,384 | Movement | 0 |
| 0 |
| 0 | Carried Forward | 15,384 |
| 15,384 |
| 15,384 |
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| Retained Earnings |
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| Brought Forward | (35,740) |
| (35,742) |
| (35,742) | Profit/(Loss) for the Period | 37 |
| (7) |
| 2 |
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| Carried Forward | (35,703) |
| (35,749) |
| (35,740) |
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(6) The Group is supported by short term borrowings from its larger shareholders and supporters by way of formal agreements. At 30 June 2015 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,128,693 from the Group's supporters. Keniworth Capital Ltd holds 22% of the issued ordinary share capital. (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. - 07561 091699 Email - michael@simonsilvermyer.com Website - www.ross-group.co.uk |
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