Last checked at 31 Aug 2012 11:19
Ross Group Plc Half Yearly Financial Report 30th June 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2012
Chairman's Statement
But during this extensive period of research, consideration and negotiation, we have always been mindful that the Group should trade profitably and generate sufficient cash flow to adequately fund the all of these activities, as well as ensuring that the Group's financial obligations are met in a timely manner. The Group's specialist supply-chain management services presently meet that need, enabling it to continue to prosper.
I also feel it is strategically significant that during the period, Ross Group was able to attract more investment by means of two share placings, in April and June, which raised in total £165,000 and which has strengthened our working capital position. More importantly, I am delighted to welcome our new shareholders, who are both very experienced entrepreneurs. I duly thank them for their personal investments and confidence in our corporate abilities.
Business Outlook
As I have had cause to repeatedly reference in my previous reports, these last three to four years have been a very difficult time for most, if not all, mature companies in business. Nevertheless, your Board remains satisfied that, under such previous and current market conditions, the Group has been performing as well as can be expected under the circumstances.
The need to wait patiently and perform diligently to find the right opportunities and partnerships - whether large or small - which can provide profit without unnecessary risk, alliance with added value to shareholders and progress with great potential, are things that take time, effort and a "great deal" of endeavor.
I shall, along with our management team, continue to work towards concluding an appropriate strategic alliance and/or investment transaction in order to take the Group forward as prospectively and profitably as possible.
Your Board is confident that we shall be able to provide our shareholders with a suitable opportunity in the forthcoming future, with a view to significantly securing and building upon the Group's continued prosperity.
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 (2011 - £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 excellent support and hard work during this difficult, but ultimately rewarding, transitional stage of the Group's performance.
And, as ever, I would extend my sincere thanks to our extraordinarily loyal, long-suffering, shareholders for their continued patience and understanding.
Barry Richard Pettitt Chairman and Chief Executive Officer
Approved 30 August 2012
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
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 2011. The financial information contained in these statements for the six months ended 30 June 2012 and 30 June 2011 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
(3) No ordinary interim dividend is proposed for 2012 (2011 - £Nil). (4) The comparative cash flow for the year ended 31 December 2011 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2012 and 30 June 2011 are unaudited. (5) Reconciliation of Movements In Equity
(6) The Group is supported by short term borrowings from its larger shareholders and supporters by way of formal agreements. At 30 June 2012 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,278,172 from the Group's supporters. Keniworth Capital Ltd holds 24% 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 Everett and Son, 35 Paul Street, London, EC2A 4UQ. 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 35 Paul Street London EC2A 4UQ Contact - M Simon, Non Executive Director Tel. - 07561 091699 Email - michael@simonsilvermyer.com Website - www.ross-group.co.uk |