HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2013 Financial Summary (6 months to 30 June 2013) | 2013 |
| 2012 |
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| £'000 |
| £'000 |
| Change |
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| Group Revenue | 0 |
| 112 |
| -100% |
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| Gross Profit/(Loss) | (34) |
| 11 |
| -422% |
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| Profit/(Loss) before tax | (34) |
| 11 |
| -422% |
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| Basic earnings per share | (0.02p) |
| 0.01p |
| -413% |
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| Diluted earnings per share | (0.02p) |
| 0.01p |
| -413% |
Chairman's Statement For the half year to 30th June 2013, Ross Group made a modest loss of £34,000. This reflects a change in strategy, as management has decided to focus exclusively in this period on endeavoring to explore major new business opportunities. Due to rigorous cost control, we were successful in managing our ongoing administrative expenses and were therefore able to minimize the loss. The Board is satisfied with our progress to date both in researching and developing new business opportunities for the Group and are fully confident that we remain close to concluding a significant and profitable deal to recommend to our shareholders in the near future. |
Business Outlook I shall, along with the management team, continue to work towards concluding an appropriate strategic new business arrangement in order to take the Group into an exciting 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 (2012 - £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 potentially rewarding, transitional stage of the Group's performance. Finally, as always, 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 2013 CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED |
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| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2013 |
| 2012 |
| 2012 |
| £'000 |
| £'000 |
| £'000 |
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| Group Revenue |
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|
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| Continuing Operations | 0 |
| 112 |
| 112 |
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| Discontinuing Operations | 0 |
| 0 |
| 0 |
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| Operating Profit / (Loss) |
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| Continuing Operations | (34) |
| 11 |
| (158) |
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| Discontinuing Operations | 0 |
| 0 |
| 0 |
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| Profit before Finance Cost | (34) |
| 11 |
| (158) |
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| Finance Cost |
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| Profit before Taxation | (34) |
| 11 |
| (158) |
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| Taxation | 0 |
| 0 |
| 0 |
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| Profit for the Period | (34) |
| 11 |
| (158) |
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| Earnings per share (pence) | (0.02) |
| 0.01 |
| (0.10) | Adjusted earnings per share (pence) | (0.02) |
| 0.01 |
| (0.10) |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED | | Share Capital | | Accumulated Losses | | Other Reserves | | Total | | | £'000 | | £'000 | | £'000 | | £'000 | Balance at 1 Jan 2012 | | 11,149 | | (35,534) | | 17,919 | | (6,466) | | | | | | | | | | Profit for the period | | | | 11 | | | | 11 | Total recognised income | | | | 11 | | | | 11 | | | | | | | | | | Issue of New Share Capital | | 15 | | | | 151 | | 166 | Balance at 30 June 2012 | | 11,164 | | (35,523) | | 18,070 | | (6,289) | | | | | | | | | | Profit/(loss) for the period | | | | (169) | | | | (169) | | | | | | | | | | Total recognised income | | | | (169) | | | | (169) | Balance at 31 Dec 2012 | | 11,164 | | (35,692) | | 18,070 | | (6,458) | | | | | | | | | | | | | | | | | | | Balance at 1 Jan 2013 | | 11,164 | | (35,692) | | 18,070 | | (6,458) | | | | | | | | | | Profit for the period | | | | (34) | | | | (34) | Total recognised income | | | | (34) | | | | (34) | | | | | | | | | | Issue of New Share Capital | | | | | | | | | Balance at 30 June 2013 | | 11,164 | | (35,726) | | 18,070 | | (6,492) |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2013 |
| 2012 |
| 2012 |
| £'000 |
| £'000 |
| £'000 |
|
|
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|
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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 | 0 |
| 192 |
| 2 | Cash and Cash Equivalents | 2 |
| 18 |
| 19 |
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| 2 |
| 210 |
| 21 |
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| Total Assets | 2 |
| 210 |
| 21 |
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| Equity and Liabilities |
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| Shareholders' Equity |
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| Share Capital | 11,164 |
| 11,164 |
| 11,164 | Share Premium Account | 2,686 |
| 2,685 |
| 2,686 | Other Reserves | 15,384 |
| 15,384 |
| 15,384 | Retained Earnings | (35,726) |
| (35,523) |
| (35,692) |
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| Total Equity | (6,492) |
| (6,290) |
| (6,458) |
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| Non-Current Liabilities |
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| Long Term Borrowings (Group) | 6,258 |
| 6,288 |
| 6,258 |
|
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| Current Liabilities |
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| Trade and Other Payables | 222 |
| 212 |
| 211 | Bank Overdraft and Loans | 10 |
| 0 |
| 10 |
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| Total Liabilities | 6,490 |
| 6,500 |
| 6,479 |
|
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| Total Equity and Liabilities | 2 |
| 210 |
| 21 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2013 |
| 2012 |
| 2012 |
| £'000 |
| £'000 |
| £'000 |
|
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|
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| Net Cash From/(Used In) Operating Activities | (17) |
| (149) |
| (133) |
|
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| Net Cash Used In Investing Activities | 0 |
| 0 |
| 0 |
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| Cash Flows From Financing Activities | 0 |
| 165 |
| 150 |
|
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| Net Increase/(Decrease) In Borrowings | 0 |
| 0 |
| 0 | Net Cash Flow Used In Financing Activities | 0 |
| 165 |
| 150 |
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| Net Increase/(Decrease) In Cash and Cash Equivalents | (17) |
| 16 |
| 17 |
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| Cash and Cash Equivalent at Beginning of Period | 19 |
| 2 |
| 2 |
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| Cash and Cash Equivalent at End of Period | 2 |
| 18 |
| 19 |
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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 2012. The financial information contained in these statements for the six months ended 30 June 2013 and 30 June 2012 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 |
| 2013 |
| 2012 |
| 2012 |
| £'000 |
| £'000 |
| £'000 |
|
|
|
|
|
| Operating Profit/(Loss) On Continuing Activities | (34) |
| 11 |
| (158) |
|
|
|
|
|
| Depreciation and Amortisation | 0 |
| 0 |
| 0 | Decrease/(Increase) In Inventories | 0 |
| 0 |
| 0 | Decrease/(Increase) In Trade and Other Receivables | 2 |
| (130) |
| 60 | Increase/(Decrease) In Trade and Other Payables | 15 |
| (30) |
| (35) |
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|
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| Net Cash Generated From Operations | (17) |
| (149) |
| (133) |
|
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|
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(3) No ordinary interim dividend is proposed for 2013 (2012 - £Nil). (4) The comparative cash flow for the year ended 31 December 2012 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2013 and 30 June 2012 are unaudited. (5) Reconciliation of Movements In Equity
| 6 months |
| 6 months |
| Year Ended |
| ended 30 June |
| ended 30 June |
| 31 Dec |
| 2013 |
| 2012 |
| 2012 |
| £'000 |
| £'000 |
| £'000 | Share Premium Account |
|
|
|
|
| Brought Forward | 2,686 |
| 2,535 |
| 2,535 | Movement |
|
| 150 |
| 151 | Carried Forward | 2,686 |
| 2,685 |
| 2,686 |
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| Other Reserves |
|
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|
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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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|
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| Brought Forward | (35,692) |
| (35,534) |
| (35,534) | Profit/(Loss) for the Period | (34) |
| 11 |
| (158) |
|
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|
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| Carried Forward | (35,726) |
| (35,523) |
| (35,692) |
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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 2013 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,247,825 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 |
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