Last checked at 31 Aug 2011 07:00
Ross Group Plc Half Yearly Financial Report 30th June 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2011
Chairman's Statement
£ 1,000,000 in year ending 31st December 2008
I believe we have now demonstrated that the Group is in safe and steady hands. We have been able to report profits in both 2009 and 2010 - whilst unspectacular perhaps - it is more than significant given the global economic turmoil of recent years and now, in addition to this, we have continued to produce a profitable result for the first half of 2011.
During the last two years the Group has been actively seeking to explore new strategic business and acquisition opportunities within the consumer electronics, electrical and energy-related industries, whilst continuing to mind and maintain its existing business. A great many projects have been carefully explored and most, if not all, of those have been rejected to date. However, as we contemplate the second half of 2011 and beyond, the Board is increasingly confident that perhaps one (or more) of these opportunities may be more actively pursued and hopefully concluded in the near future
Business Outlook
These last two or three years have been a difficult time for those in business. The Board is satisfied that, under these circumstances, the Group has performed well; reporting a consistent profitable trading record. This has given management a measure of confidence in taking its time in approaching the task of trying to find a suitable strategic alliance and/or investor in order to take the Group forward with strength and certainty instead of simply embracing any semi-plausible deal put forth by prospective parties believing that the Group needs them.
I am furthermore convinced that - in due course and after suitable deliberation - we will be able to offer our shareholders a worthwhile, profitable and exciting future, whilst securing the Group's continued prosperity and also enabling it to be able to take advantage of good asset-based business opportunities which are both undervalued and in need of a strong strategic partner.
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 (2010 - £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.
Lastly, I would like to thank our extraordinarily loyal, long-suffering, shareholders for their continued patience and understanding.
I sincerely hope that they will not have to wait too long before seeing a more dynamic development in the Group's future performance.
Barry Richard Pettitt Chairman and Chief Executive Officer
Approved 31 August 2011
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 2010. The financial information contained in these statements for the six months ended 30 June 2011 and 30 June 2010 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 2011 (2010 - £Nil).
(4) The comparative cash flow for the year ended 31 December 2010 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2011 and 30 June 2010 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 2011 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,278,172 from the Group's supporters. Keniworth Capital Ltd holds 27% 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 |