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Preliminary Announcement

29 Apr 2008 17:18

Ross Group PLC29 April 2008 ROSS GROUP PLC & SUBSIDIARIES CHAIRMAN'S STATEMENT for the Year Ended 31 December 2007 -------------------------------------------------- RESULTS The Group result, before tax, for the year ended 31 December 2007 was a loss of£1,080,000 (Year ended 31 December 2006: loss £915,000). The reason for this andaction taken to improve the situation are as described below. The turnoverimproved to £1,702,000 (2006 £1,152,000) due to additional activity in both theengineering sector and consumer electronics division. DIVISIONS OF THE GROUP The Group trades through its two UK operating subsidiaries which concentrate onthe following activities:- - The design and manufacturing of engineering projects through GEL Engineering Ltd. - The distribution of consumer electronic branded products through Sansui (UK) Ltd. STRATEGY Whilst the engineering group, GEL, have secured firm repeat orders for 2008,Ross Group could no longer continue to support this loss making operation.Additional funding required to meet new orders was not considered a viablereturn on investment in the short term and GEL went into administration 23 April2008. Sansui Electronics (UK) Ltd continued to push branded goods in both trading andsales agency activities. The flat panel LCD TV market was particularlyaggressive in 2007, with the over supply of products driving prices and marginsdown. Sansui focus was therefore on Barbie branded consumer electronic products,such as boom box and radios, sold into Europe and UK. Sansui (UK) Ltd will continue to push for Emerson branded white goods into UKmultiples, and for brown goods to sell through QVC shopping channel, leveragingthe buying power of Emerson US. The Group is currently researching a number of new activities in which to expandin order to increase revenues and profitability. The Board cannot recommend a payment of a dividend. APPRECIATION I would like to take this opportunity to thank our Employees, Shareholders,Bankers, Advisers, Suppliers and Customers for their continuing support in achallenging year. A C C Ma Chairman ROSS GROUP PLC & SUBSIDIARIES CONSOLIDATED INCOME STATEMENTfor the Year Ended 31 December 2007 -------------------------------------------------- 31.12.07 31.12.06 £'000 £'000 CONTINUING OPERATIONS Revenue 1,702 1,152 Cost of sales (1,098) (805) -------- ------ GROSS PROFIT/(LOSS) 604 347 Other operating income 0 2 Administrative expenses (1,163) (1,110) Litigation settlement - 230 Finance costs (521) (383) ------- ------ LOSS BEFORE TAX (1,080) (914) Tax - - ------ --------- LOSS FOR THE YEAR (1,080) (914) ======= ===== Attributable to: Equity holders of the parent (1,080) (914) ======= ====== Earnings per share expressedin pence per share: Basic -0.79 -0.67 Diluted -0.79 -0.67 ======= ====== ROSS GROUP PLC & SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the Year Ended 31 December 2007 -------------------------------------------------- Share capital Retained earnings Other reserves Total equity £'000 £'000 £'000 £'000 Balance at 1January 2006 11,136 (32,662) 17,705 (3,821) Reservetransfer 4 (4) Exchange(loss) onretranslationof subsidiary (8) (8)Profit for theyear (914) (914) ------- ------- ------- --------Total recognisedincome for 2006 (922) (922) ------- ------- ------- --------Balance at 31December 2006 11,136 (33,580) 17,701 (4,743) ======= ======= ======= ======== Balance at 1January 2007 11,136 (33,580) 17,701 (4,743) Reserve transfer - - - Exchange gainon retranslationof subsidiary (1) (1)(Loss) for theyear (1,080) (1,080) ------- ------- ------- --------Total recognisedincome for 2007 (1,081) (1,081) ------- ------- ------- --------Balance at 31December 2007 11,136 (34,661) 17,701 (5,824) ======= ======= ======= ======== ROSS GROUP PLC & SUBSIDIARIES CONSOLIDATED BALANCE SHEET 31 December 2007 -------------------------------------------------- 31.12.07 31.12.06 £'000 £'000ASSETSNON-CURRENT ASSETSProperty, plantand equipment 25 30 Trade & OtherReceivables 11 11 ------- ------ 36 41 ------- ------ CURRENT ASSETSInventories 3 11Trade and otherreceivables 660 937Cash and cashequivalents 11 12 ------- ------ 674 960 TOTAL ASSETS 710 1,001 ======= ====== EQUITY AND LIABILITIES SHAREHOLDERS' EQUITYCalled up sharecapital 11,136 11,136Share premium 2,317 2,317Revaluationreserve - 4Other reserves 15,384 15,384Profit and lossaccount (34,661) (33,581) ------- ------ Totalshareholders'equity (5,824) (4,744) ------- ------ TOTAL EQUITY (5,824) (4,744) CURRENT LIABILITIESTrade and otherpayables 6,334 5,745Financial liabilities - borrowing Interest bearing loans and borrowings 200 - ------- ------ 6,534 5,745 ------- ------ TOTALLIABILITIES 6,534 5,745 ------- ------ TOTAL EQUITY ANDLIABILITIES 710 1,001 ======= ====== ROSS GROUP PLC & SUBSIDIARIES CASH FLOW STATEMENTfor the Year Ended 31 December 2007 -------------------------------------------------- 31.12.07 31.12.06 Notes £'000 £'000Cash flows from operating activitiesCash generated from operations 1 328 39Interest paid (521) (2)Finance costs - (9) ------ ------ Net cash from operating activities (193) 28 ------ ------ Cash flows from investing activitiesPurchase of tangible fixed assets (8) (20) ------ ------ Net cash from investing activities (8) (20) ------ ------ Cash flows from financing activitiesNew Loans in Year 200 - ------ ------ Net cash from financing activities 200 - ------ ------ ------ ------ Increase/(Decrease) in cash and cashequivalents (1) 8Cash and cash equivalents at beginningof year 2 12 4 ------ ------ Cash and cash equivalents at end ofyear 2 11 12 ====== ====== ROSS GROUP PLC & SUBSIDIARIES NOTES TO THE CASH FLOW STATEMENTfor the Year Ended 31 December 2007-------------------------------------------------- 1. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING ACTIVITIES 31.12.07 31.12.06 £'000 £'000Operating loss (1,080) (1,145)Depreciation charges 13 17Foreign exchange profit on consolidation - -Foreign exchange loss on consolidation - (8)Finance Costs 521 383Decrease/(Increase) in inventories 8 634(Increase)/Decrease in trade and otherreceivables 277 (127)Increase in trade and other payables 589 285 ------ ------ Net cash inflow from operatingactivities 328 39 ====== ====== 2. CASH AND CASH EQUIVALENTS The amounts disclosed on the cash flow statement in respect of cash and cashequivalents are in respect of these balance sheet amounts: Year ended 31 December 2007 31.12.07 01.01.07 £'000 £'000Cash and cash equivalents 11 12Bank overdrafts - - ------ ------ 11 12 ======= =========Year ended 31 December 2006 31.12.06 01.01.06 £'000 £'000Cash and cash equivalents 12 7Bank overdrafts - (3) ------- ------- 12 4 ======= ======= ROSS GROUP PLC & SUBSIDIARIES SECTION 240 STATEMENTfor the Year Ended 31 December 2007-------------------------------------------------- 1. The financial information set out above does not constitute the company's statutory accounts for the year ended 31 December 2007 nor for the comparative period, but is derived from those accounts. Statutory accounts for the year ended 31 December 2006 have been delivered to the Registrar of Companies and those for the year ended 31 December 2007 will be delivered following the company's annual general meeting. The auditors have reported on the accounts for 2006: their report was unqualified and did not contain statements under s237 (2) or (3) Companies Act 1985. 2. The total number of shares in issue did not change during 2006 and 2007. 3. The figures for earnings per share and the adjusted earnings per share are the same for 2007 (and 2006). 4. No ordinary interim or final dividend is proposed. 5. A nil liability to Corporation Tax has been assessed for the year due to tax losses brought forward. 6. The Accounting Policies set out in the Financial Statements for the Year Ended 31 December 2007 have been applied during the preparation of the financial information contained in this statement. 7. A copy of the Financial Statements will be available on request from Ross Group plc, Brunel Road, Totton, Southampton SO40 3YS. This announcement has been agreed by the company's auditors, Everett and Son, 35Paul Street, London, EC2A 4UQ and was approved by the Board of Directors of RossGroup plc on 29 April 2008 Ross Group PLC Registered office: 35 Paul Street, London. EC2A 4UQ Telephone: 0207 258 0011 Michael Simon This information is provided by RNS The company news service from the London Stock Exchange
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8th Jan 20215:00 pmRNSDirectorate Change
29th Sep 202010:48 amRNSHalf-year Report
26th Jun 20202:47 pmRNSAnnual Financial Report
27th Dec 20197:00 amRNSDirectorate Change
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27th Sep 20187:00 amRNSProposed Acquisition of Archipelago Aquaculture
31st Aug 201811:40 amRNSHalf-year Report
24th Apr 20183:13 pmRNSAnnual Financial Report
30th Aug 20179:29 amRNSHalf-year Report
26th Apr 20173:54 pmRNSRoss Annual Results
30th Aug 201611:45 amRNSHalf-year Report
28th Apr 20165:32 pmRNSAnnual Financial Report
8th Oct 201511:28 amRNSNotice of AGM
27th Aug 201510:51 amRNSHalf Yearly Report
30th Apr 20153:22 pmRNSAnnual Financial Report
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