Last checked at 31 Aug 2010 11:31
| Ross Group Plc Half Yearly Financial Report | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2010
Chairman's Statement
It gives me great pleasure, as Chairman, to announce for the 6 months ending 30th 2010 that the Ross Group Plc has made a profit before tax of £21,000 (30th June 2009: loss of £143,000).
This continues to mark a notable change in the Group's previous performances and historic results to date. Now, for the first time in many years, the Group has made consecutive reported profits; (Year ended 31st December 2009: Profit £52,000 - Year ended 31 December 2008: Loss of £1,055,000) all of which duly reflects the new management's strategy, focus and intention to continue to restructure and resolve all pre-existing and outstanding issues, endeavour to eliminate previous management charges, expenses and exposures to prior liabilities, albeit while equally trying to achieve an efficient and effective operation at the lowest possible overhead.
At the same time, the Group has been - and still is - specifically seeking to explore new core-business strategic and synergistic partnerships, alliances and acquisition opportunities within the consumer electronics, electrical and energy-related industries, while continuing to conduct its existing and any future business, wherever possible, on a pre-sold, pre-financed and pre-determined fixed profit basis. The Group also anticipates concluding further business of this nature in various countries during the second half of 2010 and is already in detailed discussions with several suitable companies.
Business Outlook Whilst the global economy is still continuing to endure a number of major challenges and continues to be depressed in many areas, your Board of Directors is confident that there are certain opportunities, within its core business competencies, that are worth exploring with a view to expanding the Group as a whole into a more orderly structured organisation in the near future. During this period of anticipated transition, it is considered that the Group will be able to continue to operate and gradually grow its own organic business in accordance with its current strategy of being risk adverse. This is to say, to forego large sales with little profits and/or lots of risks; in favour of other, better-suited, smaller service-related businesses that provide profitable income with little or limited risk. Dividend No ordinary interim dividend is proposed after considering the result for the first half of the year, and the continuing deficiency on retained reserves (2009 - £Nil).
I would very much like to thank the recently elected Board of Directors, staff, contractors and consultants for all their excellent support and hard work in helping turn the Group into sustained profit. I sincerely hope that, during the forthcoming period, the Group will be able to continue to build on its present success and perhaps provide more optimism to our extraordinarily loyal, long-suffering, shareholders who I would also like to personally thank for their patience and understanding. Barry Richard Pettitt Chairman and Chief Executive Officer Approved 31 August 2010
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 2009.
The financial information contained in these statements for the six months ended 30 June 2010 and 30 June 2009 is unaudited and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.
(2) Reconciliation of Operating Loss to Net Cash Flows From Operating Activities
(3) No ordinary interim dividend is proposed for 2010 (2009 - £Nil).
(4) The comparative cash flow for the year ended 31 December 2009 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2010 and 30 June 2009 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 2010 total borrowings from Keniworth Capital Ltd were £4,020,000 and £2,478,172 from the Group's supporters. Keniworth Capital Ltd holds 29% 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. - 020 7628 0857 Email - michael@simonsilvermyer.com Website - www.ross-group.co.uk |