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(WRN.L) Worthington Group PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 18-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 7017C
Worthington Group PLC
18 November 2009
WORTHINGTON GROUP PLC
Interim Report
for the half year ended
30 September 2009
CHAIRMAN'S STATEMENT
The company recorded a trading profit of £11,000 (2008: loss £63,000) for the period after all head office and pension expenses. This includes a non cash charge of £50,000 (2008: £6,000) in respect of our share of losses in our associate Trimmings by Design in the period.
Trimmings by Design continues to trade at a reduced loss and the directors have taken appropriate steps to realign the overheads of the business to sales volumes in what remains a difficult economic climate for them. However there have been some recent signs of improved trading.
Investment returns for the pension scheme assets have been positive in the period helped by the rebound in financial markets over the period and the early retirement exercise has now been largely completed.
Rental income and expenses continue to be in line with our budgets and we continue to monitor the pension scheme investments and liabilities which continue to represent the key risk to the company at present. Details
of our principal risk factors can be found in the director's report on page 3 of the 2009 Annual Report and Accounts. There have been no significant changes to the principal risks in the half year to 30 September 2009.
Since the period end we have been repaid our principal and interest in respect of our bridging loan of some £600,000 and the money has largely been relent on another loan where we have a first fixed charge on a property whose value is substantially in excess of our loan. The interest and arrangement fees generated are providing a very worthwhile contribution to income as can be seen from the increased investment income in the income statement.
We continue to seek opportunities for our cash resources in this difficult economic climate, not withstanding the ongoing liability of the pension fund.
J C Dwek CBE
Chairman
18 November 2009
This interim report may contain forward-looking statements based on current expectations of, and assumptions and forecasts made by management. Various known and unknown risks, uncertainties and other factors could lead to substantial differences between the actual future results and, financial situation development or performance of the company and the estimates and historical results given herein. Undue reliance should not be placed on forward looking statements which speak only as at the date of this document. We undertake no obligation publicly to update or revise any forward-looking statements, except as may be required by law.
Worthington Group plc
Income Statement
for the six months ended 30 September 2009
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Revenue 91 64 142
Cost of sales (12) (72) (83)
Gross profit/(loss) 79 (8) 59
Administrative expenses (99) (91) (149)
Operating loss (20) (99) (90)
Investment revenues 81 42 79
Finance Costs - - (166)
Share of results of associates (50) (6) (56)
Provision for impairment - - (254)
losses
Profit/ (loss) before taxation 11 (63) (487)
Taxation - - -
Profit/ (loss) on ordinary 11 (63) (487)
activities after taxation
Earnings/(loss) per share
Basic 0.1p (0.5p) (4.1p)
Fully Diluted 0.1p (0.5p) (4.1p)
There are no recognised gains or losses other than those shown in the above income statement.
All items are derived from continuing operations.
Statement of recognised income
and expense Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Actuarial loss on retirement - - (1,779)
benefit obligation
Net expense recognised - - (1,779)
directly in equity
Profit /(loss) for the period 11 (63) (487)
Total income and expense for 11 (63) (2,266)
the period
Worthington Group plc
Balance Sheet
at 30 September 2009
Unaudited Unaudited Audited
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Non-current assets
Investment property 1,800 1,800 1,800
Interests in associates 378 732 429
Other financial assets 800 800 800
2,978 3,332 3,029
Current assets
Trade and other receivables 679 13 85
Cash and cash equivalents 169 910 796
848 923 881
Total assets 3,826 4,255 3,910
Current liabilities
Trade and other payables (179) (158) (182)
Non-current liabilities
Retirement benefit obligation (2,549) (807) (2,641)
Total liabilities (2,728) (965) ( 2,823)
Net assets 1,098 3,290 1,087
Equity
Called up share capital 11,807 11,807 11,807
Share premium account 9,836 9,836 9,836
Profit and loss account (20,545) (18,353) (20,556)
Total Equity 1,098 3,290 1,087
Worthington Group plc
Cash Flow Statement
for the six months ended 30 September 2009
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Cash flow from operating
activities
Operating loss for the period (20) (99) (90)
Movement in trade and other 63 19 (40)
receivables
Movement in trade and other (3) (7) 17
payables
Payments to retirement benefit (92) (111) (223)
scheme
Net cash outflow from (52) (198) (336)
operating activities
Investing activities
Interest received 27 42 66
Loan advances (602) - -
Dividends from associate - 66 66
undertakings
Net cash (outflow)/inflow from (575) 108 132
investing activities
Net decrease in cash and cash (627) (90) (204)
equivalents
Cash and cash equivalents at 796 1,000 1,000
the beginning of the period
Cash and cash equivalents at 169 910 796
end of period
Worthington Group plc
Notes to the Interim Statements for the six months ending 30th September 2009
1. General Information
Worthington Group plc is a company incorporated in the United Kingdom.
The company has its primary listing on the London Stock Exchange.
This condensed half-yearly financial information was approved for issue on 18 November 2009.
These interim financial statements do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. Full accounts of the company for the year ended 31 March 2009 on which the Auditors gave an unqualified report, have been delivered to the Registrar of Companies.
2. Basis of preparation
This condensed half-yearly financial information for the 6 months ended 30 September 2009 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34 'Interim Financial Reporting' as adopted by the European Union. The half- yearly financial report should be read in conjunction with the annual financial statements for the year ended 31 March 2009, which have been prepared in accordance with IFRS's as adopted by the European Union.
3. Accounting policies
Except as described below, the accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 March 2009, as described in those financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
The following amendments to standards or interpretations are mandatory for the first time for the year beginning 1 April 2009, but are not currently relevant to the company.
Standard amendments:
- IFRS 1, 'First time adoption of International Reporting Standards'.
- IFRS 2, 'Share based Payment'.
- IAS 16, 'Property, Plant and Equipment'.
- IAS 19, 'Employee Benefits'.
- IAS 20, 'Government Grants and Disclosure of Government Assistance'.
- IAS 23, 'Borrowing Costs'
- IAS 27, 'Consolidated and Separate Financial Statements'.
- IAS 29, 'Financial Reporting in Hyperinflationary Economies'.
- IAS 31, 'Interest in Joint Ventures'.
- IAS 32, 'Financial Instruments: Presentation'.
- IAS 38, 'Intangible Assets'.
- IAS 39, 'Financial Instruments: Recognition and Measurement'.
- IAS 40, 'Investment Properties'.
- IAS 41, 'Agriculture'.
New interpretations:
- IFRIC 15, 'Agreements for the Construction of Real Estate'.
The following amendments to standards are relevant to the company and management currently reviewing their impact on the annual financial statements.
- IFRS 7, 'Financial instruments: Disclosures' - amendments enhancing
disclosures about fair value and liquidity risk.
- IFRS 8, 'Operating Segments' - replaces IAS 14 'Segment reporting'. The
expected impact is expected to by minimal given that the company has only
one segment.
- IAS 1, 'Presentation of Financial Statements' - revision including
requiring a statement of comprehensive income. The impact is expected to
be minimal.
- IAS 28, 'Investments in Associates' - amendments resulting from May 2008
annual improvements. The impact is expected to be minimal.
- IAS 36, 'Impairment of Assets' - amendments resulting from May 2008 annual
improvements. The impact is expected to be minimal.
4. Segmental analysis
The company only has one operating segment relating to property rental and management. Disclosure is in accordance with IAS 34. All operations are continuing and in the UK.
5. Earnings per share
The calculation of basic and diluted earnings per share is based upon the profit/ (loss) for the period and the weighted average number of shares in issue during the period.
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2009 2008 2009
No: No: No:
Weighted average number of 11,807,013 11,807,013 11,807,013
shares
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2009 2008 2009
Pence pence pence
Earnings/(loss) per share 0.1p (0.5p) (4.1p)
There is no difference between basic and diluted earnings per share in either period.
6. Directors' Statement of Responsibilities
The Directors' confirm to the best of their knowledge:
- The condensed set of financial statement has been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU;
- The interim management report includes a fair review of the information
required by DTR 4.2.7R being an indication of important events that have
occurred during the first 26 weeks of the financial year and their impact
on the condensed set of financial statements and a description of the
principal risks and uncertainties for the remaining 26 weeks of the year;
and
- The interim management report includes a fair review of the information
required by DTR 4.2.8R being disclosure of related party transactions and
changes therein since the last annual report.
By order of the Board Joe C Dwek, Chairman
David Shalom Finance Director
18 November 2009
7. Related party transactions
There were no related party transactions in the period.
8. Independent Review Report to Worthington Group plc
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2009, which comprises the income statement, balance sheet, statement of recognised income and expense, cash flow statement and related notes. We have read the other information in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half- yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the company are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
Our responsibilities
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on out review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to who, this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
UHY Hacker Young Manchester LLP 18 November 2009
Chartered Accountants
St James Building
79 Oxford Street
Manchester M1 6HT
9. Availability of Interim Report
A copy of this report is available on the company's website at www.worthingtongroupplc.co.uk and is being sent to shareholders. Copies are also available from The Secretary, Worthington Group plc, Suite 1 Courthill House, 66 Water Lane, Wilmslow, Cheshire SK9 5AP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 04-09-09 | RNS |
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RNS Number : 5566Y Worthington Group PLC 04 September 2009 Worthington Group plc Result of AGM Worthington Group plc announces that the proxies shown below were cast at the Annual General Meeting of the Company held earlier today and that all resolutions were duly passed:
The total number of votes eligible as at 4 September 2009 was in respect of 11,807,013 Ordinary Shares. In accordance with Listing Rule 9.6.2, the full text of resolutions 7 and 8 have been submitted to the FSA for publication through the Document Viewing Facility located at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5370Y
Worthington Group PLC
04 September 2009
Worthington Group plc
AGM & Interim Management Statement
Worthington Group plc provides an Interim Management Statement for the period from 1 April 2009 to 4 September 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules.
Trading for the period is in line with management expectations and we have nothing further to report in the short period since our last update on 18 June 2009.
Enquiries:
Worthington Group plc Joe Dwek CBEChairman Tel: 01625 549082
Website www.worthingtongroupplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 20-12-07 |
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fwiw apart from the pension scheme liabilities, I sold out because trimmings by design accounts for a large proportion of the balance sheet. £800K is a loan note from TbyD which is repayable in 2200 unless TbyD is liquidated or sold. Is it really worth face value? And B/S also contains asset of £724K being (mainly) the assets in TbyD. Post tax profits attributable to WRN share of TbyD were some £50K, which to me says that you are unlikely to be able to value TbyD on earnings. If you take out this £1.5million, asset value comes down to £1.2 million which gives a NAV per share of 10p plus whatever TbyD is worth.
Property is already in B/S at £1.8M. I suspect that Keighley site may be zoned as industrial rather than brownfield. Offer at £2.0M would only give uplift of 2p per share. I may be too pessimistic, and wish holders well, but to my mind the risks significantly outweigh the potential reward. More | View thread (11) | Respond | Login to Vote up | Login to Vote down |
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BOWOOD
I'm talking about the total liabilities of the pension fund, not the deficit which is much smaller. The total liabilities of the pension fund are around £10m. The problem as I see it for WRN is that assuming they raise £5m in cash from a sale of all of their assets they must then buy a business or invest the money in such a way that they can continue to meet the long term liability of the pension fund. Currently this is costing them ~£250k pa which equates to about 5% pa on their cash. So what will be left for shareholders except maybe in the very long term. Because the pension fund is quite large in relation to the size of the company it is likely to be prohibitively expensive to wind it up. I'm not convinced there's value in here, but of course I may be wrong. More | View thread (11) | Respond | Login to Vote up | Login to Vote down |
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The pension liability is nothing like the amount you say Another Jacko. If it were then the effort that has been put into turning the company round would not have been carried out and the business would have been wound up lonk ago. I beleive most of the hard work has now been done and it will not be long before something worthwhile is reversed into it. Jo Dwek has a large holding and has worked for nothing and at some time will be rewarded as will the shareholders.
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But the pension fund has liabilities of around £10m. It's too big to windf up and will need funding for years
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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