(YCO.L) YCO Group PLC Buy/Sell

Commenting on the results, Peter Jay, Non-executive Chairman said, "We have made good progress during the period in restructuring our internal operations, which we believe will benefit the Group going forward. The summer months post period end have already seen an increase in activity and we look forward to this continuing throughout the second half of the year."

For further information contact:

YCO Group Plc
Peter Jay, Chairman +44 (0) 7795 265 241

WH Ireland Limited (Nominated Adviser)
Adrian Kirk +44 (0)161 832 2174

Religare Hichens, Harrison Plc (Broker)
Daniel Briggs +44 (0)20 7382 7776
Alan Rooke +44 (0)20 7382 7781

CHAIRMAN'S STATEMENT

I am pleased to report the first full set of interim figures for the enlarged YCO Group.

As mentioned in previous statements, the second half of the year is traditionally the stronger half of the year and we are already in a position to see this trend repeating itself this year.

The reduction of turnover can be explained by the significant reduction in the price per tonne of fuel.

The Group continues to review its cost structure and once again the figures reflect further rationalisation in costs. As with many other businesses, we are currently experiencing the effects of the worldwide recession but the board is confident that the Group is well placed to benefit once conditions improve in the market place.

During the first six months of 2009 the Group took the decision to leverage the reduced activity in the market to invest time and money into administrative restructuring and IT infrastructure. This included the development of a comprehensive CRM system for the Group and the opening of a new office for Yacht Help Group in Antibes, which now operates as that company's headquarters.

The Group has also expanded the high revenue generating Yacht Brokerage teams, and these two departments have seen increased activity over the summer in both sales and charters. Yacht Management remains a strong performer within the Group and the fuelling and provisioning divisions also reported a good summer. In particular, post the period end this division recorded its busiest months in July, August and September.

OUTLOOK

The summer months showed an improvement in all areas of the Group, and looking forward to the latter half of the year we expect to see this maintained, especially following the Monaco Yacht Show in September, which is a highlight in the business year for the yachting industry. We anticipate that the investments made in Group structure and systems will enable the Group not only to minimise operational costs in the present, but to develop swiftly and profitably in the future.

PETER JAY

Non-executive chairman

30th September 2009

YCO GROUP PLC

Consolidated Income Statement

for the six months ended 30 June 2009

Six months to 30 Six months 30 June Year ended
June 2009 Unaudited 2008 Unaudited 31 December 2008
Audited
£'000s £'000s £'000s

Revenue 10,895 13,704 28,501

Cost of Sales (7,783) (12,174) (23,227)
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Gross Profit 3,112 1,530 5,274

Administrative expenses (3,681) (1,476) (5,998)
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Operating (Loss)/Profit (569) 54 (724)

Finance income - 1 54

Finance costs (27) (4) (14)
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(Loss)/Profit before tax (596) 51 (684)

Income tax charges - (15) -
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(Loss)/Profit for the period from continuing (596) 36 (684)

operations attributable to shareholders
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(Loss)/Earnings per share
Basic (pence) (1.24) 0.16 (1.85)
Diluted (pence) (1.24) 0.16 (1.85)

Statement of Comprehensive Income

for the six months ended 30 June 2009

Six months ended Six months ended Year
30 June 30 June ended
2009 Unaudited 2008 Unaudited 31 December 2008
Audited
£'000s £'000s £'000s

(Loss)/Profit for the period (596) 36 (684)

Other comprehensive income
Currency translation differences 104 - 28
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Total comprehensive income for the period (492) 36 (656)
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Total comprehensive income attributable to :

YCO GROUP PLC

Consolidated Statement of Financial Position as at 30 June 2009

As at As at As at
30 June 30 June 2008 31 December
2009 Unaudited 2008
Unaudited Audited
£'000s £'000s £'000s

Assets Non-current assets
Property, plant and equipment 740 668 827
Goodwill 15,333 14,954 15,333
Intangibles 310 20 280
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16,383 15,642 16,440
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Current assets
Inventories 10 156 204
Trade and other receivables 5,901 6,579 5,968
Cash and cash equivalents 157 372 859
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6,068 7,107 7,031
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Current liabilities
Trade and other payables 7,832 6,963 8,318
Financial liabilities - borrowings and 22 13 24

Interest bearing loans
Tax payable - 137 -
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7,854 7,113 8,342

Net Current Liabilities (1,786) (6) (1,311)

Non-Current Liabilities Financial liabilities - borrowings and
Interest bearing loans (29) - (41)
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Net assets 14,568 15,636 15,088
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Equity Capital and reserves
Called up share capital 168 168 168
Share premium 14,959 14,914 14,959
Retained (loss)/earnings (858) 458 (262)
Other reserves 195 96 195
Translation reserve 104 - 28
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Total equity 14,568 15,636 15,088
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Consolidated Statement of Changes in Equity

For the six months ended 30 June 2009

Share Share Retained Other Translation
Capital Premium Earnings Reserves Reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s

As at 1 January 2008
75 2,048 422 133 - 2,678
Shares issued 93 12,866 - - - 12,959

Profit after tax for the
period - - 36 - - 36
Equity to be issued - - - (37) - (37)
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As at 30 June 2008
168 14,914 458 96 - 15,636
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As at 1 January 2009
168 14,959 (262) 195 28 15,088

Loss after tax for the period

Translation reserve

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As at 30 June 2009
168 14,959 (858) 195 104 14,568
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YCO GROUP PLC

Consolidated Statement of Cash Flow

For the six months ended 30 June 2009

Six months to 30 Six months to 30 Year ended 31
June 2009 Unaudited June 2008 Unaudited December 2008
Audited
Note £'000s £'000s £'000s

Operating activities 3 (445) (1,070) 238
Corporation tax paid - - (109)
Finance costs (26) (4) (14)
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Net cash (outflow)/inflow from
operating activities (471) (1,074) 115

Investing activities
Interest received - 1 54
Purchase of intangibles (137) (2) (156)
Purchases of plant and (50) (34) (425)

equipment
Proceeds from sale of tangible - - 16

assets
Acquisitions of subsidiaries - (8,007) (8,074)

activities Financing activities
Loan received/(repaid) to (28) 74 (81)

related parties
Issue of new shares - 8,200 8,200
Bank loan repaid (16) (84) (52)
Repayment of finance lease - (36)
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Net cash from financing (44) 8,190 8,031

activities
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Net cash inflow/(outflow) (702) (477) 10

Cash and cash equivalents at
the beginning of the period 859 849 849
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Cash and cash equivalents at
the end of the period 157 372 859
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YCO GROUP PLC

Notes to the Interim Financial Information

1. General Information

YCO Group Plc is a company incorporated in England and Wales and quoted on the Alternative Investment Market of the London Stock Exchange.

The Company changed to its present name on 17 July 2009 as part of the restructuring of the group organisation.

2. Basis of Preparation

These consolidated interim financial information have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Accounts for the year ended 31 December 2008. This interim financial information for the six months to 30 June 2009, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 30th September 2009.

3. Significant Accounting Policies

Except as described below, the accounting policies applied are consistent with those of the annual *nancial statements for the year ended 31 December 2008, as described in those annual *nancial 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 new standards and amendments to standards are mandatory for the *rst time for the *nancial year beginning 1 January 2009.

Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income).

The group has elected to present two statements: an income statement and a statement of comprehensive income. The interim *nancial statements have been prepared under the revised disclosure requirements.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identi*ed as the steering committee that makes strategic decisions.

Goodwill is allocated by management to groups of cash-generating units on a segment level.

The change in reportable segments has not resulted in any additional goodwill impairment. There has been no further impact on the measurement of the group's assets and liabilities. Comparatives for 2008 have not been restated.

The following new standards, amendments to standards and interpretations have been issued, but are not effective for the *nancial year beginning 1 January 2009 and have not been early adopted:

The revised standard continues to apply the acquisition method to business combinations, with some signi*cant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classi*ed as debt subsequently re-measured through the statement of comprehensive income. There is a choice on an acquisition-by-acquisition basis to measure the minority interest in the acquiree either at fair value or at the minority interest's proportionate share of the acquiree's net assets. All acquisition-related costs should be expensed. The group will apply IFRS 3 (revised) to all business combinations from 1 January 2010.

The following new standards, amendments to standards and interpretations are mandatory for the *rst time for the *nancial year beginning 1 January 2009, but are not currently relevant for the group

4. SEGMENTAL ANALYSIS

The chief operating decision-maker has been identi*ed as the senior management. They review the Group's internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports.

The senior management considers the business from both a geographic and service perspective. From a service perspective, management assesses the performance of marine fuel and support services.

The senior management assesses the performance of the operating segments based on a measure of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). This measurement basis excludes the effects of non-recurring expenditure from the operating segments, such as restructuring costs, legal expenses and impairments when the impairment is the result of an isolated, non-recurring event. Interest income and expenditure are not included in the result for each operating segment that is reviewed by the senior management.

Other information provided, except as noted below, to the senior management is measured in a manner consistent with that in the *nancial statements.

30 June 2009
Marine fuel Support services Total

Segment Results
£'000s £'000s £'000s

Revenue
Total 6,844 4,507 11,351
Inter company (415) (41) (456)
Revenue 6,429 4,466 10,895
Operating profit/(loss) before 207 (562) (355)

depreciation, amortisation and restructuring costs
Depreciation of tangibles (2) (115) (117)
Amortisation of intangibles - (97) (97)
Operating profit/(loss) 205 (774) (569)
Net finance expense (27)
Loss before taxation (596)

Segment Assets
Property, plant and equipment 13 727 740
Intangible assets 1,794 13,849 15,643
Other assets 3,996 2,072 6,068
5,803 16,648 22,451
30 June 2008
Marine fuel Support Services Total

Segment Results
£'000s £'000s £'000s
Revenue 9,565 4,139 13,704

Operating profit before depreciation, 178 1 179

amortisation , and restructuring costs
Depreciation of tangibles (1) 933) (34)
Amortisation of intangibles - (17) (17)
Restructuring costs - (74) (74)
Operating profit 177 (123) 54
Net finance expense (3)
Profit before taxation 51

Segment Assets
Property, plant and equipment 6 682 688
Intangible assets 1,794 13,160 14,954
Other assets 3,848 3,259 7,107
5,648 17,101 22,749
31 December 2008
Marine Support Services
fuel Total

Segment Results
£'000s £'000s £'000s

Revenue
Total 20,550 9,068 29,618
Inter company (906) (211) (1,117)
Revenue 19,644 8,857 28,501

Operating profit/(loss) before depreciation,
amortisation , and restructuring costs 255 (353) (98)
Depreciation of tangibles (2) (117) (119)
Amortisation of intangibles - (110) (110)
Restructuring costs - (397) (397)
Operating profit/(loss) 253 (977) (724)
Net finance expense 40
Loss before taxation (684)

Segment Assets
Property, plant and equipment 15 812 827
Intangible assets 1,794 13,818 15,612
Other assets 1,271 5,761 7,032
3,080 20,391 23,471

The geographical segment consists of Europe, Americas and the rest of the world.

Rest of the world
Europe Americas Total

£'000s £'000s £'000s £'000s

Revenue
8,147 1,616 1,132 10,895
Total assets 22,451 - - 22,451
Capital Expenditure 187 - - 187
Rest of the world
Europe Americas Total

£'000s £'000s £'000s £'000s
Revenue 9,456 1,644 2,604 13,704
Total assets 22,749 - - 22,749
Capital Expenditure 227 - - 227
Rest of the world
Europe Americas Total

£'000s £'000s £'000s £'000s
Revenue 19,411 3,555 5,535 28,501
Total assets 23,471 - - 23,471
Capital Expenditure 667 - - 667

5. Earnings/(loss) per Share

Six months to Six months to Year ended 31 December 2008
30 June 2009 30 June 2008

Earnings/(loss) per ordinary share
Basic (1.24) 0.16 (1.85)
Diluted (1.24) 0.16 (1.85)
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The loss per ordinary share is based on the Group's loss for the period of £596,000 (30 June 2008 - £36,000 Profit; 31 December 2008 - £684,000) and a basic and diluted weighted average number of shares in issue of 48,166,401.

6. Reconciliation of operating (loss)/profit to net cash outflow from operating activities.

Six months to Six months Year ended
30 June 2009 30 June 2008 31 December 2008
£'000s £'000s £'000s

Operating Profit/(Loss) for (570) 54 (724)

the period Adjustments for :
Amortisation of other 143 3 110

intangibles
Depreciation of property, 101 50 119

plant and equipment
Loss on sale of tangible fixed 1 4 24

assets
Loss on unrealised foreign 76 - 54

exchange
(Increase) in Inventories 194 (2) (49)
(Increase)/decrease in 68 (3,430) 590

receivables
Increase in payables (458) 2,251 114
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Net cash from operating (445) (1,070) 238

activities
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7. Called up Share Capital

The issued share capital as at 30 June 2009, per the audited accounts, was 48,166,401 Ordinary Shares of 0.35p each. (30 June 2008 - 47,932,697 ordinary shares of 0.35p each; 31 December 2008 - 48,166,401 ordinary shares of 0.35p each).

8. The unaudited interim financial information for period ended 30 June 2009 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2008 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain statements under Section 498 to 502 of the Companies Act 2006.

9. The interim results will be dispatched to shareholders on or before 30th September 2009. Copies of this interim financial information document are available from the Company at its registered office at Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The interim financial information document will also be available on the Company's website www.ycogroup.com.

This information is provided by RNS The company news service from the London Stock Exchange

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