(WRN) Worthington Grp

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

£'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

£'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

£'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

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

£'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: