(GRH.L) G.R. (Holdings) PLC Buy/Sell

RNS Number : 0153B G.R. Holdings PLC 19 October 2009

G.R. (HOLDINGS) PLC

PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS

FOR THE YEAR ENDED 30 JUNE 2009

Chairman's Statement

The pre-tax loss of the group on ordinary activities for the year ended 30 June 2009 was £270,366 (2008: £193,792 loss). After taxation, the loss attributable to members of the company is £227,761 against a loss £234,749 for the previous year. This year's turnover was £527,468 compared to £684,989 for the previous year.

Morlands' turnover fell from £675,863 to £514,343, whilst the profit for the year amounted to £12,617 compared to for the previous year of £68,746 due to reduced sales.

In October 2009, Lichfield Land Company Limited, a joint venture company in which Mintbay Limited, a group subsidiary, has a 50% interest, completed the sale of a parcel of land. The sale has resulted in a net profit before tax of £123,915; this has been reflected in the results for the year as an increase in the value of the property investments.

We were involved as limited partners in four partnerships in land in the United States of America. There was one disposal during the year resulting in a net loss of £17,146. Of the remaining three partnerships included in these financial statements at a value of £219,874, one constitutes over 75% of the total value. This single investment has been held since December 1987, and no serious offers for sale have been received to date.

During the year the stock decreased by £25,840, debtors have decreased by £32,486 whilst creditors, excluding deferred tax, have decreased by £16,812. Net cash at bank and in hand has decreased by £308,124 to £1,357,176.

Overall, in view of the uncertainty of the current economic climate, it is very difficult to project trading profits for the current year; however cost cutting is on-going throughout the group.

Finally, I would like to thank my co-director and all the staff for their support and efforts during the year.

A.D. Stalbow

Chairman

19 October 2009

G.R. (Holdings) plc

Consolidated Income Statement

for the year ended 30 June 2009

£ £

Continuing operations
Revenue 527,468 684,989
Cost of sales (266,507) (371,904)
Gross profit 260,961 313,085

Distribution costs (34,770) (36,177)
Administrative expenses (633,439) (673,753)
Provision against property investments - (41,623)
Loss on disposal of USA investments (17,146) -
Increase in value of property investments 123,915 -
Profit on disposal of UK investments and assets - 218,900
(561,440) (532,653)

Loss from continuing activities (300,479) (219,568)

Financial income 30,886 119,031
Financial costs (773) (93,255)
30,113 25,776

Loss on before taxation (270,366) (193,792)
Income tax expenses 42,605 (40,957)

Loss for the year (227,761) (234,749)

Earnings per share from continuing operations (2.0p) (1.5p)

G.R. (Holdings) plc

Consolidated Balance Sheet

as at 30 June 2009

£ £ £

Assets Non-current assets
Property, plant and equipment 130,182 135,874
Investment properties 863,563 756,794
Intangible assets 1 1
993,746 892,669

Current assets
Inventories 70,984 96,824
Trade and other receivables 92,046 124,532
Cash and cash equivalents 1,357,176 1,665,300
1,520,206 1,886,656

Current liabilities
Trade and other payables 117,669 134,481
1,402,537 1,752,175
Total assets less current liabilities 2,396,283
2,644,844

Non-current liabilities
Deferred income tax liabilities 37,582 69,476
37,582 69,476
2,358,701 2,575,368

Shareholders' equity
Issued share capital 658,405 658,405
Capital redemption reserve 425,000 425,000
Share premium account 198,396 198,396
Retained earnings 1,076,900 1,293,567
Total shareholders' equity 2,358,701 2,575,368

G.R (Holdings) plc

Notes: