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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| 19-10-09 | RNS |
|
This news article is displayed preformatted as it may contain results tables
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
2009 2008
£ £
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
2009 2008
£ £ £
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:
* The financial information set out above does not constitute the company's statutory accounts for the years ended 30 June 2008 or 2009, but is derived from those accounts. Statutory accounts for 2008 have been delivered to the Registrar of Companies and those for 2009 will be delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports for both years were unqualified, however for 30 June 2009 they did draw attention to matters by way of emphasis without qualifying their report. For both years their report did not contain statements under s498 (2) or (3) Companies Act 2006 or equivalent preceding legislation.
2. The board has decided not to declare a final dividend for the year ending 30
June 2009 (2008: nil) on the ordinary shares of the company.
3. The calculation of earnings per share is based on a loss of £270,366 (2008:
£193,792 loss) being the profit after taxation and after deducting preference
dividends, and on 13,168,100 ordinary shares of 5p each (2008: 13,168,100).
4. The Annual General Meeting will be held at 11.30am on 1 December 2009 at
Queripel House, 1 Duke of York Square, London SW3 4LY.
5. Copies of the 2009 Report and Accounts are being sent to shareholders in due
course. Further copies are available from the Company's registered office at 7
Queripel House, 1 Duke of York Square, London SW3 4LY and from the company
website www.grholdingsplc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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