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(RGP.L) Ross Group PLC Buy/Sell

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Date/Time	Headline	Source
1
28-08-09	Ross Group PLC - Half Yearly Report	RNS
RNS Number : 2089Y Ross Group PLC 28 August 2009 `Ross Group Plc Half Yearly Financial Report` `Financial Summary (6 months to 30 June 2009 2008` 2009) `£'000 £'000 Change` `Group Revenue 25 666 (96%)` `Gross Profit/(Loss) (143) 3 (4,867%)` `(Loss) before tax (143) (262) 45%` `Basic earnings per share (0.11p) (0.19p) (42%)` `Diluted earnings per share (0.11p) (0.19p) (42%)` Chairman's Statement The result for the Group for the six months ended 30 June 2009 was an operating loss of £143,000 before tax (June 2008: loss £262,000). Turnover from continuing operations decreased to £25,000 (June 2008: £42,000) due to the Board's decision to restructure the consumer electronics division. Business Review Whilst the Group's engineering subsidiary GEL Engineering Limited (GEL) went into administration on 23 April 2008, Sansui Electronics (UK) Limited (Sansui) and San Gain Industrial Company Limited (San Gain) continue to operate in the business of both consumer electronics trading and sales agency activities. During the period under review, apart from the sale of the "Ross" brand to Nexus Industries Limited for £25,000, the Directors temporarily limited the business of Sansui and San Gain whilst the restructuring of the Group and its respective businesses is being finalised and a more positive global business outlook is perceived. The Board has deliberately determined that any present or future activities are to be limited to pre-selling of consumer electronic products and supply chain management services on a secured and preferably pre-financed basis. Business Outlook The Group is currently in the process of incorporating two wholly-owned subsidiaries in overseas countries, with a view to conducting business in these countries in the future. The Group is also in the process of actively negotiating with its major financial supporters so as to restructure outstanding debt into a form acceptable to all parties. If these objectives are achieved to the satisfaction of the Board, the Group will then be in a better position to consider certain opportunities, which are currently being investigated and researched, in order to increase revenues and provide profitability. It is the intention of the Board to continue to increase the number of directors (both executive and non-executive) in keeping with its new management approach of wanting greater Board supervision and involvement. All Directors' salaries will not be more than £1 per annum, although appropriate performance-related remuneration will be awarded, subject to Board approval. Dividend No ordinary interim dividend is proposed after considering the result for the first half of the year, and the continuing deficiency on retained reserves (2008 - £Nil). Barry Richard Pettitt `Chairman and Chief Executive Officer` Approved 28 August 2009 CONDENSED CONSOLIDATED INCOME STATEMENT UNAUDITED `6 months 6 months Year Ended` `ended 30 June ended 30 June 31 Dec` 2009 2008 2008 `£'000 £'000 £'000` Group Revenue `Continuing Operations 25 42 42` `Discontinuing Operations 0 624 0` Operating Profit / (Loss) `Continuing Operations (143) 34 (395)` `Discontinuing Operations 0 (31) 0` `Profit / (Loss) before Finance (143) 3 (395)` Cost `Finance Cost 0 (265) (660)` `(Loss) before Taxation (143) (262) (1,055)` `Taxation 0 0 0` `(Loss) for the Period (143) (262) (1,055)` `Earnings per share (pence) (0.11) (0.19) (0.77)` `Adjusted earnings per share (0.11) (0.19) (0.77)` (pence) The six months ending 30 June 2008 include GEL's results as a discontinued operation, however they are not included in the year ending 31 December 2008 as they were not consolidated. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED `Share Accumulated Other Total` `Capital Losses Reserves` `£'000 £'000 £'000 £'000` `Balance at 1 Jan 2008 11,136 (31,600) 17,701 (2,763)` Exchange profit/(loss) on retranslation of subsidiary `(Loss) for the period (262) (262)` `Total recognised income (262) (262)` `Balance at 30 June 2008 11,136 (31,862) 17,701 (3,025)` `Balance at 1 July 2008 11,136 (31,862) 17,701 (3,025)` `Exchange profit/(loss) on (2,704) (2,704)` retranslation of subsidiary `(Loss) for the period (793) (793)` `Total recognised income (3,497) (3,497)` `Balance at 31 Dec 2008 11,136 (35,359) 17,701 (6,522)` `Balance at 1 Jan 2009 11,136 (35,359) 17,701 (6,522)` `Exchange profit/(loss) on 819 819` retranslation of subsidiary `(Loss) for the period (143) (143)` `Total recognised income 676 676` `Balance at 30 June 2009 11,136 (34,683) 17,701 (5,846)` CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED `6 months 6 months Year Ended` `ended 30 June ended 30 June 31 Dec` 2009 2008 2008 `£'000 £'000 £'000` `Non Current Assets 0 0 0` Current Assets `Inventories 0 0 0` `Trade and Other Receivables 388 252 247` `Cash and Cash Equivalents 0 9 5` 388 261 252 `Total Assets 388 261 252` Equity and Liabilities Shareholders' Equity `Share Capital 11,136 11,136 11,136` `Share Premium Account 2,317 2,317 2,317` `Other Reserves 15,384 15,384 15,384` `Retained Earnings (34,683) (34,911) (35,359)` `Total Equity (5,846) (6,074) (6,522)` Non-Current Liabilities `Long Term Borrowings (Group) 0 0 0` Current Liabilities `Trade and Other Payables 6,233 6,128 6,574` `Bank Overdraft and Loans 1 207 200` `Total Liabilities 6,234 6,335 6,774` `Total Equity and Liabilities 388 261 252` CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED `6 months 6 months Year Ended` `ended 30 June ended 30 June 31 Dec` 2009 2008 2008 `£'000 £'000 £'000` `Net Cash From/(Used In) 194 (30) (4)` Operating Activities `Net Cash Used In Investing 0 0 0` Activities Cash Flows From Financing Activities `Net Increase/(Decrease) In (200) 28 0` Borrowings `Net Cash Flow Used In (200) 28 0` Financing Activities `Net Increase/(Decrease) In (6) (2) (4)` Cash and Cash Equivalents `Cash and Cash Equivalent at 5 11 9` Beginning of Period `Cash and Cash Equivalent at (1) 9 5` End of Period Notes to the Interim Report (1) The interim financial statements have been prepared on the basis of the `accounting policies set out in the audited statutory accounts for the year ended` `31 December 2008.` `The financial information contained in these statements for the six months ended` `30 June 2009 and 30 June 2008 is unaudited and does not constitute statutory` `accounts as defined in section 240 of the Companies Act 1985.` `(2) Reconciliation of Operating Loss to Net Cash Flows From Operating` `Activities` `6 months 6 months Year Ended` `ended 30 June ended 30 June 31 Dec` 2009 2008 2008 `£'000 £'000 £'000` `Operating Loss On Continuing (143) (34) (395)` Activities `Depreciation and Amortisation 0 0 0` `Decrease/(Increase) In 0 3 3` Inventories `Decrease/(Increase) In Trade (141) 419 424` and Other Receivables `Increase/(Decrease) In Trade (341) (358) 239` and Other Payables `Elimination of GEL Balances 0 0 385` `Profit on Translation of 819 0 0` Subsidiary `Net Cash Generated From 194 (30) 656` Operations (3) No ordinary interim dividend is proposed for 2009 (2008-£Nil). (4) The comparative cash flow for the year ended 31 December 2008 has been `extracted from the audited accounts. The cash flows for the six months ended 30` `June 2009 and 30 June 2008 are unaudited.` (5) Reconciliation of Movements In Equity `6 months 6 months Year Ended` `ended 30 June ended 30 June 31 Dec` 2009 2008 2008 `£'000 £'000 £'000` Share Premium Account `Brought Forward 2,317 2,317 2,317` `Movement 0 0 0` `Carried Forward 2,317 2,317 2,317` Other Reserves `Brought Forward 15,384 15,384 15,384` `Movement 0 0 0` `Carried Forward 15,384 15,384 15,384` Retained Earnings `Brought Forward (35,359) (34,649) (31,600)` `(Loss) for the Period (143) (262) (1,055)` `Profit/(Loss) on Translation 819 0 (2,704)` of Subsidiary `Carried Forward (34,683) (34,911) (35,359)` The retained earnings carried forward from 31 December 2007 included a deficit of £(3,049,819) from GEL Engineering Ltd. Since their results were not consolidated in 2008, nor this year, this figure was excluded from the retained earnings brought forward at 1 January 2008. (6) The Group is supported by short term borrowings from its larger shareholders and supporters by way of formal agreements. At 30 June 2009 total borrowings from Keniworth Capital Ltd were £3,554,316 and £1,883,141 from the Group's supporters. Keniworth Capital Ltd holds 29% of the issued ordinary share capital. (7) These Statements are prepared in accordance with International `Financial Reporting Standards (IFRS) as adopted for use in the EU.` (8) The Interim Report will be sent by mail to all registered shareholders `and copies will be available from the Company's registered office at Everett and Son,` `35 Paul Street, London, EC2A 4UQ. A downloadable copy will also be` `posted on the Company's website www.ross-group.co.uk` Responsibility statement: `The Directors confirm that, to the best of their knowledge:-` a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting'; `b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and` c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). On behalf of the Board B Pettitt `Chief Executive Officer` Ross Group plc Registered Office 35 Paul Street `London EC2A 4UQ` Contact - M Simon, Non Executive Director Tel. - 020 7628 0857 `Email - michael@simonsilvermyer.com` `Website - www.ross-group.co.uk` This information is provided by RNS The company news service from the London Stock Exchange END IR CKFKBBBKDDFB More

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