Formation Group Plc - Half-year Report PR Newswire

Formation Group PLC
(“Formation” or the “Group”
)

Unaudited Interim Results

The Group is pleased to announce its unaudited interim results for the six months ended 28 February 2018.

Director’s Statement

I am pleased to report the Group’s results for the six months ended 28 February 2018.

Revenue for the 6 months ended 28 February 2018 of £17.2m was 15% lower than the £20.2m generated in the same period last year. This resulted in a gross profit of £0.9m for the period (2017: £1.2m), a fall of 25%. Administrative costs, which are relatively fixed in nature, were slightly lower than the prior year at £1.1m (2017: £1.2m). As a result, the group posted a loss for the period of £0.3m compared to the small profit of £0.05m for the same period in 2017.

The Directors continue to pursue opportunities for new projects and new clients in order to grow revenues.

David Kennedy
25 May 2018




Consolidated income statement
For the six months ended 28 February 2018


                                    6 Months ended 6 Months ended Year ended 31
                                       28 Feb 2018    28 Feb 2017      Aug 2017
                                       (Unaudited)    (Unaudited)     (Audited)

                                             £’000          £’000         £’000

Continuing operations

Turnover                                    17,206         20,184        37,011

Cost of sales                             (16,349)       (18,969)      (34,835)

                                        __________     __________    __________

Gross profit                                   857          1,215         2,176

Administrative expenses                    (1,134)        (1,167)       (2,283)

                                        __________     __________    __________

Operating (loss) / profit from               (277)             48         (107)
continuing operations

Finance income                                   -           (33)          (33)

Finance costs                                    -              -          (12)

                                        __________     __________    __________

(Loss) / Profit on ordinary                  (277)             15         (152)
activities before taxation

Taxation                                         -              -             -

                                        __________     __________    __________

(Loss) / Profit for the period from          (277)             15         (152)
continuing operations

                                        __________     __________    __________

(Loss) / Profit for the period               (277)             15         (152)

                                        __________     __________    __________

Attributable to:

                                        __________     __________    __________

Equity holders of the parent                 (277)             15         (152)

                                        __________     __________    __________

Earnings per share

From continuing operations

Basic and diluted                          (0.63)p          0.03p       (0.34)p

From discontinued operations

Basic and diluted                                -              -             -

From continuing and discontinued
operations

Basic and diluted                          (0.63)p          0.03p       (0.34)p






 

Consolidated statement of financial position
As at 28 February 2018


                                                     £’000      £’000      £’000

Fixed Assets

Tangible Assets                                         16         25         21

Investment Property                                    275        275        275

                                                __________ __________ __________

                                                       291        300        296

                                                __________ __________ __________

Current assets


Inventories                                            170      2,495      1,406
Debtors                                             11,417      9,789      7,525

Cash at bank and in hand                             3,204      1,579      4,229

                                                __________ __________ __________

                                                    14,791     13,863     13,160

                                                __________ __________ __________

Current liabilities

Creditors: Amounts falling due within one year

Creditors                                          (5,130)    (3,767)    (3,227)

                                                __________ __________ __________

Total current liabilities                          (5,130)    (3,767)    (3,227)

                                                __________ __________ __________

Net current assets                                   9,661     10,096      9,933

                                                __________ __________ __________

Total assets less current liabilities                9,952     10,396     10,229

                                                __________ __________ __________

Net assets                                           9,952     10,396     10,229

                                                __________ __________ __________



   


Shareholders’ funds

Share capital                    2,205      2,205      2,205

Share premium account            2,106      2,106      2,106

Capital redemption reserve          61         61         61

Share option reserve                22         22         22

Retained earnings                5,558      6,002      5,835

                            __________ __________ __________

Total shareholders’ funds        9,952     10,396     10,229

                            __________ __________ __________





Enquiries:

Formation Group Plc
David Kennedy; Chief Executive Officer
020 7920 7590
www.formationgroupplc.com


NEX Exchange Corporate Advisor
Peterhouse Capital Limited
Fungai Ndoro and Mark Anwyl
0207 469 0930