BWA Group PLC - Interim Results PR Newswire

29 January 2018

BWA GROUP PLC

(“BWA” or the “Company”)

UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2017

CHAIRMAN'S STATEMENT

Dear Shareholder

The board of BWA Group plc is pleased to present the results for the half year to 31 October 2017. The Company continues to seek a suitable investment or investments which will be value enhancing for shareholders.

The results for the period comprise only the costs of administering the Company for the six months, resulting in an operating loss of £15,144.

The board continues to monitor the progress of the two major investments, Prego International and Mineralfields, both of which remain committed to moving to a listing or trade sale when possible.

On 22 December 2017, it was announced that BWA was seeking to acquire licences for the extracting of Rutile Sands deposits in Cameroon through a BWA subsidiary to be formed in Cameroon to support the Company’s investment in Mineralfields Group Limited.  Those negotiations are proceeding and a further announcement will be made in due course. 

The Company’s other major investee company, Prego International, is in the process of migrating from Guernsey to Norway and restructuring its shareholding base.  It is anticipated by the board of that company that when the restructuring is complete a Norwegian matched bargain dealing facility will be introduced.  Details may be found on the Prego website at www.pregogroup.com.

Shareholders may be assured the board is seeking every possible opportunity to develop the Company and are pleased that these developments will help in that direction.

Richard Battersby, Chairman

The Directors of BWA are responsible for the contents of this announcement.

For further information please contact:

BWA Group Plc
Richard Battersby (Non-Executive Chairman)
07836 238 172

Peterhouse Corporate Finance Limited
Mark Anwyl
020 7469 0930

INCOME STATEMENT


                                            Notes Six months ended    Year ended
                                                   31 October 2017 30 April 2017
                                                         Unaudited       Audited
                                                               GBP           GBP

Turnover                                                         -             -

Cost of sales                                                    -             -

                                                            ––––––        ––––––

Gross profit                                                     -             -


Administrative expenses                                   (15,144)      (31,322)

                                                            ––––––        ––––––

                                                          (15,144)      (31,322)


Other operating income                                           -        12,000

                                                            ––––––        ––––––

Operating (loss)/profit                                   (15,144)      (19,322)


Interest receivable and similar income                           -            16

                                                            ––––––        ––––––

(Loss)/profit on ordinary activities before
and after taxation and retained for the                   (15,144)      (19,306)
period

                                                            ––––––        ––––––


(Loss)/earnings per ordinary share – basic    2             (0.01)        (0.02)
(pence)

                                                            ––––––        ––––––


(Loss)/earnings per ordinary share –diluted
(pence)                                       2             (0.01)        (0.02)

                                                            ––––––        ––––––



All amounts relate to continuing activities.

STATEMENT OF OTHER COMPREHENSIVE INCOME


                                   Notes                Six months    Year ended
                                                             ended 30 April 2017
                                         31 October 2017 Unaudited       Audited
                                                               GBP
                                                                             GBP

(Loss)/profit for the period                              (15,144)      (19,306)

Other comprehensive income
Unrealised (loss)/gain on
revaluation of investments           4                       (273)         (206)

                                                            ––––––        ––––––


Total comprehensive income for the                        (15,417)      (19,512)
period

                                                            ––––––         – –––



BALANCE SHEET


                                          Notes              At            At
                                                31 October 2017 30 April 2017
                                                      Unaudited       Audited
                                                            GBP           GBP

Fixed Assets

Available-for-sale Investments                          617,998       618,271

Current assets

Debtors and prepayments                                   6,424        15,774

Cash at bank and in hand                                 16,340        16,980

                                                         ––––––        ––––––

                                                         22,764        32,754


Creditors: amounts falling due within one              (83,378)      (80,611)
year

                                                         ––––––        ––––––

Net current liabilities                                (60,614)      (47,857)

                                                         ––––––        ––––––

Total assets less current liabilities                   557,384       570,414

                                                         ––––––        ––––––

Capital and reserves

Called up share capital                   3             560,788       560,788

Share premium                             4              12,663        12,663

Capital redemption reserve                4             288,625       288,625

Available-for-sale revaluation reserve    4             617,608       617,881

Profit and loss account                   4           (922,300)     (909,543)

                                                         ––––––        ––––––

Shareholders’ funds                                     557,384       570,414

                                                         ––––––        ––––––



   CASH FLOW STATEMENT


                                                  Six months ended    Year ended
                                                   31 October 2017 30 April 2017
                                                         Unaudited       Audited
                                                               GBP           GBP

Cash flows from operating activities                       (6,640)      (43,292)

Cash flows from investing activities

Sale of fixed asset investments                              6,000        12,500

Interest received                                                -            16

                                                            ––––––        ––––––

Net cash from investing activities                           6,000        12,516

                                                            ––––––        ––––––

Cash flows from financing activities

Amount withdrawn by directors                                    -         (601)

                                                            ––––––        ––––––

Net cash from financing activities                               -         (601)

                                                            ––––––        ––––––

                                                            ––––––        ––––––

(Decrease)/increase in cash and cash equivalents             (640)      (31,377)

Cash and cash equivalents at beginning of year              16,980        48,357

                                                            ––––––        ––––––

Cash and cash equivalents at end of year                    16,340        16,980

                                                            ––––––        ––––––



NOTES TO THE FINANCIAL INFORMATION

1.         Status of these accounts

The interim accounts for the period from 1 May 2017 to 31 October 2017 are unaudited. The financial information set out in this statement does not constitute statutory accounts within the meaning of the Companies Act 2006.

2.         Earnings per ordinary share

Basic and diluted earnings per share figures are based on the following (losses) / profits and numbers of shares:


                                              Six months ended    Year ended
                                               31 October 2017 30 April 2017
                                                     Unaudited       Audited

                                                           GBP           GBP

(Loss)/profit before tax                              (15,144)      (19,306)

                                                            ––            ––

Weighted average number of shares                  112,157,725   112,157,725
for the purpose of basic earnings per share

Effect of dilutive potential ordinary shares:                -             -
Share options

                                                        ––––––        ––––––

Weighted average number of shares                  112,157,725   112,157,725
for the purpose of diluted earnings per share

                                                            ––            ––



3.      Share capital


                                                            At            At
                                               31 October 2017 30 April 2017

Allotted, called up and fully                              GBP           GBP
paid

Number:                       Class    Nominal

                                       value

112,157,725                   Ordinary 0.5p            560,788       560,788

                                                            ––            ––



4.      Reserves



                           Capital redemption         AFS   Profit and    Total
                     Share            reserve revaluation loss account
                   premium                        reserve

                       GBP                GBP         GBP          GBP      GBP

At 1 May 2017       12,663            288,625     617,881    (909,543)    9,626

Revaluation of AFS                          -                        -    (273)
investments              -                          (273)

Share-based              -                  -           -        2,387    2,387
payment

Loss for the             -                  -           -     (15,144) (15,144)
period

                    ––––––             ––––––      ––––––       ––––––   ––––––

At 31 October 2017  12,663            288,625     617,608    (922,300)  (3,404)

                        ––                 ––          ––           ––       ––



Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.