(“Formation” or the “Company”)
Final Results for Year Ended
Chairman’s Statement
I am pleased to present the annual result for the Company for the twelve-month period to
The year ended 31 August 2017 saw Formation work on existing construction projects, and initiate new larger projects during the latter part of the year. The more cautious investment activity is predominantly due to the uncertainty of the
The Group spent much of the year completing existing projects, and revenues have increased 26% this year from £29.410m in 2016 to £37.011m in 2017. Revenue has mainly been generated from projects initiated in 2016. As a result, and despite the increase in turnover, the Company has produced an operating loss this year of £0.107m (2016 profit £0.733m).
The finance income item of £0.33m relates to an adjustment to income recognised from the profit share in relation to a development property at Norwich House,
Every effort is being made to source further development and investment opportunities, and the Group is continuing to seek out new opportunities.
The Group has added and will continue to add to the experienced base of construction personnel.
The Board and Staff
I would like to thank all board members and staff for the enormous efforts and dedicated contributions they have made during the year. I would also like to thank our shareholders for their continued trust and confidence in the Board and in my leadership as Chairman.
William O’Dea
Non-Executive Chairman
Consolidated income statement
For the year ended
2017 2016
GBP’000 GBP’000
Continuing operations
Turnover 37,011 29,410
Cost of sales (34,835) (26,488)
__________ __________
Gross profit 2,176 2,922
Administrative expenses (2,283) (2,189)
__________ __________
Operating (loss) / profit from continuing operations (107) 733
Finance income (33) 1,424
Finance costs (12) -
__________ __________
(Loss) / Profit on ordinary activities before taxation (152) 2,157
Taxation - (394)
__________ __________
(Loss) /Profit for the year from continuing operations (152) 1,763
Discontinued operations
Profit for the year from discontinued operations - 1,022
__________ __________
(Loss) / Profit for the year (152) 2,785
__________ __________
Attributable to:
__________ __________
Equity holders of the parent (152) 2,785
__________ __________
Earnings per share
From continuing operations
Basic and diluted (0.34)p 0.79p
From discontinued operations
Basic and diluted - 0.46p
From continuing and discontinued operations
Basic and diluted (0.34)p 1.25p
2017 2016
GBP’000 GBP’000
(Loss) / Profit for the year (152) 2,785
___________ ___________
Total comprehensive Income for the financial year (152) 2,785
___________ ___________
Attributable to:
Equity holders of the parent
Continued operations (152) 1,763
Discontinued operations - 1,022
___________ ___________
(152) 2,785
___________ ___________
Consolidated statement of financial position
As at
2017 2016
£’000 £’000
Fixed Assets
Tangible Assets 21 22
Investment Property 275 275
__________ __________
296 297
__________ __________
Current assets
Inventories 1,406 7,245
Debtors 7,525 9,888
Cash at bank and in hand 4,229 330
__________ __________
13,160 17,463
__________ __________
Current liabilities
Creditors: Amounts falling due within one year
Creditors (3,227) (4,065)
Bank loans - (3,314)
__________ __________
Total current liabilities
Net current assets 9,933 10,084
__________ __________
Total assets less current liabilities 10,229 10,381
__________ __________
Net assets 10,229 10,381
__________ __________
2017 2016
GBP’000 GBP’000
Shareholders’ funds
Share capital 2,205 2,205
Share premium account 2,106 2,106
Capital redemption reserve 61 61
Share option reserve 22 22
Retained earnings 5,835 5,987
__________ __________
Total shareholders’ funds 10,229 10,381
__________ __________
Changes to Accounting Standards
Following the Group’s move from AIM to NEX Exchange, the Group and the Company have moved from IFRS to the UK’s FRS102 because FRS102 is deemed more suitable for the Group and is used by its subsidiaries. No adjustments have been necessary to the carrying values included within these financial statements or their comparatives because of this change. There are no significant differences between IFRS and
The financial information contained in this statement has been extracted from the full audited accounts of the Company.
The Directors do not propose a dividend for the period reported.
The Directors of the Company accept responsibility for this announcement.
--ENDS—
Enquiries:
020 7920 7590
NEX Exchange Corporate Adviser
020 7469 0930
