(“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
