BWA Group PLC - Unaudited Financial Information Six Months End 31/10/16 PR Newswire

2 February 2017

GB0033877555

BWA GROUP PLC

(“BWA” or the “Company”)

UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2016

CHAIRMAN’S STATEMENT

Dear Shareholder

The Board of BWA Group plc is pleased to present the results for the half year to 31 October 2016.  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 £23,019.  The comparative figures include income generated by the reimbursement of costs incurred in relation to a previous potential acquisition. 

The Board has held detailed discussions with three possible acquisitions in the period under review but, in the end, each failed to progress to a proposition we could recommend to shareholders. 

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

Shareholders may be assured the Board is seeking every possible opportunity to develop the Company.

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 or Duncan Vasey                                                                                                020 7469 0930

INCOME STATEMENT


                                                  Six months ended
                                            Notes  31 October 2016    Year ended
                                                         Unaudited 30 April 2016
                                                                 £       Audited
                                                                               £

Turnover                                                         -       225,311

Cost of sales                                                    -     (136,483)

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

Gross profit                                                     -        88,828


Administrative expenses                                   (23,019)      (65,115)

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

Operating (loss)/profit                                   (23,019)        23,713


Interest receivable and similar income                          12             -

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

(Loss)/profit on ordinary activities before
and after taxation and retained for the                   (23,007)        23,713
period

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


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

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


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

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



All amounts relate to continuing activities.

STATEMENT OF OTHER COMPREHENSIVE INCOME


                                                Six months ended    Year ended
                                          Notes  31 October 2016 30 April 2016
                                                       Unaudited       Audited
                                                               £             £


(Loss)/profit for the period                            (23,007)        23,713

Other comprehensive income
Unrealised (loss)/gain on revaluation of
investments                                 4              (222)           453

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


Total comprehensive income for the period               (23,229)        24,166

                                                          ––––––         – –––



BALANCE SHEET


                                          Notes At 31 October 2016 At 30 April
                                                         Unaudited
                                                                          2016
                                                                       Audited

                                                                 £           £

Fixed Assets

Available-for-sale Investments                             618,255   618,477

Current assets

Debtors and prepayments                                      7,375    20,125

Cash at bank and in hand                                    41,593    48,357

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

                                                            48,968    68,482


Creditors: amounts falling due within one                (105,216) (106,413)
year

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

Net current liabilities                                   (56,248)  (37,931)

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

Total assets less current liabilities                      562,007   580,546

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

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            617,865   618,087

Profit and loss account                       4          (917,934) (899,617)

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

Shareholders’ funds                                        562,007   580,546

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



CASH FLOW STATEMENT


                                                  Six months ended    Year ended
                                                   31 October 2016 30 April 2016
                                                         Unaudited       Audited

                                                                 £             £

Cash flows from operating activities                      (16,276)        43,258

Cash flows from investing activities

Sale of fixed asset investments                              9,500         2,500

Interest received                                               12             -

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

                                                             9,512         2,500

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

(Decrease)/increase in cash and cash equivalents           (6,764)        45,758

Cash and cash equivalents at beginning of year              48,357         2,599

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

Cash and cash equivalents at end of year                    41,593        48,357

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



NOTES TO THE FINANCIAL INFORMATION

1.        Status of these accounts

The interim accounts for the period from 1 May 2016 to 31 October 2016 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
                                               31 October 2016    Year ended
                                                     Unaudited 30 April 2016
                                                                     Audited

                                                             £             £

(Loss)/profit before tax                              (23,007)        23,713

                                                        ––– ––       –––– ––

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 2016 30 April 2016

Allotted, called up and fully                                £             £
paid

Number:                        Class   Nominal

                                        value

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

                                                        ––– ––        ––– ––



4.Reserves



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

                      £                  £           £               £        £

At 1 May 2016    12,663            288,625     618,087       (899,617)   19,758

Revaluation of                           -                           -    (222)
AFS investments       -                          (222)

Share-based           -                  -           -           4,690    4,690
payment

Loss for the          -                  -           -        (23,007) (23,007)
period

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

At 31 October    12,663            288,625     617,865       (917,934)    1,219
2016

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