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DJ Formation Group Plc Final Results

 
TIDMFRM 
 
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 ("MAR"). 
 
                                                                31 January 2020 
 
                              FORMATION GROUP PLC 
                        ('Formation' or the 'Company') 
 
               Audited Results for the year ended 31 August 2019 
 
Chairman's Statement 
 
I am pleased to present the annual result for the Company for the year ended 31 
August 2019. 
 
The year ended 31 August 2019 saw the Group continue to work on existing 
construction projects whilst also adding to the pipeline of work by winning one 
new external contract. The more cautious investment activity is predominantly 
due to the uncertainty of the UK economy, both before and after the 'Brexit' 
referendum, and the uncertainty caused by the delay of the UK leaving the EU. 
 House prices in London, the Group's key market, have also been volatile 
throughout the reporting period. 
 
The Group spent much of the year completing existing projects, and revenues 
have decreased this year from GBP39.789m in 2018 to GBP35.526m in 2019.  The Group 
has an Operating loss before fair value changes for the year of GBP0.009m (2018: 
GBP0.734m) 
 
Every effort is being made to source further development and investment 
opportunities and the Group is continuing to seek out new opportunities. 
Notable progress in the year included the Group being appointed as contractor 
for a residential led scheme in North London. 
 
In June 2019 the Group raised GBP10 million in additional share capital and as 
announced in December 2019 this has now been invested into Irish development 
projects. 
 
The Group has added and will continue to add to its experienced base of 
construction personnel to drive the Company forward. 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 31 August 2019 
 
                                                                 2019        2018 
 
                                                                 GBP'000       GBP'000 
 
              Continuing operations 
 
                     Turnover                                   35,526      39,789 
 
                  Cost of sales                                (34,781)    (38,834) 
 
                                                               ________    ________ 
 
                   Gross profit                                   745         955 
 
             Administrative expenses                            (1,188)     (1,371) 
 
Gain on liquidation of subsidiaries - exceptional                 684          - 
                       item 
 
  Cost of settled litigation - exceptional item                  (250)       (318) 
 
                                                               ________    ________ 
 
Operating loss on ordinary activities before fair 
 value movements investment income, interest and                  (9)        (734) 
                     taxation 
 
  Gain on financial assets at fair value through 
              profit or loss account                             1,281        450 
 
                                                               ________    ________ 
 
  Profit / (loss) on ordinary activities before                  1,272       (284) 
                     taxation 
 
                     Taxation                                    (294)         - 
 
                                                               ________    ________ 
 
           Profit / (loss) for the year                           978        (284) 
 
                                                               ________    ________ 
 
           Earnings / (loss) per share 
 
  From continuing operations before exceptional 
                      items 
 
                Basic and diluted                                0.71p       0.08p 
 
From continuing operations after exceptional items 
 
                Basic and diluted                                1.28p      (0.64)p 
 
 
 
                                                                  2019        2018 
 
                                                                  GBP'000       GBP'000 
 
Profit / (loss) for the year                                       978        (284) 
 
                                                                ________    ________ 
 
Total comprehensive Income for the financial year                  978        (284) 
 
                                                                ________    ________ 
 
Consolidated statement of financial position 
As at 31 August 2019 
 
                                                                 2019         2018 
 
                                                                 GBP'000       GBP'000 
 
Fixed Assets 
 
Tangible Assets                                                   99           14 
 
Investment Property                                               275         275 
Investments                                                      5,000       5,000 
 
                                                               ________     ________ 
 
                                                                 5,374       5,289 
 
                                                               ________     ________ 
 
Current assets 
 
Inventories                                                       69          156 
Debtors                                                          7,965       12,461 
 
Cash at bank and in hand                                        16,244        746 
 
                                                               ________     ________ 
 
                                                                24,278       13,363 
 
                                                               ________     ________ 
 
Current liabilities 
 
Creditors: Amounts falling due within one year 
 
Creditors                                                       (8,435)     (8,390) 
 
                                                               ________     ________ 
 
Total current liabilities                                       (8,435)     (8,390) 
 
                                                               ________     ________ 
 
Net current assets                                              15,843       4,973 
 
                                                               ________     ________ 
 
Total assets less current liabilities                           21,217       10,261 
 
Deferred tax                                                     (294) 
 
Provision for liabilites                                           -         (318) 
 
                                                               ________     ________ 
 
Net assets                                                      20,923       9,945 
 
                                                               ________     ________ 
 
 
The financial information contained in this announcement 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 the contents of this 
announcement. 
 
                                   --ENDS-- 
 
Enquiries: 
 
Formation Group plc                                  Tel: +44 (0) 20 7920 7590 
Noel O'Carroll - Director 
 
Peterhouse Capital Limited (Corporate Adviser)       Tel: +44 (0) 20 7469 0934 
Mark Anwyl 
 
 
 
END 
 

(END) Dow Jones Newswires

January 31, 2020 03:23 ET (08:23 GMT)