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DJ BWA Group PLC Interim Results

 
TIDMBWAP 
 
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 GBP15,144. 
 
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   Year ended 
                                               ended     30 April 
                                          31 October         2017 
                                                2017      Audited 
                                           Unaudited          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                            -           16 
similar income 
 
                                              ------       ------ 
 
(Loss)/profit on ordinary 
activities before and after                 (15,144)     (19,306) 
taxation and retained for the 
period 
 
                                              ------       ------ 
 
 
(Loss)/earnings per ordinary      2           (0.01)       (0.02) 
share - basic (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 
                                            31 October         2017 
                                        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                (15,417)     (19,512) 
the period 
 
                                                ------        - --- 
 
 
BALANCE SHEET 
 
                                 Notes             At           At 
                                           31 October     30 April 
                                                 2017         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               (83,378)     (80,611) 
within one year 
 
                                               ------       ------ 
 
Net current liabilities                      (60,614)     (47,857) 
 
                                               ------       ------ 
 
Total assets less current                     557,384      570,414 
liabilities 
 
                                               ------       ------ 
 
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   4            617,608      617,881 
reserve 
 
Profit and loss account          4          (922,300)    (909,543) 
 
                                               ------       ------ 
 
Shareholders' funds                           557,384      570,414 
 
                                               ------       ------ 
 
   CASH FLOW STATEMENT 
 
                                          Six months   Year ended 
                                               ended     30 April 
                                          31 October         2017 
                                                2017      Audited 
                                           Unaudited          GBP 
                                                 GBP 
 
Cash flows from operating                    (6,640)     (43,292) 
activities 
 
Cash flows from investing 
activities 
 
Sale of fixed asset investments                6,000       12,500 
 
Interest received                                  -           16 
 
                                              ------       ------ 
 
Net cash from investing                        6,000       12,516 
activities 
 
                                              ------       ------ 
 
Cash flows from financing 
activities 
 
Amount withdrawn by directors                      -        (601) 
 
                                              ------       ------ 
 
Net cash from financing                            -        (601) 
activities 
 
                                              ------       ------ 
 
                                              ------       ------ 
 
(Decrease)/increase in cash and                (640)     (31,377) 
cash equivalents 
 
Cash and cash equivalents at                  16,980       48,357 
beginning of year 
 
                                              ------       ------ 
 
Cash and cash equivalents at end              16,340       16,980 
of year 
 
                                              ------       ------ 
 
 
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    Year ended 
                                               ended 30 April 2017 
                                          31 October       Audited 
                                                2017 
                                           Unaudited 
 
                                                 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    30 April 
                                                   2017        2017 
 
Allotted, called up                                 GBP         GBP 
and fully paid 
 
Number:                Class     Nominal 
 
                                 value 
 
112,157,725            Ordinary  0.5p           560,788     560,788 
 

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January 29, 2018 10:02 ET (15:02 GMT)

DJ BWA Group PLC Interim Results -2-

                                                     --          -- 
 
4.      Reserves 
 
                               Capital          AFS Profit and     Total 
                     Share  redemption  revaluation       loss 
                   premium     reserve      reserve    account 
 
                       GBP         GBP          GBP        GBP       GBP 
 
At 1 May 2017       12,663     288,625      617,881  (909,543)     9,626 
 
Revaluation of                       -                       -     (273) 
AFS investments          -                    (273) 
 
Share-based              -           -            -      2,387     2,387 
payment 
 
Loss for the             -           -            -   (15,144)  (15,144) 
period 
 
                    ------      ------       ------     ------    ------ 
 
At 31 October       12,663     288,625      617,608  (922,300)   (3,404) 
2017 
 
                        --          --           --         --        -- 
 
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. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 29, 2018 10:02 ET (15:02 GMT)