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DJ Formation Group Plc Half-year Report

 
TIDMFRM 
 
Formation Group PLC 
                         ("Formation" or the "Group") 
 
                           Unaudited Interim Results 
 
The Group is pleased to announce its unaudited interim results for the six 
months ended 28 February 2018. 
 
Director's Statement 
 
I am pleased to report the Group's results for the six months ended 28 February 
2018. 
 
Revenue for the 6 months ended 28 February 2018 of GBP17.2m was 15% lower than 
the GBP20.2m generated in the same period last year. This resulted in a gross 
profit of GBP0.9m for the period (2017: GBP1.2m), a fall of 25%. Administrative 
costs, which are relatively fixed in nature, were slightly lower than the prior 
year at GBP1.1m (2017: GBP1.2m). As a result, the group posted a loss for the 
period of GBP0.3m compared to the small profit of GBP0.05m for the same period in 
2017. 
 
The Directors continue to pursue opportunities for new projects and new clients 
in order to grow revenues. 
 
David Kennedy 
25 May 2018 
 
 
 
 
Consolidated income statement 
For the six months ended 28 February 2018 
 
                                                       6 Months ended     6 Months ended      Year ended 31 
                                                          28 Feb 2018        28 Feb 2017           Aug 2017 
                                                          (Unaudited)        (Unaudited)          (Audited) 
 
                                                                GBP'000              GBP'000              GBP'000 
 
Continuing operations 
 
Turnover                                                       17,206             20,184             37,011 
 
Cost of sales                                                (16,349)           (18,969)           (34,835) 
 
                                                           __________         __________         __________ 
 
Gross profit                                                      857              1,215              2,176 
 
Administrative expenses                                       (1,134)            (1,167)            (2,283) 
 
                                                           __________         __________         __________ 
 
Operating (loss) / profit from continuing                       (277)                 48              (107) 
operations 
 
Finance income                                                      -               (33)               (33) 
 
Finance costs                                                       -                  -               (12) 
 
                                                           __________         __________         __________ 
 
(Loss) / Profit on ordinary activities before                   (277)                 15              (152) 
taxation 
 
Taxation                                                            -                  -                  - 
 
                                                           __________         __________         __________ 
 
(Loss) / Profit for the period from continuing                  (277)                 15              (152) 
operations 
 
                                                           __________         __________         __________ 
 
(Loss) / Profit for the period                                  (277)                 15              (152) 
 
                                                           __________         __________         __________ 
 
Attributable to: 
 
                                                           __________         __________         __________ 
 
Equity holders of the parent                                    (277)                 15              (152) 
 
                                                           __________         __________         __________ 
 
Earnings  per share 
 
From continuing operations 
 
Basic and diluted                                             (0.63)p              0.03p            (0.34)p 
 
From discontinued operations 
 
Basic and diluted                                                   -                  -                  - 
 
From continuing and discontinued operations 
 
Basic and diluted                                             (0.63)p              0.03p            (0.34)p 
 
 
 
 
 
 
Consolidated statement of financial position 
As at 28 February 2018 
 
                                                          GBP'000       GBP'000       GBP'000 
 
Fixed Assets 
 
Tangible Assets                                              16          25          21 
 
Investment Property                                         275         275         275 
 
                                                     __________  __________  __________ 
 
                                                            291         300         296 
 
                                                     __________  __________  __________ 
 
Current assets 
 
 
Inventories                                                 170       2,495       1,406 
Debtors                                                  11,417       9,789       7,525 
 
Cash at bank and in hand                                  3,204       1,579       4,229 
 
                                                     __________  __________  __________ 
 
                                                         14,791      13,863      13,160 
 
                                                     __________  __________  __________ 
 
Current liabilities 
 
Creditors: Amounts falling due within one 
year 
 
Creditors                                               (5,130)     (3,767)     (3,227) 
 
                                                     __________  __________  __________ 
 
Total current liabilities                               (5,130)     (3,767)     (3,227) 
 
                                                     __________  __________  __________ 
 
Net current assets                                        9,661      10,096       9,933 
 
                                                     __________  __________  __________ 
 
Total assets less current liabilities                     9,952      10,396      10,229 
 
                                                     __________  __________  __________ 
 
Net assets                                                9,952      10,396      10,229 
 
                                                     __________  __________  __________ 
 
 
 
Shareholders' funds 
 
Share capital                                          2,205        2,205        2,205 
 
Share premium account                                  2,106        2,106        2,106 
 
Capital redemption reserve                                61           61           61 
 
Share option reserve                                      22           22           22 
 
Retained earnings                                      5,558        6,002        5,835 
 
                                                  __________   __________   __________ 
 
Total shareholders' funds                              9,952       10,396       10,229 
 
                                                  __________   __________   __________ 
 
 
 
Enquiries: 
 
Formation Group Plc 
David Kennedy; Chief Executive Officer 
020 7920 7590 
www.formationgroupplc.com 
 
 
NEX Exchange Corporate Advisor 
Peterhouse Capital Limited 
Fungai Ndoro and Mark Anwyl 
0207 469 0930 
 
 
 
 
END 
 

(END) Dow Jones Newswires

May 29, 2018 10:29 ET (14:29 GMT)