TIDMCRAW
RNS Number : 4622P
Crawshaw Group PLC
04 October 2011
CRAWSHAW GROUP PLC
Interim Results
Crawshaw Group PLC (the "Company"), the meat focused retailer,
today reports its interim results for the 6 months ended 31 July
2011.
CHAIRMAN'S STATEMENT
--------------------------------------------------------------------------
Highlights
--------------------------------------------------------------------------
-- Sales for the first half level at GBP9.4m (2010 : GBP9.4m).
--------------------------------------------------------------------------
-- Like for like(LFL) sales down 4% in the 6 months to the
end of July (2010 : -4%).
--------------------------------------------------------------------------
-- Gross margin level at GBP4.1m (2010 : GBP4.1m). Retail
margin down slightly to 43.5% (2010 : 44.1%).
--------------------------------------------------------------------------
-- Operating profit reduced at GBP0.1m (2010 : GBP0.3m) due
to lower sales at existing units and the associated costs
of opening a new store in Derby in February 2011.
--------------------------------------------------------------------------
-- Profit after tax GBP0.1m (2010 : GBP0.1m)
--------------------------------------------------------------------------
Overall sales for the first half remained level at GBP9.4m (2010
: GBP9.4m), however LFL sales were down 4% as compared to the same
period the previous year. Incremental sales were generated from our
mobile unit sited at various local markets and from opening a new
store in Derby in February, 2011.
Underlying retail sales were very disappointing reflecting
difficult trading conditions on the high street.
Gross margin remained stable at GBP4.1m (2010 : GBP4.1m) however
retail margins fell slightly to 43.5% (2010 : 44.1%) in the 6
months due to lower margins in the early part of the year. Margins
in the second quarter improved by 1 percentage point following a
price increase in April.
Cash generated from operating activities before movements in
working capital in the period was GBP0.3m (2010 GBP0.5m). This was
offset by seasonal working capital movements of GBP0.5m, net
capital expenditure of GBP0.1m and the repayment of loans of
GBP0.4m,reducing net debt to GBP0.8m (2010 GBP1.0m). Our revolving
credit facility has now been fully repaid and an overdraft facility
is now available to the Group.
In February, we opened a new store in Derby. After a promising
start, performance to date has been below expectations for the same
reasons our sales overall have been disappointing. In April, we
sold our market location in Doncaster to another trader. Markets
are not a core element of our business and it made commercial sense
to sell at this time.
Since the half year end like for like sales have continued to
decline. In the 8 weeks since the half year end, LFL sales were
down 10%. The retail margin has, however, responded well to the
various initiatives we have implemented, rising by more than 2
percentage points in the same period.
The retail climate is particularly challenging, and is likely to
remain so for the foreseeable future - rising meat prices coupled
with reduced disposable income continue to have a negative effect
on sales.
Our performance is clearly most unsatisfactory, and, further to
my update in June, we have been taking a number of steps designed
to improve sales in the current market.
Some months ago we undertook a detailed review of our product
offer and customer habits, taking input from customer focus groups
and the data available to us.
We were greatly encouraged by the very high customer loyalty on
the back of our proposition of excellent quality and value for
money. The data showed footfall to be consistently high across the
estate, but that average spend is very low at around GBP4. We
considered there to be an opportunity to sell add on lines to our
existing customers, and so increase the average spend.
Currently our narrow product range results in an inefficient use
of space in store, but does give us the opportunity to easily
introduce new lines within the current store format.
Customers indicated that they would enthusiastically welcome the
introduction of a broadened range of "home style" products, such as
desserts and side dishes. We believe this represents an opportunity
on both the hot and fresh side of our retail business.
We have therefore recruited resource to construct such a range.
A small initial trial has proved successful and we will start a
larger trial shortly.
The new range consists of delicious home style products, many
produced in store, to complement our meat business. Specific
product lines include oven ready, side dishes and desserts. These
ranges will be branded "Crawshaw Kitchen Classics" giving the
opportunity to build a sub brand in its own right.
We have also recently recruited a marketing / category manager
who will provide experience in this important aspect of driving
forward our offer.
We are determined to reverse the decline in sales and to return
once again to profitable growth.
Richard Rose
Chairman
3rd October, 2011
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------
FOR THE 6 MONTHS ENDED 31/7/2011
--------------------------------------------------------------------
Unaudited Audited Unaudited
------------------ ----- ------------ ------------- ------------
6 Months 12 Months 6 Months
------------------ ----- ------------ ------------- ------------
31.7.11 31.1.11 31.7.10
------------------ ----- ------------ ------------- ------------
Note GBP GBP GBP
------------------ ----- ------------ ------------- ------------
Revenue 2 9,440,880 19,062,928 9,392,338
------------------ ----- ------------ ------------- ------------
Cost of sales (5,334,438) (10,745,622) (5,251,432)
------------------ ----- ------------ ------------- ------------
Gross profit 4,106,442 8,317,306 4,140,906
------------------ ----- ------------ ------------- ------------
Other operating
income 9,420 10,952 1,832
------------------ ----- ------------ ------------- ------------
Administrative
expenses (4,048,440) (7,689,323) (3,874,441)
------------------ ----- ------------ ------------- ------------
Operating profit 67,422 638,935 268,297
------------------ ----- ------------ ------------- ------------
Finance income 4,725 83 1,395
------------------ ----- ------------ ------------- ------------
Finance expenses (11,609) (34,531) (16,652)
------------------ ----- ------------ ------------- ------------
Net finance
expense (6,884) (34,448) (15,257)
------------------ ----- ------------ ------------- ------------
Share of
profit/(loss) of
equity accounted
investees (net
of tax) 7,225 (35,000) (20,000)
------------------ ----- ------------ ------------- ------------
Profit before
income tax 67,763 569,487 233,040
------------------ ----- ------------ ------------- ------------
Income tax
credit/(expense) 3 4,042 (152,939) (85,966)
------------------ ----- ------------ ------------- ------------
Profit for the
period 5 71,805 416,548 147,074
------------------ ----- ------------ ------------- ------------
Attributable to:
------------------ ----- ------------ ------------- ------------
Equity holders of
the Company 71,805 416,548 147,074
------------------ ----- ------------ ------------- ------------
Basic profit per 4 0.124p 0.720p 0.254p
ordinary share
------------------ ----- ------------ ------------- ------------
Diluted profit 4 0.124p 0.720p 0.250p
per ordinary
share
------------------ ----- ------------ ------------- ------------
CONDENSED CONSOLIDATED BALANCE SHEET AT 31 JULY 2011
-----------------------------------------------------------------------------------------
Unaudited Audited Unaudited
---------------------------- -------- -------------- -------------- -----------------
31.7.11 31.1.11 31.7.10
---------------------------- -------- -------------- -------------- -----------------
ASSETS Note GBP GBP GBP
---------------------------- -------- -------------- -------------- -----------------
Non Current Assets
---------------------------- -------- -------------- -------------- -----------------
Property, plant and
equipment 4,773,410 4,823,442 4,438,232
---------------------------- -------- -------------- -------------- -----------------
Intangible assets -
goodwill and related
Acquisition intangibles 7,573,384 7,650,724 7,668,064
---------------------------- -------- -------------- -------------- -----------------
Investment in equity
accounted investees 107,432 100,207 115,207
---------------------------- -------- -------------- -------------- -----------------
Total Non Current Assets 12,454,226 12,574,373 12,221,503
---------------------------- -------- -------------- -------------- -----------------
Current Assets
---------------------------- -------- -------------- -------------- -----------------
Inventories 433,821 361,647 481,179
---------------------------- -------- -------------- -------------- -----------------
Trade and other receivables 230,682 371,702 341,059
---------------------------- -------- -------------- -------------- -----------------
Cash and cash equivalents 58,460 723,616 212,237
---------------------------- -------- -------------- -------------- -----------------
Total Current Assets 722,963 1,456,965 1,034,475
---------------------------- -------- -------------- -------------- -----------------
Total Assets 13,177,189 14,031,338 13,255,978
---------------------------- -------- -------------- -------------- -----------------
SHAREHOLDERS' EQUITY
---------------------------- -------- -------------- -------------- -----------------
Share capital 2,890,940 2,890,940 2,890,940
---------------------------- -------- -------------- -------------- -----------------
Share premium 6,317,618 6,317,618 6,317,618
---------------------------- -------- -------------- -------------- -----------------
Reverse acquisition reserve 446,563 446,563 446,563
---------------------------- -------- -------------- -------------- -----------------
Capital contribution
reserve - 149,311 149,311
---------------------------- -------- -------------- -------------- -----------------
Retained earnings 345,008 123,892 (145,582)
---------------------------- -------- -------------- -------------- -----------------
Total Shareholders' Equity 6 10,000,129 9,928,324 9,658,850
---------------------------- -------- -------------- -------------- -----------------
LIABILITIES
---------------------------- -------- -------------- -------------- -----------------
Non Current Liabilities
---------------------------- -------- -------------- -------------- -----------------
Other payables 321,588 138,742 116,763
---------------------------- -------- -------------- -------------- -----------------
Interest bearing loans and
borrowings 840,000 1,240,000 1,240,000
---------------------------- -------- -------------- -------------- -----------------
Deferred tax liabilities 437,188 486,946 545,943
---------------------------- -------- -------------- -------------- -----------------
Total Non Current
Liabilities 1,598,776 1,865,688 1,902,706
---------------------------- -------- -------------- -------------- -----------------
Current Liabilities
---------------------------- -------- -------------- -------------- -----------------
Trade and other payables 1,578,284 2,237,326 1,694,422
---------------------------- -------- -------------- -------------- -----------------
Total Current Liabilities 1,578,284 2,237,326 1,694,422
---------------------------- -------- -------------- -------------- -----------------
Total Liabilities 3,177,060 4,103,014 3,597,128
---------------------------- -------- -------------- -------------- -----------------
Total Equity and
Liabilities 13,177,189 14,031,338 13,255,978
---------------------------- -------- -------------- -------------- -----------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
-------------------------------------------------------------------------------
----
Capital
Share Share Rev Acq Cont'n Retained Tota
l
Capital Premium Reserve Reserve Earnings Equi
ty
GBP GBP GBP GBP GBP GB
P
------------ ---------- ---------- -------- ---------- ---------- -------
----
Balance at
1 February
2010 2,890,940 6,317,618 446,563 149,311 (312,379) 9,492
,053
------------ ---------- ---------- -------- ---------- ---------- -------
----
Profit for
the
Period - - - - 147,074 147
,074
------------ ---------- ---------- -------- ---------- ---------- -------
----
Share Based
Payments - - - - 19,723 19
,723
------------ ---------- ---------- -------- ---------- ---------- -------
----
Balance at
31 July
2010 2,890,940 6,317,618 446,563 149,311 (145,582) 9,658
,850
------------ ---------- ---------- -------- ---------- ---------- -------
----
Balance at
1 August
2010 2,890,940 6,317,618 446,563 149,311 (145,582) 9,658
,850
------------ ---------- ---------- -------- ---------- ---------- -------
----
Profit for
the
period - - - - 269,474 269
,474
------------ ---------- ---------- -------- ---------- ---------- -------
----
Share based
payment - - - - -
-
------------ ---------- ---------- -------- ---------- ---------- -------
----
Balance at
31 January
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928
,324
------------ ---------- ---------- -------- ---------- ---------- -------
----
Balance at
1 February
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928
,324
------------ ---------- ---------- -------- ---------- ---------- -------
----
Profit for
the
period - - - - 71,805 71
,805
------------ ---------- ---------- -------- ---------- ---------- -------
----
Capital
Reduction
in
Subsidiary
Company - - - (149,311) 149,311
-
------------ ---------- ---------- -------- ---------- ---------- -------
----
Balance at
31 July
2011 2,890,940 6,317,618 446,563 - 345,008 10,000
,129
------------ ---------- ---------- -------- ---------- ---------- -------
----
CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE
6 MONTHS ENDED 31 JULY 2011
---------------------------------------------------
Unaudited Audited Unaudited
--------------- ---------- ---------- ----------
6 Months 12 Months 6 Months
--------------- ---------- ---------- ----------
31.7.11 31.1.11 31.7.10
--------------- ---------- ---------- ----------
Cash flows
from operating
activities GBP GBP GBP
--------------- ---------- ---------- ----------
Profit for the
period 71,805 416,548 147,074
--------------- ---------- ---------- ----------
Adjustments
for:
--------------- ---------- ---------- ----------
Share based
payments
charge - 19,723 19,723
--------------- ---------- ---------- ----------
Depreciation
and
amortisation 208,376 377,588 183,586
--------------- ---------- ---------- ----------
Loss on sale
of property,
plant and
equipment 1,828 5,278 5,278
--------------- ---------- ---------- ----------
Net financial
charges 6,884 34,448 15,257
--------------- ---------- ---------- ----------
Share of
(profit)/loss
of equity
accounted
investees
(net of tax) (7,225) 35,000 20,000
--------------- ---------- ---------- ----------
Taxation (4,042) 152,939 85,966
--------------- ---------- ---------- ----------
Operating
cashflow
before
movements in
working
capital 277,626 1,041,524 476,884
--------------- ---------- ---------- ----------
Movement in
trade and
other
receivables 141,020 37,727 68,371
--------------- ---------- ---------- ----------
Movement in
trade and
other
payables (502,360) (65,163) (504,075)
--------------- ---------- ---------- ----------
Movement in
inventories (72,174) 123,351 3,819
--------------- ---------- ---------- ----------
Tax Paid (19,551) - -
--------------- ---------- ---------- ----------
Net cash (used
in)/
generated
from
operating
activities (175,439) 1,137,439 44,999
--------------- ---------- ---------- ----------
Cash flows
from investing
activities
--------------- ---------- ---------- ----------
Purchase of
property,
plant and
equipment (162,847) (690,255) (128,385)
--------------- ---------- ---------- ----------
Proceeds from
sale of
property,plan
t &
equipment 80,014 10,500 10,500
--------------- ---------- ---------- ----------
Interest
received 4,725 83 1,395
--------------- ---------- ---------- ----------
Interest paid (11,609) (34,531) (16,652)
--------------- ---------- ---------- ----------
Net cash (used
in)/
generated by
investing
activities (89,717) (714,203) (133,142)
--------------- ---------- ---------- ----------
Cash flows
from financing
activities
--------------- ---------- ---------- ----------
Repayment of
loans (400,000) (500,000) (500,000)
--------------- ---------- ---------- ----------
Net cash (used
in)/
generated
from
financing
activities (400,000) (500,000) (500,000)
--------------- ---------- ---------- ----------
Net change in
cash and cash
equivalents (665,156) (76,764) (588,143)
--------------- ---------- ---------- ----------
Cash and cash
equivalents
at start of
period 723,616 800,380 800,380
--------------- ---------- ---------- ----------
Cash and cash
equivalents
at end of
period 58,460 723,616 212,237
--------------- ---------- ---------- ----------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
REPORTING ENTITY
Crawshaw Group Plc (the "Company") is a company incorporated and
domiciled in the UK.
The condensed consolidated interim financial statements of the
Company as at and for the six months ended 31 July 2011 comprise
the Company and its subsidiaries (together referred to as the
"Group") and equity account the Group's interest in jointly
controlled entities.
BASIS OF PREPARATION
These condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial
Reporting', as adopted by the EU and do not include all of the
information required for full annual financial statements.
The comparative figures for the financial year ended 31 January
2011 are not the Company's statutory accounts for that financial
year. Those accounts have been reported on by the Company's
auditors and delivered to the registrar of companies. The report of
the auditors was (i) unqualified, (ii) did not include a reference
to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain
a statement under section 498(2) or (3) of the Companies Act
2006.
The condensed consolidated interim financial statements have not
been audited but have been reviewed by the Company's auditors.
Their review report for the 6 month period ended 31 July 2011 is
set out at the end of this announcement.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 3rd October 2011.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 January 2011, as
described in those annual financial statements, which were prepared
in accordance with IFRS as adopted by the EU.
SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATION
UNCERTAINTY
The preparation of the condensed consolidated interim financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable at
the time the estimate is made. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the
consolidated financial statements as at and for the year ended 31
January 2011.
GOING CONCERN
The Group has in place borrowing facilities up to a maximum of
GBP1,340,000. They consist of a mortgage of GBP840,000 and a
working capital overdraft facility of GBP500,000. These facilities
are not subject to financial performance covenants, however,
overdraft facilities can be withdrawn by the bank at any time.
The overdraft facility is open ended but renegotiated on an
annual basis, the next review being due in April 2012. The
Directors have reviewed the banking facilities available to the
Group plus the profit and cash forecasts of the Group with
appropriate sensitivities around operational performance. The
Directors have concluded that the Group will have sufficient cash
to meet its obligations and to pursue its existing strategy.
Accordingly the Directors consider that these statements should be
prepared on a going concern basis.
BASIS OF CONSOLIDATION
The consolidated financial information includes the financial
information of the company and its subsidiary undertakings made up
to 31 July 2011 (together referred to as the 'Group').
2. REVENUE
The directors have undertaken a review of the Group's continuing
operations and their associated business risks. The directors
consider that the continuing operations represent one product
offering with similar risks and rewards and should be reported as a
single business segment in line with the Group's internal reporting
framework. All revenue received during the period was received from
customers within the United Kingdom.
Unaudited Audited Unaudited
------------------------------------ ---------- ---------- ----------
6 Months 12 Months 6 Months
------------------------------------ ---------- ---------- ----------
3. INCOME TAX (CREDIT)/EXPENSE 31.7.11 31.1.11 31.7.10
------------------------------------ ---------- ---------- ----------
GBP GBP GBP
------------------------------------ ---------- ---------- ----------
The income tax expense is based
on the estimated effective rate
of taxation on trading for the
period and represents:
------------------------------------ ---------- ---------- ----------
Current tax 45,716 131,784 25,365
------------------------------------ ---------- ---------- ----------
Deferred tax:
------------------------------------ ---------- ---------- ----------
Origination and reversal of timing
differences (12,018) 1,604 60,601
------------------------------------ ---------- ---------- ----------
Adjustments for prior year (37,740) 19,551 -
------------------------------------ ---------- ---------- ----------
Sub Total (49,758) 21,155 60,601
------------------------------------ ---------- ---------- ----------
Total tax (credit)/expense (4,042) 152,939 85,966
------------------------------------ ---------- ---------- ----------
4. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the
earnings attributable to the ordinary shareholders by the weighted
average number of ordinary shares outstanding during the period of
57,818,801 (31/1/11: 57,818,801) (31/07/10: 57,818,801).
Diluted EPS is calculated by dividing the profit for the year
attributable to the ordinary shareholders by the weighted average
number of ordinary shares in issue adjusted to assume conversion of
all potentially dilutive ordinary shares from the start of the
year,giving a figure of 57,818,801 (31/1/11:57,818,801) (31/7/10:
58,922,623).
5. CAPITAL AND RESERVES
-----------------------------------------------------------------------------------
Rev.
Share Share Acq. Capital Retained Total
------------ ---------- ---------- -------- ---------- ---------- -----------
Cont.
Capital Premium Reserve Res. Earnings Equity
------------ ---------- ---------- -------- ---------- ---------- -----------
GBP GBP GBP GBP GBP GBP
------------ ---------- ---------- -------- ---------- ---------- -----------
Balance at
1 February
2010 2,890,940 6,317,618 446,563 149,311 (312,379) 9,492,053
------------ ---------- ---------- -------- ---------- ---------- -----------
Profit for
the
period - - - - 416,548 416,548
------------ ---------- ---------- -------- ---------- ---------- -----------
Share based
payment - - - - 19,723 19,723
------------ ---------- ---------- -------- ---------- ---------- -----------
Balance at
31 January
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
------------ ---------- ---------- -------- ---------- ---------- -----------
Profit for
the
period - - - - 71,805 71,805
------------ ---------- ---------- -------- ---------- ---------- -----------
Capital
Reduction
in
Subsidiary
Company - - - (149,311) 149,311 -
------------ ---------- ---------- -------- ---------- ---------- -----------
Balance at
31 July
2011 2,890,940 6,317,618 446,563 - 345,008 10,000,129
------------ ---------- ---------- -------- ---------- ---------- -----------
On 8(th) February 2011 Crawshaw Holdings Ltd undertook a capital
reduction.As part of this process the capital contribution reserve
was cancelled.
6. SHARE
CAPITAL 31.7.11 31.1.11 31.7.10
------------ ---------- ---------- ----------
Authorised GBP GBP GBP
------------ ---------- ---------- ----------
96,678,257
ordinary
shares of
5p each 4,833,913 4,833,913 4,833,913
------------ ---------- ---------- ----------
Allotted,
called up
and fully
paid GBP GBP GBP
------------ ---------- ---------- ----------
57,818,801
ordinary
shares of
5p each 2,890,940 2,890,940 2,890,940
------------ ---------- ---------- ----------
7. RELATED PARTY TRANSACTIONS
Crawshaw Butchers Limited, a subsidiary of Crawshaw Holdings
Limited, holds a 50% share in a partnership which trades under the
name of RGV Refrigeration. The operations of the partnership
comprise of the maintenance and repair of refrigeration machinery
for a variety of customers.
INDEPENDENT REVIEW REPORT TO CRAWSHAW GROUP PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly report for the six
months ended 31 July 2011 which comprises the Condensed
Consolidated Statement of Comprehensive Income, Condensed
Consolidated Balance Sheet, Condensed Consolidated Statement of
Changes in Shareholders' Equity, Condensed Consolidated Cash Flow
Statement and the related explanatory notes. We have read the other
information contained in the half-yearly report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with the
terms of our engagement. Our review has been undertaken so that we
might state to the company those matters we are required to state
to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the half-yearly report in accordance with the AIM
Rules.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly report has been prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly report
based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the UK. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly report for the six months ended 31 July 2011 is
not prepared, in all material respects, in accordance with IAS 34
as adopted by the EU and the AIM Rules.
Jeremy Gledhill
for and on behalf of KPMG Audit Plc
Chartered Accountants
1 The Embankment
Neville Street
Leeds
LS1 4DW
3(rd) October 2011
A copy of the half-yearly report will be sent to shareholders on
10 October 2011 and will also be available from 11 October 2011
from the Company's registered office: Unit 16 Bradmarsh Business
Park, Bow Bridge Close, Rotherham, S60 1BY and from the Company's
website www.crawshawgroupplc.com.
For further information please contact:
Crawshaw Group plc
Lynda Sherratt 01709 369602
WH Ireland Limited
Robin Gwyn 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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