TIDMCRAW
RNS Number : 7465N
Crawshaw Group PLC
02 October 2012
The following amendment has been made to the 'Half Yearly
Report' announcement released on 02/10/2012 at 07.00 under RNS No
6230N.
In the second bullet point of the highlights section, 2010
changes to 2011 so:
"(2010 : 43.5%)" changes to "(2011 : 43.5%)"
All other details remain unchanged.
The full amended text is shown below.
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
2012.
CHAIRMAN'S STATEMENT
------------------------------------------------------------------
Highlights
------------------------------------------------------------------
* Like for Like (LFL) sales up 4% in the 6 months to
the end of July (2011 : -4%). Overall sales down
slightly at GBP9.3m (2011 : GBP9.4) due to non like
for like reductions in our market sites and wholesale
business.
------------------------------------------------------------------
* Gross profit level at GBP4.1m (2011 : GBP4.1m). Gross
margin up slightly to 43.6% (2011 : 43.5%).
------------------------------------------------------------------
* 6% increase in EBITDA to GBP296k (2011 : GBP278k).
------------------------------------------------------------------
* Earnings per share up 25% to 0.155p (2011: 0.124p)
------------------------------------------------------------------
As indicated in June of this year, LFL sales have significantly
improved since the autumn of 2011 and I am pleased to say that this
trend has continued with LFL sales up 4% in the half year to 31(st)
July, 2012 as compared to the same period the previous year. Total
sales for the first half are down slightly at GBP9.3m (2011 :
GBP9.4m) as a result of the sale of our Doncaster market site, the
closure of our mobile unit and the planned reduction in our lower
margin wholesale business.
Gross Profit has remained level at GBP4.1m (2011 : GBP4.1m),
although gross margin has increased slightly to 43.6% (2011 :
43.5%) in the 6 months to 31(st) July.
Given the reduction in overall sales, as indicated above,
overall costs have fallen. However, the sales related reduction in
overheads has been partially offset by our investment in marketing
related activities and certain restructuring costs. The benefits of
this investment are becoming apparent in the second half.
In the 6 months to 31(st) July 2012 EBITDA increased by 6% to
GBP296k (2011 : GBP278k) and earnings per share rose to 0.155p
(2011 : 0.124p) up 25%.
Cash generated from operating activities before movements in
working capital in the period was GBP0.3m (2011 GBP0.3m). This is
offset by seasonal working capital movements of GBP0.12m and net
capital expenditure GBP0.12m, leaving our net debt position at the
half year at just under GBP0.2m (31(st) January 2012 : GBP0.2m).
This comprises GBP655k of cash in the bank, and a GBP840k mortgage
on two properties.
The Governments proposal to add VAT to certain, currently
exempt, cooked products will impact the way we sell our freshly
cooked food offer from the 1(st) October this year. We intend to
sell such products 'on the cool' and therefore VAT free. We have
invested in equipment, additional staff and staff training to
prepare for the changes.
The initiatives being taken by management to restore profitable
growth continue to work, and as a result, since the half year end,
like for like sales have further improved. In the 8 weeks since the
half year LFL sales were up 7%. The gross margin has also responded
well to these initiatives, rising by 1 percentage point during
those same weeks versus the half year end position.
The retail climate remains particularly challenging, and is
likely to remain so for the foreseeable future, however, we are
encouraged by the very high customer loyalty on the back of
excellent quality and value for money. The improvements in average
spend of 9% over the last year are a testament to this.
Richard Rose
Chairman
1st October, 2012
For further information please contact:
Crawshaw Group plc
Lynda Sherratt 01709 369602
WH Ireland Limited
Daniel Bate 0161 832 2174
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------------
FOR THE 6 MONTHS ENDED 31/7/2012
--------------------------------------------------------------------------------------
Unaudited Audited Unaudited
------------------------------------ ----- ------------ ------------- ------------
6 Months 12 Months 6 Months
------------------------------------ ----- ------------ ------------- ------------
31.7.12 31.1.12 31.7.11
------------------------------------ ----- ------------ ------------- ------------
Note GBP GBP GBP
------------------------------------ ----- ------------ ------------- ------------
Revenue 2 9,315,600 18,889,491 9,440,880
------------------------------------ ----- ------------ ------------- ------------
Cost of sales (5,258,963) (10,715,341) (5,334,438)
------------------------------------ ----- ------------ ------------- ------------
Gross profit 4,056,637 8,174,150 4,106,442
------------------------------------ ----- ------------ ------------- ------------
Other operating income 10,210 21,269 9,420
------------------------------------ ----- ------------ ------------- ------------
Administrative expenses (3,967,336) (8,190,481) (4,048,440)
------------------------------------ ----- ------------ ------------- ------------
Operating profit before impairment 99,511 135,676 67,422
------------------------------------ ----- ------------ ------------- ------------
Impairment of Fixed Assets - (130,738) -
------------------------------------ ----- ------------ ------------- ------------
Operating Profit 99,511 4,938 67,422
------------------------------------ ----- ------------ ------------- ------------
Finance income 5 4,730 4,725
------------------------------------ ----- ------------ ------------- ------------
Finance expenses (9,134) (22,139) (11,609)
------------------------------------ ----- ------------ ------------- ------------
Net finance expense (9,129) (17,409) (6,884)
------------------------------------ ----- ------------ ------------- ------------
Share of profit/(loss) of
equity accounted investees
(net of tax) 6,350 14,845 7,225
------------------------------------ ----- ------------ ------------- ------------
Profit before income tax 96,732 2,374 67,763
------------------------------------ ----- ------------ ------------- ------------
Income tax credit/(expense) 3 (6,840) 12,423 4,042
------------------------------------ ----- ------------ ------------- ------------
Total recognised income for
the period 5 89,892 14,797 71,805
------------------------------------ ----- ------------ ------------- ------------
Attributable to:
------------------------------------ ----- ------------ ------------- ------------
Equity holders of the Company 89,892 14,797 71,805
------------------------------------ ----- ------------ ------------- ------------
Basic earnings per ordinary
share 4 0.155p 0.026p 0.124p
------------------------------------ ----- ------------ ------------- ------------
Diluted earnings per ordinary
share 4 0.155p 0.026p 0.124p
------------------------------------ ----- ------------ ------------- ------------
CONDENSED CONSOLIDATED BALANCE SHEET AT 31 JULY 2012
-----------------------------------------------------------------------------------------------
Unaudited Audited Unaudited
----------------------------- ---------- --------------- ---------------- -----------------
31.7.12 31.1.12 31.7.11
----------------------------- ---------- --------------- ---------------- -----------------
ASSETS Note GBP GBP GBP
----------------------------- ---------- --------------- ---------------- -----------------
Non Current Assets
----------------------------- ---------- --------------- ---------------- -----------------
Property, plant and
equipment 4,411,886 4,471,820 4,773,410
----------------------------- ---------- --------------- ---------------- -----------------
Intangible assets - goodwill
and related
Acquisition intangibles 7,538,704 7,556,044 7,573,384
----------------------------- ---------- --------------- ---------------- -----------------
Investment in equity
accounted
investees 101,195 94,845 107,432
----------------------------- ---------- --------------- ---------------- -----------------
Total Non Current Assets 12,051,785 12,122,709 12,454,226
----------------------------- ---------- --------------- ---------------- -----------------
Current Assets
----------------------------- ---------- --------------- ---------------- -----------------
Inventories 459,512 510,508 433,821
----------------------------- ---------- --------------- ---------------- -----------------
Trade and other receivables 265,491 306,544 230,682
----------------------------- ---------- --------------- ---------------- -----------------
Cash and cash equivalents 654,702 603,095 58,460
----------------------------- ---------- --------------- ---------------- -----------------
Total Current Assets 1,379,705 1,420,147 722,963
----------------------------- ---------- --------------- ---------------- -----------------
Total Assets 13,431,490 13,542,856 13,177,189
----------------------------- ---------- --------------- ---------------- -----------------
SHAREHOLDERS' EQUITY
----------------------------- ---------- --------------- ---------------- -----------------
Share capital 6 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
----------------------------- ---------- --------------- ---------------- -----------------
Retained earnings 377,892 288,000 345,008
----------------------------- ---------- --------------- ---------------- -----------------
Total Shareholders' Equity 5 10,033,013 9,943,121 10,000,129
----------------------------- ---------- --------------- ---------------- -----------------
LIABILITIES
----------------------------- ---------- --------------- ---------------- -----------------
Non Current Liabilities
----------------------------- ---------- --------------- ---------------- -----------------
Other payables 278,948 298,685 321,588
----------------------------- ---------- --------------- ---------------- -----------------
Interest bearing loans and
borrowings - 840,000 840,000
----------------------------- ---------- --------------- ---------------- -----------------
Deferred tax liabilities 402,756 434,984 437,188
----------------------------- ---------- --------------- ---------------- -----------------
Total Non Current
Liabilities 681,704 1,573,669 1,598,776
----------------------------- ---------- --------------- ---------------- -----------------
Current Liabilities
----------------------------- ---------- --------------- ---------------- -----------------
Trade and other payables 1,876,773 2,026,066 1,578,284
----------------------------- ---------- --------------- ---------------- -----------------
Interest bearing loans and 840,000 - -
borrowings
----------------------------- ---------- --------------- ---------------- -----------------
Total Current Liabilities 2,716,773 2,026,066 1,578,284
----------------------------- ---------- --------------- ---------------- -----------------
Total Liabilities 3,398,477 3,599,735 3,177,060
----------------------------- ---------- --------------- ---------------- -----------------
Total Equity and Liabilities 13,431,490 13,542,856 13,177,189
----------------------------- ---------- --------------- ---------------- -----------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
----------------------------------------------------------------------------------------
Capital
Share Share Rev Acq Cont'n Retained Total
Capital Premium Reserve Reserve Earnings Equity
GBP GBP GBP GBP GBP GBP
---------------- ---------- ---------- --------- ---------- ---------- -----------
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
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 1
August
2011 2,890,940 6,317,618 446,563 - 345,008 10,000,129
---------------- ---------- ---------- --------- ---------- ---------- -----------
Loss for the
period - - - - (57,008) (57,008)
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 31
January
2012 2,890,940 6,317,618 446,563 - 288,000 9,943,121
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 1
February
2012 2,890,940 6,317,618 446,563 - 288,000 9,943,121
---------------- ---------- ---------- --------- ---------- ---------- -----------
Profit for the
period - - - - 89,892 89,892
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 31
July
2012 2,890,940 6,317,618 446,563 - 377,892 10,033,013
---------------- ---------- ---------- --------- ---------- ---------- -----------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED
31 JULY 2012
----------------------------------------------------------------------------------
Unaudited Audited Unaudited
------------------------------------------- ----------- ----------- -----------
6 Months 12 Months 6 Months
------------------------------------------- ----------- ----------- -----------
31.7.12 31.1.12 31.7.11
------------------------------------------- ----------- ----------- -----------
Cash flows from operating activities GBP GBP GBP
------------------------------------------- ----------- ----------- -----------
Profit for the period 89,892 14,797 71,805
------------------------------------------- ----------- ----------- -----------
Adjustments for:
------------------------------------------- ----------- ----------- -----------
Depreciation and amortisation 191,507 554,840 208,376
------------------------------------------- ----------- ----------- -----------
Loss on sale of property, plant and
equipment 5,295 3,942 1,828
------------------------------------------- ----------- ----------- -----------
Net financial charges 9,129 17,409 6,884
------------------------------------------- ----------- ----------- -----------
Share of (profit) of equity accounted
investees (net of tax) (6,350) (14,845) (7,225)
------------------------------------------- ----------- ----------- -----------
Taxation 6,840 (12,423) (4,042)
------------------------------------------- ----------- ----------- -----------
Operating cashflow before movements
in working capital 296,313 563,720 277,626
------------------------------------------- ----------- ----------- -----------
Movement in trade and other receivables 41,053 65,158 141,020
------------------------------------------- ----------- ----------- -----------
Movement in trade and other payables (208,095) 27,788 (502,360)
------------------------------------------- ----------- ----------- -----------
Movement in inventories 50,996 (148,861) (72,174)
------------------------------------------- ----------- ----------- -----------
Tax Paid - (118,643) (19,551)
------------------------------------------- ----------- ----------- -----------
Net cash (used in)/ generated from
operating activities 180,267 389,162 (175,439)
------------------------------------------- ----------- ----------- -----------
Cash flows from investing activities
------------------------------------------- ----------- ----------- -----------
Purchase of property, plant and
equipment (130,281) (201,037) (162,847)
------------------------------------------- ----------- ----------- -----------
Proceeds from sale of property,plant
& equipment 10,750 88,556 80,014
------------------------------------------- ----------- ----------- -----------
Received from equity accounted investees - 20,207 -
------------------------------------------- ----------- ----------- -----------
Interest received - 4,730 4,725
------------------------------------------- ----------- ----------- -----------
Interest paid (9,129) (22,139) (11,609)
------------------------------------------- ----------- ----------- -----------
Net cash (used in)/ generated by
investing activities (128,660) (109,683) (89,717)
------------------------------------------- ----------- ----------- -----------
Cash flows from financing activities
------------------------------------------- ----------- ----------- -----------
Repayment of loans - (400,000) (400,000)
------------------------------------------- ----------- ----------- -----------
Net cash (used in)/ generated from
financing activities - (400,000) (400,000)
------------------------------------------- ----------- ----------- -----------
Net change in cash and cash equivalents 51,607 (120,521) (665,156)
------------------------------------------- ----------- ----------- -----------
Cash and cash equivalents at start
of period 603,095 723,616 723,616
------------------------------------------- ----------- ----------- -----------
Cash and cash equivalents at end
of period 654,702 603,095 58,460
------------------------------------------- ----------- ----------- -----------
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 2012 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
2012 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 2012 is
set out on page 12.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 1st October 2012.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 31 January 2012, 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 ofthe 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 2012.
GOING CONCERN
The Group has in place borrowing facilities up to a maximum of
GBP1,090,000. They consist of a mortgage of GBP840,000 and a
working capital overdraft facility of GBP250,000. 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 2013. The mortgage
is due for renewal in May 2013 and discussions on the terms of this
renewal will be finalized in March 2013. 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 2012 (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 31.7.12 31.1.12 31.7.11
------------------------------------ ---------- ---------- ----------
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 39,068 72,235 45,716
------------------------------------ ---------- ---------- ----------
Adjustments for prior year - (32,695) -
------------------------------------ ---------- ---------- ----------
Sub Total 39,068 39,540 45,716
------------------------------------ ---------- ---------- ----------
Deferred tax:
------------------------------------ ---------- ---------- ----------
Origination and reversal of timing
differences 2,571 (14,316) (12,018)
------------------------------------ ---------- ---------- ----------
Adjustments for prior year - 1,981 (37,740)
------------------------------------ ---------- ---------- ----------
Effect of rate change (34,799) (39,628) -
------------------------------------ ---------- ---------- ----------
Sub Total (32,228) (51,963) (49,758)
------------------------------------ ---------- ---------- ----------
Total tax (credit)/expense 6,840 (12,423) (4,042)
------------------------------------ ---------- ---------- ----------
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 (31/1/12: 57,818,801) (31/07/11: 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 (31/1/12:57,818,801) (31/7/11:
57,818,801).
5. CAPITAL AND RESERVES
----------------------------------------------------------------------------------------
Share Share Rev. Acq. Capital Retained Total
---------------- ---------- ---------- ---------- ---------- --------- -----------
Capital Premium Reserve Cont. Earnings Equity
Res.
---------------- ---------- ---------- ---------- ---------- --------- -----------
GBP GBP GBP GBP GBP GBP
---------------- ---------- ---------- ---------- ---------- --------- -----------
Balance at 1
February
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
---------------- ---------- ---------- ---------- ---------- --------- -----------
Profit for the
period - - - - 14,797 14,797
---------------- ---------- ---------- ---------- ---------- --------- -----------
Capital
Reduction in
Subsidiary
Company - - - (149,311) 149,311 -
---------------- ---------- ---------- ---------- ---------- --------- -----------
Balance at 31
January
2012 2,890,940 6,317,618 446,563 - 288,000 9,943,121
---------------- ---------- ---------- ---------- ---------- --------- -----------
Profit for the
period - - - - 89,892 89,892
---------------- ---------- ---------- ---------- ---------- --------- -----------
Balance at 31
July 2012 2,890,940 6,317,618 446,563 - 377,892 10,033,013
---------------- ---------- ---------- ---------- ---------- --------- -----------
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 31.7.12 31.1.12 31.7.11
--------------------------------------- ---------- ---------- ----------
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 Group Plc,
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 2012 which comprisesthe Condensed
ConsolidatedStatement ofComprehensive
Income,CondensedConsolidatedBalanceSheet,CondensedConsolidatedStatement
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-yearlyreport 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 thecompany 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 note1, theannual financial statements of the
group are prepared in accordancewith 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 PracticesBoard 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 issubstantially 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 2012 is
not prepared, in all material respects, in accordance with IAS 34
as adopted by the EU and the AIM Rules.
A J Sills
for and on behalf of KPMG Audit Plc
Chartered Accountants
1 The Embankment
Neville Street
Leeds
LS1 4DW
1(st) October 2012
In an attempt to reduce costs the interim report will not be
printed and distributed to shareholders however, it will be
available later this week, from the Company's website
www.crawshawgroupplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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