G.R. Holdings PLC - Final Results
October 28 1997 - 6:03AM
UK Regulatory
RNS No 7167u
G R HOLDINGS PLC
28th October 1997
PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS
FOR THE YEAR ENDED 30 JUNE 1997
CHAIRMAN'S STATEMENT
I am pleased to announce that the pre-tax profit of the group on ordinary
activities for the year ended 30 June 1997 was #355,428 ( #276,045 - 1996).
After taxation the profit attributable to members of the company is #240,220
against #338,381 for the previous year. These include costs relating to
certain UK property interests totalling #124,540 this year compared with
#152,622 last year. The turnover was up from #4,303,299 to #4,765,521.
The major increase in profitability has occurred at Grayshott Hall where the
higher occupancy has given rise to an improvement in results.
Whilst turnover at Morlands, has increased by 9%, margins were eroded giving
rise to a small loss. During the year the company acquired a slipper
manufacturing unit to strengthen its brand base.
Further discussions continue on the Glastonbury site with planners.
During the year there were two minor part disposals of properties held by US
property partnerships.
Stock has increased by #67,879. Debtors and creditors have increased by
#69,752 and #380,205 respectively. Net cash at bank and in hand has increased
by #8,839.
Since the end of the financial year, the trading position is showing a
moderate improvement compared to last year.
In August 1997, the ordinary and preference shares of the company were
transferred to the Alternative Investment Market, with Beeson Gregory acting as
nominated adviser and broker.
Finally, I would like to thank my co-directors and all the staff for their
support and involvement in the improvement of the company's results.
A.D. STALBOW
Chairman
Consolidated Profit and Loss Account
for the year ended 30 June 1997
1997 1996
# #
Turnover 4,765,521 4,303,299
Operating profit 163,073 72,587
Income from listed fixed asset investments 36,351 15,831
Interest receivable and similar income 162,704 194,764
Interest payable and similar charges (6,700) (7,137)
192,355 203,458
Profit on ordinary activities before taxation 355,428 276,045
Tax on profit on ordinary activities (115,208) 62,336
Profit on ordinary activities after taxation 240,220 338,381
Dividends (162,761) (162,761)
Profit for the financial year 77,459 175,620
Earnings per share 0.6p 1.3p
Consolidated Balance Sheet
as at 30 June 1997
1997 1996
# #
Fixed Assets
Intangible assets 1 1
Tangible assets 1,999,022 1,938,009
Investments 3,946,649 3,798,965
5,945,672 5,736,975
Current Assets
Stocks 481,970 414,091
Debtors 436,813 367,061
Cash at bank and in hand 1,762,161 1,753,322
2,680,944 2,534,474
Creditors : amounts failing
due within one year 850,302 470,097
Net current assets 1,830,642 2,064,377
Total assets less current liabilities 7,776,314 7,801,352
Capital and reserves
Called up share capital (including
non-equity interests) 18 2,208,513 2,208,513
Capital redemption reserve 19 425,000 425,000
Share premium account 19 198,396 198,396
Profit and loss account 19 4,944,405 4,969,443
Shareholders funds 19 7,776,314 7,801,352
These financial statements were approved by the board of directors
on 27 October 1997, and were signed on its behalf by :
Directors
Notes:
1. The summary of the results for the year ended 30 June 1997 does not
constitute full financial statements within the meaning of Section 240 of
the Companies Act 1985. The auditors' report to the members of a
foreign subsidiary of the group, Tulsebridge (USA) Inc. was qualified in
respect of a limitation in audit scope. Those financial statements were
not audited by the current auditors. The auditors of the time did not
verify that the interests in partnerships of $3,489,255 reflected a fair
value. As primary auditors to the group the current auditors did not
verify that the investment stated at a fair value. The auditors opinion
was similarly qualified as the company's Interests in partnerships
represent a significant proportion of the assets of the group.
2. The calculation of earnings per share is based on profits of #240,220
(1996 - #338,381) being the profit after taxation, and after deducting
preference dividends, and on 13,168,100 ordinary shares of 5p each (1996
- 13,168,100).
3. The Annual General Meeting will be held at 11.00am on 10 December 1997 at
the offices of Beeson Gregory, The Registry, Royal Mint Court, London
EC3N 4EY.
4. Copies of the 1997 Report and Accounts are being sent to shareholders in
due course. Further copies are available from the Company's registered
office at 54 Jermyn Street, London, SW1Y 6LX.
END
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