TIDMREAL
RNS Number : 3086X
Real Office Group PLC
03 December 2010
Real Office Group plc
("ROG" or the "Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2010
Highlights 2010
? Revenue: GBP22.6m (2009: GBP18.7m) from continuing operations;
? Operating cash inflow: GBP0.4m (2009: Cash outflow (GBP4.1m);
? Cash and bank GBP1.9m (2009: GBP1.6m);
? No bank debt (2009: nil);
? Restructuring of the Group including the closure of Middle Eastern operations
and the disposal of ISIS resulting in an exceptional loss on disposal of
GBP8.5m, forming part of the total loss for the year of GBP8.9m;
? Capital reduction completed in August 2010 - distributable reserves now
GBP2.5m.
Roger Smee, Executive Chairman of ROG, commented:
"This has been a difficult year for the Group but we have taken some hard
decisions and reduced the overhead base of the Group leaving us well positioned
to exploit our strong base in the UK and Europe."
Enquiries to:
+----------------------------------+----------------------------------+
| ROG Group plc | Nominated Adviser |
+----------------------------------+----------------------------------+
| | Cairn Financial Advisers LLP |
+----------------------------------+----------------------------------+
| | |
+----------------------------------+----------------------------------+
| Roger Smee | Tony Rawlinson |
+----------------------------------+----------------------------------+
| Chairman | |
+----------------------------------+----------------------------------+
| Tel: 020 7822 0989 | Tel: 020 7148 7901 |
+----------------------------------+----------------------------------+
Chairman's statement
This has been a difficult period for the Real Office Group with the painful
decision taken to withdraw from the Middle East. It is a blow to me personally
that we as a Board were unable to grow the business in the Middle East in a more
orderly manner.
Results for 2009/10
As ever Pacific Interiors has performed well in trying times producing revenues
of GBP21.8m at a gross margin of 11.3% resulting in a profit before tax of
GBP0.8m and cash balances of GBP1.9m. The Group as a whole had turnover of
GBP22.6m, loss before tax of GBP8.9m and cash balances of GBP1.9m. Of the
GBP8.9m loss, GBP8.5m was in respect of discontinued activities in the UAE and
Qatar and the disposal of ISIS Projects Limited.
We disposed of ISIS Projects as it was no longer part of our strategic focus and
we are reviewing the future of our Indian business which is 51% owned by the
Group currently.
The Company completed a capital reorganisation in August 2010 which places it on
a much stronger financial base via the creation of a positive retained earnings
balance of GBP2.5m giving it the ability to declare a dividend should it be
considered appropriate.
Board
As a result of the changing nature of the business we have taken the decision to
streamline the overheads across the Group and as a result Mike Linforth and
Andrew Huntley have left the business during the year, Paddy Greenwood has
rejoined the board having stepped down on 16 July 2010 and Peter Conroy has
joined as a Non-Executive Director.
Outlook
Now that we have focused the Group back into our European heartland and
restructured it into a more cost effective business, I look forward to growing
our core businesses in the UK and Europe over the coming months.
On a final note I want to thank all our current employees for their unstinting
efforts.
Roger Smee - MBE
Chairman
1 December 2010
Consolidated Statement of Comprehensive Income - for the year ended 31 July 2010
+-----------------------------------------+---------+------------+------------+
| | | 2010 | 2009 |
+-----------------------------------------+---------+------------+------------+
| | Notes | Group | Group |
| | | GBP000 | Restated |
| | | | GBP000 |
| | | | |
+-----------------------------------------+---------+------------+------------+
| Continuing operations | | | |
+-----------------------------------------+---------+------------+------------+
| Revenue | | 22,612.6 | 18,722.7 |
+-----------------------------------------+---------+------------+------------+
| Cost of sales | | (19,784.0) | (15,301.0) |
+-----------------------------------------+---------+------------+------------+
| Gross profit | | 2,828.6 | 3,421.7 |
+-----------------------------------------+---------+------------+------------+
| Administrative expenses - excluding | | (3,199.8) | (3,507.9) |
| exceptional items | | | |
+-----------------------------------------+---------+------------+------------+
| Other income | | (1.8) | 139.9 |
+-----------------------------------------+---------+------------+------------+
| Finance revenue | | 29.6 | 39.4 |
+-----------------------------------------+---------+------------+------------+
| Finance costs | | (3.7) | (0.1) |
+-----------------------------------------+---------+------------+------------+
| (Loss)/profit for the year from | | (347.1) | 93.0 |
| continuing operations | | | |
+-----------------------------------------+---------+------------+------------+
| (Loss)/profit for the year from | 2 | (8,512.5) | 750.7 |
| discontinued operations | | | |
+-----------------------------------------+---------+------------+------------+
| (Loss)/profit before tax | | (8,859.6) | 843.7 |
+-----------------------------------------+---------+------------+------------+
| Tax | 3 | (29.4) | (309.2) |
+-----------------------------------------+---------+------------+------------+
| (Loss)/profit for the year | | (8,889.0) | 534.5 |
+-----------------------------------------+---------+------------+------------+
| Other comprehensive income | | | |
+-----------------------------------------+---------+------------+------------+
| Exchange differences on translating foreign | (6.5) | (152.3) |
| operations | | |
+---------------------------------------------------+------------+------------+
| Other comprehensive income (net of tax) | | (6.5) | (152.3) |
+-----------------------------------------+---------+------------+------------+
| Total comprehensive income for the year | | (8,895.5) | 382.2 |
+-----------------------------------------+---------+------------+------------+
| | | | |
+-----------------------------------------+---------+------------+------------+
| Profit attributable to: | | | |
+-----------------------------------------+---------+------------+------------+
| Equity holders of the parent | | (8,863.3) | 396.5 |
+-----------------------------------------+---------+------------+------------+
| Minority interests | | (25.7) | 138.0 |
+-----------------------------------------+---------+------------+------------+
| | | (8,889.0) | 534.5 |
+-----------------------------------------+---------+------------+------------+
| Total comprehensive income attributable | | | |
| to: | | | |
+-----------------------------------------+---------+------------+------------+
| Equity holders of the parent | | (8,869.8) | 244.2 |
+-----------------------------------------+---------+------------+------------+
| Minority interests | | (25.7) | 138.0 |
+-----------------------------------------+---------+------------+------------+
| | | (8,895.5) | 382.2 |
+-----------------------------------------+---------+------------+------------+
| Earnings per share | | | |
+-----------------------------------------+---------+------------+------------+
| Continuing operations | | | |
+-----------------------------------------+---------+------------+------------+
| EPS basic (pence) | | (0.24) | (0.83) |
+-----------------------------------------+---------+------------+------------+
| Diluted EPS (pence) | 4 | (0.24) | (0.60) |
+-----------------------------------------+---------+------------+------------+
| | | | |
+-----------------------------------------+---------+------------+------------+
| Discontinuing operations | | | |
+-----------------------------------------+---------+------------+------------+
| EPS basic (pence) | 4 | (5.79) | 1.76 |
+-----------------------------------------+---------+------------+------------+
| Diluted EPS (pence) | 4 | (5.79) | 1.28 |
+-----------------------------------------+---------+------------+------------+
Except as disclosed, all items in the above statement derive from continuing
operations. The Group results for 2009 comprise the results for the
subsidiaries for the year to 31 July 2009 and the results of the Company from 11
November 2008, the date at which all companies forming the Group came under
common control. As permitted by s.408 of the Companies Act 2006, the parent
Company has not published it statement of comprehensive income. The loss dealt
within the accounts of the parent Company was GBP9,992.8k (2009: GBP620.3k).
Consolidated statement of financial position - as at 31 July 2010
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | 2010 | 2009 |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | Group | Group |
| | | | | GBP000 | Restated |
| | | | | | GBP000 |
+-----------------------+----------+----------+------------------+------------+------------+
| Non-current assets | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Investments | | | | - | - |
+-----------------------+----------+----------+------------------+------------+------------+
| Property, plant and | | | | 208.2 | 473.2 |
| equipment | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | 208.2 | 473.2 |
+-----------------------+----------+----------+------------------+------------+------------+
| Current assets | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Trade and other | | | | 4,056.7 | 6,342.3 |
| receivables | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Cash and short term | | | | 1,876.3 | 1,654.5 |
| deposits | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | 5,933.0 | 7,996.8 |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Total assets | | | | 6,141.2 | 8,470.0 |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Equity | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Share capital | | | | 15,194.9 | 14,366.9 |
+-----------------------+----------+----------+------------------+------------+------------+
| Share premium | | | | 1,646.6 | 1,646.6 |
+-----------------------+----------+----------+------------------+------------+------------+
| Convertible loan | | | | - | 1,902.7 |
+-----------------------+----------+----------+------------------+------------+------------+
| Unity of interest | | | | (7,642.9) | (18,474.2) |
| reserve | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Foreign exchange | | | | 10.6 | (152.4) |
| reserve | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Retained earnings | | | | (10,240.1) | (1,376.8) |
+-----------------------+----------+----------+------------------+------------+------------+
| Equity attributable to equity holders of the parent | (1,030.9) | (2,087.2) |
| | | |
+----------------------------------------------------------------+------------+------------+
| Minority interest | | | | (25.7) | - |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | (1,056.6) | (2,087.2) |
+-----------------------+----------+----------+------------------+------------+------------+
| Current liabilities | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Trade and other | | | | 7,197.8 | 10,535.0 |
| payables | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Finance lease | | | | - | 9.6 |
| obligations | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | 7,197.8 | 10,544.6 |
+-----------------------+----------+----------+------------------+------------+------------+
| Non-current | | | | | |
| liabilities | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Other payables | | | | - | - |
+-----------------------+----------+----------+------------------+------------+------------+
| Finance lease | | | | - | 12.6 |
| obligations | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | - | 12.6 |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Total liabilities | | | | 7,197.8 | 10,557.2 |
+-----------------------+----------+----------+------------------+------------+------------+
| | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
| Total equity and | | | | 6,141.2 | 8,470.0 |
| liabilities | | | | | |
+-----------------------+----------+----------+------------------+------------+------------+
Consolidated statements of changes in equity
+-----------------------+----------+----------+--------+----------+-------------+-+-----------+-+---------+------------+----------+--------------+--------+----------+--------+----------+----------+
| | Share | Share | Convertible | Unity of | Forex | Retained | Attributable | Minority | Total |
| | capital | premium | Loan | interest | Reserve | Earnings | to owners of | Interest | |
| | | | | reserve | | | the parent | | |
+-----------------------+ + + + + + +--------------+ + +
| Group | | | | | | | | | |
+-----------------------+---------------------+-------------------+-------------+-------------+-----------+-----------------------+--------------+-------------------+------------------------------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------+---------------------+-------------------+-------------+-------------+-----------+-----------------------+--------------+-------------------+------------------------------+
| As at 1 August 2009 | 14,366.9 | 1,646.6 | 1,902.7 | (18,840.8) | (152.4) | (1,010.2) | (2,087.2) | - | (2,087.2) | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Prior year | - | - | - | 366.6 | - | (366.6) | - | - | - | |
| adjustment- | | | | | | | | | | |
| reclassification of | | | | | | | | | | |
| acquisition costs | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| As at 1 August 2009 - | 14,366.9 | 1,646.6 | 1,902.7 | (18,474.2) | (152.4) | (1,376.8) | (2,087.2) | - | (2,087.2) | |
| restated | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Loss for the year | - | - | - | - | - | (8,863.3) | (8,863.3) | (25.7) | (8,889.0) | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Foreign currency | - | - | - | - | (6.5) | - | (6.5) | - | (6.5) | |
| translation | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Total comprehensive | - | - | - | - | (6.5) | (8,863.3) | (8,869.8) | (25.7) | (8,895.5) | |
| income for the year | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| | | | | | | | | | | |
| Transactions with | | | | | | | | | | |
| owners | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Shares issued | 828.0 | - | - | - | - | - | 828.0 | - | 828.0 | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Convertible loan | - | - | (19.5) | - | - | - | (19.5) | - | (19.5) | |
| repayment | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Disposal of ISIS | - | - | - | 767.0 | - | - | 767.0 | - | 767.0 | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| Impairment of | - | - | (1,883.2) | 10,064.3 | 169.5 | - | 8,350.6 | - | 8,350.6 | |
| investment PME | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| At 31 July 2010 | 15,194.9 | 1,646.6 | - | (7,642.9) | 10.6 | (10,240.1) | (1,030.9) | (25.7) | (1,056.6) | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| | | | | | | | | | | |
+-----------------------+----------+-------------------+--------------------------+-------------+---------+------------+-------------------------+--------+------------------------------+----------+
| The Unity of interest reserve represents the difference between the fair value of the consideration paid and the issued share capital and share premium of | |
| the subsidiaries acquired less the share premium of the Company by virtue of section 612 of the Companies Act 2006, "Merger Relief". | |
+-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------------+
| | | | | | | | | | | | | | | | | | |
+-----------------------+----------+----------+--------+----------+-------------+-+-----------+-+---------+------------+----------+--------------+--------+----------+--------+----------+----------+
The Company received shareholder consent and applied to the High Court to
undertake a reduction in its share capital from 10 pence per share to 2 pence
per share and to cancel its share premium account. The hearing in the High
Court took place on 18 August 2010 and consent was granted.
Consolidated cash flow statements - for the year ended 31 July 2010
+--------------------------------------+----+-----------+-----------+
| | | 2010 | 2009 |
+--------------------------------------+----+-----------+-----------+
| | | Group | Group |
| | | GBP000 | Restated |
| | | | GBP000 |
+--------------------------------------+----+-----------+-----------+
| Cash flows from operating activities | | | |
+--------------------------------------+----+-----------+-----------+
| (Loss)/profit before tax | | (8,859.6) | 843.7 |
+--------------------------------------+----+-----------+-----------+
| Adjustments for: | | | |
+--------------------------------------+----+-----------+-----------+
| Finance income | | (29.6) | (39.4) |
+--------------------------------------+----+-----------+-----------+
| Finance expense | | 3.7 | 0.1 |
+--------------------------------------+----+-----------+-----------+
| Bad debt | | - | 85.7 |
+--------------------------------------+----+-----------+-----------+
| Depreciation | | 52.9 | 51.2 |
+--------------------------------------+----+-----------+-----------+
| Impairment of investments | | 8,512.5 | (750.7) |
+--------------------------------------+----+-----------+-----------+
| Loss on disposal of fixed assets | | - | (4.1) |
+--------------------------------------+----+-----------+-----------+
| | | (320.1) | 186.5 |
+--------------------------------------+----+-----------+-----------+
| Decrease/(increase) in inventories | | 532.6 | 224.4 |
+--------------------------------------+----+-----------+-----------+
| (Increase)/decrease in operating | | (2,883.8) | 1,856.7 |
| receivables | | | |
+--------------------------------------+----+-----------+-----------+
| Increase/(decrease) in operating | | 3,584.1 | (4,754.4) |
| payables | | | |
+--------------------------------------+----+-----------+-----------+
| | | 912.8 | (2,486.8) |
+--------------------------------------+----+-----------+-----------+
| Dividends paid | | - | (153.7) |
+--------------------------------------+----+-----------+-----------+
| Tax paid | | (148.7) | (419.7) |
+--------------------------------------+----+-----------+-----------+
| Cash flow from operating activities | | (406.6) | (1,085.9) |
| - discontinued operations | | | |
+--------------------------------------+----+-----------+-----------+
| Net cash flow from operating | | 357.5 | (4,146.1) |
| activities | | | |
+--------------------------------------+----+-----------+-----------+
| | | | |
| Cash flows from investing activities | | | |
+--------------------------------------+----+-----------+-----------+
| Cash flows from investing activities | | | |
+--------------------------------------+----+-----------+-----------+
| Capital expenditure | | (20.8) | (83.1) |
+--------------------------------------+----+-----------+-----------+
| Proceeds of sale of fixed assets | | - | |
+--------------------------------------+----+-----------+-----------+
| Acquisitions | | 12.4 | (1,530.9) |
+--------------------------------------+----+-----------+-----------+
| Investment income received | | 29.6 | 39.4 |
+--------------------------------------+----+-----------+-----------+
| Net cash disposed of within | | (91.1) | (774.7) |
| subsidiaries | | | |
+--------------------------------------+----+-----------+-----------+
| Cash flow from investing activities | | (54.5) | 15.8 |
| - discontinued operations | | | |
+--------------------------------------+----+-----------+-----------+
| Net cash used in investing | | (124.4) | (2,333.5) |
| activities | | | |
+--------------------------------------+----+-----------+-----------+
| | | | |
+--------------------------------------+----+-----------+-----------+
| Cash flows from financing activities | | | |
+--------------------------------------+----+-----------+-----------+
| Interest paid | | (3.7) | (0.1) |
+--------------------------------------+----+-----------+-----------+
| Cash flow from financing activities | | (21.1) | (36.7) |
| - discontinued operations | | | |
+--------------------------------------+----+-----------+-----------+
| Net cash flows from financing | | (24.8) | (36.8) |
| activities | | | |
+--------------------------------------+----+-----------+-----------+
| | | | |
+--------------------------------------+----+-----------+-----------+
| Net increase/(decrease) in cash and | | 208.3 | (6,516.4) |
| cash equivalents | | | |
+--------------------------------------+----+-----------+-----------+
| Effect of foreign exchange rate | | 13.5 | 275.3 |
| changes | | | |
+--------------------------------------+----+-----------+-----------+
| Cash and cash equivalents at 1 | | 1,654.5 | 7,895.6 |
| August 2009 | | | |
+--------------------------------------+----+-----------+-----------+
| Cash and cash equivalents at the end | | 1,876.3 | 1,654.5 |
| of the year | | | |
+--------------------------------------+----+-----------+-----------+
1. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention
and on a going concern basis which assumes that the Group will be able to meet
its liabilities as they fall due for at least 12 months following the date of
approval of these financial statements. The Directors have considered the going
concern assumption in the preparation of the financial statements.
Statement of compliance
The consolidated financial statements of the Group and Company have been
prepared in accordance with International Financial Reporting Standards adopted
for use in the European Union ("IFRS") and The Companies Act, 2006.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and its subsidiaries drawn up to 31 July each year. Control is
achieved where the Company has the power to govern the financial and operating
policies of an investee entity so as to obtain benefit from its activities.
The results of subsidiaries acquired or disposed of during the year are included
in the income statement from the effective date of acquisition or up to the
effective date of disposal, as appropriate.
Long term contracts
When the outcome of individual contracts can be foreseen with reasonable
certainty and can be measured reliably, a margin is recognised by reference to
the stage of completion, based on the percentage margin forecast at completion.
The stage of completion is measured by the proportion of contract costs incurred
for work performed to date, to the estimated total contract costs or the
proportion of the value of work done to the total value of work under contract.
Full provision is made for all known expected losses on individual contracts
immediately once such losses are foreseen. Margin in respect of variations in
contract work and claims is recognised if it is probable they will result in
revenue.
+------------------------------------------------------------------------+
| 2. Discontinued operations |
+------------------------------------------------------------------------+
| (a) Disposal of ISIS Projects Limited |
| |
+------------------------------------------------------------------------+
| On 28 January 2010, the board of directors completed the sale of its |
| entire investment in ISIS Projects Limited ("ISIS"). The proceeds of |
| sale were substantially below the carrying amount of the related net |
| assets and, accordingly, impairment losses were recognised. The |
| disposal of the construction operations is consistent with the Group's |
| long-term policy to focus its activities in the design and build |
| arena. Details of the assets and liabilities disposed of, and the |
| calculation of the profit or loss on disposal, are disclosed below. |
| |
+------------------------------------------------------------------------+
| (b) Plan to liquidate operations in the Middle East |
| |
+------------------------------------------------------------------------+
| After a major customer in the Middle East twice defaulted on its |
| contractual obligations, on 28 February 2010 the decision was taken to |
| close down the operations of Pacific Middle East LLC ("PME"), Pacific |
| Middle East Turnkey (Abu Dhabi) LLC and Pacific Middle East Turnkey |
| (Dubai) LLC (collectively "UAE"). The impact of these decisions has |
| been reflected in these results by showing separately the loss from |
| these discontinued activities in the Income statement in accordance |
| with IFRS 5 and by providing for the impairment of the investments in |
| Pacific Middle East LLC, Pacific Middle East Turnkey (Abu Dhabi) LLC |
| and Pacific Middle East Turnkey (Dubai) LLC. |
| |
+------------------------------------------------------------------------+
+---------------------------------------------------+-----------+--+-----------+-+
| (c) Analysis of profit for the year from discontinued operations |
| |
+--------------------------------------------------------------------------------+
| The combined results of the discontinued operations (i.e. ISIS Projects |
| Limited and Pacific Middle East LLC, Pacific Middle East Turnkey (Abu |
| Dhabi) LLC and Pacific Middle East Turnkey (Dubai) LLC) included in the |
| income statement are set out below. The comparative profit and cash |
| flows from discontinued operations have been re-presented to include |
| those operations classified as discontinued in the current period. |
| |
| |
| |
+--------------------------------------------------------------------------------+
| | 2010 | | 2009 |
| | GBP000 | | GBP000 |
+---------------------------------------------------+-----------+--+-------------+
| (Loss)/profit for the year from discontinued | | | |
| operations | | | |
+---------------------------------------------------+-----------+--+-------------+
| | | | |
+---------------------------------------------------+-----------+--+-------------+
| Revenue | 7,175.8 | | 26,288.3 |
+---------------------------------------------------+-----------+--+-------------+
| Other gains | - | | - |
+---------------------------------------------------+-----------+--+-------------+
| | 7,175.8 | | 26,288.3 |
+---------------------------------------------------+-----------+--+-------------+
| | | | |
+---------------------------------------------------+-----------+--+-------------+
| Expenses | (9,809.9) | | (25,497.4) |
+---------------------------------------------------+-----------+--+-------------+
| | | | |
+---------------------------------------------------+-----------+--+-------------+
| Profit before tax | (2,634.1) | | 790.9 |
+---------------------------------------------------+-----------+--+-------------+
| Attributable income tax expense | - | | (40.2) |
+---------------------------------------------------+-----------+--+-------------+
| | | | |
+---------------------------------------------------+-----------+--+-------------+
| (Loss)/profit for the year from discontinued | (2,634.1) | | 750.7 |
| operations (attributable to owners of the | | | |
| Company) | | | |
+---------------------------------------------------+-----------+--+-------------+
| | | | |
+---------------------------------------------------+-----------+--+-------------+
| Cash flows from discontinued operations | | | | |
| | | | | |
+---------------------------------------------------+-----------+--+-----------+-+
| Net cash (outflows) from operating activities | (406.6) | | (1,085.9) | |
+---------------------------------------------------+-----------+--+-----------+-+
| Net cash (outflows)/inflows from investing | (54.5) | | 15.8 | |
| activities | | | | |
+---------------------------------------------------+-----------+--+-----------+-+
| Net cash (outflows) from financing activities | (21.1) | | (36.7) | |
+---------------------------------------------------+-----------+--+-----------+-+
| | | | | |
+---------------------------------------------------+-----------+--+-----------+-+
| Net cash (outflows) | (482.2) | | (1,106.8) | |
+---------------------------------------------------+-----------+--+-----------+-+
3. Taxation
Taxation has been provided for where it has not been possible to group relief
any taxable profits at a rate of 28% in both years disclosed.
4. Earnings per share
The calculation of basic and diluted earnings per share is based on the
following data:
+--------------------------------------------------------+----------+-------------+------------+
| Earnings for the purposes of basic and diluted | 2010 | 2009 |
| earnings per share being net (loss)/profit for the | Group | Group |
| year | GBP000 | GBP000 |
+--------------------------------------------------------+------------------------+------------+
| Continuing operations | (350.8) | (354.2) |
+--------------------------------------------------------+------------------------+------------+
| Discontinued operations | (8,512.5) | 750.7 |
+--------------------------------------------------------+------------------------+------------+
| | (8,863.3) | 396.5 |
+--------------------------------------------------------+------------------------+------------+
| | | |
+--------------------------------------------------------+------------------------+------------+
| Number of shares | 2010 | 2009 |
| | Number | Number |
+--------------------------------------------------------+------------------------+------------+
| Weighted average number of ordinary shares for the purposes of | 147,119,058 | 42,733,837 |
| basic EPS | | |
+-------------------------------------------------------------------+-------------+------------+
| Dilution on conversion of loan note | - | 15,855,833 |
+-------------------------------------------------------------------+-------------+------------+
| Weighted average number of ordinary shares for the purposes of | 147,119,058 | 58,589,670 |
| diluted EPS | | |
+-------------------------------------------------------------------+-------------+------------+
| | | | |
+--------------------------------------------------------+----------+-------------+------------+
The calculation of basic and diluted earnings per share is based on the
following data:
+--------------------------------------------------------+----------+-------------+------------+
| Earnings for the purposes of basic and diluted | 2010 | 2009 |
| earnings per share being net (loss)/profit for the | Group | Group |
| year | GBP000 | GBP000 |
+--------------------------------------------------------+------------------------+------------+
| Continuing operations | (350.8) | (354.2) |
+--------------------------------------------------------+------------------------+------------+
| Discontinued operations | (8,512.5) | 750.7 |
+--------------------------------------------------------+------------------------+------------+
| | (8,863.3) | 396.5 |
+--------------------------------------------------------+------------------------+------------+
| | | |
+--------------------------------------------------------+------------------------+------------+
| Number of shares | 2010 | 2009 |
| | Number | Number |
+--------------------------------------------------------+------------------------+------------+
| Weighted average number of ordinary shares for the purposes of | 147,119,058 | 42,733,837 |
| basic EPS | | |
+-------------------------------------------------------------------+-------------+------------+
| Dilution on conversion of loan note | - | 15,855,833 |
+-------------------------------------------------------------------+-------------+------------+
| Weighted average number of ordinary shares for the purposes of | 147,119,058 | 58,589,670 |
| diluted EPS | | |
+-------------------------------------------------------------------+-------------+------------+
| | | | |
+--------------------------------------------------------+----------+-------------+------------+
5. Annual General Meeting
The Annual General Meeting will be held at 10.00am on 10 January 2011 at the
Company's offices at 5th Floor, Thavies Inn House, 3 - 4 Holborn Circus, London
EC1N 2HA.
6. Report and Accounts
Copies of the Report and Accounts for the year ended 31 July 2010 will be sent
to shareholders in due course. Further copies will be available on the Company's
website at www.realofficegroup.com or at the Company's registered office at 5th
Floor, Thavies Inn House, 3 - 4 Holborn Circus, London EC1N 2HA from 6 December
2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TTBLTMBTMBRM
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