FRM Formation Grp

29 May 2020
 

FORMATION GROUP PLC
('Formation', or the 'Company'; together with its subsidiaries, the ‘Group’)

Unaudited Interim Results for the six months ended 29 February 2020

Director's Statement

I am pleased to report the Group's results for the six months ended 29 February 2020.

Revenue for the 6 months ended 29 February 2020 of GBP 17.1 m was 14.76% higher than the GBP 14.9m generated in the same period last year.  This resulted in a gross profit of GBP 0.6m for the period (2019: GBP 0.5m), an increase of 20%. Administrative costs, which are relatively fixed in nature, further declined and were lower than the prior year at GBP 0.4m (2019: GBP 0.6m). As a result, the group posted a profit from continuing operations for the period of GBP 0.2m compared to a loss of GBP 0.1m for the same period in 2019.

The Directors continue to pursue opportunities for new projects and new clients in order to grow revenues.

David Kennedy

Unaudited consolidated income statement
For the six months ended 29 February 2020

Unaudited consolidated statement of financial position
As at 29 February 2020

Notes to the unaudited financial information

1.    Basis of preparation

The financial information set out in this unaudited interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 August 2019, prepared under FRS 102, have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

The unaudited interim financial information has been prepared in accordance with the recognition and measurement principles of FRS 102 and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 August 2019. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

2.    Turnover

For management purposes, the Group is organised into different segments being professional construction services and development operations. All turnover is generated in the United Kingdom.

Turnover analysed by category was as follows:

3.    Earnings per share

The calculation of basic and diluted loss per share is based on the following losses and numbers of shares:                            

Profit per share is calculated by dividing the profit for the period attributable to equity shareholders by the weighted average number of shares in issue during the period.

4.     Inventories

The inventory is held at the lower of cost and estimated selling price. There has been no impairment of inventories or amounts recognised in the income statement during the period.
 

The Directors of the Company accept responsibility for the contents of this announcement.
 

--ENDS--
 

Enquiries:

Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.