29 January 2018
BWA GROUP PLC
(“BWA” or the “Company”)
UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2017
CHAIRMAN'S STATEMENT
Dear Shareholder
The board of BWA Group plc is pleased to present the results for the half year to 31 October 2017. The Company continues to seek a suitable investment or investments which will be value enhancing for shareholders.
The results for the period comprise only the costs of administering the Company for the six months, resulting in an operating loss of £15,144.
The board continues to monitor the progress of the two major investments, Prego International and Mineralfields, both of which remain committed to moving to a listing or trade sale when possible.
On 22 December 2017, it was announced that BWA was seeking to acquire licences for the extracting of Rutile Sands deposits in Cameroon through a BWA subsidiary to be formed in Cameroon to support the Company’s investment in Mineralfields Group Limited. Those negotiations are proceeding and a further announcement will be made in due course.
The Company’s other major investee company, Prego International, is in the process of migrating from Guernsey to Norway and restructuring its shareholding base. It is anticipated by the board of that company that when the restructuring is complete a Norwegian matched bargain dealing facility will be introduced. Details may be found on the Prego website at www.pregogroup.com.
Shareholders may be assured the board is seeking every possible opportunity to develop the Company and are pleased that these developments will help in that direction.
Richard Battersby, Chairman
The Directors of BWA are responsible for the contents of this announcement.
For further information please contact:
BWA Group Plc
Richard Battersby (Non-Executive Chairman)
07836 238 172
Peterhouse Corporate Finance Limited
Mark Anwyl
020 7469 0930
INCOME STATEMENT
| Notes |
Six months ended 31 October 2017 Unaudited GBP |
Year ended 30 April 2017 Audited GBP | |
| Turnover | - | - | |
| Cost of sales | - | - | |
| –––––– | –––––– | ||
| Gross profit | - | - | |
Administrative expenses | (15,144) | (31,322) | |
| –––––– | –––––– | ||
| (15,144) | (31,322) | ||
Other operating income | - | 12,000 | |
| –––––– | –––––– | ||
| Operating (loss)/profit | (15,144) | (19,322) | |
Interest receivable and similar income | - | 16 | |
| –––––– | –––––– | ||
| (Loss)/profit on ordinary activities before and after taxation and retained for the period | (15,144) | (19,306) | |
| –––––– | –––––– | ||
(Loss)/earnings per ordinary share – basic (pence) | 2 | (0.01) | (0.02) |
| –––––– | –––––– | ||
(Loss)/earnings per ordinary share –diluted (pence) | 2 | (0.01) | (0.02) |
| –––––– | –––––– |
All amounts relate to continuing activities.
STATEMENT OF OTHER COMPREHENSIVE INCOME
| Notes |
Six months ended 31 October 2017 Unaudited GBP |
Year ended 30 April 2017 Audited GBP | |
| (Loss)/profit for the period | (15,144) | (19,306) | |
|
Other comprehensive income Unrealised (loss)/gain on revaluation of investments | 4 | (273) | (206) |
| –––––– | –––––– | ||
Total comprehensive income for the period | (15,417) | (19,512) | |
| –––––– | – ––– | ||
BALANCE SHEET
| Notes | At 31 October 2017 Unaudited GBP | At 30 April 2017 Audited GBP | |
| Fixed Assets | |||
| Available-for-sale Investments | 617,998 | 618,271 | |
| Current assets | |||
| Debtors and prepayments | 6,424 | 15,774 | |
| Cash at bank and in hand | 16,340 | 16,980 | |
| –––––– | –––––– | ||
| 22,764 | 32,754 | ||
Creditors: amounts falling due within one year | (83,378) | (80,611) | |
| –––––– | –––––– | ||
| Net current liabilities | (60,614) | (47,857) | |
| –––––– | –––––– | ||
| Total assets less current liabilities | 557,384 | 570,414 | |
| –––––– | –––––– | ||
| Capital and reserves | |||
| Called up share capital | 3 | 560,788 | 560,788 |
| Share premium | 4 | 12,663 | 12,663 |
| Capital redemption reserve | 4 | 288,625 | 288,625 |
| Available-for-sale revaluation reserve | 4 | 617,608 | 617,881 |
| Profit and loss account | 4 | (922,300) | (909,543) |
| –––––– | –––––– | ||
| Shareholders’ funds | 557,384 | 570,414 | |
| –––––– | –––––– |
CASH FLOW STATEMENT
| Six months ended 31 October 2017 Unaudited GBP | Year ended 30 April 2017 Audited GBP | ||
| Cash flows from operating activities | (6,640) | (43,292) | |
| Cash flows from investing activities | |||
| Sale of fixed asset investments | 6,000 | 12,500 | |
| Interest received | - | 16 | |
| –––––– | –––––– | ||
| Net cash from investing activities | 6,000 | 12,516 | |
| –––––– | –––––– | ||
| Cash flows from financing activities | |||
| Amount withdrawn by directors | - | (601) | |
| –––––– | –––––– | ||
| Net cash from financing activities | - | (601) | |
| –––––– | –––––– | ||
| –––––– | –––––– | ||
| (Decrease)/increase in cash and cash equivalents | (640) | (31,377) | |
| Cash and cash equivalents at beginning of year | 16,980 | 48,357 | |
| –––––– | –––––– | ||
| Cash and cash equivalents at end of year | 16,340 | 16,980 | |
| –––––– | –––––– | ||
NOTES TO THE FINANCIAL INFORMATION
1. Status of these accounts
The interim accounts for the period from 1 May 2017 to 31 October 2017 are unaudited. The financial information set out in this statement does not constitute statutory accounts within the meaning of the Companies Act 2006.
2. Earnings per ordinary share
Basic and diluted earnings per share figures are based on the following (losses) / profits and numbers of shares:
| Six months ended 31 October 2017 Unaudited |
Year ended 30 April 2017 Audited | |
| GBP | GBP | |
| (Loss)/profit before tax | (15,144) | (19,306) |
| –– | –– | |
|
Weighted average number of shares for the purpose of basic earnings per share | 112,157,725 | 112,157,725 |
| Effect of dilutive potential ordinary shares: Share options | - | - |
| –––––– | –––––– | |
|
Weighted average number of shares for the purpose of diluted earnings per share | 112,157,725 | 112,157,725 |
| –– | –– |
3. Share capital
| At 31 October 2017 |
At 30 April 2017 | |||
| Allotted, called up and fully paid | GBP | GBP | ||
| Number: | Class | Nominal | ||
| value | ||||
| 112,157,725 | Ordinary | 0.5p | 560,788 | 560,788 |
| –– | –– |
4. Reserves
Share premium | Capital redemption reserve |
AFS revaluation reserve |
Profit and loss account | Total | |
| GBP | GBP | GBP | GBP | GBP | |
| At 1 May 2017 | 12,663 | 288,625 | 617,881 | (909,543) | 9,626 |
| Revaluation of AFS investments | - | - | (273) | - | (273) |
| Share-based payment | - | - | - | 2,387 | 2,387 |
| Loss for the period | - | - | - | (15,144) | (15,144) |
| –––––– | –––––– | –––––– | –––––– | –––––– | |
| At 31 October 2017 | 12,663 | 288,625 | 617,608 | (922,300) | (3,404) |
| –– | –– | –– | –– | –– |
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.
