BWA Group Plc
LSE : BWAP

December 08, 2010 02:00 ET

Interim report for the six months ended 31st October 2010

                                                            
                                                                                  8 December 2010
                                                           
                                                                                     GB0033877555
                                                                                     
                                           BWA Group Plc
                                     ("BWA" or the "Company")
                                                 
                     Interim report for the six months ended 31st October 2010


Chairman's statement

The  accounts accompanying this statement are for the six months ended 31st October 2010  and  the
Directors are pleased to report a profit before taxation of £34,859.

During  the  period  under review the Directors continued to examine potential  transactions  that
would  meet  the criteria set out in the Company's admission document.  Four potential investments
meeting  those  criteria  have been examined in detail and a number of  other  opportunities  were
considered but rejected.  The Directors are continuing discussions with certain of these prospects
and further opportunities are being sought.

As  noted  in  my  statement  at  the  year  end, we have completed  four  small  investments  and
realisations  in the period have generated a surplus of £32,668.  The Board has also committed  to
an  investment of up to £25,000 in a delisted AIM company where we have an agreement to assist the
directors  with  a restructuring of the capital of the company prior to a potential  reverse  take
over of another business and a PLUS market admission.

The  Directors  are focused on maintaining shareholder value and, to ensure there is  the  minimum
depletion  of cash resources whilst a major investment is sought, are not drawing any remuneration
and maintaining a tight control over costs.

R G Battersby
Chairman

8 December 2010







                                           BWA GROUP PLC
                                                 
             UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2010
                                                 

                                      PROFIT AND LOSS ACCOUNT
                                                 
                                                             Six months ended          Year ended
                                                    Notes     31 October 2010       30 April 2010
                                                                    Unaudited             Audited
                                                                          £                  £
                                                                                
Turnover                                                                20,000                -
                                                                                                  
Administrative expenses                                                 17,809           10,462
                                                                        ------           ------
Operating profit / (loss)                                                2,191          (10,462)
                                                                                                   
Gain on investments                                                     32,668                -
                                                                                                   
Exceptional items                                                            -          (74,277)
                                                                        ------           ------
                                                                        34,859          (84,739)
                                                                                                   
Interest receivable                                                          -                -
                                                                        ------           ------
Profit / (loss) on ordinary activities before and                                                 
after taxation and retained for the period                              34,859          (84,739)
                                                                        ------           ------
                                                                                                  
Earnings per ordinary share - basic (pence)           2                  0.033           (0.187)
                                                                         
                                                                        ------            -----
                                                                                                  
Earnings per ordinary share -diluted (pence)          2                  0.033           (0.180)                        
                                                                        
                                                                        ------            -----
    
All amounts relate to continuing activities.

All recognised gains and losses in the current period and prior periods are included in the profit
and loss account.
    
    
    
    
    
    
    
    
                          STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                                 
                                                             Six months ended          Year ended
                                                    Notes     31 October 2010       30 April 2010
                                                                    Unaudited             Audited
                                                                          £                  £
                                                                                
                                                                                                  
Profit / (loss) for the period                                          34,859          (84,739)
                                                                                                   
Unrealised gain on revaluation of available for                                                
sale investments                                                        12,300                -                        
                                                                        
                                                                         ------          ------
                                                                                                   
Total recognised gains and losses for the year                          47,159          (84,739)
                                                                        ------           ------
                                                 
                                                 
                                                 
                                                 
                                                 
                                                 
                                                 
                                                 
                                                 
                                                 
                                           BALANCE SHEET
                                                 
                                                     Notes  At 31 October 2010         At 30 April
                                                                    Unaudited                2010
                                                                                          Audited
                                                                         £                  £
Fixed Assets                                                                     
 Available-for-sale Investments                                         92,550                  -
                                                                                                   
Current assets                                                                                     
 Debtors and prepayments                                                44,378             22,231
 Cash at bank and in hand                                               165,161           248,505
                                                                       ------              ------
                                                                        209,539           270,736
                                                                                                   
Creditors: amounts falling due within one year                           (2,882)          (18,688)
                                                                         ------            ------
Net current assets                                                      206,657           252,048
                                                                         ------            ------
Total assets less current liabilities                                   299,207           252,048
                                                                         ------            ------
Capital and reserves                                                                               
 Called up share capital                               3                526,753           526,753
   Capital redemption reserve                                           288,625           288,625
   Available-for-sale revaluation reserve                                12,300                 -
 Profit and loss account                                               (528,471)         (563,330)
                                                                         ------            ------
Shareholders' funds                                                     299,207           252,048
                                                                         ------            ------



                                        CASH FLOW STATEMENT
                                                 
                                                               Six months ended          Year ended
                                                               31 October 2010       30 April 2010
                                                                     Unaudited             Audited
                                                                           £                  £

Net cash outflow from operating activities                              (25,986)          (93,053)

Net cash inflow from returns on investments and                                                      
servicing of finance                                                          -                 -
                                                                                                     
Capital expenditure and investing activities                                                         
  Acquisition of investments                                             (93,750)               -
  Proceeds received on sale of investments                                36,392                -
                                                                          ------           ------
Net cash outflow from capital expenditure and                                                        
investing activities                                                     (57,358)               -
                                                                           ------          ------
Cash outflow before financing                                            (83,344)         (93,053)
                                                                           ------          ------
Financing                                                                                            
Proceeds on issue of ordinary shares                                           -          314,594
                                                                          -------         -------
Cash inflow from financing                                                      -         314,594
                                                                          -------         -------
(Decrease)/ increase in cash for the period                              (83,344)         221,541
                                                                           ------          ------





                                NOTES TO THE FINANCIAL INFORMATION
1.    Status of these accounts
      The  interim  accounts for the period from 1 May 2010 to 31 October 2010 are unaudited.  The
      financial  information  set  out  in this statement does not constitute  statutory  accounts
      within  the  meaning of the Companies Act 2006. This information has been  reviewed  by  the
      Company's auditors.
2.    Earnings per ordinary share
      Basic  and diluted earnings per share figures are based on the following profits /  (losses)
      and numbers of shares:
                                                               Six months ended                    
                                                               31 October 2010          Year ended
                                                                     Unaudited       30 April 2010
                                                                                           Audited
                                                                        £                      £
                                                                              
Profit / (loss) before tax                                                34,859          (84,739)
                                                                      ----------       ----------
Weighted average number of shares                                    105,350,523       45,218,596
 for the purpose of basic earnings per share
                                                                                                    
Effect of dilutive potential ordinary shares:                            877,921        1,755,842
Share options
                                                                       ----------      ----------
Weighted average number of shares                                    106,228,444       46,974,438
for the purpose of diluted earnings per share
                                                                       ----------      ----------
      
3.   Share capital

                                                                              At                 At
                                                                31 October 2010      30 April 2010
Allotted, called up and fully paid                                    £                        £
                                                                               
Number:                                  Class      Nominal                                          
                                                     value                                           
105,350,523                            Ordinary      0.5p                 526,753             526,753
                                                                       ----------          ----------
    
                                                 


The Directors of BWA Group Plc are responsible for the contents of this announcement.

For further information please contact:

BWA Group Plc
Richard Battersby (Chairman)                                                 07836 238172

St Helens Capital Partners LLP
Mark Anwyl or Duncan Vasey                                                   020 7368 6959
                                                     
                                                 

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