Worthington Group FY10 Loss Narrows, Addresses Pension Scheme Exposure

16th Jun 2010 12:57

LONDON (Dow Jones)--Worthington Group PLC (WRN.LN), a hospitality management, consulting, and development partnership, said Wednesday reported a slightly narrowed fiscal 2010 pretax loss and said it continues to look for ways to reduce the Company's exposure to the pension scheme, but it is likely that this can only be addressed when a suitable acquisition opportunity has been found which Board continues to seek. MAIN FACTS: -Revenue for year ended March 31 GBP147,000 (2009: GBP142,000) -Loss before tax GBP316,000 (2009: loss GBP487,000 -Loss per share 2.7 pence (2009: loss 4.1 pence) -Cash balances GBP831,000, an increase of GBP35,000. -Continues to look for suitable opportunities to lend. -Investigating various planning schemes for the site at Keighley to realize the maximum value out of the site; Anticipates moving forward with some sort of planning application for the site in the coming year dependent on the outcome of the consultation. -Payments into the scheme to reduce the deficit during the period amounted to GBP182,000 (2009: GBP223,000) but despite this the scheme deficit on an IAS 19 basis increased to GBP3,240,000 (2009: GBP2,641,000). -Net asset value decreased by GBP855,000 in the year to GBP232,000 (2009: GBP1,087,000) principally as a result of the rise in the pension scheme deficit of GBP599,000. -Shares at 1155 GMT down 0.5 pence, or 2.9%, at 17 pence valuing the company at GBP2.01 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 16, 2010 07:57 ET (11:57 GMT)