CONNECT M77/GSO PLC

• ⚠

  Material uncertainty over going concern

  The Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and that the Company has met is debt principal and interest obligations for its Senior Secured Bonds in all periods to date and forecasts to continue to do so for the foreseeable future. However, it also explains that the Company has forecast a long-term funding shortfall in respect of repayment of its subordinated Secured loan stock at the end of its project in 2035. Future annual waivers of interest payable on the Company's subordinated Secured Loan Stock by its lenders are also not certain to be received. These events and conditions, along with the other matters explained in note 1, constitute a material uncertainty that may cast significant doubt on the Group's and the parent Company's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and that the Company has met is debt principal and interest obligations for its Senior Secured Bonds in all periods to date and forecasts to continue to do so for the foreseeable future. However, it also explains that the Company has forecast a long-term funding shortfall in respect of repayment of its subordinated Secured loan stock at the end of its project in 2035. Future annual waivers of interest payable on the Company's subordinated Secured Loan Stock by its lenders are also not certain to be received. These events and conditions, along with the other matters explained in note 1, constitute a material uncertainty that may cast significant doubt on the Group's and the parent Company's ability to continue as a going concern.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +3.7%

  £3,514,000 → £3,644,000

• Cash

  +13%

  £23,665,000 → £26,744,000

• Net assets

  +7.4%

  -£26,250,000 → -£24,309,000

• Employees

  —

  Not reported

• Operating profit

  +16.2%

  £154,000 → £179,000

• Profit before tax

  +30.8%

  £1,978,000 → £2,588,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers