TIDMSAF
RNS Number : 5171X
Safeland PLC
27 November 2017
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR")
STRICTLY EMBARGOED UNTIL 7am: 27th November 2017
Safeland plc
("Safeland" or the "Company" or the "Group")
Interim Results
For the Six Months to 30 September 2017
Safeland (AIM: SAF), the property trading and investment
company, announces its unaudited interim results for the six months
ended 30 September 2017
Highlights
Turnover: GBP2.8m (2016: GBP1.9m)
Loss before tax: GBP0.2m (2016: loss GBP0.4m)
Net asset value per share: 129.3p (30 September 2016: 111.7p, 31
March 2017: 129.0p)
Managing Director's Statement
I am pleased to report the Group's unaudited interim results for
the 6 months to 30 September 2017. These results reflect
transactional volatility that shareholders will be aware of.
During the period, the Group sold its residual interest in a
property in London N2 and purchased and sold a mixed-use property
in London NW9. The disposals generated total revenues of GBP2.8m.
Work also continues in redeveloping the former hotel in Muswell
Hill into 18 apartments and in constructing 3 detached properties
near our head office in London N2; both are proceeding according to
plan and we expect completion on both projects during the first
half of 2018.
Given the results for the 6 months ended 30 September 2017, the
Directors do not propose the payment of an interim dividend (6
months ended 30 September 2016: nil; year ended 31 March 2017:
1p).
Outlook
As stated in previous announcements, the market continues to be
constrained by the current economic and political outlook. However,
we continue to pursue acquisition opportunities whilst continuing
to add value to existing stock held through planning or
development.
The Board is confident that it has the skills necessary to make
selected acquisitions in the current market, but is being extremely
selective until there is further clarity as to the general economic
and political outlook.
For further information:
+44 (0) 20 8815
Safeland plc 1600
Larry Lipman, Managing Director
Stockdale Securities +44 (0) 20 7601
(Nominated Adviser and Broker) 6100
Tom Griffiths
For more information visit: www.safeland.co.uk
Condensed consolidated
income statement Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
Revenue
Continuing 2,846 1,621 12,695
Discontinued - 277 277
------------- ------------- ------------
2,846 1,898 12,972
Cost of sales (2,580) (1,462) (10,157)
Gross profit 266 436 2,455
(858)
Administrative expenses (700) ) (1,721)
Gain on revaluation of
investment properties - - 459
Share of results of associate 12 12 31
Dividend from investment 6 - 5
Profit on sale of investment
property 73 - 694
Profit on sale of fixed
assets 12 - -
Operating (loss)/profit (331) (410) 1,923
------------- ------------- ------------
Operating (loss)/profit
- continuing (331) (456) 1,877
Operating profit - discontinued - 46 46
------------- ------------- ------------
(331) (410) 1,923
----------------------------------- ------------- ------------- ------------
Finance income 293 273 554
Finance costs (186) (240) (448)
(Loss)/profit before tax (224) (377) 2,029
Tax - - 293
------------- ------------- ------------
(Loss)/profit for the
financial period attributable
to owners of the parent
company (224) (377) 2,322
------------- ------------- ------------
Basic (loss)/earnings
per share (note 2) (1.49p) (2.42p) 14.93p
Diluted (loss)/earnings
per share (note 2) (1.49p) (2.42p) 11.69p
Earnings per share - discontinued
activities - 0.03p 0.03p
There is no difference between the diluted loss per share and
the basic loss per share presented as the effect of the share
options in issue is anti-dilutive.
Except as stated in the comparative numbers above in relation to
discontinued activities relating to the closure of the former
Raglan Hall Hotel, the revenue and operating result for the periods
are derived from continuing operations in the United Kingdom.
Condensed consolidated
statement of comprehensive
income Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
(Loss)/profit for the
period (224) (377) 2,322
Other comprehensive (loss)/income
Fair value (losses)/gains
on available for sale
financial assets 30 (139) (30)
------------- ------------- ------------
Other comprehensive (loss)/income
for the period, net of
tax 30 (139) (30)
------------- ------------- ------------
Total comprehensive (loss)/income
for the period attributable
to owners of the parent
company (194) (516) 2,292
------------- ------------- ------------
Condensed consolidated
statement of
financial position Unaudited Unaudited Audited
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ---------
Non-current assets
Property plant and equipment 1,830 1,855 1,885
Investment properties
(note 5) 1,182 1,123 1,182
Investments in associate 133 133 127
Available-for-sale investments 832 692 802
Trade and other receivables - 8,777 -
3,977 12,580 3,996
------------- ------------- ---------
Current assets
Trading properties (note
6) 13,290 14,464 9,348
Trade and other receivables 9,500 117 9,209
Cash and cash equivalents 2,157 1,540 5,280
24,947 16,121 23,837
------------- ------------- ---------
Total assets 28,924 28,701 27,833
------------- ------------- ---------
Current liabilities
Bank loans and overdrafts
(note 7) 9,325 - 7,639
Trade and other payables 198 285 232
Corporation tax payable - 1,450 -
9,523 1,735 7,871
------------- ------------- ---------
Non-current liabilities
Bank loans (note 7) - 9,664 -
Deferred income tax liabilities 32 72 32
32 9,736 32
------------- ------------- ---------
Total liabilities 9,555 11,471 7,903
------------- ------------- ---------
Net assets 19,369 17,230 19,930
------------- ------------- ---------
Equity
Share capital (note 8) 749 778 768
Share-based payment reserve 354 354 354
Investment revaluation
reserve (52) (191) (82)
Capital redemption reserve 94 65 75
Retained earnings 18,224 16,224 18,815
Total equity attributable
to owners of the parent
company 19,369 17,230 19,930
------------- ------------- ---------
Consolidated Statement of Changes in Equity
For the six months to 30 September 2017 (unaudited)
Share Capital Share-based Revaluation Retained Total
Capital redemption payment Reserve earnings equity
GBP000 reserve reserve GBP000 GBP000 GBP000
GBP000 GBP000
-------- ----------- ----------- ----------- --------- -------
Balance at
31 March 2017 768 75 354 (82) 18,815 19,930
Comprehensive
income
Profit for
the period - - - - (224) (224)
Revaluation
of available-for-sale
investments - - - 30 - 30
-------- ----------- ----------- ----------- --------- -------
Total comprehensive
income - - - 30 (224) (194)
-------- ----------- ----------- ----------- --------- -------
Transactions
with owners
Purchase of
own shares (19) 19 - - (216) (216)
Dividend paid - - - - (151) (151)
Total transactions
with owners (19) 19 - - (367) (367)
-------- ----------- ----------- ----------- --------- -------
Balance at
30 September
2017 749 94 354 (52) 18,224 19,369
======== =========== =========== =========== ========= =======
For the six months to 30 September 2016 (unaudited)
Share Capital Share-based Revaluation Retained Total
Capital redemption payment Reserve earnings equity
GBP000 reserve reserve GBP000 GBP000 GBP000
GBP000 GBP000
-------- ----------- ----------- ----------- --------- -------
Balance at
31 March 2016 778 65 354 (52) 16,601 17,746
Comprehensive
income
Profit for
the period - - - (377) (377)
Revaluation
of available-for-sale
investments - - - (139) - (139)
-------- ----------- ----------- ----------- --------- -------
Total comprehensive
income - - - (139) (377) (516)
-------- ----------- ----------- ----------- --------- -------
Transactions
with owners
Purchase of - - - - - -
own shares
Dividend paid - - - - - -
Total transactions
with owners - - - - - -
-------- ----------- ----------- ----------- --------- -------
Balance at
30 September
2016 778 65 354 (191) 16,224 17,230
======== =========== =========== =========== ========= =======
For the year ended 31 March 2017 (audited)
Share Capital Share-based Revaluation Retained Total
Capital redemption payment Reserve earnings equity
GBP000 reserve reserve GBP000 GBP000 GBP000
GBP000 GBP000
-------- ----------- ----------- ----------- --------- -------
Balance at
31 March 2016 778 65 354 (52) 16,601 17,746
Comprehensive
income
Profit for
the year - - - - 2,322 2,322
Revaluation
of available-for-sale
investments - - - (30) - (30)
-------- ----------- ----------- ----------- --------- -------
Total comprehensive
income - - - (30) 2,322 2,292
-------- ----------- ----------- ----------- --------- -------
Transactions
with owners
Purchase of
own shares (10) 10 - - (108) (108)
Dividend paid - - - - - -
Total transactions
with owners (10) 10 - - (108) (108)
-------- ----------- ----------- ----------- --------- -------
Balance at
31 March 2017 768 75 354 (82) 18,815 19,930
======== =========== =========== =========== ========= =======
Condensed consolidated
statement of cash flows Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
Cash flows from operating
activities
Cash (utilised)/generated
from operations (note 4) (4,409) 76 6,523
Interest paid (165) (240) (406)
Corporation tax paid - - (1,464)
------------- ------------- ------------
Net cash (utilised)/generated
from operating activities (4,574) (164) 4,653
------------- ------------- ------------
Cash flows from investing
activities
Interest received 3 - 1
Distributions from associate - - 25
Other dividends received 6 - 6
Purchase of property, plant
and equipment (52) - (143)
Proceeds from sale of investment
properties 116 - 1,094
Proceeds from sale of property,
plant and equipment 79 - 94
Net cash inflow/(outflow)
from investing activities 152 - 1,077
------------- ------------- ------------
Cash flows from financing
activities
New loans 1,665 - 2,001
Purchase of own share capital (215) - (108)
Dividends paid to equity
shareholders (151) - -
Loan repayments - (1,284) (5,331)
Net cash inflow from/(used
in) financing activities 1,299 (1,284) (3,438)
------------- ------------- ------------
Net (decrease)/increase
in cash and cash equivalents (3,123) (1,448) 2,292
Cash and cash equivalents
at beginning of period 5,280 2,988 2,988
Cash and cash equivalents
at end of period 2,157 1,540 5,280
------------- ------------- ------------
1. Basis of preparation and accounting policies
The condensed interim consolidated financial statements of the
Company and its subsidiaries (the "Group") for the 6 months to 30
September 2017 (the "period") have been prepared using accounting
policies consistent with International Financial Reporting
Standards (IFRS) as adopted by the European Union. The financial
information presented above does not constitute statutory financial
statements as defined by section 435 of the Companies Act 2006.
Copies of this announcement are available from the Company's
registered office at 1a Kingsley Way, London N2 0FW and on its
website, www.safeland.co.uk.
These condensed interim financial statements have not been
audited, do not include all of the information required for full
annual financial statements and should be read in conjunction with
the Group's consolidated annual financial statements for the year
ended 31 March 2017. While the financial figures included within
this interim report have been computed in accordance with IFRS
applicable to interim periods, this report does not contain
sufficient information to constitute an interim financial report as
set out in International Accounting Standard 34 Interim Financial
Reporting.
Revenue
Revenue is stated net of VAT and comprises rental income,
proceeds from sales of trading properties, fees, commissions and
other income.
Sales of trading properties are recognised on completion of a
contract. This reflects the point of transfer of risk and rewards
when a trading property is sold.
Rental income from investment and trading properties leased out
under operating leases is recognised in the Income Statement on a
straight-line basis over the term of the lease. Contingent rents
which comprise turnover rents are recognised as income in the
periods in which they are earned. Rent reviews are recognised when
such reviews have been agreed with tenants.
Revenue in the previous period arising from deferred
consideration in the form of four completed houses in a residential
development being completed on the site of the Chandos Tennis Club
in the forthcoming year is based on a valuation by the directors,
discounted to a present-day value using the weighted average cost
of capital.
Other fees in relation to property management are recognised on
a straight-line basis over the term of management contracts.
Hotel revenue comprised revenues from overnight hotel
accommodation, banqueting facility hire and sales of food and
beverages. All revenues are recognised when the service is
provided. The hotel closed and ceased to trade on 3 August
2016.
Freehold property
Freehold property is stated at cost less accumulated
depreciation and is depreciated at 2% per annum on a straight-line
basis, pro-rated in the year of acquisition.
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and are depreciated over their estimated
useful lives on the following annual bases:
Motor vehicles 25% (reducing balance)
Fixtures, fittings and equipment 20% (reducing balance)
Investment properties
Investment properties are those properties that are held either
to earn rental income or for capital appreciation or both.
Investment properties are measured and stated at fair value in the
statement of financial position. Valuation surpluses and deficits
arising in the period are included in profit or loss.
The gain or loss arising on the disposal of a property is
determined as the difference between the sales proceeds and the
fair value of the asset at the beginning of the period and is
recognised in the income statement.
Investment properties may be freehold properties or leasehold
properties. For leasehold properties that are classified as
investment properties, the associated leasehold obligations, if
material, are accounted for as finance lease obligations.
Trading properties
Properties held for development and resale are classified as
trading properties and are shown at the lower of cost and net
realisable value. Cost comprises purchase price, acquisition costs
and direct expenditure.
2. Earnings per share
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
(Loss)/profit for the
financial period attributable
to owners of the parent
company (224) (377) 2,322
------------- ------------- ------------
No No No
'000 '000 '000
Weighted average number
of ordinary shares for
the purposes of basic
earnings per share 15,008 15,560 15,555
Effect of potential dilutive
ordinary shares:
Share options 12,020 11,363 12,043
Weighted average number
of ordinary shares for
the purposes of diluted
earnings per share 27,028 26,923 27,598
------------- ------------- ------------
Diluted earnings per share is calculated by adjusting the
earnings and number of shares for the effects of dilutive options
and other dilutive potential ordinary shares.
3. Dividends
No interim dividend has been declared in respect of the six
months ended 30 September 2017. In the six months ended 30
September 2016, the Company did not pay an interim dividend. A
final dividend in respect of the year to 31 March 2017 of 1p per
ordinary share was paid on 29 September 2017.
4. Cash flows from operating activities
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
(Loss)/profit before tax (224) (377) 2,029
Depreciation of property,
plant and equipment 40 71 80
Profit on sale of property,
plant and equipment (12) - (12)
Profit on sale of investment
property (73) - (694)
Gain on revaluation of
investment properties - - (459)
Share of results of associate - (12) (31)
Share of results of jointly
controlled entity - - -
Finance income (3) - (1)
Unwinding of discount
on deferred revenue (290) (274) (553)
Finance costs 186 240 448
Share-based payments (credit)/charge - - -
Changes in working capital
(Increase)/decrease in
trading properties (3,942) 374 5,490
(Increase)/decrease in
trade and other receivables (30) 264 270
Decrease in trade and
other payables (61) (210) (44)
(4,409) 76 6,523
------------- ------------- ------------
5. Investment properties
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
Fair value
Start of the period 1,182 1,123 1,123
Disposals - - (400)
Increase in fair value
during the period - - 459
------------- ------------- ------------
End of period 1,182 1,123 1,182
------------- ------------- ------------
The fair value of the investment properties at 30 September 2017
comprises freehold properties of GBP457,000 (30 September 2016:
GBP665,000 and 31 March 2017: GBP725,000) and long leasehold
properties of GBP725,000 (30 September 2016: GBP458,000 and 31
March 2017: GBP457,000).
The directors do not consider the fair value of the Group's
lease obligations associated with its long leasehold investment
properties to be material to the financial statements. As a result,
no finance lease obligations are included in the statement of
financial position at 30 September 2017, 30 September 2016 or 31
March 2017.
The Group has pledged investment properties for resale with a
total carrying value of GBP1,175,000 (30 September 2016: GBP703,000
and 31 March 2017: GBP1,182,000) to secure banking facilities
granted to the Group.
6. Trading properties
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
Properties for resale 13,290 14,464 9,348
------------- ------------- ------------
The Group has pledged trading properties for resale with
carrying value of GBP13,290,000 (30 September 2016: GBP14,464,000
and 31 March 2016: GBP9,113,000) to secure banking facilities
granted to the Group.
7. Bank loans and overdrafts
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
Due within one year 9,335 - 7,670
Unamortised borrowing
costs (10) - (31)
------------- ------------- ------------
9,325 - 7,639
------------- ------------- ------------
Due in the second to
fifth years - 9,716 -
Unamortised borrowing
costs - (52) -
------------- ------------- ------------
- 9,664 -
------------- ------------- ------------
There were no breaches in bank loan covenants at 30 September
2017. All of the Group's bank loans and overdrafts disclosed above
comprise borrowings in sterling. The facility is based on LIBOR
plus a fixed margin. A notional amount of GBP5,000,000 (2016:
GBP5,000,000) has been capped at 3%.
The Group's GBP12,500,000 (2016: GBP12,500,000) revolving credit
facility, which is secured on certain properties owned by it, is
due to expire on 28 February 2018. The Group has entered into
refinancing discussions with Lloyds Bank plc which has issued a
signed Letter of Intent to renew the facility for a further five
years under similar terms and conditions as exist currently.
8. Share capital
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP000 GBP000 GBP000
------------- ------------- ------------
Authorised:
45,750,000 ordinary shares
of 5p each 2,228 2,288 2,288
------------- ------------- ------------
Allotted, called up and
fully paid:
14,987,380 ordinary shares
(30 September 2016: 15,560,380,
31 March 2017: 15,367,380)
of 5p each 749 778 768
------------- ------------- ------------
During the period, the Company bought back and cancelled a total
of 380,000 shares (year to 31 March 2017: 193,000 shares), in six
tranches, at a total cost of GBP216,000 (year to 31 March 2017:
GBP108,000), reducing the nominal value of shares by GBP19,000
(year to 31 March 2017: GBP10,000), which is reflected in these
accounts as a capital redemption reserve. No shares were bought
back by the Company and cancelled in the six months to 30 September
2016. The Directors considered that the acquisition and
cancellation of shares during the 6 months ended 30 September 2017
would enhance the value of each of the Company's remaining shares
in issue.
Following the period end, on 9 October 2017, the Company
announced that on 6 October 2017 it had purchased 30,000 ordinary
shares of 5p each at a price of 56p per share for cancellation,
reducing its issued share capital to 14,957,380 shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GMMZMNDDGNZM
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November 27, 2017 02:00 ET (07:00 GMT)
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