Half-yearly Report
10 12월 2007 - 6:55PM
UK Regulatory
Trust Property Management Group plc ("TPMG" or "the Group")
Half Yearly Report to 30 September 2007
Trust Property Management Group plc (AIM: TPM), the property management and
services group, today announces its maiden interim results for the six months
ended 30 September 2007.
Highlights:
* Turnover for the period �1.05 million
* Operating profit before amortisation of intangible assets and share based
payment charges was �180,000
* Two acquisitions (one of which occurred on 1 October) have provided further
geographical reach and new client bases
* The AIM Admission on 14 March 2007, and subsequent placing, have created a
strong financial platform for future growth.
Commenting on the results, Benjamin Mire, Chief Executive of Trust Property
Management Group plc, said: "We are delighted with the progress we have made
since the Company's admission to AIM in March 2007. This is demonstrated by our
earnings, the acquisitions we have made, the cross selling of professional
services and the building of the infrastructure required for further expansion
of the Group"
For further information visit www.tpmgroupplc.co.uk or contact:
Julian Finegold, Director Tel: 0845 260 1515
Trust Property Management Group Plc
Liam Murray, Nominated Adviser Tel: 020 7492 4777
City Financial Associates Limited
Isabel Crossley/Susie Callear Tel: 020 7242 4477
St Brides Media and Finance
Chairman's Statement
The first six months of the year have been an exciting time for TPMG, during
which time we have continued to develop and expand the Group. TPMG's admission
to AIM, on 14 March 2007, provided the Group with the means to establish itself
as a national brand in the property services market, allowing it to pursue its
strategy of organic and acquisitive growth. Since then TPMG has raised
additional funds by way of a placing, leaving it well positioned to fund
further acquisitions and working capital resources.
We have made significant progress in building the platform from which TPMG can
achieve its strategic goals. In addition, our plans to develop excellent
customer service through the development of our employees and our systems are
well underway. Having managed 10,000 residential units prior to admission to
AIM, TPMG now manages in excess of 13,000 units, as well as in excess of �0.5bn
of commercial property.
Since admission to AIM, TPMG has made two acquisitions. In June 2007 TPMG
acquired the trade of Nightingale Chancellors, a partnership based in Richmond.
This provides us with a valuable foothold in the south west London property
market. In October 2007, we expanded further through the acquisition of Dexter
Brown Limited, a commercial property management practice based in Milton
Keynes. This strengthens our strategy of developing TPMG as a property-based
services company, specialising in both commercial and residential property
management, as well as providing a wide spectrum of chartered surveying
services. Both acquisitions enhance our services coverage and provide us with a
wider client base and opportunities to cross sell our services.
Financial results
TPMG achieved an operating profit before amortisation of intangible assets and
share based payment charges of �180,000 during the period. Turnover for the
period was �1.05 million. Basic and diluted earnings per share were 0.3pence
per share.
Outlook
We remain focused on developing the three strands of our business - surveying
services, commercial property management and residential block management. As
TPMG grows, our goal is to continue to provide a personalised, quality service
with strong margins, achieved by improved economies of scale.
We have identified a number of potential acquisitions on which we hope to be
able to report in the near future. We are delighted with the progress the Group
has made in the first six months of the year and our confidence in continuing
to grow the Group, both through acquisitions and the winning of new business,
remains high.
David Glass
Chairman
CONSOLIDATED BALANCE SHEET
Notes As at As at
30 September 2007 31 March 2007
unaudited audited
�'000 �'000
ASSETS
Non-current assets
Property, plant and equipment 171 139
Goodwill 1,433 1,081
Intangible assets 932 562
_________ _________
2,536 1,782
_________ _________
Current assets
Trade and other receivables 829 392
Cash and cash equivalents 746 598
_________ _________
1,575 990
_________ _________
Total assets 4,111 2,772
_________ _________
LIABILITIES
Current liabilities
Trade and other payables 611 266
Borrowings 274 32
Tax liabilities 37 35
Obligations under finance 15 -
lease
_________ _________
937 333
_________ _________
Non-current liabilities
Borrowings 523 315
Deferred tax liabilities 67 60
Obligations under finance 35 -
lease
_________ _________
625 375
_________ _________
Total liabilities 1,562 708
_________ _________
Net assets 2,549 2,064
_________ _________
EQUITY
Share capital 5 329 294
Share premium 2,120 1,809
Shares based payment reserve 46 6
Retained earnings 54 (45)
_________ _________
Total equity 2,549 2,064
_________ _________
CONSOLIDATED INCOME STATEMENT
Notes 6 months ended 4 months ended
30 September 2007 31 March 2007
unaudited audited
�'000 �'000
Continuing operations
Revenue 3 1,052 97
Operating expenses (922) (137)
______ ______
Operating profit/(loss) 3 130 (40)
Finance income 16 1
Finance costs (28) (4)
______ ______
Profit/(loss) before tax 118 (43)
Income tax expense 2 (19) (2)
______ ______
Profit/(loss) for the period 99 (45)
attributable to equity holders
of the company
______ ______
Profit/(loss) per share
Basic and diluted 4 0.3p (0.8p)
______ ______
RECONCILIATION OF PROFIT BEFORE AMORTISATION OF INTANGIBLE ASSETS AND SHARE
BASED PAYMENTS
6 months ended 4 months ended
30 September 2007 31 March 2007
unaudited audited
�'000 �'000
Operating profit/(loss) per 130 (40)
income statement
Add back:
Amortisation of intangible 10 1
assets
Share based payment charges 40 6
______ ______
Operating profit/(loss) before 180 (33)
amortisation of intangible
assets and share based payments
______ ______
Attributable to equity holders of the Company
Share Share Share Retained Total
based
capital premium payment earnings equity
reserve
�'000 �'000 �'000 �'000 �'000
Balance at 29 - - - - -
November 2006
Shares issued in 294 2,128 - - 2,422
period
Cost of issue of - (319) - - (319)
shares
Employee share based - - 6 - 6
payments
Loss for the period - - - (45) (45)
________ ________ ________ ________ ________
Audited balance at 31 294 1,809 6 (45) 2,064
March 2007
Shares issued in 35 315 - - 350
period
Cost of issue of - (4 ) - - (4)
shares
Employee share based - - 40 - 40
payments
Profit for the period - - - 99 99
________ ________ ________ ________ ________
Unaudited balance at 329 2,120 46 54 2,549
30 September 2007
________ ________ ________ ________ ________
CONSOLIDATED CASH FLOW STATEMENT
Notes 6 months ended 4 months ended
30 September 2007 31 March 2007
unaudited audited
�'000 �'000
OPERATING ACTIVITIES
Cash flow from operations 6 62 (49)
Income taxes paid (9) (7)
Interest paid (6) (1)
Interest received 16 -
_________ _________
NET CASH INFLOW/(OUTFLOW) FROM 63 (57)
OPERATING ACTIVITIES
_________ _________
INVESTING ACTIVITIES
Purchases of property, plant (11) (10)
and equipment
Acquisition of subsidiary (30) 37
Purchase of business 7 (699) -
_________ _________
NET CASH FROM INVESTING (740) 27
ACTIVITIES
_________ _________
FINANCING ACTIVITIES
Proceeds from issuance of 346 628
ordinary shares
New bank loans 500 -
Bank loan repayments (21) -
_________ _________
NET CASH FROM FINANCING 825 628
ACTIVITIES
_________ _________
NET INCREASE IN CASH AND CASH 148 598
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT 598 -
BEGINNING OF PERIOD
_________ _________
CASH AND CASH EQUIVALENTS AT 746 598
END OF PERIOD
Bank balances and cash
_________ _________
This format represents the indirect method of determining operating cash flow.
Notes to the accounts
1 BASIS OF PREPARATION
This interim report does not constitute statutory accounts of the Group
within the meaning of section 240 of the Companies Act 1985.
The financial information in this half-year interim report consolidates
the company and its subsidiaries. The Interim report is unaudited and has
not been reviewed by the auditors.
The accounting policies applied in these unaudited interim financial
statements are those applied by the Group in the audited financial
statements for the period ended 31 March 2007.
The prior period accounts were unqualified and did not contain a
statement under Section 237 (2) or 237 (3) of The Companies Act 1985, and
were prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union, and those parts of the
Companies Act 1985 that remain applicable to companies reporting under
IFRS.
The interim consolidated financial statements are presented in pounds
sterling because that is the currency of the primary economic environment
in which the Group operates. All values are rounded to the nearest
thousand pounds (�'000) except where otherwise indicated.
2 TAXATION
The tax charge for the period is based on an estimated full year effective
tax rate of 24%.
3 BUSINESS AND GEOGRAPHICAL SEGMENTS
Business segments
For management purposes, the Group is currently organised into two
operating divisions - professional services and property management. These
divisions are the basis on which the Group reports its primary segment
information. All of the Group's operations are carried out within the
United Kingdom.
Principal activities are as follows:
Professional services: wide range of chartered surveying services
Property management: residential and commercial property management
Continuing Activities 6 months 4 months ended
ended
31 March 2007
30 September
2007 audited
unaudited
�'000 �'000
REVENUE
Professional services 358 53
Property management 691 44
Unallocated revenue 3 -
Total revenue 1,052 97
______ ______
OPERATING PROFIT/(LOSS)
Professional services 127 10
Property management 120 (9)
Unallocated costs (117) (41)
Total operating profit / (loss) 130 (40)
______ ______
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION
Professional services 127 9
Property management 123 (10)
Unallocated costs (132) (42)
Total profit / (loss) on ordinary 118 (43)
activities before taxation
______ ______
4 EARNINGS PER SHARE
Earnings 6 months ended 4 months ended
30 September 2007 31 March 2007
unaudited audited
�'000 �'000
Earnings for the purposes of basic and 99 (45)
diluted earnings per share (profit/
(loss) for the period attributable to
equity holders of the parent)
______ ______
Number of shares 6 months ended 4 months ended
30 September 2007 31 March 2007
unaudited audited
Basic and diluted weighted average 32,668,918 5,919,824
number of ordinary shares for the
purposes of basic and diluted earnings
per share
______ ______
5 SHARE CAPITAL
On 12 April 2007, 3,500,000 ordinary shares of 1p each were issued for a
total consideration of �350,000.
6 RECONCILIATION OF PROFIT/(LOSS) FROM 6 months ended 4 months ended
OPERATIONS TO NET CASH FROM/(USED IN)
OPERATING ACTIVITIES 30 September 2007 31 March 2007
unaudited audited
�'000 �'000
Profit/(loss) before tax 118 (43)
Adjustments for:
Depreciation of property, plant & 30 4
equipment
Amortisation of intangible assets 10 1
Finance costs 13 4
Share based payment charges 40 6
________ ________
Operating cash flows before movements 211 (28)
in working capital
Increase in receivables (437) (24)
Increase in payables 288 3
________ ________
Cash generated from operations 62 (49)
___ ___ _ _____
7 ACQUISITIONS DURING THE PERIOD
On 12 June 2007, the Group acquired the trade of Nightingale Chancellors,
a property management and chartered surveying business, for a total
consideration of �735,323 settled in cash.
8 SUBSEQUENT EVENTS
On 1 October 2007 the Group acquired Dexter Brown Limited for a net
consideration of �1,500,000 satisfied by the issue of 3,684,211 new
ordinary shares in the company and a cash consideration of �800,000.
Dexter Brown provides similar services to the Group including commercial
property management and chartered surveying services.
END
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