Ace Liberty & Stone - Half-year Report
RNS Number : 5034V
Ace Liberty & Stone PLC
31 January 2017
 

 

 

 

31 January 2017

 

Ace Liberty and Stone plc

('' Ace '' or "the Company'')

Interim Results

                                                   

Chairman's statement

 

I am pleased to present the Company's interim results for the half year ended 31 October 2016. Turnover during the six month period increased by 19.6% to £1,183,727 (2014: £989,571) and the profit before tax for the period increased 16.2% £597,629 (2014: £514,093). These results show continued good progress and the Directors anticipate maintaining this trend.

 

Ace has continued to develop its portfolio and the following transactions have taken place:

 

·      On 5 October 2016, Ace announced the acquisition of 1 - 5 Upper Market Square, Hanley at a price of £9,000,000.

 

·      On 21 November 2016, Ace announced the sale of Ace (Sloane) Limited, an SPV which owned Colebrook Court, Sloane Avenue. The consideration for the sale was £1,530,000 which resulted in a gain in the period of £130,000.

 

·      On 22 November, Ace announced the drawdown of a loan facility of £13,751,000 from Lloyds Bank plc to finance the Hanley acquisition and to refinance five existing holdings.

 

At 31 October 2016, the portfolio value was less than at 30 April due to uncompleted transactions at that date. At the same date, the Company had cash reserves in excess of £3,000,000 available to further acquisitions which will be announced at the appropriate time and which the directors anticipate will be completed by the end of the current financial year.

 

The Board has identified the following KPIs as relevant to evaluating the Group's performance. These are regularly monitored to ensure the Company maintains its desired progress.

 

 

   Six months ended 31 October 2016 (Unaudited)  

   Six months ended 31 October 2015 (Unaudited)  

 Year ended 30 April 2016

(Audited)

 

  GBP 

  GBP 

  GBP 

Value of Portfolio

28,499,428

20,164,428

29,488,428

Portfolio annual rental income

2,310,400

2,261,000

2,336,800

Total equity attributable to shareholders

18,251,554

13,768,606

17,946,575

Rental income per quarter

591,864

494,786

509,327

Profit after tax per quarter

243,630

205,637

64,998

 

In accordance with its dividend policy, Ace paid an increased dividend in respect of the year ended 30 April 2016 at the rate of 0.033 pence per share. This payment was made on 6 June 2016. It is the Board's intention, subject to satisfactory trading results, to continue to pay a dividend at an increasing percentage.

 

 

Dr Tony Ghorayeb

Chairman

30 January 2017

 

 

 

 

Unaudited group statement of comprehensive income

for the six months ended 31 October 2016

 

 

   Six months ended 31 October 2016 (Unaudited)  

   Six months ended 31 October 2015 (Unaudited)  

 Year ended 30 April 2016 (Audited)

 

  GBP 

  GBP 

  GBP 

 

 

 

 

Turnover

1,183,727

989,571

2,037,308

 

 

 

 

Administrative expenses

(762,033)

(481,825)

(1,201,655)

Fair value gains / (losses) on investment property

500,000

200,000

(422,823)

Fair value gains / (losses) on assets held for sale

-

-

705,681

Finance cost

(324,448)

(210,240)

(539,095)

Finance income

383

16,587

32,918

 

 

 

 

Profit for the period

597,629

514,093

612,334

 

 

 

 

Taxation

(110,369)

(102,819)

(352,341)

 

 

 

 

Profit from continuing operations

487,260

411,274

259,993

 

 

 

 

Basic

pence

0.05

pence

0.07

pence

0.04

Diluted

                    0.03 

                              0.06

                     0.03

 

 

 

Unaudited group statement of financial position

at 31 October 2016

 

 

   Six months ended 31 October 2016 (Unaudited)  

   Six months ended 31 October 2015 (Unaudited)  

 Year ended

30 April 2016

(Audited)

 

GBP

GBP

GBP

ASSETS

 

 

 

Non-current assets

 

 

 

Investment properties

                 22,199,428

                 20,164,428

                 21,788,428

 

 

 

 

Current assets

 

 

 

Assets held for sale

                    6,300,000

-  

                    7,700,000

Trade and other receivables

                        394,117

                        364,257

                        134,253

Cash and cash equivalents

                    3,300,169

                    6,808,007

                        517,632

 

                    9,994,286

                    7,172,264

                    8,351,885

 

 

 

 

TOTAL ASSETS

                 32,193,714

                 27,336,692

                 30,140,313

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Current Liabilities

 

 

 

Liabilities held for sale

                    2,382,750

-  

                    2,400,055

Trade and other payables

                    1,228,706

                    1,133,064

                    1,394,996

Borrowings

                    1,408,377

                    2,597,483

                    1,333,377

 

                    5,019,833

                    3,730,547

                    5,128,428

Non-current liabilities

 

 

 

Borrowings

                    8,610,693

                    7,855,564

                    6,853,676

Other payables

                                        -  

                        918,524

                                        -  

Deferred tax

                        311,634

                        467,294

                        211,634

 

                    8,922,327

                    9,241,342

                    7,065,310

EQUITY

 

 

 

Issued capital and reserves

 

 

 

Share capital

                    9,821,517

                    5,582,691

                    9,821,517

Share premium reserve

                    7,132,802

                    6,004,878

                    7,132,802

Share option reserve

                        479,180

                        479,180

                        479,180

Other reserve

                                        -  

                        462,500

                                        -  

Retained earnings

                        818,055

                    1,239,357

                        513,076

Total equity attributable to owners of the parent

                 18,251,554

                 13,768,060

                 17,946,575

Non-controlling interests

                                        -  

                        596,197

                                        -  

 

                 18,251,554

                 14,364,803

                 17,946,575

 

 

 

 

TOTAL EQUITY AND LIABILITIES

                 32,193,714

                 27,336,692

                 30,140,313

         
 

 

Unaudited Group cash flow statement

for the six months ended 31 October 2016

 

 

   Six months ended 31 October 2016 (Unaudited)  

   Six months ended 31 October 2015

(Unaudited) 

 Year ended 30 April 2016 (Audited)

 

  GBP 

  GBP 

  GBP 

Profit/(loss) before tax

597,629

514,093

612,334

Cash flow  from operating activities

 

 

 

Adjustments for:

 

 

 

Finance income

(383)

(16,587)

(32,913)

Finance costs

324,448

210,240

539,095

Share-based payment charge

-

-

68,750

Fair value adjustment

(500,000)

(200,000)

(282,858)

Decrease / (increase) in receivables

(259,864)

(235,956)

(5,952)

Increase / (decrease) in payables

(166,290)

190,312

(31,342)

Tax paid

-

-

(27,150)

Interest paid

(324,448)

(210,240)

(419,095)

Net cash (used)  by operating activities

(328,908)

251,862

420,869

Cash flows from investing activities

 

 

 

Interest received

383

16,587

32,918

Purchase of investment properties

-

-

(8,756,874)

Sale of investment properties

1,530,000

4,000,000

4,850,000

Purchase of non-controlling interest in subsidiary

-

-

(1,235,650)

Net cash  (used) / generated by investing activities

1,530,383

4,016,587

(5,109,606)

Cash flows from financing activities

 

 

 

Share issue, net of issue costs

-

946,966

4,328,716

Short term loans advanced

1,000,000

-

-

Short term loans repaid

(1,000,000)

-

-

Long term loans advanced

3,311,334

-

1,969,539

Long term loan repaid

(1,406,167)

(132,643)

(2,886,645)

Equity dividend paid

(324,110)

(222,149)

(152,620)

Net cash generated by financing activities

1,581,057

592,174

3,258,990

Net (decrease) / increase in cash and cash equivalents

2,782,532

4,860,623

(1,429,747)

Cash and cash equivalents at the beginning of the period

517,637

1,947,384

1,947,384

Cash and cash equivalents at the end of the period

3,300,169

6,808,007

517,637

 

 

 

 

The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 1985. The unaudited Group results have been prepared under the historical cost convention, in accordance with the Companies Act 1985 and applicable accounting standards in the United Kingdom.

 

The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the period to 30 April 2016. Those financial statements were prepared on a going concern basis.

 

The interim report for the six months to 31 October 2016 was approved by the Board on 30 January 2017

 

The Directors of Ace Liberty & Stone Plc accept responsibility for this announcement.

 

 

 

For further information, please contact:

  Ace Liberty & Stone Plc

 

  Ivan Minter, Finance Director

Tel: +44 (0)  20 7201 8340

 

http://acelibertyandstone.com

 

Alfred Henry Corporate Finance Ltd, NEX Exchange Corporate Adviser

 

 

Jon Isaacs / Nick Michaels

Tel: +44 (0) 20 7251 3762

 

 

www.alfredhenry.com

 

Hybridan LLP, Corporate Broker

 

 

Claire Noyce / Darshan Patel 

Tel: +44 (0)203 764 2341

 

 

www.hybridan.com

       

  

For more information on the Company please visit: http://acelibertyandstone.com/    

 

- Ends -

 

 


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