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 -