(''Ace'' or "the Company'')
INTERIM RESULTS FOR SIX MONTHS TO
SOLID PROGRESS AND STRONG INCOME GENERATION
Highlights:
· Turnover increased by 65% from
· Turnover for full year expected to be significantly increased compared to last year's full year figures.
· Although profit before tax has dropped marginally from
· Dividend of
"During the reported period the Board adopted a conservative and prudent approach to its portfolio management, which we felt was necessary given the unstable political and financial environment. This has been vindicated by the results we have achieved which show a substantial increase in both revenue and total comprehensive income.
"Following this period of consolidation, which enabled us to capitalise on the substantial investment made in the portfolio in 2018, the Board now has plans for further investment in suitable properties, but only when the right opportunities arise.
"Ace remains one of the few NEX-listed companies with a stable dividend policy. The Company's strong visibility on income has enabled it (subject only to adequate profitability and cashflow in the future) to increase both the frequency and amount of dividends paid. The Board appreciates the support given by shareholders and will continue to work to provide good returns on their investment."
Chairman's statement
It is with great pleasure that I present the results for
As a result of the substantial investment in the portfolio made in the year ended
I am pleased to report that total comprehensive income for the period, at
The company continues to follow a conservative approach to its portfolio management as shown by the following statistics at
a) Portfolio Loan to Value is 54% (H1 2018: 55%)
b) Weighted Average Unexpired Lease to Break is 8.08 years (H1 2018: 9.6 years)
c) All properties are fully let
d) 58% of tenants are government bodies (H1 2018: 51%); 41% are triple-A commercial (H1 2018:45%)
e) No rental defaults
Based on this solid progress, the Board has plans for further investment in suitable properties when the right opportunities arise.
As noted previously, the Company now pays its dividend to shareholders in three instalments each year resulting in earlier and larger payouts than previously. This is the second year of such a policy, following continuous growth since 2014, over which period the dividend payout has increased eleven-fold. The Board appreciates the support given by shareholders and will continue to work to provide good returns on their investment.
I am pleased to note that, as notified in regular announcements, the conversion of the 5% CLN issued in
The directors believe the Company is making excellent progress and will be continually on the lookout for opportunities to maximise the return from the existing portfolio and seek new investment properties to continue the portfolio growth.
We face the future with confidence and expect to continue to report improving results.
Dr Chairman |
Unaudited group statement of comprehensive income
for the six months ended
|
Six months ended |
Six months ended |
Year ended |
||||||
|
GBP |
GBP |
GBP |
||||||
|
|
|
|
||||||
Turnover |
3,215,817 |
1,945,858 |
5,072,435 |
||||||
|
|
|
|
||||||
Gain on disposal of investment property |
- |
499,549 |
284,138 |
||||||
Administrative expenses |
(726,030) |
(948,618) |
(1,827,857) |
||||||
Fair value gains on investment property |
- |
- |
1,247,371 |
||||||
Fair value losses on assets held for sale |
- |
- |
(320,079) |
||||||
Finance cost |
(2,184,977) |
(1,167,986) |
(3,354,830) |
||||||
Finance income |
250 |
5,496 |
5,511 |
||||||
Share based payment charge |
- |
- |
(347,726) |
||||||
Profit for the period |
305,060 |
334,299 |
758,963 |
||||||
Taxation |
(93,050) |
(63,517) |
6,754 |
||||||
Profit after taxation |
212,010 |
270,782 |
765,717 |
||||||
Other comprehensive income |
184,674 |
- |
48,845 |
||||||
Total comprehensive income for the period |
396,684 |
270,782 |
814,562 |
||||||
|
|
|
|
||||||
Earnings per share - profit after tax |
|
|
|
||||||
|
|
pence |
pence |
pence |
|||||
Basic |
|
0.50 |
0.67 |
1.95 |
|||||
Diluted |
|
0.30 |
0.46 |
1.14 |
|||||
|
|
|
|
||||||
Earnings per share - total comprehensive income |
|
|
|
||||||
on redemption and rollover of CLNs |
|
pence |
pence |
pence |
|||||
Basic |
|
0.93 |
0.67 |
1.97 |
|||||
Diluted |
|
0.56 |
0.46 |
1.15 |
|||||
Unaudited group statement of retained earnings
for the six months ended
|
Six months ended |
Six months ended |
Year ended |
|
GBP |
GBP |
GBP |
|
|
|
|
Balance brought forward |
774,774 |
1,152,030 |
1,152,030 |
Profit for the period |
212,010 |
270,782 |
765,717 |
Other comprehensive income |
184,674 |
- |
48,845 |
|
396,684 |
270,782 |
814,562 |
Dividend on ordinary shares |
(349,312) |
(502,202) |
(1,191,818) |
|
(349,312) |
(502,202) |
(1,191,818) |
Balance carried forward |
822,146 |
920,610 |
774,774 |
Unaudited group statement of financial position |
|
|
|
|
||
at |
|
|
|
|
||
|
|
|
|
|
||
|
At |
At |
At |
|||
|
GBP |
GBP |
GBP |
|||
ASSETS |
|
|
|
|||
Non-current assets |
|
|
|
|||
Investment properties |
79,538,096 |
61,768,232 |
79,538,096 |
|||
|
|
|
|
|||
Current assets |
|
|
|
|||
Assets held for sale |
8,579,921 |
4,349,000 |
8,784,921 |
|||
Trade and other receivables |
474,452 |
599,083 |
510,490 |
|||
Cash and cash equivalents |
1,593,826 |
4,350,540 |
1,956,742 |
|||
|
10,648,199 |
9,298,623 |
11,252,153 |
|||
|
|
|
|
|||
TOTAL ASSETS |
90,186,295 |
71,066,855 |
90,790,249 |
|||
|
|
|
|
|||
EQUITY AND LIABILITIES |
|
|
|
|||
Current Liabilities |
|
|
|
|||
Liabilities held for sale |
1,395,375 |
1,559,999 |
1,440,125 |
|||
Trade and other payables |
3,830,410 |
2,310,538 |
4,833,381 |
|||
Taxation |
184,494 |
162,098 |
96,681 |
|||
Borrowings |
15,611,701 |
1,304,500 |
15,921,701 |
|||
|
21,021,980 |
5,337,135 |
22,291,888 |
|||
Non-current liabilities |
|
|
|
|||
Borrowings |
47,116,098 |
45,352,687 |
47,212,143 |
|||
Deferred tax |
116,188 |
278,019 |
116,188 |
|||
|
47,232,286 |
45,630,706 |
47,328,331 |
|||
EQUITY |
|
|
|
|||
Issued capital and reserves |
|
|
|
|||
Share capital |
10,799,592 |
10,299,074 |
10,608,342 |
|||
Share premium reserve |
9,604,775 |
8,301,222 |
9,099,025 |
|||
Share option reserve |
826,906 |
479,180 |
826,906 |
|||
Other reserve |
359,230 |
579,548 |
341,603 |
|||
|
(480,620) |
(480,620) |
(480,620) |
|||
Retained earnings |
822,146 |
920,610 |
774,774 |
|||
Total equity attributable to owners of the parent |
21,932,029 |
20,099,014 |
21,170,030 |
|||
|
|
|
|
|||
TOTAL EQUITY AND LIABILITIES |
90,186,295 |
71,066,855 |
90,790,249 |
|||
for the six months ended
|
|
|
|
|
|||||||||
Six months ended |
Six months ended |
Year ended |
|
||||||||||
|
GBP |
GBP |
GBP |
|
|||||||||
Profit before tax |
305,060 |
334,299 |
758,963 |
|
|||||||||
Cash flow from operating activities |
|
|
|
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Adjustments for: |
|
|
|
|
|||||||||
Finance income |
(250) |
(5,496) |
(5,511) |
|
|||||||||
Finance costs |
2,184,977 |
1,167,986 |
3,354,830 |
|
|||||||||
Gain on disposal of investment property |
- |
(499,549) |
(284,138) |
|
|||||||||
Fair value adjustment |
- |
- |
(927,292) |
|
|||||||||
Decrease in receivables |
36,038 |
335,396 |
423,989 |
|
|||||||||
Increase / (decrease) in payables |
(1,063,998) |
1,070,670 |
1,558,525 |
|
|||||||||
Tax paid |
- |
- |
(156,977) |
|
|||||||||
Interest paid |
(1,831,756) |
(1,167,986) |
(1,448,846) |
|
|||||||||
Other financial costs paid |
- |
- |
(356,562) |
|
|||||||||
Share based payment charge |
- |
- |
347,726 |
|
|||||||||
Net cash (used) / generated by operating activities |
(369,929) |
1,235,320 |
3,264,707 |
|
|||||||||
Cash flows from investing activities |
|
|
|
|
|||||||||
Interest received |
250 |
5,496 |
(5,511) |
|
|||||||||
Purchase of investment properties |
- |
(11,280,366) |
(32,952,499) |
|
|||||||||
Sale of investment properties |
205,000 |
3,884,549 |
4,063,138 |
|
|||||||||
Net cash generated / (used) by investing activities |
205,250 |
(7,390,321) |
(28,894,872) |
|
|||||||||
Cash flows from financing activities |
|
|
|
|
|||||||||
Share issue, net of issue costs |
387,000 |
891,099 |
- |
|
|||||||||
Long term loans advanced |
400,000 |
6,308,562 |
23,415,375 |
|
|||||||||
Long term loan repaid |
(635,925) |
(1,372,143) |
(690,000) |
|
|||||||||
Short term loans advanced |
- |
- |
1,440,125 |
|
|||||||||
Short term loans repaid |
- |
- |
(665,705) |
|
|||||||||
Equity dividend paid |
(349,312) |
(502,202) |
(1,093,113) |
|
|||||||||
Net cash generated by financing activities |
(198,237) |
5,325,316 |
22,406,682 |
|
|||||||||
Net decrease in cash and cash equivalents |
(362,916) |
(829,685) |
(3,223,483) |
|
|||||||||
Cash and cash equivalents at the beginning of the period |
1,956,742 |
5,180,225 |
5,180,225 |
|
|||||||||
Cash and cash equivalents at the end of the period |
1,593,826 |
4,350,540 |
1,956,742 |
|
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The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 2006. The unaudited Group results have been prepared under the historical cost convention, in accordance with the Companies Act 2006 and applicable accounting standards in the
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
The interim report for the six months to
The Directors of
Notes to Editors
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise allied to a flexible decision-making process has allowed the Board to identify promising opportunities and act promptly to secure investments.
For more information on the Company please visit www.acelibertyandstone.com
For further information, please contact:
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Tel: +44 (0) 20 7201 8340 |
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NEX Exchange Corporate Adviser |
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Tel: +44 (0) 20 3772 0021 |
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SP Angel Broker |
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Tel: +44 (0)20 3861 6625 |
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Tel: +44 (0) 20 3687 2756 |
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Tel: +44 (0) 20 7558 8974 |
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- Ends -
This information is provided by RNS, the news service of the