Ace Liberty & Stone - Final Results
RNS Number : 4652A
Ace Liberty & Stone PLC
29 September 2015
 



 

 

 

Press Release

29 September 2015

Ace Liberty and Stone plc

 

('' Ace '' or the ''Company'')

 

Final Results

                                      

Ace Liberty and Stone Plc (ISDX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, today announces its Final Results for the year ended 30 April 2015.

 

Highlights

 

-

Consolidated profit for the year before taxation doubled to £1,055,581 (2014: £518,791)

-

£1,201,185 of consolidated revenue for the year representing a 9% increase  (2014: £1,097,052)

-

Portfolio value has increased by 58% from £10,032,267 to £23,964,428 in the year, including £12.74m of new acquisitions

-

Associated rental income up  62% from £847,000 at April 2014 to £2,231,000 at April 2015

-

Fawcett House (Sunderland), King House (Luton) and Bridge House (Dudley) purchased as part of £12.74million spent in year

-

Total equity attributable to owners has increased by 45% in the year to £12,410,366 (2014: £8,244,105)*

 

 

Commenting on the final results, Keith Pankhurst, Chairman of Ace Liberty and Stone Plc, said: "The results for financial year 2015 show that Ace has a sound strategy to both maximise income and acquire properties with scope for capital growth.  The Company has laid a good base for further expansion and expects to announce new transactions over the coming months."   

 

 

- Ends -

 

 

 For further information, please contact:

Ace Liberty and Stone Plc

 

Ivan Minter CFO

Tel: +44 (0)  20 7201 8340

 

http://acelibertyandstone.com

Alfred Henry Corporate Finance Ltd

 

John Isaacs / Nick Michaels

Tel: +44 (0) 20 7251 3762

 

www.alfredhenry.com

 Media enquiries:

Abchurch

 

Quincy Allan / Canace Wong

Tel: +44 (0) 20 7398 7720

quincy.allan@abchurch-group.com

www.abchurch-group.com

 

Notes to Editors

 

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including, Leeds, Doncaster, Sunderland and Dudley.  The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation.  Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

 

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions price increases have started with the smaller properties, and are spreading towards larger properties.

 

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

 

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

 

 

Chairman's statement

 

The consolidated financial results for Ace Liberty & Stone plc represent excellent news for shareholders.  Profit before tax has doubled from £518,791 in 2014 to £1,055,581 in 2015, with basic earnings per 1p share improving from 0.12p to 0.18p.  Equity attributable to the owners of the parent company of the Group has increased from £8,244,105 to £12,410,366, representing a 50% increase.

 

These headline numbers endorse the investment decisions made by your Board of Directors over the past two years.  In the 12 months to April 2015 the Company purchased a residential portfolio in Barnsley (October 2014), King House, Luton (November 2014), Fawcett House, Sunderland (December 2014), and Bridge House, Dudley (April 2015).  The commercial properties are variously let to Sunderland City Council and HMRC. The Company continued to attract new equity investment, totalling £2,884,470 during the year, with a further £578,216 subscribed in cash since the year end.  Your Board of Directors has undertaken a number of initiatives in conjunction with its professional advisors with the aim of increasing the liquidity of its Ordinary Shares listed on ISDX, and shareholders can expect to see the benefits of this over coming months.

 

I commented last year on the payment of the Company's maiden dividend and am delighted that the 2015 dividend was able to be paid at the increased level of 3.0% of nominal capital- up from 2.4% in the previous year.  All dividend expectations have to be within the constraints of achievable profits and cash flow; your Directors will follow a prudent policy.  Nonetheless, it is settled policy to reward shareholders in a manner consistent with the Company's ambitions for growth. The Directors are confident that Ace's performance will allow the Company to continue to pay a dividend in the foreseeable future.

 

Further details of the Group's performance are contained within the detailed reports.

 

The Group now owns, through prudent acquisition, a spread of soundly financed, well-tenanted properties with a good level of income and potentially rewarding opportunities.  Over the coming years, we intend to build on this, using our real estate expertise to locate additional purchases and continue to maximise the potential returns of the existing assets.

 

The total rental income generated by the properties in the Group balance sheet as at 30 April 2015 exceeds £2million per annum.

 

Since 30 April 2015, the Directors have been in negotiations to sell the remaining property in Sheffield at a satisfactory value and, when received, these funds will be re-deployed into new acquisitions, continuing our policy of property trading where a worthwhile profit can be secured.

 

Keith Pankhurst

Chairman

28 September 2015

 

 

 

Group Statement of Comprehensive Income for the year ended 30 April 2015

 

 

 

2015

 

2014

 

 

£

 

£

 

 

 

 

 

Revenue

 

1,201,185

 

1,097,052

Gain on disposal of investment property

 

-

 

72,793

Administrative expenses

 

(887,425)

 

(1,019,360)

Fair value gains on investment property

 

1,186,983

 

807,133

Finance cost

 

(277,705)

 

(200,065)

Finance income

 

43,743

 

29,218

Share-based payment charge

 

(211,200)

 

(267,980)

Profit before taxation

 

1,055,581

 

518,791

Taxation

 

(296,559)

 

(110,575)

Profit after taxation

 

759,022

 

408,216

Other comprehensive income

 

-

 

-

Total comprehensive income for the period

 

759,022

 

408,216

 

 

 

 

 

Attributable to:

 

 

 

 

Owners of the parent

 

805,786

 

398,842

Non-controlling interest

 

(46,764)

 

9,374

 

 

759,022

 

408,216

Earnings per share  

 

Pence

 

Pence

Basic earnings per share attributable to equity owners of the parent

 

0.18

 

0.12

Diluted earnings per share attributable to equity owners of the parent

 

0.16

 

0.12

 

 

 

Group Statement of Financial position at 30 April 2015

 

 

 

 

 

 

 

2015

 

2014

 

 

 

£

 

£

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Investment property

 

 

23,964,428

 

10,032,267

Investments

 

 

-

 

-

Other receivables

 

 

-

 

-

 

 

 

23,964,428

 

10,032,267

Current assets

 

 

 

 

 

Trade and other receivables

 

 

128,301

 

440,257

Cash and cash equivalents

 

 

1,947,384

 

3,122,330

 

 

 

2,075,685

 

3,562,587

 

 

 

 

 

 

TOTAL ASSETS

 

 

26,040,113

 

13,594,854

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

 

1,100,447

 

724,758

Borrowings

 

 

2,533,421

 

174,943

 

 

 

3,633,868

 

899,701

Non-current liabilities

 

 

 

 

 

Borrowings

 

 

8,052,269

 

2,743,104

Other payables

 

 

918,524

 

918,717

Deferred tax

 

 

364,435

 

81,812

 

 

 

9,335,228

 

3,743,633

Equity attributable to equity owners

 

 

 

 

 

Share capital

 

 

5,238,340

 

4,205,619

Share premium

 

 

5,402,263

 

3,590,514

Share option reserve

 

 

479,180

 

267,980

Other reserve

 

 

462,500

 

-

Retained earnings

 

 

828,083

 

179,992

Total equity attributable to owners of the parent

 

12,410,366

 

8,244,105

Non-controlling interests

 

 

660,651

 

707,415

Total equity

 

 

13,071,017

 

8,951,520

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

 

26,040,113

 

13,594,854

 

 

 

 

 

 

Group Cash Flow Statement for the year ended 30 April 2015

 

 

 

 

2015

 

2014

 

 

 

£

 

£

 

Profit/(loss) before tax

 

1,055,581

 

518,791

 

 

Cash flow  from operating activities

 

 

 

 

 

 

Adjustments for:

 

 

 

 

 

 

Finance income

 

(43,743)

 

(29,218)

 

 

Gain on disposal of investment property

 

-

 

(72,793)

 

 

Share-based payment charge

 

211,200

 

267,980

 

 

Fair value adjustment

 

(1,186,983)

 

(807,133)

 

 

Decrease / (increase) in receivables

 

311,956

 

(291,600)

 

 

Increase / (decrease) in payables

 

349,847

 

(1,347,923)

 

 

Tax paid

 

(44,773)

 

-

 

 

Net cash generated / (used)  by operating activities

 

(402,496)

 

(2,280,687)

 

 

Cash flows from investing activities

 

 

 

 

 

 

Interest received

 

43,743

 

29,218

 

 

Purchase of investment properties

 

(12,745,178)

 

(3,961,267)

 

 

Part refund of investment property purchase

 

-

 

7,133

 

 

Sale of investment properties

 

-

 

4,072,793

 

 

Purchase of equity investments

 

-

 

-

 

 

Net cash  (used) / generated by investing activities

 

(12,701,435)

 

147,877

 

 

Cash flows from financing activities

 

 

 

 

 

 

Share issue, net of issue costs

 

2,844,470

 

3,471,692

 

 

Proceeds from sale of own shares

 

-

 

335,250

 

 

Short term loans advanced

 

898,438

 

-

 

 

Long term loans advanced

 

7,702,500

 

2,036,552

 

 

Long term loan repaid

 

(470,795)

 

(3,500,838)

 

 

Equity dividend paid

 

(101,209)

 

-

 

 

Net cash generated by financing activities

 

10,873,404

 

2,342,656

 

 

Net (decrease) / increase in cash and cash equivalents

 

(1,174,946)

 

728,637

 

 

Cash and cash equivalents at the beginning of the period

 

3,122,330

 

2,393,693

 

 

Cash and cash equivalents at the end of the period

 

1,947,384

 

3,122,330

 

 

                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO PRELIMINARY RESULTS FOR THE PERIOD ENDED 30 APRIL 2015

 

1.   The financial information set out above does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006.   The financial information has been extracted from the statutory accounts of Ace Liberty & Stone Plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 28th September 2015.

 

The preliminary announcement of the results for the year ended 30 April 2015 was approved by the board of directors on 28th September 2015.

 

 

2. Earnings per Share

 

The basic earnings / (deficit) per share is calculated by dividing net profit or loss for the year attributable to ordinary equity holders by the weighted average number of ordinary shares during the year.

 

The diluted earnings / (deficit) per share is calculated by dividing the net profit or loss attributable to ordinary shareholders after adjustments for instruments that dilute basic earnings per share by the weighted average of ordinary shares outstanding during the year (adjusted for the effects of dilutive instruments).

 

The calculations of earnings per share are based on the following earnings / (deficits) and numbers of shares.

 

 

 

2015

 

2014

 

 

 

£

 

£

Profit for the period attributable to equity owners

 

805,786

 

398,842

 

 

 

No. of shares

 

No. of shares

Weighted average number of shares

 

 

 

 

For basic earnings per share

 

454,390,623

 

329,225,157

Dilutive effect of share options

 

58,333,333

 

9,666,667

For diluted earnings per share

 

512,723,956

 

 338,891,824

Earnings per share

 

pence

 

pence

Basic

 

0.180

 

0.120

Diluted

 

0.160

 

0.120

 

 

 

 

 

Dividends declared during the year - per share

 

0.030

 

0.024

 

 

£

 

£

Dividends declared during the year - total

 

157,695

 

101,209

 

 


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