Ace Liberty & Stone - Final Results
RNS Number : 6240S
Ace Liberty & Stone PLC
25 September 2014
 



 

 

 

Press Release

25 September 2014

 

Ace Liberty and Stone plc

 

(''Ace '' or the ''Company'')

 

Final Results

                                      

Ace Liberty and Stone Plc (ISDX: ASLP), the specialist real estate company, capitalising on commercial property investment opportunities across the UK, today announces its Final results for the year ended 30 April 2014.

 

Highlights

 

Consolidated profit for the year after taxation up 189.76% to £408,216 (2013: £140,879)

£1,097,052 of consolidated revenue representing a 14.33% increase  (2013: £959,574)

Hillcrest House in Leeds purchased October 2013

Princegate House in Doncaster purchased December 2013

Hume House in Leeds purchased March 2014

 

Total equity attributable to owners has increased by 112.94% to £8,244,105 (2013: £3,871,550). However, the Company's earnings fluctuate from year to year as profits are realised from property sales and an important indicator of the group's strength is the total equity attributable to owners.

 

Commenting on the final results, Keith Pankhurst, Chairman of Ace Liberty and Stone Plc, said: "The Board is pleased with the on-going support from investors and business partners, as well as the three new purchases and the positive performance of the Company  for the year ended 30 April 2014. Ace has generated strong returns from recent transactions and continues to look to the future with confidence. The regional property market in the UK remains in recovery which provides the Group with strategic buying opportunities where the Board believe value enhancement can be achieved. We look forward to welcoming more investors on board and leveraging the opportunities offered by the promising market."

 

(Note: 2013 results have been re-stated as a result of the introduction of IFRS10)

 

- Ends -

 For further information, please contact:

Ace Liberty and Stone Plc


Ishmail Ghandour, CEO

Tel: +44 (0)  20 7201 8340


http://acelibertyandstone.com

Alfred Henry Corporate Finance Ltd


John Isaacs / Nick Michaels

Tel: +44 (0) 20 3328 5657


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 Sheffield, Leeds, Doncaster and Stoke. 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

 

I am pleased to make my first statement to shareholders and present the consolidated financial results of Ace Liberty and Stone Plc. for the year ended 30 April 2014.

 

Business and operations

The Group has purchased three properties during the year: Hillcrest House in Leeds was purchased on 30 October 2013; Princegate House, Doncaster, on 23 December 2013; and Hume House Leeds on 27 March 2014. These properties are fully let to government departments. In addition, the sale of the tower building in Sheffield, referred to in last year's statement has been completed by Radcliff Property Limited at a satisfactory value to the group.

 

Negotiations continue with the aim of purchasing a plot of land in Eastern France with potential for development as a ski resort; other property purchases are at an advanced stage and will be announced as they are finalised.

 

Shareholder Investment

During the year under review, new shareholders invested £3.472m (net of fundraising costs) in new ordinary shares of the Company. This includes the conversion of a £1m loan into equity. The period since 30 April 2014 has seen continued interest from new and existing investors and further subscriptions of new funds are expected to be announced in the next few weeks. The Company is currently capitalised on ISDX at £14.8m.

 

Corporate Governance

The Company has continued to build on the changes announced last year and the new Board committees have operated as expected. The Directors place great importance on good governance to maintain stakeholder confidence and will continue to follow best practice.

 

Financial Results

The consolidated profit for the year after taxation was £408,216 (2013: £140,879 restated) on consolidated revenue of £1,097,052 (2013: £959,574 restated). The Company's earnings fluctuate from year to year as profits are realised from property sales and an important indicator of the group's strength is the total equity attributable to owners which now stands at £8,244,105 (2013: £3,871,550 restated). I draw your attention to the change of accounting policy this year as a result of the adoption of IFRS 10 which results in the consolidation of Radcliff Property Limited, previously reported as an investment. The Board is very pleased with the result of the year's activities and believe the Group is well-placed to capitalise on future events in the property market.

 

Dividend

It was a major landmark when Ace paid its maiden interim dividend of 2.4% in respect of the year under review on 30 May 2014. The Directors are delighted to be able to repay shareholders' support for the Group in this way. The Group is building a portfolio of revenue-generating properties to provide future income which will be supplemented by sales of properties when profits can be secured in accordance with the Group's strategy. The Board are committed to the payment of future dividends provided income supports this strategy.

 

Outlook

Economic data supports the view that the UK is now emerging from the worst recession in recent memory. The progress of this recovery has opened opportunities for the Group to acquire properties at sensible valuations with the opportunity for capital growth. The Directors are alive to the changes in the pattern of the recovery and will adapt their strategy accordingly to acquire properties at advantageous prices.

 

 

 

Keith Pankhurst

Chairman

23 September 2014

 

 

 

 

Group Statement of Comprehensive Income for the year ended 30 April 2014

 

2014


2013

Restated


£


£





Revenue

1,097,052


959,574

Gain on disposal of investment property

72,793


-

Administrative expenses

(1,019,360)


(634,445)

Fair value adjustments

807,133


49,370

Finance cost

(200,065)


(172,310)

Finance income

29,218


7,500

Credit to equity for share-based payments

(267,980)


-

Profit before tax

518,791


209,689

Taxation

(110,575)


(68,811)

Profit for the year

408,216


140,879





Attributable to:




Owners of the parent

398,842


190,963

Non-controlling interest

9,374


(50,084)


408,216


140,879

 

 

Earnings per share

Pence


Pence

Basic earnings per share attributable to equity owners of the parent

0.12


0.08

Diluted earnings per share attributable to equity owners of the parent

0.12


0.08

 

Group Statement of Financial position at 30 April 2014


 

2014

2013


 


Restated

ASSETS


£

£

Non-current assets




 

Investment property


10,032,267

9,271,000

Current assets




Trade and other receivables


440,257

148,657

Cash and cash equivalents


3,122,330

2,393,693



3,562,587

2,542,350





TOTAL ASSETS


13,594,854

11,813,350









EQUITY AND LIABILITIES




Current liabilities












Trade and other payables


724,758

2,861,426

Borrowings


174,943

898,321



899,701

3,759,747

Non-current liabilities




Borrowings


2,743,104

3,484,012

Other payables


918,717

-

Deferred tax


81,812

-



3,743,633

3,484,012

Equity attributable to equity owners




Share capital


4,205,619

2,717,267

Share premium


3,590,514

1,607,174

Treasury shares


-

(500,000)

Share option reserve


267,980

-

Retained earnings


179,992

47,109

Total equity attributable to owners of the parent


8,244,105

3,871,550

Non-controlling interests


707,415

698,041

Total equity


8,951,520

4,569,591





TOTAL EQUITY AND LIABILITIES


13,594,854

11,813,350

 

 

 

 

 

Group Cash Flow Statement for the year ended 30 April 2014


2014


2013




Restated


£


£

Profit/(loss) for the year

518,791


209,690

Cash flow  from operating activities




Adjustments for:




Investment income

(29,218)


(153,751)

Gain on disposal of investment property

(72,793)


-

Credit to equity for share-based payments

267,980


-

Fair value adjustment

(807,133)


-

Increase in receivables

(291,600)


(521,217)

(Decrease)/increase in payables

(1,347,923)


965,031

Tax paid

-


-

Net cash (used)/generated by operating activities

(1,761,896)


499,753

Cash flows from investing activities




Interest received

29,218


153,751

Purchase of investment properties

(3,961,267)


-

Part refund of investment property purchase

7,133


-

Sale of investment properties

4,072,793


-

Net cash generated by investing activities

147,877


153,751

Cash flows from financing activities




Share issue, net of issue costs

3,471,692


1,598,156

Proceeds of sale of treasury shares

335,250


-

Net movement in short term loans

376,622


-

Net movement in long term loans

(1,840,908)


(1,096)

Net cash generated by financing activities

2,342,656


1,597,060

Net increase in cash and cash equivalents

728,637


2,250,564

Cash and cash equivalents at the beginning of the period

2,393,693


143,129

Cash and cash equivalents at the end of the period

3,122,330


2,393,693


















 

 

 

 

 

NOTES TO PRELIMINARY RESULTS FOR THE PERIOD ENDED 30 APRIL 2014

 

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 24th September 2014.

 

The preliminary announcement of the results for the year ended 30 April 2013 was approved by the board of directors on 24th September 2014.

 

2.         Earnings per Share

 

The basic earnings / (deficit) per share is calculated by dividing net profit or loss for the year attributable to 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 equity holders 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).

Earnings per share

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



 

2014


2013





Restated



£


£

Profit for the period attributable to equity owners


398,842


190,963



No. of shares


No. of shares

Weighted average number of shares





For basic earnings per share


329,225,157


231,811,361

Dilutive effect of share options


9,666,667


-

For diluted earnings per share


 338,891,824


 231,811,361

Earnings per share


pence


pence

Basic


0.12


0.08

Diluted


0.12


0.08

 

 


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