Ace Liberty & Stone - Interim Results
RNS Number : 4245Z
Ace Liberty & Stone PLC
11 December 2014
 



 

 

 

Press Release

11 December 2014

 

Ace Liberty and Stone plc

 

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

 

Interim 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 interim results for the period ended 31 October 2014.

 

Highlights

 

·

Profit before tax for the period up 148% to £281,791 (2013: £113,624)

·

Total assets have increased to £15,674,719 (2013: £14,334,917)*

·

Total equity attributable to owners of the parent now amounts to £9,814,175 (2013: £5,584,646)*

·

Complete investment of funds raised in past two years

·

Fawcett House in Sunderland purchased December 2014

·

King House, Luton purchased November 2014

·

Barnsley residential portfolio purchased October 2014

·

Portfolio valued at £18.6m generating an annual rental income in excess of £1.6m

 

*The comparative figures at 31 October 2013 have been re-stated as a result of Ace's subsequent adoption of IFRS10 in the financial results for the year ended 30 April 2014.

 

 

- Ends -

 

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


Jon 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 present the company's interim results for the half year ended 31 October 2014.  Turnover during the six month period amounted to £404,494 (2013: £524,334) and the profit before tax for the period was £281,791 (2013: £113,624).  Total assets have increased to £15,674,719 and total equity attributable to owners of the parent now amounts to £9,814,175. The comparative figures at 31 October 2013 have been re-stated as a result of Ace's subsequent adoption of IFRS10 in the financial results for the year ended 30 April 2014, which resulted in the consolidation of Radcliff Property Limited, previously reported as an investment.

 

The recent acquisition of Fawcett House in Sunderland announced on 9 December represents a landmark for Ace, completing the investment of the funds raised in the past two years. During the 6 months to 31 October 2014, the Group completed the purchase of the Barnsley residential portfolio and on 7 November 2014 the purchase of King House in Luton.

 

Ace now has a portfolio valued at £18.6m generating an annual rental income in excess of £1.6m.

 

The Directors can also point to the successful raising of £6.8m of new equity finance since 30 April 2012, all of which is now invested.  New funds have been the engine for the Group's growth and Ace owes much to the invaluable support of LiBank (Levant Investment Bank) s.a.l. over that period.

 

The Board believes that the UK property market continues to offer good opportunities for investors - in the UK and from overseas - to benefit from an organisation of Ace's calibre, which has strong commercial contacts and the ability to move quickly to take advantage of promising situations.

 

Ace expects to continue to attract new investment which will permit expansion of the portfolio in addition to the further developments planned for the properties already owned.

 

Ace's ability to raise funds is supported by its listing on the ISDX market which provides a cost-effective, transparent trading platform in which our investors have confidence. 

 

Keith Pankhurst

Chairman

11 December 2014

 



 

 

 

Unaudited group statement of comprehensive income

for the six months ended 31 October 2014

 


  Six months ended 31 October 2014 (Unaudited)

£ 


  Six months
ended
31 October
2013
(Unaudited)
(re-stated)

£


 Year ended 30 April 2014 (Audited)

£







Turnover

404,494


524,334


1,097,052







Gain on disposal of investment property

-


-


72,793







Administrative expenses

(386,479)


(499,145)


(1,019,360)







Fair value adjustment

350,000


179,000


807,133







Finance costs

(111,943)


(99,900)


(200,065)







Other income

25,719


9,335


29,218







Credit to equity for share-based payments

-


-


(267,980)







Profit for the period

281,791


113,624


518,791







Taxation

(59,200)


(49,951)


(110,575)







Profit from continuing operations

222,591


63,673


408,216







Owners of parent

276,141


(287,868)


398,842

Non-controlling interest

(53,550)


224,195


9,374







Earnings per share






Basic

0.06


(1.37)


0.12

Diluted

0.06


(1.37)


0.12

 

 

 

 

 

Unaudited group statement of financial position

at 31 October 2014

 


 At 31 October 2014 (Unaudited)

£


 At 31 October 2013 (Unaudited) (restated)

£


At 30 April 2014 (Audited)

£

Assets






Non-current assets






Investment properties

11,883,742


10,900,000


10,032,267


11,883,742


10,900,000


10,032,267

Current assets






Trade and other receivables

666,365


1,485,995


440,257

Cash and cash equivalents

3,124,612


1,948,922


3,122,330


3,790,977


3,434,917


3,562,587







Total assets

15,674,719


14,334,917


13,594,854







Equity and liabilities






Current Liabilities






Trade and other payables

527,492


915,092


724,758

Borrowings

275,468


80,340


174,943


802,960


995,432


899,701







Non-current liabilities






Borrowings

3,344,216


5,102,212


2,743,104

Other payables

918,491


1,666,667


918,717

Deferred tax

141,012


-


81,812


4,403,719


6,768,879


3,743,633

Equity






Issued capital and reserves






Share capital

4,680,295


3,296,354


4,205,619

Share premium reserve

4,409,767


2,395,314


3,590,514

Share option reserve

267,980


-


267,980

Treasury shares

-


(480,000)


-

Retained earnings

456,133


372,978


179,992

Total equity attributable to owners of the parent

9,814,175


5,584,646


8,244,105

Non-controlling interests

653,865


985,960


707,415


10,468,040


6,570,606


8,951,520







Total equity and liabilities

15,674,719


14,334,917


13,594,854

 

 

 

 

 

Unaudited Group cash flow statement

for the six months ended 31 October 2014

 

 

 

 

 

 Six months ended 31 October 2014 (Unaudited)

£


  Six months
ended
31 October
2013
(Unaudited)
(re-stated)

£


Year ended 30 April 2014 (Audited)

£







Profit for the period

281,791


113,624


518,791

Cash flow  from operating activities






Adjustments for:






Investment income

(25,719)


(9,335)


(29,218)

Gain on disposal of investment property

-


-


(72,793)

Credit to equity for share-based payments

-


-


267,980

Fair value adjustment

(350,000)


(179,000)


(807,133)

Increase in receivables

(226,108)


(754,138)


(291,600)

(Decrease)/increase in payables

(197,492)


(409,639)


(1,347,923)

Net cash (used)/generated by operating activities

(517,528)


(1,238,488)


(1,761,896)

Cash flows from investing activities






Interest received

25,719


9,335


29,218

Purchase of investment properties

(1,501,475)


(1,026,443)


(3,961,267)

Part refund of investment property purchase

-


-


7,133

Sale of investment properties

-


-


4,072,793

Net cash generated by investing activities

(1,475,756)


(1,017,108)


147,877

Cash flows from financing activities






Share issue, net of issue costs

1,293,929


1,367,228


3,471,692

Proceeds of sale of treasury shares

-


20,000


335,250

Net movement in short term loans

-


-


376,622

Net movement in long term loans

701,637


423,597


(1,840,908)

Net cash generated by financing activities

1,995,566


1,810,825


2,342,656

Net increase in cash and cash equivalents

2,282


(444,771)


728,637

Cash and cash equivalents at the beginning of the period

3,122,330


2,393,693


2,393,693

Cash and cash equivalents at the end of the period

3,124,612


1,948,922


3,122,330


 

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 2014. Those financial statements were prepared on a going concern basis.

 

The interim report for the six months to 31 October 2014 was approved by the Board on 11 December 2014.

 

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

 


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