
EMBARGOED UNTIL 7 A.M. Tuesday 28 September 2021
Ace Liberty and Stone plc
(''Ace'' or "the Company'')
FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2021
Pandemic survived
Poised to capitalise
Ace Liberty and Stone Plc (AQSE: ALSP), the active property investment company capitalising on commercial property investment opportunities across the
Financial Highlights:
· Portfolio value up 3.0% to
· Shareholders' funds up 3.9% to
· Portfolio total passing rent up 5.5% at
· Profit after tax improved to
· Most properties in "levelling up" priority areas. 50% in high priority
Ismail Ghandour, Chief Executive Officer, commented:
"Improving performance and profitability in a year sabotaged by the Covid pandemic is a tribute to the stability of the portfolio.
"We are confident Ace will continue to prosper in the coming year."
-ends-
For further information, please contact:
Ace Liberty & Stone Plc |
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Ivan Minter, Financial Director |
Tel: +44 (0) 20 7201 8340 |
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http://acelibertyandstone.com |
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Alfred Henry Corporate Finance Ltd, AQSE Growth Market Corporate Adviser |
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Jon Isaacs / Nick Michaels |
Tel: +44 (0) 20 3772 0021 |
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SP Angel Corporate Finance LLP Broker |
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Vadim Alexandre / Rob Rees |
Tel: +44 (0)20 3470 0470 |
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www.spangel.co.uk |
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ACF Equity Research |
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Christopher Nicholson / Amalia Barnoschi |
Tel: +44 (0) 20 7558 8974 |
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www.acfequityresearch.com |
Chairman's Statement
I have great pleasure in presenting the results for the year ended 30 April 2021. Group revenue is down slightly from
Expenditure during the year has been reduced. In 2020, overheads included a one-off charge for employees' national insurance in respect of the share options exercised by the directors in that year, which benefits the current year by comparison. There is also a welcome reduction in the amortisation of loan arrangement costs due to the passage of time and the repayment of loans in the year ended April 2020.
Opportunities for acquisitions have been rare during the year but the Group has continued its expansion at a modest level by completing the purchases of 16-17 Westborough,
Ace has continued to seek to sell the assets classified as held for sale in the balance sheet. The sale of the
I reported last year that Ace took the opportunity to raise additional equity finance by means of the exercise by the directors of their options and subsequent sale of the shares to investors in
The Company's loan facility with Lloyds Banking Group, which stood at
It is worth noting that about half of the Group's properties lie within the development areas designated by the government to achieve its levelling up agenda as illustrated by the outline map on page 9 of the annual report. Having survived the pandemic in good shape, the Group's portfolio is set to perform well as the country returns to normal levels of activity. Given continued profitability and a strong cash flow, the Board intends to reinstate dividend payments as soon as possible whilst continuing to expand the portfolio as opportunities arise.
Dr Tony Ghorayeb
Chairman
Date: 27 September 2020
Consolidated Statement of Comprehensive Income for the year ended 30 April 2021
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2021 |
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2020 |
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Restated |
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£ |
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£ |
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Revenue |
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6,227,124 |
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6,391,897 |
Loss on disposal of investment property |
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- |
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(13,026) |
Administrative expenses |
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(1,406,526) |
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(1,805,592) |
Fair value loss on investment property |
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(500,000) |
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(500,000) |
Fair value loss on assets held for sale |
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(200,000) |
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(300,000) |
Lease breakage fee
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- |
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173,375 |
Finance cost |
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(3,021,065) |
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(4,723,182) |
Finance income |
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286,539 |
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34,842 |
Profit / (Loss) before taxation |
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1,386,072 |
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(741,686) |
Taxation |
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(176,024) |
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111,113 |
Profit / (Loss) after taxation |
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1,210,048 |
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(630,573) |
Other comprehensive income - release of equity proportion of CLNs |
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8,883 |
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341,604 |
Total comprehensive income / (deficit) for the period |
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1,218,931 |
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(288,969) |
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Attributable to: |
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Owners of the parent |
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1,218,931 |
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(288,969) |
Earnings per share on continuing activities |
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Pence |
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Pence |
Basic earnings per share attributable to equity owners of the parent |
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2.08 |
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(0.61) |
Diluted earnings per share attributable to equity owners of the parent |
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1.64 |
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(0.47) |
Consolidated Statement of Financial position at 30 April 2021
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2021
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2020 |
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Restated |
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ASSETS |
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£ |
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£ |
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Non-current assets |
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Investment property |
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79,706,639 |
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76,888,096 |
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Investments |
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5,000,680 |
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- |
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Deferred tax |
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223,541 |
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128,541 |
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84,930,860 |
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77,016,637 |
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Current assets |
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Assets held for sale |
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10,229,921 |
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10,429,921 |
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Trade and other receivables |
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1,347,471 |
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789,256 |
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Cash and cash equivalents |
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2,913,363 |
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7,432,958 |
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14,490,755 |
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18,652,135 |
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TOTAL ASSETS |
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99,421,615 |
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95,668,772 |
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EQUITY AND LIABILITIES |
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Current liabilities |
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Liabilities relating to |
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assets held for sale |
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1,272,313 |
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1,350,625 |
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Trade and other payables |
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7,311,567 |
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5,536,009 |
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Taxation |
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458,542 |
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100,121 |
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Borrowings |
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37,716,654 |
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2,668,972 |
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Derivative financial instrument |
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77,601 |
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- |
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Deferred tax |
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83,487 |
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121,487 |
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46,920,164 |
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9,777,214 |
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Non-current liabilities |
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Borrowings |
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19,958,927 |
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54,244,301 |
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Derivative financial instrument |
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346,344 |
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661,125 |
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20,305,271 |
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54,905,426 |
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Share capital |
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14,626,463 |
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14,626,463 |
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Share premium |
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16,773,712 |
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16,773,712 |
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Other reserve |
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202,302 |
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211,185 |
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Treasury shares |
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(480,620) |
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(480,620) |
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Retained earnings / (Accumulated losses) |
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1,074,323 |
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(144,608) |
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Total equity |
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32,196,180 |
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30,986,132 |
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TOTAL EQUITY AND LIABILITIES |
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99,421,615 |
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95,668,772 |
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Consolidated Cash Flow Statement for the year ended 30 April 2021
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2021 |
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2020 |
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Restated |
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£ |
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£ |
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Profit / (Loss) before tax |
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1,386,072 |
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(741,686) |
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Cash flow from operating activities |
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Adjustments for: |
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Finance income |
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(286,539) |
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(34,842) |
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Finance costs |
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3,021,065 |
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4,723,182 |
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Loss on disposal of investment property |
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- |
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13,026 |
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Fair value adjustment |
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700,000 |
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800,000 |
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Increase in receivables |
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(257,448) |
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(278,766) |
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Increase in payables |
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776,239 |
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702,627 |
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Tax paid |
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(4,936) |
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(8,809) |
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Interest paid |
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(2,617,709) |
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(2,547,166) |
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Other finance costs paid |
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(17,800) |
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(745,631) |
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Net cash generated by operating activities |
2,698,944 |
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1,881,935 |
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Cash flows from investing activities |
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Interest received |
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49,359 |
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34,842 |
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Purchase of investment properties |
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(3,619,918) |
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- |
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Sale of investment properties |
500,000 |
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205,000 |
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Investment into LiBank |
(5,000,680) |
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- |
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Net cash (used) / generated by investing activities |
(8,071,239) |
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239,842 |
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Cash flows from financing activities |
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Share issue, net of issue costs |
- |
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6,104,665 |
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Long term loans advanced |
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1,525,000 |
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- |
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Long term loans repaid |
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(372,300) |
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(1,480,000) |
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Short term loans repaid |
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(300,000) |
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(550,000) |
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Equity dividend paid |
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- |
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(720,226) |
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Net cash generated by financing activities |
852,700 |
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3,354,439 |
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Net (decrease) / increase in cash and cash equivalents |
(4,519,595) |
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5,476,216 |
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Cash and cash equivalents at the beginning of the period |
7,432,958 |
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1,956,742 |
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Cash and cash equivalents at the end of the period |
2,913,363 |
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7,432,958 |
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NOTES TO PRELIMINARY RESULTS FOR THE PERIOD ENDED 30 APRIL 2021
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 27 September 2021.
The preliminary announcement of the results for the year ended 30 April 2021 was approved by the board of directors on 27 September 2021
2. Earnings per Share
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2021 |
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2020 |
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Restated |
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£ |
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£ |
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The calculations of earnings per share are based on the following earnings and numbers of shares.
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Profit / (Loss) for the period attributable to equity owners |
1,218,931 |
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(288,969) |
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No. of shares of 25p |
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No. of shares of 25p |
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Weighted average number of shares |
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|
|
||||
For basic earnings per share |
58,505,850 |
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47,609,342 |
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Dilutive effect of share options |
15,840,708 |
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14,312,252 |
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For diluted earnings per share |
74,346,558 |
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61,921,594 |
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Earnings per share |
pence |
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Pence |
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Basic |
2 |
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(1) |
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Diluted |
2 |
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(0) |
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|
£ |
|
£ |
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Dividends declared during the year - per share of 25p |
- |
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0.025 |
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Dividends declared during the year - total |
- |
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731,725 |
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- ends -
The Directors accept responsibility for this announcement.
Notes to Editors
Ace Liberty & Stone Plc is a property investment company with a diverse portfolio of properties located across the
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 www.acelibertyandstone.com
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