TIDMALSP
RNS Number : 2828N
Ace Liberty & Stone PLC
22 September 2023
Ace Liberty and Stone plc
("Ace" or "the Company")
FINAL RESULTS FOR THE YEARED 30 APRIL 2023
Well-positioned to deliver long-term value for shareholders
Ace Liberty and Stone Plc (AQSE: ALSP), the active property
investment company capitalising on commercial property investment
opportunities across the UK, is delighted to announce its results
for the year ended 30 April 2023.
Financial Highlights:
-- Value of investment property up 2.1% to GBP78,106,598 (FY 2022 GBP76,500,343)
-- Shareholders' funds up 1.3% to GBP34,426,901 (FY 2022 GBP33,988,485)
-- Cash resources of GBP6,228,032 following successful open
offer and refinancing (FY 2022 GBP2,245,873)
-- Revenue reduced 2.5% to GBP5,557,714 (FY 2022 GBP5,697,850)
largely due to disposals in the prior year
-- 98% of Group's income from Government and Major Industrial & Commercial companies
Ismail Ghandour, Chief Executive Officer, commented:
"In a challenging economic environment, Ace is well-positioned
with a healthy balance sheet and significant cash resources to
explore any opportunities that may arise"
-ends-
For further information, please contact:
Ace Liberty & Stone Plc Tel: +44 (0) 20 7201 8340
Laura Yates, Finance Director www.acelibertyandstone.com
Alfred Henry Corporate Finance Tel: +44 (0) 20 3772 0021
Ltd
AQSE Growth Market Corporate Adviser www.alfredhenry.com
Nick Michaels
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Broker www.spangel.co.uk
Vadim Alexandre / Rob Rees
Chairman's Statement
I am pleased to present my Chairman's Statement on the results
for the year ending 30 April 2023. The past year has been an active
year for the Company. During the year under review, the Company
successfully completed a GBP22 million refinancing with Coutts
& Co, who are now the sole bank lenders to the Group. In
addition, with the support of existing shareholders,
GBP3 million was raised following a successful Open Offer of
shares. Together, these transactions have strengthened the balance
sheet with over GBP6 million cash and cash equivalents available at
year end.
We have welcomed two new Board members during the year, Nick
Jones as Property Director and Laura Yates as Finance Director.
Ivan Minter has moved to a non-executive role focusing on corporate
governance, where his wealth of experience and expertise can assist
in driving the growth of the Company. Mark Thomas and Hikmat
El-Rousstom stepped down from the Board during the year to focus on
other endeavours and we wish them every success for the future.
Two properties have been acquired during the period and
subsequently, Loders service station in Dorchester and Egerton Park
service station in Melton Mowbray, further details of which can be
found in the strategic report. Completion of the acquisition of
Hunters Row, Stafford is expected in December 2023.
During the year, revenue reduced 2% to GBP5,557,714 largely due
to disposals in the prior year, partially offset by income from new
acquisitions. Administrative expenses have increased from
GBP1,291,943 to GBP1,875,448. The increase is driven in the most
part by void costs of approximately GBP235,000 related to a vacant
unit in Sunderland. The majority of this cost is historic and
non-recurring as mitigating actions have now been put in place. In
addition, staff costs have increased by approximately GBP182,000,
which is largely related to non-recurring costs incurred as a
result of changes to the Board. Dilapidations settlements in
respect of Fawcett House, Sunderland and Telephone House, Sheffield
resulted in one-off income totalling GBP277,954. Finance costs
increased from GBP2,792,045 to GBP3,382,440. This is a result of
increased bank debt following the drawdown of the Coutts facility
in September 2022 and increasing interest rates. Our loan to value
remains conservative at 54%. Fair value adjustments of GBP600,000
to investment property and GBP430,911 to the investment in Lebanon
have reduced profit, with the Group reporting a loss before tax of
GBP263,657.
The cash contribution to capital investment in Lebanon has been
further impaired during the year to recognise the risk associated
with remitting the funds to the UK due to current economic
conditions in Lebanon. However, it remains the Company's intention
to utilise the funds for investment, when circumstances allow.
The Company paid an interim dividend of 3.4p per share in
October 2022 which was intended to recompense shareholders for a
long gap in dividend payments. This dividend payment utilised a
large portion of the Company's distributable reserves and, as such,
no final dividend was declared for the year ended April 2023. The
Board remains committed to establishing regular distributions to
shareholders and dividend payments will recommence once adequate
reserves are available.
The past number of years have been challenging for the UK
economy with the unprecedented impact of the Covid-19 pandemic and
the uncertainty caused by Brexit. Ace's robust portfolio withstood
the many challenges during this period but new challenges are upon
us. The ongoing Ukraine conflict, together with rising interest
rates and inflation, which accelerated following the mini budget in
September 2022, leave the economy in a very different place
compared to 12 months ago. The volatility in the interest rate
market has had a particular impact on property valuations and the
real estate market.
In spite of the challenging economic conditions facing the
Company, the Directors are confident in the long-term strength of
Ace. The Board has focused on developing a portfolio of
geographically diverse, low-risk assets with a secure tenant base.
Together with significant cash reserves at year end, the portfolio
is in a strong position to perform well against this backdrop of
economic turmoil.
Dr Tony Ghorayeb
Chairman
Date: 19 September 2023
Consolidated Statement of Comprehensive Income for the year
ended 30 April 2023
2023 2022
GBP GBP
Revenue 5,557,714 5,697,850
Gain / (Loss) on disposal of investment
property (29,442) 917,203
Administrative expenses (1,875,448) (1,291,943)
Fair value gain / (loss) on investment
property (600,000) 193,704
Fair value loss on investments (430,911) (797,576)
Fair value loss on assets held for
sale - (200,000)
Loss on disposal of subsidiaries - (412,382)
Dilapidations settlement 277,954 -
Finance cost (3,382,440) (2,792,045)
Finance income 218,916 751,421
------------------------------------------ ------------ ------------
Profit / (Loss) before taxation (263,657) 2,066,232
------------------------------------------ ------------ ------------
Taxation (41,885) (769,427)
------------------------------------------ ------------ ------------
Profit / (Loss) after taxation (305,542) 1,296,805
------------------------------------------ ------------ ------------
Other comprehensive income - release
of equity proportion of CLNs - 202,302
------------------------------------------ ------------ ------------
Total comprehensive income for the
period (305,542) 1,499,107
------------------------------------------ ------------ ------------
Attributable to:
------------------------------------------ ------------ ------------
Owners of the parent (305,542) 1,499,107
------------------------------------------ ------------ ------------
Earnings per share on continuing Pence Pence
activities
Basic earnings per share attributable
to equity owners of the parent (0.48) 2.55
Diluted earnings per share attributable
to equity owners of the parent (0.48) 2.03
Consolidated Statement of Financial position at 30 April
2023
2023 2022
GBP GBP
ASSETS
Non-current assets
Investment property 78,106,598 76,500,343
Investments 3,810,015 4,240,851
Deferred tax 298,237 186,738
Derivative financial
instrument 509,292 326,651
--------------------------------------------------------- ----------- -----------
82,724,142 81,254,583
---------------------------------------------------------- ----------- -----------
Current assets
Assets held for
sale - 850,000
Trade and other
receivables 1,251,468 533,079
Cash and cash equivalents 6,228,032 2,245,873
-----------
7,479,500 3,628,952
---------------------------------------------------------- ----------- -----------
TOTAL ASSETS 90,203,642 84,883,535
--------------------------------------------------------- ----------- -----------
EQUITY AND LIABILITIES
Current liabilities
Trade and other
payables 2,421,557 3,072,567
Taxation 320,341 953,280
Borrowings 29,886,011 17,644,125
--------------------------------------------------------- ----------- -----------
32,627,909 21,669,972
---------------------------------------------------------- ----------- -----------
Non-current liabilities
Borrowings 23,148,832 29,225,078
--------------------------------------------------------- ----------- -----------
23,148,832 29,255,078
---------------------------------------------------------- ----------- -----------
Share capital 17,806,741 14,711,713
Share premium 17,010,240 16,975,362
Other reserve 208,600 208,600
Treasury shares (880,620) (480,620)
Retained earnings 281,940 2,573,430
--------------------------------------------------------- ----------- -----------
Total equity 34,426,901 33,988,485
--------------------------------------------------------- ----------- -----------
TOTAL EQUITY AND LIABILITIES 90,203,642 84,883,535
----------------------------------- ----------------------- ----------- -----------
Consolidated Cash Flow Statement for the year ended 30 April
2023
2023 2022
GBP GBP
Profit / (Loss) before
tax (263,657) 2,066,232
Cash flow from operating
activities
Adjustments for:
Finance income (218,916) (751,421)
Finance costs 3,382,440 2,792,045
(Gain) / Loss on disposal
of investment property 29,442 (917,203)
Fair value adjustment 1,030,911 803,872
Loss on disposal of
subsidiaries - 412,382
(Decrease) / Increase
in receivables (762,949) 200,258
Decrease in payables (839,915) (1,789,890)
Tax paid (791,055) (189,720)
Interest paid (2,735,433) (2,050,999)
Other finance costs
paid (455,715) (39,469)
Share issue costs 126,022 -
----------------------------------------------------------------------- ------------- -------------
Net cash (used) / generated by operating
activities (1,498,825) 536,087
-------------------------------------------------------- ------------ ------------- -------------
Cash flows from investing
activities
Interest received 4,986 825
Purchase of investment -
properties (2,206,255)
Sale of investment properties 820,558 4,317,203
Sale of subsidiaries - 5,067,061
Investment into LiBank - (37,747)
------------------------------------- ----------------------------- ------------- -------------
Net cash (used) / generated by investing
activities (1,380,711) 9,347,342
-------------------------------------------------------- ------------ ------------- -------------
Cash flows from financing
activities
Share issue, net of issue -
costs 2,980,484
Purchase of treasury shares (400,000) -
Long-term loans advanced 23,227,500 -
Long-term loans repaid (1,093,450) (761,950)
Short-term loans repaid (15,890,751) (9,788,969)
Equity dividend paid (1,962,088) -
----------------------------------------------------------------------- ------------- -------------
Net cash generated / (used)
by financing activities 6,861,695 (10,550,919)
------------------------------------------- ------------------------ ------------- -------------
Net increase / (decrease) in cash
and cash equivalents 3,982,159 (667,490)
-------------------------------------------------------- ------------ ------------- -------------
Cash and cash equivalents at the beginning
of the period 2,245,873 2,913,363
Cash and cash equivalents at the end
of the period 6,228,032 2,245,873
-------------------------------------------------------- ------------ ------------- -------------
NOTES TO PRELIMINARY RESULTS FOR THE PERIODED 30 APRIL 2023
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 19 September 2023.
The preliminary announcement of the results for the year ended
30 April 2023 was approved by the board of directors on 19
September 2023.
2. Earnings per Share
The calculations of earnings per share are based on the following
earnings and numbers of shares.
--------------------------------------------------------------------------
Profit / (Loss) for the period
attributable to equity owners (305,542) 1,499,107
--------------------------------------------- ------------- ------------
Weighted average number of shares shares shares
of 25p of 25p
For basic earnings per share 63,997,280 58,780,517
Dilutive effect of share options 14,568,122 14,940,383
--------------------------------------------- ------------- ------------
For diluted earnings per share 78,595,402 73,720,900
--------------------------------------------- ------------- ------------
Earnings per share pence pence
Basic (0.48) 2.55
Diluted (0.48) 2.03
GBP GBP
Dividends declared during the 0.034 -
year - per share of 25p
Dividends declared during the 2,001,588 -
year - total
.
- 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 UK,
predominantly in the midlands and north of England, which are now
the focus of Government incentives. The Company locates commercial
properties which have creditworthy tenants, several years' rental
income and 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
to deploy its strong balance sheet and is seeking further
investment opportunities in the UK to create value for existing and
new investors.
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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END
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