TIDMSAF
RNS Number : 9664P
Safeland PLC
23 November 2016
The following replaces the announcement released on 21 November
2016 at 07:00 (RNS Number 6237P). The number of potential dilutive
effect of share options as at 30 September 2016 has been amended on
note 2 to 11,363 (previously 12,107). The full amended announcement
appears below.
Safeland plc
("Safeland" or the "Company" or the "Group")
Interim Results
For the Six Months to 30 September 2016
Safeland (AIM: SAF), the property trading and investment
company, announces its unaudited interim results for the six months
ended 30 September 2016.
Highlights
Turnover: GBP1.9m (2015: GBP12.5m)
Loss before tax: GBP0.4m (2015: profit GBP4.3m)
Net asset value per share: 111.7p (30 September 2015: 110.7p, 31
March 2016: 114.0p)
Managing Director's Statement
I am pleased to report the Company's interim results for the 6
months to 30 September 2016. These results reflect transactional
volatility that shareholders will be aware of, combined with the
extraordinary market conditions which we find ourselves in.
During the period, the Company sold the second of two properties
located in Golders Green and obtained a planning consent for its
Muswell Hill hotel property for conversion into 18 flats ranging
from 1-3 bedrooms. The hotel ceased operation in August 2016 and
construction has commenced on site, with completion anticipated to
take place in the second half of 2017.
An announcement was made in December 2015 regarding the purchase
of a substantial house in Hampstead Garden Suburb for
redevelopment. This is nearing completion and contracts have been
exchanged for its sale with completion anticipated in the second
half of this financial year.
Given the results for the 6 months ended 30 September 2016, the
Directors do not declare the payment of an interim dividend (2015:
1.5p).
Outlook
As previously stated, the market is constrained by the current
economic and political outlook, which is creating a very cautious
environment. We continue to pursue acquisition opportunities whilst
continuing to add value to existing stock held through planning or
development.
The Board is confident that it has the skills necessary to make
selected acquisitions in the current market, but is being extremely
selective until there is further clarity as to the general
outlook.
For further information:
+44 (0) 20 8815
Safeland plc 1600
Larry Lipman, Managing Director
Stockdale Securities +44 (0) 20 7601
(Nominated Adviser and Broker) 6100
Tom Griffiths
For more information visit: www.safeland.co.uk
Condensed consolidated
income statement Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
Revenue 1,898 12,453 21,116
Cost of sales (1,462) (7,497) (14,003)
Gross profit 436 4,956 7,113
(858)
Administrative expenses ) (802) (1,287)
Gain on revaluation of
investment properties - - 42
Share of results of jointly
controlled entity - - (33)
Share of results of associate 12 12 23
Profit on sale of investment
in joint venture - - -
Dividend from investment - 13 13
Profit on sale of investment
property - - -
Operating (loss)/profit (410) 4,179 5,871
Finance income 273 256 520
Finance costs (240) (156) (334)
(Loss)/profit before tax (377) 4,279 6,057
Tax - (866) (1,522)
------------- ------------- -----------
Profit for the financial
period attributable to
owners of the parent company (377) 3,413 4,535
------------- ------------- -----------
Basic (loss)/earnings
per share (note 2) (2.42p) 20.24p 27.95p
Diluted (loss)/earnings
per share (note 2) (2.42p) 13.35p 15.45p
There is no difference between the diluted loss per share and
the basic loss per share presented as the effect of the share
options in issue is anti-dilutive.
The revenue and operating result for the periods are derived
from continuing operations in the United Kingdom.
Condensed consolidated
statement of comprehensive
income Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
(Loss)/profit for the
period (377) 3,413 4,535
Other comprehensive income
Fair value (losses)/gains
on available for sale
financial assets (139) (74) (139)
------------- ------------- -----------
Other comprehensive income
for the year, net of tax (139) (74) (139)
------------- ------------- -----------
Total comprehensive (loss)/income
for the period attributable
to owners of the parent
company (516) 3,339 4,396
------------- ------------- -----------
Condensed consolidated
statement of
financial position Unaudited Unaudited Audited
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -------------
Restated
(notes
5 and 6)
Non-current assets
Property plant and equipment 1,855 1,935 1,904
Investment properties
(note 5) 1,123 2,693 1,123
Investments in associate 133 135 121
Available-for-sale investments 692 897 832
Trade and other receivables 8,777 8,240 8,503
12,580 13,900 12,483
------------- ------------- -------------
Current assets
Trading properties (note
6) 14,464 9,684 14,838
Trade and other receivables 117 660 381
Cash and cash equivalents 1,540 2,865 2,988
16,121 13,209 18,207
------------- ------------- -------------
Total assets 28,701 27,109 30,690
------------- ------------- -------------
Current liabilities
Bank loans and overdrafts
(note 7) - - -
Trade and other payables 285 1,124 495
Derivative financial instruments - - -
Corporation tax payable 1,450 1,733 1,450
1,735 2,857 1,945
------------- ------------- -------------
Non-current liabilities
Bank loans (note 7) 9,664 6,385 10,927
Deferred income tax liabilities 72 - 72
9,736 6,385 10,999
------------- ------------- -------------
Total liabilities 11,471 9,242 12,944
------------- ------------- -------------
Net assets 17,230 17,867 17,746
------------- ------------- -------------
Equity
Share capital (note 8) 778 843 778
Share-based payment reserve 354 555 354
Investment revaluation
reserve (191) 13 (52)
Capital redemption reserve 65 - 65
Retained earnings 16,224 16,456 16,601
Total equity attributable
to owners of the parent
company 17,230 17,867 17,746
------------- ------------- -------------
Condensed consolidated
statement of cash flows Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
Cash flows from operating
activities
Cash generated/(utilised)
from operations (note
4) 76 6,429 2,321
Interest paid (240) (156) (292)
Corporation tax paid - (829) (1,695)
------------- ------------- -----------
Net cash generated/(utilised)
from operating activities (164) 5,444 334
------------- ------------- -----------
Cash flows from investing
activities
Interest received - - 1
Distributions from associate - - 25
Other dividends received - 13
Purchase of property,
plant and equipment - (98) (105)
Purchase of available
for sale investments - (664) (664)
Proceeds from sale of
investment properties - - 1,637
Proceeds from sale of
property, plant and equipment - 82 82
Net cash inflow/(outflow)
from investing activities - (680) 989
------------- ------------- -----------
Cash flows from financing
activities
New loans - - 3,742
Purchase of own share
capital - - (743)
Dividends paid to equity
shareholders - (295) (529)
Loan repayments (1,284) (2,058) (1,259)
Net cash inflow from financing
activities (1,284) (2,353) 1,211
------------- ------------- -----------
Net increase/(decrease)
in cash and cash equivalents (1,448) 2,411 2,534
Cash and cash equivalents
at beginning of period 2,988 454 454
Cash and cash equivalents
at end of period 1,540 2,865 2,988
------------- ------------- -----------
Consolidated Statement of Changes in Equity
For the six months to 30 September 2016 (unaudited)
Share Share Capital Share Revaluation Retained Total
Capital premium redemption based Reserve earnings equity
GBP'000 account reserve payment GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 reserve
GBP'000
Balance at
31 March 2016 778 - 65 354 (52) 16,601 17,746
Comprehensive
income
Profit for
the period - - - - (377) (377)
Revaluation
of available-for-sale
investments - - - - (139) - (139)
-------- -------- ----------- -------- ----------- --------- --------
Total comprehensive
income - - - (139) (377) (516)
-------- -------- ----------- -------- ----------- --------- --------
Transactions
with owners
Purchase of - - - - - - -
own shares
Dividend paid - - - - - - -
Share based
payment charge
for the period - - - - - - -
-------- -------- ----------- -------- ----------- --------- --------
Total transactions
with owners - - - - - - -
-------- -------- ----------- -------- ----------- --------- --------
Balance at
30 September
2016 778 - 65 354 (191) 16,224 17,230
======== ======== =========== ======== =========== ========= ========
For the six months to 30 September 2015 (unaudited)
Share Share Capital Share Revaluation Retained Total
Capital premium redemption based Reserve earnings equity
GBP'000 account reserve payment GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 reserve
GBP'000
-------- -------- ----------- -------- ----------- --------- --------
Balance at
31 March 2015 843 - - 486 87 13,338 14,754
Comprehensive
income
Profit for
the period - - - - - 3,413 3,413
Revaluation
of available-for-sale
investments (74)
-------- -------- ----------- -------- ----------- --------- --------
Total comprehensive
income (74) 3,413
-------- -------- ----------- -------- ----------- --------- --------
Transactions
with owners
Purchase of - - - - - - -
own shares
Dividend paid - - - - - (295) (295)
Share based
payment charge
for the period - - - 69 - - 69
-------- -------- ----------- -------- ----------- --------- --------
Total transactions
with owners - - - 69 - (295) (226)
-------- -------- ----------- -------- ----------- --------- --------
Balance at
30 September
2015 843 555 - 13 - 16,456 17,867
======== ======== =========== ======== =========== ========= ========
For the year ended 31 March 2016 (audited)
Share Share Capital Share Revaluation Retained Total
Capital premium redemption based Reserve earnings equity
GBP'000 account reserve payment GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 reserve
GBP'000
-------- -------- ----------- -------- ----------- --------- --------
Balance at
31 March 2015 843 - - 486 87 13,338 14,754
Comprehensive
income
Loss for the
year - - - - - 4,535 4,535
Revaluation
of available-for-sale
investments - - - - (139) - (139)
-------- -------- ----------- -------- ----------- --------- --------
Total comprehensive
income - - - - (139) 4,535 4,396
-------- -------- ----------- -------- ----------- --------- --------
Transactions
with owners
Purchase of
own shares (65) - 65 - - (743) (743)
Dividend paid (529) (529)
Share based
payment debit
for the period - - - (132) - - (132)
-------- -------- ----------- -------- ----------- --------- --------
Total transactions
with owners (65) - 65 (132) - (1,272) (1,404)
-------- -------- ----------- -------- ----------- --------- --------
Balance at
31 March 2016 778 - 65 354 (52) 16,601 17,746
======== ======== =========== ======== =========== ========= ========
1. Basis of preparation and accounting policies
The condensed interim consolidated financial statements of the
Company and its subsidiaries ("the Group") for the 6 months to 30
September 2016 ("the period") have been prepared using accounting
policies consistent with International Financial Reporting
Standards (IFRS) as adopted by the European Union. The financial
information presented above does not constitute statutory financial
statements as defined by section 435 of the Companies Act 2006.
Copies of this announcement are available from the Company's
registered office at 1a Kingsley Way, London N2 0FW and on its
website, www.safeland.co.uk.
These condensed interim financial statements have not been
audited, do not include all of the information required for full
annual financial statements and should be read in conjunction with
the Group's consolidated annual financial statements for the year
ended 31 March 2016. While the financial figures included within
this interim report have been computed in accordance with IFRS
applicable to interim periods, this report does not contain
sufficient information to constitute an interim financial report as
set out in International Accounting Standard 34 Interim Financial
Reporting.
Revenue
Revenue is stated net of VAT and comprises rental income,
proceeds from sales of trading properties, fees, commissions and
other income.
Sales of trading properties are recognised on completion of a
contract. This reflects the point of transfer of risk and rewards
when trading property is sold.
Rental income from investment and trading properties leased out
under operating leases is recognised in the Income Statement on a
straight-line basis over the term of the lease. Contingent rents
which comprise turnover rents are recognised as income in the
periods in which they are earned. Rent reviews are recognised when
such reviews have been agreed with tenants.
Revenue in the previous period arising from deferred
consideration in the form of four completed houses in a residential
development to be undertaken on the site of the Chandos Tennis Club
in the following three years is based on a valuation by the
directors, discounted to a present-day value using the weighted
average cost of capital.
Other fees in relation to property management are recognised on
a straight-line basis over the term of management contracts.
Hotel revenue comprises revenues from overnight hotel
accommodation, banqueting facility hire and sales of food and
beverages. All revenues are recognised when the service is
provided.
Freehold property
Freehold property is stated at cost less accumulated
depreciation and is depreciated at 2% per annum on a straight-line
basis, pro-rated in the year of acquisition.
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and are depreciated over their estimated
useful lives on the following annual bases:
Motor vehicles 25% (reducing balance)
Fixtures, fittings and equipment 20% (reducing balance)
Investment properties
Investment properties are those properties that are held either
to earn rental income or for capital appreciation or both.
Investment properties are measured and stated at fair value in the
statement of financial position. Valuation surpluses and deficits
arising in the period are included in profit or loss.
The gain or loss arising on the disposal of a property is
determined as the difference between the sales proceeds and the
fair value of the asset at the beginning of the period and is
recognised in the income statement.
Investment properties may be freehold properties or leasehold
properties. For leasehold properties that are classified as
investment properties, the associated leasehold obligations, if
material, are accounted for as finance lease obligations.
Trading properties
Properties held for development and resale are classified as
trading properties and are shown at the lower of cost and net
realisable value. Cost comprises purchase price, acquisition costs
and direct expenditure.
Restatement of stock as investment property
Triangle Estates Limited (TEL) was acquired by the Group on 19
December 2014. It was trading as an investment company on
acquisition and in the opinion of the directors has continued to do
so.
At 31 September 2015, the carrying value of the Group's trading
properties included an amount of GBP1,970k that should have been
classified as investment properties. This has now been restated for
that period ended 31 September 2015 in the comparative figures.
This is further set out in more detail in notes 5 and 6 to these
abbreviated interim financial statements.
2. Earnings per share
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
(Loss)/profit for the
financial period attributable
to owners of the parent
company (377) 3,413 4,535
------------- ------------- -----------
No No No
'000 '000 '000
Weighted average number
of ordinary shares for
the purposes of basic
earnings per share 15.560 16,851 16,224
Effect of potential dilutive
ordinary shares:
Share options 11,363 19,865 12,107
Weighted average number
of ordinary shares for
the purposes of diluted
earnings per share 26,923 36,716 28,331
------------- ------------- -----------
Diluted Earnings per share is calculated by adjusting the
earnings and number of shares for the effects of dilutive options
and other dilutive potential ordinary shares.
3. Dividends
No interim dividend has been declared. In the six months ended
30 September 2015, the Company paid an interim dividend of 1.5p per
ordinary share. There was no final dividend in the year to 31 March
2016.
4. Cash flows from operating activities
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
(Loss)/profit before tax (377) 4,279 6,057
Depreciation 71 48 85
Profit/(loss) on sale
of property, plant and
equipment - 14 15
Loss/(profit) on sale
of investment property - - 33
Loss/(gain) on revaluation
of investment properties - - (42)
Share of results of associate (12) (12) (23)
Share of results of jointly
controlled entity - - (13)
Finance income - - (1)
Unwinding of discount
on deferred revenue (274) (256) (519)
Finance costs 240 156 334
Share-based payments (credit)/charge - 69 (132)
Changes in working capital
Decrease/(increase) in
trading properties 374 3,064 (2,091)
Decrease/(increase) in
trade and other receivables 264 (296) (60)
(Decrease)/increase in
trade and other payables (210) (637) (1,322)
76 6,429 2,321
------------- ------------- -----------
5. Investment properties
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
Restated
(ref
note 6)
Fair value
Start of the period 1,123 2,693 2,693
Disposals - - (1,612)
Increase in fair value
during the period - - 42
------------- ------------- -----------
End of period 1,123 2,693 1,123
------------- ------------- -----------
The fair value of the investment properties at 30 September 2016
comprises freehold properties of GBP665,000 (30 September 2015:
GBP265,000 and 31 March 2016: GBP665,000) and long leasehold
properties of GBP458,000 (30 September 2015: GBP458,000 and 31
March 2016: GBP458,000).
The directors do not consider the fair value of the Group's
lease obligations associated with its long leasehold investment
properties to be material to the financial statements. As a result,
no finance lease obligations are included in the statement of
financial position at 30 September 2016, 30 September 2015 or 31
March 2016.
The Group has pledged investment properties for resale with
carrying value of GBP703,000 (30 September 2015: GBP703,000 and 31
March 2016: GBP703,000) to secure banking facilities granted to the
Group.
6. Trading properties
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
Restated
(ref
note 5)
Properties for resale 14,464 8,240 14,838
------------- ------------- -----------
The Group has pledged trading properties for resale with
carrying value of GBP14,464,000 (30 September 2015: GBP9,406,000
and 31 March 2015: GBP14,838,000) to secure banking facilities
granted to the Group.
7. Bank loans and overdrafts
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
Bank Loans
Due within one year - - -
------------- ------------- -----------
Due in the second to
fifth years 9,716 6,500 11,000
Unamortised borrowing
costs (52) (115) (73)
------------- ------------- -----------
9,664 6,385 10,927
------------- ------------- -----------
There were no breaches in bank loan covenants as at 30 September
2016. All of the Group's bank loans and overdrafts disclosed above
comprise borrowings in sterling. The bank loans are secured on
properties owned by the Group.
8. Share capital
Unaudited Unaudited Audited
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------- ------------- -----------
Authorised:
45,750,000 ordinary shares
of 5p each 2,288 2,288 2,288
------------- ------------- -----------
Allotted, called up and
fully paid:
15,560,380 ordinary shares
(30 September 2015: 16,851,180,
31 March 2016: 15,560,380)
of 5p each 778 843 778
------------- ------------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGGBGGUPQGWW
(END) Dow Jones Newswires
November 23, 2016 08:21 ET (13:21 GMT)
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