Wellington Market Company plc
("Wellington" or "the Company")
Unaudited interim results for the six months ended 30 June 2013
Although our half-yearly results to 30th June 2013 show little more than a
break-even position I am pleased to report a number of encouraging features
which augur well for the future.
Firstly, we have been able to renegotiate a number of our relationships with
landlords etc., which recognise the more difficult trading conditions which
currently characterise our market's industry.
Secondly, we are having increased success at Old Spitalfields both with our
"events" income and also with our Saturday "themed" markets.
Thirdly, two new markets are scheduled to be joining our portfolio in the near
future: we have been chosen by the local authority as the operator of a new
Watford covered market, and at Shepherds Bush we have been selected to manage
this historic private market and to take it through its regeneration, and to
realise its true potential under our `Activate Assets' brand which we launched
in 2012.
Meanwhile trading at our core sites has been relatively stable, and on the
financial side, further property sales have enabled us to repay our £1 million
short-term loan and successfully renegotiate our on-going bank facility. Given
that the second-half of our year is historically more profitable, I am hopeful
that we will be reporting a positive result for the year as a whole.
Lord Lee of Trafford
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Six months Six months
ended ended Year to
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
£'000 £'000 £'000
Turnover 2,926 3,281 6,932
Cost of sales (2,468) (2,795) (5,729)
------ ------ ------
Gross profit 458 486 1,203
Administration expenses
- impairment of tangible and intangible - - (167)
fixed assets
- other administrative expenses (342) (377) (803)
(342) (377) (970)
----- ----- -----
Operating profit/(loss)
Operating profit before impairment of 116 109 400
tangible and intangible fixed assets
Impairment of tangible and intangible fixed - - (167)
assets
Operating profit 116 109 233
Profit on sale of assets/business 9 - 27
Interest payable (115) (138) (271)
----- ----- -----
Profit/(loss) on ordinary activities before 10 (29) (11)
taxation
Tax on profit/(loss) on ordinary activities (6) 10 (29)
----- ----- -----
Profit/(loss) on ordinary activities after 4 (19) (40)
taxation
Minority interest 3 1 (11)
----- ----- -----
Profit/(loss) for the financial period 7 (18) (51)
Basic earnings per share in pence 0.1 (0.3) (0.7)
CONSOLIDATED BALANCE SHEET
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
£'000 £'000 £'000
Fixed assets
Intangible
- positive goodwill and other 139 232 151
intangible assets
- negative goodwill (84) (141) (112)
Tangible assets 8,603 9,845 9,378
----- ----- -----
8,658 9,936 9,417
Current assets
Stocks 13 16 9
Debtors: amounts falling due within one 921 1,112 640
year
Debtors: amounts falling due after one 31 35 33
year
Cash at bank and in hand 22 94 97
----- ----- -----
987 1,257 779
Creditors: amounts falling due within (2,160) (3,028) (2,513)
one year ----- ----- -----
Net current liabilities (1,173) (1,771) (1,734)
----- ----- -----
Total assets less current liabilities 7,485 8,165 7,683
Creditors: amounts falling due after (4,039) (4,475) (4,241)
more than one year
Provisions for liabilities and charges (231) (161) (231)
----- ----- -----
Net assets 3,215 3,529 3,211
===== ===== =====
Capital and reserves
Called up share capital 3,000 3,000 3,000
Share premium account 250 250 250
Revaluation reserve 920 1,242 920
Share based payment reserve 57 53 57
Profit and loss account (1,040) (1,052) (1,047)
----- ----- -----
Equity shareholders' funds 3,187 3,493 3,180
Equity minority interest 28 36 31
----- ----- -----
Total shareholders' funds 3,215 3,529 3,211
===== ===== =====
Notes to the Interim Results
1 Accounting policies
The interim results have been prepared on the same basis and using the same
accounting policies as those used in the preparation of the statutory accounts
for the year ended 31 December 2012.
2 Going concern
In common with the majority of other companies, the current economic conditions
create uncertainty.
The directors have prepared forecasts to 30 September 2014 which show that the
Group will be able to operate within its bank facilities.
The Group is funded by an overdraft facility and bank loans. The overdraft is
subject to review every 6 months and the bank have recently confirmed that this
will be rolled over to 31st January 2014. Based on discussions with the Group's
bankers the directors believe that they will continue to extend the facilities.
After making enquires, including the preparation of forecasts and discussions
with the Group's bankers regarding the renewal of the overdraft, the directors
have formed a judgment that, at the time of approving the interim financial
statements, there is a reasonable expectation that the Company and the Group
have adequate resources to continue in operational existence for a period of 12
months following the date the interim financial statements are approved. For
this reason, the directors continue to prepare the interim financial statements
on a going concern basis.
3 Earnings per share
The calculation of earnings per share is based on the result for the period
divided by the weighted average number of shares in issue, being 5,999,449 (30
June 2012: 5,999,449 and 31 December 2012: 5,999,449) ordinary shares of 50p
each.
4 Interim dividend
The Directors have declared no interim ordinary dividend (2012: Nil) per share.
A preference dividend of 1.5875p per share was paid on 1 July 2013.
5 Accounting
The results for the half year ended 30 June 2012 and 2013 are unaudited and do
not constitute statutory accounts within the meaning of section 434 Companies
Act 2006.
The financial information for the period ended 31 December 2012 has been
extracted from the statutory accounts for that year and have been filed with
the Registrar of Companies and the auditors have given an unqualified audit
opinion.
For further information please contact:
Wellington Market Company Plc.
Paul Fice, Company Secretary Tel: +44 (0) 1952 242019
Grant Thornton UK LLP (Corporate Adviser)
Colin Aaronson/Melanie Frean Tel: +44 (0) 207 383 5100
