RNS Number:6694T
Grosvenor Land Holdings PLC
24 December 2003
GROSVENOR LAND HOLDINGS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDING 25 SEPTEMBER 2003
Grosvenor Land Holdings Plc ("Grosvenor Land" or "the Company"), the AIM listed
property investment company, announces its interim results for the six months
ending 25th September 2003.
Overview:
* Pre-tax profits up to #249,797 (2002: #221,910)
* Turnover up 42% to #787,091 (2002: #553,646)
* Three Powerhubs throughout the UK
* Yields increased at centres in Maidstone, Crawley and Manchester
* Continued disposals of non-core properties to fund expansion
* Full year figures will reflect investment in properties
Douglas Blausten CEO of Grosvenor Land said: "This has been a very successful
period for the Company as we are beginning to fulfil our stated ambition of
creating a national network of business centres under the Powerhub brand.
We now have three centres, which are all contributing to revenues and are
looking at further sites to continue expansion plans. We continue to dispose
of our non-core property portfolio to provide additional finance to realise
our ambitions of making the Powerhub concept a huge success."
CHAIRMAN'S STATEMENT
I am pleased to present the results for the six months ending 25th
September 2003. Our on-going strategy that is based around the
Powerhub business centre concept, is now delivering real returns, a
point highlighted in these results, which show pre-tax profits up to
#249,797 (2002: #221,910) on a turnover of #787,091 (2002:
#553,646). I am also pleased to report that the Board is proposing
an interim dividend of 0.1p per share (2002: 0.1p)
Our aim has been to build a national network of business centres under
our Powerhub banner, which provide flexible distribution/industrial
premises to the business community. Our flagship in Maidstone has proved
extremely successful with high occupancy rates and a steady increase in
returns being achieved. At the beginning of the period we acquired our
second site - a 143,000 sq ft distribution warehouse estate near
Crawley, West Sussex for #3.7 million. Since acquisition we have
substantially increased rents from approximately #280,000 per annum to
over #540,000 per annum.
In August we purchased the At Work Business Centres Limited ("@ Work") in
Manchester for #3,190,000 in a cash and shares deal. This will again be re
branded and will again contribute substantially to our future business
revenues. As part of the deal, Mr Robert Dyson, a Chartered Surveyor, and
founder of @ Work, has joined the Board of Grosvenor as a non-executive
director. He has considerable experience and expertise within the property
sector and will assist the Company in expanding the 'Powerhub' business
centre concept by sourcing further purchase opportunities.
We continue to sell our non-core properties at a profit to provide increased
funding which is then utilised to expand the Powerhub network. To this end, we
sold a town centre retail investment in Cheadle for #1.26 million and a property
in Whitstable, Kent for #1 million. Furthermore, in April we raised an
additional #280,000 through a private placing. This leaves us with a strong cash
position that enables us to act quickly as and when the right acquisition
opportunities arise.
In October, we received a requisition notice from Mr A S Perloff and his
personal pension fund, asking shareholders to dismiss the current Directors of
your company and replace them with Mr A S Perloff and Mr H M Perloff. I would
like to take this opportunity in thanking our shareholders for the support they
gave to the Board. The resolutions were heavily defeated and I hope that we can
now once again devote all our energies to the task of running your company for
the benefit of all its shareholders.
In order to maintain and improve our portfolio we have, this year, been involved
in some significant expenditure on our existing properties and on our new
acquisitions. In addition to this, your company is the subject of a potential
takeover and is currently in an Offer Period (as defined in The City Code on
Takeovers and Mergers) and, as a result, we are incurring additional costs in
this regard.
We remain committed to our shareholders and once again I would like to announce
an interim dividend of 0.1p.
The future looks very good for Grosvenor Land and we are optimistic about your
company's prospects.
Phil Edmonds
Chairman
24 December 2003
Unaudited Profit and Loss Account for the six months ended 25th September 2003
6 months ended 6 months ended Year ended
25th September 25th September 25th March
2003 2002 2003
# # #
Turnover - Rents receivable 787,091 553,646 1,173,631
Property Expenses (584,437) (251,310) (473,310)
202,654 302,336 700,321
Profit on Sale of Trading Stock 406,452 366,324 366,324
--- --- --- ---
Administrative Expenses (172,501) (268,454) (440,394)
Group Operating Profit 436,605 400,206 626,251
Associated Undertaking (13,617) - (44,963)
---
Share of Loss (5,612) ______- (11,225)
---------
Amortisation of Goodwill ---
417,376 400,206 570,063
Profit on Sale of Investment Property ______- ______ - 221,451
---------- ---------
Profit on Ordinary Activities before
Interest 417,376 400,206 791,514
Interest Receivable 7,678 30,865 27,202
Group 7,317 - 9,339
Associated Undertaking
Interest Payable (182,574) (209,161) (388,490)
Profit on Ordinary Activities before
Taxation 249,797 221,910 439,565
Taxation on Profit on Ordinary Activities 84,000 96,615 94,606
-------- ---------
Profit on Ordinary Activities after
Taxation 165,797 125,295 344,959
Minority Interests ______- 60,345 -
----------------
Profit for the financial period 165,797 185,640 344,959
Dividends 34,560 30,893 100,013
-------- ----------
Retained Profit for the financial period 131,237 154,747 244,946
--------- ----------
--- --- --- ---
Basic Earnings per Share 0.50p 0.60p 1.12p
Diluted Earnings per Share 0.50p 0.60p 1.11p
Unaudited Consolidated Balance Sheet at 25th September 2003
25th September 25th September 25th March
2003 2002 2003
# # #
Fixed Assets 20,306
-------- --- ---
Intangible Assets - Goodwill 13,309,637 62,888 -
------------ --------- ----
Tangible Assets 478,914 7,650,156 6,150,122
--------- ------------ ------------
Investment in Associate 60,000 - 490,826
-------- ---- ----------
Other Investments 13,868,857 100,000 60,000
------------ ------------- -------------
7,813,044 6,700,948
--- ------------ ------------
Current Assets 735,000 2,546,770 2,546,770
Stocks 790,667 160,638 2,076,287
Debtors 809,128 2,803,423 990,586
Cash at Bank and in Hand 2,334,795 5,510,831 5,613,643
Creditors: Amounts falling due
within 1,895,898 4,321,226 3,690,166
----------- ------------ ------------
one year
--- --- ---
Net Current Assets 438,897 1,189,605 1,923,477
--------- ------------ ------------
Total Assets less Current
Liabilities 14,307,754 9,002,649 8,624,425
Creditors: Amounts falling due (7,375,547) (1,872,500) (2,448,000)
after
more than one year
Provision for Liabilities & (6,543) ( 12,000) ( 12,000)
Charges
6,925,664 7,118,149 6,164,425
Minority Interests - 1,070,623 -
--- ------------ -------------------
6,925,664 6,047,526 6,164,425
----------- ------------ ------------
Capital and Reserves 345,600 308,933 308,933
--------- ---------- ----------
Called up Share Capital 4,211,678 3,618,344 3,618,344
----------- ------------ ------------
Share Premium Account 1,712,637 1,630,146 1,712,637
----------- ------------ ------------
Revaluation Reserve 655,749 490,103 524,511
--------- ------------- -------------
Profit & Loss Account
--- --- ---
Shareholders' Funds 6,925,664 6,047,526 6,164,425
----------- ------------ ------------
Net Assets per Share 20.0p. 19.6p 20.0p
------- -------
Unaudited Consolidated Cash Flow Statement for the Six Months Ended 25th
September 2003
Six months ended Six months ended Year ended
25th September 2003 25th September 2002 25th March 2003
# # #
Net cash inflow
/ (outflow) from
operating
activities 2,926,556 1,554,213 (131,175)
Returns on
investment and
servicing of
finance (174,896) (178,296) (361,288)
Taxation - - (41,721)
Capital
expenditure and
financial
investment (4,643,491) (577,927) 1,134,095
Equity dividends
paid - - (92,680)
Cash (outflow) / _________ _______ _______
inflow before
financing
(1,891,831) 797,990 507,231
Financing 1,638,500 (801,465) (845,296)
________ _______ ________
Decrease in cash
in the period (253,331) (3,475) (338,065)
=========== ========= ===========
NOTES
1. The financial information contained in this unaudited interim report
does not constitute statutory accounts as defined in section 240 of the
Companies Act 1985.
2. Basic earnings per share is calculated by reference to profit for the
financial period attributable to ordinary shareholders of #165,797 (6 months to
25th September 2002 - #185,640, year to 25th March 2003 - #344,959) and the
weighted average number of shares in issue during the period of 33,074,470 (6
months to 25th September 2002 and year to 25th March 2003 - 30,893,310). Diluted
earnings per share is calculated by reference to profit for the financial period
attributable to ordinary shareholders of #165,797 (6 months to 25th September
2002 - #185,640, year to 25th March 2003 - #344,959) and on a weighted average
number of shares of 33,351,841 (6 months to 25th September 2002 - 30,922,578,
year to 25th March 2003 - 31,133,310).
3. The interim dividend of 0.1p per ordinary share will be paid on 6
February 2004 to members on the register of the Company on 9 January 2004.
4. Copies of this interim report are being sent to all shareholders and
are available for collection from the Company's head office at 22 Gilbert
Street, Grosvenor Square, London W1K 5EJ.
Issued on behalf of Grosvenor Land Holdings Plc, 25 Gilbert Street, Grosvenor
Square, London W1Y 2EJ, by St Brides Media & Finance Ltd, 46 Bedford Row, London
WC1R 4LR.
Contacts:
Douglas Blausten Grosvenor Land Holdings Plc Tel: 020 7408 2222
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FZLFLXLBEFBZ