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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ace Liberty & Stone | AQSE:ALSP | Aquis Stock Exchange | Ordinary Share | GB00BF01VL55 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 30.00 | 45.00 | 42.50 | 37.50 | 40.50 | 0.00 | 16:29:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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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September 22, 2023 02:00 ET (06:00 GMT)
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