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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 | 42.50 | 0.00 | 15:29:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMALSP
RNS Number : 1548O
Ace Liberty & Stone PLC
27 January 2023
Ace Liberty and Stone plc
("Ace" or "the Company")
INTERIM RESULTS FOR SIX MONTHS TO 31 OCTOBER 2022
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 Interim Results for the period from 1 May 2022 to 31 October 2022.
Highlights * :
-- Pre-tax profit decreased marginally by 3% to GBP 731,383 (H1 2022) from GBP754,911 (H1 2021)
-- Rental income slightly reduced by 6% d own from GBP2,887,723 (H1 2021) to GBP2,700,031 (H1 2022)
-- Open Offer and re-finance provide cash resources of GBP9.5m for investment in UK commercial property
-- Contracts exchanged for the Dorchester property.
*Note: Full details can be found in the Chairman's statement
Ismail Ghandour, Chief Executive Officer, commented:
"The half year shows a stable operating position and ends with the Group poised for expansion."
Chairman's statement
I am pleased to announce the Company's interim results for the half year ended 31 October 2022. Turnover at GBP2,700,031 for the half year is down by 6.5% on the comparable value for the previous year of GBP2,887,723 as a result of properties sold in the year ended 30 April 2022 and commented upon in those results. The results show a one-off increase in administrative expenses, and income from dilapidations in respect of the Fawcett House, Sunderland property; no adjustments have been considered necessary to the values of investment property assets.
Discussions have continued with Sunderland City Council on the future re-development of Fawcett House. A cost of GBP184,000 has been recorded in the period for rates charges on empty portion of that property ( approximately GBP130,000 relating to a previous period), contributing to the increase in administrative expenses. Measures have been put in place to mitigate this expense for the future.
Contracts have been exchanged for the purchase of Loders Service Station, Dorchester at a cost of GBP2,080,000 and completion is expected shortly. The property yields a rental income of GBP167,914 initially, with substantial increases embedded in its fifteen-year unexpired lease.
The Company is proceeding to completion of the acquisition of the property at Unit M, 9 Hunters Row, Stafford.
Several other purchases are under consideration and acquisitions will be made when advantageous to the Company in the current unsettled economic circumstances.
The Company has continued with its programme of management changes. Mark Thomas, Commercial Director, who has been a director of the Company since its formation has resigned to pursue his other interests. His role has been assumed by Nick Jones, Property Director designate, who joined Ace in January 2022. I thank Mark for his hard work in helping to establish Ace and wish Nick well for his future role.
There have also been changes within the staffing of the Finance department, including a period of Maternity Leave for an employee.
These actions have driven an increase in salary costs of GBP115,000, which are mainly non-recurring, included in Administration Expenses during the period.
The re-finance of the Group's secured loan facility by Coutts & Co was satisfactorily concluded during the period and all obligations to Lloyds Banking Group were satisfactorily settled.
On 21 October, the Company announced an Open Offer of one share at nominal value for every four held at the record date. The offer closed on 30 November and raised GBP3,074,653 represented by the issue of 12,298,612 new ordinary shares of 25p. The new shares were admitted to trading on 14 December. These funds, together with the cash balances available at period end, leave Ace with approximately GBP9.5 million available for investment opportunities.
As a result of the re-finance and the Open Offer, the Company currently has cash resources of approximately GBP9.5m to invest in UK freehold and long leasehold commercial properties according to its existing policies.
Surplus funds will be invested short term with UK deposit takers regulated by the Bank of England.
There has been no change in the status of the GBP4.2m placed with LiBank s.a.l.
On 21 October the Company paid a dividend of 3.4p per share to mark its intention to resume shareholder distributions after the pause dictated by the impact of the Covid-19 pandemic. The previous payment had been 13 November 2019.
The following statistics are key to the Company's activities at 31 October 2022:
a) Portfolio Loan to Value is 55% (H1 2021: 50%) b) Weighted Average Unexpired Lease to Break is 6.52 years (H1 2021: 7.03 years)
c) 47% of tenants are government bodies (H1 2021: 57%); 51% are triple-A commercial (H1 2021:42%)
The directors believe the Group is well positioned to thrive whatever the UK economy may have in store.
Dr Tony Ghorayeb Chairman 27 January 2023
Unaudited group statement of comprehensive income
for the six months ended 31 October 2022
Year to Six months Year ended date 31 ended 31 30 April October October 2022 (Audited) 2022 (Unaudited) 2021 (Unaudited) GBP GBP GBP Turnover 2,700,031 2,887,723 5,697,850 -------------------- -------------------- ----------------- Gain / (loss) on disposal of investment property (29,442) - 917,203 Administrative expenses (867,144) (579,241) (1,291,943) Fair value gain on investment property - - 193,704 Fair value loss on investments - - (797,576) Fair value loss on assets held for sale - (100,000) (200,000) Loss on disposal of subsidiaries - (314,800) (412,382) Dilapidations Settlement 127,954 - - Finance cost (1,536,238) (1,550,156) (2,792,045) Finance income 336,222 411,385 751,421 Profit for the period 731,383 754,911 2,066,232 -------------------- -------------------- ----------------- Taxation (144,557) (215,540) (769,427) Profit after taxation 586,826 539,371 1,296,805 -------------------- -------------------- ----------------- Other comprehensive income - 202,302 202,302 Total comprehensive income for the period 586,826 741,673 1,499,107 ==================== ==================== ================= Earnings per share - profit after tax Pence* Pence* Pence* Basic 1.00 0.92 2.21 Diluted 0.80 0.72 1.76 Earnings per share - total comprehensive income on redemption and rollover of CLNs Pence* Pence* Pence Basic 1.00 1.26 2.55 Diluted 0.80 0.99 2.03
*Unaudited
Unaudited group statement of changes in equity for the six months ended Treasury Retained Total 31 October 2022 Share capital Share premium Other reserve shares earnings equity GBP GBP GBP GBP GBP GBP Balance at 30 April 2021 14,626,463 16,773,712 202,302 (480,620) 1,074,323 32,196,180 --------------- --------------- --------------- ---------- ------------ ------------ Total comprehensive income for the period Profit for the period - - - - 539,371 539,371 Other comprehensive income - - - - 202,302 202,302 ------------ - - - - 741,673 741,673 --------------- --------------- --------------- ---------- ------------ ------------ Transactions with owners Shares issued during the year 62,500 137,500 - - - 200,000 Value of conversion rights on convertible notes - - (202,302) - - (202,302) Equity element of new issue on convertible notes - - 208,600 - - 208,600 62,500 137,500 6,298 - - 206,298
--------------- --------------- --------------- ---------- ------------ ------------ Balance at 31 October 2021 14,688,963 16,911,212 208,600 (480,620) 1,815,996 33,144,151 --------------- --------------- --------------- ---------- ------------ ------------ Total comprehensive income for the period Profit for the period - - - - 757,434 757,434 - - - - 757,434 757,434 --------------- --------------- --------------- ---------- ------------ ------------ Transactions with owners Shares issued during the year 22,750 64,150 - - - 86,900 22,750 64,150 - - - 86,900 --------------- --------------- --------------- ---------- ------------ ------------ Balance at 30 April 2022 14,711,713 16,975,362 208,600 (480,620) 2,573,430 33,988,485 --------------- --------------- --------------- ---------- ------------ ------------ Total comprehensive income for the year Profit for the period - - - - 586,826 586,826 - - - - 586,826 586,826 --------------- --------------- --------------- ---------- ------------ ------------ Transactions with owners Shares issued during the year 5,850 17,550 - - - 23,400 Dividend on ordinary shares - - - - (1,985,948) (1,985,948) 5,850 17,550 - - (1,985,948) (1,962,548) --------------- --------------- --------------- ---------- ------------ ------------ Balance at 31 October 2022 14,717,563 16,992,912 208,600 (480,620) 1,174,307 32,612,762 --------------- --------------- --------------- ---------- ------------ ------------ Unaudited group statement of financial position at 31 October 2022 At 31 At 31 At 30 October October April 2022 2022 (Unaudited) 2021 (Unaudited) (Audited) GBP GBP GBP ASSETS Non-current assets Investment properties 76,500,343 79,706,639 76,500,343 Investments 4,240,851 5,000,680 4,240,851 Deferred tax 186,738 223,541 186,738 Derivative Financial Instrument 662,864 3,293 326,651 81,590,796 84,934,153 81,254,583 ------------------ ------------------ ------------ Current assets Assets held for sale - 3,050,000 850,000 Deferred tax - 76,000 - Trade and other receivables 570,885 628,090 533,079 Cash and cash equivalents 6,581,380 1,309,086 2,245,873 7,152,265 5,063,176 3,628,952 ------------------ ------------------ ------------ TOTAL ASSETS 88,743,061 89,997,329 84,883,535 ================== ================== ============ EQUITY AND LIABILITIES Current Liabilities Liabilities held for sale - 1,227,563 - Trade and other payables 2,915,535 3,326,249 3,072,567 Taxation 835,999 540,714 953,280 Borrowings 11,467,712 32,168,011 17,644,125 Derivative due within 1 year - 16,472 - 15,219,246 37,279,009 21,669,972 ------------------ ------------------ ------------ Non-current liabilities Borrowings 40,911,053 19,574,169 29,225,078 ------------ 40,911,053 19,574,169 29,225,078 ------------------ ------------------ ------------ EQUITY Issued capital and reserves Share capital 14,717,563 14,688,963 14,711,713 Share premium reserve 16,992,912 16,911,212 16,975,362 Other reserve 208,600 208,600 208,600 Treasury shares (480,620) (480,620) (480,620) Retained earnings 1,174,307 1,815,996 2,573,430 Total equity attributable to owners of the parent 32,612,762 33,144,151 33,988,485 ------------------ ------------------ ------------ TOTAL EQUITY AND LIABILITIES 88,743,061 89,997,329 84,883,535 ================== ================== ============
Unaudited Group cash flow statement
for the six months ended 31 October 2022
Year to Six months Year ended date 31 ended 31 30 April October October 2022 (Audited) 2022 (Unaudited) 2021 (Unaudited) GBP GBP GBP Profit before tax 731,383 754,911 2,066,232 Cash flow from operating activities Adjustments for: Finance income (336,222) (411,385) (751,421) Finance costs 1,536,238 1,550,156 2,792,045 (Gain)/loss on disposal of investment property 29,442 - (917,203) Fair value adjustment - 100,000 803,872 Loss on disposal of subsidiaries - 314,800 412,382 (Increase) / decrease in receivables (33,481) 110,122 200,258 Increase / (decrease) in payables (247,356) (394,859) (1,789,890) Tax paid (258,810) (5,659) (189,720) Interest paid (1,242,204) (1,069,446) (2,050,999) Other financial costs paid (454,535) (17,320) (39,469) Net cash generated/ (used) by operating activities (275,545) 931,320 536,087 -------------------- -------------------- ----------------- Cash flows from investing activities Interest received 9 619 825 Purchase of investment properties (4,326) - - Sale of investment properties 820,558 - 4,317,203 Sale of subsidiaries - 3,241,484 5,067,061 Investment into LiBank - (37,747) Net cash (used) / generated by investing activities 816,241 3,242,103 9,347,342 -------------------- -------------------- ----------------- Cash flows from financing activities Share issue, net of issue costs - - - Long term loans advanced 22,027,500 - - Long term loan repaid (379,850) (382,100) (761,950) Short term loans repaid (15,890,751) (5,395,600) (9,788,969) Equity dividend paid (1,962,088) - - Net cash generated by financing activities 3,794,811 (5,777,700) (10,550,919)
-------------------- -------------------- ----------------- Net increase/(decrease) in cash and cash equivalents 4,335,507 (1,604,277) (667,490) Cash and cash equivalents at the beginning of the period 2,245,873 2,913,363 2,913,363 -------------------- -------------------- ----------------- Cash and cash equivalents at the end of the period 6,581,380 1,309,086 2,245,873 -------------------- -------------------- -----------------
The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 2006. The interim results have not been audited or reviewed by the Company's auditors. The unaudited interim results have been prepared under the historical cost convention, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.
The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the period to 30 April 2022. Those financial statements were prepared on a going concern basis.
The interim report for the six months to 31 October 2022 was approved by the Board on 27 January 2023
The Directors of Ace Liberty & Stone Plc 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
For further information, please contact:
Ace Liberty & Stone Plc Ivan Minter, Chief Finance Officer Tel: +44 (0) 20 7201 8340 http://acelibertyandstone.com Alfred Henry Corporate Finance Ltd, AQSE Growth Market Corporate Adviser Nick Michaels Tel: +44 (0) 20 3772 0021 SP Angel Corporate finance LLP Broker Vadim Alexandre / Rob Rees Tel: +44 (0)20 3861 6625
- Ends -
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(END) Dow Jones Newswires
January 27, 2023 10:52 ET (15:52 GMT)
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