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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energiser Investments Plc | LSE:ENGI | London | Ordinary Share | GB00B06CZD75 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.65 | 0.60 | 0.70 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMENGI 28 September 2017 Energiser Investments plc ('Energiser' or the 'Company') Posting of Interim Results to 30 June 2017 Energiser announces that it has posted its Interim accounts for the six months to 30 June 2017 Highlights * Net assets increased to GBP1,804,000 (2016: GBP340,000) resulting in a net asset value per share increase of 87% to 1.46p (2016: 0.78p) * Revenue increased by 6.5% and net rental income by 10% * Improved financial performance relates to the successful completion of the last sale at the Kingswood, Surrey development, and, continued high occupancy across the Wellingborough property portfolio Dominic White, Chief Executive, commented "We are pleased with the financial progress of Energiser over the period to June 2017. To maximise shareholder value, the Company is considering the sale of the Wellingborough portfolio which would further add to the capital available for investment into new opportunities; we look forwards to updating shareholders on progress in our micro self-storage strategy in due course." For further information, please visit http://www.energiserinvestments.co.uk/ or contact: Energiser Investments plc +44 1494 762 450 Dominic White, Chief Executive Nishith Malde, Director Cairn Financial Advisers LLP +44 20 7213 0880 Jo Turner / Sandy Jamieson Energiser Investments plc Energiser is an AIM quoted investing company investing predominantly in property operating platforms and associated assets in the self-storage, serviced-apartments and secured property lending sectors. Chairman's Statement I am delighted to report on the Group's Interim results for the six months to 30 June 2017. I reported in the 2016 year end report that we maintained greater than 95% occupancy at the Wellingborough investment portfolio, saw the majority of the development loan repaid at the Kingswood, Surrey development and made great progress on the sourcing, analysis and negotiation of a number of potential transactions. We also raised new equity. I am pleased to say that we have continued to make exciting progress on the current portfolio and new potential transactions, such as the micro self-storage opportunity as announced on 13 June 2017. Results Energiser continues to hold the 20 residential properties at Wellingborough. The gross rental income from the portfolio for the six months to 30 June 2017 was GBP82,000 (2016: GBP77,000), an increase of 6.5% over the previous year. The net rental income, after relevant operating costs, increased 10.2% to GBP65,000 (2016: GBP59,000). Energiser's administrative expenses have increased to GBP 109,000 (2016: GBP35,000) for the half year, predominantly due to the effect of engaging our Chief Executive, Dominic White in October 2016 and further increases due to being a listed company. The loss before taxation improved to GBP81,000 (2016: GBP161,000) with loss per share of 0.07p (2016: 0.32p). Net assets have increased to GBP1,804,000 (2016: GBP340,000) principally due to crystallising a GBP765,000 performance related fee following successful completion of the Kingswood development, and, the GBP1.26 million of new equity raised in December 2016. This results in a 87.2% increase in net asset value per share to 1.46p (2016: 0.78p). The Directors do not recommend the payment of a dividend. Operations The 20 residential properties in Wellingborough, Northamptonshire, have continued to maintain their high level of occupancy at more than 95% over the period. As outlined in the last report, the Directors believe that the value of this portfolio is reaching a ceiling and that the associated capital could be better invested into new opportunities. The small size of the individual residential units and the strong letting history of the portfolio should be attractive to residential investors. The Directors are considering a sale of the properties in the coming months. Energiser's investment in the development funding of 12 residential properties in Kingswood, Surrey has successfully completed. The last unit was sold in the six months to June and all payments have been received. The back-to-back funding that Energiser raised relating to this investment has also been repaid in full. In June, Energiser committed to an initial investment of GBP0.6m with an industry leading self-storage entrepreneur, Paul Fahey, to help him launch a micro self-storage operator. Self-storage is a fast growing industry in the UK. Traditionally, self-storage facilities operate in large stores positioned on the edge of towns and cities. Micro self-storage focuses on smaller facilities within dense urban centres and on the edge of smaller towns. Due diligence relating to the acquisition of the first micro self-storage facility is underway. We are in parallel working on potential corporate opportunities to accelerate our entry into this sector. Outlook The Group's strategy is to focus on and engage in investment opportunities within the real estate sector, in particular in real estate operating companies. Our focus has been on three areas - residential, self-storage and short-term property lending. We are currently focused on ways to realise the equity within our Wellingborough portfolio so that it can be recycled into new opportunities with higher potential returns, and, the live opportunities in the self-storage sector. We look forward to sharing more details of Energiser's progress with shareholders in the coming months. Stephen Wicks Non-executive Chairman 28 September 2017 Group statement of comprehensive income Unaudited Unaudited Audited 6 months 6 months year to to 30 June to 30 June 31 2017 2016 December 2016 Note GBP'000 GBP'000 GBP'000 Continuing operations Revenue arising in the course of ordinary activities 82 77 160 Cost of sales (16) (17) (42) Gross profit 66 60 118 Administrative expenses (109) (35) (110) Operating profit 5 (43) 25 8 Finance costs (38) (193) (208) Finance income - 7 (11) Loss before taxation 5 (211) (81) (161) Taxation - - - Loss for the period attributable to shareholders of the (81) (161) (211) Company Other comprehensive income - fair value adjustment to the 103 155 (5) profit on mezzanine funding arrangement Related taxation/deferred taxation 42 (73) 14 Other comprehensive income for the period, net of tax 145 82 9 Total comprehensive income 64 (202) (79) Loss per share Basic and diluted loss per share from total and 4 (0.07)p (0.32)p (0.40)p continuing operations Diluted earnings per share is taken as equal to basic earnings per share as the Group's average share price during the period is lower than the exercise price and therefore the effect of including share options is anti-dilutive. Group statement of financial position Unaudited Unaudited Audited as as at 30 as at 30 at 31 June 2017 June 2016 December 2016 Note GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Investment property 6 2,844 2,844 2,844 2,844 2,844 2,844 Current assets Trade and other receivables 16 21 72 Available-for-sale financial assets - 654 553 Cash and cash equivalents 588 39 1,120 604 714 1,745 Total assets 3,448 3,558 4,589 LIABILITIES Current liabilities Trade and other payables 332 791 733 Short term borrowings 80 946 694 Deferred tax - 165 126 412 1,902 1,553 Non-current liabilities
Long term borrowings 1,232 1,316 1,288 1,232 1,316 1,288 Total liabilities 1,644 3,218 2,841 Net assets 1,804 340 1,748 EQUITY Share capital 2,392 2,312 2,392 Share premium account 7,190 5,747 7,198 Convertible loan 88 88 88 Merger reserve 1,012 1,012 1,012 Revaluation reserve - 610 537 Retained earnings (8,878) (9,429) (9,479) Total equity 1,804 340 1,748 Group statement of changes in equity Share Share premium Convertible Merger Revaluation Retained Total capital account loan reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2016 2,312 5,747 88 1,012 528 (9,268) 419 Total comprehensive loss - - - - 82 (161) (79) Balance at 30 June 2016 2,312 5,747 88 1,012 610 (9,429) 340 Issue of equity 80 1,451 - - - - 1,531 Total comprehensive loss - - - - (73) (50) (123) Balance at 31 December 2,392 7,198 88 1,012 537 (9,479) 1,748 2016 Legal fees on issue of - (8) - - - - (8) equity Realisation of available - - - - (537) 537 - for sale financial asset Total comprehensive income - - - - - 64 64 Balance at 30 June 2017 2,392 7,190 88 1,012 - (8,878) 1,804 Group statement of cash flows Unaudited 6 Unaudited 6 Audited months to 30 months to year to June 2017 30 June 31 2016 December 2016 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss before taxation (81) (211) (161) Adjustments for: Interest expense 38 208 170 Interest Income - 11 - Changes in working capital: - Decrease/(increase) in trade and other receivables (33) 755 17 - Decrease in trade payables 16 (75) (127) Net cash generated by/(used in) operating activities 728 (49) (152) Cash flows from investing activities Mezzanine finance facility repaid - 3,408 3,305 Net cash generated by investing activities - 3,408 3,305 Cash flows from financing activities Re-payment of borrowings (670) (3,372) (3,670) Net proceeds on issue of ordinary shares (8) - 1,530 Interest paid (582) (63) (214) Net cash used in financing activities (1,260) (3,435) (2,354) Net (decrease)/increase in cash and cash equivalents (532) (179) 902 Cash and cash equivalents at beginning of period 1,120 218 218 Cash and cash equivalents at end of period 588 39 1,120 1. Nature of operations and general information The principal activity of the Group is as an investment company investing in quoted and unquoted companies to achieve capital growth. The Group also holds a property development acquired by way of its principal activity. The properties are held for sale with rental income arising from short term lets. Energiser Investments plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Energiser Investments plc's registered office, which is also its principal place of business, is Decimal Place, Chiltern Avenue, Amersham, Buckinghamshire, HP6 5FG. Energiser Investments plc's shares are quoted on AIM, a market operated by the London Stock Exchange. The consolidated half-yearly financial report has been approved for issue by the Board of Directors on 28 September 2017. The financial information set out in this half-yearly financial report does not constitute statutory accounts as defined in Sections 434(3) and 435(3) of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2016 have been filed with the Registrar of Companies and are available at http://www.energiserinvestments.co.uk/. The auditor's report on those financial statements was unqualified and did not contain any statement under Section 498(2) or Section 498(3) of the Companies Act 2006. 2. Basis of preparation This consolidated half-yearly financial report has been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting. The consolidated half-yearly financial report should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRS as adopted by the European Union. 3. Accounting policies The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2016. 4. Loss per ordinary share The loss per ordinary share is based on the weighted average number of ordinary shares in issue during the period of 123,912,956 ordinary shares of 0.1p (2016: 43,787,956 ordinary shares of 0.1p) and the following figures: Unaudited Unaudited Audited 6 months 6 months year to to 30 to 30 31 June 2017 June 2016 December 2016 Loss attributable to equity shareholders GBP'000 (81) (161) (211) Loss per ordinary share (0.07)p (0.32)p (0.40)p Diluted earnings per share is taken as equal to basic earnings per share as the Group's average share price during the period is lower than the exercise price and therefore the effect of including share options is anti-dilutive. 5. Income and segmental analysis Unaudited 6 Unaudited 6 Audited year months to months to to 31 30 June 30 June December 2017 2016 2016 GBP'000 GBP'000 GBP'000 Segment result Investment activities: Administrative expenses (108) (34) (106) (108) (34) (106) Rental activities: Rental income 66 60 118 Administrative expenses (1) (1) (4) Fair value adjustment on investment property - - - 65 59 114 Operating (loss)/profit (43) 25 8 Finance Income - - (11) Finance costs (38) (193) (208) Fair value adjustment on interest rate swap - 7 -
Loss before tax (81) (161) (211) Unaudited as at Unaudited as at Audited 30 June 2017 30 June 2016 as at 31 December 2016 GBP'000 GBP'000 GBP'000 Segment assets Investment activities: Non-current assets - - - Current assets 595 45 - 595 45 - Rental: Non - current assets - investment property 2,844 2,844 2,844 Current assets - other 9 15 1,192 2,853 2,859 4,036 Mezzanine funding arrangement: Current assets - 654 553 - 654 553 Total assets 3,448 3,558 4,589 Segment liabilities Investment activities: Current liabilities 170 791 749 170 791 749 Rental: Current liabilities 321 158 946 Non-current liabilities 1,288 1,232 1,316 1,609 1,390 2,262 Other: Current liabilities - accrued interest - 357 - Current liabilities - corporation tax - - 84 Current liabilities - deferred tax on fair value 126 adjustment - 165 165 483 84 Total liabilities 1,644 3,218 2,841 Total assets less total liabilities 1,804 340 1,748 The activity of both the investments and rentals arose wholly in the United Kingdom. No single customer accounts for more than 10% of revenue. 6. Investment property Investment Property GBP'000 Cost or fair value At 1 July 2016 2,844 Fair value adjustment - At 31 December 2016 2,844 Fair value adjustment - At 30 June 2017 2,844 END
(END) Dow Jones Newswires
September 28, 2017 07:32 ET (11:32 GMT)
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