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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hml Holdings Plc | LSE:HMLH | London | Ordinary Share | GB00B16DFY89 | ORD 1.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 36.50 | 35.00 | 38.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMHMLH
RNS Number : 2578P
HML Holdings PLC
16 November 2016
HML HOLDINGS Plc
("HML")
HALF YEAR RESULTS
HML Holdings Plc (AIM: HMLH), the property management services group, today announces its interim results for the six months to 30 September 2016.
Highlights for the six month period:
-- Revenue up 13% to GBP10.2 million (2015: GBP9.0 million)
-- 13% increase in profit from operations before interest, amortisation, share based payment charges and tax to GBP920,000 (2015: GBP815,000)
-- Successful integration of new acquisitions -- Basic earnings per share 1.4p (2015: 1.3p)
-- Adjusted earnings per share 2.1p (2015: 1.8p). Adjusted earnings are calculated before interest, amortisation and share based payment charges.
Commenting on the results, Robert Plumb, Chief Executive Officer of HML Holdings Plc said:
"We are pleased to report a 13% improvement in our half year earnings. This outcome is especially significant as the group has successfully integrated a number of acquisitions during the period and improved and grown the infrastructure necessary to facilitate further organic and acquisition growth."
For further information:
HML Holdings Plc Tel: 020 8439 8529
Robert Plumb, Chief Executive Officer
James Howgego, Chief Financial Officer
Tavistock Tel: 020 7920 3150
Jeremy Carey
James Verstringhe
FinnCap Tel: 020 7220 0500
Jonny Franklin-Adams/Giles Rolls - Corporate Finance
Mia Gardner - Corporate Broking
REVIEW OF BUSINESS
We are pleased to report earnings before interest share-based payments, amortisation and tax of GBP0.9m (2015: GBP0.8m), representing a 13% (2015: 3%) increase compared with the equivalent period last year. Revenues grew by 13% to GBP10.2m (2015: GBP9.0m) with growth contributions from all of our operating sectors. As previously announced, the group has acquired a number of businesses and management portfolios in this period. These businesses have contributed GBP0.6m or 50% of the total growth in revenues. Transactional fee income was moderately affected by a slow down in pre-contract enquiries, which comprised 3% of revenues (2015: 5%).
Following the initial investment of integrating these acquisitions into our infrastructure, we look forward to realising the incremental earnings that they will provide over time. We are pleased to report period on period revenue growth across all divisions with insurance and surveying contributing the most significant improvements.
We have seen an improvement in new business volumes since we expanded our new business teams which is being supported by an increasingly enfranchised leasehold market that is demanding better value for money and a high quality of service. While some historical challenges remain for HML in the non-enfranchised part of the leasehold sector, we remain confident of our growing presence in the residential management company market. We have continued to provide professional advice to leaseholders seeking to enfranchise which creates opportunities to provide new management instructions. HML has provided enfranchisement advice to the leaseholders at Canary Riverside, a prestigious site comprising more than 325 flats near Canary Wharf, which resulted in us being rewarded with a court appointment to be receiver manager for three years.
Over the last six months, we have made several notable improvements to the group's infrastructure and supporting systems. These include the re-branding of the company which included a new website, as well as the centralisation and automation of our human resource management system.
We anticipate continuing opportunities for growth, both organically and by acquisition, despite the uncertain economic outlook. Compliance to a growing set of regulatory requirements, which include new controls for Construction Design and Management as well as the new service standards of the Association of Residential Managing Agents, will continue to divide the market into property owners who respect and will adhere to these requirements and those who will opt for a lower cost and less compliant alternative. We believe that HML's adherence to these regulations and standards will ensure continuous growth in the high quality portion of the market.
Robert Plumb
Chief Executive Officer
15 November 2016
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 30 September 2016
Hot Features
Premium
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2016 2015 2016
Continuing operations Notes GBP'000 GBP'000 GBP'000
------------------------------ --------- --------------- --------------- -------------
Revenue 10,176 8,981 18,564
------------------------------ --------- --------------- --------------- -------------
Direct operating expenses (8,664) (7,552) (15,643)
Central operating overheads (592) (614) (1,287)
Share based payment
charge (13) (11) (22)
Amortisation of intangible
assets (228) (183) (390)
Total central operating
overheads (833) (808) (1,699)
Operating expenses (9,497) (8,360) (17,342)
------------------------------ --------- --------------- --------------- -------------
Profit from operations 679 621 1,222
Finance costs (22) (7) (10)
Profit before taxation 4 657 614 1,212
Income tax charge (118) (130) (200)
------------------------------ --------- --------------- --------------- -------------
Profit for the period
attributable to equity
holders of the parent 539 484 1,012
Other comprehensive
income - - -
------------------------------ --------- --------------- --------------- -------------
Total comprehensive
income for the period
attributable to equity
holders of the parent 539 484 1,012
------------------------------ --------- --------------- --------------- -------------
Earnings per share
Basic 5 1.4p 1.3p 2.7p
Diluted 5 1.4p 1.2p 2.6p
------------------------------ --------- --------------- --------------- -------------
Adjusted earnings per
share
Basic 5 2.1p 1.8p 3.8p
Diluted 5 2.0p 1.7p 3.6p
------------------------------ --------- --------------- --------------- -------------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
COMPANY NUMBER: 5728008
30 September 2016
Unaudited Unaudited Audited
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
-------------------------------- --------------- --------------- -----------
ASSETS
Non Current Assets
Goodwill 7,562 6,531 6,953
Other intangible assets 5,744 4,930 5,220
Property, plant and
equipment 714 680 701
14,020 12,141 12,874
-------------------------------- --------------- --------------- -----------
Current Assets
Trade and other receivables 2,399 2,463 2,505
Cash at bank 76 - -
2,475 2,463 2,505
-------------------------------- --------------- --------------- -----------
TOTAL ASSETS 16,495 14,604 15,379
--------------------------------- --------------- --------------- -----------
LIABILITIES
Current Liabilities
Trade and other payables 3,558 3,518 3,517
Bank overdraft and borrowings 150 909 597
Current tax liabilities 276 192 264
--------------------------------- --------------- --------------- -----------
3,984 4,619 4,378
-------------------------------- --------------- --------------- -----------
Non-Current Liabilities
Bank borrowing 1,350 - 425
Deferred tax 632 574 632
Non-current tax liabilities 118 130 -
--------------------------------- --------------- --------------- -----------
2,100 704 1,057
-------------------------------- --------------- --------------- -----------
NET ASSETS 10,411 9,281 9,944
--------------------------------- --------------- --------------- -----------
EQUITY
Share capital 587 571 583
Share premium 382 231 344
Other reserves (84) (85) (86)
Merger reserve (15) (15) (15)
Retained earnings 9,541 8,579 9,118
--------------------------------- --------------- --------------- -----------
TOTAL EQUITY 10,411 9,281 9,944
--------------------------------- --------------- --------------- -----------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 September 2016
Share Share Other Merger Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2015 561 129 (85) (15) 8,198 8,788
--------------------- ----- ----- ------ ------ ------- -------
Total comprehensive
income for the
period - - - - 484 484
Share based payment
charge - - - - 11 11
Share capital
issued 10 102 - - - 112
Dividend - - - - (114) (114)
Balance at 30
September 2015 571 231 (85) (15) 8,579 9,281
------------------ ----- ----- ------ ------ ------- -------
Total comprehensive
income for the
period - - - - 528 528
Share based payment
charge - - - - 11 11
Share capital
issued 12 113 - - - 125
Cost incurred
by EBT - - (1) - - (1)
Balance at 31
March 2016 583 344 (86) (15) 9,118 9,944
---------------- ----- ----- ------ ------ ------- -------
Total comprehensive
income for the
period - - - - 539 539
Share based payment
charge - - - - 13 13
Share capital
issued 4 38 - - - 42
Dividend - - - - (129) (129)
Income received
by EBT - - 2 - - 2
Balance at 30
September 2016 587 382 (84) (15) 9,541 10,411
------------------ ----- ----- ------ ------ ------- --------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 September 2016
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
Notes 30 September 30 September 2016
2016 2015 GBP'000
GBP'000 GBP'000
---------------------------------- --------- --------------- --------------- -------------
Operating activities
Cash generated from
operations 6 913 603 1,606
Income taxes refunded/(paid) 12 (45) (173)
Interest paid (22) (7) (10)
Net cash from operating
activities 903 551 1,423
---------------------------------- --------- --------------- --------------- -------------
Investing activities
Purchases of property,
plant and equipment (157) (105) (280)
Costs incurred by EBT - - (1)
Purchase of software (110) (93) (208)
Acquisition of businesses (1,006) (476) (1,066)
Payment of deferred/contingent
consideration (72) (241) (356)
---------------------------------- --------- --------------- --------------- -------------
Net cash used in investing
activities (1,347) (915) (1,911)
---------------------------------- --------- --------------- --------------- -------------
Financing activities
Increase in bank overdraft/loan 478 252 365
Shares issued 42 112 237
Dividend payment - - (114)
Net cash from financing
activities 520 364 488
---------------------------------- --------- --------------- --------------- -------------
Increase in cash and 76 - -
cash equivalents - - -
Cash and cash equivalents
at beginning of period
---------------------------------- --------- --------------- --------------- -------------
Cash and cash equivalents 76 - -
at end of period
================================== ========= =============== =============== =============
HML HOLDINGS PLC
NOTES TO THE ACCOUNTS
1. General Information
The interim unaudited financial information was approved by the board on 15 November 2016.
The results for the year ended 31 March 2016 have been audited whilst the results for the six months ended 30 September 2015 and 30 September 2016 are unaudited. The financial information contained in this interim report does not constitute statutory accounts for that period. The statutory accounts for the previous year, which were prepared under International Financial Reporting Standards ('IFRS'), have been delivered to the Registrar of Companies. The auditor's opinion on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006.
Copies of the interim report are available from www.hmlholdings.com or from the Company Secretary at HML Holdings plc, 9-11 The Quadrant, Richmond, Surrey, TW9 1BP.
2. International Financial Reporting Standards
The consolidated financial information has been prepared using accounting policies consistent with IFRS as adopted by the European Union applied in accordance with the provisions of the Companies Act 2006.
The accounting policies applied are consistent with those of the audited annual financial statements for the year ended 31 March 2016 and expected to apply for the year ended 31 March 2017.
Whilst the financial figures included in this interim report have been computed in accordance with IFRS, this interim report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.
3. Taxation
Taxation for the six months to 30 September 2016 is based on the effective rate of taxation which is estimated to apply for the year ending 31 March 2017.
4. Profit before interest, Unaudited Unaudited Audited
share based payments 6 months 6 months Year ended
charges, amortisation to to 31 March
and taxation 30 September 30 September 2016
2016 2015 GBP'000
GBP'000 GBP'000
--------------------------------- --------------- --------------- -------------
Operating profit before
interest, share based
payment charges, amortisation
and taxation 920 815 1,634
--------------------------------------- --------------- --------------- -------------
Finance costs (22) (7) (10)
--------------------------------------- --------------- --------------- -------------
Operating profit before
share based payment
charges, amortisation
and taxation 898 808 1,624
--------------------------------------- --------------- --------------- -------------
Share based payment
charge (13) (11) (22)
Amortisation of intangible
assets (228) (183) (390)
Profit before taxation 657 614 1,212
--------------------------------------- --------------- --------------- -------------
5. Earnings per share Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2016
2016 2015
--------------------------------- --------------- --------------- -------------
Profit after tax for
the period (GBP'000s)
(used to calculate the
basic and diluted earnings
per share)
Add back: 539 484 1,012
Share based payment
charge 13 11 22
Amortisation of intangible
assets 228 183 390
Finance costs 22 7 10
--------------------------------------- --------------- --------------- -------------
Adjusted profit after
tax for the period (GBP'000s)
(used to calculate the
basic and diluted adjusted
earnings per share) 802 685 1,434
--------------------------------------- --------------- --------------- -------------
Weighted average number
of shares (000s)
For basic earnings per
share 38,921 37,467 37,864
Effect of dilutive potential
ordinary shares:
- share options 980 1,889 1,701
Fully diluted 39,901 39,356 39,565
Earnings per share
Basic 1.4p 1.3p 2.7p
Diluted
Adjusted earnings per
share 1.4p 1.2p 2.6p
Basic 2.1p 1.8p 3.8p
Diluted 2.0p 1.7p 3.6p
--------------------------------------- --------------- --------------- -------------
6. Notes to the cash flow
statement
Cash generated from Unaudited Unaudited Audited
operations 6 months 6 months 12 months
to to to
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------------------- ---------------- ---------------- -------------
Profit from operations 679 621 1,222
Adjustments for:
Share-based payment
charge 13 11 22
Depreciation of plant
and equipment 144 118 259
Amortisation of intangible
assets 228 183 390
Profit on disposal of
fixed assets - - 13
----------------------------------------- ---------------- ---------------- -------------
Operating cash flows
before movements in
working capital 1,064 933 1,906
Decrease/(increase)
in trade and other receivables 106 (152) (194)
(Decrease) in trade
and other payables (257) (178) (106)
Cash generated from
operations 913 603 1,606
----------------------------------------- ---------------- ---------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKPDKABDDCDD
(END) Dow Jones Newswires
November 16, 2016 02:00 ET (07:00 GMT)
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