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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHMLH
RNS Number : 9088X
HML Holdings PLC
30 November 2017
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 2017.
Highlights for the six-month period:
-- Revenue up 25% to GBP12.7 million (2016: GBP10.2 million)
-- 10% increase in profit from operations before interest, amortisation, share based payment charges and taxation to GBP1,008,000 (2016: GBP920,000)
-- Continued integration of new acquisitions
-- Adjusted earnings per share 1.9p (2016: 2.1p). Adjusted earnings are calculated before interest, amortisation and share based payment charges.
Commenting on the results, Robert Plumb, Chief Executive Office of HML Holdings Plc said:
"We are pleased to report a 25% growth in revenue for the period and the on-going successful integration of our recent acquisitions. While we have incurred additional one-off costs during the reorganisation of the offices associated with acquisitions and have made further investment in building capacity for further growth, we are also pleased to report both a 10% growth in half-year earnings before interest, amortisation, share based payment charges and taxation and substantial growth in our new business pipeline."
For further information:
HML Holdings Plc Tel: 020 8439 8529
Robert Plumb, Chief Executive Officer
James Howgego, Chief Financial Officer
Tavistock Communications Limited Tel: 020 7920 3150
Jeremy Carey
James Verstringhe
FinnCap Tel: 020 7220 0500
Jonny Franklin-Adams/Giles Rolls - Corporate Finance
Mia Gardner - Corporate Broking
HML HOLDINGS PLC
STRATEGIC REPORT
Six months ended 30 September 2017
REVIEW OF BUSINESS
We are pleased to report a 25% increase in revenue to GBP12.7m over the equivalent period last year and a 10% increase in earnings before interest, share-based payments, amortisation and tax to GBP1.0m (2016: GBP0.9m). As we continue to invest in the business, additional one-off costs primarily relating to the integration of acquisitions and associated investments in infrastructure have impacted operating costs during the first half, which is reflected in the reduced earnings per share for the period of 1.9p (2016: 2.1p).
Insurance brokerage revenue rose by 16% as the process of assimilating clients from our acquisitions gathered pace during the first half of the year. Professional fees increased 45% with a significant additional contribution from our new Central London operation; Faraday Property Management Limited which was acquired on 1 April 2017. Legal and professional fees arising from pre-contract enquiries and the administration of property sales and alterations were proportionately lower than last year as the volume of transactions, particularly in Central London reduced in line with market sentiment. Although there have been only modest improvements in revenues arising from health and safety inspections and concierge staff management, we have invested further in improving the capacity of both departments and anticipate greater contributions in the second half of the year.
Market sentiment surrounding the demand for new building development remains positive, although delivery and completion remains frustratingly slow. HML has record levels of confirmed instructions with a pipeline of over 17,000 units. We anticipate the rate at which this pipeline becomes operational will improve with the government's stated preparedness to support the home building industry.
Apart from the ongoing development of our property management systems, we have made further improvement to our information technology infrastructure, both in terms of greater cyber security and digitised transaction processing and filing systems. We have also made a significant investment in the creation of a back office in new offices in West Croydon, which has impacted costs in the short term but provides us with the opportunity for standardising and streamlining many of our support functions in a lower cost environment.
I have commented in several industry reports on the growing divide of service and regulatory compliance between the managing agents that choose to comply with the professional standards of the Royal Institution of Chartered Surveyors and the Association of Residential Managing Agents and those that operate entirely independently of their strictures. There is no doubt that the freedom offered to unregulated players has not only created an unfair competitive advantage for them but has fuelled the perception of impropriety for a property management service that is frequently misunderstood. We are therefore extremely pleased to hear the Secretary of State for Communities and Local Government's announcement that the activities of lettings and managing agents will be regulated.
HML has made a significant investment in ensuring that we comply with the codes of conduct of all our regulatory bodies and we believe that this investment will yield a significant advantage when all managing agents are obliged to comply with what we anticipate will be specific regulatory requirements.
Robert Plumb
Chief Executive Officer
29 November 2017
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 30 September 2017
Unaudited Unaudited 6 months 6 months Audited to to Year ended 30 September 30 September 31 March 2017 2016 2017 Continuing operations Notes GBP'000 GBP'000 GBP'000 ------------------------------ --------- --------------- --------------- ------------- Revenue 12,717 10,176 20,910 ------------------------------ --------- --------------- --------------- ------------- Direct operating expenses (11,113) (8,664) (17,796) Central operating overheads (596) (592) (1,278) Share based payment charge (15) (13) (27) Amortisation of intangible assets (280) (228) (467) Total central operating overheads (891) (833) (1,772) Operating expenses (12,004) (9,497) (19,568) ------------------------------ --------- --------------- --------------- ------------- Profit from operations 713 679 1,342 Finance costs (30) (22) (39) Profit before taxation 4 683 657 1,303 Income tax charge (130) (118) (261) ------------------------------ --------- --------------- --------------- ------------- Profit for the period attributable to equity holders of the parent 553 539 1,042 Other comprehensive income - - - ------------------------------ --------- --------------- --------------- ------------- Total comprehensive income for the period attributable to equity holders of the parent 553 539 1,042 ------------------------------ --------- --------------- --------------- ------------- Earnings per share Basic 5 1.2p 1.4p 2.6p Diluted 5 1.2p 1.4p 2.5p ------------------------------ --------- --------------- --------------- ------------- Adjusted earnings per share Basic 5 1.9p 2.1p 3.9p Diluted 5 1.9p 2.0p 3.8p ------------------------------ --------- --------------- --------------- -------------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
COMPANY NUMBER: 5728008
30 September 2017
Unaudited Unaudited Audited 30 September 30 September 31 March 2017 2016 2017 GBP'000 GBP'000 GBP'000 -------------------------------- --------------- --------------- ----------- ASSETS Non Current Assets Goodwill 10,474 7,562 8,894 Other intangible assets 8,144 5,744 6,604 Property, plant and equipment 858 714 701 19,476 14,020 16,199 -------------------------------- --------------- --------------- ----------- Current Assets Trade and other receivables 3,249 2,399 5,619 Cash at bank - 76 - 3,249 2,475 5,619
-------------------------------- --------------- --------------- ----------- TOTAL ASSETS 22,725 16,495 21,818 --------------------------------- --------------- --------------- ----------- LIABILITIES Current Liabilities Trade and other payables 5,821 3,558 5,076 Bank overdraft and borrowings 739 150 1,119 Current tax liabilities 344 276 296 --------------------------------- --------------- --------------- ----------- 6,904 3,984 6,491 -------------------------------- --------------- --------------- ----------- Non-Current Liabilities Bank borrowing 1,471 1,350 1,679 Deferred tax 753 632 753 Non-current tax liabilities 130 118 - --------------------------------- --------------- --------------- ----------- 2,354 2,100 2,432 -------------------------------- --------------- --------------- ----------- NET ASSETS 13,467 10,411 12,895 --------------------------------- --------------- --------------- ----------- EQUITY Share capital 681 587 671 Share premium 2,433 382 2,251 Other reserves (90) (84) (70) Merger reserve (15) (15) (15) Retained earnings 10,458 9,541 10,058 --------------------------------- --------------- --------------- ----------- TOTAL EQUITY 13,467 10,411 12,895 --------------------------------- --------------- --------------- -----------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 September 2017
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 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) Shares sold by EBT - - 2 - - 2 Balance at 30 September 2016 587 382 (84) (15) 9,541 10,411 ------------------ ----- ----- ------ ------ ------- -------- Total comprehensive income for the period - - - - 503 503 Share based payment charge - - - - 14 14 Share capital issued 84 1,869 - - - 1,953 Shares sold by EBT - - 14 - - 14 Balance at 31 March 2017 671 2,251 (70) (15) 10,058 12,895 ---------------- ----- ------- ------ ------ -------- -------- Total comprehensive income for the period - - - - 553 553 Share based payment charge - - - - 15 15 Share capital issued 10 182 - - - 192 Dividend - - - - (168) (168) Shares purchased by EBT - - (20) - - (20) Balance at 30 September 2017 681 2,433 (90) (15) 10,458 13,467 ------------------ ----- ------- ------ ------ -------- --------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 September 2017
Unaudited Unaudited Audited 6 months to 6 months to Year ended 30 September 30 September 31 March Notes 2017 2016 2017 GBP'000 GBP'000 GBP'000 ---------------------------------------------------- --------- --------------- --------------- ------------- Operating activities Cash generated from operations 6 1,037 913 1,878 Income taxes refunded/(paid) 48 12 (229) Interest paid (30) (22) (39) Net cash from operating activities 1,055 903 1,610 ---------------------------------------------------- --------- --------------- --------------- ------------- Investing activities Purchases of property, plant and equipment (313) (157) (306) Shares (purchased)/sold by EBT (20) - 16 Purchase of software (119) (110) (220) Acquisition of businesses (2,237) (1,006) (2,390) Payment of deferred/contingent consideration (92) (72) (230) Transfer from/(to) solicitor re: acquisition 2,122 - (2,122) ---------------------------------------------------- --------- --------------- --------------- ------------- Net cash used in investing activities (659) (1,347) (5,252) ---------------------------------------------------- --------- --------------- --------------- ------------- Financing activities Drawdown of loans - 925 1,725 Repayment of loans (150) - (150) Net movement in overdraft (438) (447) 201 Shares issued 192 42 1,995 Dividend payment - - (129) Net cash from financing activities (396) 520 3,642 ---------------------------------------------------- --------- --------------- --------------- ------------- Increase in cash and cash equivalents - 76 - Cash and cash equivalents at beginning of period - - - ---------------------------------------------------- --------- --------------- --------------- ------------- Cash and cash equivalents at end of period - 76 - ==================================================== ========= =============== =============== =============
HML HOLDINGS PLC
NOTES TO THE ACCOUNTS
1. General Information
The interim unaudited financial information was approved by the board on 29 November 2017.
The results for the year ended 31 March 2017 have been audited whilst the results for the six months ended 30 September 2016 and 30 September 2017 are unaudited. The financial information contained in this interim report does not constitute statutory accounts for the year ended 31 March 2017. The statutory accounts for that 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.hmlgroup.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 2017 and expected to apply for the year ended 31 March 2018.
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 2017 is based on the effective rate of taxation of 19% which is estimated to apply for the year ending 31 March 2018.
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 2017 2017 2016 GBP'000 GBP'000 GBP'000 --------------------------------- --------------- --------------- ------------- Operating profit before interest, share based payment charges, amortisation and taxation 1,008 920 1,836 --------------------------------------- --------------- --------------- ------------- Finance costs (30) (22) (39) --------------------------------------- --------------- --------------- ------------- Operating profit before share based payment charges, amortisation and taxation 978 898 1,797 --------------------------------------- --------------- --------------- ------------- Share based payment charge (15) (13) (27) Amortisation of intangible assets (280) (228) (467) Profit before taxation 683 657 1,303 --------------------------------------- --------------- --------------- ------------- 5. Earnings per share Unaudited Unaudited Audited 6 months 6 months Year ended to to 31 March 30 September 30 September 2017 2017 2016 GBP'000 GBP'000 GBP'000 --------------------------------- --------------- --------------- ------------- Profit after tax for the period (GBP'000s) (used to calculate the basic and diluted earnings per share) Add back: 553 539 1,042 Share based payment charge 15 13 27 Amortisation of intangible assets 280 228 467 Finance costs 30 22 39 --------------------------------------- --------------- --------------- ------------- Adjusted profit after tax for the period (GBP'000s) (used to calculate the basic and diluted adjusted earnings per share) 878 802 1,575 --------------------------------------- --------------- --------------- ------------- Weighted average number of shares (000s) For basic earnings per share 45,135 38,921 40,628 Effect of dilutive potential ordinary shares: - share options 1,106 980 1,264 Fully diluted 46,241 39,901 41,892 Earnings per share Basic 1.2p 1.4p 2.6p Diluted Adjusted earnings per share 1.2p 1.4p 2.5p Basic 1.9p 2.1p 3.9p Diluted 1.9p 2.0p 3.8p --------------------------------------- --------------- --------------- ------------- 6. Notes to the cash flow Unaudited Unaudited Audited statement 6 months 6 months Year ended Cash generated from to to 31 March operations 30 September 30 September 2017 2017 2016 GBP'000 GBP'000 GBP'000 ----------------------------------- --------------- --------------- ------------- Profit from operations 713 679 1,342 Adjustments for: Share-based payment charge 15 13 27 Depreciation of plant and equipment 156 144 306 Amortisation of intangible assets 280 228 467 Operating cash flows before movements in working capital 1,164 1,064 2,142 Decrease/(increase) in trade and other receivables 248 106 (992) (Decrease)/increase in trade and other payables (375) (257) 728 Cash generated from operations 1,037 913 1,878 ----------------------------------------- --------------- --------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKCDQOBDDCDB
(END) Dow Jones Newswires
November 30, 2017 02:00 ET (07:00 GMT)
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