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HMLH Hml Holdings Plc

36.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

HML Holdings PLC Half-year Report (9088X)

30/11/2017 7:00am

UK Regulatory


Hml (LSE:HMLH)
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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

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November 30, 2017 02:00 ET (07:00 GMT)

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