We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London & Associated Properties Plc | LSE:LAS | London | Ordinary Share | GB0005234223 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.50 | 9.00 | 12.00 | 10.50 | 10.50 | 10.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 100.24M | 2.7M | 0.0317 | 3.31 | 8.96M |
TIDMLAS FOR IMMEDIATE RELEASE 25 August 2023 LONDON & ASSOCIATED PROPERTIES PLC HALF YEAR RESULTS TO 30 June 2023 London & Associated Properties PLC ("LAP" or the "Group") is a main market listed property investment group that specialises in industrial and essential retail property in the UK. It also holds a substantial stake in the main market listed Bisichi PLC which operates coal mines in South Africa and invests in UK property. HIGHLIGHTS · Net assets attributable to shareholders - · Decreased to £29.3 million (December 2022: £32.5 million) · Now 34.32p (December 2022: 38.14p) per share · Write down of £2.1m in value of Orchard Square, Sheffield despite strong operational performance · Property portfolio seeing continued strong operational performance with Group occupancy levels of 98.4% by rental income (June 2022: 97.6%) · Whilst no properties have been acquired in the period, we are actively seeking to reinvest cash in new assets in targeted sectors. These must be at an appropriate yield and with the potential to add value and income growth through asset management initiatives. "The results for the six months to 30 June 2023 have been impacted very significantly by interest rate increases. Not only have the additional costs damaged operating performance, but negative sentiment has meant that the investment market for asset sales is becoming more uncertain .... We are, though, seeing rental growth in both the industrial properties and the value -orientated retail properties that we continue to hold." -more- Contact: London & Associated Properties PLCTel: 020 7415 5000 John Heller, Chairman and Chief Executive Baron Phillips AssociatesTel: 07767 444193 Baron Phillips Half year results for the period ended 30 June 2023 Half year review The results for the six months to 30 June 2023 have been impacted very significantly by interest rate increases. Not only have the additional costs damaged operating performance, but negative sentiment has meant that the investment market for asset sales is becoming more uncertain. This has materially affected us at Orchard Square in Sheffield where in May we instructed agents to market this property in the run up to the September 2023 expiry of our loan from QSix. As at the date of this report, we are unable to confirm that any sales proceeds will be sufficient to repay this loan and return a surplus to the Group. In light of this, we have adopted a prudent approach to the value of Orchard Square and have written it down to the outstanding loan value of £12.65m from £14.75m. The loan on the property is non recourse to the LAP Group, is secured exclusively on this asset and the write down in value in the period is the maximum loss the Group can incur. However, this write-down contributed to losses attributable to shareholders of £3.0 million (2022: profits of £4.3 million) while net assets attributable to shareholders have reduced from £32.5 million to £29.3 million (34.32p a share as compared with 38.14p at December 2022). Orchard Square is held as inventory as it is readied for sale. Since September 2022, all surplus operating cash was retained within Orchard Square Ltd and not distributed as a dividend to LAP as part of an agreement with the lender to exercise our option to extend the loan by 12 months. During this period we have sought to refinance the loan, but due to prevailing market conditions, this has not been possible without a significant equity contribution which we do not feel would be in shareholders' interests. In the last few days we have confirmed this decision to the existing lender who has issued a reservation of rights letter. The company will update shareholders on the progress of this matter in due course. This is a disappointing outcome for a property that had performed well over our 24 year ownership. Once again, Orchard Square has, operationally, performed strongly this year. We have recently completed three significant lettings as we continue to reposition the centre with a greater focus on food and beverage operators. We have also upgraded thepublic areaswithnew paving, awnings for the tenants and a weather proofing canopyhaving been completedwith the support of a grant fromSheffield Council.This enables the year-round use of the public areasandhasbeenwarmlywelcomed byallthe tenants. Operating income for Orchard Square remains at c£1.7 million per annum (31 December 2022: £1.7m). The remainder of our property portfolio is performing satisfactorily. Revenue from property activities decreased slightly to £3.0 million (2022: £3.3 million), reflecting the disposal of our shopping centre in West Bromwich in July 2022, the proceeds of which have not yet been reinvested. We are, though, seeing rental growth in both our industrial and value-orientated retail properties. While we remain open to selling any properties where we think we can reinvest the proceeds into new assets with stronger growth potential, we remain happy with the cash generating potential of the current portfolio. Across our entire portfolio, voids remain at a low level of 1.6% by rental income (2022: 2.4%), following the lettings at Orchard Square discussed above. A 5-year loan with QIB (UK) plc for £13.6 million was executed in August 2022 with an initial LTV of 56%. This loan remains covenant compliant. We continue to review all opportunities to reduce overheads and improve profitability. At our development site in West Ealing, we continue to explore options to realise the value from the planning consent for 56 flats we obtained in 2021. For the past year, building cost inflation has been a stumbling block to a land sale, and we have therefore continued to work up detailed design drawings. A recent stabilisation in material prices and a drop in contractors' workloads have enabled us to achieve initial quotes from contractors that make committing to a build out of this project more attractive. We are weighing up the risks and rewards of both a land sale and building out the site and are optimistic that a decision to realise the best value of this site can be taken shortly. During the period a short term extension of the Dragon Retail Properties loan with Santander was secured to October 2023. Further negotiations with Santander were put on hold in the period immediately prior to an outstanding break clause in favour of the largest tenant at the property. The break was not exercised and with a current WAULT of 5.0 years we are exploring all options for refinancing this property, including an offer of a new loan from the existing lender. This loan remains covenant compliant, and the property continues to produce strong net cash flow. For the first six months of the year, gross revenue at Bisichi PLC, which is 42% owned by LAP, was £25.3 million as compared with £44.8 million last year. This resulted in a profit before interest, tax, depreciation and amortisation (EBITDA) of £1.42 million (2022: £22.25 million) and a net profit of £0.1 million before foreign exchange losses of £0.9 million. The lower earnings for Bisichi, compared to the first six months of 2022, are mainly attributable to lower prices for coal sold by Sisonke Coal Processing, Bisichi's South African coal processing operation, as well as difficult mining conditions at Black Wattle Colliery. Bisichi intends to pay an interim dividend on 4 February 2024 of 3p (2022: 10p) per share, £133,000 of which will be receivable by LAP. Further details of Bisichi's performance and a forward looking statement can be found in their own half year report available at www.bisichi.com. LAP has made significant progress during the period although the outlook for interest rates and inflation are limiting our options more than we would wish. The Board of LAP bases its decisions about dividend payments on the results and financial position of the Group's property activities and accordingly has decided not to declare a dividend for the half year. Once our cash has been reinvested and property income has returned to previous levels, our dividend policy will reflect this. John Heller Chairman and Chief Executive 24 August 2023 Consolidated income statement for the six months ended 30 June 2023 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) Notes £'000 £'000 £'000 Group revenue 1 28,335 48,076 100,243 Operating costs (28,708) (26,236) (64,730) Operating 1 (373) 21,840 35,513 (loss)/profit Finance income 2 171 40 199 Finance 2 (1,775) (1,470) (3,218) expenses Result before (1,977) 20,410 32,494 valuation and other movements Non-cash changes in valuation of assets and liabilities and other movements Exchange losses - - (270) Decrease in - (200) (115) value of investment properties Profits on - - (83) disposal of investment properties Loss on - - 36 disposal of fixed assets (Decrease)/Incre (553) 49 1,036 ase in value of trading investments Adjustment to - 70 70 interest rate derivative Result (2,530) 20,329 33,168 including revaluation and other movements (Loss)/profit 1 (2,530) 20,329 33,168 for the period before taxation
Income tax 3 (232) (5,646) (12,002) charge (Loss)/profit (2,762) 14,683 21,166 for the period Attributable to: Equity holders (3,007) 4,293 2,704 of the Company Non-controlling 245 10,390 18,462 interest (Loss)/profit (2,762) 14,683 21,166 for the period (Loss)/profit 4 (3.52) 3.17p per share - 5.03p basic and diluted Consolidated statement of comprehensive income for the six months ended 30 June 2023 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) £'000 £'000 £'000 (Loss)/profit for the period (2,762) 14,683 21,166 Other comprehensive income: Items that may be subsequently recycled to the income statement: Exchange differences on (874) 565 (43) translation of foreign operations Other comprehensive (874) 565 (43) (expense)/income for the period, net of tax Total comprehensive (3,636) 15,248 21,123 (expense)/income for the period, net of tax Attributable to: Equity shareholders (3,256) 4,496 2,696 Non-controlling interest (380) 10,752 18,427 (3,636) 15,248 21,123 Consolidated balance sheet at 30 June 2023 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) Notes £'000 £'000 £'000 Non-current assets Market value of properties 35,610 35,725 35,610 attributable to Group Present value of head leases 1,552 3,221 1,552 Property 5 37,162 38,946 37,162 Mining reserves, property, plant 14,599 15,100 16,928 and equipment Other investments at fair value 12,740 6,418 12,590 through profit and loss ("FVPL") 64,501 60,464 66,680 Current assets Inventories - Property 5 21,256 25,493 22,862 Inventories - Mining 4,502 4,189 5,199 Assets held for sale - 4,550 - Trade and other receivables 8,031 10,604 7,915 Investments in listed securities 779 1,209 886 held at FVPL Cash and cash equivalents 10,886 7,816 15,382 45,454 53,861 52,244 Total assets 109,955 114,325 118,924 Current liabilities Trade and other payables (14,386) (13,546) (17,058) Borrowings (21,580) (36,151) (22,061) Lease liabilities (345) (201) (414) Interest rate derivatives - - - Current tax liabilities (4,321) (1,657) (4,256) (40,632) (51,555) (43,789) Non-current liabilities Borrowings (17,154) (3,932) (17,113) Lease liabilities (1,599) (3,866) (1,839) Provisions (1,475) (1,609) (1,716) Deferred tax liabilities 236 (57) (752) (19,992) (9,464) (21,420) Total liabilities (60,624) (61,019) (65,209) Net assets 49,331 53,306 53,715 Equity attributable to the owners of the parent Share capital 8,554 8,554 8,554 Share premium account 4,866 4,866 4,866 Translation reserve (Bisichi (1,314) (851) (1,063) PLC) Capital redemption reserve 47 47 47 Retained earnings (excluding 17,279 21,708 20,286 treasury shares) Treasury shares (144) (144) (144) Retained earnings 17,135 21,464 20,142 Total equity attributable to 29,288 34,180 32,546 equity shareholders Non - controlling interest 20,043 19,126 21,169 Total equity 49,331 53,306 53,715 Net assets per share 6 34.32p 40.04p 38.14p attributable to equity shareholders Consolidated statement of changes inshareholders' equity for the six months ended 30 June 2023 Share Share Translation Capital Treasury Retained Total Non-controlling Total capital premium reserves redemption shares earnings excluding Interests equity £'000 £'000 £'000 reserve £'000 excluding Non- £'000 £'000 £'000 treasury Controlling shares Interests £'000 £'000 Balance at 1 8,554 4,866 (1,055) 47 (144) 17,415 29,683 10,536 40,219 January 2022 Profit for the - - - - - 4,293 4,293 10,390 14,683 period Other - - - - - - - - - comprehensive income: Currency - - 204 - - - 204 362 566 translation Total other - - 204 - - - 204 362 566 comprehensive income Total - - 204 - - 4,293 4,497 10,752 15,249 comprehensive income Transactions with owners: Dividends - - - - - - - - (2,162) (2,162) non-controlling Interests Transactions - - - - - - - (2,162) (2,162) with owners Balance at 30 8,554 4,866 (851) 47 (144) 21,708 34,180 19,126 53,306 June 2022 (unaudited) Balance at 1 8,554 4,866 (1,055) 47 (144) 17,415 29,683 10,536 40,219 January 2022 Profit for the - - - - - 2,704 2,704 18,462 21,166 year Other comprehensive income: Currency - - (8) - - - (8) (35) (43) translation Total other - - (8) - - - (8) (35) (43) comprehensive expense Total - - (8) - - 2,704 2,696 18,427 21,123 comprehensive income Transaction with owners: Share options - - - - - 167 167 237 404 Dividends - - - - - - - - (7,034) (7,034) equity holders Dividends - - - - - - - - (997) (997) non-controlling Interests Transactions 167 167 (7,794) (7,627) with owners Balance at 31 8,554 4,866 (1,063) 47 (144) 20,286 32,546 21,169 53,715 December 2022 (audited) Consolidated statement of changes inshareholders' equity - continued for the six months ended 30 June 2023 Share Share Translation Capital Treasury Retained Total Non-controlling Total capital premium reserves redemption shares earnings excluding Interests equity £'000 £'000 £'000 reserve £'000 excluding Non- £'000 £'000 £'000 treasury Controlling shares Interests £'000 £'000 Balance at 1 8,554 4,866 (1,063) 47 (144) 20,286 32,546 21,169 53,715 January 2023 (Loss)/profit - - - - - (3,007) (3,007) 245 (2,762) for the period Other comprehensive income: Currency - - (251) - - - (251) (623) (874) translation Total other - - (251) - - - (251) (623) (874) comprehensive income Total - - (251) - - (3,007) (3,258) (378) (3,636) comprehensive income Transactions with owners: Dividends - - - - - - - - (748) (748) non -controlling interests Transactions - - - - - - -
(748) (748) with owners Balance at 30 8,554 4,866 (1,314) 47 (144) 17,279 29,288 20,043 49,331 June 2023 (unaudited) Consolidated cash flow statement for the six months ended 30 June 2023 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities (Loss)/profit for the year before (2,530) 20,329 33,168 taxation Finance income (171) (40) (199) Finance expense 1,775 1,470 3,218 Decrease in value of investment - - 115 properties Increase in value of trading - - (1,036) investments Expenditure on trading property - (260) - Adjustment to interest rate derivative - (70) (70) Loss on investments 6 - - (Profit)/ loss on sale of investment (2) - 83 properties Depreciation 899 884 1,362 Loss/(profit) on disposal of non - 200 (36) -current assets Share based payment expense 553 - 405 Development expenditure on inventories - - (747) Exchange adjustments 188 37 270 Change in inventories 1,572 (2,803) (911) Change in receivables 728 766 2,194 Change in payables (3,627) (2,813) 811 Cash (outflows)/inflows generated from (609) 17,700 38,627 operations Income tax paid (327) (5,554) (7,946) Cash (outflows)/inflows from operating (936) 12,146 30,681 activities Investing activities Acquisition of investment properties, (1,061) (7,994) (11,011) mining reserves, plant and equipment Sale of plant and equipment 16 504 102 Sale of investment properties - - 5,171 Disposal of other investments - - 2,083 Acquisition of other investments (596) (3,262) (10,207) Interest received 171 40 199 Cash outflows from investing (1,470) (10,712) (13,663) activities Financing activities Interest paid (1,693) (1,468) (2,751) Interest on obligation under finance (17) (17) (353) leases Repayment of lease liability (126) (126) (236) Lease assignment costs paid - - (52) Receipt of bank loan - Bisichi PLC 27 48 524 Repayment of bank loan - Bisichi PLC (540) (150) (55) Repayment of bank loan - Dragon Retail (183) (10) (21) Properties Ltd Receipt of bank loan - London & 3 220 13,337 Associated Properties PLC Repayment of bank loan - London & (61) (188) (14,247) Associated Properties PLC Equity dividends paid - - (641) Equity dividends paid - - (1,787) (6,323) non-controlling interests Cash outflows from financing (2,590) (3,478) (10,818) activities Consolidated cash flow statement - continued for the six months ended 30 June 2023 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net (4,996) (2,044) 6,200 (decrease)/i ncrease in cash and cash equivalents Cash and 12,157 5,982 5,982 cash equivalents at beginning of period Exchange 177 (51) (25) adjustment Cash and 7,338 3,887 12,157 cash equivalents at end of period The cash flows above relate to continuing and discontinued operations. Cash and cash equivalents For the purpose of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts: Cash and cash equivalents (before bank overdrafts) 10,886 7,816 15,382 Bank overdrafts (3,548) (3,929) (3,225) Cash and cash equivalents at end of period 7,338 3,887 12,157 Notes to the half year report for the six months ended 30 June 2023 1. Segmental analysis 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Revenue LAP - - Rental 2,000 2,092 4,175 income - - Service 378 471 788 charge income - - 9 9 18 Management income from third parties Bisichi - - Rental 524 543 955 income - - Service - - 98 charge income - - Mining 25,341 44,837 94,002 - Dragon - - Rental 83 123 207 income - - Service - 1 - charge income 28,335 48,076 100,243 Operating (loss)/profit LAP (1,728) 208 (3,041) Bisichi 1,296 21,544 38,433 Dragon 59 88 121 (373) 21,840 35,513 (Loss)/profit before taxation LAP (2,942) (986) (5,119) Bisichi 390 21,249 38,267 Dragon 22 66 20 (2,530) 20,329 33,168 2. Finance costs 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Finance income 171 40 199 Finance expenses: Interest on bank loans and (1,671) (925) (1,862) overdrafts Unwinding of discount - - (319) (Bisichi) Other loans (32) (430) (837) Interest on obligations under (72) (115) (200) finance leases Total finance expenses (1,775) (1,470) (3,218) (1,604) (1,430) (3,019) Notes to the half year report - continued 3. Income tax 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Current tax 1,017 6,115 11,537 Deferred tax (785) (469) 465 232 5,646 12,002 4. Earnings per share 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) (Loss)/profit attributable to (3,007) 4,293 2,704 equity shareholders after tax (£'000) Weighted average number of shares 85,326 85,326 85,326 in issue for the period ('000) Basic earnings per share (3.52) 5.03p 3.17p Diluted number of shares in issue 85,326 85,326 85,326 ('000) Diluted earnings per share (3.52) 5.03p 3.17p 5. Properties Investment properties are held at fair value at each reporting period. During the period no properties were acquired or sold. Orchard Square, Sheffield, held as inventory, is currently being marketed for sale. The property is secured by a loan that expires in September 2023 and we are not currently able to confirm if the proceeds of any sale will be sufficient to repay this loan and return a surplus to the Group. The value of this property has therefore been written down to the outstanding loan value, from £14.75m to £12.65m and is disclosed as an inventory write down within Operating Costs in the Income Statement. The loan on the property is non-recourse to the rest of the LAP Group, is secured exclusively on this asset and the write down in value in the period is the maximum loss the Group can incur. Due to rising interest rates the loan breached its income cover covenant in July 2023, we have recently chosen not to cure this breach with the lender issuing a reservation of rights letter. Other than as discussed above, the Directors have placed a valuation on the
properties which is not materially different to the value as at 31 December 2022. Investment properties are therefore included at a directors' valuation which is considered to be the fair value as at 30 June 2023. Please refer to page 56 of the 2022 Annual report and Accounts for details on the valuation of investment and inventory properties as at 31 December 2022. 6. Net assets per share 30 June 30 June 31 December 2023 2022 2022 (unaudited) (unaudited) (audited) Shares in issue ('000) 85,326 85,326 85,326 Net assets attributable to 29,288 34,165 32,546 equity shareholders (£'000) Basic net assets per share 34.32 40.04p 38.14p Shares in issue diluted by 85,326 85,326 85,326 outstanding share options ('000) Net assets after issue of 29,288 34,165 32,546 share options (£'000) Fully diluted net assets per 34.32p 40.04p 38.14p share Notes to the half year report - continued 7. Related party transactions The related parties and the nature of costs recharged are as disclosed in the group's annual financial statements for the year ended 31 December 2023. 8. Dividends There is no interim dividend payable for the period (30 June 2022: Nil). There is no final dividend payable in respect of 2022. 9. Risks and uncertainties The group's principal risks and uncertainties are reported on pages 10 and 11 in the 2022 Annual Report. They have been reviewed by the Directors and remain unchanged for the current period. The largest area of estimation and uncertainty in the interim financial statements is in respect of the valuation of investment properties (which are not revalued at the half year). For Bisichi PLC, the largest area of estimation relates to currency movements and coal mining activities in South Africa, including depreciation, impairment and the provision for rehabilitation (relating to environmental rehabilitation of mining areas). Property, plant and equipment representing Bisichi's mining assets in South Africa are reviewed for impairment where there is evidence of a material impairment. The impairment test indicated significant headroom as at 31 December 2022 and no impairment was considered appropriate. Other areas of estimation and uncertainly are referred to in the Group's annual financial statements. There have been no significant changes to the basis of accounting for key estimates and judgements as disclosed in the annual report as at 31 December 2022. 10. Contingent Liabilities and Subsequent Events Black Wattle Colliery (Pty) Ltd continues to be involved in a tax dispute in South Africa related to VAT. The dispute arose during the year ended 31 December 2020 and is related to events which occurred prior to the years ended 31 December 2020. The interpretation of laws and regulations in South Africa where the Group operates can be complex and can lead to challenges from or disputes with regulatory authorities. Such situations often take significant time to resolve. Where there is a dispute and where a reliable estimate of the potential liability cannot be made, or where the Group, based on legal advice, considers that it is improbable that there will be an outflow of economic resources, no provision is recognised. Further details of the contingent tax liability can be found on page 107 of Bisichi's 2022 Annual report and Accounts. There are no other contingent liabilities as at 30 June 2023. There are no subsequent events or transactions that require disclosure. 11. Financial information The above financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The figures for the year ended 31 December 2022 are based upon the latest statutory accounts, which have been delivered to the Registrar of Companies; the report of the auditor on those accounts was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS and the disclosure requirements of the Listing Rules. The half year results have not been audited or subject to review by the company's auditor. The annual financial statements of London & Associated Properties PLC are prepared in accordance with IFRS and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS. The company has applied UK-adopted IAS and at the date of application, both UK-adopted IAS and EU-adopted IFRS are the same. The same accounting policies are used for the six months ended 30 June 2023 as were used for the year ended 31 December 2022. As stated in the 2022 Annual Report in the group accounting policies, Bisichi PLC and Dragon Retail Properties Limited are consolidated with LAP, as required by IFRS 10. The assessment of new standards, amendments and interpretations issued but not effective, is that these are not anticipated to have a material impact on the financial statements. The interim financial statements have been prepared on the going concern basis. 12. Board approval The half year results were approved by the Board of London & Associated Properties PLC on 24 August 2023. Directors' responsibility statement The Directors confirm that to the best of their knowledge: (a) the condensed consolidated interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, Interim Financial Reporting. (b) the interim management report includes a fair review of the information required by: (1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. This report contains forward-looking statements. These statements are based on current estimates and projections of management and currently available information. Future statements are not guarantees of the future developments and results outlined therein. Rather, future developments and results are dependent on a number of factors; they involve various risks and uncertainties and are based upon assumptions that may not prove to be accurate. Risks and uncertainties identified by the Group are set out on pages 10 and 11 of the 2022 Annual Report & Accounts. We do not assume any obligation to update the forward -looking statements contained in this report. Signed on behalf of the Board on 24 August 2023 John Heller Jonathan Mintz Director Director Directors and advisors Directors Executive directors * Sir Michael Heller MA FCA (Chairman) (resigned 30 January 2023) John A Heller LLB MBA (Chief Executive) and (Chairman from 24 February 2023) Jonathan Mintz FCA (Finance Director) Non-executive directors ? Howard D Goldring BSC (ECON) ACA #?Clive A Parritt FCA CF FIIA Robin Priest MA Andrew R Heller MA, ACA (appointed 29 March 2023) * Member of the nomination committee # Senior independent director ? Member of the audit, remuneration and nomination committees. Secretary & registered office Jonathan Mintz FCA 12 Little Portland Street London W1W 8BJ Registrars & transfer office Link Group Shareholder Services The Registry Central Square 29 Wellington Street Leeds LS1 4DL UK Telephone: 0871 664 0300 (Calls cost 12p per minute plus network access charges; lines are open Monday to Friday between 9.00am and 5.30pm) International Telephone: +44 371 664 0300 (Calls outside the United Kingdom will be charged at applicable international rate) Lines are open between 9.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales. Website: www.linkassetservices.com (https://url.avanan.click/v2/___http://www.capitare gistra rs.com/___.YXAxZTpzaG9yZWNhcDphOm86YzBkNjQ5Mzk3NmEyO WIzYjcwOTgzMGZiZTI1M2JmZGM6NjpmOTQ5OjYzZTIwMzVjNGM3M 2JlNjMxNjJhYWQyOTE4MmRjYzNhZjVhYzdjMThkZDE4NTA5OTMzNGE0NjQzZDdiYTA2ODc6cDpU) E-mail: enquiries@linkgroup.co.uk Company registration number 341829 (England and Wales) Website www.lap.co.uk (https://url.avanan.click/v2/___http://www.lap.co.uk___.YXAxZTp zaG9yZ WNhcDphOm86YzBkNjQ5Mzk3NmEyOWIzYjcwOTgzMGZiZTI1M2JmZ GM6NjowODg4OmMwZjgwMTViODhhZDNlNzNhYmZlNmNhZWM0ZTZmN WU4NGQwNjRhNDkyZjQ0OWZhOWFkZThhNTM3M2RiZDA2M2Y6cDpU) E-mail admin@lap.co.uk This information was brought to you by Cision http://news.cision.com END
(END) Dow Jones Newswires
August 25, 2023 02:00 ET (06:00 GMT)
1 Year London & Associated Prop... Chart |
1 Month London & Associated Prop... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions