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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Martinco | LSE:MCO | London | Ordinary Share | GB00BH0WFH67 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 145.00 | 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
TIDMMCO
RNS Number : 7494J
MartinCo PLC
14 September 2016
MARTINCO PLC
(the "Company" or the "Group")
Interim Results for the six months ended 30 June 2016
EBITDA up 31% as the Group benefits from continued revenue growth and operational gearing
MartinCo Plc, one of the UK's largest property franchises, today announces its interim results for the period ended 30 June 2016.
FINANCIAL HIGHLIGHTS
Hot Features
Premium
-- Revenue increased by 12% to GBP3.7m (H1 2015: GBP3.4m)
-- Management Service Fees (royalties) increased by 10% to
GBP3.2m (H1 2015: GBP2.9m)
-- Operating profit increased by 22% to GBP1.6m (H1 2015: GBP1.3m
before exceptional costs)
-- Operating margin of 42% (H1 2015: 38% before exceptional
costs)
-- Strong balance sheet with a net cash position of GBP4.5m
at 30 June 2016 (H1 2015: GBP3.8m)
-- Earnings per share increased by 36% to 5.7p per share (H1
2015: 4.2p)
-- Interim dividend increased by 11% to 2.0p per share (H1
2015: 1.8p)
OPERATIONAL HIGHLIGHTS
-- 289 trading offices (H1 2015: 284)
-- 271 offices offering Estate Agency service (H1 2015: 253)
-- 46,000 tenanted managed properties (H1 2015: 44,000)
-- 7 new franchisees recruited (H1 2015: 7)
-- 4 new offices opened (H1 2015: 5), further 3 offices preparing
to open (H1 2015: 7)
Ian Wilson, CEO commented:
"I am delighted to announce this very strong performance in the first half of the year which reflects the significant strategic growth achieved over the period.
"The Company is in its strongest position since its admission to trading on AIM in 2014 and considering the current momentum, the Board remains confident of future progress for the benefit of shareholders and other stakeholders."
MartinCo management will host a conference call for analysts today at 9.30am (BST). Analysts who wish to join should dial in on + 44 (0)20 3059 8125 and request the MartinCo conference call.
For further information, please contact:
MartinCo PLC 01202 292829
Ian Wilson, Chief Executive Officer
David Raggett, Chief Financial Officer
Cenkos Securities plc 0207 397 8925
Max Hartley(Nomad), Alex Aylen (Sales)
Bell Pottinger 020 3772 2500
David Rydell, Henry Lerwill
Chief Executive's Review
Our strategy since IPO has been to acquire property franchisors which we can consolidate into a common cost base to achieve operational gearing. The success of the Company's strategy is evidenced by a further improvement in our operating margin to 42% and earnings per share of 5.7p.
The integration of two property franchisors and the associated four property brands acquired as "Xperience" is now complete, with scope for further operational gearing if the right targets present themselves. We have a strong balance sheet, unused debt facility (at period end) and proven track record as a consolidator of other property franchisors.
Our acquisition of EweMove Sales and Lettings Limited ("EweMove") last week is a natural evolution of our multi brand strategy.
EweMove is a 21(st) century generation hybrid/on-line estate and letting agent which has enjoyed tremendous growth since it launched to the public in January 2014, with 85 active franchisees as of 30 June 2016.
A hybrid agent operates a scalable central technology platform and operational hub to support local property experts / franchisees.
The Directors believe that there is capacity in the UK market for substantial growth in the number of local property experts. We will exploit our existing infrastructure and experience to support and accelerate this growth, whilst leveraging the acquired marketing and technology know-how across the rest of the Group.
EweMove is the UK's Most Trusted Estate Agent and Letting Agent on Trustpilot, reflecting the service led nature of the EweMove proposition, where consumers only pay based upon results rather than being asked to pay a non-contingent upfront fee model operated by most other online agents.
EweMove is now generating cash, there is no debt and further growth should be self-funding. It will continue to operate from its own HQ in Yorkshire to preserve its distinctive cultural and brand identity. However, the two founders have taken up senior positions within the Group to improve on-line marketing and technology capability across all six of our brands.
Market conditions became challenging as the Brexit vote approached and, whilst uncertainty remains, there are now signs of recovery in lettings transactions. Estate agency activity is mildly depressed in London and the South compared to the same period in 2015 but activity in the Midlands and North remains in line with our budgetary expectations.
No other property franchise combines both our scale of operation with a portfolio of six property brands, one established in 1850. Martin & Co is a national lettings brand which has successfully developed an estate agency capability, mainly buying and selling investment properties as a defensive play. The four "Xperience" brands are well-regarded within their regional bases, and we are now a player in the rapidly developing hybrid/on-line space. We remain confident about trading results for the full year and excited about growth prospects for 2017.
I am delighted to announce that we have again increased our interim dividend in line with our progressive dividend policy stated at IPO. This year we will pay 2p (1.8p H1 2015) on 7 October 2016 to shareholders on the register on 23 September 2016. The shares will be marked ex-dividend on 22 September 2016.
Ian Wilson, Chief Executive Officer
Financial Review
Revenue
Revenue for the six months ended 30 June 2016 was GBP3.74m (H1 2015: GBP3.35m), an increase of GBP0.39m (12%) over the comparative period. Strong and consistent growth in management service fees (royalties) contributed GBP0.30m (increase of 10% over H1 2015) and franchise sales increased GBP0.07m (a 50% increase over H1 2015).
Management service fees from lettings continued to grow steadily at 7%, accounting for 50% of the increase in total management service fees, whilst management service fees from sales, driven by the stamp duty change in April 16 and no general election (a factor in H1 2015) increased by 24%. The outcome of the referendum has had a dampening effect on house transactions whilst lettings appear to be recovering from a short lived downturn. That said, significant uncertainty still remains with regards to the impact of a Brexit vote on our sector as it does for many.
Operating profit
Operating profit increased by 22% to GBP1.6m for the six months ended 30 June 2016 (H1 2015: GBP1.3m before exceptional costs).
Administrative costs have been closely controlled and only increased by 3% over the comparative period. The operating margin increased to 42% (H1 2015: 38% before exceptional costs).
EBITDA
The Group's EBITDA was GBP1.7m (H1 2015: GBP1.3m), an increase of GBP0.4m (31%) over the comparative period.
Earnings per share
Earnings per share for the six months ended 30 June 2016 was 5.7p (H1 2015: 4.2p). The income attributable to owners was GBP1.2m (H1 2015: GBP0.9m).
Dividends
The Board intends to continue to pursue a progressive dividend policy providing an attractive yield to shareholders. Whilst the Group utilised GBP3m of its cash balance post period end to acquire the entire issued share capital of Ewemove Sales and Lettings Limited ("EweMove"), its strong cash generation has allowed it to continue with this policy. The interim dividend has been increased by 11% over last year to 2.0p per share (H1 2015 1.8p per share) is payable on 7 October 2016 and the board expects the dividend cover for the full year to remain comfortably above 1.5 times earnings going forward.
Cash flow
The net cash inflow from operating activities in the first six months of 2016 was GBP1.3m (H1 2015: GBP0.9m). Profit before tax was GBP0.4m higher than the comparative period.
Cash generated from investing activities for the six months ended 30 June 2016 was GBP0.03m (H1 2015: GBP0.3m) which relates to the continued receipts of deferred consideration on owned offices disposed of in a previous year. The comparative period also included disposal proceeds from Saltaire of GBP0.3m.
In the first 6 months of 2016 the Group made bank loan repayments of GBP0.25m and paid a final dividend of GBP0.9m for the year ended 31 December 2015.
Overall cash increased in the first six months of 2016 by GBP0.2m (H1 2015: GBP0.4m).
Liquidity
The Group had cash balances of GBP4.5m at 30 June 2016 compared to GBP3.8m at 30 June 2015. The Group also had unutilised bank loan facilities of GBP3.25m at 30 June 2016 (30 June 2015: GBP2.75m).
Financial position
The Group continues to be strongly cash generative which combined with its robust balance sheet, and, at period end, unutilised bank loan facilities puts it in a strong position to fulfil the acquisition element of its strategic plan. This has been demonstrated post period end with the acquisition of the entire issued share capital of EweMove on 5 September 2016.
Significant events post period end
The Group bought EweMove, a hybrid estate agent, for a total consideration of up to GBP15m on 5(th) September 2016. It paid GBP5m in cash on completion, drawing down GBP2m from its facility with Santander UK plc, and issued GBP3m of new ordinary shares to the owners which are locked in for 24 months. Up to a further GBP7m ("Deferred Payment") may be payable after the Group's Financial Statements for FY18 are approved by the Board, dependent on performance criteria linked to EBITDA for the enlarged Group. The Deferred Payment can be paid in cash and/or by the issue of new ordinary shares at the Company's discretion.
David Raggett, Chief Financial Officer
MARTINCO PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
Ended Ended Ended
30.06.16 30.06.15 31.12.15
Notes GBP GBP GBP
CONTINUING OPERATIONS
Revenue 6 3,741,409 3,353,937 7,130,967
Cost of sales (232,859) (177,839) (356,844)
------------ ------------ ------------
GROSS PROFIT 3,508,550 3,176,098 6,774,123
Administrative expenses (1,950,127) (1,895,291) (3,880,629)
------------ ------------ ------------
1,558,423 1,280,807 2,893,494
Exceptional items 7 - (114,704) (166,069)
------------ ------------ ------------
OPERATING PROFIT 1,558,423 1,166,103 2,727,425
Finance income 32,039 29,271 50,914
Finance costs (37,697) (43,401) (85,572)
------------
PROFIT BEFORE INCOME TAX 1,552,765 1,151,973 2,692,767
Tax expense 8 (307,804) (233,169) (538,667)
------------ ------------ ------------
PROFIT AND TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD ATTRIBUTABLE
TO OWNERS 1,244,961 918,804 2,154,100
============ ============ ============
Earnings per share (pence) 9 5.7p 4.2p 9.8p
============ ============ ============
Diluted earnings per share
(pence) 9 5.4p 4.0p 9.4p
============ ============ ============
MARTINCO PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Unaudited Unaudited Audited
As at As at As at
30.06.16 30.06.15 31.12.15
Notes GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 11 5,898,112 6,149,508 6,014,336
Property, plant and
equipment 134,981 89,149 140,241
6,033,093 6,238,657 6,154,577
----------- ----------- -----------
CURRENT ASSETS
Trade and other receivables 12 994,976 977,824 912,183
Cash and cash equivalents 4,507,698 3,761,512 4,346,054
----------- -----------
5,502,674 4,739,336 5,258,237
----------- ----------- -----------
TOTAL ASSETS 11,535,767 10,977,993 11,412,814
=========== =========== ===========
EQUITY
SHAREHOLDERS' EQUITY
Share capital 13 220,000 220,000 220,000
Share premium 3,790,000 3,790,000 3,790,000
Other reserves 14 116,665 35,477 134,560
Retained earnings 3,835,214 2,652,957 3,492,253
-----------
TOTAL EQUITY 7,961,879 6,698,434 7,636,813
----------- ----------- -----------
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings 15 1,250,000 1,750,000 1,500,000
Deferred tax 557,312 675,669 558,001
-----------
1,807,312 2,425,669 2,058,001
----------- ----------- -----------
CURRENT LIABILITIES
Borrowings 15 500,000 500,000 500,000
Trade and other payables 16 903,822 962,494 916,924
Tax payable 362,754 391,396 301,076
-----------
1,766,576 1,853,890 1,718,000
----------- ----------- -----------
TOTAL LIABILITIES 3,573,888 4,279,559 3,776,001
----------- ----------- -----------
TOTAL EQUITY AND LIABILITIES 11,535,767 10,977,993 11,412,814
=========== =========== ===========
MARTINCO PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Called Retained Share Other Total
up share earnings premium reserves equity
capital (note
(note 13) 14)
GBP GBP GBP GBP GBP
Balance at 1 January
2015 (audited) 220,000 2,328,153 3,790,000 (61,406) 6,276,747
----------------------------------- ----------- ---------- ---------- ---------- ----------
Profit and total comprehensive
income -- 918,804 -- -- 918,804
----------------------------------- ----------- ---------- ---------- ---------- ----------
Dividends paid (note
10) (594,000) (594,000)
Deferred tax on share
based payments -- -- -- 96,883 96,883
----------------------------------- ----------- ---------- ---------- ---------- ----------
Total transactions
with owners -- (594,000) -- 96,883 (497,117)
----------------------------------- ----------- ---------- ---------- ---------- ----------
Balance at 30 June
2015 (unaudited) 220,000 2,652,957 3,790,000 35,477 6,698,434
----------------------------------- ----------- ---------- ---------- ---------- ----------
Profit and total comprehensive
income -- 1,235,296 -- -- 1,235,296
----------------------------------- ----------- ---------- ---------- ---------- ----------
Dividends paid (note
10) -- (396,000) -- -- (396,000)
Deferred tax on share
based payments -- -- -- 99,083 99,083
----------------------------------- ----------- ---------- ---------- ---------- ----------
Total transactions
with owners -- (396,000) -- 99,083 (296,917)
----------------------------------- ----------- ---------- ---------- ---------- ----------
Balance at 31 December
2015 (audited) 220,000 3,492,253 3,790,000 134,560 7,636,813
----------------------------------- ----------- ---------- ---------- ---------- ----------
Profit and total comprehensive
income -- 1,244,961 -- -- 1,244,961
----------------------------------- ----------- ---------- ---------- ---------- ----------
Dividends paid (note
10) -- (902,000) -- -- (902,000)
Deferred tax on share
based payments -- -- -- (17,895) (17,895)
Total transactions
with owners -- (902,000) -- (17,895) (919,895)
----------------------------------- ----------- ---------- ---------- ---------- ----------
Balance at 30 June
2016 (unaudited) 220,000 3,835,214 3,790,000 116,665 7,961,879
=================================== =========== ========== ========== ========== ==========
MARTINCO PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
Ended Ended Ended
30.06.16 30.06.15 31.12.15
GBP GBP GBP
Cash flows from operating activities
Profit before income
tax 1,552,765 1,151,973 2,692,767
Depreciation and amortisation
charges 133,013 129,137 259,607
Profit on disposal of intangible
assets -- (1,152) 14,194
Finance costs 37,697 43,401 85,572
Finance income (32,039) (29,271) (50,914)
------------ ---------- ------------
Operating cash flow before changes
in working capital 1,691,436 1,294,088 3,001,226
Increase in trade and other receivables (101,092) (30,029) (15,363)
Decrease in trade and other payables (11,415) (91,643) (114,812)
------------ ---------- ------------
Cash generated from operations 1,578,929 1,172,416 2,871,051
Interest paid (39,416) (49,323) (94,064)
Tax paid (264,709) (195,700) (616,402)
Net cash generated from operations 1,274,804 927,393 2,160,585
------------ ---------- ------------
Cash flows from investing activities
Purchase of intangible assets (2,990) -- --
Purchase of tangible assets (8,539) (5,463) (67,199)
Proceeds from sale of intangible
assets 18,330 287,052 324,495
Interest received 32,039 29,271 50,914
Net cash generated from investing
activities 38,840 310,860 308,210
------------ ---------- ------------
Cash flows from financing
activities
Repayment of borrowings (250,000) (250,000) (500,000)
Equity dividends paid (902,000) (594,000) (990,000)
Net cash used in investing activities (1,152,000) (844,000) (1,490,000)
------------ ---------- ------------
Increase in cash and cash equivalents 161,644 394,253 978,795
Cash and cash equivalents at the beginning
of the period 4,346,054 3,367,259 3,367,259
Cash and cash equivalents at end
of period 4,507,698 3,761,512 4,346,054
============ ========== ============
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
1. GENERAL INFORMATION
The principal activity of MartinCo plc and its subsidiaries is that of a UK residential property franchise business. The Group operates in the UK. The company is a public limited company incorporated and domiciled in the UK. The address of its head office and registered office is 2 St Stephen's Court, St Stephen's Road, Bournemouth, Dorset, UK.
2. GOING CONCERN
The interim financial information has been prepared on the basis that the Group is a going concern.
When assessing the foreseeable future the directors have looked at a period of 12 months from the date of approval of the interim financial information. The directors have a reasonable expectation that the Group has adequate resources to continue to trade for the foreseeable future and, therefore, consider it appropriate to prepare the Group's interim financial information on a going concern basis.
3. BASIS OF PREPARATION
The consolidated interim financial information for the six months ended 30 June 2016 was approved by the Board and authorised for issue on 13 September 2016. The results for 30 June 2016 and 30 June 2015 are unaudited. The disclosed figures are not statutory accounts in terms of Section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2015 on which the auditors gave an audit report which was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
This interim report has been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2016, and uses the same accounting policies and methods of computation applied for the year ended 31 December 2015.
4. BASIS OF CONSOLIDATION
The Group's interim financial information includes those of the parent company and its subsidiaries, drawn up to 30 June 2016. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies.
5. SEGMENTAL REPORTING
The board of Directors, as the chief operating decision-making body, review financial information for and make decisions about the Group's overall franchising business and have identified a single operating segment, that of property franchising.
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
6. REVENUE
The Directors believe there to be three material income streams relevant to property franchising which are split as follows:
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
Ended Ended Ended
30.06.16 30.06.15 31.12.15
GBP GBP GBP
Management service
fee 3,199,985 2,898,748 6,190,911
Franchise sales 195,266 130,258 316,847
Other 346,158 324,931 623,209
3,741,409 3,353,937 7,130,967
========== ========== ==========
All revenue is earned in the UK and no customer represents greater than 10 per cent of total revenue in the periods reported.
7. EXCEPTIONAL ITEMS
The exceptional items represent redundancy costs as part of the reorganisation in periods ended 30 June 2015 and 31 December 2015 following the acquisition of Xperience (Xperience Franchising Limited and Whitegates Estate Agency Limited).
8. TAXATION
The underlying tax charge is based on the expected effective tax rate for the full year to December 2016. The majority of the tax arises from applying this effective tax rate to the profit on ordinary activities
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
9. EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit for the financial period by the weighted average number of shares during the period.
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
Ended Ended Ended
30.06.16 30.06.15 31.12.15
Basic earnings per share
Weighted average number of
shares 22,000,000 22,000,000 22,000,000
------------- ----------- -----------
Profit for the period (GBP) 1,244,961 918,804 2,154,100
------------- ----------- -----------
Earnings per share (pence) 5.7p 4.2p 9.8p
--------- ----------- -----------
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
Ended Ended Ended
30.06.16 30.06.15 31.12.15
Diluted earnings per share
Weighted average number of
shares 22,000,000 22,000,000 22,000,000
Dilutive effect of share options
on ordinary shares 857,644 836,447 848,442
22,857,644 22,836,447 22,848,442
----------- ----------- -------------
Diluted earnings per share (pence) 5.4p 4.0p 9.4p
----------- ----------- -------------
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
10. DIVIDS
Unaudited Unaudited Audited
As at As at As at
30.06.16 30.06.15 31.12.15
GBP GBP GBP
Dividends (ordinary
share of GBP0.01 each) 902,000 594,000 990,000
Dividend per share 4.1p 2.7p 4.5p
The dividends above are the amounts paid in the respective periods. Details of when they were paid can be found below.
Dividends for the financial year ended 31(st) December 2014 were paid as follows:
- Final dividend of 2.7p per share (GBP594,000 in total) paid on 11(th) May 2015.
Dividends for the financial year ended 31(st) December 2015 were paid as follows:
- Interim dividend of 1.8p per share (GBP396,000 in total) paid on 30(th) September 2015. - Final dividend of 4.1p per share (GBP902,000 in total) paid on 16(th) May 2016.
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
11. INTANGIBLE ASSETS
Master
Franchise Customer
Agreement Brands Lists Goodwill Total
GBP GBP GBP GBP GBP
Cost
Balance at 1 January 2015
(Audited) and 30 June
2015 (Unaudited) 4,075,085 571,000 280,521 1,388,217 6,314,823
Disposals -- -- (19,267) -- (19,267)
Balance at 31 December 2015
(Audited) 4,075,085 571,000 261,254 1,388,217 6,295,556
===================== ========= ========= ========== ==========
Additions -- -- 2,990 -- 2,990
Balance at 30 June 2016
(Unaudited) 4,075,085 571,000 264,244 1,388,217 6,298,546
===================== ========= ========= ========== ==========
Amortisation
Balance at 1 January 2015
(Audited) 27,167 -- 17,483 -- 44,650
Charge for period 81,502 -- 39,163 -- 120,665
Balance at 30 June 2015
(Unaudited) 108,669 -- 56,646 -- 165,315
Charge for period 81,501 -- 38,325 -- 119,826
Eliminated on disposals -- -- (3,921) -- (3,921)
--------------------- --------- --------- ---------- ----------
Balance at 31 December 2015
(Audited) 190,170 -- 91,050 -- 281,220
Charge for period 81,502 -- 37,712 -- 119,214
---------------------
Balance at 30 June 2016
(Unaudited) 271,672 -- 128,762 -- 400,434
===================== ========= ========= ========== ==========
Net book value
30 June 2015 (Unaudited) 3,966,416 571,000 223,875 1,388,217 6,149,508
===================== ========= ========= ========== ==========
31 December 2015 (Audited) 3,884,915 571,000 170,204 1,388,217 6,014,336
===================== ========= ========= ========== ==========
30 June 2016 (Unaudited) 3,803,413 571,000 135,482 1,388,217 5,898,112
===================== ========= ========= ========== ==========
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
12. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
As at As at As at
30.06.16 30.06.15 31.12.15
GBP GBP GBP
Trade receivables 119,995 54,360 91,856
Loans to franchisees 215,276 176,332 174,848
Prepayments and accrued
income 636,108 635,890 592,534
Other receivables 23,597 111,242 52,945
994,976 977,824 912,183
========== ========== =========
13. CALLED UP SHARE CAPITAL
Unaudited Unaudited Audited
As at 30.06.16 As at 30.06.15 As at 31.12.15
GBP GBP GBP
Group
22,000,000 allotted
issued and fully
paid Ordinary Shares
of 1p each 220,000 220,000 220,000
================ ================ ================
14. OTHER RESERVES
Merger Share Based
Reserve Payment Reserve Total
GBP GBP GBP
1 January 2015 (Audited) (179,800) 118,394 (61,406)
30 June 2015 (179,800) 215,277 35,477
31 December 2015 (Audited) (179,800) 314,360 134,560
30 June 2016 (179,800) 296,465 116,665
Merger reserve
The merger reserve relates to the acquisition of Martin & Co (UK) Limited by MartinCo PLC. This did not meet the definition of a business combination and therefore, falls outside of the scope of IFRS 3. This transaction was accounted for in accordance with the principles of merger accounting as set out in Financial Reporting Standard 6 - Acquisitions and Mergers.
Share-based payment reserve
The share based payments reserve comprises charges made to the income statement in respect of share-based payments and related deferred tax impacts under the Group's equity compensation scheme.
MARTINCO PLC
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
15. BORROWINGS
Unaudited Unaudited Audited
As at As at As at
30.06.16 30.06.15 31.12.15
GBP GBP GBP
Repayable within 1 year:
Bank loan (term loan) 500,000 500,000 500,000
Repayable in more than
1 year:
Bank loan (term loan) 1,250,000 1,750,000 1,500,000
Bank loans due after
more than 1 year are
repayable as follows:
Between 1 and 2 years 500,000 500,000 500,000
Between 2 and 5 years 750,000 1,250,000 1,000,000
The term loan of GBP1.75m (31.12.15: GBP2m) is secured with a fixed and floating charge over the Group's assets and a cross guarantee across all companies in the Group. The loan commenced on 30 October 2014 and is repayable over 5 years in equal instalments. Interest is charged quarterly on the outstanding amount and the rate is fixed during the term at 4.08%. At 31 December 2015, the unutilised amount of the facility was GBP3m and on 30 June 2016 the unutilised amount of the facility was GBP3.25m.
16. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
As at As at As at
30.06.16 30.06.15 31.12.15
GBP GBP GBP
Trade payables 166,034 124,997 84,364
Accruals 346,277 448,962 398,383
Other taxes and social
security 367,920 354,535 391,889
Other payables 23,591 34,000 42,288
903,822 962,494 916,924
========== ========== =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KMGMLVFNGVZM
(END) Dow Jones Newswires
September 14, 2016 02:00 ET (06:00 GMT)
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