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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Quayle Munro | LSE:QYM | London | Ordinary Share | GB0002996717 | 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% | 590.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMQYM
RNS Number : 3599Z
Quayle Munro Holdings PLC
15 March 2012
Quayle Munro Holdings PLC Interim Report 2011
for the six months ended 31 December 2011
Company registration number
SC 72014
Highlights
-- Creditable outcome in difficult market conditions. -- Revenue GBP5.0m compared with GBP5.3m in 2010 on a like-for-like basis. -- Loss after tax of GBP(0.5)m (2010: GBP(0.6m)).
-- Advised on a number of major transactions, including Virgin Group on the acquisition of Northern Rock plc by Virgin Money.
-- Good current pipeline of work across the business. -- Interim dividend of 11p per share has been declared (2010: 10p per share). -- Net assets of GBP39.7m (2010: GBP38.8m).
-- Andrew Adams appointed Chief Executive of Quayle Munro Holdings PLC. Andrew Tuckey to stand down as Executive Chairman at the AGM remaining as a Senior Adviser.
Andrew Tuckey, Chairman, commented: "The business is well capitalised and in a strong position to meet the current market challenges. We are encouraged by the good pipeline of new business and the strength of our dedicated team and we expect a satisfactory result for the year."
For further information:
Andrew Tuckey, Chairman, Quayle Munro +44 (0)20 7907 4200
John Kiely/Gemma Froggatt, Smithfield: +44 (0)20 7360 4900
Sandy Fraser, N+1 Brewin +44 (0)131 529 0385
Chairman's Statement
This has not been an easy period for Quayle Munro, with the Group having to contend with a subdued M&A market and generally depressed economic conditions, particularly in Europe. Taking into account the difficult environment in which we operate at present, I regard the Group result for the half year as a creditable outcome.
Results
The Group result was broadly in line with the first six months of last year.
Revenues for the period were GBP5.0m compared with GBP5.3m for the previous period, a decline of 6%.
The loss on ordinary activities after taxation for the period was GBP(0.5)m (2010: GBP(0.6)m). The loss on ordinary activities after taxation for the period is stated after GBP0.7m of long term incentive scheme and deferred bonus costs (2010: GBP1.0m).
Basic loss per share was reduced to (11.2)p (2010: loss per share of (14)p) with fully diluted loss per share of (10.3)p (2010: loss per share of (13.6)p).
Advisory Business
A number of significant deals were closed during the period, the most notable being the successful purchase by Virgin Money of Northern Rock, a transaction on which Quayle Munro advised the Virgin Group over a number of years. In the public market we advised the Board of LMS Capital plc on the company's new investment strategy and board composition and in the media sector we advised on the sale of Doctors.net to M3, Inc., a publicly listed company on the Tokyo stock exchange. Our energy and infrastructure teams advised Barclays Infrastructure Funds on the acquisition and financing of Wadlow, a 26MW wind farm near Cambridge. We are working with a number of bidders for Non-Profit Distributing infrastructure projects in Scotland and have consolidated our leading position in the higher education sector with a wide range of ongoing projects.
Three of our senior executives have recently left the Group, all for different reasons; Stuart Roberts has taken up an appointment as group finance director of the Robertson Group (a long standing client), Andreas Wesemann has moved to work with former colleagues and Rashmi Sinha is pursuing other business opportunities in the retail sector. On the other hand we have hired some outstanding new talent at all levels and we are busy in both London and Edinburgh.
The M&A market remains difficult at present; however, the talented team we have at Quayle Munro continues to provide high quality advice and services to our clients and I believe we are well placed to benefit from an improvement in market conditions.
Investments
Morris Homes, in which we have a 22.96% shareholding, has traded satisfactorily in the nine month period to 31 December 2011 with sales turnover of GBP101m (2010: GBP82m) and operating profits of GBP14m (2010: GBP11m). Reservations and visitors to the open sites have been encouraging during the early weeks of the year.
Of our other smaller investments, AMG delivered an impressive set of results for 2011 and we have increased the valuation of our shareholding by GBP0.3m. Moneybarn (formerly Duncton) continued to perform satisfactorily during 2011, although marginally behind budget. Nevis Range has continued to broaden its product offering but with the lack of snow so far this winter, may not match last year's visitor numbers. Tayside Flow Technologies has recently changed its name to Vascular Flow Technologies and has hired a new Chief Executive with significant industry experience. Following the successful raising of significant new debt and equity finance in December 2011 the company is now in a position to move ahead with its business plan.
There has been no change in the fair value of the investments held other than AMG.
Net Assets and liquidity
The Group continues to maintain significant cash resources. These are held on short term deposits with three major UK retail banks. In the current difficult economic environment and in the absence of new investment opportunities, we continue to believe this is the most prudent strategy for the time being.
The Group balance sheet as at 31 December 2011 shows net assets of GBP39.7m which is equivalent to 870p per share and this compares with 908p as at 30 June 2011.
After payment of the proposed dividends set out below the Group has cash resources of approximately GBP16m.
Dividend
The Directors propose an interim dividend of 11p per share (2010: 10p per share) to be paid on 10 April 2012 to shareholders on the register at the close of business on 23 March 2012.
Prospects
After two record years and taking account of current market conditions and the difficulty in anticipating the timing of deal completions, I think it is unlikely our revenues for the current year will match those of last year. However, with a good pipeline of new business and a strong and dedicated team in both our offices, we expect a satisfactory result for the full year.
The Board considers that the principal risks and uncertainties facing the Group are consistent with those disclosed in the Annual Report and Accounts 2011 where a list of the risks and uncertainties can be found on pages 14 and 15.
Board and Management Changes
The Board is pleased to announce the appointment of Andrew Adams as Chief Executive of Quayle Munro Holdings PLC as of today's date. Andrew has been with the Group since the acquisition of van Tulleken in 2008 and he has made an outstanding contribution to the Advisory Business over that period.
I have been Chief Executive since 2009 and Executive Chairman since 2010. I intend to stand down from the Board at the AGM later this year but will remain with the Group as a Senior Adviser. We will now seek a new independent Non-Executive Chairman to take over from me.
Andrew Tuckey
14 March 2012
Group statement of comprehensive income
For the six months ended 31 December 2011
Hot Features
Premium
Six months Six months Year
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------- ------ ------------- ------------- ---------
Revenue 5,016 5,254 14,744
-------------------------------------------- ------ ------------- ------------- ---------
Administrative expenses (4,836) (4,597) (10,188)
Impairment of investments
held as available-for-sale - - (2,019)
Gain on sale of associate - - 167
Exceptional expenses 7 - (177) (202)
Other operating expenses (750) (1,100) (2,811)
-------------------------------------------- ------ ------------- ------------- ---------
(5,586) (5,874) (15,053)
-------------------------------------------- ------ ------------- ------------- ---------
Group operating loss (570) (620) (309)
-------------------------------------------- ------ ------------- ------------- ---------
Finance income 254 219 439
Other finance (costs)/income
- pensions (74) (95) 32
-------------------------------------------- ------ ------------- ------------- ---------
180 124 471
(Loss)/profit on ordinary
activities before tax (390) (496) 162
Tax expense (74) (116) (1,123)
-------------------------------------------- ------ ------------- ------------- ---------
Loss on ordinary activities
after tax (464) (612) (961)
-------------------------------------------- ------ ------------- ------------- ---------
Loss attributable to shareholders
of the Company (464) (612) (961)
Other comprehensive income
Gain on revaluation of available-for-sale
financial assets 300 229 368
Actuarial (loss)/gain on
defined benefit pension
scheme (631) 313 213
Total comprehensive loss
for the period (795) (70) (380)
-------------------------------------------- ------ ------------- ------------- ---------
Basic earnings per share 9 (11.2)p (14.0)p (23.2)p
-------------------------------------------- ------ ------------- ------------- ---------
Group statement of financial position
As at 31 December 2011
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
-------------------------------- ------ ------------ ------------ ---------
Non-current assets
Property, plant and equipment 686 808 742
Intangible assets 5 11,630 11,630 11,630
Financial assets 6 10,370 9,930 10,070
Defined benefit pension
scheme surplus 156 596 785
22,842 22,964 23,227
-------------------------------- ------ ------------ ------------ ---------
Current assets
Trade and other receivables 3,186 3,672 5,571
Current tax asset 62 18 49
Cash and short-term deposits 16,171 14,286 17,494
-------------------------------- ------ ------------ ------------ ---------
19,419 17,976 23,114
-------------------------------- ------ ------------ ------------ ---------
Total assets 42,261 40,940 46,341
-------------------------------- ------ ------------ ------------ ---------
Current liabilities
Trade and other payables 1,585 1,867 4,137
Current tax liabilities 72 71 456
1,657 1,938 4,593
-------------------------------- ------ ------------ ------------ ---------
Non-current liabilities
Financial liabilities - 6 -
Long term creditors 859 181 260
Deferred tax liabilities 50 4 50
-------------------------------- ------ ------------ ------------ ---------
909 191 310
-------------------------------- ------ ------------ ------------ ---------
Total liabilities 2,566 2,129 4,903
-------------------------------- ------ ------------ ------------ ---------
Net assets 39,695 38,811 41,438
-------------------------------- ------ ------------ ------------ ---------
Capital and reserves
Equity share capital 11,145 11,144 11,145
Revaluation reserve 9,603 7,145 9,303
Other reserves 2,963 1,627 2,953
Retained earnings 15,984 18,895 18,037
Total equity 39,695 38,811 41,438
-------------------------------- ------ ------------ ------------ ---------
These interim financial statements were approved by the Board of Directors and signed on their behalf by:
Andrew Tuckey
Chairman
14 March 2012
Group statement of changes in equity
For the six months ended 31 December 2011
Share Total
Equity Capital option Own Total equity
share Revaluation redemption Merger expense shares other Retained and
capital reserve reserve reserve reserve reserve reserves earnings reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------- ----------- ----------- -------- -------- -------- --------- --------- ---------
Balance at 30
June 2010
(audited) 9,277 6,916 155 1,229 2,080 (730) 2,734 24,179 43,106
Comprehensive
income
Loss for the period - - - - - - - (612) (612)
Gain on revaluation
of investments - 229 - - - - - - 229
Share-based
payments - - - - 832 - 832 - 832
Actuarial gain
on defined benefit
pension scheme - - - - - - - 312 312
Transactions with
owners
Issue of shares 1,867 - - - - - - - 1,867
Movement of shares
in Employee
Benefit Trust - - - - - (1,939) (1,939) - (1,939)
Equity dividends
paid - - - - - - - (4,984) (4,984)
------------------- -------- ----------- ----------- -------- -------- -------- --------- --------- ---------
Balance at 31
December 2010
(unaudited) 11,144 7,145 155 1,229 2,912 (2,669) 1,627 18,895 38,811
Comprehensive
income
Loss for the period - - - - - - - (349) (349)
Gain on revaluation
of investments - 139 - - - - - - 139
Re-classification
of previous
impairment - 2,019 - - - - - - 2,019
Share-based
payments - - - - 1,540 - 1,540 - 1,540
Actuarial loss
on defined benefit
pension scheme - - - - - - - (99) (99)
Transactions with
owners
Issue of shares 1 - - - - - - - 1
Movement of shares
in Employee
Benefit Trust - - - - - (214) (214) 29 (185)
Equity dividends
paid - - - - - - - (439) (439)
------------------- -------- ----------- ----------- -------- -------- -------- --------- --------- ---------
Balance at 30
June 2011
(audited) 11,145 9,303 155 1,229 4,452 (2,883) 2,953 18,037 41,438
Comprehensive
income
Loss for the period - - - - - - - (464) (464)
Gain on revaluation
of investments - 300 - - - - - - 300
Share-based
payments - - - - 342 - 342 - 342
Transfer between
reserves - - - - (312) - (312) - (312)
Actuarial loss
on defined benefit
pension scheme - - - - - - - (631) (631)
Transactions with
owners
Movement of shares
in Employee
Benefit Trust - - - - - (20) (20) - (20)
Equity dividends
paid - - - - - - - (958) (958)
------------------- -------- ----------- ----------- -------- -------- -------- --------- --------- ---------
Balance at 31
December 2011
(unaudited) 11,145 9,603 155 1,229 4,482 (2,903) 2,963 15,984 39,695
------------------- -------- ----------- ----------- -------- -------- -------- --------- --------- ---------
Group statement of cash flows
For the six months ended 31 December 2011
Six months Six months Year
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------------ ------------ ------------ --------
Operating activities
(Loss)/profit before tax (390) (496) 162
Adjustments to reconcile (loss)/profit
before tax
to net cash flow from operating
activities
Finance income (254) (219) (439)
Depreciation 76 87 180
Share-based payments 388 1,013 2,372
Losses/(gains) on disposal of
fixed assets 10 (5) (6)
Gains on disposals of financial
assets - - (167)
Impairment of financial assets - - 2,019
Movement in pensions (2) (6) (181)
Decrease/(increase) in assets 2,385 (1,373) (3,271)
(Decrease)/increase in liabilities (2,270) (1,964) 570
------------------------------------------ ------------ ------------ --------
Cash (absorbed by)/generated
from operations (57) (2,963) 1,239
Tax paid (461) (935) (1,545)
------------------------------------------ ------------ ------------ --------
Net cash flow from operating
activities (518) (3,898) (306)
------------------------------------------ ------------ ------------ --------
Investing activities
Finance income received 204 210 334
Proceeds from sales of available-for-sale
financial assets - - 167
Proceeds from sales of plant
and equipment 2 93 93
Payments to acquire plant and
equipment (33) (250) (278)
Payments to acquire available-for-sale
financial assets - (47) (47)
------------------------------------------ ------------ ------------ --------
Net cash flow from investing
activities 173 6 269
------------------------------------------ ------------ ------------ --------
Financing activities
Dividends paid to equity shareholders
of the parent (958) (4,984) (5,423)
Own shares purchased (20) (75) (283)
------------------------------------------ ------------ ------------ --------
Net cash flow from financing
activities (978) (5,059) (5,706)
------------------------------------------ ------------ ------------ --------
Decrease in cash and cash equivalents (1,323) (8,951) (5,743)
Cash and cash equivalents at
the beginning of the period 17,494 23,237 23,237
------------------------------------------ ------------ ------------ --------
Cash and cash equivalents at
the end of the period 16,171 14,286 17,494
------------------------------------------ ------------ ------------ --------
Notes
1. Basis of preparation
Quayle Munro Holdings PLC ("the Company") is registered in Scotland. This interim report contains the condensed financial information of the Company and its subsidiaries (together "the Group") for the six month period ended 31 December 2011.
The annual consolidated financial statements are prepared in accordance with all relevant International Financial Reporting Standards ("IFRSs") adopted for use in the European Union. The interim condensed financial information complies with the requirements of IAS 34 "Interim Financial Reporting".
The Group has adopted the following new and amended IFRSs as of 1 July 2011.
New and amended standards and interpretations
International Accounting Standards (IAS Effective
/ IFRSs) date
IAS 1 Amendment 'Presenting Comprehensive 1 July
Income' 2011
IFRS 7 Amendment 'Transfers of Financial 1 July
Assets' 2011
IASB and IFRIC have issued the following standards and interpretations with an effective date after the date on these financial statements:
International Accounting Standards (IAS Effective
/ IFRSs) date
IAS 12 Amendment 'Income taxes' - on 1 January
deferred tax 2012
IAS 1 Amendment 'Financial statement 1 July
presentation' - regarding other 2012
comprehensive income
IFRS 9 'Financial instruments' - classification 1 January
and measurement 2015
IFRS 10 'Consolidated financial statements' 1 January
2013
IFRS 13 'Fair value measurement' 1 January
2013
IAS 27 'Separate financial statements' 1 January
(revised 2013
2011)
The adoption of these standards has had no material impact on the interim financial information.
The Directors consider that seasonality does not affect the business' results or operations.
The Group has considerable financial resources and no external debt and the Directors therefore consider it appropriate to continue to use the going concern basis of preparation.
2. Accounting policies
The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 30 June 2011.
Available-for-sale financial assets
If an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation) and its fair value is transferred from equity to the statement of comprehensive income. Reversals in respect of equity instruments classified as available-for-sale are not recognised in the statement of comprehensive income.
3. Segment information
Management has determined the operating segments based on the reports reviewed by the executive management team and the Board (the Chief Operating Decision Maker) that are used to make strategic decisions. The Group is managed primarily by class of business and presents the segmental analysis on that basis. The Group's activities are organised in two primary divisions: Advisory Business, and Other (Investment Management and Head Office).
The following tables present revenue, expenditure and certain asset information regarding the Group's business segments for the period ended 31 December 2011 and the period ended 31 December 2010.
Advisory Business Other Total
Period ended 31 December 2011 GBP'000 GBP'000 GBP'000
-------------------------------- ----------------- -------- --------
Revenue 5,016 - 5,016
Overheads (5,344) (242) (5,586)
----------------- -------- --------
Operating loss (328) (242) (570)
Finance income - 254 254
Finance costs - (74) (74)
----------------- -------- --------
Group loss before tax (328) (62) (390)
Total assets 4,028 38,233 42,261
Total liabilities (2,461) (105) (2,566)
-------------------------------- ----------------- -------- --------
Total assets includes:
Additions to non-current assets 33 - 33
Period ended 31 December 2010
-------------------------------- ----------------- -------- --------
Revenue 5,254 - 5,254
Overheads (5,685) (189) (5,874)
----------------- -------- --------
Operating loss (431) (189) (620)
Finance income - 219 219
Finance costs - (95) (95)
----------------- -------- --------
Group loss before tax (431) (65) (496)
Total assets 5,441 35,499 40,940
Total liabilities (2,023) (106) (2,129)
-------------------------------- ----------------- -------- --------
Total assets includes:
Additions to non-current assets 250 47 297
4. Principal financial risks
Interest rate risk
The Group's cash balances are held in accounts that bear interest directly related to the bank base rate.
Credit risk
There are no significant concentrations of credit risk within the Group. The Group has established procedures to minimise the risk of default by trade receivables including detailed client adoption checks. Historically, these procedures have proved effective in minimising the level of impaired and past due receivables.
Liquidity risk
Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial obligations as they fall due. The Group's strategy to managing liquidity risk is to ensure that the Group has sufficient liquid funds to meet all its potential liabilities as they fall due, including anticipated shareholder distributions. Risk is mitigated by maintaining significant cash balances. The Group did not carry any borrowings at 31 December 2011.
Equity price risk
The Group holds a portfolio of unlisted investments. The value of the unlisted investment portfolio could decrease as well as increase.
5. Intangible assets
Intangible assets relate to goodwill arising on the acquisition of New Boathouse Capital Limited in 2007 and The van Tulleken Company Limited in 2008. Goodwill is assessed annually for impairment.
6. Financial assets
Available-for-sale financial assets consist of investments in ordinary shares and loan stock which have no fixed maturity date.
7. Exceptional expenses
Exceptional expenses incurred during the prior year totalled GBP0.2m. These included redundancy costs of GBP0.1m and the buyback cost of options of GBP0.1m.
8. Dividends paid and proposed
The interim dividend of 11p per share (2010: 10p per share) will be paid on 10 April 2012 to members on the register at 23 March 2012 and will absorb GBP0.5m of shareholders' funds.
The final dividend in relation to the year ended 30 June 2011 of 22p per share was paid in the period. This absorbed GBP1m of shareholders' funds.
9. Key performance indicators
Earnings per share
The calculation of basic loss per share for the six months to 31 December 2011 is based on losses after tax of GBP(0.5)m (2010 - losses GBP(0.6)m) and on 4.1m ordinary shares, being the weighted average number of shares in issue during the period (2010 - 4.4m).
The calculation of fully diluted loss per share is based on the weighted average of 4.5m ordinary shares (2010 - 4.5m) and the average share price during the period.
Net assets per share
The net assets per share are based on 4.6m ordinary shares in issue as at 31 December 2011 (30 June 2011 - 4.6m, 31 December 2010 - 4.6m).
10. Financial information
The financial information contained in this interim statement does not constitute statutory accounts as defined in section 434 of The Companies Act 2006.
The results for the six months ended 31 December 2011 and 31 December 2010 are unaudited; however a review opinion made under ISRE 2410 has been issued by PricewaterhouseCoopers LLP. Our auditors, PricewaterhouseCoopers LLP, have audited the annual financial statements for the year ended 30 June 2011 and their report was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The Group's consolidated statutory accounts for the year ended 30 June 2011 have been filed with the Registrar of Companies.
11. Shareholder information
This report will be circulated to all shareholders, and copies will be available from the Company Secretary at 102 West Port, Edinburgh EH3 9DN.
Independent review report
To the members of Quayle Munro Holdings PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2011, which comprises the Group statement of comprehensive income, the Group statement of financial position, the Group statement of changes in equity, the Group statement of cash flows and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies.
PricewaterhouseCoopers LLP
Chartered Accountants
Edinburgh
14 March 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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