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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Speymill | LSE:SYG | London | Ordinary Share | IM00B1ZBDN89 | 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% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSYG
RNS Number : 0425T
Speymill PLC
30 September 2014
For Immediate Release 30 September 2014
Speymill plc
("Speymill" or the "Company")
Unaudited Condensed Interim Financial Statements for the six months ended 30 June 2014
The Company is pleased to announce its unaudited interim accounts for the six months ended 30 June 2014 (the "Accounts"). The Accounts will shortly be available at the Company's website - www.speymill.com.
Contacts:-
Speymill plc Tel: +44 (0) 1624 639396 Denham Eke, Chief Executive Officer Nominated Advisor and Broker Tel: +44 (0)207 628 3396 Beaumont Cornish Limited Roland Cornish and Felicity Geldt
Chairman's statement
Dear Shareholders,
I am pleased to take this opportunity to provide you with an update on the Group's activities for the first six months of 2014.
Results
During the six months ended 30 June 2014, the Group made a loss for the period of GBP0.37 million (2013: a loss of GBP0.19 million). In respect of continuing operations, the Group made a loss of GBP0.29 million for the period (2013: a loss of GBP0.51 million).
Financial position
As at 30 June 2014, the Group had net liabilities of GBP3.60 million (June 2013: net liabilities GBP3.11 million; December 2013: net liabilities GBP3.23 million).
As I reported in our annual statement for 2013 Galloway Limited, agreed to extend the shareholder loan facility to 30 June 2015, with a reduced facility limit of GBP3,500,000. As at 30 June 2014, a total of GBP3.098 million (2013: GBP5.63 million of the equivalent previous facility provided by Burnbrae Limited and myself) of the principal amount available under the shareholder loan facility had been drawn down by the Group.
Refinancing
Following a vote by shareholders at a general meeting held on 30 July 2013, the Group disposed of its 94.9% interest in the two German property investment companies, Horsfield Limited and Wyatt Limited, which was transferred to me and Burnbrae Limited ("Burnbrae") and GBP4.21 million of the shareholder loan debt was extinguished and GBP0.30 million in cash for working capital purposes was also received. Subsequent to this transaction a new financing facility provided by Galloway Limited, a company related to Burnbrae and which is indirectly wholly owned by a Trust in which I have a life interest, was initiated and which replaced the facility provided by myself and Burnbrae.
Investing Strategy
Following the disposal of the Group's interest in Horsfield Limited and Wyatt Limited, the Group was reclassified as an Investing Company, in accordance with AIM rules. As an Investing Company, the Group needed to enter into a suitable investment within 12 months of adopting its investment policy. As no such investment had been entered into within the required period, trading in the shares of the Group was suspended from AIM on 31 July 2014.
Speymill Contracts
As detailed in my report accompanying the Annual Report for 2012, Contracts was placed into administration on 19 December 2012. At the time of writing, the administration process is still on-going and we continue to monitor this process with a view to protecting the group's interests.
Future Developments
The Company continues to actively seek to identify suitable opportunities to implement the investment policy.
Jim Mellon
Chairman
29 September 2014
Condensed consolidated interim income statement
For the six months ended 30 June 2014
6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 ----------------------------- ------ ------------ ------------ ---------- Continuing operations Turnover 2 39 20 56 Cost of sales - - - ----------------------------- ------ ------------ ------------ ---------- Gross profit 39 20 56 ------ General administrative expenses (205) (290) (531) Total operating costs (205) (290) (531) ----------------------------- ------ ------------ ------------ ---------- Loss from operations (166) (270) (475) Net finance costs 4 (125) (240) (383) ------------ ------------ ---------- Loss before taxation (291) (510) (858) Taxation 5 - - - ----------------------------- ------ ------------ ------------ ---------- Loss after taxation from continuing operations (291) (510) (858) (Loss)/profit for the period / year from discontinued operations 3 (76) 321 248 Loss on disposal of operations 3 - - (97) ----------------------------- ------ ------------ ------------ ---------- Loss for the period / year (367) (189) (707) ----------------------------- ------ ------------ ------------ ---------- Attributable to: Owners of the Company (367) (195) (711) Non-controlling interest - 6 4 ----------------------------- ------ ------------ ------------ ---------- (367) (189) (707) ----------------------------- ------ ------------ ------------ ---------- Basic loss per share (pence) From continuing operations 6 (0.50) (0.87) (1.47) Diluted loss per share (pence) From continuing operations 6 (0.50) (0.87) (1.47)
Condensed consolidated interim statement of comprehensive income
For the six months ended 30 June 2014
6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ---------------------------------- ------------ ------------ ---------- Loss for the period / year (367) (189) (707) ---------------------------------- ------------ ------------ ---------- Other comprehensive income: Currency translation differences on foreign operations - 170 245 Total comprehensive loss for the period / year (367) (19) (462) ---------------------------------- ------------ ------------ ----------
Condensed consolidated interim statement of financial position
As at 30 June 2014
As at As at As at 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 ------------------------------- ------- ------------ ------------ ---------- Non-current assets Property, plant and equipment 2 3 3 Financial assets at fair value 1 1 1 Total non-current assets 3 4 4 ------------------------------- ------- ------------ ------------ ---------- Current assets Investment property - 18,704 - Trade and other receivables 1,443 1,065 904 Cash and cash equivalents 3 1,199 15 Total current assets 1,446 20,968 919 Total assets 1,449 20,972 923 ------------------------------- ------- ------------ ------------ ---------- Equity Capital and reserves Ordinary share capital 584 584 584 Share premium 34 34 34 Share-based payments reserve - - - Other income reserve 275 62 275 Retained earnings (4,489) (3,295) (4,122) ------------------------------- ------- ------------ ------------ ---------- Equity attributable to owners of the Company (3,596) (2,615) (3,229) Non-controlling interest - (491) - Total equity (3,596) (3,106) (3,229) ------------------------------- ------- ------------ ------------ ---------- Non-current liabilities Interest bearing loans - 14,429 - Derivative financial instruments - 725 - Shareholders' loan 9 3,231 6,327 2,783 ------------------------------- ------- ------------ ------------ ---------- Total non-current liabilities 3,231 21,481 2,783 ------------------------------- ------- ------------ ------------ ---------- Current liabilities Bank overdraft 41 47 43 Trade and other payables 1,773 2,349 1,326 Interest bearing loans - 201 - Current tax liabilities - - - Total current liabilities 1,814 2,597 1,369 Total liabilities 5,045 24,078 4,152 ------------------------------- ------- ------------ ------------ ---------- Total equity and liabilities 1,449 20,972 923 ------------------------------- ------- ------------ ------------ ----------
Condensed consolidated interim statement of changes in equity
For the six months ended 30 June 2014
Attributable Ordinary Share-based Other Retained to owners share Share payment income earnings/ of Non-controlling Total the capital premium reserve reserves (loss) parent interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- -------- Balance at 31 December 2012 (audited) 584 34 123 (108) (3,223) (2,590) (497) (3,087) (Loss) / profit for the period - - - - (195) (195) 6 (189) Other comprehensive income for the period: Currency translation differences on foreign operations - - - 170 - 170 - 170 Transactions with owners, recorded directly in equity: Lapsed / forfeited share options - - (123) - 123 - - - Balance at 30 June 2013 (unaudited) 584 34 - 62 (3,295) (2,615) (491) (3,106) ---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- -------- Loss for the period - - - - (516) (516) (2) (518) Other comprehensive income for the period: Currency translation differences on foreign operations - - - 75 - 75 - 75 Revaluations realised on disposal of subsidiaries 320 (493) (173) 493 320 Transactions with owners, recorded directly in equity: Transfer prior year reserve - - - (182) 182 - - - Balance at 31 December 2013 (audited) 584 34 - 275 (4,122) (3,229) - (3,229) ---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- -------- Loss for the period - - - - (367) (367) - (367) Balance at 30 June 2014 (unaudited) 584 34 - 275 (4,489) (3,596) - (3,596) ---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- --------
Condensed consolidated statement of cash flows
For the six months ended 30 June 2014
6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 Notes (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------------------------------ ------ ------------ ------------ ---------- Cash flows from operating activities Net cash inflow / (outflow) from operations (331) 39 (855) Taxation paid - 13 15 ------------------------------------ ------ ------------ ------------ ---------- Net cash inflow / (outflow) from operating activities (331) 52 (840) ------------------------------------ ------ ------------ ------------ ---------- Cash flows from investing activities Cash held by subsidiary on disposal - - (1,020) Proceeds received on disposal of subsidiaries 300 Net purchase and disposal of property, plant and equipment - - - ------------------------------------ ------ ------------ ------------ ---------- Net cash inflow from investing activities - - (720) ------------------------------------ ------ ------------ ------------ ---------- Cash flows from financing activities Shareholders' loan drawdowns 9 347 383 1,233 Shareholders' loans repayments 9 (23) (17) (340) Sale of own shares - - - Repayment of interest bearing loans - (95) (144) Interest paid - (369) (435) ------------------------------------ ------ ------------ ------------ ---------- Net cash (outflow) / inflow from financing activities 324 (98) 314 ------------------------------------ ------ ------------ ------------ ---------- Net (decrease) / increase in cash and cash equivalents (7) (46) (1,246) ------------------------------------ ------ ------------ ------------ ---------- Translation effect of exchange rate fluctuation on cash held (3) 46 66 Cash and cash equivalents at beginning of period/year (27) 1,152 1,152 ------------------------------------ ------ ------------ ------------ ---------- Net cash and cash equivalents at end of period/year (37) 1,152 (28) ------------------------------------ ------ ------------ ------------ ---------- Cash and cash equivalents comprise Bank balances 3 1,199 15 Bank overdraft used for cash management purposes (41) (47) (43) ------------------------------------ ------ ------------ ------------ ---------- Cash and cash equivalents in the statement of cash flows (38) 1,152 (28) ------------------------------------ ------ ------------ ------------ ---------- Reconciliation of profit from operations and discontinued activities to net cash flow from operations Profit / (loss) from operations including discontinued activities (241) 119 (96) Adjusted for: Depreciation of tangible assets 1 1 1 Revaluation of financial assets at fair value - - - (Increase) / decrease in receivables (41) (87) (8) Increase / (decrease) in payables (50) 6 (752) ------------------------------------ ------ ------------ ------------ ---------- Net cash inflow / (outflow) from operations (331) 39 (855) ------------------------------------ ------ ------------ ------------ ----------
Notes to the condensed consolidated interim financial statements
For the six months ended 30 June 2014
1 Reporting entity
Speymill plc is a public limited company incorporated and domiciled in the Isle of Man (referred to as the Company). The address of the Company's registered office is 1st Floor, Regent House, 16-18 Ridgeway Street, Douglas, Isle of Man, IM1 1EN.
The condensed consolidated interim financial statements of the Company as at and for the six months ended 30 June 2014 comprises the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities"). The Group was primarily involved in real estate investment and construction operations but, following approval by the shareholders at a general meeting held on 30 July 2013, the Company is now an Investing Company.
1.1 Basis of preparation
(a) Statement of compliance
The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2013.
The accounting policies applied in the preparation of this interim report are the same as those applied in the annual report to 31 December 2013.
Going concern
As highlighted in the Chairman's statement, the unaudited consolidated balance sheet at 30 June 2014 shows a net liabilities position of GBP3.596m (31 December 2013: net liabilities of GBP3.229m). The reduced net asset position is a consequence of the ongoing cost of operating and maintaining the Group whilst a suitable new investment opportunity is identified. The Board has secured additional financing through a shareholder loan facility.
As announced on 27 June 2013, the funding facility provided by Galloway Limited ("Galloway") (a company related to both Jim Mellon and Burnbrae Limited and indirectly wholly owned by a Trust in which Jim Mellon has a life interest) was extended until 30 June 2015. The facility has a limit of GBP3,500,000 with interest charged at 8% and an underwriting fee of 3% charged on all advances (except for the initial advance). Galloway has the right to convert the debt into ordinary shares in the company at a price based on the average closing price of the shares for the five working days prior to the date of conversion, subject to a maximum price of GBP0.01 per ordinary share.
As an Investing Company, the Group needed to enter into a suitable investment within 12 months of adopting its investment policy. As no such investment had been entered into within the required period, trading in the shares of the Group was suspended from AIM on 31 July 2014. The directors continue to seek to identify a suitable investment.
The condensed consolidated interim financial statements were authorised for issuance on 29 September 2014.
(b) Basis of measurement and functional currency
The Group condensed consolidated interim financial statements are presented in Pounds Sterling, rounded to the nearest thousand. They have been prepared on the historical cost basis except where assets and liabilities are required to be stated at their fair value.
(c) Use of estimates and judgement
The preparation of Group consolidated interim financial statements in conformity with International Financial Reporting Standards (IFRS) requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience, current and expected economic conditions, and in some cases actuarial techniques and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The significant judgments made by management in applying the Group's accounting policies and key sources of estimation of uncertainty were the same as those that were applied to the consolidated financial statements as at and for the year ended 31 December 2013.
(d) Determination and presentation of operating segments
The Group determines and presents operating segments based on the information that internally is provided to the CEO, who is the Group's chief operating decision maker. This accounting policy reflects the Group's adoption of IFRS 8 Operating Segments which took effect from 1 January 2009.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company's headquarters) and office expenses.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment and intangible assets other than goodwill.
(e) Investment property
The investment properties are valued at their fair value as per the latest available valuation. The Directors review the carrying value of investment properties periodically taking into account factors such as the current economic environment.
The Investment properties are held within Horsfield Limited and Wyatt Limited and, as detailed previously, disposal of these two subsidiaries was approved by the shareholders at a general meeting held on 30 July 2013. Consequently, the investment properties were classified as current assets in the statement of financial position.
(f) Non-current Assets Held for Sale and Discontinued Operations
The Group has adopted IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to account for the presentation of discontinued operations. Disclosure has been made of the operating results of discontinued operations and continuing operations.
(g) Financial risk management
The Group's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at 30 June 2014 and for the year ended 31 December 2013.
2 Segmental information - continuing operations
In respect of its continuing operations, the Group has one reportable segment, as described below, which is the Group's strategic business unit. The strategic business unit offers different products and services, and is managed separately because it requires different technology and marketing strategies. The operations of the Group's reportable segment are as follows:
-- Other - head office and group administration costs
Other Elimination Total For the six months ended GBP'000 GBP'000 GBP'000 30 June 2014 -------------------------------- -------- ------------ -------- External revenue 39 - 39 Inter-segment revenue - - - -------------------------------- -------- ------------ -------- Total segment revenue 39 - 39 -------------------------------- -------- ------------ -------- Reportable segment loss from operations before share-based payments (166) - (166) Finance income - - - Finance costs (125) - (125) -------------------------------- -------- ------------ -------- Reportable segment loss before tax (291) - (291) -------------------------------- -------- ------------ -------- Depreciation - - - Reportable segment assets 621 (28) 593 Reportable segment liabilities (5,027) 22 (5,005) Segment capital expenditure - - - -------------------------------- -------- ------------ -------- Other Elimination Total For the six months ended GBP'000 GBP'000 GBP'000 30 June 2013 -------------------------------- -------- ------------ -------- External revenue 20 - 20 Inter-segment revenue - - - -------------------------------- -------- ------------ -------- Total segment revenue 20 - 20 -------------------------------- -------- ------------ -------- Reportable segment loss from operations before share-based payments (270) - (270) Finance income 231 (231) - Finance costs (240) - (240) -------------------------------- -------- ------------ -------- Reportable segment loss before tax (279) (231) (510) -------------------------------- -------- ------------ -------- Depreciation - - - Reportable segment assets 14,396 (14,272) 124 Reportable segment liabilities (8,433) 123 (8,310) Segment capital expenditure - - - -------------------------------- -------- ------------ -------- Other Elimination Total For the twelve months GBP'000 GBP'000 GBP'000 ended 31 December 2013 -------------------------------- -------- ------------ -------- External revenue 56 - 56 Inter-segment revenue 8 (8) - -------------------------------- -------- ------------ -------- Total segment revenue 64 (8) 56 -------------------------------- -------- ------------ -------- Reportable segment loss from operations before share-based payments (475) - (475) Finance income 270 (270) - Finance costs (383) - (383) -------------------------------- -------- ------------ -------- Reportable segment loss before tax (588) (270) (858) -------------------------------- -------- ------------ -------- Depreciation - - - Reportable segment assets 88 (31) 57 Reportable segment liabilities (4,205) 104 (4,101) Segment capital expenditure - - - -------------------------------- -------- ------------ -------- As at As at As at 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) Reportable segment assets and liabilities reconciliation GBP'000 GBP'000 GBP'000 --------------------------------- ------------ ------------ ---------- Segment assets for reportable segments 593 124 57 Segment assets for discontinued operations 856 20,848 866 --------------------------------- ------------ ------------ ---------- Total assets per the balance sheet 1,449 20,972 923 --------------------------------- ------------ ------------ ---------- Segment liabilities for reportable segments (5,005) (8,310) (4,101) Segment liabilities for discontinued operations (40) (15,768) (51) --------------------------------- ------------ ------------ ---------- Total liabilities per the balance sheet (5,045) (24,078) (4,152) --------------------------------- ------------ ------------ ---------- 3 Discontinued operations information
The Group has determined that five lines of business meet the criteria to be treated under IFRS 5 as non-current assets held for sale or discontinued operations. The results of these lines of business are set out below under the heading discontinued operations. The Group's five business segments treated as discontinued operations are as follows:
-- United Kingdom construction and refurbishment
-- Property investment
-- Property services business
-- Property fund management business
-- Other
6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ---------------------------------- ------------ ------------ ---------- Discontinued operations Turnover 10 769 906 Expenses (86) (466) (677) ---------------------------------- ------------ ------------ ---------- (Loss)/ profit before tax of discontinued operations (76) 303 229 Loss on disposal of discontinued activities - - (97) Taxation - 18 19 ---------------------------------- ------------ ------------ ---------- (Loss)/ profit after tax from discontinued operations (76) 321 151 ---------------------------------- ------------ ------------ ----------
Earnings / (loss) per share (pence) (note 6)
Basic (loss)/ earnings per ordinary share (pence) (0.13) 0.54 0.25 Diluted (loss)/ earnings per share (pence) (0.13) 0.54 0.25 --------------------------------------------------- ------- ----- ----- 6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) Cash flows of discontinued operations GBP'000 GBP'000 GBP'000 ---------------------------- ------------ ------------ ---------- Operating cash flows (11) 1,183 735 Investing cash flows (1) (531) (1,164) Financing cash flows - (600) (703) ---------------------------- ------------ ------------ ---------- Total cash flows (12) 52 (1,132) ---------------------------- ------------ ------------ ----------
Segmental information - discontinuing & discontinued operations
Discontinued Discontinuing Discontinuing property property property fund investment services management Other Elimination Total For the six months ended 30 June 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------------- -------------- -------------- -------------- -------- ------------ -------- External revenue - 10 - - - 10 Inter-segment - - - - - - revenue ---------------------- -------------- -------------- -------------- -------- ------------ -------- Total segment revenue - 10 - - - 10 ---------------------- -------------- -------------- -------------- -------- ------------ -------- Reportable segment loss from operations before share-based payments - (76) - - - (76) Share-based - - - - - - payments Finance income - - - - - - Finance costs - - - - - - ---------------------- -------------- -------------- -------------- -------- ------------ -------- Reportable segment loss before tax - (76) - - - (76) ---------------------- -------------- -------------- -------------- -------- ------------ -------- Depreciation - (1) - - - (1) Reportable segment assets - 871 1 - (16) 856 Reportable segment liabilities - (40) - - - (40) Segment capital expenditure - - - - - - ---------------------- -------------- -------------- -------------- -------- ------------ -------- Discontinued Discontinuing Discontinuing property property property fund investment services management Other Elimination Total For the six months ended 30 June 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------------- ------------- -------------- -------------- -------- ------------ --------- External revenue 759 10 - - - 769 Inter-segment - - - - - - revenue ---------------------- ------------- -------------- -------------- -------- ------------ --------- Total segment revenue 759 10 - - - 769 ---------------------- ------------- -------------- -------------- -------- ------------ --------- Reportable segment profit / (loss) from operations before share-based payments 427 (36) - (3) - 388 Share-based - - - - - - payments Finance income 290 - - - - 290 Finance costs (606) - - - 231 (375) ---------------------- ------------- -------------- -------------- -------- ------------ --------- Reportable segment profit / (loss) before tax 111 (36) - (3) 231 303 ---------------------- ------------- -------------- -------------- -------- ------------ --------- Depreciation - (1) - - - (1) Reportable segment assets 19,971 993 1 6 (123) 20,848 Reportable segment liabilities (29,989) (25) - (5) 14,251 (15,768) Segment capital expenditure - - - - - - ---------------------- ------------- -------------- -------------- -------- ------------ --------- Discontinued Discontinuing Discontinuing property property property fund investment services management Other Elimination Total For the twelve months ended 31 December 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------------- ------------- -------------- -------------- -------- ------------ -------- External revenue 886 20 - - - 906 Inter-segment - - - - - - revenue ---------------------- ------------- -------------- -------------- -------- ------------ -------- Total segment revenue 886 20 - - - 906 ---------------------- ------------- -------------- -------------- -------- ------------ -------- Reportable segment profit / (loss) from operations before share-based payments 588 (112) - - - 476 Share-based - - - - - - payments Finance income 290 - - - - 290 Finance costs (711) 1 - - 270 (440) ---------------------- ------------- -------------- -------------- -------- ------------ -------- Reportable segment profit / (loss) before tax 167 (111) - - 270 326 ---------------------- ------------- -------------- -------------- -------- ------------ -------- Depreciation - (1) - - - (1) Reportable segment assets - 960 1 - (95) 866 Reportable segment liabilities - (51) - - - (51) Segment capital expenditure - - - - - - ---------------------- ------------- -------------- -------------- -------- ------------ -------- 4 Net finance costs 6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) Finance costs of continuing operations GBP'000 GBP'000 GBP'000 ----------------------------- ------------ ------------ ---------- Finance costs Bank charges and interest payable (1) (1) (2) Shareholder loan interest and facility fees (note 9) (124) (239) (381) Net finance costs (125) (240) (383) ----------------------------- ------------ ------------ ---------- 5 Taxation
There is no tax charge on continuing operations for the six months ended 30 June 2014 (year ended 31 December 2013 - nil). This results from the fact that either operations are conducted in tax jurisdictions with a 0% tax rate for companies or that operations did not generate any taxable profits during the period, taking into account any available allowances and brought forward tax losses.
6 Loss per ordinary share 6 months to 6 months to 12 months to 30 June 2014 30 June 2013 31 Dec 2013 (unaudited) (unaudited) (audited) From continuing operations GBP'000 GBP'000 GBP'000 ------------------------------------------------------- ------------- ------------- ------------- Loss for the period/year from continuing operations (291) (510) (858) ------------------------------------------------------- ------------- ------------- ------------- No. No. No. Basic weighted average number of shares in issue 58,389,555 58,389,555 58,389,555 Employee share options and provisions for share issue - - - ------------------------------------------------------- ------------- ------------- ------------- Basic loss per ordinary share (pence) (0.50) (0.87) (1.47) Dilutive effect of employee share options - - - ------------- ------------- Diluted loss per share (pence) (0.50) (0.87) (1.47) ------------------------------------------------------- ------------- ------------- ------------- 7 Called up share capital 6 months to 6 months to 12 months to 30 June 2014 30 June 2013 31 Dec 2013 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ---------------------------------------- ------------- ------------- ------------- Authorised ------------- ------------- ------------- 500,000,000 ordinary shares of 1p each 5,000 5,000 5,000 ---------------------------------------- ------------- ------------- ------------- No. No. No. ---------------------------------------- ------------- ------------- ------------- Issued and fully paid At beginning of period/year 58,389,555 58,389,555 58,389,555 Exercise of share options - - - ---------------------------------------- At end of period/year 58,389,555 58,389,555 58,389,555 ---------------------------------------- ------------- ------------- ------------- 8 Guarantees and other financial commitments
As is normal within the construction sector, the Group has given Parent Company Guarantees in relation to work completed by Speymill Contracts and has provided performance bonds with a value of GBP936,158 (31 December 2013: GBP936,158) that are still outstanding while Speymill Contracts is in administration. The Group had no capital commitments (31 December 2013: GBPnil).
9 Related party transactions
Loan facility
As set out in the Annual Report for 31 December 2013, announced on 27 June 2014, the Company extended the shareholder loan facility from Galloway Limited. The overall limit of the principal on the loan facility is GBP3.5m and it will expire on 30 June 2015. Further details were set out in the Annual Report. As at 30 June 2013, the total balance of the facility utilised was GBP3.23m including principal, facility fees and accrued interest.
Details of transactions with Burnbrae Limited are as follows:
6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2014 2013 2013 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ------------------ ------------ ------------ ---------- Income: Burnbrae Limited 39 20 56 39 20 56 ------------------ ------------ ------------ ---------- Expenses: Burnbrae Limited (71) (83) (166) (71) (83) (166) ------------------ ------------ ------------ ----------
Amounts owed to Burnbrae Limited at 30 June 2014 were GBP23,400 (31 December 2013: GBPnil).
10 Subsequent events
On 31 July 2014, trading in the shares of Speymill plc was suspended from AIM.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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