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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Stewart & Wight | LSE:STE | London | Ordinary Share | GB0008556192 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 525.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTE
RNS Number : 6246W
Stewart & Wight PLC
16 November 2017
Chairman's Statement
I am pleased to report that the Company made a net profit of GBP204,534 after tax and expenses for the half year to 30 September compared with a loss of GBP101,976 for the similar period in 2016. Included in expenses is the amount of GBP135,000 being the reduction in value of the Company's property portfolio as at 30 September 2017 compared with the valuation of 31 March 2017- a decrease of approximately one per cent.
There were no changes in the content of the property portfolio during the six months in question. The valuation was carried out by the Board and had regard to the continuing uncertainties in the market and, in particular, to the shortening of the leases of the properties. The Board continues to search for suitable properties to add to the Company's portfolio and will sell existing properties where future growth cannot be foreseen.
Gross rental income from the Company's properties increased from GBP442,107 to GBP516,216 due to the acquisition of three properties in the previous year. Property operating expenses increased slightly to GBP17,470 from GBP14,080. Administrative expenses were higher at GBP50,256 compared with GBP45,597. Due to increased bank borrowing, interest payments were GBP29,312 compared with GBP17,011 in the previous half year. All the Company's tenants are up-to-date with their rents and there are no vacancies.
The net asset value of the Company's shares rose from GBP7.25 on 31 March to GBP7.28 as at 30 September 2017.
As in previous years, the Board has decided to leave a decision as to payment of an interim dividend until early next year.
Michael Conn
Chairman
16 November 2017
Consolidated statement of comprehensive income (unaudited) for the six months ended 30 September 2017 Six Six months Year months to to to 30/09/2017 30/09/2016 31/03/2017 ----------------- --------------- ---------------- GBP GBP GBP Gross rental income 516,216 442,107 938,342 Property operating expenses (17,470) (14,080) (44,278) ----------------- --------------- ---------------- Net rental income 498,746 428,027 894,064 Profit/(loss) on disposal of investment property - 9,965 60,327 Valuation gains on investment property 70,000 80,000 598,052 Valuation losses on investment property (205,000) (480,290) (697,039) Administrative expenses (50,256) (45,597) (95,708) ----------------- --------------- ---------------- Net operating profit/(loss) before financing 313,490 (7,895) 759,696 Financial expenses (29,312) (17,011) (54,026) ----------------- --------------- ---------------- Profit/(loss) before taxation 284,178 (24,906) 705,670 Taxation (note 4) (79,644) (77,070) (149,947) ----------------- --------------- ---------------- Profit/(loss) for financial period 204,534 (101,976) 555,723 ================= =============== ================ (Loss)/earnings per share (note 5) 13.04p (6.5)p 35.44p ================= =============== ================ Consolidated balance sheet (unaudited) as at 30 September 2017 30 Sept 30 Sept 31 March 2017 2016 2017 ----------------- --------------- ---------------- GBP GBP GBP Assets Non-current assets Investment property (Note 3) 13,470,000 12,115,000 13,605,000 ----------------- --------------- ---------------- Total non-current assets 13,470,000 12,115,000 13,605,000 ----------------- --------------- ---------------- Current assets Trade and other receivables - - 14,675 Cash and cash equivalents 323,912 227,117 129,520 ----------------- --------------- ---------------- Total current assets 323,912 227,117 144,195 ----------------- --------------- ---------------- Total assets 13,793,912 12,342,117 13,749,195 ----------------- --------------- ---------------- Liabilities Current liabilities Interest bearing loan and borrowings 117,332 50,000 117,332 Current tax 228,510 214,777 148,866 Trade and other payables 294,355 257,311 318,328 ----------------- --------------- ---------------- Total current liabilities 640,197 522,088 584,526 ----------------- --------------- ---------------- Non-current liabilities Interest bearing loan and borrowings 1,742,168 900,000 1,800,835 ----------------- --------------- ---------------- Total non-current liabilities 1,742,168 900,000 1,800,835 ----------------- --------------- ---------------- Total liabilities 2,382,365 1,422,088 2,385,361 ----------------- --------------- ---------------- Net assets 11,411,547 10,920,029 11,363,834 ================= =============== ================ Equity Capital and reserves Called up share capital 89,866 89,866 89,866 Other reserves 25,670 25,670 25,670 Share premium reserve 246,000 246,000 246,000 Retained earnings 11,050,011 10,558,493 11,002,298 ----------------- --------------- ---------------- Total equity 11,411,547 10,920,029 11,363,834 ----------------- --------------- ---------------- Consolidated cash flow statement (unaudited)for the six months ended 30 September 2017 Six Months Six to months Year 30/09/2017 to 30/09/2016 to 31/03/2017 ----------------- --------------- ---------------- GBP GBP GBP Operating activities Profit/(loss) for the period 204,534 (101,976) 555,723 Adjustments for: Net valuation loss/(profit) on investment property 135,000 400,290 98,987 (Profit)/loss on disposal of investment property - (9,965) (60,327) Interest expense 29,312 17,011 54,026 Tax expense 79,644 77,070 149,947 ----------------- --------------- ---------------- Operating profit before changes 448,490 382,430 798,356 in working capital and provisions Changes in receivables 14,675 (14,675) Changes in payables (23,973) (69,211) (8,194) ----------------- --------------- ---------------- Cash generated from operations 439,192 313,219 775,487 Net interest paid (29,312) (17,011) (54,026) Tax paid - - (138,788) ----------------- --------------- ---------------- Cash flow from operating activities 409,880 296,208 582,673 ----------------- --------------- ---------------- Investing activities Purchase of investment property - (795,290) (2,638,987) Sale of investment
property - 494,965 1,200,327 ----------------- --------------- ---------------- Cash used in investing activities - (300,325) (1,438,660) ----------------- --------------- ---------------- Financing activities Cash inflow from loans - - 1,010,000 Cash outflow from loan repayments (58,667) (25,000) (66,833) Dividend paid (156,821) (162,476) (376,370) ----------------- --------------- ---------------- Cash flow from finance activities (215,488) (187,476) 566,797 ----------------- --------------- ---------------- Net increase/(decrease) in cash and cash equivalents 194,392 (191,593) (289,190) Cash and cash equivalents at 1 April 2017 129,520 418,710 418,710 Cash and cash equivalents at 30 September 2017 323,912 227,117 129,520 ----------------- --------------- ---------------- Consolidated statement of changes in equity from 1 April 2016 to 30 September 2017 (unaudited) Revaluation Retained Other reserve earnings reserves ----------------- --------------- ------------------- GBP GBP GBP i) 1 April 2017 to 30 September 2017 As at 1 April 2017 - 11,002,298 271,670 Total comprehensive income - 204,534 - Dividends to shareholders - (156,821) - ----------------- --------------- ------------------- As at 30 September 2017 - 11,050,011 271,670 ----------------- --------------- ------------------- ii) 1 April 2016 to 30 September 2016 As at 1 April 2016 - 10,822,945 271,670 Total comprehensive income - (101,976) - Dividends to shareholders - (162,476) - ----------------- --------------- ------------------- As at 30 September 2016 - 10,558,493 271,670 ----------------- --------------- ------------------- iii) 1 April 2016 to 31 March 2017 As at 1 April 2016 - 10,822,945 271,670 Total comprehensive income - 555,723 - Dividends to shareholders - (376,370) - ----------------- --------------- ------------------- As at 31 March 2017 - 11,002,298 271,670 ----------------- --------------- ------------------- Notes to the accounts 1. Interim report This interim report will not appear in any newspaper but copies will be sent to all shareholders and is available at the company's registered office and at the company's web site. The results for the six months ended 30 September 2017 are unaudited. The interim report does not constitute full accounts as defined by the Companies Act 2006 but should be read in conjunction with the most recent financial statements. Full accounts for 31 March 2017 have been delivered to the Registrar of Companies, bearing an unqualified audit opinion. 2. Basis of preparation The financial statements have been prepared under the historical cost basis as modified by the revaluation of investment properties. These accounts have been prepared in accordance with IAS 34. The accounting policies have been consistently applied and are consistent with those used in the previous year. 3. Investment properties Cost or valuation GBP At 1 April 2017 13,605,000 Additions - Disposals - Revaluation (135,000) --------------- At 30 September 2017 13,470,000 =============== The Directors' have revalued the investment properties at fair value in line with the company accounting policy set out in the notes to the full accounts as at 30 September 2017. The investment properties were professionally valued at 31 March 2017. Notes to the accounts (continued) 4. Taxation Six Six months months Year to to to 30/09/2017 30/09/2016 31/03/2017 GBP GBP GBP ---------------- --------------- ---------------- Current tax 79,644 77,070 149,947 ---------------- --------------- ---------------- 79,644 77,070 149,947 ================ =============== ================ The taxation charge has been based on the estimated effective tax rate for the full year. 5. Earnings/loss per share The calculation of earnings per share is based on the profit for the period of GBP204,534 (2016: loss of GBP101,976) and on 1,568,209 shares (2016: 1,568,209) which is the weighted average number of shares in issue during the period ended 30 September 2017 and throughout the period since 1 April 2016. 6. Statutory information The registered office of the company is at 845 Finchley Road, London NW11 8NA.The web site address of the company is www.stewartandwightplc.co.uk. The company registration number is 57142.
For enquiries about buying and selling shares in Stewart and Wight Plc please contact Mr Lawrence Marshom , Walker Crips Stockbrokers Limited, Finsbury Tower,103-105 Bunhill Row, London ,EC1Y 8LZ.Telephone:44 (0)20 3100 8660
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
November 16, 2017 02:00 ET (07:00 GMT)
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