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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Trust Property | LSE:TPM | London | Ordinary Share | GB00B1NXMT53 | 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% | 2.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Trust Property Management Group plc ("TPMG" or "the Group")
Half Yearly Report to 30 September 2008
Trust Property Management Group plc (AIM: TPM), the property management and
services group, today announces its interim results for the six months ended 30
September 2008.
Highlights:
* Turnover for the period was £1.9 million (6 months to 30 September 2007: £1.1
million)
* Operating profit before amortisation of intangible assets and share based
payment charges was £219,000 (6 months to 30 September 2007: £180,000)
* EGM approved delisting from AIM
Commenting on the results, David Glass, Chairman of Trust Property Management
Group plc, said: "The last six months have been a challenging period for the
Group as the implications of the changing economic environment have become
clearer. The Group is taking appropriate measures, including delisting from AIM
and making cost savings, which will leave the Group in a stronger position once
all actions have been implemented."
For further information visit www.tpmgroupplc.co.uk or contact:
Julian Finegold, Director Tel: 0845 260 1515
Trust Property Management Group Plc
Liam Murray, Nominated Adviser Tel: 020 7492 4777
Dowgate Capital Advisers Limited
Chairman's Statement
The first six months of the year have been a difficult time for many companies
in the UK. The Group has had to make significant changes to bring costs in line
with revenues and this has, on occasion, been difficult. We expect, however,
that the changes will result in annual cost savings of over £200,000.
The most significant change that the Group has made is the delisting from AIM.
In order to facilitate this process, changes to the Board have been made. Larry
Lipman has resigned as a Non-Executive Director and Julian Finegold has been
appointed Group Managing Director. Benjamin Mire will continue as Trust
Property Management Managing Director and Operational Lead for Surveying and
Property Management. The aim of these changes is to provide the Group with a
clearly focused Board that can effectively grow the bottom line and return some
value for shareholders over the coming years.
The Group's operations have grown significantly. Prior to admission to AIM,
TPMG had 10,000 residential units under management. The Group now manages in
excess of 13,000 units and commercial property valued at over £0.5bn. Our core
business is property management and, although revenues from the purchase and
sale of property and professional valuation fees have declined due to the
recent downturn in the property market, the core business continues to generate
cash and remains strong.
TPMG achieved an operating profit before amortisation of intangible assets and
share based payment charges of £219,000 during the period (6 months to 30
September 2007: £180,000). Turnover for the period was £1.9 million (6 months
to 30 September 2007: £1.1 million). Earnings per share were 0.23 pence per
share (6 months to 30 September 2007: 0.30 pence per share).
Outlook
We continue to focus on developing the three strands of our business -
surveying services, commercial property management and residential block
management. We believe that, as a non-listed Plc and with the Board changes we
have made, the Group will be able to generate more significant profits in the
future.
David Glass
Chairman
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2008
Notes As at As at As at
30 September 30 September 31 March
2008 2007 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and 323 171 202
equipment
Goodwill 2,388 1,433 2,388
Intangible assets 1,973 932 1,885
_________ _________ _________
4,684 2,536 4,475
_________ _________ _________
Current assets
Trade and other 1,292 829 1,165
receivables
Cash and cash 236 746 361
equivalents
_________ _________ _________
1,528 1,575 1,526
_________ _________ _________
Total assets 6,212 4,111 6,001
_________ _________ _________
LIABILITIES
Current liabilities
Trade and other 643 611 648
payables
Borrowings 574 289 299
Tax liabilities 125 37 135
_________ _________ _________
1,342 937 1,082
_________ _________ _________
Non-current liabilities
Borrowings 972 558 1,249
Deferred tax 292 67 293
liabilities
_________ _________ _________
1,264 625 1,542
_________ _________ _________
Total liabilities 2,606 1,562 2,624
_________ _________ _________
Net assets 3,606 2,549 3,377
_________ _________ _________
EQUITY
Share capital 5 377 329 366
Share premium 2,822 2,120 2,733
Shares to be issued 129 46 86
Retained earnings 278 54 192
_________ _________ _________
Total equity 3,606 2,549 3,377
_________ _________ _________
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
Notes 6 months ended 6 months ended Year ended
30 September 30 September 31 March 2008
2008 2007 Audited
Unaudited Unaudited
£'000 £'000 £'000
Continuing operations
Revenue 3 1,940 1,052 3,068
Operating expenses (1,772) (922) (2,674)
______ ______ ______
Operating profit 3 168 130 394
Finance income 6 16 23
Finance costs (58) (28) (95)
______ ______ ______
Profit before tax 116 118 322
Income tax expense 2 (30) (19) (85)
______ ______ ______
Profit for the period 86 99 237
______ ______ ______
Profit per share
Basic and diluted 4 0.23p 0.30p 0.68p
______ ______ ______
RECONCILIATION OF PROFIT BEFORE AMORTISATION OF INTANGIBLE ASSETS AND SHARE
BASED PAYMENTS
6 months ended 6 months ended Year ended
30 September 30 September 31 March 2008
2008 2007
Audited
Unaudited Unaudited
£'000 £'000 £'000
Operating profit per 168 130 394
income statement
Add back:
Amortisation of 7 10 43
intangible assets
Share based payment 44 40 80
charges
______ ______ ______
Operating profit before 219 180 517
amortisation of
intangible assets and
share based payments
______ ______ ______
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
Attributable to equity holders of the Group
Share Share Share Retained Total
options
capital premium reserve earnings equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 April 2007 294 1,809 6 (45) 2,064
Share issued in period 35 315 - - 350
Cost of issue of shares - (4) - - (4)
Employee share based - - 40 - 40
payments
Profit for the period - - - 99 99
________ ________ ________ ________ ________
Unaudited balance at 30 329 2,120 46 54 2,549
September 2007
Balance at 1 April 2007 294 1,809 6 (45) 2,064
Share issued in period 72 978 - - 1,050
Cost of issue of shares - (54) - - (54)
Employee share based - - 80 - 80
payments
Profit for the period - - - 237 237
________ ________ ________ ________ ________
Audited balance at 31 366 2,733 86 192 3,377
March 2008
Shares issued in period 11 89 - - 100
Cost of issue of shares - - - -
Employee share based - - 43 - 43
payments
Profit for the period - - - 86 86
________ ________ ________ ________ ________
Unaudited balance at 30 377 2,822 129 278 3,606
September 2008
________ ________ ________ ________ ________
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
Notes 6 months ended 6 months ended Year ended
30 September 30 September 31 March 2008
2008 2007
Audited
Unaudited Unaudited
£'000 £'000 £'000
OPERATING ACTIVITIES
Cash flow from 6 178 62 47
operations
Income taxes paid (40) (9) (34)
Interest paid (58) (6) (58)
Interest received 6 16 -
_________ _________ _________
NET CASH INFLOW/ 86 63 (45)
(OUTFLOW) FROM
OPERATING ACTIVITIES
_________ _________ _________
INVESTING ACTIVITIES
Purchase of intangible (96) (11) (748)
assets
Payment of deferred (30) - (14)
consideration
Purchases of property, (176) - (58)
plant and equipment
Acquisition of - (30) (818)
subsidiary
Purchase of business - (699) -
_________ _________ _________
NET CASH FROM INVESTING (302) (740) (1,638)
ACTIVITIES
_________ _________ _________
FINANCING ACTIVITIES
Proceeds from issuance 100 346 296
of ordinary shares
New bank loans 245 500 1,300
Bank loan repayments (246) (21) (142)
Repayment of (8) - (8)
obligations under
finance leases
_________ _________ _________
NET CASH FROM FINANCING 91 825 1,446
ACTIVITIES
_________ _________ _________
NET INCREASE IN CASH (125) 148 (237)
AND CASH EQUIVALENTS
CASH AND CASH 361 598 598
EQUIVALENTS AT
BEGINNING OF PERIOD
_________ _________ _________
CASH AND CASH 236 746 361
EQUIVALENTS AT END OF
PERIOD
Bank balances and cash
_________ _________ _________
This format represents the indirect method of determining operating cash flow.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2008
1 BASIS OF PREPARATION
This interim report does not constitute statutory accounts of the group
within the meaning of section 240 of the Companies Act 1985. The next
statutory accounts to be produced will be in respect of the year ended 31
March 2009.
The financial information in this half-year interim report consolidates the
parent company and its subsidiaries. The interim report is unaudited and
has not been reviewed by the auditors.
The accounting policies applied in these unaudited interim financial
statements are those applied by the Group in the audited financial
statements for the period ended 31 March 2007. These financial statements
have been prepared in accordance with International Financial Reporting
Standards (IFRS), and those parts of the Companies Act 1985 that remain
applicable to companies reporting under IFRS.
2 TAXATION
The tax charge for the period is based on an estimated full year effective
tax rate of 26%.
3 SEGMENTAL
REPORTING
6 months 6 months Year ended
ended ended
31 March 2008
30 September 30 September
2008 2007 Audited
Unaudited Unaudited
£'000 £'000 £'000
REVENUE
Professional 541 358 847
services
Property 1,388 691 2,210
management
Corporate and 11 3 11
other
Total revenue 1,940 1,052 3,068
OPERATING
PROFIT
Professional 249 127 384
services
Property 378 120 434
management
Corporate and (459) (117) (424)
other
Total operating 168 130 394
profit
PROFIT ON
ORDINARY
ACTIVITIES
BEFORE TAXATION
Professional 249 127 384
services
Property 382 123 433
management
Corporate and (515) (132) (495)
other
Total profit on 116 118 322
ordinary
activities
before taxation
4 EARNINGS PER SHARE
Earnings 6 months ended 6 months ended Year ended
30 September 30 September 31 March
2008 Unaudited 2007 2008
Unaudited Audited
£'000 £'000 £'000
Earnings for the purposes of 86 99 237
basic earnings per share (profit
for the period attributable to
equity holders of the parent)
______ ______ ______
Number of shares 6 months ended 6 months ended Year ended
30 September 30 September 31 March
2008 2007 2008
Unaudited Unaudited Audited
Weighted average number of 37,693,748 32,668,918 34,639,594
ordinary shares for the purposes
of basic earnings per share
______ ______ ______
5 SHARE CAPITAL
During the six months ended 30 September 2008, 1,111,111 ordinary shares of
1p each were issued for a total consideration of £100,000.
The total issued share capital as at 30 September 2008 comprised 37,693,748
ordinary shares of 1p each.
6 RECONCILIATION OF PROFIT FROM 6 months ended 6 months ended Year ended
OPERATIONS TO NET CASH
FROM OPERATING ACTIVITIES 30 September 30 September 31 March
2008 2007 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit before tax 116 118 322
Adjustments for:
Depreciation of property, plant & 55 30 83
equipment
Amortisation of intangible assets 7 10 43
Finance costs 52 13 72
Share based payment charges 44 40 80
________ ________ ________
Operating cash flows before 274 211 600
movements in working capital
Increase in receivables (127) (437) (688)
Increase in payables 31 288 135
________ ________ ________
Cash generated from operations 178 62 47
______ ______ ______
7 SUBSEQUENT EVENTS
On 15 December 2008 a General Meeting was held to consider a special
resolution to cancel the Group's AIM admission. The resolution was passed
and the cancellation of dealings will take effect on 16 January 2009.
END
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