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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Work Service S.a. | LSE:WSE | London | Ordinary Share | PLWRKSR00019 | ORD BR PLN0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.00 | 10.00 | 100.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date: 29 September 2014 On behalf of: Western Selection P.L.C. ("Western" or "the Company") Western Selection P.L.C. Preliminary announcement of unaudited results for the year ended 30th June 2014 Western's objective is to generate growth in value for shareholders over the medium to long term and pay a progressive dividend. In the past we have sought to achieve this through a twin track approach of a mix of strategic stakes in smaller quoted companies with whom we have directors in common and a general portfolio of investments. We have recently undertaken a strategic review looking at both the performance in meeting our objective and how this is reflected in the Company's share price. As a result of this review we have determined that we will follow a single track business model in future which will provide more clarity for investors. Our new business model will be to take sizeable minority stakes in relatively small companies at a pre-IPO or IPO stage, and have directors in common through which we can provide advice and support for these growing companies. These may or may not be associated companies. Our aim is that these core holdings will grow to a stage at which our support is no longer required and our stake can then be sold over time into the market. Companies that are targeted as core holdings will have an experienced management team, a credible business model and also good prospects for growth. Our objective is not to build a diversified portfolio, but to identify a limited number of good opportunities for growth in value. This may well see risk concentrated even further than it has previously been. To acquire these stakes in new core investment holdings, we need to be able to react quickly, and therefore to have readily available funds to invest. To achieve this we will maintain a treasury operation consisting of cash, debt facilities and liquid investments. We have ceased to have a general portfolio of investments under our new business model. Activities During the year Western sold a small part of its holding in Northbridge (see below) realising a profit of £434,000 (2013 £527,000). Adjusting for the disposal, quoted core holdings increased in value by 26% (2013 - increase 21%) in the year. Our principal unquoted investment, Hartim Limited, recovered some costs from a difficult previous year where it had to write off its unsuccessful Australian operation. This recovery has led to an exceptional profit in our accounts of £167,000 (2013 loss £1,390,000). The profit for the year before these items was £202,000 (2013: profit £572,000). Dividend income from Creston increased by 5% and from Northbridge by 1%, but Swallowfield did not declare a dividend during the year. Therefore dividend income from core holdings has decreased by 33% to £229,000 from £340,000 last year. Dividend income on the general portfolio decreased by 6% from £103,000 to £97,000. Administrative expenses have increased by 21%, including higher costs from increased activity by our professional advisors and an increase in basic directors' fees for the first time since 2000. As a result of the above the Company made a profit of £803,000 after tax and exceptional items, compared to a loss of £291,000 last year. Dividend The Company paid an interim dividend of 0.95p per share on 22nd March 2014. A final dividend of 1.05p per share is proposed, making 2.0p for the year, compared to 1.9p for 2013. The dividend will be paid on 4th December 2014 to shareholders on the register at the close of business on 21st November 2014. Core Holdings Creston plc Creston is a marketing services group whose strategy is to grow within its sector both by organic growth and through selective acquisition to become a substantial, diversified marketing services group. In their trading announcement on 31st July 2014, Creston reported a 3% growth in revenue for the 3 months to June. Further information about Creston is available on their website: www.creston.com. The audited results of Creston for the year to 31st March 2014, show a headline profit before tax of £9.6 million (2013 - £10.0 million), equivalent to fully diluted earnings of 11.8p per share (2013 - 14.7p, including tax credit from a positive conclusion to an HMRC enquiry). Western maintained its holding of 3,000,000 shares in Creston, which is 4.9% of their issued share capital. The value of this investment at 30th June 2014 was £3,150,000, a decrease of 3% from the value of £3,240,000 at 30th June 2013. This represents 17% (2013 - 22%) of Western's net assets. Mr D. C. Marshall is a non-executive director of Creston. Northbridge Industrial Services PLC Northbridge hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the U.K., U.S.A., Dubai, Germany, Belgium, France, Australia, Singapore, India, Brazil, Korea and Azerbaijan, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, construction and the public sector. The product range includes loadbanks, transformers, generators, compressors, loadcells and oil tools. Further information about Northbridge is available on their website: www.northbridgegroup.co.uk. Northbridge audited profits for the year ended 31st December 2013 were £ 5,255,000 and paid a final dividend of 3.9p per share, making 5.9p for the year (2013 - 5.4p). On 23rd September 2014, Northbridge announced unaudited interim profits for the six months ended 30th June 2014 of £2,568,000 (2013 - £ 1,949,000) and declared an interim dividend of 2.2p per share (2013 - 2.0p). Western sold 125,000 of its 2,000,000 holding in April 2014 for £586,000 and a realised profit of £434,000 and now holds 1,875,000 shares in Northbridge (2013 - realised profit of £527,000 on disposal of 200,000 shares). Western's holding is 10.8% of Northbridge's issued share capital. The value of this investment at 30th June 2014 was £9,750,000 (2013 - £7,040,000) being 53% (2013 - 48%) of Western's net assets. Mr D. C. Marshall is a non-executive director of Northbridge. Swallowfield plc Swallowfield is a market leader in the development, formulation, manufacture and supply of cosmetics, toiletries and related household products for global brands and retailers operating in the cosmetics, personal care and household goods market. Further information about Swallowfield is available on their website: www.swallowfield.com. Swallowfield announced its annual results to 30th June 2014 on 18th September 2014 showing a profit after tax of £157,000 compared to a loss of £910,000 (restated) for the comparable period last year. No dividends were received from Swallowfield during the year (2013 - £118,000). Profits are expected to recover further in the current year under the new management team. At the reporting date, Western owned 1,869,149 shares which is 16.5% of Swallowfield's issued share capital. The market value of this investment on 30th June 2014 had increased by 21% to £1,813,000 from the value at June 2013 of £1,495,000. This is 10% (2013 - 10%) of Western's net assets. Mr E. J. Beale was appointed a non-executive director of Swallowfield on 1st July 2014 Hartim Limited Hartim is the unquoted holding company for Tudor Rose International Limited ("TRI") which was founded in 1984. It works closely with a number of leading UK branded fast moving consumer goods companies, offering a complete sales, marketing and logistical service. Based in Stroud, Gloucestershire, TRI sells into 78 countries worldwide including USA, Spain, Portugal, Italy, Czech Republic, Russia, Turkey, South Africa, Saudi Arabia, UAE, Malaysia, Australia and China. Western holds 49.5% of Hartim, which has a 31st December year end, and which generated trading profits before exceptional items in the year to 30th June 2014 of £434,000. Hartim recognised exceptional profits, after tax, in connection with its former Australian subsidiary of £337,000 (2013 loss - £ 2,809,000). Turnover in the period was £20,448,000 (2013 - £21,609,000). Western's share of the consolidated profit after exceptional items and tax for the twelve months to 30th June 2014 was £382,000 (2013 - loss - £937,000) and the book value of the investment at 30th June 2014 was £568,000 (2013 - £ 185,000), being 3% (2013 - 1%) of Western's assets. During the period a loan of £500,000 was made to Hartim. This loan is convertible into B shares at par if not repaid, carries interest at a rate of 6% over base rate. It is repayable by 31st December 2016 and is secured over Hartim's principal asset, its investment in Tudor Rose Limited. Western has two nominees on the board of Hartim: Mr E. J. Beale and Mr L. H. Marshall (a director of City Group PLC, Western's company secretary). Industrial & Commercial Holdings PLC (ICH) ICH is a small unquoted PLC in which Western holds a 29.9% interest. It owns land with potential for residential planning permission at Milngavie, adjacent to Dougalston golf course, just north east of Glasgow. ICH is currently making representations for its land to be included in the local authority's next five year plan, but it may take some time for permission to be received. Mr D. C. Marshall and Mr J. M. Robotham are directors of ICH. City Group P.L.C. Western holds 48.6% and London Finance & Investment Group P.L.C. (Western's largest shareholder) holds 51.4% of City Group P.L.C., which provides head office and company secretarial services to both these and other companies. General Portfolio During the year the general portfolio increased in value by 9%. Our investments in FTSE100 stocks, which comprise 38% of those investments, decreased in value by 1% whereas the FTSE100 increased by 8.5%. Our European and United States stocks, representing 21% and 41% of the general portfolio respectively increased in value by 10% and 1% respectively. Following on from our strategic review the general portfolio has been discontinued and funds have been reapplied as part of treasury operations to support the acquisition of further core holdings. Outlook The Company's net asset value per share will continue to remain volatile reflecting movements in the market and the illiquidity of it's core holdings. We are optimistic about the prospects for Hartim and our quoted core holdings. D.C. Marshall Chairman Unaudited Statement of Comprehensive Income For the year ended 30th June 2014 2013 £000 £000 Income from investments in: Listed strategic undertakings 229 340 Other listed undertakings 97 103 ------ ------- 326 443 Administrative expenses (314) (260) Profits on disposal of investments 440 529 ------ ------- Operating profit 452 712 |------------------------------------------------------------------------------| |Share of profits of associated companies before 194 426 | |exceptional items | |Share of associated company's exceptional item 167 (1,390)| |------------------------------------------------------------------------------| Share of profits of associated companies 361 (964) Interest receivable 20 - Finance costs (23) (31) ------ ------ Profit/(Loss) before taxation 810 (283) Taxation (7) (8) ------ ------ Profit/(Loss) after taxation attributable to 803 (291) equity shareholders Other comprehensive income Fair value recycled from equity on disposal (440) (529) Fair value adjustment on listed undertakings 3,642 3,038 Deferred taxation on fair values (137) - ------- ------- Total comprehensive profit 3,868 2,218 ------- ------- Basic and diluted profit/(loss) per share 4.5p (1.6)p attributable to ordinary equity holders Unaudited Statement of Changes in Equity Share Share Capital Unrealised Share of Realised Total capital premium reserve profits on undistributed profits account account investments profits/ (losses) of associates £000 £000 £000 £000 £000 £000 £000 Year ended 30th June 2013 Balances at 1st July 7,180 2,654 3 1,157 354 1,547 12,895 2012 ------------------------------------------------------------------- Profit for the - - - - (964) 673 (291) period Other Comprehensive - - - 2,509 - - 2,509 Income ------------------------------------------------------------------- Total Comprehensive - - - 2,509 (964) 673 2,218 Income ------------------------------------------------------------------- Transactions with shareholders Final dividend paid - - - - - (161) (161) in respect of prior year Interim dividends - - - - - (153) (153) paid in respect of the year -------------------------------------------------------------------- Total transactions - - - - - (314) (314) with shareholders -------------------------------------------------------------------- Balances at 30th 7,180 2,654 3 3,666 (610) 1,906 14,799 June 2013 -------------------------------------------------------------------- Year ended 30th June 2014 Balances at 1st July 7,180 2,654 3 3,666 (610) 1,906 14,799 2013 ------------------------------------------------------------------ Profit for the - - - - 361 442 803 period Other Comprehensive - - - 3,065 - - 3,065 Income ------------------------------------------------------------------ Total Comprehensive - - - 3,065 361 442 3,868 Income ------------------------------------------------------------------ Transactions with shareholders Final dividend paid - - - - - (188) (188) in respect of prior year Interim dividends - - - - - (171) (171) paid in respect of the year ----------------------------------------------------------------- Total transactions - - - - - (359) (359) with shareholders ----------------------------------------------------------------- Balances at 30th June 7,180 2,654 3 6,731 (249) 1,989 18,308 2014 ----------------------------------------------------------------- Unaudited Statement of Financial Position At 30th June 2014 2013 £000 £000 Non-current Assets Investment in Associates 669 308 Investments classified as held for sale 17,775 14,695 Trade and other receivables 660 - ------- ------ 19,104 15,003 ------- ------ Current Assets Trade and other receivables 24 22 Current Liabilities Trade and other payables (683) (226) ------- ------- Net Current Liabilities (659) (204) ------- ------- Non-current Liabilities Deferred taxation (137) - ------ ------- Net Assets 18,308 14,799 ------ ------- Equity Share capital 7,180 7,180 Share premium account 2,654 2,654 Capital reserve account 3 3 Unrealised profits on investments 6,731 3,666 Share of undistributed losses of associates (249) (610) Realised profits 1,989 1,906 ------- ------ Shareholders' Funds 18,308 14,799 ------- ------ Unaudited Statement of Cash Flow For the year ended 30th June 2014 2014 2013 2013 Notes £000 £000 £000 £000 Profit/(Loss) before taxation 810 (283) Profit on sale of investments (440) (529) Share of results of associates (361) 964 Net interest payable 3 31 Changes in working capital (Increase)/Decrease in trade and (2) 49 other receivables (Decrease)/Increase in trade and (3) 1 other payables -------- ------ Cash generated by operations 7 233 Taxation paid (7) (8) Net interest paid (3) (31) ------- ------ Net cash (absorbed)/generated by (3) 194 operations Cash flow from investing activities Loan to associated company (660) - ------ ------ Proceeds on disposal of general 168 312 portfolio investments Purchase of general portfolio (173) (352) investments ------ ------- (5) (40) Proceeds on disposal of part of core 566 738 holdings ------ ------ 561 698 ------ ------ Net cash (absorbed)/generated by (99) 698 investing activities Cash flow from financing activities Equity dividend paid (359) (314) -------- ------- Movement in cash and cash equivalents (461) 578 Net debt at start of year (129) (707) -------- ------- Net debt at end of year (a) (590) (129) -------- ------- Note (a) Analysis of cash and cash equivalents At start Cash At end of year Flow of year £000 £000 £000 2013/2014 Bank borrowings (129) (461) (590) -------- ------- ------ Total debt (129) (461) (590) -------- ------- ------ 2012/2013 Bank borrowings (707) 578 (129) -------- ------- ------ Total debt (707) 578 (129) -------- ------- ------ Notes:- 1. Earnings per share are based on the profit on ordinary activities after taxation and on 17,949,872 (2013 - 17,949,872) being the weighted average number of shares in issue during the period. 2. The net assets per share are calculated taking investments at market value. The Company has estimated Corporation Tax losses which cover the potential liability on the unrealised gains on investments. 3. The financial information contained in this preliminary announcement of results has been prepared under the recognition and measurement principles of International Financial Reporting Standards and Interpretations issued by the International Accounting Standards Board as adopted by the European Union (`IFRSs'). The financial information does not give sufficient information to comply with IFRSs which will be contained in the statutory accounts sent to shareholders. 4. The financial information in this preliminary announcement does not constitute the company's statutory accounts for the years ended 30th June 2014 or 30th June 2013 but is derived from those accounts. The financial statements for both years have been prepared in accordance with IFRSs as adopted by the EU. The statutory accounts for 2013 have been delivered to the Registrar of Companies and those for 2014 will be delivered following the Company's annual general meeting. The auditors reports on the accounts for both years were unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under the Companies Act 2006, sections 498 (2) or (3). Copies of this notification are held at the Company's office, 6 Middle Street, London, EC1A 7JA (tel. 020 7796 9060) and are available for a period of 14 days from the date of this announcement. Enquiries to: Western Selection P.L.C. 020 77969060 Edward Beale Loeb Aron & Co. Ltd. 020 7628 1128 Peter Freeman / Jonathan Willis-Richards
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