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Share Name | Share Symbol | Market | Type |
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Netapp Inc | TG:NTA | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.36 | 0.30% | 120.60 | 119.00 | 120.16 | 120.60 | 120.60 | 120.60 | 2 | 09:42:59 |
RNS Number:7903Q Northacre PLC 10 October 2003 NORTHACRE PLC ("Northacre" or "the Group") Interim Results for the six months to 31 August 2003 Northacre PLC, the premier developer of landmark residential property schemes in Central London, today announces interim results for the six months to 31 August 2003. * Progress on developments continues to be in line with our expectations * KINGS Chelsea close to practical completion with only 14 of the 289 apartments remaining for sale * Vicarage Gate House planning application submitted * The Phillimores (QEC) on schedule for completion by end of 2004 * Improved activity for Lifestyles (Interiors) with new assignments secured * Central London prime residential market showing signs of improved activity. Group continues to actively pursue new opportunities 10 October 2003 Enquiries: Northacre PLC Tel: 020 7349 8000 John Hunter, Chief Executive Simon Elgar, Finance Director College Hill Associates Tel: 020 7457 2020 Kate Pope NORTHACRE PLC ("Northacre" or " the Group") Interim Results for the six months to 31 August 2003 Overview Northacre's core focus is the development of prime residential opportunities. The Northacre brand continues to be synonymous with top grade quality schemes in landmark locations. Financial Overview Turnover, including share of associates, for the period was #1,806,000 (2002: #1,648,000 as restated) with gross profit of #1,271,000 (2002: #1,249,000 as restated). Pre-tax loss was #822,000 (2002: #877,000 as restated) before amortisation of goodwill with a basic loss per share of 5.32 pence (2002: 5.57 pence as restated). The Board is not declaring an interim dividend payment. The Group is currently in discussions with our bankers and the trustees of the Northacre PLC Directors' Retirement and Death Benefit Scheme regarding the extension of loan facilities provided by these parties. Operational Overview In the period under review, Northacre disposed of its equity interest in The Phillimores to its joint venture partner, Westcity (QEC) Limited for the book value of #5.4 million, less interest of #382,000. Northacre continues as joint development manager on the scheme. The scheme is expected to complete by the end of 2004. The Group's profit participation is dependent on sales revenues achieved and is realisable in stages, capped at a maximum of #2.75 million. We completed the purchase of Vicarage Gate House, Kensington during the first half of our financial year. This development is a joint venture with First Islamic Investment Bank. A planning application has now been submitted for the proposed scheme of 12 lateral family-sized apartments. We anticipate a consent will be secured in 2004. Progress on our developments continued well during the period. KINGS Chelsea is close to practical completion with only 14 apartments remaining to be sold. Upon the sale of these units the Group can expect to realise their full entitlement to profits. Our operating subsidiaries of Lifestyles (Interiors) and Nilsson Design continue to face challenging market conditions. The first half did, however, see improved activity for Lifestyles (Interiors) with more secured work. Nilsson Design suffered from reduced revenues in the period, mainly as a result of the loss of the Sir John Atkins project. Discussions Update On 15 August 2003, it was announced that Northacre had received a preliminary approach from Klas Nilsson and John Hunter, respectively Executive Chairman and Chief Executive, that may or may not lead to an offer for the Group. At Northacre's Annual General Meeting on 24 September 2003, the Group confirmed that discussions were progressing but remained at an early stage. This situation remains unchanged. All of the directors of Northacre have or may have an interest in any such offer or a continuing role subsequent to the completion of any such offer, and therefore would have a conflict of interest that would preclude them from providing advice to shareholders on the terms of an offer. Northacre PLC has appointed, in accordance with the requirements of the City Code on Takeovers and Mergers, Navigatorltd Limited ("Navigator"), to provide independent advice to the company in relation to the terms of any offer and the substance of such advice will be made known to shareholders. Klas Nilsson and John Hunter will be appointing their own independent financial advisor. 10 October 2003 NORTHACRE PLC Interim Results for the six months to 31 August 2003 Summarised Profit and Loss Account (Unaudited) 6 Months to 6 Months to Year ended Note 31.8.2003 31.8.2002 28.2.2003 Unaudited Unaudited Audited #'000 #'000 #'000 (as restated) Turnover 3 1,806 1,648 3,595 Cost of sales (535) (399) (1,002) Exceptional item - - 826 Gross Profit 1,271 1,249 3,419 Administrative expenses 4 (2,385) (2,304) (4,687) Other operating income 9 9 20 Operating Loss (1,105) (1,046) (1,248) Share of profit from - - 112 associated undertakings Provision against - - (1,566) investments Loss on Ordinary Activities before Interest and (1,105) (1,046) (2,702) Investment Income Dividends received 50 51 81 Interest (net) (155) (270) (568) Loss on Ordinary Activities before Taxation (1,210) (1,265) (3,189) Taxation 5 - - (51) Retained Loss for the 8 (1,210) (1,265) (3,240) Period Basic loss per ordinary 7 (5.32p) (5.57p) (14.26p) share Fully diluted loss per (5.08p) (5.22p) (11.60p) ordinary share NORTHACRE PLC Interim Results for the six months to 31 August 2003 Summarised Consolidated Balance Sheet (Unaudited) 31.8.2003 31.8.2002 28.2.2003 Note Unaudited Unaudited Audited #'000 #'000 #'000 (as restated) Fixed Assets Intangible assets 12,224 13,000 12,612 Tangible assets 2,937 4,015 3,405 Investments 133 1,304 133 Investment in joint venture 812 5,337 5,401 16,106 23,656 21,551 Current Assets Stock and work in progress 88 - 16 Debtors 1,007 765 636 Bank balances and cash 127 1 199 1,222 766 851 Creditors due within one year 6 (5,591) (9,006) (9,455) Net Current Liabilities (4,369) (8,240) (8,604) Net Assets 11,737 15,416 12,947 Capital and Reserves Share capital 568 568 568 Share premium account 17,449 17,449 17,449 Revaluation reserve - 495 - Profit and loss account (6,280) (3,096) (5,070) Shareholders' Funds 8 11,737 15,416 12,947 NORTHACRE PLC Interim Results for the six months to 31 August 2003 Summarised Consolidated Cash Flow Statement (Unaudited) 6 Months to 6 Months to Year ended 31.8.2003 31.8.2002 28.2.2003 Note Unaudited Unaudited Audited #'000 #'000 #'000 Net Cash Outflow from 9 (1,846) (193) (28) Operating Activities Returns on Investments and Servicing of Finance Interest received 8 - - Interest paid (163) (266) (559) Interest element of finance (2) (5) (9) lease rentals Dividends received 50 51 81 Net Cash Outflow from Returns on Investments and Servicing (107) (220) (487) of Finance Taxation Corporation tax paid - (79) 18 Capital Expenditure and Financial Investment Purchase of other tangible (32) (8) (18) assets Investment in joint venture (431) - - Disposal of interest in 5,020 307 - joint ventures Sale of other tangible 475 40 85 assets Net cash inflow for capital 5,032 339 67 expenditure Acquisitions Purchase of subsidiary - - (7) undertaking Cash Inflow/(Outflow) before Management of Liquid Resources and 3,079 (153) (437) Financing Financing Capital element of finance (3) (53) (107) lease rentals (Decrease)/increase in debt (1,150) - 351 Net cash (outflow)/inflow from management of liquid resources and (1,153) (53) 244 financing Increase/(Decrease) in Cash 10 1,926 (206) (193) in the Period NORTHACRE PLC Interim Results for the six months to 31 August 2003 Notes to the Unaudited Interim Financial Statements for the period ended 31st August 2003 1 Accounting Policies The interim financial statements have been prepared on the basis of the accounting policies set out in the 2003 Northacre PLC Annual Report. 2 Financial Information The financial information contained in this document does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The comparative figures for the financial period ended 31st August 2002 have been extracted from the company's interim report for that financial period as restated in respect of the change in accounting policy described in note 13 to this report. The statutory accounts for the period ended 28th February 2003 have been given an unqualified audit report and have been filed with the Registrar of Companies. 3 Turnover The group's turnover has been analysed by principal activity as follows: 6 Months to 6 Months to Year ended 31.8.2003 31.8.2002 28.2.2003 #'000 #'000 #'000 Development profitshare 350 - - Development management 194 437 865 Interior design 685 506 1,146 Architect design 577 705 1,584 1,806 1,648 3,595 4 Administrative Expenses The administrative expenses of #2,384,631 (6 months to 31st August 2002: #2,303,666) include amortisation of goodwill of #388,065 (6 months to 31st August 2002: #388,065). 5 Taxation There is no taxation charge due to the availability of losses. 6 Creditors due within one year 31.8.2003 31.8.2002 28.2.2003 #'000 #'000 #'000 Bank loans and overdrafts 2,082 3,894 4,080 Trade creditors 909 1,118 898 Social security and other taxes 405 604 753 Other creditors 1,504 2,028 2,397 Obligations under finance leases and hire purchase contracts 16 73 19 Accruals and deferred income 675 1,289 1,308 5,591 9,006 9,455 7 Earnings Per Share The basic loss per share has been calculated on the loss on ordinary activities after tax of #1,209,388 (2002 - #1,265,260) and on the weighted average number of shares in issue in the six months to 31st August 2003 of 22,713,644 (2002 - 22,713,644). The fully diluted loss per share has been calculated on the loss on ordinary activities after tax (as adjusted for convertible loan stock) of #1,204,114 (2002 - #1,243,677) and on the weighted average number of shares in issue in the six months to 31st August 2003 (as adjusted for the dilutive effect of options treated as exercisable at the period end) of 23,715,997 (2002 - 23,815,681). 8 Shareholders' Funds The reconciliation of movements in shareholders' funds is as follows: #'000 Shareholders' funds at 1st March 2003 12,947 Retained loss (1,210) Shareholders' funds at 31st August 2003 11,737 9 Reconciliation of Operating Loss to Net Cash Flow from Operating Activities 6 Months to 6 Months to Year ended 31.8.2003 31.8.2002 28.2.2003 #'000 #'000 #'000 Group operating loss (1,105) (1,046) (1,248) Depreciation 25 51 281 (Increase)/decrease in work in (72) 45 29 progress (Increase)/decrease in debtors (371) 758 707 Decrease in creditors (711) (379) (413) Amortisation of goodwill 388 388 776 Profit on disposal of fixed assets - (10) (30) Revaluation of property - - (130) Net cash outflow from operating (1,846) (193) (28) activities 10 Reconciliation of Net Cash Flow to Movement in Net Debt 6 Months to 6 Months to Year ended 31.8.2003 31.8.2002 28.2.2003 #'000 #'000 #'000 Increase/(decrease) in cash in the 1,926 (206) (193) period Cash outflow/(inflow) resulting from decrease/(increase) in debt and lease financing 1,153 53 (244) Net debt at start of period (6,110) (5,429) (5,673) Net debt at end of period (3,031) (5,582) (6,110) 11 Analysis of changes in Net Debt At Cash At 1.3.2003 Flow 31.8.2003 #'000 #'000 #'000 Cash at bank and in hand 199 (72) 127 Bank loans and overdrafts (4,080) 1,998 (2,082) 1,926 Debt due within one year (2,210) 1,150 (1,060) Finance leases (19) 3 (16) 1,153 (6,110) 3,079 (3,031) 12 Dividends The directors do not recommend the payment of an interim dividend. 13 Prior Year Adjustment The group changed the accounting policy for turnover during the year ended 28th February 2003. Shares in development profits and bonus fees are now recognised when the amounts involved have been finally determined. Previously such profit shares were recognised in some cases over the life of the developments in question. In accordance with this change the results for the 6 months to 31st August 2002 have been restated in this report. This has resulted in a charge to reserves of the group of #2,500,000 as at 31st August 2002. Had this new accounting policy not been adopted for that period, the retained loss would have been #845,260 instead of #1,265,260. 14 Other Information The interim statement was approved by the directors on 10 October 2003. A copy of the interim statement will be posted to shareholders and made available to the public for a period of 14 days from today at the company's registered office: 48 Old Church Street, London SW3 5BY. NORTHACRE PLC Interim Results for the six months to 31 August 2003 Independent Review Report to Northacre PLC Introduction We have been instructed by the company to review the financial information set out on pages 3 to 8 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' Responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review Work Performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31st August 2003. Kingston Smith Chartered Accountants Devonshire House 60 Goswell Road London EC1M 7AD Date: 10 October 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR GUGMCUUPWGAU
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