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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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All Points Nth. | LSE:APNO | London | Ordinary Share | GB00B1J3F018 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9608I All Points North Plc 03 December 2007 All Points North PLC Unaudited Interim Results All Points North plc (the "Company"), the property development company operating principally in the North of England, is pleased to announce its interim results for the six months ended 30 September 2007. Chairman's Statement I am pleased to announce the interim results for the six month period ended 30th September 2007. Turnover was #427,168 (2006: #125,430) resulting in an operating profit of #143,743 (2006: operating loss of #237,146). Additional annual rental income exceeding #60,000 per annum has been generated producing a total in excess of #320,000 per annum. The net assets of the Company as at 30th September 2007 were #2,000,276. Although the net asset position has reduced slightly since the year end (31st March 2007: #2,024,811), this is due to many factors, including our taking a prudent view of general market conditions and temporarily not having a long term tenant at 47-51 Highgate, Kendal, I expect the net asset position to make a satisfactory improvement over the second half of the financial year. In my statement for the year ended 31st March 2007, I reported that our tenant at 47-51 Highgate, Kendal had entered into administration. We subsequently rented the property on a temporary basis from October 2007 until January 2008 and are currently negotiating the terms of a new lease, which hopefully will commence in February. In line with our intended dividend policy the Directors have declared an interim dividend for the period of 0.5p per ordinary share payable on 11th January 2008 to shareholders on the register as at 14th December 2007. Since 30th September 2007 the sale, at valuation, of another flat at Gatesgarth has been completed. One of the two flats at 45 Highgate, Kendal has also been sold at valuation and the sale of the remaining flat should complete during December. Further to our announcement of 5th November 2007, regarding the disputed fire insurance claim, our brokers have notified us that Norwich Union have agreed to pay the claim in full and have appointed a loss adjustor to negotiate the settlement which the Directors believe will be in the region of #300,000 - #500,000. Several enquiries to rent space at College House, Barrow and Cumbria House, Penrith have been received which we anticipate will lead to leases being completed before the end of the financial year and I look forward with optimism to reporting the final year figures. Keith Chadwick Chairman 30 November 2007 All Points North PLC Profit and loss Accounts 6 months to 6 months to Year ended 31 30/09/07 30/09/06 /03/07 # # # TURNOVER 427,168 125,430 459,399 Cost of sales (197,574) (81,561) (311,076) GROSS PROFIT 229,594 43,869 148,323 Administrative expenses (85,851) (284,140) (282,681) Other operating income - 3,125 - OPERATING PROFIT/(LOSS) 143,743 (237,146) (134,358) Profit on sale of investment property - 50,000 158,516 Amounts written off investments - - (1,580) PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST 143,743 (187,146) 22,578 Interest receivable and similar income 18,183 224 455 Interest payable and similar charges (202,360) (151,164) (367,978) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (40,434) (338,086) (344,945) Tax on loss on ordinary activities - - - LOSS FOR THE FINANCIAL PERIOD AFTER TAXATION (40,434) (338,086) (344,945) All Points North PLC Balance sheets 6 months to 6 months to Year ended 31 30/09/07 30/09/06 /03/07 # # # FIXED ASSETS Tangible assets 6,325,122 6,628,144 6,248,142 CURRENT ASSETS Stocks 1,462,461 1,789,297 1,679,296 Debtors 302,416 503,978 140,274 Cash at bank 29,383 - - 1,794,260 2,293,275 1,819,570 CREDITORS: Amounts falling due within one year (6,119,106) (6,360,072) (6,042,901) NET CURRENT LIABILITIES (4,324,846) (4,066,797) (4,223,331) TOTAL ASSETS LESS CURRENT LIABILITIES 2,000,276 2,561,347 2,024,811 CREDITORS: Amounts falling due after more than one year - (399,104) - NET ASSETS 2,000,276 2,162,243 2,024,811 CAPITAL AND RESERVES Called up share capital 73,958 99 73,958 Share premium 312,723 50,000 312,723 Revaluation reserve 1,362,783 1,807,529 1,346,884 Profit and loss account 250,812 304,615 291,246 SHAREHOLDERS' FUNDS 2,000,276 2,162,243 2,024,811 All Points North PLC Cash Flow Statements 6 months to 6 months to Year ended 30/09/07 30/09/06 31/03/07 # # # Reconciliation of operating loss to net cashflow from operating activities Operating profit/(loss) 143743 (237,146) (134,358) Profit on disposal of fixed assets (196) - (3,122) Depreciation 616 1,162 1,990 Provision for impairment of fixed assets - - 63,367 (Increase)/Decrease in stock 216,835 (615,000) (504,999) (Increase)/Decrease in debtors (162,142) (146,703) 215,421 (Decrease)/Increase in creditors (153,893) 397,881 34,440 Net cashflow from operating activities 44,963 (599,806) (327,261) Cashflow statement: Net cashflow from operating activities 44,963 (599,806) (327,261) Returns on investments and servicing of finance: Interest received 18,183 224 455 Interest paid (202,360) (151,164) (367,978) (184,177) (150,940) (367,523) Taxation - (15,008) (15,008) Capital expenditure and financial investment: Sale of tangible fixed assets 3,000 645,000 1,317,516 Purchase of tangible fixed assets (64,501) (1,572,085) (2,143,030) (61,501) (927,085) (825,514) Cashflow before financing (200,715) (1,692,839) (1,535,306) Financing: - - 275,301 Issue of ordinary shares Bank loan repayments - (12,500) (3,693,295) - (12,500) (3,471,994) Decrease in cash in the period (200,715) (1,705,339) (4,953,300) Net debt at beginning of period (4,993,841) (3,733,836) (3,733,836) Decrease in cash from decrease in debt - 12,500 3,693,295 Net debt at end of period (5,194,556) (5,426,675) (4,993,841) Net debt comprises: Cash at bank 29,383 - - Bank overdraft falling due within one year (5,223,939) (5,026,261) (4,993,841) Bank loan - (400,414) - (5,194,556) (5,426,675) (4,993,841) All Points North PLC Notes to the interim financial statements 1 Preparation of the financial statements The interim results have been prepared in accordance with the accounting policies set out in the Company's annual accounts to 31 March 2007 and are un-audited. The interim financial statements were approved by a duly appointed and authorised committee of the Board of Directors on 30 November 2007. 2 Loss per Ordinary Share 6 months to 6 months to Year ended 30/09/07 30/09/06 31/03/07 Loss on ordinary activities after tax #(40,434) #(338,086) #(344,945) Average number of shares in issue 7,395,813 6,138,000 6,609,680 Loss per ordinary share (0.55)p (5.51)p (5.22)p There is no dilution of the basic loss per share. 3 Movement in capital and reserves The movement in capital and reserves during the period was as follows: Revaluation Profit and reserve loss account # # At 1 April 2007 1,346,884 291,246 Loss for the period - (40,434) Revaluation of fixed assets 15,899 - Transfer between reserves - - At 30 September 2007 1,362,783 250,812 4 Dividend The Directors have declared an interim dividend of 0.5p per ordinary share payable on 11 January 2008 to shareholders on the register as at 14 December 2007. 5 Events since the period end It was reported in the financial statements for the year to 31 March 2007 that following damage to a property by fire, the insurance Ombudsman had provisionally ruled in favour of the Company but that the ruling could have been subject to an appeal. Since then, as per our announcement of 5 November 2007, the Ombudsman upheld the Company's complaint and required that Norwich Union pay compensation of #100,000 (the maximum enforceable by the Ombudsman plus interest at 8% p.a. from the date of the fire) which has been included in the six months figures and in addition, recommended that the claim be paid in full. The Company's brokers have since notified the Directors that Norwich Union have agreed to pay the claim in full and have appointed a loss adjuster to negotiate the settlement which the Directors believe will be in the region of #300,000 - #500,000. 6 Copies of the Interim Report Copies of the Interim report are available to the public from the Company's head office: Cumbria House, Gilwilly Road, Penrith, Cumbria CA11 9FF. Enquiries: Keith Chadwick, All Points North plc Tel: 01768 865959 Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512 This information is provided by RNS The company news service from the London Stock Exchange END IR DBLFXDFBEFBQ
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