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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energiser Investments Plc | LSE:ENGI | London | Ordinary Share | GB00B06CZD75 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.65 | 0.60 | 0.70 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMENGI 27 September 2018 Energiser Investments plc ('Energiser' or the 'Company') Posting of Interim Results to 30 June 2018 Energiser announces that it has posted its Interim accounts for the six months to 30 June 2018 Chairman's statement I am pleased to present the interim results for Energiser Investments plc ("Energiser" or "the Group") for the half year ended 30 June 2018. Energiser Investments plc is an Investing Company whose strategy is to invest in quoted and unquoted companies to achieve capital growth. The Group has seen a significant amount of change over the last few years and has one key investment at 30 June 2018. The focus continues to be in property particularly in the residential sector. In February 2018, Energiser invested GBP494,100 in a short-term loan secured on a 21,900 sq. ft office property in Croydon with planning permission to convert into 71 residential units. The loan represented 30% of the estimated value of the property and the interest was covered by rental income at a ratio of 4:1 (rent: interest). The gross interest paid on the loan was 7.5% p.a. The loan was novated as part of our investment in KCR Residential REIT plc ("KCR") as set out below. In March 2018, Energiser acquired 2,435,710 new KCR ordinary shares at GBP0.70 a share for a total of GBP1,704,997. The investment, made by participation in a subscription alongside other investors, was made at a 9% discount to net asset value per share of KCR as reported in its half-yearly report announced on 16 March 2018. This investment represented a 24.7% shareholding in KCR. The subscription was funded with cash of GBP1,210,897 and the novation of the rights to its short term loan investment of GBP494,100 described above. KCR is an AIM quoted Real Estate Investment Trust ("REIT") focused on investment in the UK residential Private Rented Sector ("PRS"). KCR invests in whole apartment blocks of studio, one and two-bedroom flats, in city centres, close to railway stations and shopping facilities. It focuses on more affordable rental properties for private tenants. With KCR, Energiser has established a strategic shareholding in a growth company with a strong management team in a very large, under-managed sector. KCR issued 4,434,570 new ordinary shares at 70p per share in 30 July 2018 and as a result our holding has been diluted to 17.0%. Our holding in KCR was valued at GBP0.88p per share on 30 June 2018 resulting in a fair value adjustment of GBP438,000 and a related deferred tax charge of GBP 82,000. The Company has received a few approaches for investment in other sectors including a digital property lending opportunity in partnership with a respected technology developer interested in combining their market leading technology with Energiser's property expertise. The Board did not conclude an investment in this opportunity and will continue to look for other investments. Results The Group had no revenues during the period (2017: GBP82,000) as it had sold its revenue generating investments. It made a loss of GBP58,000 (2017: GBP81,000) and had other comprehensive income of GBP438,000 relating to the revaluation gain on the investment in KCR. Administrative expenses decreased from GBP109,000 to GBP 63,000. Finance costs reduced to Nil (2017: GBP38,000) as the loan relating to the Wellingborough portfolio had been repaid in full in the year to 31 December 2017. The Group's net assets increased to GBP2.07m (2017: GBP1.80m) translating into net asset value per share of 1.67p per share (2017: 1.46p). Outlook We will continue to manage our investment in KCR and will also look for other investment opportunities to achieve capital growth. Stephen Wicks Chairman 27 September 2018 Group statement of comprehensive income Unaudited Unaudited 6 Audited 6 months months to 30 year to to 30 June June 2017 31 2018 December 2017 Note GBP'000 GBP'000 GBP'000 Continuing operations Revenue arising in the course of ordinary activities - 82 138 Cost of sales - (16) (34) Gross profit - 66 104 Administrative expenses (63) (109) (235) Operating loss 5 (63) (43) (131) Finance costs - (38) (54) Finance income 5 - - Gain on sale of investment properties - - 16 Gain on financial instrument - - 773 (Loss)/profit before taxation 5 604 (58) (81) Taxation - - (32) (Loss)/profit for the period attributable to shareholders (58) (81) 572 of the Company Other comprehensive income: fair value adjustments 438 103 - Related taxation/deferred taxation (82) 42 - Other comprehensive income for the period, net of tax 356 145 - Total comprehensive income 298 572 64 (Loss)/earnings per share Basic and diluted (loss)/earnings per share from total 4 (0.11)p (0.07)p 0.46p and continuing operations Diluted earnings per share is taken as equal to basic earnings per share as the Group's average share price during the period is lower than the exercise price and therefore the effect of including share options is anti-dilutive. Group statement of financial position Unaudited Unaudited Audited as as at 30 as at 30 at 31 June 2018 June 2017 December 2017 Note GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Investments 6 2,143 - - Investment property 7 - 2,844 - 2,143 2,844 - Current assets Trade and other receivables 44 16 33 Cash and cash equivalents 237 588 1,959 281 604 1,992 Total assets 2,424 3,448 1,992 LIABILITIES Current liabilities Trade and other payables 270 332 218 Short term borrowings - 80 - Deferred tax 82 - - 352 412 218 Non-current liabilities Long term borrowings - 1,232 - - 1,232 - Total liabilities 352 1,644 218 Net assets 2,072 1,804 1,774 EQUITY Share capital 2,392 2,392 2,392 Share premium account 7,189 7,190 7,189 Convertible loan 88 88 88 Merger reserve 1,012 1,012 1,012 Available for sale reserve 356 - - Retained earnings (8,965) (8,878) (8,907) Total equity 2,072 1,804 1,774 Group statement of changes in equity Share Available Share premium Convertible Merger Revaluation for sale Retained Total capital account loan reserve reserve reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2,392 7,198 88 1,012 537 - (9,479) 1,748 2017
Legal fees on issue (8) - - - - - (8) of equity Realisation of - - - - (537) - 537 - available for sale financial asset Total comprehensive - - - - - 64 64 income Balance at 30 June 2,392 7,190 88 1,012 - - (8,878) 1,804 2017 Legal fees on issue - (1) - - - - - (1) of equity Total comprehensive - - - - - - (29) (29) loss Balance at 31 2,392 7,189 88 1,012 - - (8,907) 1,774 December 2017 Available for sale - - - - - 356 - 356 reserve Total comprehensive - - - - - - (58) (58) loss Balance at 30 June 2,392 7,189 88 1,012 - 356 (8,965) 2,072 2018 Group statement of cash flows Unaudited 6 Unaudited 6 Audited months to months to 30 year to 30 June June 2017 31 2018 December 2017 GBP'000 GBP'000 GBP'000 Cash flows from operating activities (Loss)/profit before taxation (81) 604 (58) Adjustments for: Profit on sale of investment properties - (16) - Fair value adjustment for investments - - - Interest expense - 38 54 Interest income - (5) - Changes in working capital: - (Increase)/decrease in trade and other receivables 51 (11) 755 - Increase/(decrease) in trade payables 52 16 (641) Net cash (used in)/generated by operating activities (22) 728 52 Cash flows from investing activities Mezzanine finance facility repaid - - 16 Purchase of investments - - (1,705) Sale of investment properties - - 2,816 Net cash (used in)/generated by investing activities - 2,832 (1,705) Cash flows from financing activities Repayment of borrowings - (670) (1,982) Net proceeds on issue of ordinary shares - (8) (9) Interest received 5 Interest paid - (582) (54) Net cash used in financing activities 5 (1,260) (2,045) Net (decrease)/increase in cash and cash equivalents (1,722) (532) 839 Cash and cash equivalents at beginning of period 1,959 1,120 1,120 Cash and cash equivalents at end of period 237 588 1,959 1. Nature of operations and general information The principal activity of the Group is as an investing company investing in quoted and unquoted companies to achieve capital growth. Energiser Investments plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Energiser Investments plc's registered office, which is also its principal place of business, is Decimal Place, Chiltern Avenue, Amersham, Buckinghamshire, HP6 5FG. Energiser Investments plc's shares are quoted on AIM, a market operated by the London Stock Exchange. The consolidated half-yearly financial report has been approved for issue by the Board of Directors on 27 September 2018. The financial information set out in this half-yearly financial report does not constitute statutory accounts as defined in Sections 434(3) and 435(3) of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2017 have been filed with the Registrar of Companies and are available at www.energiserinvestments.co.uk. The auditor's report on those financial statements was unqualified and did not contain any statement under Section 498(2) or Section 498(3) of the Companies Act 2006. 2. Basis of preparation This consolidated half-yearly financial report has been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting. The consolidated half-yearly financial report should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with IFRS as adopted by the European Union. 3. Accounting policies The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2017. 4. (Loss)/earnings per ordinary share The (loss)/earnings per ordinary share is based on the weighted average number of ordinary shares in issue during the period of 123,912,957 ordinary shares of 0.1p (2017: 123,912,957 ordinary shares of 0.1p) and the following figures: Unaudited Unaudited Audited 6 months 6 months year to to 30 to 30 31 June 2018 June 2017 December 2017 (Loss)/profit attributable to equity shareholders GBP'000 (58) (81) 572 (Loss)/earnings per ordinary share (0.11)p (0.07)p 0.46p Diluted earnings per share is taken as equal to basic earnings per share as the Group's average share price during the period is lower than the exercise price and therefore the effect of including share options is anti-dilutive. 5. Income and segmental analysis Unaudited 6 Unaudited 6 Audited year months to months to to 31 30 June 30 June December 2018 2017 2017 GBP'000 GBP'000 GBP'000 Segment result Investment activities: Administrative expenses (75) (108) (232) (75) (108) (232) Rental activities: Rental income - 66 104 Administrative expenses 12 (1) (3) Fair value adjustment on investment property - - - 12 65 101 Operating (loss) (63) (43) (131) Finance income 5 - - Finance costs - (38) (54) Other gains - - 789 (Loss)/profit before tax (58) (81) 604 Unaudited as at Unaudited as at Audited 30 June 2018 30 June 2017 as at 31 December 2017 GBP'000 GBP'000 GBP'000 Segment assets Investment activities: Non-current assets - - 2,143 Current assets 237 595 - 2,380 595 - Rental activites:
Non - current assets - investment property - 2,844 - Current assets - other 44 9 1,992 44 2,853 1,992 Total assets 2,424 3,448 1,992 Segment liabilities Investment activities: Current liabilities 234 170 184 234 170 184 Rental: Current liabilities 34 2 158 Non-current liabilities - - 1,232 2 34 1,390 Current liabilities - corporation tax - 34 84 Current liabilities - deferred tax on fair value - adjustment 82 - - 116 84 Total liabilities 352 1,644 218 Total assets less total liabilities 2,072 1,804 1,774 The activity of both the investments and rentals arose wholly in the United Kingdom. No single customer accounts for more than 10% of revenue. 6. Investments During the period to 30 June 2018 the group acquired 2,435,710 shares in KCR Residential Reit PLC, an AIM listed real estate investment trust who specialise in the acquisition and management of rented residential portfolios in the UK. Investments GBP'000 Cost or fair value At 1 July 2017 and 31 December 2017 - Additions 1,705 Change in fair value recognised in other comprehensive income 438 At 30 June 2018 2,143 7. Investment property Investment Property GBP'000 Cost or fair value At 1 July 2017 2,844 Disposal (2,844) At 31 December 2017 and 30 June 2018 - END
(END) Dow Jones Newswires
September 27, 2018 02:00 ET (06:00 GMT)
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