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Name | Symbol | Market | Type |
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Hanhealthinvacc | LSE:WELL | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 7.1955 | 7.183 | 7.209 | 0 | 01:00:00 |
Wellington Market Company plc ("Wellington" or "the Company") Unaudited interim results for the six months ended 30 June 2014 While trading for the six months to 30 June 2014 has been very similar to the first half of 2013, resulting in an approximate break-even position, the outlook for the full year is more encouraging given our usual seasonal pattern of trading. Thus I happily repeat what I said last year, "I am hopeful that we will be reporting a positive result for the year as a whole". During 2014 we have continued our debt reduction programme through further property sales, relations with our bankers remain cordial, and we continue to operate within our facility limits. Given the steadily expanding nature of our activities, particularly now that we increasingly operate and manage markets for third parties, your Directors consider that a change of company name might better reflect and project our current trading mix. In February we took over the management of Shepherds Bush Market under a "management fee contract" and in the Autumn we will begin operating the newly relocated Watford covered market for the local authority. Thus we intend a change from our current "Wellington Market Company PLC" to "WMC Retail Partners PLC", further details of which will be announced in due course. We continue to maximise revenues from all our trading markets, and to contain costs, but the steady decline in the number of market traders nationally remains a major challenge. As shareholders will know we have been operating Old Spitalfields Market ("OSM") from 2010 under a five year contract originally from the Ballymore Group - due to expire early in 2015. During our tenure we have substantially increased footfall, activities and income, with new niche market days and promotions, and I would particularly like to congratulate and thank Andrew Sparrow and his team for making such a success of OSM. I am delighted that Andrew has recently been appointed a Wellington main Board Director. However Ballymore have sold their property including the market site and the new American owners have now confirmed their intention to take the management "in house" when our current lease expires. This will obviously result in us having to replace OSM's significant contribution in 2015 and beyond and we will do everything possible to do achieve this. Lord Lee of Trafford Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Six months Six months Year ended ended ended 31 30 June 30 June December 2014 2013 2013 Unaudited Unaudited Audited £'000 £'000 £'000 Turnover 2,888 2,926 6,200 Cost of sales (2,442) (2,468) (5,077) Gross profit 446 458 1,123 Administrative expenses (346) (342) (730) Other income - - 34 (346) (342) (696) Operating profit 100 116 427 Profit/(loss) on sale of business and fixed 7 9 (24) assets Interest receivable 1 1 97 Interest payable (99) (116) (224) Profit on ordinary activities before taxation 9 10 276 Tax on profit on ordinary activities (3) (6) (14) Profit on ordinary activities after taxation 6 4 262 Minority interest 1 3 (14) Profit for the financial period 7 7 248 Basic earnings per share in pence 0.1 0.1 4.37 CONSOLIDATED BALANCE SHEET 30 June 30 June 31 December 2014 2013 2013 Unaudited Unaudited Audited £'000 £'000 £'000 Fixed assets Intangible - positive goodwill and other 143 139 126 intangible assets - negative goodwill (26) (84) (55) Tangible assets 7,852 8,603 8,274 7,969 8,658 8,345 Current assets Stocks 10 13 9 Debtors: amounts falling due within one 1,155 921 920 year Debtors: amounts falling due after one 31 31 31 year Cash at bank and in hand 3 22 20 1,199 987 980 Creditors: amounts falling due within (1,819) (2,160) (1,801) one year Net current liabilities (620) (1,173) (821) Total assets less current liabilities 7,349 7,485 7,524 Creditors: amounts falling due after (3,713) (4,039) (3,893) more than one year Provisions for liabilities and charges (180) (231) (180) Net assets 3,456 3,215 3,451 Capital and reserves Called up share capital 3,000 3,000 3,000 Share premium account 250 250 250 Revaluation reserve 882 920 882 Share based payment reserve 73 57 73 Profit and loss account (793) (1,040) (799) Equity shareholders' funds 3,412 3,187 3,406 Equity minority interest 44 28 45 Total shareholders' funds 3,456 3,215 3,451 Notes to the Interim Results 1 Accounting policies The interim results have been prepared on the same basis and using the same accounting policies as those used in the preparation of the statutory accounts for the year ended 31 December 2013. 2 Going concern In common with the majority of other companies, the current economic conditions create uncertainty. The Group is funded by an overdraft facility and bank loans, which have been substantially reduced over the past couple of years, primarily through property sales. The overdraft was recently renewed on 7 March 2014, being £100k until 31 until 31 March 2015. The Group has prepared forecasts to 30 September 2015 which shows that the Group will be able to operate within its bank facilities. Accordingly, after making enquiries, including the preparation of forecasts and discussions with the Group's bankers regarding the renewal of the overdraft and extension of the loan facilities, the directors have formed a judgement that, at the time of approving the financial statements, there is a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for a period of 12 months following the date the financial statements are approved. For this reason, the directors continue to prepare the financial statements on a going concern basis 3 Earnings per share The calculation of earnings per share is based on the result for the period divided by the weighted average number of shares in issue, being 5,999,449 (30 June 2013: 5,999,449 and 31 December 2013: 5,999,449) ordinary shares of 50p each. 4 Interim dividend The Directors have declared no interim ordinary dividend (2013: Nil) per share. A preference dividend of 1.5875p per share was paid on 1 July 2014. 5 Accounting The results for the half year ended 30 June 2013 and 2014 are unaudited and do not constitute statutory accounts within the meaning of section 434 Companies Act 2006. The financial information for the period ended 31 December 2013 has been extracted from the statutory accounts for that year and has been filed with the Registrar of Companies and the auditors have given an unqualified audit opinion. For further information please contact: Wellington Market Company Plc. Paul Fice, Company Secretary Tel: +44 (0) 1952 242019 Grant Thornton UK LLP (Corporate Adviser) Colin Aaronson/Melanie Frean Tel: +44 (0) 207 383 5100
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