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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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0.0545 | 0.76% | 7.1955 | 7.183 | 7.209 | 7.239 | 7.162 | 7.165 | 614 | 16:35:28 |
Wellington Market Company plc ("Wellington" or "the Company") Unaudited interim results for the six months ended 30 June 2013 Although our half-yearly results to 30th June 2013 show little more than a break-even position I am pleased to report a number of encouraging features which augur well for the future. Firstly, we have been able to renegotiate a number of our relationships with landlords etc., which recognise the more difficult trading conditions which currently characterise our market's industry. Secondly, we are having increased success at Old Spitalfields both with our "events" income and also with our Saturday "themed" markets. Thirdly, two new markets are scheduled to be joining our portfolio in the near future: we have been chosen by the local authority as the operator of a new Watford covered market, and at Shepherds Bush we have been selected to manage this historic private market and to take it through its regeneration, and to realise its true potential under our `Activate Assets' brand which we launched in 2012. Meanwhile trading at our core sites has been relatively stable, and on the financial side, further property sales have enabled us to repay our £1 million short-term loan and successfully renegotiate our on-going bank facility. Given that the second-half of our year is historically more profitable, I am hopeful that we will be reporting a positive result for the year as a whole. Lord Lee of Trafford Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Six months Six months ended ended Year to 30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited £'000 £'000 £'000 Turnover 2,926 3,281 6,932 Cost of sales (2,468) (2,795) (5,729) ------ ------ ------ Gross profit 458 486 1,203 Administration expenses - impairment of tangible and intangible - - (167) fixed assets - other administrative expenses (342) (377) (803) (342) (377) (970) ----- ----- ----- Operating profit/(loss) Operating profit before impairment of 116 109 400 tangible and intangible fixed assets Impairment of tangible and intangible fixed - - (167) assets Operating profit 116 109 233 Profit on sale of assets/business 9 - 27 Interest payable (115) (138) (271) ----- ----- ----- Profit/(loss) on ordinary activities before 10 (29) (11) taxation Tax on profit/(loss) on ordinary activities (6) 10 (29) ----- ----- ----- Profit/(loss) on ordinary activities after 4 (19) (40) taxation Minority interest 3 1 (11) ----- ----- ----- Profit/(loss) for the financial period 7 (18) (51) Basic earnings per share in pence 0.1 (0.3) (0.7) CONSOLIDATED BALANCE SHEET 30 June 30 June 31 December 2013 2012 2012 Unaudited Unaudited Audited £'000 £'000 £'000 Fixed assets Intangible - positive goodwill and other 139 232 151 intangible assets - negative goodwill (84) (141) (112) Tangible assets 8,603 9,845 9,378 ----- ----- ----- 8,658 9,936 9,417 Current assets Stocks 13 16 9 Debtors: amounts falling due within one 921 1,112 640 year Debtors: amounts falling due after one 31 35 33 year Cash at bank and in hand 22 94 97 ----- ----- ----- 987 1,257 779 Creditors: amounts falling due within (2,160) (3,028) (2,513) one year ----- ----- ----- Net current liabilities (1,173) (1,771) (1,734) ----- ----- ----- Total assets less current liabilities 7,485 8,165 7,683 Creditors: amounts falling due after (4,039) (4,475) (4,241) more than one year Provisions for liabilities and charges (231) (161) (231) ----- ----- ----- Net assets 3,215 3,529 3,211 ===== ===== ===== Capital and reserves Called up share capital 3,000 3,000 3,000 Share premium account 250 250 250 Revaluation reserve 920 1,242 920 Share based payment reserve 57 53 57 Profit and loss account (1,040) (1,052) (1,047) ----- ----- ----- Equity shareholders' funds 3,187 3,493 3,180 Equity minority interest 28 36 31 ----- ----- ----- Total shareholders' funds 3,215 3,529 3,211 ===== ===== ===== 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 2012. 2 Going concern In common with the majority of other companies, the current economic conditions create uncertainty. The directors have prepared forecasts to 30 September 2014 which show that the Group will be able to operate within its bank facilities. The Group is funded by an overdraft facility and bank loans. The overdraft is subject to review every 6 months and the bank have recently confirmed that this will be rolled over to 31st January 2014. Based on discussions with the Group's bankers the directors believe that they will continue to extend the facilities. After making enquires, including the preparation of forecasts and discussions with the Group's bankers regarding the renewal of the overdraft, the directors have formed a judgment that, at the time of approving the interim 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 interim financial statements are approved. For this reason, the directors continue to prepare the interim 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 2012: 5,999,449 and 31 December 2012: 5,999,449) ordinary shares of 50p each. 4 Interim dividend The Directors have declared no interim ordinary dividend (2012: Nil) per share. A preference dividend of 1.5875p per share was paid on 1 July 2013. 5 Accounting The results for the half year ended 30 June 2012 and 2013 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 2012 has been extracted from the statutory accounts for that year and have 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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