ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

HMLH Hml Holdings Plc

36.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hml Holdings Plc LSE:HMLH London Ordinary Share GB00B16DFY89 ORD 1.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 36.50 35.00 38.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

HML Holdings PLC Half-year Report (5379I)

27/11/2018 7:00am

UK Regulatory


Hml (LSE:HMLH)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Hml Charts.

TIDMHMLH

RNS Number : 5379I

HML Holdings PLC

27 November 2018

HML HOLDINGS Plc

("HML")

HALF YEAR RESULTS

HML Holdings Plc (AIM: HMLH), the property management services group, today announces its interim results for the six months to 30 September 2018.

Highlights for the six-month period:

   --      Revenue up 7% to GBP13.6 million (2017: GBP12.7 million) 

-- 11% increase in profit from operations before interest, amortisation, share based payment charges and taxation to GBP1.12 million (2017: GBP1.01 million)

   --      Cash generated from operations was GBP1.56 million (2017: GBP1.04 million) 

-- Adjusted earnings per share 2.2p (2017: 1.9p). Adjusted earnings are calculated before interest, amortisation and share based payment charges.

   --      Net debt reduced to GBP0.96 million (2017: GBP1.47 million) 

Commenting on the results, Robert Plumb, Chief Executive Officer of HML Holdings Plc said:

"This is an encouraging set of results for the first half of the year, especially when considered against the backdrop of an uncertain UK property market. To have recorded record half year earnings while we implement significant operational changes demonstrates that we are moving in the right direction as we create a property management services group fit to meet the challenges of the future."

For further information:

HML Holdings Plc Tel: 020 8439 8529

Robert Plumb, Chief Executive Officer

James Howgego, Chief Financial Officer

Tavistock Communications Limited Tel: 020 7920 3150

Jeremy Carey

James Verstringhe

FinnCap Tel: 020 7220 0500

Ed Frisby/Giles Rolls - Corporate Finance

Camille Gochez - Corporate Broking

REVIEW OF BUSINESS

We are pleased to report earnings before interest, share based payments, amortisation and tax of GBP1.12m (2017: GBP1.01m) representing a 11% increase on the first 6 months of last year. Operating margins before and after taking into consideration central overhead costs improved to 13.0% (2017: 12.6%) and 8.3% (2017: 7.9%) respectively.

The growth in revenues and earnings is almost entirely organic as the Group has made no material acquisitions since 1 April 2017. In most areas our revenues remain resilient despite the uncertainty surrounding investment in the property sector. Most notably we recorded a strong improvement in health and safety inspections fee income which, to some extent, offset the fall in pre-contract enquiry fees on property sales. Although this latter transaction type represents only 3.5% of income the reduction in activity clearly impacted what would have been a very strong overall improvement in like for like revenues.

During the first half of the year, management continued to implement the planned reorganisation of segments of client processing to our back office in West Croydon and we are pleased to report that these changes, which will have a long term positive impact on efficiency and cost, are continuing to take place without a material impact on our levels of service provision. In the second half of the year we look forward to implementing the streamlining of our systems onto one database platform. This will create further efficiencies by allowing our divisions and offices to access and process transactions on one system.

We continue to enjoy steady and improving volumes of new business with a marginal shift towards tendering for larger blocks and housing estates. Competition particularly from the smaller unregulated players who price keenly in the smaller block market remains strong. The growing awareness of the impending regulation of agents, now more frequently reviewed in the property press, continues to bring sellers to the market. HML remains confident in its ability to carefully select and integrate those businesses that are compatible with our service strategy. From a steady foundation in the first half of the year, we look forward to being able to update you on further improvements in the second half of the year.

Robert Plumb

Chief Executive Officer

26 November 2018

HML HOLDINGS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Six months ended 30 September 2018

 
                                                        Unaudited        Unaudited 
                                                         6 months         6 months        Audited 
                                                               to               to     Year ended 
                                                     30 September     30 September       31 March 
                                                             2018             2017           2018 
  Continuing operations                    Notes          GBP'000          GBP'000        GBP'000 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Revenue                                                  13,557           12,717         25,968 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Direct operating expenses                              (11,788)         (11,113)       (22,509) 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
 
  Central operating overheads                               (649)            (596)        (1,248) 
  Share based payment charge                                 (18)             (15)           (30) 
  Amortisation of intangible 
   assets                                                   (320)            (280)          (660) 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Total central operating overheads                         (987)            (891)        (1,938) 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Operating expenses                                     (12,775)         (12,004)       (24,447) 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Profit from operations                                      782              713          1,521 
  Finance costs                                              (26)             (30)           (57) 
  Profit before taxation                       4              756              683          1,464 
  Income tax charge                                         (140)            (130)          (302) 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Profit for the period attributable 
   to equity holders of the parent                            616              553          1,162 
  Other comprehensive income                                    -                -              - 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Total comprehensive income 
   for the period attributable 
   to equity holders of the parent                            616              553          1,162 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
 
  Earnings per share 
  Basic                                        5             1.4p             1.2p           2.6p 
  Diluted                                      5             1.3p             1.2p           2.5p 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
  Adjusted earnings per share 
  Basic                                        5             2.2p             1.9p           4.2p 
  Diluted                                      5             2.1p             1.9p           4.1p 
-------------------------------------  ---------  ---------------  ---------------  ------------- 
 

HML HOLDINGS PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

COMPANY NUMBER: 5728008

 
                                         Unaudited        Unaudited      Audited 
                                      30 September     30 September     31 March 
                                              2018             2017         2018 
                                           GBP'000          GBP'000      GBP'000 
--------------------------------   ---------------  ---------------  ----------- 
  ASSETS 
  Non-Current Assets 
  Goodwill                                  10,510           10,474       10,510 
  Other intangible assets                    7,748            8,144        7,937 
  Property, plant and equipment              1,060              858          786 
                                            19,318           19,476       19,233 
 --------------------------------  ---------------  ---------------  ----------- 
  Current Assets 
  Trade and other receivables                3,225            3,249        3,930 
  Cash at bank                                 516                -          269 
                                             3,741            3,249        4,199 
 --------------------------------  ---------------  ---------------  ----------- 
  TOTAL ASSETS                              23,059           22,725       23,432 
---------------------------------  ---------------  ---------------  ----------- 
 
  LIABILITIES 
  Current Liabilities 
  Trade and other payables                   5,198            5,821        6,112 
  Bank overdraft and borrowings                529              739          529 
  Current tax liabilities                      341              344          349 
---------------------------------  ---------------  ---------------  ----------- 
                                             6,068            6,904        6,990 
 --------------------------------  ---------------  ---------------  ----------- 
  Non-Current Liabilities 
  Bank borrowing                               943            1,471        1,207 
  Deferred tax                               1,124              753        1,124 
  Non-current tax liabilities                  140              130            - 
---------------------------------  ---------------  ---------------  ----------- 
                                             2,207            2,354        2,331 
 --------------------------------  ---------------  ---------------  ----------- 
  TOTAL LIABILITIES                          8,275            9,258        9,321 
---------------------------------  ---------------  ---------------  ----------- 
  NET ASSETS                                14,784           13,467       14,111 
---------------------------------  ---------------  ---------------  ----------- 
 
    EQUITY 
  Share capital                                686              681          682 
  Share premium                              2,485            2,433        2,450 
  Other reserves                              (88)             (90)         (88) 
  Merger reserve                              (15)             (15)         (15) 
  Retained earnings                         11,716           10,458       11,082 
---------------------------------  ---------------  ---------------  ----------- 
  TOTAL EQUITY                              14,784           13,467       14,111 
---------------------------------  ---------------  ---------------  ----------- 
 

30 September 2018

HML HOLDINGS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Six months ended 30 September 2018

 
     Share       Share       Other      Merger     Retained       Total 
   capital     premium     reserve     reserve     earnings      equity 
   GBP'000     GBP'000     GBP'000     GBP'000      GBP'000     GBP'000 
 
 
  Balance at 1 April 
   2017                  671    2,251    (70)    (15)    10,058    12,895 
---------------------  -----  -------  ------  ------  --------  -------- 
 
 
  Total comprehensive 
   income for the period      -      -       -    -      553      553 
  Share based payment 
   charge                     -      -       -    -       15       15 
  Share capital issued       10    182       -    -        -      192 
  Dividend                    -      -       -    -    (168)    (168) 
  Shares purchased by 
   EBT                        -      -    (20)    -        -     (20) 
 
 
  Balance at 30 September 
   2017                       681    2,433    (90)    (15)    10,458    13,467 
--------------------------  -----  -------  ------  ------  --------  -------- 
 
 
  Total comprehensive 
   income for the period     -     -    -    -    609    609 
  Share based payment 
   charge                    -     -    -    -     15     15 
  Share capital issued       1    17    -    -      -     18 
  Shares sold by EBT         -     -    2    -      -      2 
 
 
  Balance at 31 March 
   2018                   682    2,450    (88)    (15)    11,082    14,111 
----------------------  -----  -------  ------  ------  --------  -------- 
 
 
  Total comprehensive 
   income for the period     -     -    -    -    616    616 
  Share based payment 
   charge                    -     -    -    -     18     18 
  Share capital issued       4    35    -    -      -     39 
 
 
  Balance at 30 September 
   2018                       686    2,485    (88)    (15)    11,716    14,784 
--------------------------  -----  -------  ------  ------  --------  -------- 
 

HML HOLDINGS PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

Six months ended 30 September 2018

 
                                                                       Unaudited        Unaudited        Audited 
                                                                        6 months         6 months     Year ended 
                                                                              to               to       31 March 
                                                          Notes     30 September     30 September           2018 
                                                                            2018             2017        GBP'000 
                                                                         GBP'000          GBP'000 
----------------------------------------------------  ---------  ---------------  ---------------  ------------- 
  Operating activities 
  Cash generated from operations                              6            1,562            1,037          2,674 
  Income taxes (paid)/refunded                                               (8)               48          (238) 
  Interest paid                                                             (26)             (30)           (57) 
  Net cash from operating activities                                       1,528            1,055          2,379 
----------------------------------------------------  ---------  ---------------  ---------------  ------------- 
  Investing activities 
  Purchase of property, plant and equipment                                (454)            (313)          (410) 
  Acquisition of own shares                                                    -             (20)           (18) 
  Purchase of software                                                     (120)            (119)          (235) 
  Acquisition of businesses                                                  (6)          (2,237)             41 
  Payment of deferred/contingent consideration                             (476)             (92)          (337) 
  Transfer from/(to) solicitor re: acquisition                                 -            2,122        (2,122) 
----------------------------------------------------  ---------  ---------------  ---------------  ------------- 
  Net cash used in investing activities                                  (1,056)            (659)          (959) 
----------------------------------------------------  ---------  ---------------  ---------------  ------------- 
  Financing activities 
  Repayment of loans                                                       (264)            (150)          (414) 
  Net movement in overdraft                                                    -            (438)          (648) 
  Shares issued                                                               39              192             79 
  Dividend payment                                                             -                -          (168) 
  Net cash from financing activities                                       (225)            (396)          1,151 
----------------------------------------------------  ---------  ---------------  ---------------  ------------- 
  Increase in cash and cash equivalents                                      247                -            269 
   Cash and cash equivalents at beginning of period                          269                -              - 
----------------------------------------------------  ---------  ---------------  ---------------  ------------- 
  Cash and cash equivalents at end of period                                 516                -            269 
====================================================  =========  ===============  ===============  ============= 
 

HML HOLDINGS PLC

NOTES TO THE ACCOUNTS

Six months ended 30 September 2018

   1.         General Information 

The interim unaudited financial information was approved by the board on 26 November 2018.

The results for the year ended 31 March 2018 have been audited whilst the results for the six months ended 30 September 2017 and 30 September 2018 are unaudited. The financial information contained in this interim report does not constitute statutory accounts for the year ended 31 March 2018. The statutory accounts for that year, which were prepared under International Financial Reporting Standards ('IFRS'), have been delivered to the Registrar of Companies. The auditor's opinion on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006.

Copies of the interim report are available from www.hmlgroup.com or from the Company Secretary at HML Holdings plc, 9-11 The Quadrant, Richmond, Surrey, TW9 1BP.

   2.         International Financial Reporting Standards 

The consolidated financial information has been prepared using accounting policies consistent with IFRS as adopted by the European Union.

The accounting policies applied are consistent with those expected to apply for the year ended 31 March 2019. IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers have been applied for the first time in preparing the interim financial information. The Directors consider that the application of these standards has not had a material impact on the recognition and measurement of items in the interim financial information.

Whilst the financial figures included in this interim report have been computed in accordance with IFRS, this interim report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

   3.         Taxation 

Taxation for the six months to 30 September 2018 is based on the effective rate of taxation of 19% which is estimated to apply for the year ending 31 March 2019.

 
  4.         Profit before interest, share             Unaudited        Unaudited        Audited 
          based payments charges, amortisation          6 months      6 months to     Year ended 
                      and taxation                            to     30 September       31 March 
                                                    30 September             2017           2018 
                                                            2018          GBP'000        GBP'000 
                                                         GBP'000 
       ----------------------------------------  ---------------  ---------------  ------------- 
   Operating profit before interest, 
    share based payment charges, 
    amortisation and taxation                              1,120            1,008          2,211 
   Finance costs                                            (26)             (30)           (57) 
 ----------------------------------------------  ---------------  ---------------  ------------- 
   Operating profit before share 
    based payment charges, amortisation 
    and taxation                                           1,094              978          2,154 
   Share based payment charge                               (18)             (15)           (30) 
   Amortisation of intangible 
    assets                                                 (320)            (280)          (660) 
   Profit before taxation                                    756              683          1,464 
 ----------------------------------------------  ---------------  ---------------  ------------- 
 
 
  5.     Earnings per share                       Unaudited        Unaudited        Audited 
                                                   6 months      6 months to     Year ended 
                                                         to     30 September       31 March 
                                               30 September             2017           2018 
                                                       2018          GBP'000        GBP'000 
                                                    GBP'000 
       -----------------------------------  ---------------  ---------------  ------------- 
   Profit after tax for the period 
    (GBP'000s) 
    (used to calculate the basic 
    and diluted earnings per share) 
    Add back:                                           616              553          1,162 
   Share based payment charge                            18               15             30 
   Amortisation of intangible 
    assets                                              320              280            660 
   Finance costs                                         26               30             57 
 -----------------------------------------  ---------------  ---------------  ------------- 
   Adjusted profit after tax for 
    the period (GBP'000s) (used 
    to calculate the basic and 
    diluted adjusted earnings per 
    share)                                              980              878          1,909 
 -----------------------------------------  ---------------  ---------------  ------------- 
         Weighted average number of 
          shares (000s) 
   For basic earnings per share                      45,526           45,135         45,269 
         Effect of dilutive potential 
          ordinary shares: 
   - share options                                      696            1,106            857 
   Fully diluted                                     46,222           46,241         46,126 
 
         Earnings per share 
   Basic                                               1.4p             1.2p           2.6p 
   Diluted 
    Adjusted earnings per share                        1.3p             1.2p           2.5p 
   Basic                                               2.2p             1.9p           4.2p 
   Diluted                                             2.1p             1.9p           4.1p 
 -----------------------------------------  ---------------  ---------------  ------------- 
 
 
  6.     Notes to the cash flow statement            Unaudited        Unaudited        Audited 
          Cash generated from operations              6 months      6 months to     Year ended 
                                                            to     30 September       31 March 
                                                  30 September             2017           2018 
                                                          2018          GBP'000        GBP'000 
                                                       GBP'000 
       --------------------------------------  ---------------  ---------------  ------------- 
   Profit from operations                                  782              713          1,521 
         Adjustments for: 
   Share-based payment charge                               18               15             30 
   Depreciation of plant and equipment                     180              156            372 
   Amortisation of intangible 
    assets                                                 320              280            660 
   Loss on disposal of fixed assets                          -                -              9 
 
     Operating cash flows before 
     movements in working capital                        1,300            1,164          2,592 
 
     Decrease/(increase) in trade 
     and other receivables                                 705              248          (298) 
   (Decrease)/increase in trade 
    and other payables                                   (443)            (375)            380 
   Cash generated from operations                        1,562            1,037          2,674 
 --------------------------------------------  ---------------  ---------------  ------------- 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR FKADQABDDCDB

(END) Dow Jones Newswires

November 27, 2018 02:00 ET (07:00 GMT)

1 Year Hml Chart

1 Year Hml Chart

1 Month Hml Chart

1 Month Hml Chart

Your Recent History

Delayed Upgrade Clock