We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
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 Month Hml Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions