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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intosol Holdings Plc | LSE:INTO | London | Ordinary Share | GB00BFYY4Y44 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.625 | 0.25 | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMINTO INTOSOL Holdings Plc / Ticker: INTO / Index: LSE / Sector: Travel & Leisure 30 October 2019 INTOSOL Holdings Plc ('INTOSOL' or the 'Company') Interim results INTOSOL Holdings Plc, the award-winning international luxury travel company, is pleased to announce its Interim Results for the six months ended 31 July 2019. Chairman's Statement INTOSOL is an award winning, luxury travel company providing bespoke and unique holiday experiences globally. We are focussed on growing our luxury travel experience and hotel property portfolio with a robust, low-cost and scalable business model. Since the beginning of the financial year, we have been delivering our strategy of restructuring and growing the SOUL Private Collection of owned and managed boutique hotels in South Africa, increasing margins and building our international client base. In the first half of the financial year, from 1 February to 31 July 2019, there were only two months in the high season (February and March), as well as a general stagnation in the tourism markets - despite this I am pleased to announce that INTOSOL Holdings PLC had a profitable outcome for the period. During the period we added new revenue streams, for example marketing of events and incentive travel, which helped enhance our gross margin. Furthermore, the traditional travel design business achieved a better gross margin through selling additional experiences to customers during their travels. The SOUL Private Collection experienced strong high season months (two of which fell within the reporting period) with a significant increase in short-term bookings. On 29 May 2019, the Company announced it had satisfied the payment of the first tranche of EUR367,348.28 of the total consideration of EUR1,967,348.28, through the issue of 938,735 new ordinary shares in the Company to Van Zuijlekom Afrika Trust (the seller) in accordance with the Agreement for the purchase of Oceans Wilderness ('Oceans'), its flagship nine-bedroom boutique hotel located in the Garden Route in South Africa (www.oceanswilderness.co.za). Simultaneously, a significant cost reduction took place in both operational companies in Germany and South Africa, which brought the operational side of the business to greater efficiency in management structures and better cost control. The cost reduction was achieved through a reorganisation of the marketing department and the implementation of a more efficient marketing strategy including strong reduction of marketing costs as well as a slight reduction of personnel costs throughout the company. I am pleased to report that following the listing phase with its associated extraordinary costs the Company has returned to profitability. INTOSOL Holdings PLC remains focused on building a global lifestyle experience company that merges private travel and unique experiences with hotel ownership. Our growth strategy is underpinned by strong market fundamentals for high-end tourism, with research showing, that luxury travel is growing twice as fast as the overall market. With a portfolio of high-end, boutique hotels, we are well positioned to take advantage of this. Finally, I would like to thank all shareholders for their continued support and we were pleased to receive further equity from our base of existing shareholders. I am looking forward to providing updates on our progress to accomplish our strategic goals. Rainer Spekowius Unaudited condensed consolidated statement of profit and loss and other comprehensive income for the six months ended 31 July 2019 Note Unaudited Unaudited Audited 6 months 6 months year ended ended ended 31 Jul 2019 31 Jul 2018 31 Jan 2019 EUR EUR EUR Revenue 3,294,183 3,590,950 7,181,900 Cost of sales (2,358,013) (2,910,152) (5,820,304) Gross profit 936,170 680,798 1,361,596 Other Income Own work capitalised - 17,838 35,675 Other operating income 238,293 112,820 225,639 Finance income 339 4,980 9,959 Administrative expenses (1,151,373) (1,591,354) (3,182,708) Operating profit/(loss) 23,429 (774,918) (1,549,839) Finance expense (91,718) (104,140) (208,277) Loss before taxation (68,289) (879,058) (1,758,116) Taxation - - - Loss for the period (68,289) (879,058) (1,758,116) Other comprehensive income Total other comprehensive income/ 69,218 (19,764) (39,527) (expense) Total comprehensive profit/(loss) for 929 (898,822) (1,797,643) the period Total comprehensive profit/(loss): Attributable to owners of the parent 929 (898,822) (1,797,643) Loss per share - basic and diluted 3 (0.01) (0.10) (0.17) The above unaudited condensed consolidated statement of profit and loss and other comprehensive loss for the period relates to continuing operations for the Group. Unaudited condensed consolidated statement of financial position as at 31 July 2019 Note Unaudited Audited 31 Jul 2019 31 Jan 2019 ASSETS EUR EUR Non-current assets Receivables from related parties 1,316,651 1,298,693 Intangible assets 45,338 70,066 Property, plant and equipment 2,547,120 719,111 Total non-current assets 3,909,109 2,087,870 Current assets Trade and other receivables 1,883,796 1,330,738 Cash and cash equivalents 13,546 147,760 Inventories 7,862 7,862 Deposits paid 472,364 489,150 Receivables from related parties 982,312 1,088,497 Receivables from related parties - 351,309 346,703 Directors Prepayments and other assets 70,844 90,004 Total current assets 3,782,033 3,500,714 Total assets 7,691,142 5,588,584 Non-current liabilities Borrowings 1,801,791 1,923,724 Total non-current liabilities 1,801,791 1,923,724 Current liabilities Trade and other payables 4,001,734 2,237,931 Borrowings 458,705 496,970 Provisions 45,980 38,852 Other liabilities 215,132 164,563 Total current liabilities 4,721,551 2,938,316 Total liabilities 6,523,342 4,862,040 Net assets/(liabilities) 1,167,800 726,544 Equity Share capital 4 1,450,712 1,304,953 Share premium account 3,109,027 2,814,459 Merger reserve (750,197) (750,197) Retained losses (2,655,689) (2,587,400) FX reserve 13,947 (55,271) Total equity and reserves 1,167,800 726,544 The interim financial report was approved by the board of Directors on 30 October 2019 and signed on its behalf by: Rainer Spekowius Executive Chairman of INTOSOL Holdings Plc Unaudited condensed consolidated statement of changes in equity for the six months ended 31 July 2019 Share Share Merger Retained Total capital premium reserve FX reserve losses equity EUR EUR EUR EUR EUR EUR Balance as at 1 February 2019 1,304,953 2,814,459 (750,197) (55,271) (2,587,400) 726,544 Comprehensive income Loss for the period - - - - (68,289) (68,289) Other comprehensive income - - - 69,218 - 69,218 Total comprehensive income for the period - - - 69,218 (68,289) 929 Transactions with owners, in their capacity as owners Shares issued 145,759 294,568 - - - 440,327 Total other transactions with owners 145,759 294,568 - - - 440,327
Balance as at 31 July 2019 1,450,712 3,109,027 (750,197) 13,947 (2,655,689) 1,167,800 Audited condensed consolidated statement of changes in equity for the year ended 31 January 2019 Share Share Merger Retained Total capital premium reserve FX reserve losses equity EUR EUR EUR EUR EUR EUR Balance as at 1 February 2018 975,712 - (750,197) (15,744) (829,284) (619,513) Comprehensive income Loss for the year - - - - (1,758,116) (1,758,116) Other comprehensive loss - - - (39,527) - (39,527) Total comprehensive expense for the year - - - (39,527) (1,758,116) (1,797,643) Transactions with owners, in their capacity as owners Shares issued 329,241 2,814,459 - - - 3,143,700 Total other transactions with owners 329,241 2,814,459 - - - 3,143,700 Balance as at 31 January 2019 1,304,953 2,814,459 (750,197) (55,271) (2,587,400) 726,544 Unaudited condensed consolidated statement of cash flows for the period ended 31 July 2019 6 months Year ended ended 31 Jul 2019 31 Jan 2019 EUR EUR Cash flows from operating activities Loss before taxation (68,289) (1,758,116) Adjustments for: Depreciation and amortisation 61,902 224,842 Allowance for impairment losses - 346,412 Other expenses/(income) - (35,544) (6,387) (1,222,406) Changes in working capital Decrease/(increase) in trade and other (553,057) 1,669,057 receivables (Decrease)/increase in trade and other 64,710 81,618 payables Cash (used in)/generated from operations (494,734) 528,269 Taxation received - - Net (cash used in)/generated by (494,734) 528,269 operations Cash flow from investing activities Purchase of fixed assets - (38,335) Loans repaid to related parties (63,604) - Loans to related parties - (1,020,778) Net cash used in investing activities (63,604) (1,059,113) Cash flows from financing activities Proceeds from issue of shares 250,000 1,654,893 Proceeds from shareholder loans 100,000 - Loan funds received - (740,840) Net cash generated from financing 350,000 914,053 activities Decrease in cash and cash equivalents in (208,338) 343,209 the period Effect of changes in foreign exchange 74,124 (22,497) rates Cash and cash equivalents at opening 147,760 (172,952) Cash and cash equivalents at closing 13,546 147,760 Notes to the consolidated interim financial report 1.General information The Company is a public limited company which is admitted to trading on the Standard Segment of the Official List of the London Stock Exchange and is incorporated and domiciled in the UK. The address of the registered office is 201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. The registered number of the Company is 10806039. The unaudited condensed consolidated interim financial report consolidates those of the Company and its subsidiaries (together the "Group"). The 31 January 2019 ?gures in these interim ?nancial statements are derived from the audited Group's Financial Report for year ended 31 January 2019. These interim ?nancial statements do not compromise statutory ?nancial statements within the meaning of section 434 of the Companies Act 2006. Statutory ?nancial statements for the year ended 31 January 2019 have been delivered to the Registrar of Companies. These interim ?nancial statements have not been audited and have not been reviewed by the auditors. 2.Accounting polices 2.1Statement of compliance The interim ?nancial statements comply with the recognition and measurement criteria of International Financial Reporting Standards as adopted by the European Union (EU-IFRSs), with IAS 34 Interim Financial Reporting and with IFRS Interpretations Committee (IFRS IC) interpretations. The interim ?nancial statements were approved by the Board of Directors on 30 October 2019. 2.2 Signi?cant accounting policies The accounting policies applied by the Group in these interim ?nancial statements are consistent with those applied by the Group in its Financial Report for year ended 31 January 2019, which were set out on pages 22 to 31 of the annual report. 3.Loss per share Basic and diluted loss per share The calculation of basic and diluted loss per share is based upon the loss of EUR 68,289 (2018: loss of EUR879,058) and the weighted average number of ordinary shares in issue for the period of 11,755,540 (2018: 9,080,636). 4.Share capital and reserves Allotted, called up and fully Ordinary Share Share paid shares capital premium No. EUR EUR At 1 February 2018 8,615,101 975,712 - Shares issued during the year 2,870,517 329,241 2,814,459 As at 31 January 2019 11,485,618 1,304,953 2,814,459 Shares issued during the 1,728,235 145,759 294,568 period As at 31 July 2019 13,213,853 1,450,712 3,109,027 All ordinary shares are equally eligible to receive dividends and the repayment of capital and represent equal votes at meetings of shareholders. 5.Related party transactions On 11 March 2019 the Company received a loan of EUR100,000 from Ulrich Stöwer, a shareholder of INTOSOL Holdings PLC. This loan remains outstanding at 31 July 2019. On 14 March 2019, the Company repaid the following loans from, RSP Beteiligungs GmbH, the company of Rainer Spekowius: EUR25,000, originally received by the Company on 24 August 2017, and EUR38,604 which was received on 31 December 2017. On 29 May 2019 INTOSOL Holdings Plc announced in accordance with the Agreement the purchase of Oceans Wilderness ('Oceans'), its flagship nine-bedroom boutique hotel located in the Garden Route in South Africa (www.oceanswilderness.co.za), that it has satisfied the payment of the first EUR 367,348.28 tranche of the total consideration of EUR1,967,348.28, through the issue of 938,735 new ordinary shares in the Company to Van Zuijlekom Afrika Trust (the seller). RSP Beteiligungs GmbH, the company of Rainer Spekowius, supported this transaction. 6.Post balance sheet events There are no post balance sheet events to report. For further information on INTOSOL visit the Company's website www.intosolholdingsplc.com or contact: Rainer Spekowius Executive Chairman INTOSOL Holdings Plc Tel: +44 (0) 20 7236 1177 Claire Noyce (Corporate Broker) Hybridan LLP Tel: +44 (0) 20 3764 2341 Notes INTOSOL Holdings PLC is a London-listed international luxury travel company that combines highly personalised travel design with property ownership and management to provide high-end global travel experiences. To improve margins, it is building its SOUL Private Collection of leased and owned boutique properties, and is in the process of purchasing and developing a number of sites in South Africa including Oceans Wilderness, a luxury nine-bedroom boutique hotel in the Garden Route, and a commercial safari lodge in the renowned Leadwood Big Game Estate, one of the premier locations to see the so-called Big Five on safari (lion, leopard, rhinoceros, elephant and Cape buffalo). The SOUL Private Collection INTOSOL's SOUL Private Collection includes two properties in Cape Town, South Africa: SOUL on Llandudno (www.soulonllandudno.co.za) and Penthouse on Beach (www.penthouseonbeach.co.za). The flagship property in the portfolio, Oceans Wilderness (www.oceanswilderness.co.za), which reported a strong maiden financial performance in its first year of operation, is located on the Garden Route along with SOUL Rainbow's End and SOUL on the Heads. The Company also owns a site to build the Leadwood Safari Lodge in the Leadwood Big Game Estate (www.leadwood.net), one of the premier locations globally to see the Big Five in the wild. INTOSOL Private Travel Design The Private Travel Design division tailors bespoke and unique experiences to a high-end client base which currently stands at over 15,000. The division has a
unique and growing network of over 3,500 hotel and agency partners worldwide. END
(END) Dow Jones Newswires
October 31, 2019 04:45 ET (08:45 GMT)
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