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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
O Twelve Estate | LSE:OTE | London | Ordinary Share | GB00B0XPT375 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOTE
RNS Number : 7304T
O Twelve Estates Limited
12 December 2011
12 December 2011
O TWELVE ESTATES LIMITED ("O Twelve" / the "Company") UNAUDITED HALF YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011 O Twelve Estates Limited, the London and South East focused property investment group, today announces results for the six months ended 30 September 2011. Key points * Portfolio valuation of GBP158.2 million (30 September 2010: GBP168.9 million, 31 March 2011: GBP158.5 million) representing an increase of 0.3% on a like-for-like basis * Group net loss of GBP3.7 million, (30 September 2010: loss of GBP5.9 million, 31 March 2011: loss of GBP8.6 million) representing a loss per Ordinary Share of 0.78p (30 September 2010: loss of 4.78p, 31 March 2011: loss of 4.64p) * Consolidated net assets of GBP36.3 million (30 September 2010: GBP7.6 million, 31 March 2011: GBP40.1 million), 7.56p per Ordinary Share (30 September 2010: 6.18p, 31 March 2010: 8.34p) * Contracted annual rental income of GBP11.6 million with an estimated rental value ("ERV") of GBP13.5 million per annum * Void rate increased to 13.2% (31 March 2011: 7.7%) due to a lease surrender of the tenant at Western Avenue, Thurrock * 13 new leases contracted, accounting for 45,000 sq ft of space and GBP0.7 million of annual rental income after rent free periods * Continued progress with planned portfolio realisation over the term of the loan facility with surplus cash to be returned to shareholders Commenting on the results, Phillip Rhodes, Chairman of O Twelve, said: "Assets will be realised when the Board believes that they have achieved their optimal values, given the particular circumstances of each individual property. It is the Board's intention that the majority of any realisation proceeds will be applied against debt as required and that any cash surplus, after considering the Company's overall financial position, will then be distributed to shareholders. "The Board has confidence in the ability of the Group's London and South East based property portfolio to withstand the continuing uncertain economic environment. Whilst the Group's debt position presents ongoing challenges, the current loan terms and relatively high gearing would be very difficult to achieve for a new borrower today and, as a result of our leveraged position, any growth in capital values over the next few years will enhance shareholder returns significantly." For further information, please contact: David Tye / Andrew Wilson Rugby Asset Management Limited Tel: +44 (0)20 7016 0050 Simon Bennett / Katy Birkin / Laura Littley Fairfax I.S. PLC Tel: +44 (0)20 7598 5368 Dido Laurimore / Will Henderson FTI Consulting Tel: +44 (0)20 7831 3113 CHAIRMAN'S STATEMENT I am pleased to present the Group's results for the six months ended 30 September 2011. At 30 September 2011, the Group's investment property portfolio was valued by CB Richard Ellis ("CBRE") at GBP158.2 million (31 March 2011: GBP158.5 million), an increase of 0.3% on a like-for-like basis, although after taking into account capital expenditure during the period the value remained static. The rental value of the portfolio increased by 0.2% in the six months ended 30 September 2011, matching the Investment Property Databank ("IPD") All Property Monthly Index over the same period. During the period there was a partial disposal of two units at Larkfield Mill in Aylesford for a total consideration of GBP725,000. During the period, the Group accepted a lease surrender from the tenant of Western Avenue, Thurrock. The tenant, then the Group's largest with an annual rental of GBP800,000, had been in serious financial difficulty and it was felt that the best course of action would be to accept a surrender of its lease, subject to payment by the tenant of GBP262,500, rather than pursue a claim after an insolvency event. Results The Group reported a net loss for the six months ended 30 September 2011 of GBP3.7 million (30 September 2010: loss of GBP5.9 million, 31 March 2011: loss of GBP8.6 million), representing a loss per Ordinary Share of 0.78p (30 September 2010: loss of 4.78p, 31 March 2011: loss of 4.64p). A significant contributor to the loss was the adverse movement in the mark to market of interest rate swaps of GBP3.4 million. The consolidated net assets at 30 September 2011 were GBP36.3 million (30 September 2010: GBP7.6 million, 31 March 2011: GBP40.1 million), representing net asset value per Ordinary Share of 7.56p (30 September 2010: 6.18p, 31 March 2010: 8.34p). Financing On 9 May 2011, the Group announced that the fixed rate hedging arrangement on GBP26 million of loan principal had been broken and reset to variable rates at a one-off cost of GBP3 million. The loss of the tenant at Western Avenue had a negative impact on the interest cover ratio ("ICR"). However, this was offset by the reduction in interest cost following the hedging break and the thirteen new leases which were contracted in the period, accounting for 45,000 sq ft of space and GBP0.7 million of rental income after rent free periods. Following the above, the interest cover ratio ("ICR") under the loan facility improved from 117% as at 25 April 2011 to 135% as at 25 October 2011 against a current default level of 105%. The loan to value ratio ("LTV") at 30 September 2011 remained unchanged from 31 March 2011 at 71% which is satisfactorily below the default level of 85%. The loan principal outstanding at 30 September 2011 was GBP124.8 million, with GBP12.8 million of the Group's cash balances being held on blocked deposits over which the lenders have security. In October 2011, GBP5.9 million of cash held on blocked deposit was applied in partial repayment of the loan principal. As LTV under the loan facility is calculated after deducting the blocked deposits, this had no effect on LTV, but will have a small positive effect on ICR. At 30 September 2011, cash balances freely available to the Group amounted to GBP4.9 million. Dividend The Board does not recommend the payment of an interim dividend (31 March 2011: nil). Future Prospects The Board believes that the resolution passed at the Annual General Meeting to extend the Group's Target Area is a positive step, which will enable the Group to take advantage of projects and acquisitions outside the original Target Area that it believes will add shareholder value. However, in the present unfavourable economic and financial climate, the Directors do not expect the Group's lenders to approve new acquisitions or projects other than those which would directly benefit existing assets. For the foreseeable future it must, therefore, be assumed that the greater part of any realisation proceeds will not be reinvested and will be applied in paying down the loan facility. Your Board and its advisers have examined the strategies available to the Group and believe that the interests of shareholders are best served by continuing to unlock the latent value within the portfolio through proactive asset management. Assets will be realised when the Board believes that they have achieved their optimal values, given the particular circumstances of each individual property. The balance of the Group's properties will be disposed of by the end of the loan facility term in 2016. All disposals will take into account the impact on loan covenant compliance at that time. It is your Board's intention that the majority of any realisation proceeds will be applied against debt as required and that any cash surplus, after considering the Company's overall financial position, will then be distributed to shareholders. The Directors do not believe that it is in shareholders' interests to use freely available cash resources to break the Group's existing fixed rate loans. Earlier property realisations will, therefore, be limited to the outstanding debt not subject to these arrangements (GBP30 million at 9 December 2011). The adverse mark to market of fixed rate loans, amounting to GBP15 million as at 30 September 2011 should, assuming current circumstances continue, be allowed naturally to reduce to zero over the remaining loan term. This alone would increase net assets attributable to shareholders by 41% over the period. In light of current market conditions and its realisation plan for the next few years, your Board is reviewing all aspects of the Group's operations to minimise costs over the period. This involves consideration of all management and advisory arrangements and the Group's tax residency and status. This review will be completed by the end of this financial year. The Board has confidence in the ability of the Group's London and South East based property portfolio to withstand the continuing uncertain economic environment. Whilst the Group's debt position presents ongoing challenges, the current loan terms and relatively high gearing would be very difficult to achieve for a new borrower today, and as a result of our leveraged position, any growth in capital values over the next few years will enhance shareholder returns significantly. Phillip Rhodes Chairman 9 December 2011 PROPERTY ADVISER'S REPORT Rugby Asset Management Rugby Asset Management Limited ("RAM"), a member of the Rugby Estates Plc group, was appointed Property Adviser to O Twelve Estates on its admission to AIM on 27 March 2006. Our role is to identify transactions for recommendation to and consideration by the Board of O Twelve and to negotiate on its behalf. We undertake, on a day to day basis, under delegated authority from the Board, all aspects of assembling, managing and financing O Twelve's property portfolio. The Rugby Estates Plc group holds a 1.6% interest in O Twelve Estates Limited. Market Comment In the six months to September 2011, UK commercial property capital values generally continued to increase, albeit at a sluggish pace. The IPD Monthly Index showed a marginal increase of 0.6% over the period. The uncertainty over the Eurozone debt crisis, however, continues to undermine confidence and it is difficult to see any meaningful economic growth in the short term. Investor perception of risk is of paramount importance and the divergence between prime and secondary property remains. London and the South East remain the preferred locations for investors and this bodes well for the Group's portfolio, which is wholly located in the South East. The property to bond yield spread, at approaching 400 bps, remains high but, in our view, reflects the nervousness on occupational demand over the next few years. One of our principal asset management aims continues to be to maximise cash flow with a particular focus on minimising voids and reducing associated property outgoings. Over the period we have completed thirteen new leases producing a contracted rental income of GBP0.7 million per annum. In the 31 March 2011 Annual Report, we noted that the void level within the portfolio had fallen to 7.7%. Since then, we have accepted a surrender of the lease at our distribution unit at Western Avenue, Thurrock which increased the Group's void rate to 13.2% as at 30 September 2011. The tenant company was in financial difficulty and, after a detailed review of its position, it was felt that the best course of action would be to accept a surrender payment of GBP262,500 from them rather than pursue a claim after an insolvency event. Portfolio Review as at 30 September 2011 * Valuation GBP158.2 million * 20 properties * Average lot size of GBP7.9 million * Contracted annual rental income of GBP11.6 million * Estimated rental value ("ERV") of GBP13.5 million per annum, thus indicating additional potential rental income from reversions and letting vacant units of GBP1.9 million per annum * 176 separately lettable units* * 142 units are let to 127 tenants* * 34 units are vacant and available for letting with an ERV of GBP1.8 million per annum * * 30% of income is from leases with more than five years to expiry * Weighted average unexpired lease term is 5.3 years * Excluding long leasehold ground rents, assured shorthold tenancies and other miscellaneous income. Capital Value Split by Sector as at 30 September 2011 Retail 46% Industrial 36% Office 13% Residential 5% Valuation The external valuation of the Group's properties as at 30 September 2011 was GBP158.2 million (31 March 2011: GBP158.5 million). On a like-for-like basis, the value of the portfolio increased by 0.3%, but remained static having taken capital expenditure during the period into account. This compares with the IPD Monthly Index, which showed a minimal rise of 0.6%. The equivalent yield for the portfolio remained stable over the period at 7.5%. This compares with the IPD Monthly Index which showed an equivalent yield of 7.2%, a compression of 10 bps over the same period. A comparison of the capital value movement of the Company's portfolio against the IPD Monthly Capital Value Index is shown below. Capital Value Movement compared to IPD Monthly Index (March 2011 to September 2011) O Twelve IPD All Property 0.0% 0.6% Retail 0.7% 0.1% Office -1.7% 1.7% Industrial -0.7% -0.1% Rental values within the portfolio have generally moved in line with the IPD Monthly Index and increased by 0.2% over the period. Both the industrial and retail sectors performed better than IPD with falls of 0.1%. Office rental values within the portfolio remained stable. Rental Value Movement compared to IPD Monthly Index (March 2011 to September 2011) O Twelve IPD All Property 0.2% 0.2% Retail -0.1% -0.4% Office 0.0% 1.3% Industrial -0.1% -0.4% Reversion by Sector (including vacant space) (as at 30 September 2011) Rent ERV GBPmillion GBPmillion Retail 5.7 6.0 Residential 0.4 0.4 Office 1.9 2.1 Industrial 3.6 5.0 Activity There were no material sales or acquisitions during the period, with only a partial disposal of two units at Larkfield Mill in Aylesford, which realised GBP725,000. Our focus has continued to be on asset management and we are pleased to report that thirteen new leases were contracted over the period, accounting for 45,000 sq ft of space and GBP0.7 million of annual rental income after rent free periods. Some of the key progress is highlighted below: * Queensgate, Waltham Cross: Telford Homes have completed a new 10 year lease without break on 19,500 sq ft of office space. * The Mall, Dagenham: Five leases have completed accounting for GBP146,800 per annum of contracted rental income after rent free periods. * Units 1-4 Mill River Trading Estate, Enfield: Refurbishment works to these four units have now completed and terms have been agreed with our existing tenant, Edmundson Electrical, to extend their lease on Unit 1 and also to take a new lease on the newly refurbished Unit 2. Rental Value Analysis as at 30 September 2011 GBP million Current annualised income 11.2 Rent free periods 0.4 Total contracted rent 11.6 Available for letting 1.8 Reversions 0.1 Rental value 13.5 Void Analysis The income from Western Avenue, Thurrock accounted for 6.5% of the contracted rent for the portfolio and consequently, as a result of the lease surrender, the void rate has risen from 7.7% at 31 March 2011 to 13.2% at 30 September 2011. The rental value of vacant space at 30 September 2011 was GBP1.8 million in 34 lettable units. During the coming year our focus will continue to be on reducing the void rate and minimising associated void costs. Income Security Given the continuing uncertainty in the economy and in the wider banking and financial markets, investors are increasingly focusing on security of income and tenant covenant strength. Some 30% of current rental income is contracted for more than five years. Where leases have less than five years to run, opportunities exist to refurbish or consider changes of use in order to maximise value. In our view, the portfolio offers a good balance between income security and opportunities to add value. Rent Collection Maintaining a high level of rent collection remains one of our priorities. Rent collection for the most recent quarter (September 2011) stands at 97%, an increase from the collection rate of 90% in the March and June quarters, which was reduced principally due to the non-payment of rent by the tenant at Western Avenue, Thurrock. The tenant had been in serious financial difficulty and in August 2011 a surrender of their lease was agreed, on payment by the tenant of GBP262,500. Income Expiry Profile as at 30 September 2011 Under 5 years 70% Between 5 and 10 years 25% Over 10 years 5% Of the portfolio's 127 tenants, 20 account for 56% of the contracted rental income with the top 10 accounting for 40%. Tenants of, in our view, a very strong or "national" standard account for 84% of the contracted rent, while smaller regional and local businesses account for 16% of the contracted rent. Tenants in the portfolio include: All Saints DHL Hitachi Kokusai Staples Electric UK Bank of New York Edmundson Electrical Marks & Spencer Telford Homes Mellon Barclays GE Transportation Moss Bros WH Smith Systems Chelmsford Star Halfords O2 Wilkinson Hardware Co-Operative Society Stores Portfolio at 30 September 2011 Valuation band at 30 September 2011 Property Type GBP million Gascoigne Road, Barking Distribution warehousing 5 - 10 QED, Thurrock Distribution warehousing 5 - 10 Western Avenue, Thurrock Distribution warehousing 5 - 10 Bakers Court, Basildon Industrial 0 - 5 Barratt Industrial Estate, Bow Industrial 0 - 5 Larkfield Mill, Aylesford Industrial 15 - 20 Mill River Trading Estate, Enfield Industrial 5 - 10 Baytree Shopping Centre, Brentwood Shopping centre 25 - 30 George Yard, Braintree Shopping centre 15 - 20 The Mall, Dagenham Shopping centre 5 - 10 214/216 Heathway, Dagenham Retail 0 - 5 38-42 High Street, Brentwood Retail 0 - 5 75 High Street, Brentwood Retail 0 - 5 Grove Farm, Chadwell Heath Retail park 10 - 15 Inspira House, Welwyn Garden City Office 0 - 5 Mellon House, Brentwood Office 5 - 10 Queensgate, Waltham Cross Office 5 - 10 Redwing Court, Romford Office 0 - 5 34 St Thomas Road, Brentwood Residential 0 - 5 Salway Place, Stratford Residential 5 - 10 Outlook With Government measures to reduce the budget deficit ongoing and the Eurozone debt crisis unresolved, the occupational market is certain to remain challenging for the near term. The focus of the portfolio in the London/South East area generally and on the "Olympic" side of London in particular should mitigate the impact if there is a prolonged period of economic stagnation. On a more positive note, there are clear opportunities to create additional value within the portfolio from asset management initiatives and these are actively being pursued. David Tye Andrew Wilson Rugby Asset Management Limited 9 December 2011 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 September 2011 (unaudited) 1 April 2011 1 April 2010 1 April to 30 September to 30 September 2010 to 2011 (unaudited) 2010 (unaudited) 31 March 2011 (audited) GBP'000 GBP'000 GBP'000 Income Rent receivable 5,770 5,937 12,157 Service charges receivable 1,277 935 2,314 Bank interest 21 7 15 Other interest - - 1 ------------ ------------ --------------- Total income 7,068 6,879 14,487 ------------ ------------ --------------- Expenses Service charges payable (1,277) (935) (2,314) Management fees (484) (518) (1,035) Other operating expenses (1,803) (1,243) (3,156) ------------ ------------ --------------- Total expenses (3,564) (2,696) (6,505) ------------ ------------ --------------- Investment gains and losses Unrealised gain/(loss) on revaluation of investment properties 79 (1,304) (5,048) Realised loss from sale of investment properties (101) - (630) ------------ ------------ --------------- Total investment gains and losses (22) (1,304) (5,678) ------------ ------------ --------------- Net profit from operating activities 3,482 2,879 2,304 ------------ ------------ --------------- Net (loss)/gain on interest rate swap (3,393) (3,911) 18 Interest payable and similar charges (3,829) (4,806) (10,928) ------------ ------------ ----------- Total financing gains and losses (7,222) (8,717) (10,910) ------------ ------------ ----------- Loss before taxation (3,740) (5,838) (8,606) Taxation (3) (15) (37) ------------ ------------ ------------ Total comprehensive loss for the period/year attributable to owners of the Company (3,743) (5,853) (8,643) ------------ ------------ ------------ Loss per Ordinary Share - basic and diluted (0.78)p (4.78)p (4.64)p Items in the above statement are derived from continuing operations. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2011 (unaudited) Share capital Other reserves Total GBP'000 GBP'000 GBP'000 Balance at 1 April 2011 4,802 35,257 40,059 Loss for the period attributable to owners of the Company - (3,743) (3,743) ---------- ---------- ---------- Balance at 30 September 2011 4,802 31,514 36,316 ---------- ---------- ---------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2010 (unaudited) Share capital Other reserves Total GBP'000 GBP'000 GBP'000 Balance at 1 April 2010 1,225 12,386 13,611 Loss for the period attributable to owners of the Company - (5,853) (5,853) Restructuring costs - (183) (183) ---------- ---------- ---------- Balance at 30 September 2010 1,225 6,350 7,575 ---------- ---------- ---------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2011 (audited) Share capital Other reserves Total GBP'000 GBP'000 GBP'000 Balance at 1 April 2010 1,225 12,386 13,611 Loss for the year attributable to owners of the Company - (8,643) (8,643) Issue of Ordinary Shares 3,577 31,514 35,091 ---------- ---------- ---------- Balance at 31 March 2011 4,802 35,257 40,059 ---------- ---------- ---------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2011 (unaudited) 30 September 30 September 31 March 2011 (unaudited) 2010 (unaudited) 2011 (audited) GBP'000 GBP'000 GBP'000 Non-current assets Investment property 158,210 168,910 158,540 Restricted cash and cash equivalents 15,042 938 14,413 ------------- ------------- ------------- 173,252 169,848 172,953 Current assets Receivables and prepayments 3,688 6,363 4,359 Cash and cash equivalents 4,852 2,149 8,137 ------------- ------------- ------------- 8,540 8,512 12,496 ------------- ------------- ------------- Total assets 181,792 178,360 185,449 ------------- ------------- ------------- Current liabilities Payables and accruals (5,667) (6,432) (5,984) Bank loan - (4,698) - Fair value of interest rate swap - - (2,990) ------------- ------------- ------------- (5,667) (11,130) (8,974) Non-current liabilities Bank loan (124,824) (141,144) (124,824) Fair value of interest rate swap (14,985) (18,511) (11,592) ------------- ------------- ------------- (139,809) (159,655) (136,416) ------------- ------------- ------------- Total liabilities (145,476) (170,785) (145,390) ------------- ------------- ------------- Net assets 36,316 7,575 40,059 ------------- ------------- ------------- Capital and reserves attributable to owners of the Company Called-up share capital 4,802 1,225 4,802 Other reserves 31,514 6,350 35,257 ------------- ------------- ------------ Attributable to owners of the Company 36,316 7,575 40,059 ------------- ------------- ------------- Net asset value per Ordinary Share - basic and diluted 7.56p 6.18p 8.34p CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2011 (unaudited) 1 April 1 April 2011 1 April 2010 2010 to to 30 September to 30 September 31 March 2011 (unaudited) 2010 (unaudited) 2011 (audited) GBP'000 GBP'000 GBP'000 Operating activities Loss before taxation (3,740) (5,838) (8,606) Adjustments for: Unrealised (gain)/loss on revaluation of investment properties (79) 1,304 5,048 Realised loss from sale of investment properties 101 - 630 Net loss/(gain) on interest rate swap 3,393 3,911 (18) Interest payable and similar charges 3,829 4,806 10,928 Taxation (paid)/received (41) 65 39 ------------- ------------- ------------- Net cash inflow from operating activities before working capital changes 3,463 4,248 8,021 Decrease/(increase) in receivables and prepayments 696 (1,309) 681 (Decrease)/increase in payables and accruals (175) 593 267 ------------- ------------- ------------- Net cash inflow from operating activities ([1]) 3,984 3,532 8,969 Investing activities Purchase/refurbishment of investment property (396) (154) (194) Proceeds from sale of investment property 710 - 6,036 ------------- ------------- ------------- Net cash inflow/(outflow) from investing activities 314 (154) 5,842 Financing activities Loan interest and similar charges paid (3,965) (4,367) (8,498) Interest rate swap break cost (2,989) - - Net equity raising proceeds - - 35,091 Repayment of loan - - (19,874) Loan arrangement fees paid - - (3,121) Refinancing costs - (65) - ------------- ------------- ------------- Net cash (outflow)/inflow from financing activities (6,954) (4,432) 3,598 ------------- ------------- ------------- (Decrease)/increase in cash and cash equivalents (2,656) (1,054) 18,409 ------------- ------------- ------------- Cash and cash equivalents at beginning of period/year 22,550 4,141 4,141 (Decrease)/increase in cash and cash equivalents (2,656) (1,054) 18,409 ------------- ------------- ------------- Cash and cash equivalents at end of period/year 19,894 3,087 22,550 ------------- ------------- ------------- Cash and cash equivalents at end of period/year comprise: Non-current cash and cash equivalents 15,042 938 14,413 Cash and cash equivalents 4,852 2,149 8,137 ------------- ------------- ------------- 19,894 3,087 22,550 ------------- ------------- ------------- ([1]) Net cash inflow from operating activities includes: Bank interest received 21 7 15
NOTES
1. The financial information set out in this announcement does not constitute the Group's statutory financial statements for the periods ended 30 September 2011, 30 September 2010 or for the year ended 31 March 2011 but is derived from those accounts.
2. Half yearly report
The half yearly report will be posted to shareholders by the end of January 2012. Copies of the half yearly report will be available from the Company's office at 1st Floor, Royal Chambers, St Julian's Avenue, St Peter Port, Guernsey, GY1 3JX and on its website, www.otwelveestates.com.
3. Dividends
The Directors do not propose an interim dividend for the period ended 30 September 2011.
4. Loss per Ordinary Share
The loss per Ordinary Share is based on a loss of GBP3,743,000 (30 September 2010: loss of GBP5,853,000, 31 March 2011: loss of GBP8,643,000) and on a weighted average number of 480,200,008 (30 September 2010: 122,500,002, 31 March 2011: 186,200,003) Ordinary Shares in issue.
5. Net asset value per Ordinary Shares
The net asset value per Ordinary Share is based on the net assets attributable to owners of the Company of GBP36,316,000 (30 September 2010: GBP7,575,000, 31 March 2011: GBP40,059,000) and on 480,200,008 (30 September 2010: 122,500,002, 31 March 2011: 480,200,008) Ordinary Shares in issue at the end of the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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