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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Poole Invest. | LSE:PIV | London | Ordinary Share | GB0007176901 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2649Y
Poole Investments PLC
10 February 2006
Poole Investments PLC
10 February 2006
POOLE INVESTMENTS PLC
("the Company")
INTERIM REPORT 2005
Financial highlights
6 months to 6 months to 12 months to
30 November 30 November 2004 31 May
2005 (Unaudited) 2005
(Unaudited) (Audited)
(#'000) (#'000) (#'000)
Turnover:
Rental income 170 169 337
Operating profit 130 133 262
(Loss)/profit before tax (14) 10 1
(Loss)/earnings per share (p) (0.01) 0.01 0.00
Operational results
Operating profit for the six months was similar to the previous year. As noted
in the Chairman's Statement in last year's Report and Accounts, costs are now
starting to be incurred with regard to some preparatory work undertaken prior to
submission of a planning application for the land at Poole. Excluding these
costs, there are no significant changes to income or expenditure levels compared
to last year.
Interest costs are higher than last year due to payment of fees for deferral of
loan repayments, under the terms of the bank loan.
Land in Hamworthy
The Company's asset is a 9.5 acre plot of land in Hamworthy which provides
rental income. This land forms part of the area within the Poole "Full Sail
Ahead" regeneration scheme. Poole Council has submitted a Transport and Works
Act Order seeking permission to build the "Twin Sails Bridge" and regenerate
Hamworthy. The Public Enquiry held in connection with this has finished and the
outcome is expected to be announced in spring/early summer 2006.
Since the end of the last financial year, work has been done with regard to the
proposed planning application for the site. Environmental and transport scoping
reports are under preparation and consideration has been given to some outline
work on the plan. Currently a review is being made with consultants acting on
behalf of Poole Council, to consider the commercial viability of any application
with regard to the type of development undertaken (residential, commercial and
affordable housing), to the allocation between the landowners and to the
infrastructure costs in connection with the regeneration of Hamworthy.
In November 2005, the Company was notified of success with regard to its
application to the Lands Tribunal to discharge all restrictive covenants on the
land at Hamworthy.
H A (Tony) Palmer
Chairman
10 February 2006
Unaudited Group Profit & Loss Account
for the six months ended 30 November 2005
Notes 6 months to 6 months to 12 months to
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover:
-rental income 2 170 169 337
Operating profit 130 133 262
Interest and similar charges (144) (123) (261)
(Loss)/profit on ordinary activities before (14) 10 1
taxation
Taxation - - -
(Loss)/profit after tax (14) 10 1
Dividends on ordinary shares
-interim 4 - - -
-final 4 - - -
(Loss)/earnings transferred to reserves (14) 10 1
(Loss)/earnings per ordinary share
-basic 5 (0.01)p 0.01p 0.00p
-diluted 5 (0.01)p 0.01p 0.00p
Group Statement of Total Recognised Gains and Losses
for the six months ended 30 November 2005
6 months to 6 months to 12 months to
30 November 2005 30 November 31 May
2004 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
(Loss)/profit for the period (14) 10 1
Total recognised gains and losses relating to the period (14) 10 1
Reconciliation of Shareholders' Funds
for the six months ended 30 November 2005
6 months to 6 months to 12 months to
30 November 2005 30 November 31 May
2004 2005
Unaudited Unaudited Audited
#'000 #'000 #'000
Total recognised gains and losses (14) 10 1
Shareholders' funds at 1 June 1,704 1,703 1,703
Shareholders' funds at 30 November/31 May 1,690 1,713 1,704
Summarised Statement of Group Cash Flows
for the six months ended 30 November 2005
6 months to 6 months to 12 months to
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Cash inflow from operating activities 115 1 141
Returns on investments and servicing of finance:
Interest paid (130) (111) (236)
Management of liquid resources:
Decrease/(increase) in short term deposits 11 - (154)
Decrease in cash (4) (110) (249)
Unaudited Consolidated Balance Sheet
As at 30 November 2005
As at As at As at
30 November 2005 30 November 31 May
(Unaudited) 2004 2005
(Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Tangible assets 4,750 4,750 4,750
Investments - - -
4,750 4,750 4,750
Current Assets
Debtors 20 168 20
Cash at bank and in hand 155 155 170
175 323 190
Creditors: amounts falling due (393) (248) (392)
within one year
Net current (liabilities)/assets (218) 75 (202)
Total assets less current liabilities 4,532 4,825 4,548
Creditors: amounts falling due after (2,842) (3,112) (2,844)
more than one year
Net Assets 1,690 1,713 1,704
Capital and reserves
Called up share capital 9,247 9,247 9,247
Special reserve 13,130 13,130 13,130
Revaluation reserve 3,790 3,790 3,790
Profit and loss account (24,477) (24,454) (24,463)
Equity shareholders' funds 1,690 1,713 1,704
Reconciliation of net cash flow to movement in net debt
for the six months ended 30 November 2005
6 months to 6 months to 12 months to
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Decrease in cash and short term deposits in the (15) (110) (95)
period
Change in net debt resulting from cash flows (15) (110) (95)
Other non cash movements (14) (12) (25)
Movement in net debt (29) (122) (120)
Opening net debt (2,955) (2,835) (2,835)
Closing net debt (2,984) (2,957) (2,955)
Reconciliation of operating profit to net cash inflow from operating activities
for the six months ended 30 November 2005
6 months to 6 months to 12 months to
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Operating profit 130 133 262
Decrease in debtors - 174 322
Decrease in creditors (15) (306) (443)
Net cash inflow from operating activities 115 1 141
Notes to the Interim Accounts
1. The Interim Accounts, which are unaudited, have been prepared using
accounting policies stated in the Company's Report and Accounts for the
year ended 31 May 2005.
2. All rental income is derived from the United Kingdom.
3 No deferred tax asset has been recognised due to the low level of the loss
for the period and the uncertainty and timing of future profits.
4. The Directors do not recommend the payment of an interim dividend.
5. The earnings per share figures are based on profit after taxation for the
respective periods divided by the weighted average number of shares in
issue as follows:
6 months to 6 months to 12 months to
30 November 30 November 31 May
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
(Loss)/profit on ordinary activities after (14) 10 1
taxation
'000 '000 '000
Basic weighted average number of shares 184,949 184,949 184,949
There are no outstanding share options.
6. The freehold property was valued by Edward Symmons & Partners in October
2003 in accordance with the Appraisal and Valuation Manual of The Royal
Institution of Chartered Surveyors. Freehold property continues to be held
by the Group for long-term investment. Accordingly, the property is
recorded as an investment property and is valued on an open market basis.
In the opinion of the directors, based on information received from Edward
Symmons & Partners, there has been no material movement in the open market
value of the property between October 2003 and 30 November 2005. The
investment property is not depreciated.
7. Contingent liabilities were set out in the Report and Accounts for the 12
months to 31 May 2005 and remain unchanged. H A Palmer and D E Cicurel have
agreed to defer the payment of any directors' fees until a sale of the
Company's land and buildings or an offer for the share capital of the
Company being received and recommended. In that event, the Company would
have to pay H A Palmer and D E Cicurel the amount of the outstanding fees
based on the number of their completed months of service. These directors
receive no other payments or benefits for their services. For the 6 months
to 30 November 2005 the cost of this would be #17,500 in addition to the
amounts due to them as set out in the Report and Accounts for the 12 months
to 31 May 2005.
8. The financial information contained in this interim statement does not
constitute statutory ccounts as defined in section 240 of the Companies Act
1985. The financial information for the full preceding year is based on
the statutory accounts for the financial year ended 31 May 2005. Those
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
9. Additional copies of the Interim Report are available from the Registered
Office of the Company at Unit 19, 21 Charlwoods Road, East Grinstead, West
Sussex RH19 2HL (Telephone 07973 820492)
Contact details: Kevin Wilson - 0161 831 1512
Zeus Capital
David Booth - 07973 820 492
Poole Investments plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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