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SAF Safeland

37.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Safeland LSE:SAF London Ordinary Share GB0007667008 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% 37.50 30.00 45.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Safeland PLC Half-year Report (6237P)

21/11/2016 7:00am

UK Regulatory


Safeland (LSE:SAF)
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TIDMSAF

RNS Number : 6237P

Safeland PLC

21 November 2016

Safeland plc

("Safeland" or the "Company" or the "Group")

Interim Results

For the Six Months to 30 September 2016

Safeland (AIM: SAF), the property trading and investment company, announces its unaudited interim results for the six months ended 30 September 2016.

Highlights

Turnover: GBP1.9m (2015: GBP12.5m)

Loss before tax: GBP0.4m (2015: profit GBP4.3m)

Net asset value per share: 111.7p (30 September 2015: 110.7p, 31 March 2016: 114.0p)

Managing Director's Statement

I am pleased to report the Company's interim results for the 6 months to 30 September 2016. These results reflect transactional volatility that shareholders will be aware of, combined with the extraordinary market conditions which we find ourselves in.

During the period, the Company sold the second of two properties located in Golders Green and obtained a planning consent for its Muswell Hill hotel property for conversion into 18 flats ranging from 1-3 bedrooms. The hotel ceased operation in August 2016 and construction has commenced on site, with completion anticipated to take place in the second half of 2017.

An announcement was made in December 2015 regarding the purchase of a substantial house in Hampstead Garden Suburb for redevelopment. This is nearing completion and contracts have been exchanged for its sale with completion anticipated in the second half of this financial year.

Given the results for the 6 months ended 30 September 2016, the Directors do not declare the payment of an interim dividend (2015: 1.5p).

Outlook

As previously stated, the market is constrained by the current economic and political outlook, which is creating a very cautious environment. We continue to pursue acquisition opportunities whilst continuing to add value to existing stock held through planning or development.

The Board is confident that it has the skills necessary to make selected acquisitions in the current market, but is being extremely selective until there is further clarity as to the general outlook.

For further information:

 
 Safeland plc                       +44 (0) 20 8815 1600 
 Larry Lipman, Managing Director 
 
 Stockdale Securities 
  (Nominated Adviser and Broker)    +44 (0) 20 7601 6100 
 Tom Griffiths 
 

For more information visit: www.safeland.co.uk

 
 Condensed consolidated income 
  statement                                   Unaudited      Unaudited      Audited 
                                             Six months     Six months 
                                                  ended          ended   Year ended 
                                           30 September   30 September     31 March 
                                                   2016           2015         2016 
                                                 GBP000         GBP000       GBP000 
                                          -------------  -------------  ----------- 
 
 Revenue                                          1,898         12,453       21,116 
 Cost of sales                                  (1,462)        (7,497)     (14,003) 
 Gross profit                                       436          4,956        7,113 
                                                  (858) 
 Administrative expenses                              )          (802)      (1,287) 
 Gain on revaluation of investment 
  properties                                          -              -           42 
 Share of results of jointly controlled 
  entity                                              -              -         (33) 
 Share of results of associate                       12             12           23 
 Profit on sale of investment in 
  joint venture                                       -              -            - 
 Dividend from investment                             -             13           13 
 Profit on sale of investment property                -              -            - 
 Operating (loss)/profit                          (410)          4,179        5,871 
 Finance income                                     273            256          520 
 Finance costs                                    (240)          (156)        (334) 
 (Loss)/profit before tax                         (377)          4,279        6,057 
 Tax                                                  -          (866)      (1,522) 
                                          -------------  -------------  ----------- 
 Profit for the financial period 
  attributable to owners of the 
  parent company                                  (377)          3,413        4,535 
                                          -------------  -------------  ----------- 
 
 Basic (loss)/earnings per share 
  (note 2)                                      (2.42p)         20.24p       27.95p 
 Diluted (loss)/earnings per share 
  (note 2)                                      (2.42p)         13.35p       15.45p 
 

There is no difference between the diluted loss per share and the basic loss per share presented as the effect of the share options in issue is anti-dilutive.

The revenue and operating result for the periods are derived from continuing operations in the United Kingdom.

 
 Condensed consolidated statement 
  of comprehensive income                       Unaudited      Unaudited      Audited 
                                               Six months     Six months 
                                                    ended          ended   Year ended 
                                             30 September   30 September     31 March 
                                                     2016           2015         2016 
                                                   GBP000         GBP000       GBP000 
                                            -------------  -------------  ----------- 
 
 (Loss)/profit for the period                       (377)          3,413        4,535 
  Other comprehensive income 
   Fair value (losses)/gains on available 
   for sale financial assets                        (139)           (74)        (139) 
                                            -------------  -------------  ----------- 
 Other comprehensive income for 
  the year, net of tax                              (139)           (74)        (139) 
                                            -------------  -------------  ----------- 
 Total comprehensive (loss)/income 
  for the period attributable to 
  owners of the parent company                      (516)          3,339        4,396 
                                            -------------  -------------  ----------- 
 
 
 Condensed consolidated statement 
  of 
  financial position                         Unaudited      Unaudited        Audited 
                                          30 September   30 September       31 March 
                                                  2016           2015           2016 
                                                GBP000         GBP000         GBP000 
                                         -------------  -------------  ------------- 
                                                             Restated 
                                                             (notes 5 
                                                               and 6) 
 Non-current assets 
 Property plant and equipment                    1,855          1,935          1,904 
 Investment properties (note 5)                  1,123          2,693          1,123 
 Investments in associate                          133            135            121 
 Available-for-sale investments                    692            897            832 
 Trade and other receivables                     8,777          8,240          8,503 
                                                12,580         13,900         12,483 
                                         -------------  -------------  ------------- 
 Current assets 
 Trading properties (note 6)                    14,464          9,684         14,838 
 Trade and other receivables                       117            660            381 
 Cash and cash equivalents                       1,540          2,865          2,988 
                                                16,121         13,209         18,207 
                                         -------------  -------------  ------------- 
 
 Total assets                                   28,701         27,109         30,690 
                                         -------------  -------------  ------------- 
 
 Current liabilities 
 Bank loans and overdrafts (note 
  7)                                                 -              -              - 
 Trade and other payables                          285          1,124            495 
 Derivative financial instruments                    -              -              - 
 Corporation tax payable                         1,450          1,733          1,450 
                                                 1,735          2,857          1,945 
                                         -------------  -------------  ------------- 
 Non-current liabilities 
 Bank loans (note 7)                             9,664          6,385         10,927 
 Deferred income tax liabilities                    72              -             72 
                                                 9,736          6,385         10,999 
                                         -------------  -------------  ------------- 
 
 Total liabilities                              11,471          9,242         12,944 
                                         -------------  -------------  ------------- 
 
 Net assets                                     17,230         17,867         17,746 
                                         -------------  -------------  ------------- 
 
 Equity 
 Share capital (note 8)                            778            843            778 
 Share-based payment reserve                       354            555            354 
 Investment revaluation reserve                  (191)             13           (52) 
 Capital redemption reserve                         65              -             65 
 Retained earnings                              16,224         16,456         16,601 
 Total equity attributable to 
  owners of the parent company                  17,230         17,867         17,746 
                                         -------------  -------------  ------------- 
 Condensed consolidated statement 
  of cash flows                              Unaudited      Unaudited      Audited 
                                            Six months     Six months 
                                                 ended          ended   Year ended 
                                          30 September   30 September     31 March 
                                                  2016           2015         2016 
                                                GBP000         GBP000       GBP000 
                                         -------------  -------------  ----------- 
 Cash flows from operating activities 
 Cash generated/(utilised) from 
  operations (note 4)                               76          6,429        2,321 
 Interest paid                                   (240)          (156)        (292) 
 Corporation tax paid                                -          (829)      (1,695) 
                                         -------------  -------------  ----------- 
 Net cash generated/(utilised) 
  from operating activities                      (164)          5,444          334 
                                         -------------  -------------  ----------- 
 
 Cash flows from investing activities 
 Interest received                                   -              -            1 
 Distributions from associate                        -              -           25 
 Other dividends received                            -                          13 
 Purchase of property, plant and 
  equipment                                          -           (98)        (105) 
 Purchase of available for sale 
  investments                                        -          (664)        (664) 
 Proceeds from sale of investment 
  properties                                         -              -        1,637 
 Proceeds from sale of property, 
  plant and equipment                                -             82           82 
 Net cash inflow/(outflow) from 
  investing activities                               -          (680)          989 
                                         -------------  -------------  ----------- 
 
 Cash flows from financing activities 
 New loans                                           -              -        3,742 
 Purchase of own share capital                       -              -        (743) 
 Dividends paid to equity shareholders               -          (295)        (529) 
 Loan repayments                               (1,284)        (2,058)      (1,259) 
 Net cash inflow from financing 
  activities                                   (1,284)        (2,353)        1,211 
                                         -------------  -------------  ----------- 
 
 Net increase/(decrease) in cash 
  and cash equivalents                         (1,448)          2,411        2,534 
 Cash and cash equivalents at 
  beginning of period                            2,988            454          454 
 Cash and cash equivalents at 
  end of period                                  1,540          2,865        2,988 
                                         -------------  -------------  ----------- 
 
 

Consolidated Statement of Changes in Equity

For the six months to 30 September 2016 (unaudited)

 
                         Share     Share      Capital     Share  Revaluation   Retained     Total 
                       Capital   premium   redemption     based      Reserve   earnings    equity 
                       GBP'000   account      reserve   payment      GBP'000    GBP'000   GBP'000 
                                 GBP'000      GBP'000   reserve 
                                                        GBP'000 
Balance at 31 
 March 2016                778         -           65       354         (52)     16,601    17,746 
Comprehensive 
 income 
Profit for the 
 period                      -         -            -         -                   (377)     (377) 
Revaluation of 
 available-for-sale 
 investments                 -         -            -         -        (139)          -     (139) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Total comprehensive 
 income                      -         -                      -        (139)      (377)     (516) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
 
Transactions with 
 owners 
Purchase of own              -         -            -         -            -          -         - 
 shares 
Dividend paid                -         -            -         -            -          -         - 
Share based payment 
 charge for the 
 period                      -         -            -         -            -          -         - 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Total transactions 
 with owners                 -         -            -         -            -          -         - 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
 Balance at 30 
  September 2016           778         -           65       354        (191)     16,224    17,230 
                      ========  ========  ===========  ========  ===========  =========  ======== 
 

For the six months to 30 September 2015 (unaudited)

 
                         Share     Share      Capital     Share  Revaluation   Retained     Total 
                       Capital   premium   redemption     based      Reserve   earnings    equity 
                       GBP'000   account      reserve   payment      GBP'000    GBP'000   GBP'000 
                                 GBP'000      GBP'000   reserve 
                                                        GBP'000 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Balance at 31 
 March 2015                843         -            -       486           87     13,338    14,754 
Comprehensive 
 income 
Profit for the 
 period                      -         -            -         -            -      3,413     3,413 
Revaluation of 
 available-for-sale 
 investments                                                            (74) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Total comprehensive 
 income                                                                 (74)      3,413 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
 
Transactions with 
 owners 
Purchase of own              -         -            -         -            -          -         - 
 shares 
Dividend paid                -         -            -         -            -      (295)     (295) 
Share based payment 
 charge for the 
 period                      -         -            -        69            -          -        69 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Total transactions 
 with owners                 -         -            -        69            -      (295)     (226) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
 Balance at 30 
  September 2015           843       555            -        13            -     16,456    17,867 
                      ========  ========  ===========  ========  ===========  =========  ======== 
 

For the year ended 31 March 2016 (audited)

 
                         Share     Share      Capital     Share  Revaluation   Retained     Total 
                       Capital   premium   redemption     based      Reserve   earnings    equity 
                       GBP'000   account      reserve   payment      GBP'000    GBP'000   GBP'000 
                                 GBP'000      GBP'000   reserve 
                                                        GBP'000 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Balance at 31 
 March 2015                843         -            -       486           87     13,338    14,754 
Comprehensive 
 income 
Loss for the year            -         -            -         -            -      4,535     4,535 
Revaluation of 
 available-for-sale 
 investments                 -         -            -         -        (139)          -     (139) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Total comprehensive 
 income                      -         -            -         -        (139)      4,535     4,396 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
 
Transactions with 
 owners 
Purchase of own 
 shares                   (65)         -           65         -            -      (743)     (743) 
Dividend paid                                                                     (529)     (529) 
Share based payment 
 debit for the 
 period                      -         -            -     (132)            -          -     (132) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Total transactions 
 with owners              (65)         -           65     (132)            -    (1,272)   (1,404) 
                      --------  --------  -----------  --------  -----------  ---------  -------- 
Balance at 31 
 March 2016                778         -           65       354         (52)     16,601    17,746 
                      ========  ========  ===========  ========  ===========  =========  ======== 
 
   1.      Basis of preparation and accounting policies 

The condensed interim consolidated financial statements of the Company and its subsidiaries ("the Group") for the 6 months to 30 September 2016 ("the period") have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial information presented above does not constitute statutory financial statements as defined by section 435 of the Companies Act 2006.

Copies of this announcement are available from the Company's registered office at 1a Kingsley Way, London N2 0FW and on its website, www.safeland.co.uk.

These condensed interim financial statements have not been audited, do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 March 2016. While the financial figures included within this interim report have been computed in accordance with IFRS applicable to interim periods, this report does not contain sufficient information to constitute an interim financial report as set out in International Accounting Standard 34 Interim Financial Reporting.

Revenue

Revenue is stated net of VAT and comprises rental income, proceeds from sales of trading properties, fees, commissions and other income.

Sales of trading properties are recognised on completion of a contract. This reflects the point of transfer of risk and rewards when trading property is sold.

Rental income from investment and trading properties leased out under operating leases is recognised in the Income Statement on a straight-line basis over the term of the lease. Contingent rents which comprise turnover rents are recognised as income in the periods in which they are earned. Rent reviews are recognised when such reviews have been agreed with tenants.

Revenue in the previous period arising from deferred consideration in the form of four completed houses in a residential development to be undertaken on the site of the Chandos Tennis Club in the following three years is based on a valuation by the directors, discounted to a present-day value using the weighted average cost of capital.

Other fees in relation to property management are recognised on a straight-line basis over the term of management contracts.

Hotel revenue comprises revenues from overnight hotel accommodation, banqueting facility hire and sales of food and beverages. All revenues are recognised when the service is provided.

Freehold property

Freehold property is stated at cost less accumulated depreciation and is depreciated at 2% per annum on a straight-line basis, pro-rated in the year of acquisition.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and are depreciated over their estimated useful lives on the following annual bases:

   Motor vehicles                                                 25% (reducing balance) 
   Fixtures, fittings and equipment             20% (reducing balance) 

Investment properties

Investment properties are those properties that are held either to earn rental income or for capital appreciation or both. Investment properties are measured and stated at fair value in the statement of financial position. Valuation surpluses and deficits arising in the period are included in profit or loss.

The gain or loss arising on the disposal of a property is determined as the difference between the sales proceeds and the fair value of the asset at the beginning of the period and is recognised in the income statement.

Investment properties may be freehold properties or leasehold properties. For leasehold properties that are classified as investment properties, the associated leasehold obligations, if material, are accounted for as finance lease obligations.

Trading properties

Properties held for development and resale are classified as trading properties and are shown at the lower of cost and net realisable value. Cost comprises purchase price, acquisition costs and direct expenditure.

Restatement of stock as investment property

Triangle Estates Limited (TEL) was acquired by the Group on 19 December 2014. It was trading as an investment company on acquisition and in the opinion of the directors has continued to do so.

At 31 September 2015, the carrying value of the Group's trading properties included an amount of GBP1,970k that should have been classified as investment properties. This has now been restated for that period ended 31 September 2015 in the comparative figures.

This is further set out in more detail in notes 5 and 6 to these abbreviated interim financial statements.

   2.      Earnings per share 
 
                                           Unaudited      Unaudited      Audited 
                                          Six months     Six months 
                                               ended          ended   Year ended 
                                        30 September   30 September     31 March 
                                                2016           2015         2016 
                                              GBP000         GBP000       GBP000 
                                       -------------  -------------  ----------- 
 (Loss)/profit for the financial 
  period attributable to owners 
  of the parent company                        (377)          3,413        4,535 
                                       -------------  -------------  ----------- 
 
                                                  No             No           No 
                                                '000           '000         '000 
 Weighted average number of ordinary 
  shares for 
 the purposes of basic earnings 
  per share                                   15.560         16,851       16,224 
 Effect of potential dilutive 
  ordinary shares: 
 Share options                                12,107         19,865       12,107 
 Weighted average number of ordinary 
  shares for the purposes of diluted 
  earnings per share                          28,332         36,716       28,332 
                                       -------------  -------------  ----------- 
 

Diluted Earnings per share is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential ordinary shares.

   3.      Dividends 

No interim dividend has been declared. In the six months ended 30 September 2015, the Company paid an interim dividend of 1.5p per ordinary share. There was no final dividend in the year to 31 March 2016.

   4.      Cash flows from operating activities 
 
                                              Unaudited      Unaudited      Audited 
                                             Six months     Six months 
                                                  ended          ended   Year ended 
                                           30 September   30 September     31 March 
                                                   2016           2015         2016 
                                                 GBP000         GBP000       GBP000 
                                          -------------  -------------  ----------- 
 
 (Loss)/profit before tax                         (377)          4,279        6,057 
 Depreciation                                        71             48           85 
 Profit/(loss) on sale of property, 
  plant and equipment                                 -             14           15 
 Loss/(profit) on sale of investment 
  property                                            -              -           33 
 Loss/(gain) on revaluation of 
  investment properties                               -              -         (42) 
 Share of results of associate                     (12)           (12)         (23) 
 Share of results of jointly controlled 
  entity                                              -              -         (13) 
 Finance income                                       -              -          (1) 
 Unwinding of discount on deferred 
  revenue                                         (274)          (256)        (519) 
 Finance costs                                      240            156          334 
 Share-based payments (credit)/charge                 -             69        (132) 
 Changes in working capital 
 Decrease/(increase) in trading 
  properties                                        374          3,064      (2,091) 
 Decrease/(increase) in trade 
  and other receivables                             264          (296)         (60) 
 (Decrease)/increase in trade 
  and other payables                              (210)          (637)      (1,322) 
                                                     76          6,429        2,321 
                                          -------------  -------------  ----------- 
 
   5.      Investment properties 
 
                                     Unaudited      Unaudited      Audited 
                                    Six months     Six months 
                                         ended          ended   Year ended 
                                  30 September   30 September     31 March 
                                          2016           2015         2016 
                                        GBP000         GBP000       GBP000 
                                 -------------  -------------  ----------- 
                                                     Restated 
                                                    (ref note 
                                                           6) 
 Fair value 
 Start of the period                     1,123          2,693        2,693 
 Disposals                                   -              -      (1,612) 
 Increase in fair value during 
  the period                                 -              -           42 
                                 -------------  -------------  ----------- 
 End of period                           1,123          2,693        1,123 
                                 -------------  -------------  ----------- 
 

The fair value of the investment properties at 30 September 2016 comprises freehold properties of GBP665,000 (30 September 2015: GBP265,000 and 31 March 2016: GBP665,000) and long leasehold properties of GBP458,000 (30 September 2015: GBP458,000 and 31 March 2016: GBP458,000).

The directors do not consider the fair value of the Group's lease obligations associated with its long leasehold investment properties to be material to the financial statements. As a result, no finance lease obligations are included in the statement of financial position at 30 September 2016, 30 September 2015 or 31 March 2016.

The Group has pledged investment properties for resale with carrying value of GBP703,000 (30 September 2015: GBP703,000 and 31 March 2016: GBP703,000) to secure banking facilities granted to the Group.

   6.      Trading properties 
 
                             Unaudited      Unaudited      Audited 
                            Six months     Six months 
                                 ended          ended   Year ended 
                          30 September   30 September     31 March 
                                  2016           2015         2016 
                                GBP000         GBP000       GBP000 
                         -------------  -------------  ----------- 
                                             Restated 
                                            (ref note 
                                                   5) 
 
 Properties for resale          14,464          8,240       14,838 
                         -------------  -------------  ----------- 
 

The Group has pledged trading properties for resale with carrying value of GBP14,464,000 (30 September 2015: GBP9,406,000 and 31 March 2015: GBP14,838,000) to secure banking facilities granted to the Group.

   7.      Bank loans and overdrafts 
 
                                        Unaudited      Unaudited      Audited 
                                       Six months     Six months 
                                            ended          ended   Year ended 
                                     30 September   30 September     31 March 
                                             2016           2015         2016 
                                           GBP000         GBP000       GBP000 
                                    -------------  -------------  ----------- 
 
 Bank Loans 
 Due within one year                            -              -            - 
                                    -------------  -------------  ----------- 
 
 Due in the second to fifth years           9,716          6,500       11,000 
 Unamortised borrowing costs                 (52)          (115)         (73) 
                                    -------------  -------------  ----------- 
                                            9,664          6,385       10,927 
                                    -------------  -------------  ----------- 
 

There were no breaches in bank loan covenants as at 30 September 2016. All of the Group's bank loans and overdrafts disclosed above comprise borrowings in sterling. The bank loans are secured on properties owned by the Group.

   8.      Share capital 
 
                                      Unaudited      Unaudited      Audited 
                                     Six months     Six months 
                                          ended          ended   Year ended 
                                   30 September   30 September     31 March 
                                           2016           2015         2016 
                                         GBP000         GBP000       GBP000 
                                  -------------  -------------  ----------- 
 
 Authorised: 
 45,750,000 ordinary shares of 
  5p each                                 2,288          2,288        2,288 
                                  -------------  -------------  ----------- 
 
 Allotted, called up and fully 
  paid: 
 15,560,380 ordinary shares (30 
  September 2015: 16,851,180, 
  31 March 2016: 15,560,380) of 
  5p each                              778                 843          778 
                                  -------------  -------------  ----------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 21, 2016 02:00 ET (07:00 GMT)

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