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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Speymill | LSE:SYG | London | Ordinary Share | IM00B1ZBDN89 | 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% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSYG
RNS Number : 1842P
Speymill PLC
29 September 2011
29 September 2011
Speymill plc ("Speymill" or the "Company")
Interim Results for the six months to 30 June 2011
Speymill (AIM: SYG), the property service business specialising in real estate investment management, property management and property construction, today announces its interim results for the six months to 30 June 2011.
Contacts:
Speymill plc Tel: 01624 640 Denham Eke 860 Nominated Adviser Tel: 020 7131 Smith & Williamson Corporate Finance 4000 Limited Azhic Basirov Siobhan Sergeant
Chairman's statement
Dear Shareholders,
I am pleased to take this opportunity to provide you with an update on the Group's activities for the first six months of 2011.
Results
Turnover for continuing operations increased by 123.9% to GBP13.4 million (2010: GBP6.0 million), GBP6.6 million of this increase is attributable to Speymill Contracts Limited. The remainder being derived from the Group's property investment activities.
During the six months ended 30 June 2011, the Group made a loss before tax on operations of GBP59,000 (2010: a profit of GBP8.36 million). Last year's interim report included a profit of GBP9.12 million in respect of discontinued and discontinuing operations, GBP7.28 million of which was in relation to the termination of the investment management agreement with Speymill Deutsche Immobilien Company plc ("SDIC"). Thus on a like-for-like continuing basis, the 2010 loss would have been GBP755,000.
The results include a profit before tax of GBP0.12 million in respect of the Group's German property investment activities: there is no comparative result for the six months ending 30 June 2010. The results also include a reduced loss before tax of GBP0.13 million (2010: loss of GBP0.2 million) for Speymill Contracts Limited ("Speymill Contracts").
Financial position
As at 30 June 2011, the Group had net assets of GBP3.65 million (2010: GBP5.80 million).
As I reported in our annual statement for 2010 I, together with Burnbrae Limited, agreed to provide a revised shareholder loan facility. The new facility shall continue to be revolving, with a limit of GBP5 million and an expiry date of 30 June 2012, in addition the interest rate was reduced to 8% from 9% under the previous arrangement. As at 30 June 2011, a total of GBP3.39 million (2010: GBP3.07 million) of the shareholder loan facility had been drawn down by the Group.
German Property investment
The Group's German property investment activities returned a profit before tax of GBP0.12 million for the six months ended 30 June 2011. These activities relate to the assets acquired from SDIC as part of the agreement to terminate the Group's investment management agreement with that company. The Group continues to work to optimise the efficiency and profitability of these assets.
Speymill Contracts
Speymill Contracts has continued to show a gratifying improvement in results, with turnover increasing by 112.0% to GBP12.67 million (2010: GBP5.98 million) and returned a reducing loss before tax of GBP0.13 million (2010: loss of GBP0.20 million). We believe that this reflects the continued focus on risk management and disciplined approach implemented at Speymill Contracts.
I can also confirm that with the orders already received by Speymill Contracts, we would expect the turnover for the year to be in the region of GBP30 million. We expect that this very positive upturn will not only result in a return to profitability but ensure a positive cash generation by this company for the Group.
Speymill Deutsche Immobilien Company plc
As part of the acquisition of GOAL and termination of the Investment Management Agreement, SDIC issued convertible loan notes ("Loan Notes") to Speymill in an aggregate amount of EUR2.088 million. The appointment of receivers to SDIC's property owning subsidiaries in December 2010, constituted an event of default under the terms of the Loan Notes and, therefore, the Loan Notes would ordinarily become immediately repayable, in cash. We considered the enforcement of these terms not to be in the best interests of Speymill shareholders and, as SDIC, itself, continues to trade, we have come to an arrangement regarding the loan notes. We monitor this situation closely to ensure that we will be able to gain the maximum value for Speymill shareholders.
Update on Far Eastern activities
The Group announced on 28 June 2010 that it had received notice from Speymill Macau Property Company plc ("Speymill Macau") to terminate the investment management agreement between Speymill Macau and SPG. The notice period for this investment management agreement expired on 28 June 2011 and the Group no longer provides any services to Speymill Macau.
Restructuring
I have stated in previous annual and interim reports that steps had been taken to downsize the operating costs at the Group's head office in the Isle of Man and at the Group's London based advisory function, Speymill Property Group (UK) Limited ("SPGUK").
The London based advisory function was closed earlier this year as part of the on-going rationalisation program and there has been a further reduction in headcount and overheads at our Isle of Man operation as the Group seeks to implement the most appropriate and efficient structure for its future activities.
Following the termination of the investment management agreement with Speymill Macau, the Group has closed its Far East operation, which was based in Hong Kong.
The Group will continue to seek the most cost effective and efficient structure for its activities and to this end we have already commenced a process to reorganise the remaining Group subsidiaries and proceed with the closure of any entities which are no longer required.
As reported in our annual report for 2010 and on 26 January 2011, the composition of the board of directors has also changed. Bob MacDonald, the then Chief Executive Officer, and Sir James Mellon both resigned from the board of directors earlier in 2011 leaving myself as Executive Chairman, Denham Eke as Chief Executive Officer and Lincoln Forrest as a non-executive director.
Outlook
I and your board continue to consider a number of positive strategic options to create the maximum value for shareholders and we will provide further information as and when appropriate.
Jim Mellon
Chairman
29 September 2011
Condensed consolidated interim income statement
For the six months ended 30 June 2011
6 months 12 months 6 months to to to 30 June 30 June 31 Dec 2011 2010 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Continuing operations Turnover 13,385 5,977 15,533 Cost of sales (12,016) (4,911) (13,213) Gross profit 1,369 1,066 2,320 General administrative expenses (1,430) (1,514) (2,816) Share-based payments (5) (22) (61) Total operating costs (1,435) (1,536) (2,877) Loss from operations (66) (470) (557) Net finance costs (246) (285) (616) Loss before taxation (312) (755) (1,173) Taxation - - - Loss after taxation from continuing operations (312) (755) (1,173) Profit for the period / year from discontinued operations 243 8,867 6,898 (Loss)/profit for the period / year (69) 8,112 5,725 Attributable to: Owners of the Company (75) 8,112 5,717 Non-controlling interest 6 - 8 (69) 8,112 5,725 Basic loss per share (pence) From continuing operations (0.54) (1.29) (2.02) Diluted loss per share (pence) From continuing operations (0.54) (1.29) (2.02)
Condensed consolidated interim statement of comprehensive income
For the six months ended 30 June 2011
6 months 12 months 6 months to to to 30 June 30 June 31 Dec 2011 2010 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 -------------------------------------- ------------ ------------ ---------- (Loss)/profit for the period / year (69) 8,112 5,725 -------------------------------------- ------------ ------------ ---------- Other comprehensive income: Revaluation of available-for-sale financial assets 56 (10) (135) Currency translation differences on foreign operations 274 (217) (282) Total comprehensive profit for the period / year 261 7,885 5,308 -------------------------------------- ------------ ------------ ----------
The notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated interim statement of financial position
As at 30 June 2011
As at As at As at 31 Dec 30 June 2011 30 June 2010 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets-goodwill - 2 - Property, plant and equipment 84 877 153 Investment property 23,747 - 22,626 Available-for-sale financial assets 1,260 562 1,287 Total non-current assets 25,091 1,441 24,066 Current assets Due from customers for contract work 2,456 928 1,228 Trade and other receivables 2,347 12,507 2,734 Cash and cash equivalents 1,049 149 1,551 Total current assets 5,852 13,584 5,513 Total assets 30,943 15,025 29,579 Equity Capital and reserves Ordinary share capital 584 584 584 Share premium 34 34 34 Share-based payments reserve 1,110 2,068 1,105 Other income reserve (232) (659) (562) Retained earnings 2,418 3,776 2,493 Equity attributable to owners of the Company 3,914 5,803 3,654 Non-controlling interest (263) - (269) Total equity 3,651 5,803 3,385 Non-current liabilities Deferred tax liabilities - 316 - Obligations under finance leases - 1 - Interest bearing loans 15,508 - 14,915 Derivative financial instruments 581 - 838 Shareholders' loan 3,386 3,066 3,241 Total non-current liabilities 19,475 3,383 18,994 Current liabilities Bank overdraft - 685 989 Trade and other payables 3,620 3,932 3,643 Due to suppliers for contract work 3,640 908 2,212 Interest bearing loans 176 - - Obligations under finance leases 1 1 1 Current tax liabilities 380 313 355 Total current liabilities 7,817 5,839 7,200 Total liabilities 27,292 9,222 26,194 Total equity and liabilities 30,943 15,025 29,579
The notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated interim statement of changes in equity
For the six months ended 30 June 2011
Attributable Ordinary Share-based Other Retained to owners share Share payment income earnings/ of Non-controlling Total capital premium reserve reserves (loss) the parent interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- --------- -------- ------------ --------- ---------- ------------- ---------------- -------- Balance at 31 December 2009 (audited) 583 34 1,988 (432) (4,336) (2,163) - (2,163) Profit for the period - - - - 8,112 8,112 - 8,112 Other comprehensive income for the period: Revaluation of available-for-sale financial assets - - - (10) - (10) - (10) Currency translation differences on foreign operations - - - (217) - (217) - (217) Transactions with owners, recorded directly in equity: Share-based payments: - share options charge - - 49 - - 49 - 49 - deferred share plan - - 31 - - 31 - 31 Own shares distributed (77,273 shares) 1 - - - - 1 - 1 -------------------- --------- -------- ------------ --------- ---------- ------------- ---------------- -------- Balance at 30 June 2010 (unaudited) 584 34 2,068 (659) 3,776 5,803 - 5,803 -------------------- --------- -------- ------------ --------- ---------- ------------- ---------------- -------- Loss for the period - - - - (2,395) (2,395) 8 (2,387) Other comprehensive income for the period: Revaluation of available-for-sale financial assets - - - (125) - (125) - (125) Currency translation differences on foreign operations - - - (65) - (65) - (65) Acquisition of subsidiaries - - - 242 - 242 - 242 Transactions with owners, recorded directly in equity: Share-based payments: - share options charge - - 9 - - 9 - 9 - deferred share plan - - (13) - - (13) - (13) Disposal of subsidiary - - (212) - 410 198 - 198 Shares issued in the period (77,273 shares) - - (9) - 9 - - - Own shares distributed (165,269 shares) - - (45) 45 - - - - Lapsed/forfeited share options - - (693) 693 - - - Arising on acquisition of subsidiaries - - - - - - (277) (277) Balance at 31 December 2010 (audited) 584 34 1,105 (562) 2,493 3,654 (269) 3,385 -------------------- --------- -------- ------------ --------- ---------- ------------- ---------------- -------- (Loss)/profit for the period - - - - (75) (75) 6 (69) Other comprehensive income for the period: Revaluation of available-for-sale financial assets - - - 56 - 56 - 56 Currency translation differences on foreign operations - - - 274 - 274 - 274 Transactions with owners, recorded directly in equity: Share based payments: - share options charge - - 2 - - 2 - 2 - deferred share plan - - 3 - - 3 - 3 Balance at 30 June 2011 (unaudited) 584 34 1,110 (232) 2,418 3,914 (263) 3,651 -------------------- --------- -------- ------------ --------- ---------- ------------- ---------------- --------
The notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of cash flows
For the six months ended 30 June 2011
6 months 6 months 12 months to to to 30 June 2011 30 June 2010 31 Dec 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ----------------------------------- ------------ ------------- ------------ Cash flows from operating activities Net cash inflow from operations 1,080 2,135 11,525 Taxation paid - (1,081) (1,295) ----------------------------------- ------------ ------------- ------------ Net cash inflow from operating activities 1,080 1,054 10,230 ----------------------------------- ------------ ------------- ------------ Cash flows from investing activities Interest received - - 37 Cash acquired in acquisition of subsidiaries - - 294 Cash held by subsidiary on disposal - - (750) Loan notes received - - (1,238) Disposal/write-off of investments 83 - 148 Subsequent expenditure on investment properties (20) - (78) Transfer to investment/foreign exchange reserve - - (6,773) Net purchase and disposal of property, plant and equipment (9) (226) (310) ----------------------------------- ------------ ------------- ------------ Net cash inflow/(outflow) from investing activities 54 (226) (8,670) ----------------------------------- ------------ ------------- ------------ Cash flows from financing activities Issue of equity shares - 1 1 Shareholders' loan draw-downs 475 468 680 Shareholders loans repayments (480) - (213) Facility fees paid (11) - 14 Finance lease principal repayments - (1) (1) Repayment of interest bearing loans (131) - (40) Interest paid (510) (57) (407) Interest rate swap valuation movement - - (210) ----------------------------------- ------------ ------------- ------------ Net cash (outflow)/inflow from financing activities (657) 411 (176) ----------------------------------- ------------ ------------- ------------ Net increase in cash and cash equivalents 477 1,239 1,384 ----------------------------------- ------------ ------------- ------------ Translation effect of exchange rate fluctuation on cash held 10 (69) 884 Cash and cash equivalents at beginning of period/year 562 (1,706) (1,706) ----------------------------------- ------------ ------------- ------------ Net cash and cash equivalents at end of period/year 1,049 (536) 562 ----------------------------------- ------------ ------------- ------------ Cash and cash equivalents comprise Bank balances 1,049 149 1,551 Bank overdraft used for cash management purposes - (685) (989) ----------------------------------- ------------ ------------- ------------ Cash and cash equivalents in the statement of cash flows 1,049 (536) 562 ----------------------------------- ------------ ------------- ------------ Reconciliation of profit from operations and discontinued activities to net cash inflow from operations Profit from operations including discontinued activities 186 8,619 6,546 Adjusted for: Depreciation of tangible assets 74 301 497 Share-based payments charge 5 80 76 (Increase)/decrease in receivables (857) (7,241) 1,057 Increase in payables 1,672 376 3,349 ----------------------------------- ------------ ------------- ------------ Net cash inflow from operations 1,080 2,135 11,525 ----------------------------------- ------------ ------------- ------------
The notes are an integral part of these condensed consolidated interim financial statements.
Notes to the condensed consolidated interim financial statements
For the six months ended 30 June 2011
1 Reporting entity
Speymill plc is a public limited company incorporated and domiciled in the Isle of Man (referred to as the Company). The address of the Company's registered office is 1st Floor, Regent House, 16-18 Ridgeway Street, Douglas, Isle of Man, IM1 1EN.
The condensed consolidated interim financial statements of the Company as at and for the six months ended 30 June 2011 comprises the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities"). The Group is primarily involved in real estate investment and construction operations.
1.1 Basis of preparation
(a) Statement of compliance
The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2010.
The condensed consolidated interim financial statements were authorised for issuance on 29 September 2011.
(b) Basis of measurement and functional currency
The Group condensed consolidated interim financial statements are presented in Pounds Sterling, rounded to the nearest thousand. They have been prepared on the historical cost basis except where assets and liabilities are required to be stated at their fair value.
(c) Use of estimates and judgement
The preparation of Group consolidated interim financial statements in conformity with International Financial Reporting Standards (IFRS) requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience, current and expected economic conditions, and in some cases actuarial techniques and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The significant judgments made by management in applying the Group's accounting policies and key sources of estimation of uncertainty were the same as those that were applied to the consolidated financial statements as at and for the year ended 31 December 2010.
(d) Determination and presentation of operating segments
The Group determines and presents operating segments based on the information that internally is provided to the CEO, who is the Group's chief operating decision maker. This accounting policy reflects the Group's adoption of IFRS 8 Operating Segments which took effect from 1 January 2009.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company's headquarters) and office expenses.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.
(e) Investment property
The investment properties were valued at their fair value at acquisition. The Directors review the carrying value of investment properties periodically taking into account factors such as the current economic environment. If it is felt appropriate an independent, external valuation will be sought to assist with this review.
(f) Non-current Assets Held for Sale and Discontinued Operations
The Group has adopted IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to account for the presentation of discontinued operations. Disclosure has been made of the operating results of discontinued operations and continuing operations.
The prior period results to 30 June 2010 have been re-presented to reflect the revised continuing and discontinued operations basis adopted in the Annual Report for the year ended 31 December 2010, in order to provide a more meaningful comparison.
(g) Financial risk management
The Group's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at 30 June 2011 and for the year ended 31 December 2010.
2 Segmental information - continuing operations
In respect of its continuing operations, the Group has three reportable segments, as described below, which are the Group's strategic business units. The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. The following summary describes the operations in each of the Group's reportable segments:
-- United Kingdom construction and refurbishment
-- Property investment
-- Other - head office and group administration costs
United Kingdom Construction and Property refurbishment investment Other Elimination Total For the six months ended 30 June 2011 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- -------------- ----------- -------- ------------ --------- External revenue 12,668 717 - - 13,385 Inter-segment revenue - - 1,189 (1,189) - ---------------- -------------- ----------- -------- ------------ --------- Total segment revenue 12,668 717 1,189 (1,189) 13,385 ---------------- -------------- ----------- -------- ------------ --------- Reportable segment (loss)/profit from operations before share-based payments (107) 415 376 (745) (61) Share-based payments - - (5) - (5) Finance income - 294 15 - 309 Finance costs (24) (584) (164) 217 (555) ---------------- -------------- ----------- -------- ------------ --------- Reportable segment (loss)/profit before tax (131) 125 222 (528) (312) ---------------- -------------- ----------- -------- ------------ --------- Depreciation (50) - (18) - (68) Reportable segment assets 4,899 24,295 1,285 - 30,479 Reportable segment liabilities (6,328) (16,695) (3,629) - (26,652) Segment capital expenditure (9) - - - (9) ---------------- -------------- ----------- -------- ------------ --------- United Kingdom Construction and Property refurbishment Investment Other Elimination Total For the six months ended 30 June 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- -------------- ----------- -------- ------------ -------- External revenue 5,977 - - - 5,977 Inter-segment revenue - - 1,285 (1,285) - ---------------- -------------- ----------- -------- ------------ -------- Total segment revenue 5,977 - 1,285 (1,285) 5,977 ---------------- -------------- ----------- -------- ------------ -------- Reportable segment (loss)/profit from operations before share-based payments (135) - 264 (577) (448) Share-based payments (6) - (16) - (22) Finance income - - - - - Finance costs (55) - (208) (22) (285) ---------------- Reportable segment (loss)/profit before tax (196) - 40 (599) (755) ---------------- -------------- ----------- -------- ------------ -------- Depreciation (56) - (16) - (72) Reportable segment assets 2,760 - 270 (184) 2,846 Reportable segment liabilities (4,694) - (3,327) 184 (7,837) Segment capital expenditure (7) - (1) - (8) ---------------- -------------- ----------- -------- ------------ -------- United Kingdom Construction and Property For the twelve months ended refurbishment investment Other Elimination Total 31 December 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------------- -------------- ----------- -------- ------------ --------- External revenue 14,987 546 - - 15,533 Inter-segment revenue - - 2,218 (2,218) - ---------------- -------------- ----------- -------- ------------ --------- Total segment revenue 14,987 546 2,218 (2,218) 15,533 ---------------- -------------- ----------- -------- ------------ --------- Reportable segment (loss)/profit from operations before share-based payments (486) 417 46 (473) (496) Share-based payments (9) - (52) - (61) Finance income - 210 3 - 213 Finance costs (93) (478) (386) 128 (829) ---------------- Reportable segment profit/ (loss) before tax (588) 149 (389) (345) (1,173) ---------------- -------------- ----------- -------- ------------ --------- Depreciation (106) - (32) - (138) Reportable segment assets 3,501 23,429 1,808 - 28,738 Reportable segment liabilities (5,726) (16,484) (3,422) - (25,632) Segment capital expenditure (10) - - - (10) ---------------- -------------- ----------- -------- ------------ --------- As at As at As at 30 June 30 June 2011 2010 31 Dec 2010 (unaudited) (unaudited) (audited) Reportable segment assets and liabilities reconciliation GBP'000 GBP'000 GBP'000 ----------------------------------- ------------- ------------ ------------ Segment assets for reportable segments 30,479 2,846 28,738 Segment assets for discontinued operations 464 12,179 841 ----------------------------------- ------------- ------------ ------------ Total assets per the balance sheet 30,943 15,025 29,579 ----------------------------------- ------------- ------------ ------------ Segment liabilities for reportable segments (26,652) (7,837) (25,632) Segment liabilities for discontinued operations (640) (1,385) (562) ----------------------------------- ------------- ------------ ------------ Total liabilities per the balance sheet (27,292) (9,222) (26,194) ----------------------------------- ------------- ------------ ------------
3 Discontinued operations information
In the Interim Report for 30 June 2010, the Group determined that two lines of business met the criteria to be treated under IFRS 5 as Non-current assets held for sale or discontinued operations. These were the Group's property services business except for GOAL construction GmbH and that part of the Group's property fund management business which specifically related to the management of the property investment fund Speymill Deutsche Immobilien Company plc ("SDIC").
For the purposes of the Annual Report for 31 December 2010, this basis was revised due to further developments and circumstances at that date, and the business segments deemed to be continuing and discontinued were subsequently revised.
In order to provide a meaningful comparison, the prior period results to 30 June 2010 have been re-presented to align with the continuing and discontinued operations basis adopted in the Annual Report for 31 December 2010. The results of these lines of business are set out below under the heading discontinued operations. The Group's two business segments treated as discontinued operations are as follows:
-- Property services business
-- Property fund management business
6 months 6 months 12 months to to to 30 June 30 June 31 Dec 2011 2010 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 -------------------------------------- ------------ ------------ ---------- Discontinued operations Turnover 840 12,081 17,897 Expenses (587) (10,243) (18,919) -------------------------------------- ------------ ------------ ---------- Profit/(loss) before tax of discontinued operations 253 1,838 (1,022) Gain on sale of discontinued activities - 7,281 8,173 Taxation (10) (252) (253) -------------------------------------- ------------ ------------ ---------- Profit after tax from discontinued operations 243 8,867 6,898 -------------------------------------- ------------ ------------ ----------
Earnings per share (pence) (note 7)
Basic earnings per ordinary share (pence) 0.42 15.19 11.81 Diluted earnings per share (pence) 0.42 15.19 11.81 ------------------------------------------- ----- ------ ------ 6 months 6 months 12 months to to to 30 June 30 June 2011 2010 31 Dec 2010 (unaudited) (unaudited) (audited) Cash flows of discontinued operations GBP'000 GBP'000 GBP'000 ----------------------------------- ------------- ------------ ------------ Operating cash flows (771) 529 8,381 Investing cash flows 83 (218) (8,268) Financing cash flows (1) 20 (40) ----------------------------------- ------------- ------------ ------------ Total cash flows (689) 331 73 ----------------------------------- ------------- ------------ ------------
4 Share-based payments
6 months to 6 months to 12 months to 30 June 2011 30 June 2010 31 Dec 2010 (unaudited) (unaudited) (audited) Share based payments within continuing operations GBP'000 GBP'000 GBP'000 --------------------------------- ------------- ------------- ------------- Share options 2 11 25 Provision for share issue 3 11 36 --------------------------------- ------------- ------------- ------------- 5 22 61 --------------------------------- ------------- ------------- -------------
5 Net finance costs
6 months 6 months 12 months to to to 30 June 30 June 2011 2010 31 Dec 2010 (unaudited) (unaudited) (audited) Finance costs of continuing operations GBP'000 GBP'000 GBP'000 ----------------------------------- ------------- ------------ ------------ Finance income Bank - - - Other interest receivable 15 - 3 Change in fair value of derivative financial instruments 294 - 210 309 - 213 ----------------------------------- ------------- ------------ ------------ Finance costs Bank charges and interest payable (27) (77) (181) Interest charge on interest bearing loans (367) - (308) Share holder loan and facility fees (161) (208) (339) Finance lease - - (1) Net finance costs (246) (285) (616) ----------------------------------- ------------- ------------ ------------
6 Taxation
There are currently no tax charges on continuing operations. This results from the fact that either operations are conducted in tax jurisdictions with a 0% tax rate for companies or that operations did not generate any taxable profits during the period, taking into account any available allowances and brought forward tax losses.
7 (Loss)/earnings per ordinary share
6 months to 6 months to 12 months to 30 June 2011 30 June 2010 31 Dec 2010 (unaudited) (unaudited) (audited) From continuing operations GBP'000 GBP'000 GBP'000 --------------------------------- ------------- ------------- ------------- Loss for the period/year from continuing operations (318) (755) (1,181) --------------------------------- ------------- ------------- ------------- No. No. No. Basic weighted average number of shares in issue 58,389,555 58,388,267 58,388,918 Employee share options and provisions for share issue - - - --------------------------------- ------------- ------------- ------------- Basic loss per ordinary share (pence) (0.54) (1.29) (2.02) Dilutive effect of employee share options - - - ------------- ------------- Diluted loss per share (pence) (0.54) (1.29) (2.02) --------------------------------- ------------- ------------- -------------
8 Called up share capital
6 months to 6 months to 12 months to 30 June 2011 30 June 2010 31 Dec 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 --------------------------------- ------------- ------------- ------------- Authorised 5,000 5,000 5,000 ------------- ------------- ------------- 500,000,000 ordinary shares of 1p each --------------------------------- ------------- ------------- ------------- No. No. No. --------------------------------- ------------- ------------- ------------- Issued and fully paid At beginning of period/year 58,389,555 58,312,282 58,312,282 Exercise of share options - 77,273 77,273 --------------------------------- At end of period/year 58,389,555 58,389,555 58,389,555 --------------------------------- ------------- ------------- -------------
9 Interest bearing loans
6 months 6 months 12 months to to to 30 June 30 June 2011 2010 31 Dec 2010 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ----------------------------------- ------------- ------------ ------------ Under the terms of the loan agreement the interest bearing loans are repayable as follows: On demand or within one year 176 - 176 In the second year 186 - 186 In the third to fifth years inclusive 15,322 - 14,553 After 5 years - - - ----------------------------------- ------------- ------------ ------------ 15,684 - 14,915 ----------------------------------- ------------- ------------ ------------
The Group's interest-bearing loans are carried at amortised cost. As at 30 June 2011, the Group had two secured bank loan facilities amounting to GBP15.7m (31 December 2010: GBP14.9m). Each of the Group's interest-bearing loan facilities has been secured by charges on investments properties, rental income, bank accounts, other assets and undertakings within the related financing packages.
Deutsche Genossenschafts-Hypothekenbank AG is the sole lender for the two financing packages, as detailed below:
Horsfield Limited
The balance outstanding under this facility at the period-end was GBP8,545,648 (31 December 2010: GBP8,126,366). The facility amount at original drawdown was EUR 9,807,200. The interest rate is fixed at 4.615% per annum inclusive of margin. Interest is payable quarterly in arrears. The loan is currently amortising at 1.17% of the original loan amount per annum and is repayable on the repayment date of 31 December 2014.
Wyatt Limited
The balance outstanding under this facility at the period-end was GBP7,138,831 (31 December 2010: GBP6,788,573). The facility amount at original drawdown was EUR 8,192,700. The interest rate is fixed at 4.615% per annum inclusive of margin. Interest is payable quarterly in arrears. The loan is currently amortising at 1.17% of the original loan amount per annum and is repayable on the repayment date of 31 December 2014.
10 Guarantees and other financial commitments
As is normal within the construction sector, the Group has given Parent Company Guarantees in relation to work completed by Speymill Contracts and has provided performance bonds with a value of GBP765,117 (31 December 2010: GBP1,621,767). The Group had no capital commitments (31 December 2010: GBPnil).
The Group has guaranteed the overdrafts of its subsidiaries. As at 30 June 2011, the total commitment was GBPnil (31 December 2010: GBP988,919).
11 Related party transactions
Loan facility
As set out in the Annual Report for 31 December 2010 and announced on 27 June 2011, the Company secured further financing by way of a committed loan facility from one of its directors, Jim Mellon and Burnbrae Limited. The overall limit of the principal on the loan facility is GBP5m and it will expire on 30 June 2012. Further details were set out in the Annual Report. As at 30 June 2011, the total balance of the facility utilised was GBP3.39m including principal, facility fees and accrued interest.
12 Interim Report
Copies of the Interim Report for the six months to 30 June 2011 will be available from the Company's registered office once they have been posted to shareholders and on the Company's website, www.speymill.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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