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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Stewart & Wight | LSE:STE | London | Ordinary Share | GB0008556192 | 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% | 525.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTE
RNS Number : 3388H
Stewart & Wight PLC
07 June 2017
STEWART & WIGHT PLC
-
CHAIRMAN'S STATEMENT
A satisfactory year. I am pleased to report that the Company made a net profit of GBP555,723
after tax and expenses for the year ended 31 March 2017. Gross rental income rose to GBP938,342 compared with GBP901,717 in the previous year. Administrative expenses were GBP95,708 as against GBP98,206 previously. Financial expenses rose to GBP54,026 (GBP27,276) due to increased borrowing as mentioned below.
The properties owned by the Company as at 31 March 2017 were valued professionally at GBP13,605,000. The value of the properties owned throughout the year (excluding those purchased or sold) decreased by 1.45 per cent. During the year the Company sold its two properties in South Shields which in aggregate led to a slight gain over their previous valuation. The property in Woodbridge which the Company purchased in 2015 and let to Joules was sold at a significant gain. During the year the Company purchased three new properties in Truro, Barnstaple and Middlesbrough respectively. The Board considers that they will prove to be valuable additions to the Company's portfolio of properties. All the Company's tenants are up-to-date with their rents and there are no vacancies.
In order to finance the purchase of the properties mentioned above, the Company has taken a further loan of GBP1 million from Barclays Bank. In addition, the Company has also been taking bridging finance from a related party at an interest rate of 4% per annum. The Board continues to search for property investments to add to the Company's portfolio and will borrow further when, and if, appropriate.
An interim dividend of 10 pence per ordinary share was paid in April 2017 and the Board has decided to recommend a final dividend of 14.5p per share payable on 18 October 2017 to shareholders registered at close of business on 22 September 2017. This represents a total dividend of 24.5p per share compared with 24p last year.
The net asset value of each ordinary share was GBP7.25 per share as at 31 March 2017 compared with GBP7.13 at 31 March 2016.
The Board has chosen the same venue as last year for this year's Annual General Meeting which will be held at Stanmore Golf Club, 29 Gordon Avenue, Stanmore on 6 September 2017.
In conclusion, I would like to thank my co-directors and the Company's advisers for their continued help and assistance.
MICHAEL CONN
Chairman
6 June 2017
Stewart & Wight PLC
Statement of comprehensive income (audited)
for the year ended 31 March 2017
Year to Year to 31 March 31 March 2017 2016 GBP GBP ----------------------- ---------- Gross rental income 938,342 901,717 Property operating expenses (44,278) (86,862) ----------------------- ---------- Net rental income 894,064 814,855 Profit/(Loss) on disposal of investment property 60,327 (62,299) Valuation gains on investment properties 598,052 1,265,053 Valuation losses on investment properties (697,039) (170,000) Administrative expenses (95,708) (98,206) ----------------------- ---------- Net operating profit before financing 759,696 1,749,403 Financial expenses (54,026) (27,276) ----------------------- ---------- Profit before taxation 705,670 1,722,127 Taxation 149,947 138,788 ----------------------- ---------- Profit and total comprehensive income 555,723 1,583,339 Basic earnings per share 35.44p 100.96p ----------------------- ----------
Stewart & Wight PLC
Balance sheet (audited)
as at 31 March 2017
31 March 31 March 2017 2016 GBP GBP ----------- ----------- Assets Non-current assets Investment property 13,605,000 12,205,000 Total non current assets 13,605,000 12,205,000 =========== =========== Current assets Trade and other receivables 14,675 - Cash and cash equivalents 129,520 418,710 ----------- ----------- Total current assets 144,195 418,710 ----------- ----------- Total assets 13,749,195 12,623,710 =========== =========== Liabilities Current liabilities Interest bearing loan and borrowings 117,332 50,000 Current tax 148,866 137,707 Trade and other payables 318,328 326,522 ----------- ----------- Total current liabilities 584,526 514,229 ----------- ----------- Non-current liabilities Interest bearing loans and borrowings 1,800,835 925,000 Total non-current liabilities 1,868,167 925,000 ----------- ----------- Total liabilities 2,385,361 1,439,229 ----------- ----------- Net assets 11,363,834 11,184,481 =========== =========== Equity Called up share capital 89,866 89,866 Other reserve 25,670 25,670 Share premium reserve 246,000 246,000 Retained earnings 11,002,298 10,822,945 ----------- ----------- Total equity 11,363,834 11,184,481 =========== ===========
Stewart & Wight PLC
Statement of Changes in Shareholders' Equity (audited)
from 1 April 2015 to 31 March 2017
Retained Other Share Total earnings reserves capital GBP GBP GBP GBP At 1 April 2015 9,600,292 271,670 89,866 9,961,828 Total comprehensive income 1,583,339 - - 1,583,339 Dividends to shareholders (360,686) - - (360,686) As at 31 March 2016 and 1 April 2016 10,822,945 271,670 89,866 11,184,481 Total comprehensive income 555,723 - - 555,723 Dividends to shareholders (376,370) - - (376,370) As at 31 March 2017 11,002,298 271,670 89,866 11,363,834 ============ ========== ========= ===========
Shareholders' funds include non-equity shareholders' funds of GBP11,456 (2016: GBP11,456). These relate to deferred ordinary shares of 328p each and have attached to them the right to a return of capital on winding up; they do not confer any voting, dividend or redemption rights. The company has the right to purchase all of the deferred shares in issue for an aggregate consideration of GBP1.00.
Stewart & Wight PLC
Cash flow statement (audited)
for the year ended 31 March 2017
Year to Year to 31 March 31 March 2017 2016 GBP GBP ------------ ------------ Operating activities Profit for the period 555,723 1,583,339 Adjustments for: Net valuation gains on investment property 98,987 (1,095,053) (Profit)/loss on disposal of investment property (60,327) 62,299 Interest expense 54,026 27,276 Taxation 149,947 138,788 ------------ ------------ Operating profit before changes in working capital and provisions 798,356 716,649 Change in receivables (14,675) - Change in payables (8,194) 6,086 ------------ ------------ Cash generated from operations 775,487 722,735 Net interest paid (54,026) (27,276) Tax paid (138,788) (32,245) ------------ ------------ Cash flow from operating activities 582,673 663,214 ------------ ------------ Investing activities Purchase of investment property (2,638,987) (1,664,947) Sale of investment property 1,200,327 687,701 Sale of investment Cash used in investing activities (1,438,660) (977,246) ------------ ------------
Financing activities Cash inflow from loans 1,010,000 2,020,000 Cash outflow from loan repayments (66,833) (1,045,000) Dividend paid (376,370) (360,686) ------------ ------------ Cash flow from financing activities 566,797 614,314 ------------ ------------ Net (decrease)/increase in cash and cash equivalents (289,190) 300,282 Cash and cash equivalents at 1 April 2016 418,710 118,428 ------------ ------------ Cash and cash equivalents at 31 March 2017 129,520 418,710 ============ ============
Stewart & Wight PLC
Notes to the accounts
1. This preliminary announcement was approved for issue by a duly appointed and authorised committee of the Board of Directors on 6 June 2017.
2. Basis of preparation
While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed for the use in the European Union, this announcement does not itself contain sufficient information to comply with IFRS.
3 Taxation Year to Year to 31 March 31 March 2017 2016 GBP GBP Current tax 148,866 138,788 Adjustment in respect 1,081 - of previous year 149,947 138,788 ============ ============ There is a potential deferred tax asset of GBP520,027 (2016: GBP487,000) in respect of capital losses and the revaluation of properties. In accordance with the deferred tax accounting policy, the deferred tax asset is not being recognised on the basis that it is not probable that taxable capital gains will be available against which these deductible temporary timing differences can be utilised. 4 Earnings per share The calculation of profit per share is based on the profit for the period of GBP555,723 (2016: GBP1,583,339) and on 1,568,209 shares (2016: 1,568,209) which is the weighted average number of shares in issue during the year ended 31 March 2017. 5 Dividends Year to Year to 31 March 31 March 2017 2016 GBP GBP The following dividends have been paid by the Company Ordinary shares - final dividend paid 376,370 360,686 ------------ ------------ 376,370 360,686 ============ ============ Dividends of 24p per ordinary share were paid in the year. The proposed dividend for the year ended 31 March 2017 is 14.5 pence per ordinary share and is subject to approval by the shareholders at the annual general meeting and has not been included in these financial statements. The total dividend proposed amounts to GBP227,390. An interim dividend was paid after the year end of 10 pence per ordinary share amounting to GBP156,821 and has not been included in these accounts. 6 Investment Property 31 March 31 March 2017 2016 GBP GBP Valuation at 1 April 2016 12,205,000 10,195,000 Additions 2,638,987 1,664,947 Disposals (1,140,000) (750,000) (Deficit)/surplus on revaluation (98,987) 1,095,053 ------------ ------------ As at 31 March 2017 13,605,000 12,205,000 ============ ============ Boddy & Edwards, independent chartered surveyors, carried out an independent valuation of the properties at a fair value amounting to GBP13,605,000 at 31 March 2017. The valuation was made in accordance with the appraisal and valuation manual of the Royal Institution of Chartered Surveyors with key basis including location, rental growth and length of lease. This has been reflected in these accounts. 7 Final and interim ordinary dividend A final ordinary dividend of 14.5 pence per ordinary share will be paid on 18 October 2017 to shareholders registered at the close of business on 22 September 2017. An interim dividend was paid on 4 April 2017 of 10 pence per ordinary share. 8. Share capital The aggregate issued share capital of the company remained GBP89,866 being 1,568,209 ordinary shares of 5p each and 3,489 deferred ordinary shares of 328p each. 9 Accounting policies The accounting policies have been consistently applied and are consistent with the most recently published full accounts. 10 Limitation The above does not constitute full accounts within the meaning of section 434 of the Companies Act 2006. It is an extract from the full accounts for the year ended 31 March 2017 which are audited. The auditor's report on those financial statements is unqualified and does not contain any statement under section 498(2) or (3) of the Companies Act 2006. The accounts will be posted to all shareholders on or before 6 August 2017 and subsequently filed at Companies House. 11 The Annual General Meeting will be held on 6 September 2017 12 The registered office of the company is at 845 Finchley Road, London NW11 8NA. The incorporation number of the company is 57142
For enquiries about buying and selling shares in Stewart and Wight Plc please contact Mr
Lawrence Marshom ,Walker Crips Stockbrokers Limited, Finsbury Tower,103-105 Bunhill Row,
London ,EC1Y 8LZ.Telephone:44 (0)20 3100 8660
Registered office - 845 Finchley Road, London, NW11 8NA, Registered in England No, 57142
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKKKEFDXEFF
(END) Dow Jones Newswires
June 07, 2017 02:00 ET (06:00 GMT)
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