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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 : 0605S
Stewart & Wight PLC
21 June 2018
STEWART & WIGHT PLC
CHAIRMAN'S STATEMENT
A very disappointing end to the year. Although rental income was at a very good level of GBP1,002,857 for the year (GBP938,342 in 2016/17), the independent revaluation of the company's property portfolio revealed a drop in value of GBP1,595,000 from that of 31 March 2017. This represented a decrease of 12.1%. As a result, the Company recorded a loss of GBP868,212 for the year 2017/18.
The reduction in the value of the company's properties was particularly evident in the last six months of the year due mainly to the consequences of the failure of a number of national retailers leaving vacant properties on the high street. This, together with the growth of internet shopping, increased business rates and staff wages have all led to a general fall in rental values. The company's shop property in Falmouth let to New Look is an example of where the rent is currently reduced following that Company's CVA and the property's future is uncertain.
The Board considers that the possibility of any general increase in retail property rents and values is rather low at the present time. For this reason, they are rather hesitant in purchasing any new retail properties to add to the Company's portfolio. They have investigated purchasing non retail properties at reasonable prices but so far have been unsuccessful in their efforts. The search continues.
During the year under review, the Company sold its property in Bangor and also the rear garden of its property in Weybridge at a total gain of GBP75,631. No new properties were purchased. The value of the properties remaining in the Company's portfolio is falling as and when leases expire because there is little prospect of re-letting at current rental levels.
Administrative expenses were slightly higher at GBP107,267 compared with GBP95,708 in 2016/7. Financial expenses were GBP58,369 as against GBP54,026 in the previous year. An interim dividend of 10 pence per share was paid in March 2018 and the Board has decided not to recommend a final dividend. The net asset value of each ordinary share was GBP6.35 on 31 March 2018 compared with GBP7.13 a year earlier.
The Board is mindful that although the Company's shares are quoted on the London Stock Exchange the market is extremely limited and there are difficulties in selling or buying shares in any significant amounts. For this reason, the Board has decided that the company should make a tender offer to purchase all the Company's shares. This will enable shareholders (other than me and my family) to realise their investment in the Company and obtain cash for their shares without any sale expenses at a price of GBP5.90 per share representing a premium of 12.4% over the closing price of GBP5.25 on 18 June 2018 and 12.4% over the price at which the Company's shares were last traded. On conclusion of the offer the listing of the shares will be cancelled.
These proposals require the approval of shareholders. Further details of these proposals and how to accept the offer and notice convening a general meeting on 17 July 2018 to approve the proposals are set out in a circular to shareholders which is being sent today and will be available on the Company's website.
In conclusion, I would like to thank my co-directors and all the Company's advisors for their continued help and guidance in a difficult year.
MICHAEL CONN
Chairman
20 June 2018
Stewart & Wight PLC
Statement of comprehensive income (audited)
for the year ended 31 March 2018
Year to 31 Year to 31 March March 2018 2017 GBP GBP ------------ ----------- Gross rental income 1,002,857 938,342 Property operating expenses (33,510) (44,278) ------------ ----------- Net rental income 969,347 894,064 Profit on disposal of investment property 75,631 60,327 Valuation gains on investment properties 35,000 598,052 Valuation losses on investment properties (1,630,000) (697,039) Administrative expenses (107,267) (95,708) ------------ ----------- Net operating (loss)/profit before financing (657,289) 759,696 Financial expenses (58,369) (54,026) ------------ ----------- (Loss)/profit before taxation (715,658) 705,670 Taxation (152,554) (149,947) ------------ ----------- (Loss)/profit and total comprehensive income (868,212) 555,723 Basic (loss)/earnings per share (55.36)p 35.44p ------------ -----------
Stewart & Wight PLC
Balance sheet (audited)
as at 31 March 2018
31 March 2018 31 March 2017 GBP GBP -------------- -------------- Assets Non-current assets Investment property 11,580,000 13,605,000 Total non current assets 11,580,000 13,605,000 ============== ============== Current assets Trade and other receivables - 14,675 Cash and cash equivalents 597,111 129,520 -------------- -------------- Total current assets 597,111 144,195 -------------- -------------- Total assets 12,177,111 13,749,195 ============== ============== Liabilities Current liabilities Interest bearing loan and borrowings 117,334 117,332 Current tax 152,705 148,866 Trade and other payables 268,983 318,328 -------------- -------------- Total current liabilities 539,022 584,526 -------------- -------------- Non-current liabilities Interest bearing loans and borrowings 1,683,499 1,800,835 Total non-current liabilities 1,683,499 1,868,167 -------------- -------------- Total liabilities 2,222,521 2,385,361 -------------- -------------- Net assets 9,954,590 11,363,834 ============== ============== Equity Called up share capital 89,866 89,866 Other reserve 25,670 25,670 Share premium reserve 246,000 246,000 Retained earnings 9,593,054 11,002,298 -------------- -------------- Total equity 9,954,590 11,363,834 ============== ==============
Stewart & Wight PLC
Statement of Changes in Shareholders' Equity (audited)
from 1 April 2016 to 31 March 2018
Retained Other Share capital Total earnings reserves GBP GBP GBP GBP At 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 and 1 April 2017 11,002,298 271,670 89,866 11,363,834 Total comprehensive income (868,212) - - (868,212) Dividends to shareholders (541,032) - - (541,032) As at 31 March 2018 9,593,054 271,670 89,866 9,954,590 ============ ========== ============== ===========
Shareholders' funds include non-equity shareholders' funds of GBP11,456 (2017: 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 2018
Year to 31 Year to 31 March March 2018 2017 GBP GBP ----------- ------------ Operating activities (Loss)/profit for the period (868,212) 555,723 Adjustments for: Net valuation gains on investment property 1,595,000 98,987 Profit on disposal of investment property (75,631) (60,327) Interest expense 58,369 54,026 Taxation 152,554 149,947 ----------- ------------ Operating profit before changes in working capital and provisions 862,080 798,356 Change in receivables 14,675 (14,675) Change in payables (49,345) (8,194) ----------- ------------ Cash generated from operations 827,410 775,487 Net interest paid (58,369) (54,026) Tax paid (148,715) (138,788) ----------- ------------ Cash flow from operating activities 620,326 582,673 ----------- ------------ Investing activities Purchase of investment property - (2,638,987) Sale of investment property 505,631 1,200,327 Cash flow from/(used) in investing activities 505,631 (1,438,660) ----------- ------------ Financing activities Cash inflow from loans - 1,010,000 Cash outflow from loan repayments (117,334) (66,833) Dividend paid (541,032) (376,370) ----------- ------------ Cash flow used in financing activities (658,366) 566,797 ----------- ------------ Net increase/(decrease) in cash and cash equivalents 467,591 (289,190) Cash and cash equivalents at 1 April 2017 129,520 418,710 ----------- ------------ Cash and cash equivalents at 31 March 2018 597,111 129,520 =========== ============
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 20 June 2018.
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 31 Year to 31 March March 2018 2017 GBP GBP Current tax 152,705 148,866 Adjustment in respect of previous year (151) 1,081 152,554 149,947 ============== ================== There is a potential deferred tax asset of GBP693,569 (2017: GBP520,027) 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 (Loss)/earnings per share The calculation of profit per share is based on the loss for the period of GBP868,212 (2017: Profit; GBP555,723) and on 1,568,209 shares (2017: 1,568,209) which is the weighted average number of shares in issue during the year ended 31 March 2018. 5 Dividends Year to 31 Year to 31 March 2018 March 2017 GBP GBP The following dividends have been paid by the Company Ordinary shares - final dividend paid 541,032 376,370 -------------- ------------------ 541,032 376,370 ============== ================== Dividends of 34.5p per ordinary share were paid in the year. A second interim dividend was paid just before the year end of 10 pence per ordinary share amounting to GBP156,821 and has been included in these accounts. 6 Investment Property 31 March 2018 31 March 2017 GBP GBP Valuation at 1 April 2017 13,605,000 12,205,000 Additions - 2,638,987 Disposals (430,000) (1,140,000) (Deficit)/surplus on revaluation (1,595,000) (98,987) -------------- ------------------ As at 31 March 2018 11,580,000 13,605,000 ============== ================== Boddy & Edwards, independent chartered surveyors, carried out an independent valuation of the properties at a fair value amounting to GBP11,580,000 at 31 March 2018. 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. 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. 8. Accounting policies The accounting policies have been consistently applied and are consistent with the most recently published full accounts. 9. 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 2018 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 2018 and subsequently filed at Companies House. 10. 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
Neil Morss ,Walker Crips Stockbrokers Limited, Old Change House, 128 Queen Victoria Street,
London ,EC4V 4BJ.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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR EAXKEAADPEFF
(END) Dow Jones Newswires
June 21, 2018 02:00 ET (06:00 GMT)
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