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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 |
From Apr 2019 to Apr 2024
TIDMSTE
RNS Number : 3317P
Stewart & Wight PLC
17 November 2016
STEWART & WIGHT PLC - HALF YEARLY REPORT TO 30 SEPTEMBER 2016
Chairman's Statement
I have to report that the Company made a net loss of GBP101,976 after expenses and taxation for the half-year to 30 September 2016 compared with a profit of GBP522,125 for the similar period in 2015. The loss was due to a lower revaluation of the company's portfolio as at 30 September 2016 compared with the valuation of 31 March 2016. The revaluation was carried out by the Board of your company and had regard to the uncertainties of the market and the shortening of the lengths of the leases of the properties held in the portfolio. The value of the properties owned throughout the half year (excluding those purchased or sold) decreased by 0.3 per cent.
Gross rental income from the Company's properties increased from GBP421,177 to GBP442,107. Property operating expenses were slightly higher at GBP14,080 from GBP12,905. Administrative expenses were lower at GBP45,597 compared with GBP51,931. All of the Company's tenants are up to date with their rents and there are no vacancies in the portfolio.
During the half year, the Company sold both its properties in South Shields resulting in a gain of GBP9,965 over the total book values. In April this year, a freehold retail property in Truro let to TReds was purchased at a total cost of GBP795,000. The rent receivable is GBP75,000 per annum but this is likely to reduce when the lease expires in 2019.
The Board continues in its policy to acquire further properties and since the end of the half year a property in a prime position in High Street Barnstable let to Costa has been purchased at the price of GBP1,130,000 plus expenses. The rent receivable is GBP85,000 per annum and again the rent is likely to reduce when the lease expires in 2018. In order to fund this purchase, the company has borrowed a further GBP1,000,000 from Barclays Bank.
The net asset value of the Company's shares fell from GBP7.13 per share as at 31 March to GBP6.96 as at 30 September 2016.
The Board has decided to leave a decision as to the payment of an interim divided until early in 2017.
MICHAEL CONN
Chairman
17 November 2016
Hot Features
Premium
Consolidated
statement of
comprehensive
income (unaudited)
for the six months
ended 30 September
2016
Six
Six months Year
months to to
to 30/09/2016 30/09/2015 31/03/2016
---------------- --------------- ----------------
GBP GBP GBP
Gross rental
income 442,107 421,177 901,717
Property operating
expenses (14,080) (12,905) (86,862)
---------------- --------------- ----------------
Net rental income 428,027 408,272 814,855
Profit/(loss)
on disposal of
investment property 9,965 (5,996) (62,299)
Valuation gains
on investment
property 80,000 410,000 1,265,053
Valuation losses
on investment
property (480,290) (158,084) (170,000)
Administrative
expenses (45,597) (51,931) (98,206)
---------------- --------------- ----------------
Net operating
(loss)/profit
before financing (7,895) 602,261 1,749,403
Financial expenses (17,011) (11,085) (27,276)
---------------- --------------- ----------------
(Loss)/profit
before taxation (24,906) 591,176 1,722,127
Taxation (note
4) (77,070) (69,051) (138,788)
---------------- --------------- ----------------
(Loss)/profit
for financial
period (101,976) 522,125 1,583,339
================ =============== ================
(Loss)/earnings
per share (note
5) (6.5)p 33.32p 100.96p
================ =============== ================
Consolidated
balance sheet
(unaudited)
as at 30 September
2016
30 Sept 30 Sept 31 March
2016 2015 2016
---------------- --------------- ----------------
GBP GBP GBP
Assets
Non-current
assets
Investment property
(Note 3) 12,115,000 10,985,000 12,205,000
---------------- --------------- ----------------
Total non-current
assets 12,115,000 10,985,000 12,205,000
---------------- --------------- ----------------
Current assets
Cash and cash
equivalents 227,117 723,030 418,710
---------------- --------------- ----------------
Total current
assets 227,117 723,030 418,710
---------------- --------------- ----------------
Total assets 12,342,117 11,708,030 12,623,710
---------------- --------------- ----------------
Liabilities
Current liabilities
Interest bearing
loan and borrowings 50,000 50,000 50,000
Current tax 214,777 67,971 137,707
Trade and other
payables 257,311 265,881 326,522
---------------- --------------- ----------------
Total current
liabilities 522,088 383,852 514,229
---------------- --------------- ----------------
Non-current
liabilities
Interest bearing
loan and borrowings 900,000 950,000 925,000
---------------- --------------- ----------------
Total non-current
liabilities 900,000 950,000 925,000
---------------- --------------- ----------------
Total liabilities 1,422,088 1,333,852 1,439,229
---------------- --------------- ----------------
Net assets 10,920,029 10,374,178 11,184,481
================ =============== ================
Equity
Capital and
reserves
Called up share
capital 89,866 89,866 89,866
Other reserves 25,670 25,670 25,670
Share premium
reserve 246,000 246,000 246,000
Retained earnings 10,558,493 10,012,642 10,822,945
---------------- --------------- ----------------
Total equity 10,920,029 10,374,178 11,184,481
---------------- --------------- ----------------
Consolidated
cash flow statement
(unaudited)for
the six months
ended 30 September
2016
Six
Months Six
to months Year
30/09/2016 to 30/09/2015 to 31/03/2016
---------------- --------------- ----------------
GBP GBP GBP
Operating activities
(Loss)/profit
for the period (101,976) 522,125 1,583,339
Adjustments
for:
Net valuation
loss/(profit)
on investment
property 400,290 (251,916) (1,095,053)
(Profit)/loss
on disposal
of investment
property (9,965) 5,996 62,299
Interest expense 17,011 11,085 27,276
Tax expense 77,070 69,051 138,788
---------------- --------------- ----------------
Operating profit
before changes 382,430 356,341 716,649
in working capital
and provisions
Changes in payables (69,211) (54,555) 6,086
---------------- --------------- ----------------
Cash generated
from operations 313,219 301,786 722,735
Net interest
paid (17,011) (11,085) (27,276)
Tax paid - (32,244) (32,245)
---------------- --------------- ----------------
Cash flow from
operating activities
investing activities 296,208 258,457 663,214
---------------- --------------- ----------------
Purchase of
investment property (795,290) (1,138,084) (1,664,947)
Sale of investment
property 494,965 594,004 687,701
---------------- --------------- ----------------
Cash used in
investing activities (300,325) (544,080) (977,246)
---------------- --------------- ----------------
Financing activities
Cash inflow
from loans - - 2,020,000
Cash outflow
from loan repayments (25,000) 1,000,000 (1,045,000)
Dividend paid (162,476) (109,775) (360,686)
---------------- --------------- ----------------
Cash flow from
finance activities (187,476) 890,225 614,314
---------------- --------------- ----------------
Net increase/(decrease)
in cash and
cash equivalents (191,593) 604,602 300,282
Cash and cash
equivalents
at 1 April 2016 418,710 118,428 118,428
Cash and cash
equivalents
at 30 September
2016 227,117 723,030 418,710
---------------- --------------- ----------------
Consolidated
statement of
changes in equity
from 1 April
2015 to 30 September
2016 (unaudited)
Retained Other
earnings reserves
-------------- --------------------
GBP GBP
i) 1 April 2016
to 30 September
2016
As at 1 April
2016 10,822,945 271,670
Total comprehensive
income (101,976) -
Dividends to
shareholders (162,476) -
--------------- --------------------
As at 30 September
2016 10,558,493 271,670
--------------- --------------------
ii) 1 April
2015 to 30 September
2015
As at 1 April
2015 9,600,292 271,670
Total comprehensive
income 522,125 -
Dividends to
shareholders (109,775)
--------------- --------------------
As at 30 September
2015 10,012,642 271,670
--------------- --------------------
iii) 1 April
2015 to 31 March
2016
As at 1 April
2015 9,600,292 271,670
Total comprehensive
income 1,583,339 -
Dividends to
shareholders (360,686) -
--------------- --------------------
As at 31 March
2016 10,822,945 271,670
--------------- --------------------
Notes to the accounts
1. Interim report
This interim report will not appear
in any newspaper but copies will
be sent to all shareholders and
is available at the company's registered
office and at the company's web
site. The results for the six months
ended 30 September 2016 are unaudited.
The interim report does not constitute
full accounts as defined by the
Companies Act 2006 but should be
read in conjunction with the most
recent financial statements. Full
accounts for 31 March 2016 have
been delivered to the Registrar
of Companies, bearing an unqualified
audit opinion.
2. Basis of preparation
The financial statements have been
prepared under the historical cost
basis as modified by the revaluation
of investment properties.
These accounts have been prepared
in accordance with IAS 34.
The accounting policies have been
consistently applied and are consistent
with those used in the previous
year.
3. Investment properties
Cost or valuation GBP
At 1 April 2016 12,205,000
Additions 795,290
Disposals (485,000)
Revaluation (400,290)
--------------
At 30 September 2016 12,115,000
==============
The Directors' have revalued the
investment properties at fair
value in line with the company
accounting policy set out in the
notes to the full accounts as
at 30 September 2016. The investment
properties were professionally
valued at 31 March 2016.
4. Taxation
Six Six
months months Year
to to to
30/09/2016 30/09/2015 31/03/2016
GBP GBP GBP
--------------- --------------- ----------------
Current tax 77,070 69,051 138,788
--------------- --------------- ----------------
77,070 69,051 138,788
=============== =============== ================
The taxation charge has been based
on the estimated effective tax
rate for the full year.
5. Loss/earnings
per share
The calculation of earnings per
share is based on the loss for
the period
of GBP101,976 (2015: Profit of
GBP522,125) and on 1,568,209 shares
(2015: 1,566,783) which is the
weighted average number of shares
in issue during the period ended
30 September 2016 and throughout
the period since 1 April 2015.
6. Statutory information
The registered office of the company
is at 845 Finchley Road, London
NW11 8NA.The web site address
of the company is www.stewartandwightplc.co.uk.
The company registration number
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKADKKBDDDDD
(END) Dow Jones Newswires
November 17, 2016 02:00 ET (07:00 GMT)
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