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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 : 6246W
Stewart & Wight PLC
16 November 2017
Chairman's Statement
I am pleased to report that the Company made a net profit of GBP204,534 after tax and expenses for the half year to 30 September compared with a loss of GBP101,976 for the similar period in 2016. Included in expenses is the amount of GBP135,000 being the reduction in value of the Company's property portfolio as at 30 September 2017 compared with the valuation of 31 March 2017- a decrease of approximately one per cent.
There were no changes in the content of the property portfolio during the six months in question. The valuation was carried out by the Board and had regard to the continuing uncertainties in the market and, in particular, to the shortening of the leases of the properties. The Board continues to search for suitable properties to add to the Company's portfolio and will sell existing properties where future growth cannot be foreseen.
Gross rental income from the Company's properties increased from GBP442,107 to GBP516,216 due to the acquisition of three properties in the previous year. Property operating expenses increased slightly to GBP17,470 from GBP14,080. Administrative expenses were higher at GBP50,256 compared with GBP45,597. Due to increased bank borrowing, interest payments were GBP29,312 compared with GBP17,011 in the previous half year. All the Company's tenants are up-to-date with their rents and there are no vacancies.
The net asset value of the Company's shares rose from GBP7.25 on 31 March to GBP7.28 as at 30 September 2017.
As in previous years, the Board has decided to leave a decision as to payment of an interim dividend until early next year.
Michael Conn
Chairman
16 November 2017
Hot Features
Premium
Consolidated
statement of
comprehensive
income (unaudited)
for the six months
ended 30 September
2017
Six
Six months Year
months to to
to 30/09/2017 30/09/2016 31/03/2017
----------------- --------------- ----------------
GBP GBP GBP
Gross rental
income 516,216 442,107 938,342
Property operating
expenses (17,470) (14,080) (44,278)
----------------- --------------- ----------------
Net rental income 498,746 428,027 894,064
Profit/(loss)
on disposal of
investment property - 9,965 60,327
Valuation gains
on investment
property 70,000 80,000 598,052
Valuation losses
on investment
property (205,000) (480,290) (697,039)
Administrative
expenses (50,256) (45,597) (95,708)
----------------- --------------- ----------------
Net operating
profit/(loss)
before financing 313,490 (7,895) 759,696
Financial expenses (29,312) (17,011) (54,026)
----------------- --------------- ----------------
Profit/(loss)
before taxation 284,178 (24,906) 705,670
Taxation (note
4) (79,644) (77,070) (149,947)
----------------- --------------- ----------------
Profit/(loss)
for financial
period 204,534 (101,976) 555,723
================= =============== ================
(Loss)/earnings
per share (note
5) 13.04p (6.5)p 35.44p
================= =============== ================
Consolidated
balance sheet
(unaudited)
as at 30 September
2017
30 Sept 30 Sept 31 March
2017 2016 2017
----------------- --------------- ----------------
GBP GBP GBP
Assets
Non-current
assets
Investment property
(Note 3) 13,470,000 12,115,000 13,605,000
----------------- --------------- ----------------
Total non-current
assets 13,470,000 12,115,000 13,605,000
----------------- --------------- ----------------
Current assets
Trade and other
receivables - - 14,675
Cash and cash
equivalents 323,912 227,117 129,520
----------------- --------------- ----------------
Total current
assets 323,912 227,117 144,195
----------------- --------------- ----------------
Total assets 13,793,912 12,342,117 13,749,195
----------------- --------------- ----------------
Liabilities
Current liabilities
Interest bearing
loan and borrowings 117,332 50,000 117,332
Current tax 228,510 214,777 148,866
Trade and other
payables 294,355 257,311 318,328
----------------- --------------- ----------------
Total current
liabilities 640,197 522,088 584,526
----------------- --------------- ----------------
Non-current
liabilities
Interest bearing
loan and borrowings 1,742,168 900,000 1,800,835
----------------- --------------- ----------------
Total non-current
liabilities 1,742,168 900,000 1,800,835
----------------- --------------- ----------------
Total liabilities 2,382,365 1,422,088 2,385,361
----------------- --------------- ----------------
Net assets 11,411,547 10,920,029 11,363,834
================= =============== ================
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 11,050,011 10,558,493 11,002,298
----------------- --------------- ----------------
Total equity 11,411,547 10,920,029 11,363,834
----------------- --------------- ----------------
Consolidated
cash flow statement
(unaudited)for
the six months
ended 30 September
2017
Six
Months Six
to months Year
30/09/2017 to 30/09/2016 to 31/03/2017
----------------- --------------- ----------------
GBP GBP GBP
Operating activities
Profit/(loss)
for the period 204,534 (101,976) 555,723
Adjustments
for:
Net valuation
loss/(profit)
on investment
property 135,000 400,290 98,987
(Profit)/loss
on disposal
of investment
property - (9,965) (60,327)
Interest expense 29,312 17,011 54,026
Tax expense 79,644 77,070 149,947
----------------- --------------- ----------------
Operating profit
before changes 448,490 382,430 798,356
in working capital
and provisions
Changes in receivables 14,675 (14,675)
Changes in payables (23,973) (69,211) (8,194)
----------------- --------------- ----------------
Cash generated
from operations 439,192 313,219 775,487
Net interest
paid (29,312) (17,011) (54,026)
Tax paid - - (138,788)
----------------- --------------- ----------------
Cash flow from
operating activities 409,880 296,208 582,673
----------------- --------------- ----------------
Investing activities
Purchase of
investment property - (795,290) (2,638,987)
Sale of investment
property - 494,965 1,200,327
----------------- --------------- ----------------
Cash used in
investing activities - (300,325) (1,438,660)
----------------- --------------- ----------------
Financing activities
Cash inflow
from loans - - 1,010,000
Cash outflow
from loan repayments (58,667) (25,000) (66,833)
Dividend paid (156,821) (162,476) (376,370)
----------------- --------------- ----------------
Cash flow from
finance activities (215,488) (187,476) 566,797
----------------- --------------- ----------------
Net increase/(decrease)
in cash and
cash equivalents 194,392 (191,593) (289,190)
Cash and cash
equivalents
at 1 April 2017 129,520 418,710 418,710
Cash and cash
equivalents
at 30 September
2017 323,912 227,117 129,520
----------------- --------------- ----------------
Consolidated
statement of
changes in equity
from 1 April
2016 to 30 September
2017 (unaudited)
Revaluation Retained Other
reserve earnings reserves
----------------- --------------- -------------------
GBP GBP GBP
i) 1 April 2017
to 30 September
2017
As at 1 April
2017 - 11,002,298 271,670
Total comprehensive
income - 204,534 -
Dividends to
shareholders - (156,821) -
----------------- --------------- -------------------
As at 30 September
2017 - 11,050,011 271,670
----------------- --------------- -------------------
ii) 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
----------------- --------------- -------------------
iii) 1 April
2016 to 31 March
2017
As at 1 April
2016 - 10,822,945 271,670
Total comprehensive
income - 555,723 -
Dividends to
shareholders - (376,370) -
----------------- --------------- -------------------
As at 31 March
2017 - 11,002,298 271,670
----------------- --------------- -------------------
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 2017 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 2017 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 2017 13,605,000
Additions -
Disposals -
Revaluation (135,000)
---------------
At 30 September 2017 13,470,000
===============
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 2017. The investment
properties were professionally
valued at 31 March 2017.
Notes to the
accounts (continued)
4. Taxation
Six Six
months months Year
to to to
30/09/2017 30/09/2016 31/03/2017
GBP GBP GBP
---------------- --------------- ----------------
Current tax 79,644 77,070 149,947
---------------- --------------- ----------------
79,644 77,070 149,947
================ =============== ================
The taxation charge has been based
on the estimated effective tax
rate for the full year.
5. Earnings/loss
per share
The calculation of earnings per
share is based on the profit for
the period
of GBP204,534 (2016: loss of GBP101,976)
and on 1,568,209 shares (2016:
1,568,209) which is the weighted
average number of shares in issue
during the period ended 30 September
2017 and throughout the period
since 1 April 2016.
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 OKPDDABDDADD
(END) Dow Jones Newswires
November 16, 2017 02:00 ET (07:00 GMT)
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