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Share Name Share Symbol Market Type Share ISIN Share Description
Sutton Harbour Group Plc LSE:SUH London Ordinary Share GB0008659202 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 22.00 20.00 24.00 22.00 22.00 22.00 494 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 6.9 1.5 1.7 13.1 26

Sutton Harbour Group PLC Half-year Report

04/12/2019 7:00am

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TIDMSUH

RNS Number : 5635V

Sutton Harbour Group PLC

04 December 2019

04 December 2019

Sutton Harbour Group plc (formerly Sutton Harbour Holdings plc)

("The Company", "Sutton Harbour")

Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2019.

Financial Highlights

   --      Profit before taxation GBP0.281m  6 months to 30 September 2018: GBP0.110m) 
   --      Net assets GBP46.013m (31 March 2019: GBP45.732) 
   --      Net debt GBP22.861m (31 March 2019: GBP21.373m) 
   --      Gearing 49.7% (31 March 2019: 46.7%) 

Company Highlights

-- Finalising pre-construction preparations for consented schemes at Harbour Arch Quay and Sugar Quay

-- Installation of new Plymouth Fisheries fuel and power servery underway and due to be complete by end of 2019

-- Work underway to increase marinas berthing space and accommodation for a greater number of larger leisure vessels

   --      Appointment of Corey Beinhaker as Executive Director and Chief Operating Officer 
   --      New 4 year long facility agreement with existing company bankers, NatWest, put in place 

"With longer term banking facilities in place the Company is advancing confidently with its objective to self-deliver real estate projects and to continue targeted investment into the asset base to achieve medium term returns and value growth to shareholders."

Philip Beinhaker, Executive Chairman

For further information, please contact:

   Sutton Harbour Group plc                        01752 204186 

Philip Beinhaker - Executive Chairman

Corey Beinhaker - Chief Operating Officer

Natasha Gadsdon - Finance Director

   Arden Partners                                          020 7614 5900 

Paul Shackleton

Benjamin Cryer

Executive Chairman's Statement

For the six-month period to 30 September 2019

Results and Financial position

Profit before taxation for the six-month period to 30 September 2019 was GBP0.281m, up GBP0.171m from GBP0.110m for the comparative period to 30 September 2018.

As at 30 September 2019, net assets were GBP46.013m compared to GBP45.732m, as last reported as at 31 March 2019. There has been no re-valuation of assets during the reporting period, with the next external independent valuation due to be undertaken early in 2020.

Net debt has increased to GBP22.861m, up by GBP1.488m from GBP21.373m as at 31 March 2019. This budgeted movement reflects the lower point in the annual cash cycle (as rents and annual berthing fee receipts peak between January and April) and expenditure on pre-construction costs in connection with consented schemes at Harbour Arch Quay and Sugar Quay, infrastructure improvements notably including the new fuel and utility dispensary system at Plymouth Fisheries and works to other premises to facilitate new tenancies and to maintain the quality of the estate. This has resulted in a rise in gearing to 49.7% as at 30 September 2019 from 46.7% as at 31 March 2019.

To ensure continuity of financing the Company has just entered into a new 4 year facility agreement with its incumbent bank on equivalent terms to the previous agreement. Funding for consented projects will be funded by separate development financing.

Board Composition Update

In October 2019 the Company announced Corey Beinhaker's appointment as Chief Operating Officer. This brings the board to a total of five Directors including Executive Chairman, Philip Beinhaker.

Trading Report

The Company's business activities traded successfully during the first half year, with the marinas and car parks both achieving strong revenue growth ahead of price inflation. Marketing of the marinas for the 2020 season was launched at Southampton Boat Show from our newly designed interactive stand which attracted an encouraging level of interest. Fisheries' trading remained on par with the same period last year and rental incomes from recent lettings added to income of this business sector. Further new lettings are expected to complete in the second half year.

Regeneration

Finalisation of pre-construction preparations for the planning consented residential led developments at Harbour Arch Quay and Sugar Quay, both at Sutton Harbour, has been the priority in recent months. These works have required submission of some amendments to the Local Planning Authority, selection of the construction and sub-contractor teams and finalisation of detailed drawings. It is expected that subject to completion of finance and planning amendments that both the smaller 14 apartment scheme at Harbour Arch Quay and larger 170 apartment building at Sugar Quay will start on site during 2020, along with the marketing of the units.

The planning consented two storey extension to Harbour Car Park has been put back to follow the Mayflower 400 celebrations which take place throughout 2020, to avoid parking disruption during the events season at the largest car park around Sutton Harbour.

Infrastructure improvements

The Company is currently in the process of commissioning a new fuel and utility dispensary system at Plymouth Fisheries. The part grant funded GBP800,000 project, updates the current 25 year old system with modern fuel and energy delivery technology. It is the latest phase of a 5 year plan to overhaul key fisheries infrastructure which has also included GBP2m investment in ice making equipment, chilled stores, energy efficient lighting and boilers, hygienic wall cladding, enhanced CCTV and lock barrel walkways.

During the winter months part of the marina at Sutton Harbour will be re-configured to meet requirements of prospective berth-holders for larger berths and new pontoon equipment will be installed to meet the increasing demand for berthing space at King Point Marina. To improve facilities for public participation and entertainment in the harbour, the Company will be investing in new floating 'event-size' pontoons which can be located in various shallow water areas of Sutton Harbour together with an access pontoon.

Summary

Our financial year to date has been a productive period in which we have been preparing for major development projects which are now close to the delivery phase. Profitability of the trading businesses is improving following investment in marketing, facilities' presentation and increased use of time saving technologies in each area. The Company is working in partnership with the City Council and other groups to support hosting of events to commemorate the 400th anniversary of the departure of the Pilgrim Fathers to America. Visitors numbers are expected to peak in Summer 2020 centred around the Mayflower Steps located on southern the side of Sutton Harbour

With longer term banking facilities in place the Company is advancing confidently with its objective to self-deliver real estate projects and to continue targeted investment into the asset base to achieve medium term returns and value growth to shareholders.

Philip Beinhaker

EXECUTIVE CHAIRMAN

Consolidated Statement of Comprehensive Income

 
                                                             6 months        6 months   Year Ended 
                                                                   to              to 
                                                         30 September    30 September     31 March 
                                                                 2019            2018         2019 
                                                          (unaudited)     (unaudited)    (audited) 
                                                               GBP000          GBP000       GBP000 
                                                       --------------  --------------  ----------- 
 
 Revenue                                                        3,820           3,717        6,893 
 
 Cost of Sales                                                (2,379)         (2,390)      (4,686) 
 
 Gross Profit                                                   1,441           1,327        2,207 
                                                       --------------  --------------  ----------- 
 
 
 Fair value adjustment on fixed assets 
  and investment property                                        (26)             (8)        1,444 
 Administrative expenses                                        (672)           (711)      (1,234) 
 
   Operating profit from continuing operations                    743             608        2,417 
 
 Financial income                                                   -               -            1 
 Financial expense                                              (462)           (498)        (902) 
 
 Net financing costs                                            (462)           (498)        (901) 
 
 
 Profit before tax from continuing 
  operations                                                      281             110        1,516 
 Taxation credit on profit from continuing 
  operations                                                        -               -          315 
 
 Profit from continuing operations                                281             110        1,831 
                                                       ==============  ==============  =========== 
 
 
 Basic profit/earnings per share                                0.02p           0.01p        1.68p 
 
 Diluted profit/earnings per share                              0.02p           0.01p        1.68p 
 
 
                                                           6 months        6 months   Year Ended 
                                                                 to              to 
                                                       30 September    30 September     31 March 
                                                               2019            2018         2019 
                                                        (unaudited)     (unaudited)    (audited) 
                                                             GBP000          GBP000       GBP000 
                                                     --------------  --------------  ----------- 
 
 Profit from continuing operations                              281             110        1,831 
 
 Other comprehensive income/(expenses) 
 Continuing operations: 
   Revaluation of property, plant and 
    equipment                                                     -               -        1,640 
   Deferred taxation on income and expenses 
    recognised directly in the consolidated 
    statement of comprehensive income 
   Effective portion of changes in fair 
    value of cash flow hedges                                     -               -            6 
 
 Total other comprehensive income                                 -               -        1,646 
                                                     --------------  --------------  ----------- 
 Total comprehensive income for the 
  period attributable to equity shareholders                    281             110        3,477 
                                                     ==============  ==============  =========== 
 

Consolidated Balance Sheet

 
                                                           As at           As at        As at 
                                                    30 September    30 September     31 March 
                                                            2019            2018         2019 
                                                     (unaudited)     (unaudited)    (audited) 
                                                          GBP000          GBP000       GBP000 
                                                  --------------  --------------  ----------- 
 
 Non-current assets 
 Property, plant and equipment                            26,855          23,899       26,632 
 Investment property                                      19,571          19,055       19,425 
 Inventories                                              12,610               -       12,448 
                                                  --------------  --------------  ----------- 
                                                          59,036          42,954       58,505 
                                                  --------------  --------------  ----------- 
 
 Current assets 
 Inventories                                              11,552          22,250       11,119 
 Trade and other receivables                               2,104           2,122        2,283 
 Cash and cash equivalents                                   244           1,859        1,296 
 Tax recoverable                                               -               -          (5) 
                                                  --------------  --------------  ----------- 
                                                          13,900          26,231       14,693 
                                                  --------------  --------------  ----------- 
 
 Total assets                                             72,936          69,185       73,198 
                                                  --------------  --------------  ----------- 
 
 Current liabilities 
 Trade and other payables                                  1,053           1,308        1,496 
 Finance lease liabilities                                    65              96          122 
 Deferred income                                             936             883        1,398 
 Provisions                                                   75              69           70 
                                                           2,129           2,356        3,086 
                                                  --------------  --------------  ----------- 
 
 Non-current liabilities 
 Other interest-bearing loans and 
  borrowings                                              23,000          25,000       22,500 
 Finance lease liabilities                                    40             232           47 
 Deferred government grants                                  646             646          646 
 Deferred tax liabilities                                  1,023           1,338        1,023 
 Provisions                                                   85             168          164 
                                                          24,794          27,384       24,380 
                                                  --------------  --------------  ----------- 
 
 Total liabilities                                        26,923          29,740       27,466 
                                                  --------------  --------------  ----------- 
 
 Net assets                                               46,013          39,445       45,732 
                                                  ==============  ==============  =========== 
 
 Issued capital and reserves attributable 
  to owners of the parent 
 Share capital                                            16,266          16,162       16,266 
 Share premium                                            10,695           7,872       10,695 
 Other reserves                                           11,696          10,055       11,696 
 Retained earnings                                         7,356           5,356        7,075 
                                                  --------------  --------------  ----------- 
 Total equity                                             46,013          39,445       45,732 
                                                  ==============  ==============  =========== 
 

Consolidated Statement of Changes in Equity

 
                                 Share      Share     Revaluation     Merger    Hedging    Retained     TOTAL 
                                 capital    premium      reserve      reserve    reserve    earnings 
                                                            ----------Other Reserves---------- 
                                  GBP000     GBP000         GBP000     GBP000     GBP000      GBP000    GBP000 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 
 Balance at 1 April 2019          16,266     10,695          7,825      3,871          -       7,075    45,732 
 Comprehensive 
 income/(expense) 
 Profit for the period                 -          -              -          -          -         281       281 
 Total comprehensive 
  income/(expense) 
  6 month period ended 30 
  September 2019                       -          -              -          -          -         281       281 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Balance at 30 September 
  2019                            16,266     10,695          7,825      3,871          -       7,356    46,013 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 
 
 Balance at 1 April 2018          16,162      7,782          6,183      3,871        (6)       5,246    39,328 
 Comprehensive 
 income/(expense) 
 Profit for the period                 -          -              -          -          -         110       110 
 Other comprehensive 
 income/(expense) 
 Revaluation of property, 
  plant and equipment                  -          -              -          -          7           -         7 
 Effective portion of changes 
  in fair value of cash 
  flow hedges 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Total other comprehensive 
  income/(expense) 6 month 
  period ended 30 September 
  2018                                 -          -              -          -          7           -         7 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Total comprehensive 
  income/(expense) 
  6 month period ended 30 
  September 2018                       -          -              -          -          7         110         7 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Balance at 30 September 
  2018                            16,162      7,782          6,183      3,871          1       5,356    39,445 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 
 
 Balance at 1 October 2018        16,162      7,872          6,183      3,871          1       5,356    39,445 
 Comprehensive 
 income/(expense) 
 Profit for the period                 -          -              -          -          -       1,719     1,719 
 Other comprehensive 
 income/(expense) 
 Revaluation of property, 
  plant and equipment                  -          -          1,642          -          -           -     1,642 
 Effective portion of changes 
  in fair value of cash 
  flow hedges                          -          -              -          -        (1)           -       (1) 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Total other comprehensive 
  income/(expense) 6 month 
  period ended 31 March 
  2019                                 -          -          1,642          -        (1)           -     1,641 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Total comprehensive 
  income/(expense) 
  6 month period ended 31 
  March 2019                           -          -          1,642          -        (1)       1,719     3,360 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Transactions with owners 
  of the parent 
 Issue of shares                     104      2,823              -          -          -           -     2,927 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 Balance at 31 March 2019         16,266     10,695          7,825      3,871          -       7,075    45,732 
                               ---------  ---------  -------------  ---------  ---------  ----------  -------- 
 
 
 

Consolidated Cash Flow Statement

 
                                                     6 months        6 months   Year Ended 
                                                           to              to 
                                                 30 September    30 September     31 March 
                                                         2019            2018         2019 
                                                  (unaudited)     (unaudited)    (audited) 
                                                       GBP000          GBP000       GBP000 
                                         ----  --------------  --------------  ----------- 
 
   Cash generated from total operating 
   activities                                           (481)           (916)      (1,181) 
                                               --------------  --------------  ----------- 
 
 Cash flows from investing activities 
 Net expenditure on investment 
  property                                                  -               -         (60) 
 Expenditure on property, plant 
  and equipment                                         (609)           (100)        (243) 
 Proceeds from sale of plant                                -               -            - 
  and equipment 
                                               --------------  --------------  ----------- 
 
 Net cash used in investing activities                  (609)           (100)        (303) 
                                               --------------  --------------  ----------- 
 
 Cash flows from financing activities 
 Proceeds from sale of shares                               -               -        3,000 
 Expenses of share issuance                                 -               -         (73) 
 Interest paid                                          (462)           (498)        (958) 
 Loan drawdowns/(repayment of 
  borrowings)                                             500             650      (1,850) 
 Net finance lease (payments)/receipts                      -            (43)        (106) 
 Net cash generated from financing 
  activities                                               38             109           13 
                                               --------------  --------------  ----------- 
 
   Net increase/(decrease) in cash 
   and cash equivalents                               (1,052)           (907)      (1,471) 
 
   Cash and cash equivalents at 
   beginning of period                                  1,296           2,766        2,767 
 
   Cash and cash equivalents at 
   end of period                                          244           1,859        1,296 
                                               ==============  ==============  =========== 
 

Notes to Interim Report

General information

This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2019 were approved by the Board of Directors on 10 July 2019 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.

Copies of the Group's financial statements are available from the Company's registered office, Sutton Harbour Office, Guy's Quay, Sutton Harbour, Plymouth, PL4 0ES and on the Company's website www.sutton-harbour.co.uk.

This consolidated interim financial information has not been audited.

Basis of preparation

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.

Accounting policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2019, as described in those annual financial statements.

Adoption of new International Financial Reporting Standards

The following new standards, amendments to standards or interpretations have been issued, but are not effective for the financial year beginning 1 April 2018 and have not been adopted early:

IFRS 15 Revenue from Contracts with Customers: *1 January 2018

IFRS 9 Financial Instruments: * 1 January 2018

* mandatory effective date is periods commencing on or after

Accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Segment information

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.

The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.

The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2019 is as follows:

 
 6 months to 
  30 September 
  2019                      Marine   Real Estate   Car Parking   Regeneration    Total 
                            GBP000        GBP000        GBP000         GBP000   GBP000 
 Revenue                     2,662           762           396              -    3,820 
 
 Gross profit 
  prior to non-recurring 
  items                        637           534           269              -    1,440 
 Segmental Operating 
  Profit before 
  Fair value adjustment 
  and unallocated 
  expenses                     637           534           269              -    1,440 
 Fair value adjustment 
  on fixed assets 
  and investment 
  property assets                -             -             -              -        - 
 
 
 Unallocated: 
 Administrative 
  expenses                                                                       (697) 
 Operating profit 
  from continuing 
  operations                                                                       743 
 
 
 Financial income 
 Financial expense                                                               (462) 
                                                                               ------- 
 Profit before 
  tax from continuing 
  operations                                                                       281 
 Taxation                                                                            - 
                                                                               ------- 
 Profit for the 
  year from continuing 
  operations                                                                       281 
                                                                               ======= 
 
 Depreciation 
  charge 
 Marine                                                                            150 
 Car Parking                                                                        14 
 Administration                                                                      5 
                                                                               ------- 
                                                                                   169 
                                                                               ======= 
 

Segment Information (continued)

 
 6 months to 
  30 September 
  2018                      Marine   Real Estate   Car Parking   Regeneration    Total 
                            GBP000        GBP000        GBP000         GBP000   GBP000 
 Revenue                     2,665           747           305              -    3,717 
 
 Gross profit 
  prior to non-recurring 
  items                        629           486           213           (57)    1,271 
 Segmental Operating 
  Profit before 
  Fair value adjustment 
  and unallocated 
  expenses                     629           486           213           (57)    1,271 
 Fair value adjustment 
  on fixed assets 
  and investment 
  property assets                -             -             -              -        - 
 
 
 Unallocated: 
 Administrative 
  expenses                                                                       (662) 
 Operating profit 
  from continuing 
  operations                                                                       609 
 
 
 Financial income 
 Financial expense                                                               (499) 
                                                                               ------- 
 Loss before 
  tax from continuing 
  operations                                                                       110 
 Taxation                                                                            - 
                                                                               ------- 
 Loss for the 
  year from continuing 
  operations                                                                       110 
                                                                               ======= 
 
 Depreciation 
  charge 
 Marine                                                                            152 
 Car Parking                                                                        16 
 Administration                                                                      7 
                                                                               ------- 
                                                                                   175 
                                                                               ======= 
 

Segment Information (continued)

 
 
   Year ended 31 
   March 2019                Marine   Real Estate   Car Parking   Regeneration     Total 
                             GBP000        GBP000        GBP000         GBP000    GBP000 
 Revenue                      4,896         1,474           523              -     6,893 
 
 Gross profit 
  prior to non-recurring 
  items                       1,057           941           350          (141)     2,207 
 Segmental Operating 
  Profit before 
  Fair value adjustment 
  and unallocated 
  expenses                    1,057           941           350          (141)     2,207 
 Fair value adjustment 
  on fixed assets 
  and investment 
  property assets             1,134           310             -              -    1,444) 
                                                                                   3,651 
 
 Unallocated: 
 Administrative 
  expenses                                                                       (1,234) 
 Operating profit 
  from continuing 
  operations                                                                       2,417 
 
 
 Financial income                                                                      1 
 Financial expense                                                                 (902) 
                                                                                -------- 
 Profit before 
  tax from continuing 
  operations                                                                       1,516 
 Taxation                                                                            315 
                                                                                -------- 
 Profit for the 
  year from continuing 
  operations                                                                       1,831 
                                                                                ======== 
 
 Depreciation 
  charge 
 Marine                                                                              314 
 Car Parking                                                                          33 
 Administration                                                                       11 
                                                                                -------- 
                                                                                     358 
                                                                                ======== 
 
 
                                  30 September   30 September   31 March 
                                          2019           2018       2019 
                                        GBP000         GBP000     GBP000 
 Segment assets: 
 Marine                                 23,731         20,580     23,514 
 Real estate                            19,815         19,704     19,952 
 Car Parking                             4,423          4,196      4,456 
 Regeneration                           24,267         22,335     23,577 
 Total segment assets                   72,236         66,815     71,499 
 Unallocated assets: 
 Property, plant and equipment              87             72         61 
 Trade & other receivables                 368            439        361 
 Cash & cash equivalents                   245          1,859      1,277 
 Total assets                           72,936         69,185     73,198 
                                 =============  =============  ========= 
 

Segment Information (continued)

 
                                30 September   30 September   31 March 
                                        2019           2018       2019 
                                      GBP000         GBP000     GBP000 
 Segment liabilities: 
 Marine                                1,196          1,134      1,897 
 Real estate                             417            607        575 
 Car Parking                              72             79        130 
 Regeneration                            951            996      1,085 
                               -------------  -------------  --------- 
 Total segment liabilities             2,636          2,816      3,687 
 Unallocated liabilities: 
 Bank overdraft & borrowings          23,105         25,232     22,652 
 Trade & other payables                  157            354        102 
 Financial Derivatives                     -            (2)          - 
 Tax payable                               1              -          1 
 Deferred tax liabilities              1,024          1,340      1,024 
                               -------------  -------------  --------- 
 Total liabilities                    26,923         29,740     27,466 
                               =============  =============  ========= 
 

Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.

Taxation

The Company has applied an effective tax rate of 19% (2018: 19%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.

Dividends

The Board of Directors do not propose an interim dividend (2018: nil).

Earnings per share

 
                                  6 months to        6 months   Year Ended 
                                                           to 
                                 30 September    30 September     31 March 
                                         2019            2018         2019 
                                  (unaudited)     (unaudited)    (audited) 
                                        pence           pence        pence 
                               --------------  --------------  ----------- 
 Continuing operations 
 Basic earnings per share               0.02p           0.01p        1.68p 
 Diluted earnings per share*            0.02p           0.01p        1.68p 
 
 

Basic Earnings per Share:

Basic earnings per share have been calculated using the profit for the period of GBP281,000 (2018: profit GBP110,000, year ended 31 March 2019 profit GBP1,831,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 115,944,071 (2018: 98,320,272; year ended 31 March 2019: 115,944,071) has been used in our calculation.

Diluted Earnings per Share:

Diluted earnings per share uses an average number of 115,944,071 (2018: 98,320,272; year ended 31 March 2019 108,982,966) ordinary shares in issue, and takes account of the outstanding options under the SAYE scheme in accordance with IAS 33 'Earnings per share'. There are no outstanding options under expire SAYE schemes.

Property valuation

Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 January 2019, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors.

A further valuation will be commissioned for the year ending 31 March 2020, as in previous years.

Cash and cash equivalents

 
                                        As at          As at       As at 
                                 30 September   30 September    31 March 
                                         2019           2018        2019 
                                  (unaudited)    (unaudited)   (audited) 
                                       GBP000         GBP000      GBP000 
                                -------------  -------------  ---------- 
 
Cash and cash equivalents per 
 balance sheet and cash flow 
 statement                                244          1,859       1,296 
                                =============  =============  ========== 
 

Provisions

 
                           Onerous leases   Total 
                                   GBP000  GBP000 
                           --------------  ------ 
 
Balance at 1 April 2018               239     239 
Provisions utilised                   (2)     (2) 
Balance at 30 September 
 2018                                 237     237 
                           ==============  ====== 
 
Provisions made                         -       - 
Provisions utilised                   (3)     (3) 
                           --------------  ------ 
Balance at 31 March 2019              243     243 
                           ==============  ====== 
 
Provisions made 
Provisions utilised                  (83)    (83) 
                           --------------  ------ 
Balance at 30 September 
 2019                                 160     160 
                           ==============  ====== 
 
Current                                75      75 
Non-current                            85      85 
                                      160     160 
                           ==============  ====== 
 

Cash flow statements

 
                                        6 months to     6 months to   Year Ended 
                                       30 September    30 September     31 March 
                                               2019            2018         2019 
                                        (unaudited)     (unaudited)    (audited) 
                                             GBP000          GBP000       GBP000 
                                     --------------  --------------  ----------- 
 Cash flows from operating 
  activities 
 Profit/(loss) for the period                   281             110        1,831 
 Adjustments for: 
 Taxation                                         -               -        (315) 
 Financial income                                 -               -            - 
 Financial expense                              442             498          901 
 Fair value adjustment on fixed 
  assets and investment property                  -               -      (1,443) 
 Depreciation                                   169             175          358 
 Amortisation of grants                           -               -            - 
 Profit/loss on sale of property, 
  plant and equipment                             7            (16)            - 
 Cash generated from operations 
  before changes in working 
  capital and provisions                        899             767        1,332 
 Increase in inventories                      (635)           (959)      (2,236) 
 Decrease/(increase) in trade 
  and other receivables                         251              57        (113) 
 (Decrease)/increase in trade 
  and other payables                          (366)           (229)        (124) 
 Decrease in deferred income                  (556)           (551)         (35) 
 (Decrease)/increase in provisions             (74)             (1)          (5) 
 
 Cash generated from operations               (481)           (916)      (1,181) 
                                     ==============  ==============  =========== 
 

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END

IR LLFFDFALVIIA

(END) Dow Jones Newswires

December 04, 2019 02:00 ET (07:00 GMT)

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