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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 | 0.00% | 7.75 | 7.50 | 8.00 | 7.75 | 7.75 | 7.75 | 0.00 | 07:46:42 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Services, Nec | 16.35M | -3.84M | -0.0268 | -2.89 | 11.08M |
From Jan 2022 to Jan 2025
TIDMSUH
RNS Number : 9120J
Sutton Harbour Group PLC
16 December 2022
16 December 2022
Sutton Harbour Group plc
("Sutton Harbour" or "the Company")
Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2022.
Financial Highlights
-- Profit before taxation GBP0.223m (6 months to 30 September 2021: GBP0.327m)
-- Gross assets GBP91.615m (31 March 2022: GBP89.332m) following investment of GBP2.524m into property projects
-- Net assets GBP56.434m (31 March 2022: GBP56.211m) -- Net assets per share 43.42p (31 March 2022: 43.26p) -- Net debt GBP26.972m (31 March 2022: GBP24.408m) -- Gearing 47.8% (31 March 2022: 43.4%)
Company Highlights
-- Record summer marinas season and strong parking results -- Significant investment into two strategic projects at Sutton Harbour during first half year -- Old Barbican (fish) Market refurbishment and two new lettings completed -- Harbour Arch Quay on target for Spring 2023 completion with exchanges on four apartments
-- Strategic vision for delivery of new developments to realise growth and longer-term sustainability of the core Harbour asset
Philip Beinhaker, Executive Chairman, commented:
"The Company's vision for the future sustainability and value growth from the Sutton Harbour and Barbican area is taking shape and good progress has been made on delivery of our strategy in the current financial year to date. Reinvigorating the Barbican side of the Harbour, which is most popular with visitors, has been the visually remarkable refurbishment of the Victorian landmark Old Barbican Market building, adding to the appeal of the area with two new national covenant tenants and a third to complete shortly; the Company has plans to deliver a new Fisheries Complex in collaboration with the Local Authority to assure the vibrancy of the commercial fishing port activity; the Company is nearing completion of the first new building (Harbour Arch Quay) since 2009; and, this re-initiated development activity will continue with a programme to develop new property on the eastern side of the Harbour, which includes the consented Sugar Quay building. This is a wholistic plan to support value creation for shareholders from the existing Company-owned harbour assets and to assure prosperity of the harbour environ, strengthen the linkages to the City Centre to the North and the Ocean to the South, and to benefit our trading activities (marinas, fisheries, rental properties and car parks) for the medium to long term. The Company has committed significant investment to its plans during this reporting period. The pace of future investment will be harmonised with economic conditions as they take shape."
For further information, please contact:
Hot Features
Premium
Sutton Harbour Group plc +44 (0) 1752 20 4186 Philip Beinhaker, Executive Chairman
Corey Beinhaker, Chief Operating Officer
Natasha Gadsdon, Finance Director
Strand Hanson Limited +44 (0) 20 7409 3494 James Dance
(Nominated and Financial Adviser and Broker) Richard Johnson
Related Party Transaction
On 15 December 2022 the Company extended the existing related party loan finance, announced on 27 April 2022, by GBP280,000 to provide additional headroom in the Company's facilities, bringing the total shareholder loan facilities to GBP2.580m. The unsecured loan facilities are with Beinhaker Design Services Ltd ("BDSL") (assigned from FB Investors LLP), who provided the additional funding, and Rotolok (Holdings) Limited (together the "Loans" or the "Facilities"). The Loans carry a fixed 8% gross annual interest rate with the option, included as a variation at the same time as the above extension, at the discretion of the Company, to capitalise some or all of the interest at a fixed 10% annual interest rate, and are repayable by 31 May 2024. There are no other fees payable to FB Investors LLP and Rotolok (Holdings) Limited under the Facilities.
The Loans extension and variation constitutes a related party transaction for the purposes of the AIM Rules, as Beinhaker Design Services Ltd is controlled by the Beinhaker family and Rotolok (Holdings) Limited is connected to non-executive director Sean Swales. The directors, other than Philip Beinhaker, Corey Beinhaker and Sean Swales, having consulted with the Company's nominated adviser, Strand Hanson, consider that the terms of the Loans extension and variation are fair and reasonable insofar as shareholders are concerned.
INTERIMS RESULTS
Executive Chairman's Statement
For the six-month period to 30 September 2022
Results and Financial position
Profit before taxation for the six-month period to 30 September 2022 was GBP0.223m compared to GBP0.327m for the comparative period to 30 September 2021. Trading through the first half year was strong, with yet another record marinas season, good seasonal car parks trading, and occupancy of the rented properties upheld. Against these positive results, cost inflation and increases in the interest rates on the corporate debt have resulted in the modest decline in profitability. Energy cost increases did not impact the results until after the end of this reporting period.
As at 30 September 2022, net assets were GBP56.434m (c.43.43 pence per share), up from GBP56.211m (c.43.26 pence per share) at 31 March 2022. Net Debt has increased to GBP26.972m, GBP2.564m more than the position at 31 March 2022 of GBP24.408m net debt. This increase was fully anticipated as the Company drew down for financing its portion of development finance for construction of Harbour Arch Quay and financed wholly the major refurbishment of the Old Barbican (fish) Market. These investments increase the value of the Company's assets and prospects for debt reduction once construction is completed. As is normal within the Company's annual cash cycle, the cash position typically peaks in late March as marina fees are collected and rents are received and falls to an annual low point by mid-autumn. As at 30 September 2022 gearing stood at 47.8% up from 43.4% as at 31 March 2022.
Trading Report
During the first half year, the marinas were mostly occupied to capacity with the occupancy rate as at 30 September 2022 at 98%. The Company sets its prices 6 months in advance of the season and whilst the tariff had been increased after a two year freeze, the increase was below the inflation rate that transpired, and this did result in a lower profit from this business activity than the previous year. Fishing results were on par with last year, albeit to remain competitive in the local market, and to encourage growth in the fishing business, margins on fuel sales have been reduced. Overall, contribution from the Marine trading segment was GBP0.681m in the six month period to 30 September 2022 (30 Sept 2021: GBP0.726m).
Since the half year end, the Company has started to sell marina berths for the next season starting 1 April 2023. To date sales are on par with the same time last year. It is very encouraging that over half of the berths for the next season have now been paid for in full, with deposits now being received to secure the remaining berths. Prices for the King Point Marina have been raised in line with inflation. Berthing fees at Sutton Harbour are being held to reflect the upcoming disruption that will result from the replacement of the lock gate cills. These works are now planned to take place in two periods: Autumn 2023 and early Spring 2024. The works will necessitate periods of restricted access to the harbour which will impact the normal access and egress for both leisure and commercial harbour users. Preparing for the works has been subject to stakeholder consultation to explore all practical possibilities to mitigate the impact on users and the degree of the disruption. Sutton Lock is a national defence for flood protection and the works are being undertaken and paid for by the Environment Agency.
During the period, occupancy of tenanted properties and payment of rents remained consistent. In the second half of the year tenants will decant from North Quay House which after 27 years of continuous occupation requires updating. The Company currently has various interests for new lettings of the building.
As expected, power costs from 1 October 2022 rose some 3.5 fold even after allowing for the government subsidy and this will impact the results for the second half year. The Company is working on any savings that can be made, whilst ensuring that normal operations are maintained. The Company recharges a significant proportion of its power consumption to tenants and other facility users and prices have been increased to reflect the higher costs. Debt servicing costs have also risen as bank base rates have increased throughout the period. The Company has no interest rate fixes in place.
Development / Regeneration
Harbour Arch Quay
The full height concrete structure of the 14 apartment building, Harbour Arch Quay, is now in place. External and internal fitting out works are now starting, and the building is on target for completion in March/April 2023. Four exchanges for apartments have now taken place with three further reservations, including the penthouse, progressing to exchange. Development financing for the completion of the building is being drawn down from a GBP5m facility now that the Company has made its agreed contributions from its general banking facilities.
Former Fish Market
The recently refurbished Old Barbican (fish) Market is now occupied by one tenant, The Cornish Bakery, with Pavers (shoes) due to open shortly and the tenancy for the third unit is pending completion. The refurbishment of this listed property provides a resplendent centre piece to the historic Barbican area and presents as a 'floating glass box' whilst retaining the original elegant Victorian structure. Total rents for the building will be more than 50% higher than with the previous tenancy.
Development Lands
The Former Airport Site is a major land resource and strategic asset of the Company within the City of Plymouth. The Company had invested heavily in the site during the time that the airport was operational along with investments in the owned airline company. Financial failure of the aviation operations led to closure of the airport in 2011, a decision ratified by the Local Authority, and revocation of aviation operations licences by the Civil Aviation Authority. The Company has financed the debt resulting from the aviation operations for over a decade and, in addition, the Company faithfully expended funds for the maintenance and protection of the site and the material assets, including the land management, environmental control, security, etc. The approved Joint Local Plan of 2019 provided for the safeguarding of the site for potential aviation uses for a maximum five years, owing to the determination of the strategic importance of the site. Accordingly, the Company is preparing for submission of a masterplan for the re-development of the site with a range of appropriate uses within the timeframe of the safeguard which expires in early 2024. The redevelopment of the site will enable needed land for expansion of:
-- the Derriford Hospital (major health centre in the South West and largest employer in Plymouth).
-- Marjon University.
-- Sites for businesses and commercial operations, unable to find lands within the city, and the bases for economic growth.
-- Senior housing, near to the hospital. -- Student housing near to the University. -- Market Housing.
Financial Structure
The Company has a plan to manage the current debt and to achieve debt reduction. This plan is based on the following sets of actions:
1. The Company is working with its bankers to extend the current banking facilities by one year and will then prepare to secure a longer term agreement to meet medium term financing needs.
2. Development / Regeneration - The Harbour Arch Quay development at Sutton Harbour is scheduled to be completed in the first half of 2023 and is expected to yield some GBP3m net of all extended financing and building costs.
3. To provide additional headroom in the Company's facilities, the Company has extended the Related Party Loan finance by GBP280,000, bringing the total shareholder loan creditor to GBP2.580m. The additional loan was advanced by Beinhaker Design Services Limited, a 50% shareholder in FB Investors LLP who own 72.91% share capital of the Company. Philip Beinhaker and Corey Beinhaker, who are both Directors of the Company, are Directors of Beinhaker Design Services Limited. The Directors of the Company regarded as independent from the Related Party Loans, agreed this loan extension was in the best interests of shareholders and the Company due to funding flexibility and being terms competitive to market rates for similar short term flexible finance.
4. Realisation of the value of the Former Airport Site through development and sales of lands.
5. Further redevelopment of lands on the east side of Sutton Harbour. The Company has recently secured lands currently used for a wide range of construction related supplies and other storage and land extensively used with limited employment. These lands have been identified by the Plymouth City Council as a regeneration area for a mixture of uses including housing, commercial, business activity and other societal activities. Following the completion of the Harbour Arch Quay, the Company will proceed with development of these industrial lands, including the development of the approved Sugar Quay site, along with lands east of Sutton Road.
6. Fish Quay - The Company has worked with the PCC, the Fishing Industry and other interested parties for the redevelopment of the Fish Quay. This redevelopment will provide an enhancement to the Fishing industry with renewed and more efficient operations facilities. Also included will be a new retail fish market open to the general public. Enhanced circulation in this south-east sector of the Sutton Harbour area will become a major destination and attraction for residents and visitors to Plymouth. This project will be part of the vision of Plymouth as "Port City" and enhance the connection between the water and the City Centre in Britain's Ocean City.
Summary
The Company's vision for the future sustainability and value growth from the Sutton Harbour and Barbican area is taking shape and good progress has been made on delivery of our strategy in the current financial year to date. Reinvigorating the Barbican side of the Harbour, which is most popular with visitors, has been the visually remarkable refurbishment of the Victorian landmark Old Barbican Market building, adding to the appeal of the area with two new national covenant tenants and a third to complete shortly; the Company has plans to deliver a new Fisheries Complex in collaboration with the Local Authority to assure the vibrancy of the commercial fishing port activity; the Company is nearing completion of the first new building (Harbour Arch Quay) since 2009; and, this re-initiated development activity will continue with a programme to develop new property on the eastern side of the Harbour, which includes the consented Sugar Quay building. This is a wholistic plan to support value creation for shareholders from the existing Company-owned harbour assets and to assure prosperity of the harbour environ, strengthen the linkages to the City Centre to the North and the Ocean to the South, and to benefit our trading activities (marinas, fisheries, rental properties and car parks) for the medium to long term. The Company has committed significant investment to its plans during this reporting period. The pace of future investment will be harmonised with economic conditions as they take shape.
Philip Beinhaker
EXECUTIVE CHAIRMAN
Consolidated Statement of Comprehensive Income
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Revenue 4,420 3,845 7,194
Cost of Sales (3,005) (2,436) (4,846)
Gross Profit 1,415 1,409 2,348
--------------- -------------- -----------
Fair value adjustment on fixed assets
and investment property - - 195
Administrative expenses (729) (731) (1,193)
Operating profit from continuing
operations 686 678 1,350
Financial income
Financial expense (463) (351) (789)
Net financing costs (463) (351) (789)
Profit before tax from continuing
operations 223 327 561
Taxation credit on profit from continuing
operations - (62) (820)
Profit from continuing operations 223 265 (259)
=============== ============== ===========
Basic profit/earnings per share 0.17p 0.22p (0.20p)
Diluted profit/earnings per share 0.17p 0.22p (0.20p)
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Profit from continuing operations 223 265 (259)
Other comprehensive income/(expenses)
Continuing operations:
Revaluation of property, plant and
equipment - - 7,016
Deferred taxation on income and expenses
recognised directly in the consolidated
statement of comprehensive income (1,116)
Effective portion of changes in fair - - -
value of cash flow hedges
Total other comprehensive income - - 5,900
--------------- -------------- -----------
Total comprehensive income for the
period attributable to equity shareholders 223 265 5,641
=============== ============== ===========
Consolidated Balance Sheet
As at As at As at
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Non-current assets
Property, plant and equipment 36,224 29,680 36,398
Investment property 18,857 17,622 18,195
Inventories 13,249 13,151 13,216
--------------- -------------- -----------
68,330 60,453 67,809
--------------- -------------- -----------
Current assets
Inventories 20,779 17,372 18,734
Trade and other receivables 1,515 1,846 1,810
Cash and cash equivalents 991 528 970
Tax recoverable - - 9
--------------- -------------- -----------
23,285 19,746 21,523
--------------- -------------- -----------
Total assets 91,615 80,199 89,332
--------------- -------------- -----------
Current liabilities
Other Loans 3,355 - 2,275
Trade and other payables 2,361 1,118 1,880
Finance lease liabilities 40 48 165
Deferred income 1,219 1,111 2,225
Provisions - - -
6,975 2,277 6,545
--------------- -------------- -----------
Non-current liabilities
Other interest-bearing loans and
borrowings 24,450 25,175 22,863
Finance lease liabilities 118 210 75
Deferred government grants 646 646 646
Deferred tax liabilities 2,992 1,056 2,992
Provisions - - -
28,206 27,087 26,576
--------------- -------------- -----------
Total liabilities 35,181 29,364 33,121
--------------- -------------- -----------
Net assets 56,434 50,835 56,211
=============== ============== ===========
Issued capital and reserves attributable
to owners of the parent
Share capital 16,406 16,406 16,406
Share premium 13,972 13,972 13,972
Other reserves 22,180 16,280 22,180
Retained earnings 3,876 4,177 3,653
--------------- -------------- -----------
Total equity 56,434 50,835 56,211
=============== ============== ===========
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 2022 16,406 13,972 18,309 3,871 - 3,653 56,211
Comprehensive
income/(expense)
Issue of Shares - - - - - 223 223
Profit for the period
Total comprehensive
income/(expense)
6 month period ended
30 September 2022 - - - - - 223 223
-------- -------- ------------ -------- -------- --------- --------
Balance at 30 September
2022 16,406 13,972 18,309 3,871 - 3,876 56,434
-------- -------- ------------ -------- -------- --------- --------
Balance at 1 April 2021 16,266 10,695 12,409 3,871 - 3,912 47,153
Comprehensive
income/(expense)
Issue of Shares 140 3,277 3,417
Profit for the period - - - - - 265 265
Total comprehensive
income/(expense)
6 month period ended
30 September 2021 140 3,277 - - - 265 3,682
-------- -------- ------------ -------- -------- --------- --------
Balance at 30 September
2021 16,406 13,972 12,409 3,871 - 4,177 50,835
-------- -------- ------------ -------- -------- --------- --------
Balance at 1 October
2021 16,406 13,972 12,409 3,871 - 4,177 50,835
Comprehensive
income/(expense)
Profit for the period - - - - - (524) (524)
Other comprehensive
income/(expense)
Revaluation of
property,
plant and equipment - - 5,900 - - - 5,900
Total comprehensive
income/(expense)
6 month period ended
31 March 2022 - - 5,900 - - (524) 5,376
-------- -------- ------------ -------- -------- --------- --------
Balance at 31 March
2022 16,406 13,972 18,309 3,871 - 3,653 56,211
-------- -------- ------------ -------- -------- --------- --------
Consolidated Cash Flow Statement
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
---- --------------- -------------- -----------
Cash generated from total operating
activities (1,321) (1,236) 59
--------------- -------------- -----------
Cash flows from investing activities
Net expenditure on investment
property (662) (12) (52)
Expenditure on property, plant
and equipment (24) (109) (196)
Proceeds from sale of plant
and equipment - 260 262
--------------- -------------- -----------
Net cash used in investing
activities (686) 139 14
--------------- -------------- -----------
Cash flows from financing activities
Proceeds from sale of shares - 3,500 3,500
Expenses of share issuance - (83) (83)
Interest paid (557) (351) (1,033)
Loan drawdowns/(repayment of
borrowings) 2,667 (2,300) (2,337)
Net finance lease (payments)/receipts (82) (69) (78)
Net cash generated from financing
activities 2,028 697 (31)
--------------- -------------- -----------
Net increase/(decrease) in cash
and cash equivalents 21 (400) 42
Cash and cash equivalents at
beginning of period 970 928 928
Cash and cash equivalents at
end of period 991 528 970
=============== ============== ===========
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 2022 were approved by the Board of Directors on 19 July 2022 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 2022, 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 2022, as described in those annual financial statements.
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 2022 is as follows:
6 months to 30 Real
September 2022 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- -------
Revenue 3,358 644 418 - 4,420
Gross profit prior
to non-recurring
items 681 480 254 - 1,415
Segmental Operating
Profit before
Fair value adjustment
and unallocated
expenses - - - - -
Fair value adjustment
on fixed assets
and investment
property assets
Unallocated:
Administrative
expenses (729)
Operating profit
from continuing
operations 686
Financial income
Financial expense (463)
-------
Profit before
tax from continuing
operations
Taxation -
-------
Profit for the
year from continuing
operations 223
=======
Depreciation
charge
Marine 172
Car Parking 10
Administration 16
-------
198
=======
Segment Information (continued)
6 months to
30 September Real
2021 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- -------
Revenue 2,648 776 421 - 3,845
Gross profit
prior to non-recurring
items 726 559 235 (111) 1,409
Segmental Operating
Profit before
Fair value adjustment
and unallocated
expenses 726 559 235 (111) 1,409
Fair value adjustment
on fixed assets
and investment
property assets - - - - -
Unallocated:
Administrative
expenses (731)
Operating profit
from continuing
operations 678
Financial income
Financial expense (351)
-------
Loss before
tax from continuing
operations 327
Taxation (62)
-------
Loss for the
year from continuing
operations 265
=======
Depreciation
charge
Marine 171
Car Parking 9
Administration 13
-------
193
=======
Segment Information (continued)
Year ended Real
31 March 2022 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- --------
Revenue 4,771 1,427 736 260 7,194
Segmental Operating
Profit before
Fair value adjustment
and unallocated
expenses 1,199 922 389 (162) 2,348
Fair value adjustment
on fixed assets
and investment
property assets (185) 380 - - 195
Unallocated:
Administrative
expenses (1,193)
Operating profit
from continuing
operations 1,350
Financial income
Financial expense (789)
--------
Profit before
tax from continuing
operations 561
Taxation (820)
--------
Profit for the
year from continuing
operations (259)
========
Depreciation
charge
Marine 335
Car Parking 40
Administration 17
--------
392
========
30 September 30 September 31 March
2022 2021 2022
GBP000 GBP000 GBP000
Segment assets:
Marine 30,747 25,565 31,068
Real estate 19,243 18,740 18,628
Car Parking 6,382 4,954 6,428
Regeneration 33,998 30,029 31,936
Total segment assets 90,370 79,288 88,060
Unallocated assets:
Property, plant and equipment 44 77 61
Trade & other receivables 211 306 241
Cash & cash equivalents 991 528 970
Total assets 91,616 80,199 89,332
============= ============= =========
Segment Information (continued)
30 September 30 September 31 March
2022 2021 2022
GBP000 GBP000 GBP000
Segment liabilities:
Marine 1,710 1,312 2,622
Real estate 724 429 464
Car Parking 92 93 132
Regeneration 1,284 823 1,234
------------- ------------- ---------
Total segment liabilities 3,810 2,657 4,452
Unallocated liabilities:
Bank overdraft & borrowings 27,963 25,433 25,378
Trade & other payables 415 154 296
Financial Derivatives - - -
Tax payable 1 62 1
Deferred tax liabilities 2,992 1,058 2,994
------------- ------------- ---------
Total liabilities 35,181 29,364 33,121
============= ============= =========
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 25% (2021: 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 (2021: nil).
Earnings per share
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
pence pence pence
--------------- -------------- -----------
Continuing operations
Basic earnings per share 0.17p 0.22p (0.20p)
Diluted earnings per share* 0.17p 0.22p (0.20p)
Basic Earnings per Share:
Basic earnings per share have been calculated using the profit for the period of GBP223,000 (2021: profit GBP265,000, year ended 31 March 2022 loss GBP259,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 129,944,071 (2021: 120,534,234; year ended 31 March 2022: 120,534,234) has been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses a weighted average number of 130,182,043 (2021: 120,765,411; year ended 31 March 2022 120,765,411) ordinary shares after adjusting for the effects of share options in issue: 237,972 ordinary shares (2021: 242,063; 31 March 2022: 242,063)
Property valuation
Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 March 2022, 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 2023, as in previous years.
Cash and cash equivalents
As at As at As at
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
-------------- ------------- ----------
Cash and cash equivalents per
balance sheet and cash flow
statement 991 528 970
============== ============= ==========
Cash flow statements
6 months to 6 months to Year Ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Cash flows from operating
activities
Profit/(loss) for the period 223 265 (259)
Adjustments for:
Taxation - - 820
Financial income - - -
Financial expense 463 351 789
Fair value adjustment on fixed
assets and investment property - - (195)
Depreciation 198 193 392
Amortisation of grants - - (9)
Profit/loss on sale of property,
plant and equipment - (24) (29)
Cash generated from operations
before changes in working
capital and provisions 884 785 1,509
Increase in inventories (1,862) (1,202) (2,629)
Transfer from Inventories
to Investment property - - 93
Decrease/(increase) in trade
and other receivables 304 556 586
(Decrease)/increase in trade
and other payables 359 (612) 150
Decrease in deferred income (1,006) (708) 406
(Decrease)/increase in provisions (56) (56)
Cash generated from operations (1,321) (1,237) 59
=============== ============== ===========
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END
IR FFUFWIEESELE
(END) Dow Jones Newswires
December 16, 2022 02:00 ET (07:00 GMT)
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