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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% | 7.25 | 7.00 | 7.50 | 7.25 | 7.25 | 7.25 | 7,500 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Services, Nec | 16.35M | -3.84M | -0.0268 | -2.71 | 10.36M |
From Mar 2023 to Mar 2025
TIDMSUH
RNS Number : 6768W
Sutton Harbour Group PLC
14 December 2023
14 December 2023
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Sutton Harbour Group plc, the AIM-quoted marine and waterfront regeneration specialist, announces its unaudited interim results for the six-month period to 30 September 2023.
Financial Highlights
-- Gross profit GBP1.620m (6 months to 30 September 2022: gross profit GBP1.415m) -- Loss before taxation GBP0.119m (6 months to 30 September 2022: profit before tax GBP0.223m) -- Gross assets GBP98.859m (31 March 2023: GBP96.049m) -- Net assets GBP58.850m (31 March 2023: GBP56.067m) -- Net asset value per share 41.2p (31 March 2023: 43.1p) -- Net debt GBP30.468m (31 March 2023: GBP29.259m) -- Gearing 51.8% (31 March 2023: 52.2%)
Company Highlights
-- Completion of Harbour Arch Quay and sale of all 14 apartments completed by early November 2023
-- Full occupancy of the newly refurbished Old Barbican Market -- Marinas' occupancies at near capacity -- North Quay House redevelopment programmed for 2024 delivery -- Debt reduction strategy plan to reduce interest burden to commence in 2024
Philip Beinhaker, Executive Chairman, commented:
"In the period under review and into recent months, the Company has delivered the construction work and full occupation of two major projects in Sutton Harbour, both which have already added to the quality of the local built environment and are the first significant developments in more than a decade around Sutton Harbour. The Company is committed to continuing with its development programme to ensure the future quality and sustainability of the area and delivery of medium to long term value for investors."
For further information, please contact:
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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 & Financial Adviser and Broker) Richard Johnson
Executive Chairman's Statement
For the six-month period to 30 September 2023
Results and Financial position
Trading during the first six months of the financial year was robust with gross profit up 14.4% to GBP1.620m from GBP1.415m for the comparable period to 30 September 2022 ("H1 2022"). This reflects continued occupancy of the marinas at near-capacity rates and strength of the car parks and property rental activities. Bottom line results have been materially affected by progressive interest rate rises giving rise to the net loss for the period. The loss before taxation for the six-month period to 30 September 2023 was GBP0.119m compared to GBP0.223m profit before taxation for H1 2022.
As at 30 September 2023, net assets were GBP58.850m (equal to 41.2 pence per share), up from GBP56.067m (equal to 43.1 pence per share) as at 31 March 2023. The increase in net assets of GBP2.783m is largely attributable to the issue of 12,994,407 new ordinary shares at 22.5 pence each by way of a subscription by the Company's major shareholder, raising gross proceeds of GBP2.9m, in May 2023.
Net Debt has increased to GBP30.468m, being GBP1.209m more than the net debt position as at 31 March 2023 of GBP29.259m. Notable components of this change were the GBP2.9m share subscription cash inflow offset by GBP1.6m bank loan repayments and investments into the active development projects. Gearing, measured as net debt as a percentage of net assets, was broadly unchanged at 51.8% as at 30 September 2023 (31 March 2023: 52.2%).
Trading and Operations Report
During the six-month reporting period, the marinas have been occupied at levels very close to full capacity. The Company held prices for berthing at Sutton Harbour at the previous season's rates as consideration to berth-holders for the disruption of the Environment Agency's planned lock gate cill replacement works which started after this interim reporting period. Berthing rates charged at King Point Marina were increased by inflation and this marina's results also reflect the new five-year lease with Princess Yachts on improved terms. Fishing results show a slight improvement to the comparative period with an increase in the amount of fuel sold. Overall, contribution from the Marine trading segment was GBP0.895m in the six-month period to 30 September 2023 (H1 2022: GBP0.681m).
The Environment Agency is funding the costs of the lock works. The intermittent disruption caused by these works started in early October 2023 and will run until mid December 2023. A second 10 week long tranche of these works will take place in early 2024. The direct financial impact of the lock works will be accounted in the results for the second half year and will incorporate the costs of providing alternative landing and temporary berthing facilities.
Starting in November 2023, selling of marina berths for the 2024/25 season has begun. Rates for King Point Marina have been increased by inflation, whereas rates at Sutton Harbour Marina have been increased by only a modest amount, adjusted to recognise the ongoing lock works disruption. Rates will increase to market norms from 2025/26. To date, sales are very encouraging showing strong levels of berth bookings at this stage in the selling season.
During the first half of this financial year, overall results from the Real Estate segment were slightly up on the comparative period at GBP0.505m gross profit (2022: GBP0.480m gross profit). These results take account of the new lettings in the newly refurbished Old Barbican Market, countering the loss of rents from North Quay House, the largely decanted office building now proposed for redevelopment to a new waterfront residential development. Occupancy of the Company's retail and industrial business space continues to be resilient.
The Company has now secured its power requirements by way of a capped buying strategy to avoid future power cost shocks as was acutely experienced in the second half of the previous financial year. Power costs have now reduced from the winter 2022/23 peak, but are still considerably higher than pre October 2022.
Development / Regeneration
Harbour Arch Quay
The building was completed in October 2023 with sales completions of all 14 apartments taking place by early November 2023. The development loan of GBP4.5m was repaid and the Company has now also repaid GBP3.2m against the NatWest term loan. The ground floor offices will be made ready for the Company to occupy in 2024 and letting of the existing offices will then follow.
The Company is pleased to have recommenced active property development after more than a decade's hiatus and the sales of all units during construction demonstrates demand for high quality property in the environment of Sutton Harbour.
Whilst the property sales achieved some of the highest prices recorded for apartments in Plymouth, the Company expects a construction project result just below breakeven once all costs are finally accounted. The full accounting result will show a loss in the second half year after taking into account all other costs including historical site holding costs, costs of re-design and time of Company personnel spent on the project. The Company had projected a profitable result but encountered delays and additional costs due to the complex ground conditions, resolution of party wall agreements, change in fire safety regulations necessitating some supplementary works and additional costs arising from supply chain shortages, materials inflation and labour rate increases. Nonetheless, the Company has now identified a team of experienced, reliable professionals and tradespeople most suited to delivering high quality waterfront property in this area and now has current experience to benefit improved cost management for the delivery programme of future projects.
Old Barbican Market
After completing the full refurbishment of this listed property early in 2023, all three units are now occupied with national covenant tenants whose draw to the Barbican has benefited footfall to the area, thereby supporting other tenants and businesses, and creating greater appeal to the wider public, both local people and visitors. This development has demonstrated that targeted investment can deliver the opportunity for value growth and future sustainability of the area.
North Quay House
The next development proposed by the Company is the delivery of a high quality 10 apartment building at North Quay House. North Quay House is an, office building overlooking the harbour, now largely decanted. The proposed development will incorporate retail space and parking. Subject to planning consent and financing, this development is programmed for delivery in 2024 and following on from the success of Harbour Arch Quay, already has interest from prospective apartment purchasers.
Sugar Quay
Since gaining planning consent for a single building at Sugar Quay, the Company is working on adapting the design to enable development in phases. This approach is more appropriate in the current market and will allow staged financing and development at a pace to suit absorption of the finished apartments. Additionally, there are a number of design improvements that will be incorporated into this proposal including provision of harbour views to significantly more units and an improved off street unloading and reception access. The Company expects to submit this updated application to the Local Planning Authority later in 2024.
Former Airport Site
The planning freeze of the former airport site to protect it against alternative use expires in March 2024. It is expected that the Company will submit a masterplan to the Local Planning Authority in the near future.
Financial Structure
With interest rates now expected to persist at or around current levels (5.25% current Bank of England rate) for the immediately foreseeable future, the Company recognises that its gearing level is high. The Board is focused on reducing its debt level significantly within the next year to manage debt servicing costs down to a more comfortable level. At present the Company has banking facilities of GBP21.7m (after having a repaid a further GBP1.6m subsequent to this reporting period in addition to a GBP1.6m repayment during the first half year period) secured by a property asset portfolio valued at 31 March 2023 of GBP58.9m. The former airport site is not included in this security figure.
The Company has therefore begun exploring options to realise the value of some of its asset portfolio within the next year to reduce bank debt and to provide some working capital for essential investment into operational assets and for pre-construction project costs. The Company has identified assets for disposal which are more easily separable from the Group and have reached their valuation potential from the Group's perspective. This is in line with the Group's stated Business Plan in the last published Annual Report. Divestment of between c.8-12% of the total asset base is under consideration. The Company will update on divestments as and when agreements for disposals are entered into. In due course, acquisition and retention of strategic assets, whether bought or developed, is expected to increase.
The Company is actively working with its current bank, NatWest, other banks and specialist development funders to support the debt reduction plan and future funding needs. The current banking facility expires in December 2024. The related party loans with Beinhaker Design Services Ltd and Rotolok (Holdings) Limited expire in May 2024 and whilst part of the liability is expected to be repaid at maturity, the Company is exploring options to extend and/or convert to equity a portion of the liability.
Summary
In the period under review and into recent months, the Company has delivered the construction work and full occupation of two major projects in Sutton Harbour, both of which have already added to the quality of the local built environment and are the first significant developments in more than a decade around Sutton Harbour. Economic conditions, changing regulations and supply side factors have presented challenges to the development process and there have been points that have been learned in the delivery of both these projects which will enhance management of future projects. With the benefit of this current experience, the Company is committed to continuing with its development programme to ensure the future quality and sustainability of the area and delivery of medium to long term value for investors.
Philip Beinhaker
EXECUTIVE CHAIRMAN
Consolidated Statement of Comprehensive Income
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Revenue 4,446 4,420 8,161
Cost of Sales (2,826) (3,005) (5,915)
Gross Profit 1,620 1,415 2,246
--------------- -------------- -----------
Fair value adjustment on fixed assets
and investment property - - (1,925)
Administrative expenses (817) (729) (1,193)
Operating profit/(loss) from continuing
operations 803 686 (872)
Financial income 6 - 1
Financial expense (928) (463) (1,150)
Net financing costs (922) (463) (1,149)
(Loss)/Profit before tax from continuing
operations (119) 223 (2,021)
Taxation credit on profit from continuing
operations - (15)
(Loss)/Profit from continuing operations (119) 223 (2,036)
=============== ============== ===========
Basic loss/earnings per share (0.08p) 0.17p (1.57p)
Diluted loss/earnings per share (0.08p) 0.17p (1.57p)
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Profit from continuing operations (119) 223 (2,036)
Other comprehensive income/(expenses)
Continuing operations:
Revaluation of property, plant and
equipment - - 2,435
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 - - (543)
Total other comprehensive income - - 1,892
--------------- -------------- -----------
Total comprehensive income for the
period attributable to equity shareholders (119) 223 (144)
=============== ============== ===========
Consolidated Balance Sheet
As at As at As at
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Non-current assets
Property, plant and equipment 38,432 36,224 38,540
Investment property 17,333 18,857 17,205
Inventories 13,420 13,249 13,363
--------------- -------------- -----------
69,185 68,330 69,108
--------------- -------------- -----------
Current assets
Inventories 27,005 20,779 23,749
Trade and other receivables 2,139 1,515 2,092
Cash and cash equivalents 530 991 1,095
Tax recoverable - - 5
--------------- -------------- -----------
29,674 23,285 26,941
--------------- -------------- -----------
Total assets 98,859 91,615 96,049
--------------- -------------- -----------
Current liabilities
Bank Loans 1,600 - 3,200
Other Loans 7,676 3,355 5,477
Trade and other payables 3,583 2,361 3,301
Finance lease liabilities 22 40 66
Deferred income 1,232 1,219 2,132
14,113 6,975 14,176
--------------- -------------- -----------
Non-current liabilities
Other interest-bearing loans and
borrowings 21,700 24,450 21,600
Finance lease liabilities - 118 10
Deferred government grants 646 646 646
Deferred tax liabilities 3,550 2,992 3,550
25,896 28,206 25,806
--------------- -------------- -----------
Total liabilities 40,009 35,181 39,982
--------------- -------------- -----------
Net assets 58,850 56,434 56,067
=============== ============== ===========
Issued capital and reserves attributable
to owners of the parent
Share capital 16,536 16,406 16,406
Share premium 16,744 13,972 13,972
Other reserves 24,072 22,180 24,072
Retained earnings 1,498 3,876 1,617
--------------- -------------- -----------
Total equity 58,850 56,434 56,067
=============== ============== ===========
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 2023 16,406 13,972 20,201 3,871 - 1,617 56,067
Comprehensive
income/(expense)
Issue of Shares 130 2,772 - - - - 2,902
Loss for the period (119) (119)
Total comprehensive
income/(expense)
6 month period ended
30 September 2023 130 2,772 - - - (119) 2,783
-------- -------- ------------ -------- -------- --------- --------
Balance at 30 September
2023 16,536 16,744 20,201 3,871 - 1,498 58,850
-------- -------- ------------ -------- -------- --------- --------
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 October
2022 16,406 13,972 18,309 3,871 - 3,876 56,434
Comprehensive
income/(expense)
Profit for the period - - - - - (2,259) (2,259)
Other comprehensive
income/(expense)
Revaluation of
property,
plant and equipment - - 2,435 - - - 2,435
Deferred tax on
revaluation - - (543) - - - (543)
Total comprehensive
income/(expense)
6 month period ended
31 March 2023 - - 1,892 - - (2,259) (367)
-------- -------- ------------ -------- -------- --------- --------
Balance at 31 March
2023 16,406 13,972 20,201 3,871 - 1,617 56,067
-------- -------- ------------ -------- -------- --------- --------
Consolidated Cash Flow Statement
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
---- --------------- -------------- -----------
Cash generated from total operating
activities (2,989) (1,321) (2,658)
--------------- -------------- -----------
Cash flows from investing activities
Net expenditure on investment
property (128) (662) (935)
Expenditure on property, plant
and equipment (73) (24) (97)
Net cash used in investing
activities (201) (686) (1,032)
--------------- -------------- -----------
Cash flows from financing activities
Proceeds from sale of shares 2,924 - -
Expenses of share issuance (22) - -
Interest paid (922) (557) (1,009)
Loan drawdowns/(repayment of
borrowings) 699 2,667 7,263
Net finance lease (payments)/receipts (54) (82) (2,439)
Net cash generated from financing
activities 2,625 2,028 3,815
--------------- -------------- -----------
Net increase/(decrease) in cash
and cash equivalents (565) 21 125
Cash and cash equivalents at
beginning of period 1,095 970 970
Cash and cash equivalents at
end of period 530 991 1,095
=============== ============== ===========
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 2023 were approved by the Board of Directors on 31 July 2023 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 2023, 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 2023, 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 2023 is as follows:
6 months to 30 Real
September 2023 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- -------
Revenue 3,221 714 511 - 4,446
Gross profit prior
to non-recurring
items 895 505 305 (85) 1,620
1,620
Unallocated:
Administrative
expenses (817)
Operating profit
from continuing
operations 803
Financial income 6
Financial expense (928)
-------
Loss before tax
from continuing
operations (119)
Taxation -
-------
Loss for the year
from continuing
operations (119)
=======
Depreciation
charge
Marine 161
Car Parking 7
Administration 13
-------
181
=======
Segment Information (continued)
6 months to
30 September Real
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
1,415
Unallocated:
Administrative
expenses (729)
Operating profit
from continuing
operations 686
Financial income -
Financial expense (463)
-------
Profit before
tax from continuing
operations 223
Taxation -
-------
Profit for the
year from continuing
operations 223
=======
Depreciation
charge
Marine 172
Car Parking 10
Administration 16
-------
198
=======
Segment Information (continued)
Year ended Real
31 March 2023 Marine Estate Car Parking Regeneration Total
GBP000 GBP000 GBP000 GBP000 GBP000
------- -------- ------------ ------------- ----------
Revenue 6,016 1,374 771 - 8,161
Segmental Operating
Profit before
Fair value adjustment
and unallocated
expenses 974 965 449 (142) 2,246
Fair value adjustment
on fixed assets
and investment
property assets - (1,925) - - (1,925)
Unallocated:
Administrative
expenses (1,193)
Operating profit
from continuing
operations (872)
Financial income 1
Financial expense (1,150)
----------
Loss before
tax from continuing
operations (2,021)
Taxation (15)
----------
Loss for the
year from continuing
operations (2,036)
==========
Depreciation
charge
Marine 355
Car Parking 19
Administration 16
----------
390
==========
30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
Segment assets:
Marine 32,663 30,747 32,956
Real estate 17,864 19,243 17,656
Car Parking 6,829 6,382 6,843
Regeneration 40,646 33,998 37,272
Total segment assets 98,002 90,370 94,727
Unallocated assets:
Property, plant and equipment 53 44 41
Trade & other receivables 274 210 185
Cash & cash equivalents 530 991 1,096
Total assets 98,859 91,615 96,049
============= ============= =========
Segment Information (continued)
30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
Segment liabilities:
Marine 1,696 1,710 2,702
Real estate 425 724 415
Car Parking 110 92 100
Regeneration 2,847 1,284 2,298
------------- ------------- ---------
Total segment liabilities 5,078 3,810 5,515
Unallocated liabilities:
Bank overdraft & borrowings 30,998 27,963 30,354
Trade & other payables 382 415 562
Tax payable 1 1 1
Deferred tax liabilities 3,550 2,992 3,550
------------- ------------- ---------
Total liabilities 40,009 35,181 39,982
============= ============= =========
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% (2022: 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 (2022: nil).
Earnings per share
6 months 6 months Year Ended
to to
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
pence pence pence
--------------- -------------- -----------
Continuing operations
Basic (loss)/earnings per share (0.08p) 0.17p (1.57p)
Diluted (loss)/earnings per
share* (0.08p) 0.17p (1.57p)
Basic Earnings per Share:
Basic earnings per share have been calculated using the loss for the period of GBP119,000 (2022: profit GBP223,000; year ended 31 March 2023: loss GBP2,036,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 140,506,216 (2022: 129,944,071; year ended 31 March 2023: 129,944,071) has been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses a weighted average number of 140,774,968 (2022: 130,182,220; year ended 31 March 2023) ordinary shares after adjusting for the effects of share options in issue: 257,972 ordinary shares (2022: 237,972; year ended 31 March 2023). If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share.
Property valuation
Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 March 2023, 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 2024, as in previous years.
Cash and cash equivalents
As at As at As at
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
-------------- ------------- ----------
Cash and cash equivalents per
balance sheet and cash flow
statement 530 991 1,095
============== ============= ==========
Cash flow statements
6 months to 6 months to Year Ended
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
--------------- -------------- -----------
Cash flows from operating
activities
Profit/(loss) for the period (119) 223 (2,036)
Adjustments for:
Taxation - - 15
Financial income (6) - (1)
Financial expense 928 463 1,150
Fair value adjustment on fixed
assets and investment property - - 1,925
Depreciation 181 198 390
Cash generated from operations
before changes in working
capital and provisions 984 884 1,443
Increase in inventories (3,313) (1,862) (5,162)
(Increase)/decrease in trade
and other receivables (42) 304 (282)
Increase in trade and other
payables 282 359 1,421
(Decrease) in deferred income (900) (1,006) (93)
Decrease in provisions - - 15
Cash generated from operations (2,989) (1,321) (2,658)
=============== ============== ===========
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