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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thg Plc | LSE:THG | London | Ordinary Share | GB00BMTV7393 | ORD GBP0.005 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.45 | -0.69% | 64.40 | 64.55 | 64.95 | 65.00 | 63.25 | 63.25 | 1,484,959 | 16:35:28 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Retail Stores, Nec | 2.05B | -248.37M | -0.1867 | -3.47 | 862.91M |
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RNS Number:2565U
Terrace Hill Group PLC
15 January 2004
TERRACE HILL GROUP PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR 18 MONTHS TO 31 OCTOBER 2003
CHAIRMAN'S STATEMENT
18 months to 31 October 2003
I am pleased to present our results for the 18 month period ended 31 October
2003, which included some 13 months of the Commercial Division added by our
merger with Westview Group.
Profit before tax was #5,092,831 (year to 30 April 2002: #53,284) and net asset
value at the period end stood at #46,634,255 (30 April 2002: #25,158,735). We
are pleased with these results. Our announced strategy in entering into the
merger was to add profits to our valuable asset base, and I believe that the
results for the period under review show that this has been successfully
achieved.
Balance Sheet
Total group assets were #131.7m as at 31 October 2003. The value of investment
properties held at the year end was #89.9m (with #45.7m Residential and #44.2m
Commercial). In addition, the Commercial Division had #18m as work in progress
on developments under construction.
Bank debt stood at 55% of gross assets. At 30 April 2002, net debt, being
borrowing less cash, stood at 69% of property value.
Profit and Loss Account
Profit before tax for the period of 18 months to the period 31 October 2003
amounted to #5,092,831 (year to 30 April 2002: #53,284). In the 6 months to 31
October 2002 and in the 6 months to 30 April 2003 pre tax profits amounted to
#75,000 and #2,145,000 respectively.
Dividend
Maintaining our progressive dividend policy and reflecting our confidence in the
future, your directors have decided to recommend a 15.4% increase in the six
monthly dividend to 0.15p per share, to be paid as a final dividend. If
approved it will be paid on 12 March 2004 to shareholders on the register at 5
March 2004. This dividend compares to the dividend of 0.13p per share paid in
respect of the half year to 30 April 2003 and the dividend of 0.125p per share
in respect of the half year to 31 October 2002.
Current and Future Trading
As can be seen from the operational review following, I believe that the Group
has made substantial progress and secured opportunities with excellent future
potential. We are excited about our prospects, and believe that we are capable
of delivering very significant increases in shareholder value over time.
Robert F M Adair
Chairman
15 January 2004
OPERATIONAL REVIEW
The 18 months to 31 October 2003 has been an eventful period in both the
Commercial and Residential Divisions.
Commercial Division
This Division has made significant progress in the period. The property
development process by its very nature takes time to generate added shareholder
value or cash flow with the result that published accounts covering a short
period cannot always meaningfully state the real underlying progress being
achieved. This period, seen in this light, has been a period of considerable
activity - the benefits of much of this activity will come in the future.
In the period to 31st October 2003 transactions of note were
- The sale of the Cube - being 24,400 sq ft of new office space in
Newcastle to a firm of solicitors at a price of #4.65m.
- The sale of our factory outlet centre at Rowsley to a private investor for
#8.6m, a figure well in excess of our carrying cost of #6.5m.
- The completion of 64 Clarendon Road, Watford, a 67,000 sq ft office complex
pre-let to AWG and pre-sold to NPI.
- The completion and occupation by Virgin Active of a 45,000 sq ft leisure
facility in Essex. Our current intention is to hold this investment as it is
now reversionary.
- The sale of our car showroom property in St Albans for #1.2m (compared to
our carrying cost of #0.96m) where we had obtained planning consent for
residential use.
- The sale of an office block of 12,750 sq ft on Teesdale for #2.4m showing a
profit of #0.7m. This is the latest of several successful developments in
a location where we have a further 6.5 acres of development land.
- The sale of our let office investment, Fulwood Place for #4.16m.
Tenant demand has remained somewhat subdued, sentiment not being aided by the
Iraq war. Our office developments at Colston 33 in Bristol and Westminster
House, Teesside have continued to attract tenant interest. Office developments
at numbers 11 and 16 Berkeley Street in Mayfair (respectively of 17,600 sq ft
and 34,000 sq ft) were completed in the summer and tenant interest is now in
evidence. We see the West End market as likely to be one of the first to see an
improvement.
Looking to the future new developments where construction started in the period
were
- 34 Clarendon Road, Watford, being a 25,000 sq ft refurbishment of an
existing office building. This will deliver high quality space with car
parking considerably in excess of that allowed on new developments in the
area.
- A mixed partly pre-let or pre-sold scheme in Guildford consisting of retail,
fitness centre and a "creche" totalling 43,200 sq ft plus 42,000 sq ft of
small office units in joint venture with HSBC.
Through its three offices in London, the North East and South West, the Division
has concentrated on developing expertise and contacts in particular geographic
areas. The Group actively seeks partnerships either with landowners,
particularly in the public sector, or private equity investors where it wishes
to either spread the risk or earn an enhanced return from the project. This is
evidenced by some of the new projects which we have secured which are on a
"preferred developer" or on a subject to planning basis.
The pipeline of future projects is now considerable. Besides the "preferred
developer" status of Baltic Business Park, Gateshead and Templar House, Bristol,
we have during the period secured similar status for schemes in Swansea and
Middlehaven, Middlesbrough all with the public sector. In addition, conditional
contracts have been signed for developments in Darlington and West Lothian while
an industrial scheme at Tunbridge Wells for 170,000 sq ft is expected to be on
site in the spring of 2004.
Residential Division
During the year to 30 April 2002, the group began shifting the balance of its
residential portfolio towards Scotland and the North of England and this policy
was continued during the period to 31 October 2003.
In addition, having seen a sustained period of exceptional growth in residential
property values, it was decided to reduce the size of the portfolio by selective
selling to focus on higher yielding properties in less expensive areas. The
largest such transaction was a disposal of 223 residential units in Edinburgh
and the North East of Scotland to Blueroom Properties Limited. The most
significant acquisition made in the period was Sallyport House, Newcastle Upon
Tyne, a recent development of 43 flats acquired at a price, which we believe,
left us room for considerable future growth.
Property management continued to be carefully monitored. Rent collected was
seldom less than 99% of rent due in each month, maintenance costs continued to
be driven down and, while rents in Scotland tended to be static, (but providing
a higher yield to value than in England), in England increases obtained on
reviews were generally in the region of 10%.
At 31 October 2003 the group held a total of 585 residential units with a value
of #45.7 million. Of these units 337 were located in Scotland (of which 279 are
in Glasgow and the West of Scotland), having an average value of #66,801, and
248 in England and Wales, with an average value of #93,550. Across of the whole
portfolio the average value was #78,141. The group believes that property in
the lower middle range of market values is better shielded from sudden changes
in interest rates and general economic factors.
Since the period end, the Group has continued to make selective disposals and
has acquired 24 units in Paisley, near Glasgow Airport. The Group is also in
advanced negotiation with a view to the acquisition of land with future
potential for housing development in Scotland.
D. Ross Macdonald, Joint Managing Director
Nigel J C Turnbull, Joint Managing Director
15 January 2004
GROUP PROFIT AND LOSS ACCOUNT
for 18 months from 1 May 2002 to 31 October 2003
18 months to Year to
31 October 2003 30 April 2002
# #
TURNOVER
Group
Ongoing operations 6,814,673 4,843,558
Acquisitions 32,831,682
------------- ------------
39,646,355 4,843,558
Share of joint venture 3,981
------------- ------------
39,646,355 4,847,539
GROUP OPERATING PROFIT
Ongoing operations 2,285,262 1,889,763
Acquisitions 1,010,052
------------- ------------
3,295,314 1,889,763
Share of joint venture profit 678
------------- ------------
TOTAL OPERATING PROFIT 3,295,314 1,890,441
Continuing operations
Gain/(loss) on disposal of
other fixed asset investments 22,996 (6,577)
Net gain on disposal of
investment property 7,123,244 1,090,444
Permanent diminution of an
investment property (300,000)
Discontinued operations
(Loss)/gain on liquidation of
former subsidiary (4,321) 2,652
Provision for unlisted investments (201,507) (101,940)
Interest receivable 490,103 56,759
Interest payable (5,332,998) (2,878,495)
------------- ------------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAX 5,092,831 53,284
Taxation charge (872,196) (27,629)
------------- ------------
PROFIT ON ORDINARY ACTIVITIES AFTER TAX 4,220,635 25,655
Minority interest (150,123)
------------- ------------
PROFIT ATTRIBUTABLE TO MEMBERS OF
PARENT COMPANY 4,070,512 25,655
Dividends (624,487)
------------- ------------
TRANSFER TO RESERVES 3,446,025 25,655
============= ============
Earnings per share - basic and diluted 3.033p 0.038p
============= ============
GROUP BALANCE SHEET
at 31 October 2003
31 October 2003 30 April 2002
# #
FIXED ASSETS
Intangible assets
Positive goodwill 2,583,058 371,240
Negative goodwill (1,307,356) (4,167,242)
------------- ------------
1,275,702 (3,796,002)
Tangible assets 89,875,057 74,943,556
------------- ------------
91,150,759 71,147,554
Investments
Joint Venture - share of gross
assets 47,500
- share of gross
liabilities (40,211)
------------- ------------
7,289
Other fixed asset investments 1,138,222 278,581
------------- ------------
1,138,222 285,870
------------- ------------
92,288,981 71,433,424
CURRENT ASSETS
Work in progress 18,046,537
Debtors 7,298,376 7,038,069
Cash at bank and in hand 14,048,620 1,905,211
------------- ------------
39,393,533 8,943,280
CREDITORS: Amounts due within one year (41,585,173) (4,182,355)
------------- ------------
NET CURRENT ASSETS (2,191,640) 4,760,925
------------- ------------
TOTAL ASSETS LESS CURRENT LIABILITIES 90,097,341 76,194,349
CREDITORS: Amounts due after more
than one year (42,986,307) (51,035,614)
PROVISION FOR LIABILITIES AND CHARGES (476,779)
------------- ------------
46,634,255 25,158,735
============= ============
CAPITAL AND RESERVES
Called up share capital 3,079,508 1,487,073
Deferred consideration 192,551 192,551
Share premium account 11,822,703 9,908,302
Revaluation reserve: investment properties 13,396,853 9,486,716
other 6,008 4,121
Capital redemption reserve 821,230 792,025
Merger reserve 8,227,582 9,281,908
Profit and loss account 8,985,565 (5,993,961)
------------- ------------
46,532,000 25,158,735
Minority interests 102,255
------------- ------------
46,634,255 25,158,735
============= ============
NOTES
1. The financial information set out in this announcement does not constitute
the company's statutory financial statements for the periods ended 30 April
2002 and 31 October 2003.
2. This financial information is extracted from the financial statements of the
group for the period ended 31 October 2003 which were approved by the board
of directors on 14 January 2004.
3. The calculation of basic and diluted profit per ordinary share is based on
the following:
18 months to 12 months to
31-Oct-03 30-Apr-02
#'000 #'000
Surplus 4,071 26
========= =========
The weighted average number of ordinary
shares in issue during the period:
Basic 134,207,985 66,637,201
Dilutive potential ordinary shares
arising from share option schemes - -
----------- ----------
134,207,985 66,637,201
=========== ==========
4. Copies of this announcement are available, free of charge, for a period of
one month from Noble & Company Limited, 1 Frederick's Place, London,
EC2R 8AB. Copies of the full financial statements will be posted to
shareholders as soon as possible.
Contacts: Ross Macdonald, Joint Managing Director, Terrace Hill Group PLC
0141 332 2014
Alasdair Robinson, Noble & Company Limited, 0131 225 9677
Hugo de Salis, St Brides Media & Finance, 020 7242 4477
This information is provided by RNS
The company news service from the London Stock Exchange
END
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