We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Trust Property | LSE:TPM | London | Ordinary Share | GB00B1NXMT53 | 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% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Trust Property Management Group plc ("TPMG" or "the Group") Half Yearly Report to 30 September 2007 Trust Property Management Group plc (AIM: TPM), the property management and services group, today announces its maiden interim results for the six months ended 30 September 2007. Highlights: * Turnover for the period £1.05 million * Operating profit before amortisation of intangible assets and share based payment charges was £180,000 * Two acquisitions (one of which occurred on 1 October) have provided further geographical reach and new client bases * The AIM Admission on 14 March 2007, and subsequent placing, have created a strong financial platform for future growth. Commenting on the results, Benjamin Mire, Chief Executive of Trust Property Management Group plc, said: "We are delighted with the progress we have made since the Company's admission to AIM in March 2007. This is demonstrated by our earnings, the acquisitions we have made, the cross selling of professional services and the building of the infrastructure required for further expansion of the Group" For further information visit www.tpmgroupplc.co.uk or contact: Julian Finegold, Director Tel: 0845 260 1515 Trust Property Management Group Plc Liam Murray, Nominated Adviser Tel: 020 7492 4777 City Financial Associates Limited Isabel Crossley/Susie Callear Tel: 020 7242 4477 St Brides Media and Finance Chairman's Statement The first six months of the year have been an exciting time for TPMG, during which time we have continued to develop and expand the Group. TPMG's admission to AIM, on 14 March 2007, provided the Group with the means to establish itself as a national brand in the property services market, allowing it to pursue its strategy of organic and acquisitive growth. Since then TPMG has raised additional funds by way of a placing, leaving it well positioned to fund further acquisitions and working capital resources. We have made significant progress in building the platform from which TPMG can achieve its strategic goals. In addition, our plans to develop excellent customer service through the development of our employees and our systems are well underway. Having managed 10,000 residential units prior to admission to AIM, TPMG now manages in excess of 13,000 units, as well as in excess of £0.5bn of commercial property. Since admission to AIM, TPMG has made two acquisitions. In June 2007 TPMG acquired the trade of Nightingale Chancellors, a partnership based in Richmond. This provides us with a valuable foothold in the south west London property market. In October 2007, we expanded further through the acquisition of Dexter Brown Limited, a commercial property management practice based in Milton Keynes. This strengthens our strategy of developing TPMG as a property-based services company, specialising in both commercial and residential property management, as well as providing a wide spectrum of chartered surveying services. Both acquisitions enhance our services coverage and provide us with a wider client base and opportunities to cross sell our services. Financial results TPMG achieved an operating profit before amortisation of intangible assets and share based payment charges of £180,000 during the period. Turnover for the period was £1.05 million. Basic and diluted earnings per share were 0.3pence per share. Outlook We remain focused on developing the three strands of our business - surveying services, commercial property management and residential block management. As TPMG grows, our goal is to continue to provide a personalised, quality service with strong margins, achieved by improved economies of scale. We have identified a number of potential acquisitions on which we hope to be able to report in the near future. We are delighted with the progress the Group has made in the first six months of the year and our confidence in continuing to grow the Group, both through acquisitions and the winning of new business, remains high. David Glass Chairman CONSOLIDATED BALANCE SHEET Notes As at As at 30 September 2007 31 March 2007 unaudited audited £'000 £'000 ASSETS Non-current assets Property, plant and equipment 171 139 Goodwill 1,433 1,081 Intangible assets 932 562 _________ _________ 2,536 1,782 _________ _________ Current assets Trade and other receivables 829 392 Cash and cash equivalents 746 598 _________ _________ 1,575 990 _________ _________ Total assets 4,111 2,772 _________ _________ LIABILITIES Current liabilities Trade and other payables 611 266 Borrowings 274 32 Tax liabilities 37 35 Obligations under finance 15 - lease _________ _________ 937 333 _________ _________ Non-current liabilities Borrowings 523 315 Deferred tax liabilities 67 60 Obligations under finance 35 - lease _________ _________ 625 375 _________ _________ Total liabilities 1,562 708 _________ _________ Net assets 2,549 2,064 _________ _________ EQUITY Share capital 5 329 294 Share premium 2,120 1,809 Shares based payment reserve 46 6 Retained earnings 54 (45) _________ _________ Total equity 2,549 2,064 _________ _________ CONSOLIDATED INCOME STATEMENT Notes 6 months ended 4 months ended 30 September 2007 31 March 2007 unaudited audited £'000 £'000 Continuing operations Revenue 3 1,052 97 Operating expenses (922) (137) ______ ______ Operating profit/(loss) 3 130 (40) Finance income 16 1 Finance costs (28) (4) ______ ______ Profit/(loss) before tax 118 (43) Income tax expense 2 (19) (2) ______ ______ Profit/(loss) for the period 99 (45) attributable to equity holders of the company ______ ______ Profit/(loss) per share Basic and diluted 4 0.3p (0.8p) ______ ______ RECONCILIATION OF PROFIT BEFORE AMORTISATION OF INTANGIBLE ASSETS AND SHARE BASED PAYMENTS 6 months ended 4 months ended 30 September 2007 31 March 2007 unaudited audited £'000 £'000 Operating profit/(loss) per 130 (40) income statement Add back: Amortisation of intangible 10 1 assets Share based payment charges 40 6 ______ ______ Operating profit/(loss) before 180 (33) amortisation of intangible assets and share based payments ______ ______ Attributable to equity holders of the Company Share Share Share Retained Total based capital premium payment earnings equity reserve £'000 £'000 £'000 £'000 £'000 Balance at 29 - - - - - November 2006 Shares issued in 294 2,128 - - 2,422 period Cost of issue of - (319) - - (319) shares Employee share based - - 6 - 6 payments Loss for the period - - - (45) (45) ________ ________ ________ ________ ________ Audited balance at 31 294 1,809 6 (45) 2,064 March 2007 Shares issued in 35 315 - - 350 period Cost of issue of - (4 ) - - (4) shares Employee share based - - 40 - 40 payments Profit for the period - - - 99 99 ________ ________ ________ ________ ________ Unaudited balance at 329 2,120 46 54 2,549 30 September 2007 ________ ________ ________ ________ ________ CONSOLIDATED CASH FLOW STATEMENT Notes 6 months ended 4 months ended 30 September 2007 31 March 2007 unaudited audited £'000 £'000 OPERATING ACTIVITIES Cash flow from operations 6 62 (49) Income taxes paid (9) (7) Interest paid (6) (1) Interest received 16 - _________ _________ NET CASH INFLOW/(OUTFLOW) FROM 63 (57) OPERATING ACTIVITIES _________ _________ INVESTING ACTIVITIES Purchases of property, plant (11) (10) and equipment Acquisition of subsidiary (30) 37 Purchase of business 7 (699) - _________ _________ NET CASH FROM INVESTING (740) 27 ACTIVITIES _________ _________ FINANCING ACTIVITIES Proceeds from issuance of 346 628 ordinary shares New bank loans 500 - Bank loan repayments (21) - _________ _________ NET CASH FROM FINANCING 825 628 ACTIVITIES _________ _________ NET INCREASE IN CASH AND CASH 148 598 EQUIVALENTS CASH AND CASH EQUIVALENTS AT 598 - BEGINNING OF PERIOD _________ _________ CASH AND CASH EQUIVALENTS AT 746 598 END OF PERIOD Bank balances and cash _________ _________ This format represents the indirect method of determining operating cash flow. Notes to the accounts 1 BASIS OF PREPARATION This interim report does not constitute statutory accounts of the Group within the meaning of section 240 of the Companies Act 1985. The financial information in this half-year interim report consolidates the company and its subsidiaries. The Interim report is unaudited and has not been reviewed by the auditors. The accounting policies applied in these unaudited interim financial statements are those applied by the Group in the audited financial statements for the period ended 31 March 2007. The prior period accounts were unqualified and did not contain a statement under Section 237 (2) or 237 (3) of The Companies Act 1985, and were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and those parts of the Companies Act 1985 that remain applicable to companies reporting under IFRS. The interim consolidated financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. All values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated. 2 TAXATION The tax charge for the period is based on an estimated full year effective tax rate of 24%. 3 BUSINESS AND GEOGRAPHICAL SEGMENTS Business segments For management purposes, the Group is currently organised into two operating divisions - professional services and property management. These divisions are the basis on which the Group reports its primary segment information. All of the Group's operations are carried out within the United Kingdom. Principal activities are as follows: Professional services: wide range of chartered surveying services Property management: residential and commercial property management Continuing Activities 6 months 4 months ended ended 31 March 2007 30 September 2007 audited unaudited £'000 £'000 REVENUE Professional services 358 53 Property management 691 44 Unallocated revenue 3 - Total revenue 1,052 97 ______ ______ OPERATING PROFIT/(LOSS) Professional services 127 10 Property management 120 (9) Unallocated costs (117) (41) Total operating profit / (loss) 130 (40) ______ ______ PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION Professional services 127 9 Property management 123 (10) Unallocated costs (132) (42) Total profit / (loss) on ordinary 118 (43) activities before taxation ______ ______ 4 EARNINGS PER SHARE Earnings 6 months ended 4 months ended 30 September 2007 31 March 2007 unaudited audited £'000 £'000 Earnings for the purposes of basic and 99 (45) diluted earnings per share (profit/ (loss) for the period attributable to equity holders of the parent) ______ ______ Number of shares 6 months ended 4 months ended 30 September 2007 31 March 2007 unaudited audited Basic and diluted weighted average 32,668,918 5,919,824 number of ordinary shares for the purposes of basic and diluted earnings per share ______ ______ 5 SHARE CAPITAL On 12 April 2007, 3,500,000 ordinary shares of 1p each were issued for a total consideration of £350,000. 6 RECONCILIATION OF PROFIT/(LOSS) FROM 6 months ended 4 months ended OPERATIONS TO NET CASH FROM/(USED IN) OPERATING ACTIVITIES 30 September 2007 31 March 2007 unaudited audited £'000 £'000 Profit/(loss) before tax 118 (43) Adjustments for: Depreciation of property, plant & 30 4 equipment Amortisation of intangible assets 10 1 Finance costs 13 4 Share based payment charges 40 6 ________ ________ Operating cash flows before movements 211 (28) in working capital Increase in receivables (437) (24) Increase in payables 288 3 ________ ________ Cash generated from operations 62 (49) ___ ___ _ _____ 7 ACQUISITIONS DURING THE PERIOD On 12 June 2007, the Group acquired the trade of Nightingale Chancellors, a property management and chartered surveying business, for a total consideration of £735,323 settled in cash. 8 SUBSEQUENT EVENTS On 1 October 2007 the Group acquired Dexter Brown Limited for a net consideration of £1,500,000 satisfied by the issue of 3,684,211 new ordinary shares in the company and a cash consideration of £800,000. Dexter Brown provides similar services to the Group including commercial property management and chartered surveying services. END
1 Year Trust Property Chart |
1 Month Trust Property Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions