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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 2008 Trust Property Management Group plc (AIM: TPM), the property management and services group, today announces its interim results for the six months ended 30 September 2008. Highlights: * Turnover for the period was £1.9 million (6 months to 30 September 2007: £1.1 million) * Operating profit before amortisation of intangible assets and share based payment charges was £219,000 (6 months to 30 September 2007: £180,000) * EGM approved delisting from AIM Commenting on the results, David Glass, Chairman of Trust Property Management Group plc, said: "The last six months have been a challenging period for the Group as the implications of the changing economic environment have become clearer. The Group is taking appropriate measures, including delisting from AIM and making cost savings, which will leave the Group in a stronger position once all actions have been implemented." 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 Dowgate Capital Advisers Limited Chairman's Statement The first six months of the year have been a difficult time for many companies in the UK. The Group has had to make significant changes to bring costs in line with revenues and this has, on occasion, been difficult. We expect, however, that the changes will result in annual cost savings of over £200,000. The most significant change that the Group has made is the delisting from AIM. In order to facilitate this process, changes to the Board have been made. Larry Lipman has resigned as a Non-Executive Director and Julian Finegold has been appointed Group Managing Director. Benjamin Mire will continue as Trust Property Management Managing Director and Operational Lead for Surveying and Property Management. The aim of these changes is to provide the Group with a clearly focused Board that can effectively grow the bottom line and return some value for shareholders over the coming years. The Group's operations have grown significantly. Prior to admission to AIM, TPMG had 10,000 residential units under management. The Group now manages in excess of 13,000 units and commercial property valued at over £0.5bn. Our core business is property management and, although revenues from the purchase and sale of property and professional valuation fees have declined due to the recent downturn in the property market, the core business continues to generate cash and remains strong. TPMG achieved an operating profit before amortisation of intangible assets and share based payment charges of £219,000 during the period (6 months to 30 September 2007: £180,000). Turnover for the period was £1.9 million (6 months to 30 September 2007: £1.1 million). Earnings per share were 0.23 pence per share (6 months to 30 September 2007: 0.30 pence per share). Outlook We continue to focus on developing the three strands of our business - surveying services, commercial property management and residential block management. We believe that, as a non-listed Plc and with the Board changes we have made, the Group will be able to generate more significant profits in the future. David Glass Chairman CONDENSED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2008 Notes As at As at As at 30 September 30 September 31 March 2008 2007 2008 Unaudited Unaudited Audited £'000 £'000 £'000 ASSETS Non-current assets Property, plant and 323 171 202 equipment Goodwill 2,388 1,433 2,388 Intangible assets 1,973 932 1,885 _________ _________ _________ 4,684 2,536 4,475 _________ _________ _________ Current assets Trade and other 1,292 829 1,165 receivables Cash and cash 236 746 361 equivalents _________ _________ _________ 1,528 1,575 1,526 _________ _________ _________ Total assets 6,212 4,111 6,001 _________ _________ _________ LIABILITIES Current liabilities Trade and other 643 611 648 payables Borrowings 574 289 299 Tax liabilities 125 37 135 _________ _________ _________ 1,342 937 1,082 _________ _________ _________ Non-current liabilities Borrowings 972 558 1,249 Deferred tax 292 67 293 liabilities _________ _________ _________ 1,264 625 1,542 _________ _________ _________ Total liabilities 2,606 1,562 2,624 _________ _________ _________ Net assets 3,606 2,549 3,377 _________ _________ _________ EQUITY Share capital 5 377 329 366 Share premium 2,822 2,120 2,733 Shares to be issued 129 46 86 Retained earnings 278 54 192 _________ _________ _________ Total equity 3,606 2,549 3,377 _________ _________ _________ CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2008 Notes 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2008 2008 2007 Audited Unaudited Unaudited £'000 £'000 £'000 Continuing operations Revenue 3 1,940 1,052 3,068 Operating expenses (1,772) (922) (2,674) ______ ______ ______ Operating profit 3 168 130 394 Finance income 6 16 23 Finance costs (58) (28) (95) ______ ______ ______ Profit before tax 116 118 322 Income tax expense 2 (30) (19) (85) ______ ______ ______ Profit for the period 86 99 237 ______ ______ ______ Profit per share Basic and diluted 4 0.23p 0.30p 0.68p ______ ______ ______ RECONCILIATION OF PROFIT BEFORE AMORTISATION OF INTANGIBLE ASSETS AND SHARE BASED PAYMENTS 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2008 2008 2007 Audited Unaudited Unaudited £'000 £'000 £'000 Operating profit per 168 130 394 income statement Add back: Amortisation of 7 10 43 intangible assets Share based payment 44 40 80 charges ______ ______ ______ Operating profit before 219 180 517 amortisation of intangible assets and share based payments ______ ______ ______ CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2008 Attributable to equity holders of the Group Share Share Share Retained Total options capital premium reserve earnings equity £'000 £'000 £'000 £'000 £'000 Balance at 1 April 2007 294 1,809 6 (45) 2,064 Share issued in period 35 315 - - 350 Cost of issue of shares - (4) - - (4) Employee share based - - 40 - 40 payments Profit for the period - - - 99 99 ________ ________ ________ ________ ________ Unaudited balance at 30 329 2,120 46 54 2,549 September 2007 Balance at 1 April 2007 294 1,809 6 (45) 2,064 Share issued in period 72 978 - - 1,050 Cost of issue of shares - (54) - - (54) Employee share based - - 80 - 80 payments Profit for the period - - - 237 237 ________ ________ ________ ________ ________ Audited balance at 31 366 2,733 86 192 3,377 March 2008 Shares issued in period 11 89 - - 100 Cost of issue of shares - - - - Employee share based - - 43 - 43 payments Profit for the period - - - 86 86 ________ ________ ________ ________ ________ Unaudited balance at 30 377 2,822 129 278 3,606 September 2008 ________ ________ ________ ________ ________ CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2008 Notes 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2008 2008 2007 Audited Unaudited Unaudited £'000 £'000 £'000 OPERATING ACTIVITIES Cash flow from 6 178 62 47 operations Income taxes paid (40) (9) (34) Interest paid (58) (6) (58) Interest received 6 16 - _________ _________ _________ NET CASH INFLOW/ 86 63 (45) (OUTFLOW) FROM OPERATING ACTIVITIES _________ _________ _________ INVESTING ACTIVITIES Purchase of intangible (96) (11) (748) assets Payment of deferred (30) - (14) consideration Purchases of property, (176) - (58) plant and equipment Acquisition of - (30) (818) subsidiary Purchase of business - (699) - _________ _________ _________ NET CASH FROM INVESTING (302) (740) (1,638) ACTIVITIES _________ _________ _________ FINANCING ACTIVITIES Proceeds from issuance 100 346 296 of ordinary shares New bank loans 245 500 1,300 Bank loan repayments (246) (21) (142) Repayment of (8) - (8) obligations under finance leases _________ _________ _________ NET CASH FROM FINANCING 91 825 1,446 ACTIVITIES _________ _________ _________ NET INCREASE IN CASH (125) 148 (237) AND CASH EQUIVALENTS CASH AND CASH 361 598 598 EQUIVALENTS AT BEGINNING OF PERIOD _________ _________ _________ CASH AND CASH 236 746 361 EQUIVALENTS AT END OF PERIOD Bank balances and cash _________ _________ _________ This format represents the indirect method of determining operating cash flow. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2008 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 next statutory accounts to be produced will be in respect of the year ended 31 March 2009. The financial information in this half-year interim report consolidates the parent 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. These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), and those parts of the Companies Act 1985 that remain applicable to companies reporting under IFRS. 2 TAXATION The tax charge for the period is based on an estimated full year effective tax rate of 26%. 3 SEGMENTAL REPORTING 6 months 6 months Year ended ended ended 31 March 2008 30 September 30 September 2008 2007 Audited Unaudited Unaudited £'000 £'000 £'000 REVENUE Professional 541 358 847 services Property 1,388 691 2,210 management Corporate and 11 3 11 other Total revenue 1,940 1,052 3,068 OPERATING PROFIT Professional 249 127 384 services Property 378 120 434 management Corporate and (459) (117) (424) other Total operating 168 130 394 profit PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Professional 249 127 384 services Property 382 123 433 management Corporate and (515) (132) (495) other Total profit on 116 118 322 ordinary activities before taxation 4 EARNINGS PER SHARE Earnings 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2008 Unaudited 2007 2008 Unaudited Audited £'000 £'000 £'000 Earnings for the purposes of 86 99 237 basic earnings per share (profit for the period attributable to equity holders of the parent) ______ ______ ______ Number of shares 6 months ended 6 months ended Year ended 30 September 30 September 31 March 2008 2007 2008 Unaudited Unaudited Audited Weighted average number of 37,693,748 32,668,918 34,639,594 ordinary shares for the purposes of basic earnings per share ______ ______ ______ 5 SHARE CAPITAL During the six months ended 30 September 2008, 1,111,111 ordinary shares of 1p each were issued for a total consideration of £100,000. The total issued share capital as at 30 September 2008 comprised 37,693,748 ordinary shares of 1p each. 6 RECONCILIATION OF PROFIT FROM 6 months ended 6 months ended Year ended OPERATIONS TO NET CASH FROM OPERATING ACTIVITIES 30 September 30 September 31 March 2008 2007 2008 Unaudited Unaudited Audited £'000 £'000 £'000 Profit before tax 116 118 322 Adjustments for: Depreciation of property, plant & 55 30 83 equipment Amortisation of intangible assets 7 10 43 Finance costs 52 13 72 Share based payment charges 44 40 80 ________ ________ ________ Operating cash flows before 274 211 600 movements in working capital Increase in receivables (127) (437) (688) Increase in payables 31 288 135 ________ ________ ________ Cash generated from operations 178 62 47 ______ ______ ______ 7 SUBSEQUENT EVENTS On 15 December 2008 a General Meeting was held to consider a special resolution to cancel the Group's AIM admission. The resolution was passed and the cancellation of dealings will take effect on 16 January 2009. END
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