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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Westhouse | LSE:WHL | London | Ordinary Share | JE00B4N02Q47 | ORD 0.005P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMWHL
RNS Number : 6106L
Westhouse Holdings PLC
06 September 2012
6 September 2012
Westhouse Holdings plc
(with its subsidiaries "Westhouse" or the "Company")
Interim Results
Westhouse Holdings plc (LSE: WHL), the corporate and institutional broking group, today announces its interim results for the six months ended 30 June 2012.
Highlights
-- Acquisition and integration of Arbuthnot Securities successfully completed
-- Operating revenues of GBP5.1 million (2011 GBP5.2 million) reflect the structural revenue shift with a GBP1.9 million decrease in primary commissions offset by increases on other revenue lines:
o Secondary commissions up 93% against the same period last year
o Retainer income up 114%
o Advisory income up 262%
o Profitable market making activities
-- Increase in costs due to the acquisition and subsequent increase in headcount -- Loss before redundancy, restructuring and other non-recurring charges of GBP1.4 million -- Growth in corporate client numbers from 38 to 79
Commenting on the results, Christopher Getley, Chief Executive said:
"As an early sector consolidator we have materially increased the size of our business while delivering GBP10 million of annualised cost efficiencies. Westhouse now has one of the lowest cost bases in our industry. Our determination to capture strategic advantage during a time of considerable change in the financial markets has ensured that we continue to attract high quality talent to the firm, particularly amongst our research teams. Our approach is working as evidenced by the growth in our secondary commissions and retainer income. This is reducing our reliance on primary income during a prolonged period in which new equity issues have been a rare feature of the markets.
Westhouse continues to deliver a first class service to our corporate and institutional clients and is creating a good platform for sustainable profitability and value for our investors."
- Ends -
For further information:
Westhouse Holdings plc Christopher Getley, Chief Executive Tel: +44 (0) 20 7601 6100 christopher.getley@westhousesecurities.com www.westhousesecurities.com Nominated Adviser Smith & Williamson Corporate Finance Limited Azhic Basirov / David Jones Tel: +44 (0) 20 7131 4000 corpfinance@smith.williamson.co.uk www.smith.williamson.co.uk
Media enquiries:
Tim Grey Associates Tim Grey Tel: +44 (0) 20 7871 8611 tg@timgrey.org
Notes to editors
Westhouse is a corporate and institutional stockbroking group with a particular expertise in resources, investment funds, UK industrial, growth companies, technology, media and environmental technology. Regionally the group's clients have significant exposure across Europe, Africa, Central Asia and China.
Westhouse is based in London and employs approximately 65 people. Westhouse Securities is authorised and regulated by the FSA, is a member of the London Stock Exchange, a NOMAD for AIM companies and a Sponsor for Official List companies.
For further information, please visit www.westhousesecurities.com
Chairman and Chief Executive's statement
Against a continuing backdrop of difficult markets and wider economic uncertainty, Westhouse Holdings plc has continued to grow its underlying business during the first half of 2012, in line with its Board strategy. The acquisition and integration of Arbuthnot Securities has been successfully completed which has significantly added to the firm's recurring revenue streams. The Board remains confident in the group's strategy of growing these revenue lines and of returning the group to sustainable profitability.
Results
Operating revenues of GBP5.1 million were broadly in line with the same period last year. Retainers (up 114%) and secondary commissions (up 93%) have together more than doubled and accounted for 50% of overall revenues compared to just 24% for the same period last year. Advisory fees have increased significantly (up 262%) and market making continues to be profitable. However, these increases were offset by a GBP1.9 million decrease in primary commissions reflecting the low level of activity in the market during the second quarter.
Administrative expenses have increased as a result of the larger size of the business following the acquisition of Arbuthnot Securities. However, GBP10 million of annualised cost savings have been implemented and cost control continues to be a key priority for the business.
Implementing these cost savings has resulted in a charge of GBP2 million, and it is anticipated that a further GBP0.7 million will be incurred in the second half. These measures will result in Westhouse having one of the lowest cost bases in the industry.
Against this background, the business continues to hire talented individuals with proven track records, most notably in the research area of the business. This reflects our ongoing commitment to provide our institutional clients with top quality analysis, ideas and insight.
The business has also won a number of new corporate clients and at the end of June had 79 corporate clients with a total market capitalisation of GBP3.4 billion.
In addition, since June, the group's balance sheet has been strengthened by the agreement to convert GBP3.3 million of the existing Perpetual Convertible Loan into equity and raising an additional GBP1.25 million of share capital. On a pro forma basis, these actions increase the equity of the group at 30 June 2012 to GBP5.4 million.
Outlook
The loss for the period is disappointing. However, the structural shift towards recurring revenues, the decisive action on reducing costs, a growing pipeline of corporate transactions and the continuing support of our shareholders, give the Board encouragement that the platform to return to sustainable profitability is in place.
Garth Milne Christopher Getley Chairman Chief Executive
6 September 2012
Consolidated income statement
Hot Features
Premium
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 31 December
June 2012 30 June 2011
Note GBP 2011 GBP
GBP
Revenue 4 5,097,183 5,175,371 7,969,897
(Loss) / gains on sale of investments (1,467) 80,745 83,179
Losses in fair value of assets held
at fair value through profit or loss (4,370) (58,372) (50,248)
Losses on available for sale assets
- impairments (116,347) (244,594) (438,906)
Finance revenue 966 3,024 5,103
-------------- ------------- --------------
Total income 4,975,965 4,956,174 7,569,025
Administration expenses (6,418,378) (5,040,332) (10,612,227)
Finance costs (95,051) (87,906) (175,691)
Embedded derivative finance charge 82,260 (68,867) 219,800
Gain on acquisition 102,830 - -
-------------- ------------- --------------
Operating loss before redundancy,
restructuring and other non-recurring
charges (1,352,374) (240,931) (2,999,093)
Redundancy, restructuring and other (2,013,932) - -
non-recurring charges
-------------- ------------- --------------
Operating loss before tax (3,366,306) (240,931) (2,999,093)
Tax 42,188 - (21,185)
-------------- ------------- --------------
Net result for the period (3,324,118) (240,931) (3,020,278)
-------------- ------------- --------------
Attributable to owners of the parent (3,324,118) (240,931) (3,020,278)
-------------- ------------- --------------
Loss per share - basic and diluted 2 (0.18) (0.02) (0.25)
-------------- ------------- --------------
All activities relate to continuing operations.
Consolidated statement of comprehensive income
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June 2012 June 2011 2011
GBP GBP GBP
Loss for the period (3,324,118) (240,931) (3,020,278)
Other comprehensive income:
Current year (losses) / gains (13,924) (80,745) 8,163
Available for sale securities reclassification
to profit and loss - 32,695 (45,591)
-------------- ------------- --------------
Total comprehensive loss for the period
attributable to owners of the parent (3,338,042) (288,981) (3,057,706)
-------------- ------------- --------------
Consolidated statement of financial position
Unaudited Unaudited Audited
30 June 30 June 31 December
2012 2011 2011
Note GBP GBP GBP
Assets
Non current assets
Goodwill 718,015 718,015 718,015
Intangible assets 180,366 77,593 68,972
Property plant and equipment 487,627 351,918 326,800
------------- ------------- -------------
1,386,008 1,147,526 1,113,787
------------- ------------- -------------
Current assets
Available for sale assets 3.1 553,985 695,616 528,117
Financial assets held at fair value 3.2 528,477 380,798 388,922
Financial assets held for trading 3.2 1,119,273 1,656,741 649,502
Market counterparties 3.2 2,969,763 3,452,771 647,750
Trade and other receivables 1,727,640 270,324 838,457
Prepaid expenses 834,364 1,471,952 435,360
Deferred tax 2,239,195 - -
Cash and cash equivalents 502,978 3,795,529 2,017,550
------------- ------------- -------------
Total current assets 10,475,675 11,723,731 5,505,658
------------- ------------- -------------
Total assets 11,861,683 12,871,257 6,619,445
------------- ------------- -------------
Equity
Share capital 7 973 607 607
Share premium account 6,999,538 3,993,744 3,993,744
Merger reserve 2,025,707 2,025,707 2,025,707
Reserve in respect of share based
payments 370,376 370,376 370,376
Reverse acquisition reserve (1,686,801) (1,686,801) (1,686,801)
Revaluation reserve 23,680 26,982 37,604
Profit and loss account (6,885,889) (782,424) (3,561,771)
------------- ------------- -------------
Equity attributable to owners of
the parent 847,584 3,948,191 1,179,466
------------- ------------- -------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 2,030,564 1,234,521 1,370,738
Financial liabilities held for trading 782,066 3,628,004 285,090
Market counterparties 2,223,682 474,051 454,565
Borrowings 1,000,000 - -
Tax - 7,869 42,188
Total current liabilities 6,036,312 5,344,445 2,152,581
------------- ------------- -------------
Non-current liabilities
Finance lease 4,847 9,754 7,198
Contingent consideration 1,425,000 - -
Perpetual convertible loan 6 3,123,200 2,773,200 2,773,200
Embedded derivative 6 424,740 795,667 507,000
------------- ------------- -------------
Total non-current liabilities 4,977,787 3,578,621 3,287,398
------------- ------------- -------------
Total liabilities 11,014,099 8,923,066 5,439,979
------------- ------------- -------------
Total equity and liabilities 11,861,683 12,871,257 6,619,445
------------- ------------- -------------
Consolidated statement of cash flows
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2012 2011 2011
GBP GBP GBP
Cash flows from operating activities
Operating loss (3,366,306) (240,931) (2,999,093)
Adjustments for:
Losses / (gains) on investments 1,467 (80,745) (83,179)
Losses in fair value assets held
at fair value 4,370 58,372 50,248
Losses on investments - impairments 116,347 244,594 438,906
Finance revenue (966) (3,024) (5,103)
Finance cost 95,051 87,906 175,691
Embedded derivative finance charge (82,260) 68,867 (219,800)
Gain on acquisition (102,830) - -
Depreciation and amortisation 179,993 81,516 182,151
Loss on disposal of assets - 45,885 45,886
Shares received in kind (381,373) - -
Dividends received (7,787) (15,151) (31,343)
Share based expense - 10,282 10,282
(Increase) / decrease in receivables (3,372,521) (2,248,377) 2,015,146
Increase / (decrease) in payables 2,929,904 2,684,296 (564,720)
Tax refund in period - 11,167 24,305
Net cash flows from operating
activities (3,986,911) 704,657 (960,623)
--------------- --------------- -------------
Cash flows from investing activities
Purchase of equipment (258,491) (77,540) (107,328)
Proceeds from sale of investments 173,533 167,156 167,156
Purchase of investments - (681,681) (681,681)
Cash paid on acquisition net
of cash acquired (745,749) (134,866) (134,866)
Interest received 966 3,024 5,103
Net cash flows from investing
activities (829,741) (723,907) (751,616)
--------------- --------------- -------------
Cash flows from financing activities
Issue of ordinary share capital 2,431,160 - -
Loan received 1,000,000 - -
Capital element of finance lease (5,014) (2,485) (5,014)
Interest paid (124,066) (85,603) (168,064)
Net cash flows from financing
activities 3,302,080 (88,088) (173,078)
--------------- --------------- -------------
Net increase / (decrease) in
cash and cash equivalents (1,514,572) (107,338) (1,885,317)
Cash and cash equivalents at
beginning of period 2,017,550 3,902,867 3,902,867
--------------- --------------- -------------
Cash and cash equivalents at
end of period 502,978 3,795,529 2,017,550
--------------- --------------- -------------
Consolidated statement of changes in equity
Share Other Merger Share Reverse Revaluation Retained Total
capital reserves reserve based acquisition reserve earnings equity
GBP GBP GBP payments reserve GBP GBP GBP
GBP GBP
Balance at 1
January
2012 607 3,993,744 2,025,707 370,376 (1,686,801) 37,604 (3,561,771) 1,179,466
Issued share
capital 366 3,005,794 - - - - - 3,006,160
Transactions
with
owners 973 6,999,538 2,025,707 370,376 (1,686,801) 37,604 (3,561,771) 4,185,626
-------- ------------ ------------ ---------- -------------- ------------ -------------- --------------
Loss for the
period - - - - - - (3,324,118) (3,324,118)
Other
comprehensive
income
Movements on
disposals
of available
for
sale
financial
instruments - - - - - (13,924) - (13,924)
Total
comprehensive
loss for the
period - - - - - (13,924) (3,324,118) (3,338,042)
-------- ------------ ------------ ---------- -------------- ------------ -------------- --------------
Balance at 30
June
2012 973 6,999,538 2,025,707 370,376 (1,686,801) 23,680 (6,885,889) 847,584
-------- ------------ ------------ ---------- -------------- ------------ -------------- --------------
Consolidated statement of changes in equity
Share Other Merger Share Reverse Revaluation Retained Total
capital reserves reserve based acquisition reserve earnings equity
GBP GBP GBP payments reserve GBP GBP GBP
GBP GBP
Balance at 1
January
2011 607 3,993,744 2,025,707 360,094 (1,686,801) 75,032 (541,493) 4,226,890
Share option
expense - - - 10,282 - - - 10,282
Transactions
with
owners 607 3,993,744 2,025,707 370,376 (1,686,801) 75,032 (541,493) 4,237,172
-------- ------------ ------------ ---------- -------------- ------------ ------------ ------------
Loss for the
period - - - - - - (240,931) (240,931)
Other
comprehensive
income
Movements on
disposals
of available
for
sale
financial
instruments - - - - - (80,745) - (80,745)
Change in
value of
available for
sale
financial
instruments - - - - - 32,695 - 32,695
Total
comprehensive
loss for the
period - - - - - (48,050) (240,931) (288,981)
-------- ------------ ------------ ---------- -------------- ------------ ------------ ------------
Balance at 30
June
2011 607 3,993,744 2,025,707 370,376 (1,686,801) 26,982 (782,424) 3,948,191
-------- ------------ ------------ ---------- -------------- ------------ ------------ ------------
Consolidated statement of changes in equity
Share Other Merger Share based Reverse Revaluation Retained Total
capital reserves reserve payments acquisition reserve earnings equity
reserve
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2011 607 3,993,744 2,025,707 360,094 (1,686,801) 75,032 (541,493) 4,226,890
Share option
expense - - - 10,282 - - - 10,282
Transactions with
owners 607 3,993,744 2,025,707 370,376 (1,686,801) 75,032 (541,493) 4,237,172
-------- --------- --------- ------------ ------------ ------------- ----------- -----------
Loss for the
period - - - - - - (3,020,278) (3,020,278)
Other
comprehensive
income:
Current year
gains - - - - - 8,163 - 8,163
Available for
sale financial
instruments
reclassification
to profit and
loss - - - - - (45,591) - (45,591)
Total
comprehensive
income for the
period - - - - - (37,428) (3,020,278) (3,057,706)
-------- --------- --------- ------------ ------------ ------------- ----------- -----------
Balance at 31
December 2011 607 3,993,744 2,025,707 370,376 (1,686,801) 37,604 (3,561,771) 1,179,466
-------- --------- --------- ------------ ------------ ------------- ----------- -----------
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES 1.1 Basis of Preparation
The financial information presented in this half-yearly report constitutes the condensed consolidated financial statements (the interim financial statements) of Westhouse Holdings plc (the Company), a company incorporated in Jersey and resident in the United Kingdom and its subsidiaries (together, the Group) for the six months ended 30 June 2012.
The interim financial statements should be read in conjunction with the Annual Report and Accounts for the year ended 31 December 2011 which have been prepared in accordance with International Financial Reporting Standards as adopted for use in the EU. The financial information in this half-yearly report, which has been approved by the Board and authorised for issue is unaudited. The interim financial statements do not constitute statutory accounts for the purpose of section 434 (3) of the Companies Act 2006. The comparative financial information presented herein for the year ended 31 December 2011 has been extracted from the Group's Annual Report and Accounts for the year ended 31 December 2011 which have been delivered to the Registrar of Companies.
The preparation of the half-yearly report requires management to make judgements, estimates and assumptions that affect the policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In preparing this half-yearly report, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the audited consolidated financial statements for the year ended 31 December 2011.
The interim financial statements have been prepared using the same accounting policies as those applied by the Group in its audited consolidated financial statements for the year ended 31 December 2011 and which will form the basis of the 2011 Annual Report.
Redundancy, restructuring and other non-recurring charges are material items which derive from events or transactions that fall within the ordinary activities of the reporting entity and which individually or, if of a similar type, in aggregate need to be disclosed by virtue of their size or incidence if the financial statements are to give a true and fair view.
On the basis of a review of resources available, the Directors confirm that they have a reasonable expectation that the Group has and will maintain adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the interim financial statements.
1.2 Consolidation
This consolidated financial information includes the accounts of the Company and its subsidiaries, after the elimination of inter-company transactions and balances.
On 20 January 2012, Westhouse acquired the entire issued share capital of Arbuthnot Securities Limited, a corporate finance and stock broking business from Arbuthnot Banking Group plc.
The initial consideration comprised a cash payment of GBP1,000,000, the issue of 1,250,000 ordinary shares in Westhouse and the issue of a perpetual convertible loan of GBP350,000. Further consideration is payable based on 75% of corporation tax saved by the use of any trading losses (up to a maximum of GBP1,900,000) existing in Arbuthnot Securities Limited at the date of acquisition. Depending on when the tax saving is received the further consideration may be payable in different tranches.
1.3 Segmental reporting
Business segments are distinguishable operating segments that engage in revenue earning business activities whose operating results are regularly reviewed by the chief operating decision maker and for which there is discrete financial information available. Westhouse operates as one segment, with Westhouse Securities Limited being the sole trading entity in the Group, and it is not organised on the basis of differences in geographical areas of operation. Furthermore, all non-current assets are located in the United Kingdom.
1.4 Perpetual Convertible Loan
The Perpetual Convertible Loan ("PCL") is classed as a financial liability. As the conversion options contained within it lead to a potentially variable number of shares it is accounted for as a debt instrument which contains three embedded derivatives, the issuer conversion option, the holder conversion option and the issuer early repayment option. The embedded derivatives are accounted for at fair value through profit or loss and fair valued at each reporting date. All changes in the instrument's fair value are reported in profit or loss and included within financing costs or finance income.
The main purpose of the PCL is to fund the Group's operations and manage working capital.
1.5 Intangible asset
In this case Intangible assets comprise the fair value of acquired customer lists which are not included on the balance sheets of the acquired companies. A fair value calculation was carried out based on evaluating the net recurring income streams from the intangible asset. Intangibles are initially recognised at fair value, and subsequently carried at fair value, less accumulated amortisation and impairment. The Intangible Assets are to be amortised over a period of 5 years.
The areas of critical judgement in calculating the intangible asset are evaluating the net recurring income streams, using an appropriate discount rate and the level of client retention.
1.6 Market making
Market making is the acquisition of assets and liabilities principally for the purpose of selling short term. Such financial assets and liabilities are classified as held for trading and accounted for at fair value through profit or loss. Purchases and sales of such financial assets and liabilities are recognised on trade date being the date on which the Company commits to acquire or dispose of the asset.
Fair values for financial assets and liabilities held for trading are determined by reference to the current quoted bid/offer price, with assets held for trading marked to the bid price and liabilities held for trading marked at the offer price.
Gains and losses in these securities are included in income.
Market counterparty balances are the amounts due to and from counterparties in respect of the company's market making activities.
2 Earnings per share
The basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares issued during the period.
Six months Six months Year ended
to 30 June to 30 June 31 December
2012 2011 2011
GBP GBP GBP
Net result for the period (3,324,118) (240,931) (3,020,278)
------------- ------------- --------------
Weighted average number of ordinary
shares:
Basic weighted average number
of shares 18,143,755 12,155,935 12,155,935
Effect of options - - -
Diluted weighted average number
of shares 18,143,755 12,155,935 12,155,935
Basic and diluted earnings per
share (0.18) (0.02) (0.25)
------------- ------------- --------------
3 investments
3.1 Available for sale financial assets
30 June 31 December
30 June 2011 2011
2012 GBP GBP
GBP
Listed equity securities 400,833 563,296 381,466
Unlisted financial assets 153,152 132,320 146,651
553,985 695,616 528,117
---------- --------- -------------
The listed financial assets have been stated at fair value. Fair value is determined by valuing the financial assets at the appropriate closing bid price at the period ends.
The unlisted financial assets have been stated at fair value. Fair value is determined by using recent arm's length transactions and valuation models where a recent arm's length transaction does not exist. Where this is not possible the Company uses the Directors' valuation.
All the listed equity securities have been issued by publicly traded companies.
3.2 Financial assets at fair value through profit and loss
30 June 31 December
30 June 2011 2011
2012 GBP GBP
GBP
Convertible debt 350,162 342,615 354,633
Stock warrants and options 178,315 38,183 34,289
Investments held for trading 1,119,273 1,656,741 649,502
Counterparties 2,969,763 3,452,771 647,750
---------- ---------- -------------
4,617,513 5,490,310 1,686,174
---------- ---------- -------------
Convertible debt has been designated at fair value through profit or loss where it has not been possible to separately value the embedded derivative. The financial instrument has been included at its fair value.
Stock warrants and options are held for trade and have been valued using an appropriate option pricing model at the time of acquisition and as at the period ends.
3.3 Financial assets and liabilities
Available for
sale
Listed Unlisted Held at Total
fair value
Assets GBP GBP GBP GBP
Opening fair value 1 January 2012 381,466 146,651 1,686,174 2,214,291
Additions 381,373 7,787 4,089,036 4,478,196
Disposals (231,555) - (1,297,252) (1,528,807)
Loss in net income from disposals (1,467) - - (1,467)
---------- --------- ------------ ------------
529,817 154,438 4,477,958 5,162,213
Fair value movements recognised
in equity (12,637) (1,286) - (13,923)
(Impairment) / gain recognised
in income statement (116,347) - 139,555 23,208
---------- --------- ------------ ------------
Total 400,833 153,152 4,617,513 5,171,498
---------- --------- ------------ ------------
Liabilities
Opening fair value 1 January 2012 - - (1,246,655) (1,246,655)
Additions - - (3,512,748) (3,512,748)
Disposals - - 1,246,655 1,246,655
---------- --------- ------------ ------------
Total - - (3,512,748) (3,512,748)
---------- --------- ------------ ------------
Closing fair value 30 June 2012 400,833 153,152 1,104,765 1,658,750
---------- --------- ------------ ------------
Closing cost 30 June 2012 529,817 154,438 965,210 1,649,465
(Loss) / gain in period (128,984) (1,286) 139,555 9,285
---------- --------- ------------ ------------
Closing fair value 30 June 2012 400,833 153,152 1,104,765 1,658,750
---------- --------- ------------ ------------
Available for
sale
Listed Unlisted Held at Total
fair value
Assets GBP GBP GBP GBP
Opening fair value 1 January 2011 211,462 166,377 4,024,696 4,402,535
Additions 681,681 15,151 5,100,458 5,797,290
Disposals (86,410) - (3,585,526) (3,671,936)
---------- --------- ------------ ------------
806,733 181,528 5,539,628 6,527,889
Fair value movements recognised
in equity (46,009) (2,041) - (48,050)
Impairment recognised in income
statement (197,428) (47,167) (49,318) (293,913)
---------- --------- ------------ ------------
Total 563,296 132,320 5,490,310 6,185,926
---------- --------- ------------ ------------
Liabilities
Opening fair value 1 January 2011 - - (2,234,354) (2,234,354)
Additions - - (4,898,468) (4,898,468)
Disposals - - 2,234,354 2,234,354
---------- --------- ------------ ------------
- - (4,898,468) (4,898,468)
Gain recognised in income statement - - 746 746
---------- --------- ------------ ------------
Total - - (4,897,722) (4,897,722)
---------- --------- ------------ ------------
Closing fair value 30 June 2011 563,296 132,320 592,588 1,288,204
---------- --------- ------------ ------------
Closing cost 30 June 2011 761,141 181,528 641,160 1,583,829
Loss in period (197,845) (49,208) (48,572) (295,625)
---------- --------- ------------ ------------
Closing fair value 30 June 2011 563,296 132,320 592,588 1,288,204
---------- --------- ------------ ------------
Available for
sale
Listed Unlisted Held at Total
fair value
GBP GBP GBP GBP
Assets
Opening fair value 1 January 2011 211,462 166,377 4,024,696 4,402,535
Transfer of assets between categories 58,958 (58,958) - -
Additions 681,681 31,343 1,285,660 1,998,684
Disposals (169,591) - (3,585,526) (3,755,117)
Losses in net income from disposals 83,179 - - 83,179
-------------- --------- ------------ ------------
865,689 138,762 1,724,830 2,729,281
Fair value movements recognised
in equity (45,317) 7,889 - (37,428)
Impairment recognised in income
statement (438,906) - (38,656) (477,562)
-------------- --------- ------------ ------------
Total 381,466 146,651 1,686,174 2,214,291
Liabilities
Opening fair value 1 January 2011 - - (2,234,354) (2,234,354)
Additions - - (1,251,022) (1,251,022)
Disposals in period at cost - - 2,234,354 2,234,354
-------------- --------- ------------ ------------
- - (1,251,022) (1,251,022)
Impairment recognised in income
statement - - 4,367 4,367
-------------- --------- ------------ ------------
Total - - (1,246,655) (1,246,655)
-------------- --------- ------------ ------------
Closing fair value 31 December
2011 381,466 146,651 439,519 967,636
-------------- --------- ------------ ------------
Closing cost 31 December 2011 820,099 138,762 473,807 1,432,668
(Loss) / gain in period (438,633) 7,889 (34,288) (465,032)
-------------- --------- ------------ ------------
Closing fair value 31 December
2011 381,466 146,651 439,519 967,636
-------------- --------- ------------ ------------
4. Segmental reporting
30 June 30 June 31 December
2012 2011 2011
(Restated) (Restated)
Revenue GBP GBP GBP
Primary revenue 3,684,872 4,001,162 6,092,627
Secondary revenue 1,404,524 1,159,058 1,845,927
Investment income 7,787 15,151 31,343
---------- ------------ ------------
Total revenue 5,097,183 5,175,371 7,969,897
---------- ------------ ------------
Revenue is wholly attributable to the principal activity of the Group and arises solely within the UK.
During the period Smith's Corporate Advisory transferred its business to Westhouse Securities Limited. The Group now operates as a single segment, with Westhouse Securities Limited being the sole trading entity in the Group. Following this, revenues are monitored against those generated through primary and secondary activities. As a result comparatives have been restated.
5. Contingent Consideration
Greater than
Within one one year
Contingent consideration due on year GBP
acquisition GBP
Arbuthnot Securities Limited - 1,425,000
-------------- ---------------
6. Perpetual convertible loan
30 June 30 June 31 December
2012 2011 2011
GBP GBP GBP
Debt instrument
At start of the period 2,773,200 2,773,200 2,773,200
Issued in the period 350,000 - -
At end of the period 3,123,200 2,773,200 2,773,200
---------- ---------- -------------
30 June 30 June 31 December
2012 2011 2011
GBP GBP GBP
Embedded derivative
Fair value at start of the period 507,000 726,800 726,800
Fair value movement (82,260) 68,867 (219,800)
Fair value at end of the period 424,740 795,667 507,000
--------- --------- -------------
Information on the PCL is set out in Note 1.4.
During the period GBP350,000 PCL was issued to Arbuthnot Banking Group as part of the consideration for the purchase of Arbuthnot Securities Limited.
7. Share capital
30 June 30 June 30 June 30 June 31 December 31 December
2012 2012 2011 2011 2011 2011
Number GBP
Number GBP Number GBP
At start of the
period 12,155,935 607 12,155,935 607 12,155,935 607
Issued in the
period 7,327,900 366 - - - -
At end of the
period 19,483,835 973 12,155,935 607 12,155,935 607
8. Availability of Interim Report
The Company's Interim Report is available pursuant to Rule 26 of the AIM Rules for Companies on the investor relations section of the Company's website: www.westhousesecurities.com and for one month after release from the Company's registered office, STM Fiduciaire Limited, 3rd Floor, Windward House, La Route de la Liberation, St Helier, Jersey JE2 3BQ, Channel Islands.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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