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DJ Via Developments Plc Interim Results for the 6 months ended 30 September 2016

 
TIDMVIA1 
 
28 December 2016 
 
                             Via Developments Plc 
 
                           ("VDP" or the "Company") 
 
           Interim Results for the 6 months ended 30 September 2016 
 
Via Developments Plc (ISDX: VIA1), is delighted to report its interim results 
for the 6 months ended 30 September 2016. 
 
Chairman's statement 
 
We are delighted to be able to report on another successful 6 months for Via 
Developments Plc, building on the annual results to the 31 March 2016. 
 
Results 
 
Operating income for the period was GBP308k up from GBP146k in the prior year, and 
the Company is reporting a small loss of GBP34k for the period compared to the 
previous year's loss of GBP54k.  The Company ended the period with total assets 
of GBP3.5m up from GBP2.4m at the March 2016 year-end. 
 
Key Highlights and Developments during the period 
 
The Canal Street project in central Manchester is progressing well and is 
scheduled for completion during March 2017. Contracts for the sale of all eight 
apartments have now been exchanged and the Company has received deposits 
totalling GBP369,250, slightly more than the GBP329,250 previously reported. The 
balance of the purchase price will be paid upon completion. The realised Gross 
Development Value (GDV) of the project excluding freehold is GBP2,195,000. 
 
On the Plymouth Grove site in Manchester, a new planning application has been 
submitted for a 71 apartment scheme, significantly enhancing the current 
approved 42 apartment scheme. This new planning application is expected to be 
determined in February 2017. Demolition of the existing building on the site is 
expected to take place during January/February 2017. Sales and marketing 
materials are being developed in readiness for release once planning consent is 
received. 
 
The Napier House project in Luton has been granted Permitted Development to 
develop the existing commercial building into 26 one-bedroom apartments. Two 
further planning applications have been submitted, one to add a further floor 
to the building at roof level and another to alter the external façade of the 
building. The additional floor will offer the scope to build a further five 
two-bedroom apartments. Responses to both Planning applications are anticipated 
in January 2017. Sales of the apartments are currently underway with 13 units 
being reserved to date.  Reservation fees have been received for all these 
units. 
 
Listing on ISDX 
 
The Company continues to have success raising capital through bond sales on the 
ISDX Growth market.  During the 6 months to 30 September 2016, the Company 
raised GBP855k through bond placings and gained permission to raise a further GBP 
1m. 
 
Outlook 
 
The directors remain positive for the remainder of the financial year to 31 
March 2017 and beyond.  The Company continues to evaluate opportunities for 
further site acquisition and believe that the commercial environment continues 
to provide opportunities for growth. 
 
Note of appreciation 
 
I wish to thank our staff, investors and business partners for their support of 
the Company in the 6 months to 30 September 2016. The Board and senior 
management are looking forward to a successful full year result. 
 
Neither this announcement nor the information contained herein constitutes an 
offer or solicitation by Via Developments Plc for the purchase or sale of any 
securities, nor does it constitute a solicitation to any person in any 
jurisdiction where solicitation would be unlawful. 
 
John Khan 
Co CEO 
28 December 2016 
 
The directors of Via Developments Plc accept responsibility for this 
announcement. 
 
COMPANY CONTACT DETAILS: 
Via Developments Plc 
24 Queen Street 
Manchester 
M2 5HX 
Telephone: +44 161 850 2633 
http://www.vdplc.com/ 
 
ISDX CORPORATE ADVISER: 
Alexander David Securities Limited 
David Scott -Corporate Finance 
James Dewhurst - Institutional Sales 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 
49 Queen Victoria Street, London EC4N 4SA 
 
 
Via Developments PLC 
 
Statement of Comprehensive Income 
 
For the 6 months ended 30 September 2016 
 
                                                              6 months to Year ended 
                                                                30-Sep-16  31-Mar-16 
 
                                                                      GBP        GBP 
 
Other Operating Income                                            308,539    145,874 
 
Administrative Expenses                                         (299,008)  (170,723) 
 
Operating Profit/(Loss)                                             9,532   (24,849) 
 
Finance income                                                     88,320     30,930 
 
Finance costs                                                   (130,582)   (58,555) 
 
Loss before taxation                                             (32,730)   (52,474) 
 
Income tax expense                                                (1,054)    (1,807) 
 
Loss for the period and total comprehensive expense              (33,784)   (54,281) 
 
 
 
 
Via Developments PLC 
 
Balance Sheet 
 
As at 30 September 2016 
 
                                                               6 months to  Year ended 
                                                                 30-Sep-16   31-Mar-16 
 
                                                                       GBP         GBP 
 
Non current assets 
 
Property, plant and equipment                                       14,304       9,034 
 
Investments                                                          1,150       1,150 
 
Other receivables                                                2,602,083   2,123,833 
 
                                                                 2,617,537   2,134,017 
 
Current assets 
 
Trade and other receivables                                        671,256     212,141 
 
Cash and cash equivalents                                          220,072      42,879 
 
                                                                   891,328     255,020 
 
Total Assets                                                     3,508,866   2,389,037 
 
Equity 
 
Called up share capital                                            382,000      50,000 
 
Accumulated losses                                                (88,065)    (54,281) 
 
Total equity                                                       293,935     (4,281) 
 
Current Liabilities 
 
Trade and Other Payables                                           224,791     102,088 
 
Non current liabilities 
 
Borrowings                                                       2,987,279   2,289,423 
 
Deferred tax liabilities                                             2,861       1,807 
 
Total liabilities                                                2,990,139   2,291,230 
 
Total equity and liabilities                                     3,508,866   2,389,037 
 
Check 
 
 
 
Via Developments PLC 
 
Statement of Changes in Equity 
 
For the 6 months ended 30 September 2016 
 
6 months ended 30 September 2016 
 
                                               Called up   Accumulated      Total 
                                                   share        losses     equity 
                                                 capital 
 
                                                     GBP           GBP        GBP 
 
Balance at 31 March 2016                          50,000      (54,281)    (4,281) 
 
Loss for the period                                    -      (33,784)   (33,784) 
 
Issue of share capital                           332,000             -    332,000 
 
Balance at 30 September 2016                     382,000      (88,065)    293,935 
 
Year ended 31 March 2016 
 
Balance brought forward                                - 
                                                                     -          - 
 
Loss for the year                                      -      (54,281)   (54,281) 
 
Issue of share capital                            50,000             -     50,000 
 
Balance at 31 March 2016                          50,000      (54,281)    (4,281) 
 
 
 
 
Via Developments PLC 
 
Statement of Cash Flows 
 
For the 6 months ended 30 September 2016 
 
                                                         6 months to           Year ended 
                                                          30-Sep-16             31-Mar-16 
 
                                                           GBP       GBP         GBP         GBP 
 
Cash used in operations                                        (367,148)               (182,771) 
 
Interest paid                                                          -                (12,205) 
 
Net cash outflow from operating activities                     (367,148)               (194,976) 
 
Investing activities 
 
Purchase of property, plant and equipment              (7,264)               (9,253) 
 
Loans made to subsidiaries                           (406,250)           (2,092,403) 
 
Purchase of shares in subsidiaries                           -               (1,150) 
 
Net cash utilised in investing activities                      (413,515)             (2,102,806) 
 
Financing activities 
 
Proceeds from issue of shares                          260,000 
                                                                              50,000 
 
Net issue of debentures                                697,856 
                                                                           2,290,661 
 
                                                                 957,856               2,340,661 
 
Net increase in cash and cash equivalents                        177,193                  42,879 
 
Cash and cash equivalents at beginning of the period              42,879                       - 
 
Cash and cash equivalents at end of the period                   220,072                  42,879 
 
 
 
 
END 
 

(END) Dow Jones Newswires

December 28, 2016 09:14 ET (14:14 GMT)