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DJ Ace Liberty & Stone PLC Half-year Report

TIDMALSP

RNS Number : 5034V

Ace Liberty & Stone PLC

31 January 2017

 
   31 January 2017 
 

Ace Liberty and Stone plc

(" Ace " or "the Company")

Interim Results

Chairman's statement

I am pleased to present the Company's interim results for the half year ended 31 October 2016. Turnover during the six month period increased by 19.6% to GBP1,183,727 (2014: GBP989,571) and the profit before tax for the period increased 16.2% GBP597,629 (2014: GBP514,093). These results show continued good progress and the Directors anticipate maintaining this trend.

Ace has continued to develop its portfolio and the following transactions have taken place:

-- On 5 October 2016, Ace announced the acquisition of 1 - 5 Upper Market Square, Hanley at a price of GBP9,000,000.

-- On 21 November 2016, Ace announced the sale of Ace (Sloane) Limited, an SPV which owned Colebrook Court, Sloane Avenue. The consideration for the sale was GBP1,530,000 which resulted in a gain in the period of GBP130,000.

-- On 22 November, Ace announced the drawdown of a loan facility of GBP13,751,000 from Lloyds Bank plc to finance the Hanley acquisition and to refinance five existing holdings.

At 31 October 2016, the portfolio value was less than at 30 April due to uncompleted transactions at that date. At the same date, the Company had cash reserves in excess of GBP3,000,000 available to further acquisitions which will be announced at the appropriate time and which the directors anticipate will be completed by the end of the current financial year.

The Board has identified the following KPIs as relevant to evaluating the Group's performance. These are regularly monitored to ensure the Company maintains its desired progress.

 
                                            Six months            Six months     Year ended 
                                              ended 31              ended 31       30 April 
                                               October               October           2016 
                                      2016 (Unaudited)      2015 (Unaudited) 
                                                                                  (Audited) 
                                                   GBP                   GBP            GBP 
 Value of Portfolio                         28,499,428            20,164,428     29,488,428 
 Portfolio annual rental income              2,310,400             2,261,000      2,336,800 
 Total equity attributable 
  to shareholders                           18,251,554            13,768,606     17,946,575 
 Rental income per quarter                     591,864               494,786        509,327 
 Profit after tax per quarter                  243,630               205,637         64,998 
 

In accordance with its dividend policy, Ace paid an increased dividend in respect of the year ended 30 April 2016 at the rate of 0.033 pence per share. This payment was made on 6 June 2016. It is the Board's intention, subject to satisfactory trading results, to continue to pay a dividend at an increasing percentage.

 
 Dr Tony Ghorayeb 
  Chairman 
  30 January 2017 
 

Unaudited group statement of comprehensive income

for the six months ended 31 October 2016

 
                                            Six months                          Six months                  Year ended 
                                              ended 31                            ended 31                    30 April 
                                               October                             October              2016 (Audited) 
                                      2016 (Unaudited)                    2015 (Unaudited) 
                                                   GBP                                 GBP                         GBP 
 
 Turnover                                    1,183,727                             989,571                   2,037,308 
                             -------------------------  ----------------------------------  -------------------------- 
 
 Administrative expenses                     (762,033)                           (481,825)                 (1,201,655) 
 Fair value gains / 
  (losses) 
  on investment property                       500,000                             200,000                   (422,823) 
 Fair value gains / 
  (losses) 
  on assets held for sale                            -                                   -                     705,681 
 Finance cost                                (324,448)                           (210,240)                   (539,095) 
 Finance income                                    383                              16,587                      32,918 
 
 Profit for the period                         597,629                             514,093                     612,334 
                             -------------------------  ----------------------------------  -------------------------- 
 
 Taxation                                    (110,369)                           (102,819)                   (352,341) 
 
 Profit from continuing 
  operations                                   487,260                             411,274                     259,993 
                             -------------------------  ----------------------------------  -------------------------- 
 
                                                 pence                               pence                       pence 
 Basic                                            0.05                                0.07                        0.04 
 Diluted                                          0.03                                0.06                        0.03 
 

Unaudited group statement of financial position

at 31 October 2016

 
                                                  Six months                       Six months                                 Year ended 
                                            ended 31 October                 ended 31 October 
                                            2016 (Unaudited)                 2015 (Unaudited) 
                                                                                                                           30 April 2016 
                                                                                                                               (Audited) 
                                                         GBP                              GBP                                        GBP 
 ASSETS 
 Non-current 
 assets 
 Investment 
  properties                                      22,199,428                       20,164,428                                 21,788,428 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 
 Current assets 
 Assets held for 
  sale                                             6,300,000                                -                                  7,700,000 
 Trade and other 
  receivables                                        394,117                          364,257                                    134,253 
 Cash and cash 
  equivalents                                      3,300,169                        6,808,007                                    517,632 
                                                              -------------------------------  ----------------------------------------- 
                                                   9,994,286                        7,172,264                                  8,351,885 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 
 TOTAL ASSETS                                     32,193,714                       27,336,692                                 30,140,313 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 
 EQUITY AND 
 LIABILITIES 
 Current 
 Liabilities 
 Liabilities held 
  for 
  sale                                             2,382,750                                -                                  2,400,055 
 Trade and other 
  payables                                         1,228,706                        1,133,064                                  1,394,996 
 Borrowings                                        1,408,377                        2,597,483                                  1,333,377 
                                                              -------------------------------  ----------------------------------------- 
                                                   5,019,833                        3,730,547                                  5,128,428 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 Non-current 
 liabilities 
 Borrowings                                        8,610,693                        7,855,564                                  6,853,676 
 Other payables                                            -                          918,524                                          - 
 Deferred tax                                        311,634                          467,294                                    211,634 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
                                                   8,922,327                        9,241,342                                  7,065,310 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 EQUITY 
 Issued capital 
 and 
 reserves 
 Share capital                                     9,821,517                        5,582,691                                  9,821,517 
 Share premium 
  reserve                                          7,132,802                        6,004,878                                  7,132,802 

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DJ Ace Liberty & Stone PLC Half-year Report -2-

 Share option 
  reserve                                            479,180                          479,180                                    479,180 
 Other reserve                                             -                          462,500                                          - 
 Retained 
  earnings                                           818,055                        1,239,357                                    513,076 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 Total equity 
  attributable 
  to owners of 
  the parent                                      18,251,554                       13,768,060                                 17,946,575 
 Non-controlling 
 interests                                                 -                          596,197                                          - 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
                                                  18,251,554                       14,364,803                                 17,946,575 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 
 TOTAL EQUITY AND 
  LIABILITIES                                     32,193,714                       27,336,692                                 30,140,313 
                   -----------------------------------------  -------------------------------  ----------------------------------------- 
 
 

Unaudited Group cash flow statement

for the six months ended 31 October 2016

 
                                                  Six months        Six months         Year ended 
                                            ended 31 October          ended 31           30 April 
                                            2016 (Unaudited)      October 2015     2016 (Audited) 
                                                                   (Unaudited) 
                                                         GBP               GBP                GBP 
 Profit/(loss) before tax                            597,629           514,093            612,334 
                                        --------------------  ----------------  ----------------- 
 Cash flow from operating activities 
 Adjustments for: 
 Finance income                                        (383)          (16,587)           (32,913) 
 Finance costs                                       324,448           210,240            539,095 
 Share-based payment charge                                -                 -             68,750 
 Fair value adjustment                             (500,000)         (200,000)          (282,858) 
 Decrease / (increase) in receivables              (259,864)         (235,956)            (5,952) 
 Increase / (decrease) in payables                 (166,290)           190,312           (31,342) 
 Tax paid                                                  -                 -           (27,150) 
 Interest paid                                     (324,448)         (210,240)          (419,095) 
                                        --------------------  ----------------  ----------------- 
 Net cash (used) by operating 
  activities                                       (328,908)           251,862            420,869 
                                        --------------------  ----------------  ----------------- 
 Cash flows from investing 
  activities 
 Interest received                                       383            16,587             32,918 
 Purchase of investment properties                         -                 -        (8,756,874) 
 Sale of investment properties                     1,530,000         4,000,000          4,850,000 
 Purchase of non-controlling 
  interest in subsidiary                                   -                 -        (1,235,650) 
                                        --------------------  ----------------  ----------------- 
 Net cash (used) / generated 
  by investing activities                          1,530,383         4,016,587        (5,109,606) 
                                        --------------------  ----------------  ----------------- 
 Cash flows from financing 
  activities 
 Share issue, net of issue 
  costs                                                    -           946,966          4,328,716 
 Short term loans advanced                         1,000,000                 -                  - 
 Short term loans repaid                         (1,000,000)                 -                  - 
 Long term loans advanced                          3,311,334                 -          1,969,539 
 Long term loan repaid                           (1,406,167)         (132,643)        (2,886,645) 
 Equity dividend paid                              (324,110)         (222,149)          (152,620) 
                                        --------------------  ----------------  ----------------- 
 Net cash generated by financing 
  activities                                       1,581,057           592,174          3,258,990 
                                        --------------------  ----------------  ----------------- 
 Net (decrease) / increase 
  in cash and cash equivalents                     2,782,532         4,860,623        (1,429,747) 
 Cash and cash equivalents 
  at the beginning of the period                     517,637         1,947,384          1,947,384 
                                        --------------------  ----------------  ----------------- 
 Cash and cash equivalents 
  at the end of the period                         3,300,169         6,808,007            517,637 
                                        --------------------  ----------------  ----------------- 
 

The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 1985. The unaudited Group results have been prepared under the historical cost convention, in accordance with the Companies Act 1985 and applicable accounting standards in the United Kingdom.

The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the period to 30 April 2016. Those financial statements were prepared on a going concern basis.

The interim report for the six months to 31 October 2016 was approved by the Board on 30 January 2017

The Directors of Ace Liberty & Stone Plc accept responsibility for this announcement.

For further information, please contact:

 
  Ace Liberty & Stone Plc 
  Ivan Minter, Finance Director                Tel: +44 (0) 20 7201 8340 
                                           http://acelibertyandstone.com 
   Alfred Henry Corporate Finance Ltd, 
    NEX Exchange Corporate Adviser 
   Jon Isaacs / Nick Michaels                  Tel: +44 (0) 20 7251 3762 
                                                     www.alfredhenry.com 
   Hybridan LLP, Corporate Broker 
   Claire Noyce / Darshan Patel                 Tel: +44 (0)203 764 2341 
                                                        www.hybridan.com 
 
 

For more information on the Company please visit: http://acelibertyandstone.com/

- Ends -

This information is provided by RNS

The company news service from the London Stock Exchange

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