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DJ WMC Retail Partners Plc Unaudited interim results

WMC Retail Partners plc 
                           ("WMC" or "the Company") 
Unaudited interim results for the six months ended 30 June 2016 
I welcome the opportunity given by this Interim Report to update shareholders 
on both our progress and some potentially significant and exciting developments 
at our Cornish Market World site.  Firstly dealing with our half-yearly results 
themselves for the six months to June 30th 2016, unaudited figures show a not 
unexpected loss of GBP78,000 - a major improvement on the GBP226,000 loss for the 
same period last year, even though GBP42,000 of the improvement relates to the 
release of earlier provisions.  Once again our traditional markets broadly held 
their own in a difficult trading environment with occupancy slightly up on last 
year.  Our move into apprenticeship training has proved disappointingly slow, 
primarily due to bureaucratic red tape beyond our control.  However our 
Consulting activities, ably led by Executive Director Andrew Sparrow, have made 
notable progress with this company being appointed for new projects in, amongst 
others, Manchester, Chester, Wood Green and Swindon. Pleasingly, in some cases, 
what started as time limited projects have now developed into either extended 
pieces of work, or discussions regarding retaining WMC's involvement over the 
lifespan of the development project.  These projects see WMC advising on a 
broad range of issues including market relocations, internal design, retail 
mix, events strategies and estate management protocols. 
Turning to Cornish Market World ("CMW"), shareholders will be aware that this 
has been loss-making for a number of years - a real drag on overall group 
results. Unfortunately the market never really recovered from being severely 
flooded in 2010 and despite our considerable success in building up the 
adjacent "Kidzworld" Activity Centre, overall results continue negatively 
although there has been a distinct improvement in market occupancy and 
In my last Chairman's report I referred to our continuing dialogue with our 
landlord, the Council, and prospective tenants to deliver a more profitable and 
certain future at CMW.  I am now pleased to report that we are close to signing 
a new agreement on more acceptable and certain terms. A further announcement 
will be made when this has been completed. 
Finally I would like to report to shareholders that Paul Fice, our former 
Company Secretary and Finance Manager, retired in July after many years of 
loyal service.  I would like to thank Paul for all he did for us and to wish 
him well in his new business venture.  We welcome Ken Riley as his 
replacement.  Ken has settled in well and his wide previous commercial 
experience should be a very considerable benefit to us as we embark on our new 
exciting developments. 
Lord Lee of Trafford DL FCA 
                                                Six months         Six    Year to 
                                                     ended       ended         31 
                                                   30 June     30 June   December 
                                                      2016        2015       2015 
                                                 Unaudited   Unaudited    Audited 
                                                     GBP'000       GBP'000      GBP'000 
Turnover                                             2,048       2,149      4,307 
Cost of sales                                      (1,687)     (1,898) (3,516) 
Gross profit                                           361         251        791 
Administration expenses                              (370)       (388)      (644) 
Operating (loss)/profit                                (9)       (137)        147 
(Loss)/profit on sale of business and fixed              0        (15)         12 
Interest receivable                                      0           1          1 
Interest payable                                      (69)        (75)      (147) 
(Loss)/profit on ordinary activities before           (78)       (226)         13 
Tax on (loss)/profit on ordinary activities              4          45        (1) 
(Loss)/profit on ordinary activities after            (74)       (181)         12 
Minority interest                                        4           3         15 
(Loss)/profit for the financial period                (70)       (178)         27 
Basic (loss)/earnings per share in pence             (1.2)       (3.0)       0.45 
                                           30 June      30 June    31 December 
                                              2016         2015           2015 
                                         Unaudited    Unaudited        Audited 
                                             GBP'000        GBP'000          GBP'000 
Fixed assets 
 - positive goodwill and other                 149          119            157 
intangible assets 
Tangible assets                              7,470        7,889          7,521 
                                             7,619        8,008          7,678 
Current assets 
Stocks                                           9            8              7 
Debtors: amounts falling due within            847          751            528 
one year 
Debtors: amounts falling due after               -            -              - 
one year 
Cash at bank and in hand                        26           34            196 
                                               882          793            731 
Creditors: amounts falling due within      (1,041)      (1,588)        (1,080) 
one year 
Net current liabilities                      (159)        (795)          (349) 
Total assets less current liabilities        7,460        7,213          7,329 
Creditors: amounts falling due after       (3,769)      (3,422)        (3,330) 
more than one year 
Provisions for liabilities and               (189)        (186)          (422) 
Net assets                                   3,502        3,605          3,577 
Capital and reserves 
Called up share capital                      3,000        3,000          3,000 
Share premium account                          250          250            250 
Revaluation reserve                            386        1,072            388 
Share based payment reserve                     82           79             82 
Profit and loss account                      (235)        (827)          (165) 
Equity shareholders' funds                   3,483        3,574          3,555 
Equity minority interest                        19           31             22 
Total shareholders' funds                    3,502        3,605          3,577 
Notes to the Interim Results 
1             Accounting policies 
 The interim results have been prepared on the same basis and using the same 
accounting policies as those used in the preparation of the statutory accounts 
for the year ended 31 December 2015. 
2             Going concern 
In common with the majority of other companies, the current economic conditions 
create uncertainty. 
The Group is funded by cash reserves and bank loans, which have been 
substantially reduced over the past couple of years, primarily through property 
sales. The loan is currently in negotiation for renewal and extension with 
business plans and cashflow forecasts until 2020. For this reason, the 
directors continue to prepare the financial statements on a going concern 
3             Earnings per share 
  The calculation of earnings per share is based on the result for the period 
divided by the weighted average number of shares in issue, being 5,999,449 (30 
June 2015: 5,999,449 and 31 December 2015: 5,999,449) ordinary shares of 50p 
 4             Interim dividend 
  The Directors have declared no interim ordinary dividend (2015: Nil) per 
share. A preference dividend of 1.5875p per share was paid on 1 July 2016. 
5             Accounting 
The results for the half year ended 30 June 2015 and 2016 are unaudited and do 
not constitute statutory accounts within the meaning of section 434 Companies 
Act 2006. 
               The financial information for the period ended 31 December 2015 
has been extracted from the statutory accounts for that year which have been 
filed with the Registrar of Companies and the auditors have given an 
unqualified audit opinion. 
For further information please contact: 
WMC Retail Partners Plc. 
Ken Riley, Company Secretary  Tel: +44 (0) 1952 242019 
Grant Thornton UK LLP (Corporate Adviser) 
Colin Aaronson/Harrison Clarke  Tel: +44 (0) 207 383 5100 

(END) Dow Jones Newswires

September 30, 2016 03:28 ET (07:28 GMT)