TIDMSAF
RNS Number : 7415F
Safeland PLC
16 November 2015
Safeland plc ("Safeland" or the "Company")
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
Highlights
Turnover: GBP12.5m (2014: GBP7.8m), up 61.1%
Profit before tax: GBP4.3m (2014: GBP2.2m), up 95.4%
Interim dividend: 1.5p (2014: 0p)
Total shareholder return: 19.5% (2014: 127.60%)Net asset value
per share: 106.0p (2014: 63.8p, 31 March 2015 87.0p), an increase
of 21.8% since 31 March 2015
Managing Director's Statement
I am delighted to report a strong six months to 30 September
2015. Safeland has generated a significant increase in both
turnover and profit. This period has been positively impacted by
the completion of a number of developments, including two phases of
the Wimbledon development, the last phases of which are due for
completion in the second half of the year. Shareholders should be
aware that this is to some extent a function of timing of
completions of projects and does not necessarily reflect potential
second half performance.
The Board continues to focus on maximising the value of stock
held, through obtaining planning consents and then developing the
properties for onward sale.
During the period, the Company participated in a placing of
shares by Safestay plc, acquiring 1,070,864 shares in Safestay at a
cost of GBP663,935, bringing its total holding to 1,420,864,
representing 4.3% of Safestay's issued share capital.
On 25 September 2015, the Company paid a final dividend of 1.75p
per share for the year ended 31 March 2015. I am pleased to
announce that the Board has declared an interim dividend for the
six months ended 30 September 2015 of 1.5p per share payable on 18
December 2015 to shareholders on the register on 27 November
2015.
Outlook
The property market is at extremely high levels, with
conflicting signs. On the one hand record prices are being
achieved, whilst there are also signs of strong resistance to these
levels in certain sectors, leading to pockets of stagnation. It is
difficult to anticipate the true substance of the underlying
strength of the market, and whilst the Board is confident it has
the skills necessary to continue to make opportunistic acquisitions
in any market, its current approach is to be very selective in what
may prove to be too aggressive an environment.
Larry Lipman
Managing Director
Contacts:
Safeland Plc 020 8815 1600
Larry Lipman, Managing Director:
Westhouse Securities Limited 020 7601 6100
Tom Griffiths
Unaudited Unaudited Audited
Condensed consolidated income statement Six months Six months Year
ended ended ended
30 September 30 September 31 March
2015 2014 2015
GBP000 GBP000 GBP000
------------- ------------- ----------
Revenue 12,453 7,763 10,256
Cost of sales (7,497) (5,315) (7,495)
Gross profit 4,956 2,448 2,761
Administrative expenses (802) (588) (1,570)
Gain on revaluation of investment
properties - 225 225
Share of results of jointly controlled
entity - 11 11
Share of results of associate 12 25 29
Profit on sale of investment in joint
venture - 209 209
Dividend from investment 13 - 11
Profit on sale of investment property - 124 5,272
Operating profit 4,179 2,454 6,948
Finance income 256 1 167
Finance costs (156) (224) (403)
Profit before tax 4,279 2,231 6,712
Tax (866) (351) (979)
------------- ------------- ----------
Profit for the financial period attributable
to owners of the parent company 3,413 1,880 5,733
------------- ------------- ----------
Basic earnings per share (note 2) 20.24p 11.15p 34.02p
Diluted earnings per share (note
2) 13.35p 5.12p 15.62p
Condensed consolidated statement Unaudited Unaudited Audited
of comprehensive income Six months Six months Year
ended ended ended
30 September 30 September 31 March
2015 2014 2015
GBP000 GBP000 GBP000
------------- ------------- ---------
Profit for the period 3,413 1,880 5,733
Other comprehensive income
Fair value (losses)/gains on available
for sale financial assets (74) - 82
------------- ------------- ---------
Other comprehensive income for
the year, net of tax (74) - 82
------------- ------------- ---------
Total comprehensive income for
the period attributable to owners
of the parent company 3,339 1,880 5,815
------------- ------------- ---------
Condensed consolidated statement
of Unaudited Unaudited Audited
financial position 30 September 30 September 31 March
2015 2014 2015
GBP000 GBP000 GBP000
-------------- -------------- ----------
Non-current assets
Property plant and equipment 1,935 170 1,981
Investment properties (note
5) 723 5,448 723
Investments in associate 135 151 123
Available-for-sale investments 897 225 307
Trade and other receivables 8,240 - 7,985
11,930 5,994 11,119
-------------- -------------- ----------
Current assets
Trading properties (note 6) 11,654 13,098 14,718
Trade and other receivables 660 362 364
Cash and cash equivalents 2,865 2,865 454
15,179 16,325 15,536
-------------- -------------- ----------
Total assets 27,109 22,319 26,655
-------------- -------------- ----------
Current liabilities
Bank loans and overdrafts
(note 7) - 9,500 1,258
Trade and other payables 1,124 1,287 1,762
Derivative financial instruments - 3 -
Corporation tax payable 1,733 - 1,696
2,857 10,790 4,716
-------------- -------------- ----------
Non-current liabilities
Bank loans (note 7) 6,385 - 7,185
Deferred income tax liabilities - 778 -
6,385 778 7,185
-------------- -------------- ----------
Total liabilities 9,242 11,568 11,901
-------------- -------------- ----------
Net assets 17,867 10,751 14,754
-------------- -------------- ----------
Equity
Share capital 843 843 843
Share-based payment reserve 555 417 486
Investment revaluation reserve 13 5 87
Retained earnings 16,456 9,486 13,338
Total equity attributable
to owners of the parent company 17,867 10,751 14,754
-------------- -------------- ----------
Condensed consolidated statement Unaudited Unaudited Audited
of cash flows Six months Six months Year
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November 16, 2015 02:00 ET (07:00 GMT)
Ended ended ended
30 September 30 September 31 March
2015 2014 2015
GBP000 GBP000 GBP000
------------- ------------- ---------
Cash flows from operating activities
Cash generated/(utilised) from
operations (note 4) 6,429 946 (2,376)
Interest paid (156) (225) (403)
Corporation tax paid (829) - (132)
------------- ------------- ---------
Net cash generated/(utilised)
from operating activities 5,444 721 (2,911)
------------- ------------- ---------
Cash flows from investing activities
Cash flows from investing activities - 1 1
Distributions from associate - - 32
Dividend paid (295) - -
Purchase of property, plant
and equipment (98) (88) (2,003)
Purchase of available for sale
investments (664) (175) (175)
Proceeds from sale of investment
property - 244 4,230
Proceeds from sale of property,
plant and equipment 82 59 119
Net cash inflow/(outflow) from
investing activities (975) 41 2,204
------------- ------------- ---------
Cash flows from financing activities
New loans - 6,400 9,258
Loan repayments (2,058) (5,300) (9,100)
Net cash inflow from financing
activities (2,058) 1,100 158
------------- ------------- ---------
Net increase/(decrease) in cash
and cash equivalents 2,411 1,862 (549)
Cash and cash equivalents at
beginning of period 454 1,003 1,003
Cash and cash equivalents at
end of period 2,865 2,865 454
------------- ------------- ---------
Condensed consolidated Share-based Investment
statement of changes payment revaluation Retained
in equity Share capital reserve reserve earnings Total equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------------- ------------ ------------- ----------- -------------
Balance at 1 April
2015 843 486 87 13,338 14,754
Comprehensive income
Profit for the six
months period to
30 September 2015 - - - 3,413 3,413
Revaluation of available-for-sale
investments - - (74) - (74)
Total comprehensive
income - - (74) 3,413 3339
-------------- ------------ ------------- ----------- -------------
Transactions with
owners recognised
directly in equity
Dividends - - - (295) (295)
Share-based payment
charge for the period - 69 - - 69
-------------- ------------ ------------- ----------- -------------
- 69 - (295) (226)
Balance at 30 September
2015 843 555 13 16,456 17,867
-------------- ------------ ------------- ----------- -------------
Share Share-based Investment Retained Total
Condensed consolidated
statement of changes
in capital Payment revaluation Earnings Equity
equity Reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000
-------- ------------ ------------ --------- --------
Balance at 1 April
2014 843 348 5 9,414 10,610
Comprehensive income
Profit for the six
months period to 30
September 2014 - - - 1,880 1,880
Total comprehensive
income - - - 1,880 1,880
-------- ------------ ------------ --------- --------
Transactions with owners
recognised directly
in equity
Dividends - - - (1,808) (1,808)
Share-based payment
charge for the period - 69 - - 69
-------- ------------ ------------ --------- --------
- 69 - (1,808) (1,739)
Balance at 30 September
2014 843 417 5 9,486 10,751
-------- ------------ ------------ --------- --------
Share Share-based Investment Retained Total
Condensed consolidated
statement of changes
in capital Payment revaluation earnings Equity
Equity Reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000
-------- ------------ ------------ --------- --------
Balance at 1 April
2014 843 348 5 9,414 10,610
Comprehensive income
Revaluation of available-for-sale
investments - - 82 - 82
Profit for the year
to 31 March 2014 - - - 5,733 5,733
Total comprehensive
income - - 82 5,733 5,815
-------- ------------ ------------ --------- --------
Transactions with
owners recognised
directly in equity
Dividends - - - (1,809) (1,809)
Share-based payment
charge for the year - 138 - - 138
-------- ------------ ------------ --------- --------
- 138 - (1,809) (1,671)
Balance at 31 March
2014 843 486 87 13,338 14,754
-------- ------------ ------------ --------- --------
1. Basis of preparation and accounting policies
The condensed interim consolidated financial statements of the
Company and its subsidiaries ("the Group") for the six months ended
30 September 2015 ("the period") have been prepared using
accounting policies consistent with International Financial
Reporting Standards (IFRSs) as adopted by the European Union. The
same accounting policies, presentation and methods of computation
are followed in the condensed set of financial statements as
applied in the Group's latest audited financial statements for the
year ended 31 March 2015. This half year statement does not
constitute full accounts as defined by Section 434 of the Companies
Act 2006
These condensed interim financial statements have not been
audited, do not include all of the information required for full
annual financial statements, and should be read in conjunction with
the Group's consolidated annual financial statements for the year
ended 31 March 2015.
2. Earnings per share
Unaudited Unaudited Audited
Six months Six months Year
ended Ended ended
30 September 30 September 31 March
2015 2014 2015
GBP000 GBP000 GBP000
------------- ------------- -------------
Profit for the financial period
attributable to owners of the
parent company 3,413 1,880 5,733
------------- ------------- ----------
No No No
000 000 000
Weighted average number of ordinary
shares for
the purposes of basic earnings
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