RNS Number : 6461T Safeland PLC 09 December 2011 SAFELAND PLC UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 September 2011 CHAIRMAN'S STATEMENT As reported in the trading statement that was announced at the AGM I am pleased to confirm that for the six months ended 30 September 2011 the Group has returned to profit in the sum of £87,000 (2010: £1,288,000 loss ). I would reiterate that this is not indicative that a profit will also be reported the full year ended 31 March 2012. The economic conditions remain extremely volatile across all sectors and we continue to be highly selective in the purchases that we make, with an emphasis on carrying out the conversion of properties into residential units to be sold to owner occupiers. Our plan to establish a chain of hostels through Safestay our Joint Venture vehicle with the Moorfield Group is well underway. Building works have commenced on the first site in Elephant and Castle with an anticipated opening in May 2012. Further locations are being considered. We look forward to the future with cautious optimism. Raymond Lipman Chairman Contacts: Paul Davis, Finance Director, Safeland Plc: 0208 815 1600 Tom Griffiths, Arbuthnot Securities Limited: 0207 012 2000
SAFELAND PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 September 2011 Continuing Operations Notes | Neither audited nor reviewed Six months ended 30 September 2011 £'000 | Neither audited nor reviewed Six months ended 30 September 2010 £'000 | Audited Year ended 31 March 2011 £'000 | | | | | Revenue | 12,166 | 7,188 | 10,370 | | | | | Cost of sales | (10,778) | (6,515) | (9,866) | | | | | Gross profit | 1,388 | 673 | 504 | | | | | Sales and distribution costs | (227) | (146) | (255) | Administrative expenses | (1,158) | (1,654) | (2,929) | Directors emoluments foregone | - | - | 1,877 | Other operating income | 295 | 179 | 476 | Profit/(loss) on disposal of property, plant and equipment | 3 | (1) | - | Loss on revaluation of investment properties | - | - | (24) | Gain on disposal of investment properties | - | 5 | 5 | | | | | Operating profit/(loss) | 301 | (944) | (346) |
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| Share of result of associate | - | - | 27 | Impairment of available for sale investments | - | - | (100) | Loss on disposal of available for sale investments | - | (50) | (50) | | | | | Profit/(loss) before interest | 301 | (994) | (469) | | | | | Finance income | 7 | 23 | 27 | Finance costs | (221) | (317) | (523) | | | | | Profit/(loss) before tax | 87 | (1,288) | (965) |
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| Tax | - | - | - | | | | | Profit/(loss) for the financial period attributable to equity holders of the parent company | 87 | (1,288) | (965) | | | | | Other comprehensive income, net of tax |
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| | | | | Fair value gains on available for sale investments | - | - | 9 | | | | | Total comprehensive income for the period attributable to equity holders of the parent company | 87 | (1,288) | (956) | | | | | |
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| Earnings/(loss) per share attributable to equity holders of the parent company |
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| Basic earnings/(loss) per share 2 | 0.52p | (7.64)p | (5.73)p | Diluted earnings/(loss) per share 2 | 0.52p | (7.64)p | (5.73)p | | | | | | | | |
SAFELAND PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 September 2011 | Neither audited nor reviewed 30 September 2011 £'000 | Neither audited nor reviewed 30 September 2010 £'000 | Audited 31 March 2011 £'000 | | | | | Non-current assets | | | | Property, plant and equipment | 184 | 211 | 214 | Investment properties | 3,438 | 3,462 | 3,438 | Investments in associates | 117 | - | 117 | Available-for-sale investments | 129 | 300 | 122 | | | | | Total non-current assets | 3,868 | 3,973 | 3,891 | | | | | Current assets | | | | Trading properties | 10,523 | 20,231 | 19,256 | Trade and other receivables | 1,289 | 319 | 763 | Cash and cash equivalents | 2,429 | 442 | 386 | | | | | Total current assets | 14,241 | 20,992 | 20,405 | | | | | Total assets | 18,109 | 24,965 | 24,296 | | | | | Current liabilities | | | | Bank loans and overdrafts | 7,877 | 378 | 427 | Trade and other payables | 918 | 2,134 | 427 | | | | | Total current liabilities | 8,795 | 2,512 | 854 | | | | | Non-current liabilities | | | | Bank loans | - | 13,481 | 14,172 | Derivative financial instruments | 66 | 146 | 109 | Deferred tax liabilities | 679 | 676 | 679 | | | | | Total non-current liabilities | 745 | 14,303 | 14,960 | | | | | Total liabilities | 9,540 | 16,815 | 15,814 | | | | | Net assets | 8,569 | 8,150 | 8,482 | | | | | | | | | Equity | | | | Share capital | 843 | 843 | 843 | Share premium account | 5,351 | 5,351 | 5,351 | Capital redemption reserve | 847 | 847 | 847 | Share based payment reserve | 100 | 210 | 100 | Investment revaluation reserve | 14 | 5 | 14 | Retained earnings | 1,414 | 894 | 1,327 | | | | | Total equity attributable to equity holders of the parent Company | 8,569 | 8,150 | 8,482 | | | | |
SAFELAND PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 September 2011 | Notes | Neither audited nor reviewed Six months ended 30 September 2011 £'000 | Neither audited nor reviewed Six months ended 30 September 2010 £'000 | Audited Year ended 31 March 2011 £'000 |
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| Operating activities | | | | | Net cash generated from operations | 4 | 9,030 | 580 | 46 | Interest paid | | (264) | (356) | (600) | | | | | | Net cash generated/(outflow) from operating activities | | 8,766 | 224 | (554) | | | | | | Investing activities | | | | | Interest received | | 7 | 23 | 24 | Dividends received | | - | - | 3 | Purchase of property, plant and equipment | | (25) | - | (40) | Purchase of available for sale investments | | (7) | (90) | (90) | Proceeds from sale of property, plant and equipment | | 24 | 4 | 22 | Proceeds from sale of investment properties | | - | 6 | 6 | Proceeds from sale of available for sale investments | | - | 15 | 15 | | | | | | Net cash outflow from investing activities | | (1) | (42) | (60) | | | | | | Financing activities | | | | | New loans | | 700 | 6,005 | 8,155 | Loan repayments | | (6,995) | (6,281) | (7,740) | | | | | | Net cash (outflow)/ generated from financing activities | | (6,295) | (276) | 415 | | | | | | Net increase/(decrease) in cash and cash equivalents | | 2,470 | (94) | (199) | Cash and cash equivalents at beginning of period | | (41) | 158 | 158 | | | | | | Cash and cash equivalents at end of period | | 2,429 | 64 | (41) | | | | | |
SAFELAND PLC UNAUDITED CONDENSED CONSOLIDATED Statement of CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 September 2011 | Share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Share based payment reserve £'000 | Investment revaluation reserve £'000 | Retained earnings £'000 | Total equity £'000 | | | | | | | | | At 1 April 2011 | 843 | 5,351 | 847 | 100 | 14 | 1,327 | 8,482 | Profit for the period | - | - | - | - | - | 87 | 87 | | | | | | | | | At 30 September 2011 | 843 | 5,351 | 847 | 100 | 14 | 1,414 | 8,569 | | | | | | | | | | | | | | | | | At 1 April 2010 | 843 | 5,351 | 847 | 210 | 5 | 2,182 | 9,438 | Loss for the period | - | - | - | - | - | (1,288) | (1,288) | | | | | | | | | At 30 September 2010 | 843 | 5,351 | 847 | 210 | 5 | 894 | 8,150 | | | | | | | | | | | | | | | | | At 1 April 2010 | 843 | 5,351 | 847 | 210 | 5 | 2,182 | 9,438 | Loss for the year | - | - | - | - | - | (965) | (965) | Fair value gains on available for sale investments | - | - | - | - | 9 | - | 9 | Share option charge | - | - | - | (110) | - | 110 | - | | | | | | | | | At 31 March 2011 | 843 | 5,351 | 847 | 100 | 14 | 1,327 | 8,482 |
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SAFELAND PLC NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) 1. Basis of preparation and accounting policies This interim financial information was approved by the Board of Directors on 9 December 2011. The results for the year ended 31 March 2011 are not statutory accounts within the meaning of s434 Companies Act 2006. Statutory accounts for that period were prepared and filed with the Registrar of Companies. The results for the six months to 30 September 2011 and 2010 are unaudited and do not constitute the Group's statutory accounts within the meaning of s434 Companies Act 2006. The accounting policies adopted in the preparation of this financial information are consistent with those expected to be used in the preparation of the 2012 statutory accounts which will be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and those parts of the Companies Act 2006 that remain applicable to companies reporting under IFRS. The comparative figures for the year ended 31 March 2011 were derived from the statutory accounts for that year end. 2. Earnings/(loss) per share | Neither audited nor reviewed Six months ended 30 September 2011 £'000 | Neither audited nor reviewed Six months ended 30 September 2010 £'000 | Audited Year ended 31 March 2011 £'000 | | | | | Profit/(loss) for the period attributable to equity holders of the company | 87 | (1,288) | (965) | | | | | | | | | Weighted average number of ordinary shares for the purposes of basic earnings/(loss) per share | 16,851 | 16,851 | 16,851 | | | | | Effect of dilutive potential ordinary shares | - | - | - | | | | | Weighted average number of ordinary shares for the purposes of diluted earnings/(loss) per share | 16,851 | 16,851 | 16,851 | | | | |
There is no dilutive effect of potential ordinary shares in either the six months to September 2011 or 2010 and the year ended 31 March 2011. 3. Dividend No interim dividend has been declared. 4. Notes to cash flow statement | Neither audited nor reviewed Six months ended 30 September 2011 £'000 | Neither audited nor reviewed Six months ended 30 September 2010 £'000 | Audited Year ended 31 March 2011 £'000 | | | | | Profit/(loss) before tax from continuing operations | 87 | (1,288) | (965) | | | | | Adjustments for: | | | | Depreciation of property, plant and equipment | 34 | 70 | 91 | (Profit)/loss on sale of property, plant and equipment | (3) | 1 | - | Profit on sale of investment properties | - | (5) | (5) | Loss on revaluation of investment properties | - | - | 24 | Impairment of available for sale investments | - | - | 100 | Loss on sale of available for sale investments | - | 50 | 50 | Finance costs (net) | 214 | 294 | 496 | Share of results of associate | - | - | (27) | | | | | Operating cash flows before movements in working capital | 332 | (878) | (236) | | | | | Changes in working capital: | | | | Decrease in trading properties | 8,733 | 501 | 1,476 | (Increase)/decrease in trade and other receivables | (526) | 93 | (351) | Increase/(decrease) in trade and other payables | 491 | 864 | (843) | | | | | | | | | Net cash generated from operations | 9,030 | 580 | 46 | | | | |
5. Copies of this announcement are available on the company's website www.safeland.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange END IR DKFDNABDDKBK
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