14 December 2009 O TWELVE ESTATES LIMITED ("O Twelve" / the "Company"/ the "Group") |
UNAUDITED HALF YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009 |
O Twelve Estates Limited today announces results for the six months ended 30 September 2009. The Company's objective is to generate an attractive return for Shareholders through the assembly of a portfolio of investment properties in its Target Area, which comprises the Thames Gateway and the adjacent areas of east London, Essex, south Hertfordshire and north Kent. |
Key points
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Commenting on the results, Phillip Rhodes, Chairman of O Twelve, said: "There are signs that the unprecedented falls in UK property valuations over the past two years have now bottomed-out, although the extent and duration of the present rally in capital values remains highly uncertain. However, with the assistance of our Property Advisers, and the support of our lenders, your Board will continue its focus on cash preservation and generation and portfolio management to ensure the long-term prospects of the Group and increase shareholder value." |
David Tye of Rugby Asset Management added: "Whilst prospects for the real estate market generally now appear to be improving, we believe that O Twelve's Target Area is looking forward to a particularly bright future. The Olympic Games are approaching quickly and we are now starting to see the effect of the unprecedented public and private investment driving Europe's largest single regeneration project around Stratford, London's East End and the Thames Gateway. This, coupled with the Target Area's historically low capital and rental base values augurs well for future growth." |
For further information please contact: David Tye / Andrew Wilson Rugby Asset Management Limited Tel: +44 (0)20 7016 0050 Jeremy Porter / Simon Bennett / Laura Littley Fairfax I.S. PLC Tel: +44 (0)20 7598 5368 Stephanie Highett / Rachel Drysdale / Dido Laurimore Financial Dynamics Tel: +44 (0)20 7831 3113 |
CHAIRMAN'S STATEMENT |
I am pleased to present the results of O Twelve Estates Limited together with its subsidiaries for the six months ended 30 September 2009. The global financial crisis has had a significant impact on property values. Capital values for UK commercial properties generally, which were down 30% for the year ended 31 March 2009, appear to have bottomed-out during the period under review. Continuing value falls from April to July reversed and started to deliver increases in August and September, with the end result being the IPD All Property Monthly Capital Value Index reporting an overall fall of 3.5% for the six months ended 30 September 2009. At 30 September 2009, the Group's property investment portfolio was valued by CB Richard Ellis ("CBRE") at £171.5 million (31 March 2009: £173.6 million). After taking into account capital expenditure and the disposal of three vacant units at Redwing Court, the like-for-like fall of just 0.4% in the six months ended 30 September 2009 compares favourably with the 3.5% fall for UK commercial properties generally for the same period. The rental value of the portfolio has decreased by 4.3%, matching the IPD All Property Monthly Index over the same period. Results The Group reported a net profit for the six months ended 30 September 2009 of £2.9 million (30 September 2008: loss of £16.9 million, 31 March 2009: loss of £92.3 million), representing a profit per Ordinary Share of 2.38p (30 September 2008: loss of 13.77p, 31 March 2009: loss of 75.34p). The consolidated net liability at 30 September 2009 was £4.5 million (31 March 2009: net liability of £7.4 million), being a net liability per Ordinary Share of 3.65p (31 March 2009: net liability per Ordinary Share of 6.03p). Consolidated net assets, before adjusting for the fair value of the interest rate swap, was £11.07 million, 9.03p per share (30 September 2008: £70.80 million, 57.79p per share, 31 March 2009: £10.86 million, 8.87p per share). The Company was established to take advantage of the urban regeneration and infrastructure projects taking place in the Target Area and for which the 2012 Olympic Games are a major catalyst. Letting activity over the past six months has been very positive, with 11 new lettings totalling 157,000 sq ft completed and generating nearly £840,000 of annual income, thus reducing the void rate from 12.5% of estimated rental value at 31 March 2009 to 9.4% at 30 September 2009. If lettings which have been agreed and are currently in solicitors' hands are completed, the void rate would reduce further to 6.7%. This activity confirms the underlying resilience of the Group's Target Area. In line with the Board's aim of reducing costs and in light of the current economic environment, a number of changes were made to the terms of the Property Adviser Agreement ("PAA") with Rugby Asset Management Limited. The combination of these revised terms, which took effect from 1 April 2009, and the lower property valuations on which the fee is calculated, reduced management fees by 58% from £1.3 million to £0.5 million for the period ended 30 September 2009, compared to the same period in 2008. As I have noted before, despite the ongoing difficult market conditions it is heartening to see that, where we can influence and control matters, your Group's efforts are showing some positive outcomes. Financing On 14 October 2009, the loan facility with Nationwide Building Society and the other lenders was successfully restructured. The revised loan terms, which are substantially the same as those agreed in principle as reported in the Group's results announcement on 15 July 2009, are as follows:
As the loan facility was not restructured until after the end of the period, the borrowings were designated as a current liability at 30 September 2009. Taking into account the arrangement and exit fees payable in connection with the restructuring, the blended cost of borrowings is currently approximately 6.7% per annum. The interest cover ratio was 129% when last tested on 26 October 2009. Going Concern Following the successful completion of the financial restructuring and on the basis of the Group's current expectations and projected cash flows, your Board believes the Group will be able to satisfy its working capital requirements for at least the next twelve months, and will not be required by its lenders to make early settlement of its outstanding loans. Your Board has therefore concluded that it is appropriate to continue to adopt the going concern basis in preparing the half yearly financial statements. Dividend Given the ongoing economic uncertainty and in view of the Group's financial position, the Board is not recommending the payment of a dividend (31 March 2009: nil). Outlook There are signs that the unprecedented falls in UK property valuations over the past two years have now bottomed-out, although the extent and duration of the present rally in capital values remains highly uncertain. However, with the assistance of our Property Advisers, and the support of our lenders, your Board will continue its focus on cash preservation and generation and portfolio management to ensure the long-term prospects of the Group and increase shareholder value. |
Phillip Rhodes Chairman |
11 December 2009 |
PROPERTY ADVISER'S REPORT |
Rugby Asset Management Rugby Asset Management Limited ("RAM"), a member of the Rugby Estates Plc group, was appointed Property Adviser to O Twelve Estates Limited ("O Twelve" or the "Group") on its admission to AIM on 27 March 2006. Our role is to identify property opportunities for recommendation to and consideration by the Board of the Company and to negotiate on its behalf. We undertake, on a day to day basis, under delegated authority from the Board, all aspects of assembling, managing and financing O Twelve's property portfolio. Rugby Estates Plc also holds a 5.5% interest in O Twelve Estates Limited. |
Market Comment In the four months to July 2009 capital values continued to fall, with the IPD All Property Monthly Index showing that values fell by a further 4.8% from March. However, this trend changed in August 2009 with a rise of 0.2%, ending twenty five consecutive months of downward price correction. When we last reported in July, we expected that values would stabilise in either the latter part of 2009 or early 2010. This stabilisation has now started to take place, with capital values starting to rise. In September, the IPD Monthly Index reported an increase in capital values of 1.13%, followed by a further rise in October of 1.9%. This trend is expected to continue for the remainder of 2009. |
The occupational market remains challenging and is, as we expected, lagging the recovery in the investment market. One of our principal aims at the start of the year was to maximise the cashflow with a particular focus on minimising voids and reducing associated property outgoings. Since March we are pleased to report that 157,000 sq ft of vacant space has been let with eleven new leases and the void rate within the portfolio has fallen from 12.5% to 9.4%, a 25% reduction. Contracted annual rent from these lettings is nearly £840,000 once relevant rent free periods expire. By contrast, only seven new leases, covering a total of 58,000 sq ft, were completed in the entire twelve months to 31 March 2009. |
Portfolio Review as at 30 September 2009
* Excluding long leasehold ground rents and assured shorthold tenancies |
Capital Value Split by Sector | |||
Industrial | 40% | ||
Retail | 36% | ||
Offices | 20% | ||
Residential | 4% | ||
Valuation The external valuation of the Group's properties as at 30 September 2009 was £171.51 million. On a like-for-like basis, after taking into account capital expenditure and disposals, the value of the portfolio fell during the last six months by just 0.4%. This compares positively with the IPD Monthly All Property Capital Value Index, which showed a fall of 3.5% over the same period. All sectors of the O Twelve portfolio performed better than the corresponding fall in the IPD index. The best performing sector within the portfolio was retail which increased in value by 1.7% over the period compared with a fall of 3.1% for the retail sector in the IPD Monthly Index. The equivalent yield for the portfolio has reduced by 48 basis points over the period from 9.0% to 8.5%. This compares with an average equivalent yield for the IPD Monthly Index of 9.1% at September, which has reduced by 8 basis points over the six months to September. | |||
Capital Value Movement compared to IPD Monthly Index | |||
O Twelve | IPD | ||
All Property | -0.4% | -3.5% | |
Retail | 1.7% | -3.1% | |
Office | -4.5% | -4.8% | |
Industrial | -0.2% | -2.7% | |
Rental value levels within the portfolio decreased, by 4.3%, on a like-for-like basis, exactly in line with the IPD All Property Monthly Index which also showed a fall of 4.3% over the same period. | |||
Rental Value Movement compared to IPD Monthly Index | |||
O Twelve | IPD | ||
All Property | -4.3% | -4.3% | |
Retail | -4.0% | -3.8% | |
Office | -4.9% | -6.3% | |
Industrial | -4.3% | -2.6% | |
Reversion by Sector | |||
ERV £ million | Rent £ million | ||
Retail | 6.2 | 5.7 | |
Office | 3.1 | 2.9 | |
Industrial | 6.8 | 5.3 | |
Residential | 0.5 | 0.5 | |
Activity No acquisitions were made during the period. Three vacant units at Redwing Court were sold for an aggregate of £1.8 million, 7.5% below the March valuation. Once again, our focus has been on asset management and we are delighted to report that eleven new leases have been contracted over the period, accounting for 157,000 sq ft and nearly £840,000 of annual rental income after rent free periods. Particularly:
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Five rent reviews have been concluded over the period realising just under £90,000 of reversionary income. The rents achieved on these reviews reflect a 20% increase on the rental income prior to the review and a premium of 8% over our valuer's opinion of rental value at March. Despite a generally difficult occupational market some 74,000 sq ft remains under offer and good progress continues to be made in reducing the void rate. | |
Rental Value Analysis - 30 September 2009 | |
£ million | |
Current annualised income | 13.8 |
Rent free periods | 0.6 |
Total contracted rent | 14.4 |
Available for letting | 1.6 |
Reversions | 0.6 |
Estimated rental value | 16.6 |
Void Analysis Due to the success in letting activity over the period the void rate within the portfolio has reduced by 25% since March 2009 and at 30 September stood at 9.4% by rental value. The rental value of vacant space at 30 September was £1.6 million of which £0.5 million was under offer. Assuming these potential lettings complete the void rate will fall to 6.7%. During the coming year our focus will continue to be on reducing the void rate further and minimising associated void costs. | |
Income Security Given the current uncertainty in the economy and in the wider banking and financial markets, investors are increasingly focusing on security of income and tenant covenant strength. Some 53% of current rental income is contracted for more than five years. Where leases have less than five years to run, opportunities exist to refurbish or consider changes of use in order to maximise value. In our view the portfolio offers a good balance between income security and opportunities to add value. | |
Rent Collection Despite the difficult trading conditions the rent collection statistics remain encouraging with an average of 96% of rental income collected within the quarter. There has been no significant change in the rate of rent collection in the last four quarters. Maintaining a high level of rent collection remains one of our key objectives. | |
Income Expiry Profile - 30 September 2009 | |
Less than 5 years | 47% |
5 to 10 years | 27% |
More than 10 years | 26% |
Of the portfolio's 149 tenants, 20 account for 53% of the contracted rental income with the top 10 accounting for 37%. Tenants of, in our view, undoubted or of a "national" standard account for 81% of the contracted rent, while smaller regional and local businesses account for 19% of the contracted rent. | |
Tenant Covenant Strength by Contracted Rent | ||||
Grade A (very strong) | 36% | |||
Grade B (national) | 45% | |||
Grade C (regional) | 9% | |||
Grade D (local) | 10% | |||
Tenants in the portfolio include: | ||||
Bank of New York Mellon | Sainsbury Supermarkets Ltd | |||
Chelmsford Star Co - Operative Society Ltd | Secretary of State | |||
Chubb Electronic Security Ltd | Smyths Toys Ltd | |||
Coutts Retail Communications Ltd | Somerfield Stores Ltd | |||
GE Transportation Systems Ltd | Staples | |||
Halfords | Target Express Parcels Ltd | |||
Hitachi Kokusai Electric UK Ltd | Telford Homes plc | |||
London Eastern Railways Ltd | Toyota Tsusho Automobile London Holdings Ltd | |||
Moss Bros Group Plc | WH Smith Plc | |||
O2 (UK) Ltd | Wilkinson Hardware Stores Ltd | |||
Portfolio at 30 September 2009 | ||||
Property | Type | Valuation band at 30 September 2009 £ million | ||
Gascoigne Road, Barking | Distribution warehousing | 5 - 10 | ||
QED, Thurrock | Distribution warehousing | 5 - 10 | ||
Western Avenue, Thurrock | Distribution warehousing | 5 - 10 | ||
Bakers Court, Basildon | Industrial | 0 - 5 | ||
Barratt Industrial Estate, Bow | Industrial | 0 - 5 | ||
Larkfield Mill, Aylesford | Industrial | 10 - 15 | ||
Mill River Trading Estate, Enfield | Industrial | 5 - 10 | ||
The Interchange, Swanley | Industrial | 15 - 20 | ||
Baytree Shopping Centre, Brentwood | Shopping centre | 20 - 25 | ||
George Yard, Braintree | Shopping centre | 15 - 20 | ||
The Mall, Dagenham | Shopping centre | 10 - 20 | ||
214/216 Heathway, Dagenham | Retail | 0 - 5 | ||
38-42 High Street, Brentwood | Retail | 0 - 5 | ||
75 High Street, Brentwood | Retail | 0 - 5 | ||
Grove Farm, Chadwell Heath | Retail park | 5 - 10 | ||
Inspira House, Welwyn Garden City | Office | 0 - 5 | ||
Mellon House, Brentwood | Office | 5 - 10 | ||
Queensgate, Waltham Cross | Office | 5 - 10 | ||
Redwing Court, Romford | Office | 0 - 5 | ||
Solar House, Stratford | Office | 5 - 10 | ||
34 St Thomas Road, Brentwood | Residential | 0 - 5 | ||
Salway Place, Stratford | Residential | 5 - 10 | ||
Going Forward As interest rates look set to remain at their present historic low level for some time, a convincing case for property as an investment asset class can be made, perhaps for the first time in two years. As values stabilise and grow, property offers a high yielding alternative investment to other traditional investment areas, a return that is further enhanced for overseas investors by the weak pound, particularly in relation to the euro and dollar. We expect that availability of debt will improve to follow the equity available as investors look to take advantage of the next property cycle as 2009 turns into 2010. Our objective remains the creation of value through successfully implementing new asset management initiatives. Whilst prospects for the real estate market generally now appear to be improving, we believe that O Twelve's Target Area is looking forward to a particularly bright future. The Olympic Games are approaching quickly and we are now starting to see the effect of the unprecedented public and private investment driving Europe's largest single regeneration project around Stratford, London's East End and the Thames Gateway. This, coupled with the Target Area's historically low capital and rental base values augurs well for future growth. | ||||
David Tye Andrew Wilson Rugby Asset Management Limited |
11 December 2009 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
for the six months ended 30 September 2009 (unaudited) | ||||
1 April 2009 to 30 September 2009 (unaudited) | 1 April 2008 to 30 September 2008 (unaudited) | 1 April 2008 to 31 March 2009 (audited) | ||
£'000 | £'000 | £'000 | ||
Income | ||||
Rent receivable | 7,168 | 7,042 | 14,289 | |
Bank interest | 21 | 227 | 292 | |
Other interest | 12 | 26 | 32 | |
Service charges receivable | 1,709 | 1,824 | 3,609 | |
------------ | ------------ | --------------- | ||
Total income | 8,910 | 9,119 | 18,222 | |
------------ | ------------ | --------------- | ||
Expenses | ||||
Administration fees | (90) | (124) | (234) | |
Service charges payable | (1,709) | (1,824) | (3,609) | |
Management fees | (532) | (1,266) | (2,441) | |
Other operating expenses | (1,026) | (824) | (2,021) | |
------------ | ------------ | --------------- | ||
Total expenses | (3,357) | (4,038) | (8,305) | |
------------ | ------------ | --------------- | ||
Investment gains and losses | ||||
Movement in unrealised loss on revaluation of investment properties | (514) | (18,102) | (77,653) | |
Realised loss from sale of investment properties | (194) | - | - | |
------------ | ------------ | --------------- | ||
Total investment gains and losses | (708) | (18,102) | (77,653) | |
------------ | ------------ | --------------- | ||
Net profit/(loss) from operating activities | 4,845 | (13,021) | (67,736) | |
------------ | ------------ | --------------- | ||
Movement in fair value of interest rate swap | 2,714 | 1,511 | (13,989) | |
Interest payable and similar charges | (4,594) | (5,303) | (10,397) | |
------------ | ------------ | ----------- | ||
Total financing gains and losses | (1,880) | (3,792) | (24,386) | |
------------ | ------------ | ----------- | ||
Profit/(loss) before taxation | 2,965 | (16,813) | (92,122) | |
Taxation | (49) | (53) | (175) | |
------------ | ------------ | ------------ | ||
Total comprehensive profit/(loss) for the period/year attributable to the owners of the Company | 2,916 | (16,866) | (92,297) | |
------------ | ------------ | ------------ | ||
Profit/(loss) per Ordinary Share - basic and diluted | 2.38p | (13.77)p | (75.34)p | |
Items in the above statement are derived from continuing operations. | ||||
There was no other comprehensive income in the period (30 September 2008 and 31 March 2009: nil). | ||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
for the six months ended 30 September 2009 (unaudited) | |||||
Share capital | Other reserves | Total | |||
£'000 | £'000 | £'000 | |||
Balance at 1 April 2009 | 1,225 | (8,607) | (7,382) | ||
Profit for the period attributable to the owners of the Company | - | 2,916 | 2,916 | ||
---------- | ---------- | ---------- | |||
Total comprehensive profit for the period attributable to the owners of the Company | - | 2,916 | 2,916 | ||
---------- | ---------- | ---------- | |||
Balance at 30 September 2009 | 1,225 | (5,691) | (4,466) | ||
---------- | ---------- | ---------- | |||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
for the six months ended 30 September 2008 (unaudited) | |||||
Share capital | Other reserves | Total | |||
£'000 | £'000 | £'000 | |||
Balance at 1 April 2008 | 1,225 | 83,690 | 84,915 | ||
Loss for the period attributable to the owners of the Company | - | (16,866) | (16,866) | ||
---------- | ---------- | ---------- | |||
Total comprehensive loss for the period attributable to the owners of the Company | - | (16,866) | (16,866) | ||
---------- | ---------- | ---------- | |||
Balance at 30 September 2008 | 1,225 | 66,824 | 68,049 | ||
---------- | ---------- | ---------- | |||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
for the year ended 31 March 2009 (audited) | |||||
Share capital | Other reserves | Total | |||
£'000 | £'000 | £'000 | |||
Balance at 1 April 2008 | 1,225 | 83,690 | 84,915 | ||
Loss for the year attributable to the owners of the Company | - | (92,297) | (92,297) | ||
---------- | ---------- | ---------- | |||
Total comprehensive loss for the year attributable to the owners of the Company | - | (92,297) | (92,297) | ||
---------- | ---------- | ---------- | |||
Balance at 31 March 2009 | 1,225 | (8,607) | (7,382) | ||
---------- | ---------- | ---------- | |||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
as at 30 September 2009 (unaudited) | ||||
30 September 2009 (unaudited) | 30 September 2008 (unaudited) | 31 March 2009 (audited) | ||
£'000 | £'000 | £'000 | ||
Non-current assets | ||||
Investment property | 171,510 | 232,945 | 173,634 | |
Restricted cash and cash equivalents | 2,574 | - | 3,059 | |
----------- | ----------- | ----------- | ||
174,084 | 232,945 | 176,693 | ||
Current assets | ||||
Receivables and prepayments | 8,745 | 5,795 | 5,381 | |
Cash and cash equivalents | 3,056 | 8,928 | 4,928 | |
----------- | ----------- | ----------- | ||
11,801 | 14,723 | 10,309 | ||
----------- | ----------- | ----------- | ||
Total assets | 185,885 | 247,668 | 187,002 | |
----------- | ----------- | ----------- | ||
Current liabilities | ||||
Payables and accruals | (6,650) | (7,216) | (6,454) | |
Bank loan | (168,169) | - | (169,684) | |
Fair value of interest rate swap | (15,532) | - | (18,246) | |
----------- | ----------- | ----------- | ||
(190,351) | (7,216) | (194,384) | ||
Non-current liabilities | ||||
Bank loan | - | (169,657) | - | |
Fair value of interest rate swap | - | (2,746) | - | |
------------- | ------------- | ------------- | ||
- | (172,403) | - | ||
----------- | ----------- | ------------- | ||
Total liabilities | (190,351) | (179,619) | (194,384) | |
----------- | ----------- | ------------- | ||
Net (liabilities)/assets | (4,466) | 68,049 | (7,382) | |
----------- | ----------- | ------------- | ||
Capital and reserves attributable to owners of the Company | ||||
Called-up share capital | 1,225 | 1,225 | 1,225 | |
Other reserves | (5,691) | 66,824 | (8,607) | |
----------- | ----------- | ------------ | ||
Attributable to owners of the Company | (4,466) | 68,049 | (7,382) | |
----------- | ----------- | ------------- | ||
Net (liability)/asset value per Ordinary Share - basic and diluted | (3.65)p | 55.55p | (6.03)p | |
CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2009 (unaudited) | ||||
1 April 2009 to 30 September 2009 (unaudited) | 1 April 2008 to 30 September 2008 (unaudited) | 1 April 2008 to 31 March 2009 (audited) | ||
£'000 | £'000 | £'000 | ||
Operating activities | ||||
Profit/(loss) for the period/year attributable to the owners of the Company | 2,916 | (16,866) | (92,297) | |
Adjustments for: | ||||
Movement in unrealised loss on revaluation of investment properties | 514 | 18,102 | 77,653 | |
Realised loss from sale of investment properties | 194 | - | - | |
Movement in fair value of interest rate swap | (2,714) | (1,511) | 13,989 | |
Loan interest payable and similar charges | 4,594 | 5,303 | 10,397 | |
Taxation | 49 | 53 | 175 | |
Purchase/refurbishment of investment property | (340) | (1,282) | (1,522) | |
Sale of investment property | 1,756 | - | - | |
------------- | ------------- | ------------- | ||
Net cash inflow from operating activities before working capital changes | 6,969 | 3,799 | 8,395 | |
(Increase)/decrease in receivables and prepayments | (3,293) | 6,232 | 6,646 | |
Increase/(decrease) in payables and accruals | 198 | (681) | (1,016) | |
------------- | ------------- | ------------- | ||
Net cash inflow from operating activities | 3,874 | 9,350 | 14,025 | |
Financing activities | ||||
Repayment of loan | (1,545) | - | - | |
Loan interest and similar charges paid | (4,615) | (5,234) | (10,589) | |
------------- | ------------- | ------------- | ||
Net cash outflow from financing activities | (6,160) | (5,234) | (10,589) | |
Taxation paid | (71) | (14) | (275) | |
------------- | ------------- | ------------- | ||
(Decrease)/increase in cash and cash equivalents | (2,357) | 4,102 | 3,161 | |
------------- | ------------- | ------------- | ||
Cash and cash equivalents at beginning of period/year | 7,987 | 4,826 | 4,826 | |
(Decrease)/increase in cash and cash equivalents | (2,357) | 4,102 | 3,161 | |
------------- | ------------- | ------------- | ||
Cash and cash equivalents at end of period/year | 5,630 | 8,928 | 7,987 | |
------------- | ------------- | ------------- | ||
Cash and cash equivalents at end of period/year comprise: | ||||
Non-current cash and cash equivalents | 2,574 | - | 3,059 | |
Cash and cash equivalents | 3,056 | 8,928 | 4,928 | |
------------- | ------------- | ------------- | ||
5,630 | 8,928 | 7,987 | ||
------------- | ------------- | ------------- | ||
NOTES |
1. The financial information set out in this announcement does not constitute the Group's statutory financial |
2. Half yearly report The half yearly report will be posted to shareholders by the end of December 2009. Copies of the half yearly |
3. Dividends The Directors do not propose an interim dividend for the period ended 30 September 2009. |
4. Profit/(loss) per Ordinary Share The profit/(loss) per Ordinary Share is based on a profit of £2,916,000 (30 September 2008: loss of £16,866,000, The average price of the Ordinary Shares of 5.86p during the period (30 September 2008: 28.24p, 31 March 2009: |
5. Net (liability)/asset value per Ordinary Share Basic The net liability per Ordinary Share is based on the net liabilities attributable to equity shareholders of £4,466,000 Diluted The 30 September 2009 price of the Ordinary Shares of 8.63p (30 September 2008: 20.00p, 31 March 2009: 3.50p) |
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