Interim Results
December 19 2003 - 1:01AM
UK Regulatory
RNS Number:4523T
Your Space PLC
19 December 2003
To be embargoed until 19 December, 7.01 am
On 19 December, 2003
YOUR SPACE PLC ("Your Space" or "the Company")
Unaudited Interim Results for the six months ended
30 September 2003
CHAIRMAN'S STATEMENT
The results for the period ended 30th September 2002 show a loss before taxation
of #154,000, which shows a marked improvement on the result for the six month
period ended 30th September 2002, when your company showed a loss before
taxation of #343,000.
In the six months to end of September 2003 turnover was #1,589,000. This
compares to #947,000 for the 6 months ending September 2002. The net assets of
the company stood at #3,865,000 at 30th September 2003 and cash balances stood
at #1,087,000.
Current Trading
During the past six months of trading occupancies in all our centres have
remained stable. We are achieving better letting values at Clerkenwell with
occupancy at the end of September of 85%. Our conference services continue to
boost income levels with 50% of our bookings coming from external companies who
continue to use us on a regular basis.
Our subsidiary company, Workspace (Northwest) Ltd which owns two freehold
business and workspace centres totalling 100,000 sqft in Manchester and
Willenhall, together with a car park of a third of an acre opposite the
Manchester unit, has continued to perform well remaining profitable and
averaging an occupancy of 81%.
The management contract of the business centre at Shortlands, Hammersmith,
London remains at 90% occupancy and generating a continued management fee.
Our freehold investment at Frampton Street, London, NW8 is fully let on a
long-term institutional lease.
Future Prospects
The outturn for the six-month period under review shows an improvement over the
two previous six months' trading periods. Your board continues to strive to
improve trading performance by expanding the range of services the company
provides and is working hard to contain costs. To improve management performance
and achieve our key objectives of achieving sustainable pre tax profits, the
management team has been restructured, with Harvey Soning becoming group
managing director, and Anita Bevan continuing as operations director and
becoming managing director of each of our subsidiary companies. Laurence Davis
who has played a major role in the development of your company has relinquished
his executive responsibilities to become a non-executive director, but will
still play a major role as chairman of the acquisitions committee. I am also
pleased to welcome Ray Harris to the board as a non-executive director, where
his knowledge and experience will strengthen the corporate governance of your
company and also assist in identifying ways to enhance the group performance. I
believe that the impact of these changes will be reflected in the trading
performance over the next eighteen months.
The trading prospects for the company are improving, with demand for serviced
office and workspace rising in most locations. A rise in workspace rentals will
further improve prospects. The demand for our vacant space management service is
also rising and we are in the process of winning new contracts.
We are also constantly reviewing opportunities to expand our business by
acquiring other operators in our sector and companies, which provide related
services. I hope when I report to you for the full year to have further news
about the expansion of the business.
Finally I would like to thank the staff that have worked tirelessly to improve
performance. In a start-up business there is a heavy investment on the part of
the staff and it is, therefore, a great credit to Anita Bevan and her team to
have applied themselves to ensuring that your company succeeds. The results of
these efforts are reflected in the improved trading performance for the past six
months.
Christopher R L Phillips
Non-executive Chairman
19 December, 2003
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 1,589 947 2,163
Operating
expenses (1,429) (943) (2,062)
-------- -------- --------
Net operating
profit 160 4 101
Amounts written
off investments - - (50)
Interest
receivable 11 23 44
Interest
payable (325) (370) (747)
-------- -------- --------
Loss on
ordinary
activities
before taxation (154) (343) (652)
Taxation - (1) 1
-------- -------- --------
Loss on
ordinary
activities
after taxation (154) (344) (653)
======== ======== ========
Loss per share Pence Pence Pence
Basic and
diluted (0.09) (0.22) (0.41)
======== ======== ========
Continuing operations
All amounts are derived from continuing operations.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Loss for the financial period (154) (343) (653)
Unrealised deficit on revaluation of
investment properties - (573) (676)
-------- -------- --------
Total recognised gains and losses
relating to the period (154) (917) (1,329)
======== ======== ========
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2003
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Negative goodwill (1,056) (1,056) (1,056)
Tangible assets 15,091 15,062 15,023
Investments - 50 -
-------- -------- --------
14,035 14,056 13,967
-------- -------- --------
Current assets
Debtors 357 277 347
Cash at bank and in hand 1,087 1,554 1,701
-------- -------- --------
1,444 1,831 2,048
Creditors: amounts falling due within
one year (2,511) (2,394) (2,842)
-------- -------- --------
Net current (liabilities) (1,067) (563) (794)
-------- -------- --------
Total assets less current liabilities 12,968 13,493 13,173
Creditors: amounts falling due after
more than one year (9,103) (9,301) (9,394)
-------- -------- --------
Total assets less liabilities 3,865 4,192 3,779
======== ======== ========
Capital and reserves
Called up share capital 1,771 1,618 1,617
Share premium account 4,299 4,213 4,213
Revaluation reserve (676) (573) (676)
Profit and loss account (1,529) (1,066) (1,375)
-------- -------- --------
Equity shareholders' fund 3,865 4,192 3,779
======== ======== ========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Net cash flow from operating
activities 266 (650) (466)
Return on investment and servicing of
finance
Interest payable (325) (370) 44
Interest received 11 23 (709)
Taxation - (13) -
Capital expenditure and financial
investment
Payments to acquire tangible assets (147) (74) (187)
Receipts from sale of tangible assets 39 -
-------- -------- --------
Net cash flow before management of
liquid (156) (1,084) (1,331)
resources and financing
Financing
Issue of share capital 240 35 34
New bank loan 109 862 1,438
Repayment of bank loan (164) (62) (269)
Repayment of deferred consideration (643) - -
-------- -------- --------
Decrease in cash in the period (614) (249) (83)
======== ======== ========
NOTES TO THE INTERIM RESULTS
1. Basis of preparation
The results for the six months ended 30 September 2003 are unaudited but have
been reviewed by the auditors, whose report appears as part of this report. They
have been prepared on accounting bases and policies that are consistent with
those used in the preparation of the financial statements of the company for the
year ended 31 March 2003 which were audited.
The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 Companies Act 1985. The results for
the year ended 31 March 2003 were reported on by the auditors and received an
unqualified audit report. Full accounts for the year ended 31 March 2003 have
been delivered to the Registrar of Companies.
2. Dividend
No dividend is proposed for the six months ended 30 September 2003.
3. Taxation
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
UK Corporation tax - - -
Adjustment to prior years - 1 1
-------- -------- --------
Current tax charge - 1 1
======== ======== ========
On the grounds that losses have been made in the period no taxation is charged
to the profit and loss account.
4. Loss per share
The calculation of the basic loss per share is based on the loss after tax of
#154,000 and on 163,884,459 ordinary shares being the weighted average number of
ordinary shares in issue during the period.
There is no dilutive effect of options and warrants due to fair price of the
shares during the period being less than the exercisable price of those options
and warrants.
5. Reconciliation of movements in shareholders' funds
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Loss for the financial period (154) (344) (653)
Other recognised gains and losses - (573) (676)
Proceeds from share issue 240 35 34
-------- -------- --------
Net additions to/depletion of
shareholders' funds 86 (882) (1,295)
Opening shareholders' funds 3,779 5,074 (5,074)
-------- -------- --------
Closing shareholders' funds 3,865 4,192 3,779
======== ======== ========
6. Net cash flow from operating activities
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Operating profit 160 4 101
Amortisation 3 3 6
Depreciation 40 37 86
(Increase)/Decrease in debtors (10) 55 (15)
Increase /(Decrease) in creditors 73 (749) (644)
-------- -------- --------
Net cash flow from operating
activities 266 (650) (466)
======== ======== ========
7. Reconciliation of net cash flow to movements in net funds/(debt)
1 April Cash Flow 30 September
2003 #'000 2003
#'000 #'000
Funds:
Cash in hand and in bank 1,701 (614) 1,087
-------- -------- --------
1,701 (614) 1,087
-------- -------- --------
Debt:
Convertible debt (1,193) 643 (550)
Bank loan (9,967) 52 (9,915)
-------- -------- --------
(11,160) 695 (10,465)
-------- -------- --------
Net debt (9,459) 81 (9,378)
======== ======== ========
8. Analysis of changes in net funds
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Decrease in cash in the period (614) (249) (83)
Cash flows from movement in net debt 698 (800) (1,214)
-------- -------- --------
Change in net debt resulting from
cash flow 84 (1,049) (1,297)
Non cash movement in net debt (3) - (50)
-------- -------- --------
Movement in net debt in the period 81 (1,049) (1,347)
Opening net debt (9,459) (8,112) (8,112)
-------- -------- --------
Closing net debt (9,378) (9,161) (9,459)
======== ======== ========
9. Copies of the interim financial statements
Copies of the interim financial statements will be sent to shareholders and
copies will be available on request from the Company's head office at The
Bridge, 12-16 Clerkenwell Road, London EC1M 5QU.
Further Enquiries:
Your Space PLC
Chris Tidball Tel: 020 7661 8019
Harvey Sonning Tel: 020 7224 4436
This information is provided by RNS
The company news service from the London Stock Exchange
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