TIDMBLEY
RNS Number : 8969V
Bailey(C.H.) PLC
19 December 2013
C.H. Bailey plc
Chairman's statement and financial audited results
for the six months ended 30 September 2013 (unaudited
Interim Statement and Results
Our interim results for the 6 month period ended 30 September
2013 show a Loss after tax of GBP853,850 (2012: profit GBP309,423).
Revenue has decreased by 14% to GBP2.4m (2012: GBP 2.8m) with cost
of sales remaining at GBP1.88m (2012: GBP1.88m). This has resulted
in a reduced Gross Profit for the period of GBP529,852 (2012:
GBP914,017)
The reduction in sales has primarily resulted from the
Industrial division, which has seen a drop in orders of some 30%.
Sales in Malta have also reduced due to an operational change of
our major customer at the hotel, Sales in Tanzania have also
reduced over the same period as last year.
As the company has disposed of peripheral operations, focussing
on fewer trading enterprises, changes in the trading performance of
the remaining entities will be magnified in the consolidated group
accounts.
At the same time, administrative costs have also increased by
some 33% to GBP930 389 (2012: GBP699,641). This increase is mainly
due to the increases in professional fees, bad debt provisions,
travel and associated costs together with Directors salaries and
advertising costs. Investment activities and other income have also
made a loss of GBP329,690 (2012: profit GBP246,487), which, have
also been further affected with foreign exchange losses.
Our aim continues to be moving the Group to a profitable and
sustainable trading position, Further progress has been made in
balancing the group operations and after some periods of the
company making progress in this regard, these results are
disappointing, but we feel we have made the right decisions and we
are confident of our potential. We realise we still need to make
further difficult and brave decisions but we feel the underlying
foundations are now secure to allow us to grow in the future.
UK Operations
Bailey Industrial Engineering, based in Newport, South Wales, is
the Group's specialist heavy engineering operation. The company has
seen a down turn in orders of some 30% but has taken the necessary
actions to mitigate the loss through this six month period: There
are indications that the second half of the year will see an
increase in orders but this will take time to be reflected in the
bottom line of the company, that needs to catch up on the loss made
during the period under review.
Tanzania
There was a slow start to the year but we have been able to
increase yields in our tourism operations and the second half of
the year projections indicate that we will meet budgeted bed nights
and sales at Beho Beho and The Oyster Bay. Our safari camp in
Mikumi National Park opened later than planned due to the
refurbishment programme but is now doing well and the improvements
made in the camp have impressed our guests and the tour operators
who are selling the property in the market. With the new
refurbishments, we are confident bed nights and sales will
increase.
Our serviced commercial offices and retail space in Dar es
Salaam remains fully let, and the construction of the serviced
apartments offices and retail space will be completed in this
financial year and to date in line with budget. The retail space is
already pre-let to a leading local bank and a high quality
restaurant. The benefits of this new property's revenue and
operation will be seen in the next financial year 2014-5, with no
increase in administrative costs just the cost of operation - costs
of sales.
Malta
Following the sale of part of our assets in Malta and the
realisation of Euros 13 million overall trading levels have
consequentially been reduced. While St George's Bay Hotel traded
profitably for the first half of the year, with reduced revenues,
the hotel's operations will reduce during the winter, and we expect
it to break even or make a small loss for the year as a whole. The
refurbishment of our heritage property in St Barbara's Bastions
overlooking the Grand Harbour in Valletta is now completed. We
continue to investigate further opportunities on the island.
Outlook
We continue to put in place measures to control costs,
especially administration costs, while being vigilant about
maintaining high levels of client service, in order to exceed our
customer expectations. We are also conscious of the need to
increase our sales through greater exposure planning as well as
using initiatives to increase the sales in all sectors of the
business.
We continue to believe that the diversity of our revenue streams
from various operations is important for the Group, but we have
seen during this period that they can also all be affected by
downturns in the different sectors at the same time, however
diversified we are. This has made a material difference to our
results and financial performance.
Overall, the improved quality of our portfolio of assets
demonstrates that notwithstanding the short term impact of reduced
turnover and increased administration costs, we have every
confidence that we are well placed to grow the group going
forward.
Charles Bailey
19 December 2013
C.H. Bailey plc
Consolidated Income Statement
for the six months ended 30 September 2013 (unaudited)
Six months Six months Year ended
ended 30 September ended 30 September 31 March 2013
2013 2012
GBP GBP GBP
Revenue 2,408,582 2,797,695 5,312,962
Cost of sales (1,878,730) (1,883,678) (3,903,280)
Gross profit 529,852 914,017 1,409,682
Administrative expenses (930,389) (699,641) (1,812,457)
Trading (loss) profit (400,537) 214,376 (402,775)
Investment activities and other
income (329,690) 246,487 478,979
Operating (loss) profit (730,227) 460,863 76,204
EBITDA* (348,151) 684,290 798,514
Depreciation (381,558) (223,427) (726,610)
(Loss) profit on sale of plant and
equipment (518) - 4,300
Normalised operating (loss) profit (730,227) 460,863 76,204
------------------------------------------ ----------------------- ----------------------- ------------------------
Finance income 22,839 35,914 55,562
Finance costs (156,889) (165,316) (329,136)
(Loss) profit before taxation (864,277) 331,461 (197,370)
Taxation 10,163 (19,836) (11,832)
Minority interest 264 (2,202) (425)
(Loss) profit for the financial
period (853,850) 309,423 (209,627)
(Loss) earnings per share from continuing
and total operations (11.22p) 4.07p (2.76p)
*Earnings before interest, taxation, depreciation, (loss) profit
on sale of plant and equipment. .
C.H. Bailey plc
Consolidated Balance Sheet
as at 30 September 2013 (unaudited)
30 September 30 September 31 March 2013
2013 2012
GBP GBP GBP
Non-current assets
Property, plant and equipment 13,546,451 11,469,862 12,824,636
Operating leases 93,667 - 138,053
Deferred tax asset 145,487 121,666 133,927
------------------------
13,785,605 11,591,528 13,096,616
----------------------- ------------------------- ------------------------
Current assets
Inventory 16,613 27,706 18,741
Trade and other receivables 1,969,771 1,942,562 2,016,257
Current asset investments 2,461,931 3,215,508 2,764,463
Cash and cash equivalents 3,907,437 4,572,430 4,637,088
8,355,752 9,758,206 9,436,549
----------------------- ------------------------- ------------------------
Current liabilities
Trade and other payables (2,667,215) (2,459,792) (2,535,566)
Bank loans and overdrafts (899,534) (823,378) (957,017)
Other loans (740,522) (713,846) (723,343)
Obligations under finance leases (29,149) (31,452) (29,149)
Provisions (250,000) (225,000) (250,000)
(4,586,420) (4,253,468) (4,495,075)
----------------------- ------------------------- ------------------------
Net current assets 3,769,332 5,504,738 4,941,474
Total assets less current liabilities 17,554,937 17,096,266 18,038,090
Non-current liabilities
Trade and other payables (334,636) - (343,984)
Bank loans (5,054,496) (3,353,106) (4,135,011)
Obligations under finance leases (46,569) (78,249) (61,822)
Deferred tax liabilities (272,599) (259,168) (280,215)
Net assets 11,846,637 13,405,743 13,217,058
----------------------- ------------------------- ------------------------
Equity
Called-up share capital 833,541 833,541 833,541
Share premium account 609,690 609,690 609,690
Capital redemption reserve 5,163,332 5,163,332 5,163,332
Investment in own shares (960,509) (960,509) (960,509)
Translation reserve 697,560 581,440 800,063
Retained earnings 5,428,925 7,105,369 6,694,099
----------------------- ------------------------- ------------------------
Surplus attributable to the parent's
shareholders 11,772,539 13,332,863 13,140,216
Minority interest 74,098 72,880 76,842
Total equity 11,846,637 13,405,743 13,217,058
----------------------- ------------------------- ------------------------
C.H. Bailey plc
Consolidated Cash Flow Statement
for the six months ended 30 September 2013 (unaudited)
Six months Six months Year ended
ended 30 September ended 30 September 31 March
2013 2012 2013
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations 296,730 424,276 347,141
Interest paid (156,889) (165,316) (329,136)
Overseas tax paid (1,397) (2,055) (6,312)
Net cash flow from operating activities 138,444 256,905 11,693
------------------------ ------------------------ ---------------------
Investing activities
Sale of property, plant and equipment - - 4,309
Deposit on sale of property - - 343,984
Purchase of property, plant and equipment (1,803,207) (3,059,013) (4,382,442)
Sale of investments 273,295 291,137 1,433,609
Purchase of investments (253,755) (448,661) (863,714)
Interest received 22,839 35,914 55,562
Net cash flow from investing activities (1,760,828) (3,180,623) (3,408,692)
------------------------ ------------------------ ---------------------
Financing activities
Equity dividends paid - - (380,388)
Movement in bank loans 1,168,789 751,403 1,369,378
Movement in directors' loans (101,087) (31,230) (141,548)
Movement in other loans 17,179 16,561 26,058
Movement in capital element of finance
leases (15,253) 23,168 4,438
Net cash flow from financing activities 1,069,628 759,902 877,938
------------------------ ------------------------ ---------------------
Net (decrease) in cash and cash equivalents (552,756) (2,163,816) (2,519,061)
Cash and cash equivalents at beginning
of the period 3,680,071 6,084,299 6,084,299
Exchange differences (119,412) (171,431) 114,833
Cash and cash equivalents at end of
the period 3,007,903 3,749,052 3,680,071
------------------------ ------------------------ ---------------------
Reconciliation of net cash flow to movement in
net (debt) funds in the period
Net (decrease) in cash and cash equivalents (552,756) (2,163,816) (2,519,061)
Net cash flow from the movement in debt (1,170,715) (791,132) (1,399,874)
------------------------ ------------------------ ---------------------
Movement in net (debt) funds during
the period (1,723,471) (2,954,948) (3,918,935)
Net (debt) funds at the beginning of
the period (1,269,254) 2,681,107 2,681,107
Exchange differences 129,892 (153,760) (31,426)
Net (debt) at the end of the period (2,862,833) (427,601) (1,269,254)
------------------------ ------------------------ ---------------------
C.H. Bailey plc
Consolidated Statement of Comprehensive Total Income
for the six months ended 30 September 2013 (unaudited)
Six months Six months Year ended
ended 30 ended 30 31 March
September September 2013
2013 2012
GBP GBP GBP
(Loss) profit for the financial period (853,850) 309,423 (209,627)
Exchange differences (513,827) (357,862) 348,929
Total comprehensive income for the period (1,367,677) (48,439) 139,302
----------------- ------------------ -----------------
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2013
Called-up Share Capital Investment Translation Retained Minority Total
share premium redemption in own reserve earnings interest equity
capital account reserve shares
GBP GBP GBP GBP GBP GBP GBP GBP
At 31 March
2012 833,541 609,690 5,163,332 (960,509) 695,086 7,040,162 74,102 13,455,404
Equity
dividends
paid - - - - - (380,388) - (380,388)
(Loss) for
the
financial
year - - - - - (209,627) 425 (209,202)
Exchange
differences - - - - 104,977 243,952 2,315 351,244
------------------- ------------------- ------------------- ------------------- ------------------- ------------- ------------------- ----------
At 31 March
2013 833,541 609,690 5,163,332 (960,509) 800,063 6,694,099 76,842 13,217,058
(Loss) for
the
financial
year - - - - - (853,850) (264) (854,114)
Exchange
differences - - - - (102,503) (411,324) (2,480) (516,307)
------------------- ------------------- ------------------- ------------------- ------------------- ------------- ------------------- ----------
At 30
September
2013 833,541 609,690 5,163,332 (960,509) 697,560 5,428,925 74,098 11,846,637
------------------- ------------------- ------------------- ------------------- ------------------- ------------- ------------------- ----------
There were no transactions with owners recorded directly in
equity during the period ended 30 September 2013.
C.H. Bailey plc
Notes to the Consolidated Interim Financial Statements
for the six months ended 30 September 2013 (unaudited)
1. General Information
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006. These financial
statements, therefore, comply with the rules of the Alternative
Investment Market of the London Stock Exchange (the "AIM").
The interim financial statements have been prepared using the
historical cost basis of accounting except for:
i) Properties held at the date of transition to IFRS which are
stated at deemed cost; and
ii) Assets held for sale, which are stated at the lower of fair
value less anticipated disposal costs and carrying value.
Functional and presentational currency
The financial statements are presented in pounds sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2. Significant accounting policies
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the company and entities controlled by the company
(its subsidiaries) made up to 30 September 2013..
Minority interests in the net assets of consolidated
subsidiaries are identified separately from the group's equity
therein. Minority interests consist of the amount of those
interests at the date of the original business combination (see
below) and the minority's share of changes in equity since the date
of the combination. Losses applicable to the minority in excess of
the minority's interest in the subsidiary's equity are allocated
against the interests of the group except to the extent that the
minority has a binding obligation and is able to make an additional
investment to cover the losses.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposals, as appropriate.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting policies used in
to line with those used by the group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the
acquired method. The assets, liabilities and contingent liabilities
that meet the conditions for recognition under IFRS 3 are
recognised at their fair value at the acquisition date except for
non-current assets (or disposals groups) that are classified as
held for sale in accordance with IFRS 5 which are recognised and
measured at fair value less costs to sell. Any excess of the cost
over the asset valuation as calculated above is recognised as
goodwill.
Goodwill arising on consolidation represents the excess of
consideration over the group's interest in the fair value of assets
acquired. Goodwill is recognised as an asset and is not amortised.
It is reviewed for impairment at each reporting date as detailed in
"impairment of non-financial assets" below.
In accordance with the options that are available under IFRS 1
on transition to IFRS, the group elected not to apply IFRS 3
retrospectively to past business combinations that occurred before
the date of transition to IFRS. Accordingly goodwill that had
previously been offset against reserves under UK GAAP has not been
recognised in the opening IFRS balance sheet. The interest of any
minority shareholders in the acquiree is initially measured at the
minority's proportion of the net fair value of the assets,
liabilities and contingent liabilities recognised.
Investments in associates and trade investments
The results of entities over which the group is not in a
position to be able to exercise significant influence despite
holding a significant shareholding are not accounted for as
associates and therefore are not equity accounted. The companies
are classified as trade investments and are carried at cost within
non-current assets as they are held as long term investments.
Dividend income is recognised in the income statement on a cash
basis when received.
Property, plant and equipment
Property is carried at deemed cost at the date of transition to
IFRS based on the previous UK GAAP valuations. Plant and equipment
held at the date of transition and subsequent additions to
property, plant and equipment are stated at purchase cost including
directly attributable costs. The group does not have a revaluation
policy. Freehold land is not depreciated. Depreciation of other
property, plant and equipment is provided on a straight line basis
using rates calculated to write down the cost of each asset over
its estimated useful life as follows:
Property:
Freehold buildings 1% per annum
Leasehold buildings Period of the lease
Plant and equipment Between 10% and 25% per annum
Annual reviews are made of estimated useful lives and material
residual values.
Lessee accounting
Initial rental payments in respect of operating leases are
included in current and non-current assets as appropriate and
amortised to the income statement over the period of the lease.
Ongoing rental payments are charged as an expense in the income
statement on a straight line basis until the date of the rent
review.
Finance leases are capitalised and depreciated in accordance
with the accounting policy for property, plant and equipment. As
permitted by IFRS 1 at the date of transition to IFRS, the carrying
value of long leasehold properties are based on the previous UK
GAAP valuations and this has been taken as deemed cost. Rental
costs arising from operating leases are charged as an expense in
the income statement on a straight line basis over the period of
the lease.
Non-current assets held for sale
Non-current assets are reclassified as assets held for sale if
their carrying value will be recovered through a sale transaction
of which is highly probable to be completed within 12 months of the
initial classification. Assets held for sale are valued at the
lower of carrying amount at the date of initial classification and
fair value less costs to sell.
Impairment of non-financial assets
Goodwill is tested annually for impairment or more frequently if
there are any changes in circumstances or events that indicate that
a potential impairment may exist. Goodwill impairments cannot be
reversed. Property, plant and equipment are reviewed for
indications of impairment when events or changes in circumstances
indicate that the carrying amount may not be recovered. If there
are indications then a test is performed on the asset affected to
assess its recoverable amount against carrying value. An asset
impaired is written down to the higher of value in use or its fair
value less cost to sell.
Deferred and current taxation
The change for taxation is based on the taxable profit or loss
for the period and takes into account taxation deferred because of
differences between the treatment of certain items for taxation and
for accounting purposes. Full provision is made for the tax effects
of these differences. Deferred tax is measured using tax rates that
have been enacted, or substantively enacted, by the period end
balance sheet date. Deferred tax assets and liabilities are not
discounted.
The carrying amount of the deferred tax assets is reviewed at
each reporting balance sheet date to ensure that it is probable
that sufficient taxable profits will be available to allow the
asset to be recovered. Assets and liabilities, in respect of both
deferred and current tax, are only offset when there is a legally
enforceable right to offset and the assets and liabilities relate
to taxes levied by the same taxation authority. Deferred and
current tax are charged or credited in the income statement except
when they relate to items charged directly to equity in which case
the associated tax is also dealt with in equity.
Stocks
Stocks are valued at the lower of cost of purchase and net
realisable value. Cost comprises actual purchase price and where
applicable associated direct costs incurred bringing the stock to
its present location and condition. Net realisable value is based
on estimated selling price less further costs expected to be
incurred to completion and disposal. Provision is made for
obsolete, slow moving or defective items where appropriate.
Financial instruments
Financial assets and financial liabilities are recognised on the
consolidated balance sheet when the group becomes a party to the
contractual provisions of the instrument.
Financial assets are recognised and derecognised on a trade date
where the purchase or sale of an asset is under contract whose
terms require delivery of the investment within the timeframe
established by the market concerned. Financial assets are
classified as "loans and receivables", "held to maturity"
investments, "available for sale" investments or "assets at fair
value through the profit and loss" depending upon the nature and
purpose of the financial asset. The classification is determined at
the time of the initial recognition.
Financial assets are normally classified as "loans and
receivables" and are initially measured at fair value including
transaction costs incurred. The only financial assets currently
held at "fair value through profit or loss" are the current asset
investments.
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the group after deducting all of
its liabilities. Financial liabilities are normally classified as
"other financial liabilities" and are initially measured at fair
value, normally cost, net of transaction costs.
Loans and receivables
Trade receivables, loans and other receivables are measured at
initial recognition at fair value and, except for short term
receivables where the recognition of interest would be immaterial,
are subsequently re-measured at amortised cost using the effective
interest rate method. Allowances for irrecoverable amounts, which
are dealt with in the income statement, are calculated based on the
difference between the asset's carrying amount and the present
value of estimated future cash flows, calculated based on past
default experience, discounted at the effective interest rate
computed at initial recognition where material.
Derivative financial instruments and hedge accounting
The group's borrowing is subject to floating interest rates
based on LIBOR plus the most competitive margin available. The
group's policy is not to hedge its international assets with
respect to foreign currency balance sheet translation exposure, nor
against foreign currency transactions. The group generally does not
enter into any forward exchange contract and it does not use
financial instruments for speculative purposes. Derivative
financial instruments are initially measured at cost and are
re-measured at fair value at the balance sheet date. Changes in the
fair value of derivative financial instruments that do not qualify
for hedge accounting are recognised in the income statement as they
arise
Cash and cash equivalents
Cash and cash equivalents includes cash-in-hand, cash at bank
and short term highly liquid investments that are readily
convertible into known amounts of cash within three months from the
date of initial acquisition with an insignificant risk of a change
in value.
Impairment of fixed assets
Financial assets other than those designated as "assets at fair
value through the profit and loss" are assessed for indicators of
impairment at each balance sheet date. Financial assets are
impaired where there is objective evidence that, as a result of one
or more events that occurred after the initial recognition of the
financial assets, the estimated future cash flows of the investment
have been impacted.
Other financial liabilities
Other financial liabilities, including trade payables, are
measured on initial recognition at fair value and, except for short
term payables where the recognition of interest would be
immaterial, are subsequently re-measured at amortised cost using
the effective interest rate method.
Bank loans
Interest bearing bank loans are recorded at the proceeds
received less capital repayments made. Finance charges are
accounted for on an accruals basis in the income statement using
the effective interest rate method. They are included within
accruals to the extent that they are not settled in the period in
which they arise.
Provisions
Provisions are created where the group has a present obligation
(legal or constructive) as a result of a past event where it is
probable that the group will be required to settle that obligation.
Provisions are measured at the director's best estimate of the
expenditure required to settle the obligation at the balance sheet
date. Provisions are only discounted to present value where the
effect is material.
Net debt
Net debt is defined as cash and cash equivalents, bank and other
loans including finance lease obligations and derivative financial
instruments stated at current fair value.
Revenue recognition
Revenue
Revenue represents the fair value of the consideration received
and receivable for services provided and goods supplied to third
party customers. In respect of long term contracts and contracts
for on-going services, revenue is recognised as the contract
progresses on the basis of work completed. Revenue excludes value
added tax.
Investment and interest income
Dividend income is recognised in the income statement when the
shareholder's right to receive payment has been established.
Interest income from bank deposit accounts is accrued on a time
basis calculated by reference to the principal on deposit and
effective interest rate applicable.
Foreign Currencies
Transactions in foreign currencies are recorded at the rate of
exchange at the date of the transaction. Monetary assets and
liabilities in foreign currencies are translated into pounds
sterling at the financial reporting period end rates. Non monetary
items that are measured in terms of historical cost in a foreign
currency are not re-translated. The results of overseas subsidiary
undertakings, associates and trade investments are translated into
pounds sterling at average rates for the year unless exchange rates
fluctuate significantly during that period in which case exchange
rates at the date of transactions are used. The closing balance
sheets are translated at the year end rates and the exchange
differences arising are transferred to the group's translation
reserve as a separate component of equity and are reported within
the statement of recognised income and expense. All other exchange
differences are included within the income statement in the year.
In accordance with IFRS 1, the translation reserve has been set to
zero at the date of transition to IFRS.
Operating profit
Operating profit is defined as the profit for the period from
continuing operating costs and income but before income from other
participating interests, finance income, finance costs, and
taxation. Operating profit is disclosed as a separate line on the
face of the income statement.
Normalised operating profit is the same as the above but
excludes non-recurring items, for example profit on the sale of
property. Normalised operating profit is reconciled to operating
profit on the face of the income statement.
Other gains and losses
Other gains and losses are material items that arise from
unusual non-recurring events. They are disclosed separately, in
aggregate, on the face of the income statement after operating
profit where in the opinion of the directors such disclosure is
necessary in order to fairly present the results for the financial
period.
Finance costs
Finance costs are recognised in the income statement on the
accruals basis in the year in which they are incurred.
3. Segmental information
Revenue continuing Operating profit Net assets
operations (loss) continuing
operations
Classes of business GBP GBP GBP
Industrial:
Six months to 30 September 2013 766,715 (67,082) 433,023
Six months to 30 September 2012 1,039,053 81,262 527,341
Year to 31 March 2013 2,037,309 37,313 436,802
Leisure:
Six months to 30 September 2013 1,642,067 (12,728) 8,608,758
Six months to 30 September 2012 1,758,642 465,461 8,451,116
Year to 31 March 2013 3,275,653 376,498 9,254,922
Management:
Six months to 30 September 2013 - (650,417) 2,804,856
Six months to 30 September 2012 - (85,860) 4,427,286
Year to 31 March 2013 - (337,607) 3,525,334
Total:
Six months to 30 September 2013 2,408,782 (730,227) 11,846,637
Six months to 30 September 2012 2,797,695 460,863 13,405,743
Year to 31 March 2013 5,312,962 76,204 13,217,058
Geographical segments
United Kingdom:
Six months to 30 September 2013 839,958 (380,704) 1,058,115
Six months to 30 September 2012 1,110,570 (76,323) 2,145,385
Year to 31 March 2013 2,175,481 (95,916) 1,465,972
Malta, Africa and Rest of
the World:
Six months to 30 September 2013 1,568,624 (349,523) 10,788,522
Six months to 30 September 2012 1,687,125 537,186 11,260,358
Year to 31 March 2013 3,137,481 172,120 11,751,086
Total:
Six months to 30 September 2013 2,408,582 (730,227) 11,846,637
Six months to 30 September 2012 2,797,695 460,863 13,405,743
Year to 31 March 2013 5,312,962 76,204 13,217,058
4. Earnings per share
The earnings per share has been calculated by reference to the
weighted average number of ordinary shares of 10p each in issue of
7,607,755 (2012: 7,605,755),(2013: 7,607,755) which excludes own
shares held. There are no convertible equity or debt instruments in
issue.
5. Called-up share capital
30 September 30 September 31 March
2013 2012 2013
Authorised: GBP GBP GBP
60,000,000 ordinary shares of 10p
each 6,000,000 6,000,000 6,000,000
------------------------ --------------------- -----------------
Issued and fully paid:
8,335,413 ordinary shares of 10p
each 833,541 833,541 833,541
------------------------ --------------------- -----------------
The company retains as treasury shares 727,658 ordinary shares
of 10 pence at a cost of GBP960,509. The company did not buy back
any shares for cancellation during the period. At 30 September, the
company has one class of ordinary shares, which carry no right to
fixed income.
6. Cash generated from operations
Operating (loss) profit continuing
operations (730,227) 460,863 76,204
Depreciation 381,558 223,427 726,610
Loss (profit) on sale of property,
plant and equipment 518 - (4,300)
Loss (Profit) on sale of current asset
investments 27,599 (216,906) (405,143)
Fair value movement of investments 201,907 136,126 131,582
Provision on current asset investments 53,486 33,439 (50,154)
Exchange differences 36,153 (32,702) 44,004
----------------------- ---------------------- --------------------
Cash generated from operations before
movements in working capital (29,006) 604,247 518,803
Operating leases 44,386 - (138,053)
Decrease (increase) in inventories 2,128 (3,975) 4,990
Decrease (increase) in trade and other
receivables 46,486 (49,664) (123,359)
Increase (decrease) in trade and other
payables 232,736 (126,332) 84,760
Cash generated from operations 296,730 424,276 347,141
----------------------- ---------------------- --------------------
7. Cash and cash equivalents
Cash at bank and in hand 2,539,816 3,404,748 2,932,819
Deposit accounts 1,367,621 1,167,682 1,704,269
3,907,437 4,572,430 4,637,088
---------------- ---------------- ----------------
Deposit accounts comprise short term bank deposits with an
original maturity of three months or less.
8. Analysis of net debt
30 September 30 September 31 March
2013 2012 2013
GBP GBP GBP
Cash and cash equivalents 3,907,437 4,572,430 4,637,088
Bank loans and overdraft ( 899,534) ( 823,378) ( 957,017)
---------------- --------------- ----------------
3,007,903 3,749,052 3,680,071
Bank loans - non-current ( 5,054,496) ( 3,353,106) ( 4,135,011)
Obligations under finance leases ( 75,718) ( 109,701) ( 90,971)
Other loans ( 740,522) ( 713,846) ( 723,343)
Net (debt) funds ( 2,862,833) ( 427,601) ( 1,269,254)
================ =============== ================
9. Contingent asset
On 9 October 2009, St George's Bay Hotel Limited entered in to a
conditional agreement to sell the majority of the group's hotel
complex in Malta. A deposit of 815,300 Euros was paid by the
purchaser. On completion a further 28,301,867 Euros was to be paid
giving a total consideration of 29,117,167 Euros.
On 9th September 2011, the agreement was varied and pursuant to
the variation, completion took place on the sale of part of the
hotel complex for 15,373,884 Euros. Pursuant the variation, it was
also agreed that the purchaser has until 30 March 2015 to complete
the purchase of the remaining property. The total consideration of
29,117,167 Euros remains unchanged. Therefore, the consideration
payable for the remaining property will be 13,743,283 Euros. A
deposit of 400,000 Euros has been paid by the purchaser. The
deposit at 30 September 2013 is GBP334,636 (2012: Nil),(2013:
GBP343,984).
A
copy of these interim financial statements is available from the
company's registered office and is also available on the company's
website.
C.H. Bailey plc
Shareholder Information
Regiistered Office C.H. Bailey plc Directors Mr Charles H. Auditors Haasco Limited
Alexandra Docks Bailey Chartered
Newport Mrs Sarah A. Accountants
South Wales Bailey 24 Bridge Street
NP20 2NP Sir William Newport
McAlpine, Bt. South Wales
Mr David C. NP20 4SF
Orchard
Mr Rod M.
Reynolds* (*from
13 July 2012)
Registered Number 190106 Secretary Mr Bryan J. Warren AIM symbol BLEY
Principal Bankers Barclays Bank plc Financial Advisors Arden Partners plc Solicitors Squire Sanders (UK)
14 Commercial and Brokers 125 Old Broad LLP
Street Street Rutland House
Newport London 148 Edmund Street
South Wales EC2N 1AR Birmingham
NP20 1YG B3 2JR
Registrar Computershare Company Website www.chbaileyplc.co
Investor Services .uk
plc
P.O. Box 82
The Pavilions
Bridgewater Road
Bristol
BS99 7NH
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFESFSLTLIV
C.H. Bailey (LSE:BLEY)
Historical Stock Chart
From Jul 2024 to Aug 2024
C.H. Bailey (LSE:BLEY)
Historical Stock Chart
From Aug 2023 to Aug 2024
