TIDMSUH

RNS Number : 5178H

Sutton Harbour Group PLC

04 December 2020

4 December 2020

Sutton Harbour Group plc (formerly Sutton Harbour Holdings plc)

("The Company", "Sutton Harbour")

Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2020.

Financial Highlights

   --      Profit before taxation GBP0.058m (6 months to 30 September 2019: GBP0.281m) 
   --      Net assets GBP46.140m (31 March 2020: GBP46.082) 
   --      Net assets per share 39.8p (31 March 2020: GBP39.7p) 
   --      Net debt GBP24.472m (31 March 2020: GBP23.591m) 
   --      Gearing 53.0% (31 March 2020: 51.1%) 

Company Highlights

   --      Finalising pre-construction preparations for consented schemes at Harbour Arch Quay 

-- Preliminary planning submission for a new 200+ unit residential led scheme to the east of Sutton Harbour

   --      Strong trading performance by the Marinas despite Covid crisis disruption 

-- A further GBP2.0million borrowing facility through to May 2021 to provide working capital during the Covid pandemic

"The first half year has been used productively to get development projects ready to start and to deliver new homes as the country emerges from the Covid crisis. The Group has remained operational throughout the crisis period with appropriate safety measures put in place to manage infection risk and in accordance with UK Government advice. Inevitably, the restrictions have had an impact on trading revenues but to date our business activities have shown resilience to recover as more normal operations can resume. The Group has intensified its efforts to promote the marinas and lifestyle attributes of Sutton Harbour to increase its profile as a 'staycation' destination and to position the location benefits of the new developments scheduled to go ahead in 2021."

Philip Beinhaker, Executive Chairman

For further information, please contact:

   Sutton Harbour Group plc                        01752 204186 

Philip Beinhaker - Executive Chairman

Corey Beinhaker - Chief Operating Officer

Natasha Gadsdon - Finance Director

   Arden Partners                                          020 7614 5900 

Paul Shackleton

Benjamin Cryer

Executive Chairman's Statement

For the six-month period to 30 September 2020

Results and Financial position

Profit before taxation for the six month period to 30 September 2020 was GBP0.058m, down GBP0.223m from GBP0.281m for the comparative period to 30 September 2019.

As at 30 September 2020, net assets were GBP46.140m compared to GBP46.082m, as last reported as at 31 March 2020, and this represents a net asset value of 39.8p per share (31 March 2020: 39.7p per share). There has been no re-valuation of assets during the reporting period, with the next external independent valuation due to be undertaken at the financial year end.

Net debt has increased to GBP24.472m, up by GBP0.881m from GBP23.591m at 31 March 2020. This budgeted movement reflects the lower point in the annual cash cycle (as rents and annual berthing fee receipts peak between January and April) and expenditure on pre-construction costs in connection with new development schemes due to be submitted to the local planning authority in the coming weeks and with other previously consented schemes. This has resulted in a rise in gearing to 53.0% as at 30 September 2020 up from 51.1% as at 31 March 2020.

To ensure continuity of financing the Group had already entered into a new 4 year facility agreement in December 2019 and a further GBP2.0million borrowing facility through to May 2021 to provide working capital during the Covid pandemic. Funding for consented projects will be funded by separate development financing.

Trading Report

The Group's business activities have been affected by the Covid pandemic during the first half year but with impacts varying across the different trading segments. The marinas have performed well with overall results exceeding the comparative period last year arising from an increase in annual berths sales. The car parks were materially affected by the lock-down for the period of April, May and June, and this is the main reason for the fall in group revenue during the first half year; trade bounced back quickly to normal seasonal levels once lockdown restrictions ended. Fisheries' operations continued throughout the lockdown, albeit that fish prices were relatively low and landings were reduced as the export market weakened. The shortfall in fisheries revenues has been partly compensated by the improved lettings of on-site stores and commercial units. The Group has continued to work with tenants, assisting in some cases by agreeing to payment plans. Following the release from lock-down restrictions, the retail activity during the summer months returned to high level of utilisation by the visiting public enjoying the leisure activity. The Group owns a 7,500 sq ft unit currently occupied by Edinburgh Woollen Mill (in administration) and arrears have accumulated since 1 April 2020. We await the outcome of the administration but can report that a number of high quality enquires to rent this iconic waterfront unit have been received. Pre-season marina bookings have started at a high level of retention of existing berth-holders committing to stay for 2021/22. Occupancy of the investment property estate has upheld well throughout the first half year with further new lettings expected to complete before the financial year end.

Regeneration

Finalisation of pre-construction preparations for the planning consented scheme at Harbour Arch Quay, Sutton Harbour, have continued in recent months. Selection of the construction management team and finalisation of the detailed drawings are in process. It is expected that, subject to completion of finance, this 14 apartment building at will start on site during 2021, with marketing of the units to be launched in the springtime of the New Year. In addition, the Group has submitted the preliminary applications for additional 200+ residential units with retail and live/work space, a public east-west walkway and a new urban square, on a site immediately to the east of the approved Sugar Quay development at Sutton Harbour. Efforts are being made to secure planning consent in the first half of 2021. The Sugar Quay site proposal is being re-submitted to the Planning Authority after changes to the original application have been made to remove the basement parking and to relocate it to the adjacent new development on the site immediately to the east.

Summary

The first half year has been used productively to get development projects ready to start and to deliver new homes as the country emerges from the Covid crisis. The Group has remained operational throughout the crisis period with appropriate safety measures put in place to manage infection risk and in accordance with UK Government advice. Inevitably, the restrictions have had an impact on trading revenues but to date our business activities have shown resilience to recover as more normal operations can resume. The Group has intensified its efforts to promote the marinas and lifestyle attributes of Sutton Harbour to increase its profile as a 'staycation' destination and to position the location benefits of the new developments scheduled to go ahead in 2021.

Philip Beinhaker

EXECUTIVE CHAIRMAN

Consolidated Statement of Comprehensive Income

 
                                                            6 months        6 months   Year Ended 
                                                                  to              to 
                                                        30 September    30 September     31 March 
                                                                2020            2019         2020 
                                                         (unaudited)     (unaudited)    (audited) 
                                                              GBP000          GBP000       GBP000 
                                                      --------------  --------------  ----------- 
 
 Revenue                                                       2,873           3,820        6,558 
 
 Cost of Sales                                               (1,874)         (2,379)      (4,229) 
 
 Gross Profit                                                    999           1,441        2,329 
                                                      --------------  --------------  ----------- 
 
 
 Fair value adjustment on fixed assets 
  and investment property                                          -            (26)        (977) 
 Administrative expenses                                       (547)           (672)      (1,264) 
 
   Operating profit from continuing operations                   452             743           88 
 
 Financial income                                                                  -            - 
 Financial expense                                             (394)           (462)        (844) 
 
 Net financing costs                                           (394)           (462)        (844) 
 
 
 Profit before tax from continuing 
  operations                                                      58             281        (756) 
 Taxation credit on profit from continuing 
  operations                                                       -               -        (232) 
 
 Profit from continuing operations                                58             281        (988) 
                                                      ==============  ==============  =========== 
 
 
 Basic profit/earnings per share                                   -           0.02p      (0.85p) 
 
 Diluted profit/earnings per share                                 -           0.02p      (0.85p) 
 
 
                                                          6 months        6 months   Year Ended 
                                                                to              to 
                                                      30 September    30 September     31 March 
                                                              2020            2019         2020 
                                                       (unaudited)     (unaudited)    (audited) 
                                                            GBP000          GBP000       GBP000 
                                                    --------------  --------------  ----------- 
 
 Profit from continuing operations                              58             281        (988) 
 
 Other comprehensive income/(expenses) 
 Continuing operations: 
   Revaluation of property, plant and 
    equipment                                                    -               -        1,338 
   Deferred taxation on income and expenses 
    recognised directly in the consolidated 
    statement of comprehensive income 
   Effective portion of changes in fair                          -               -            - 
    value of cash flow hedges 
 
 Total other comprehensive income                                -               -        1,338 
                                                    --------------  --------------  ----------- 
 Total comprehensive income for the 
  period attributable to equity shareholders                    58             281          350 
                                                    ==============  ==============  =========== 
 

Consolidated Balance Sheet

 
                                                          As at           As at        As at 
                                                   30 September    30 September     31 March 
                                                           2020            2019         2020 
                                                    (unaudited)     (unaudited)    (audited) 
                                                         GBP000          GBP000       GBP000 
                                                 --------------  --------------  ----------- 
 
 Non-current assets 
 Property, plant and equipment                           27,694          26,855       27,958 
 Investment property                                     18,989          19,571       18,985 
 Inventories                                             12,878          12,610       12,810 
                                                 --------------  --------------  ----------- 
                                                         59,561          59,036       59,753 
                                                 --------------  --------------  ----------- 
 
 Current assets 
 Inventories                                             12,748          11,552       12,217 
 Trade and other receivables                              2,363           2,104        2,595 
 Cash and cash equivalents                                  177             244          792 
 Tax recoverable                                              -               -            5 
                                                 --------------  --------------  ----------- 
                                                         15,288          13,900       15,609 
                                                 --------------  --------------  ----------- 
 
 Total assets                                            74,849          72,936       75,362 
                                                 --------------  --------------  ----------- 
 
 Current liabilities 
 Trade and other payables                                 1,098           1,053        1,396 
 Finance lease liabilities                                   62              65           63 
 Deferred income                                            936             936        1,544 
 Provisions                                                  63              75           70 
                                                          2,159           2,129        3,073 
                                                 --------------  --------------  ----------- 
 
 Non-current liabilities 
 Other interest-bearing loans and 
  borrowings                                             24,250          23,000       24,250 
 Finance lease liabilities                                  337              40           10 
 Deferred government grants                                 646             646          646 
 Deferred tax liabilities                                 1,255           1,023        1,254 
 Provisions                                                  62              85           29 
                                                         26,550          24,794       26,207 
                                                 --------------  --------------  ----------- 
 
 Total liabilities                                       28,709          26,923       29,280 
                                                 --------------  --------------  ----------- 
 
 Net assets                                              46,140          46,013       46,082 
                                                 ==============  ==============  =========== 
 
 Issued capital and reserves attributable 
  to owners of the parent 
 Share capital                                           16,266          16,266       16,266 
 Share premium                                           10,695          10,695       10,695 
 Other reserves                                          13,034          11,696       13,034 
 Retained earnings                                        6,145           7,356        6,087 
                                                 --------------  --------------  ----------- 
 Total equity                                            46,140          46,013       46,082 
                                                 ==============  ==============  =========== 
 

Consolidated Statement of Changes in Equity

 
                            Share     Share    Revaluation   Merger    Hedging   Retained    TOTAL 
                           capital   premium     reserve     reserve   reserve   earnings 
                                                     ----------Other Reserves---------- 
                            GBP000    GBP000        GBP000    GBP000    GBP000     GBP000    GBP000 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 
 Balance at 1 April 2020    16,266    10,695         9,163     3,871         -      6,087    46,082 
 Comprehensive 
 income/(expense) 
 Profit for the period           -         -             -         -         -         58        58 
 Total comprehensive 
  income/(expense) 
  6 month period ended 
  30 
  September 2020                 -         -             -         -         -         58        58 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Balance at 30 September 
  2020                      16,266    10,695         9,163     3,871         -      6,145    46,140 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 
 
 Balance at 1 April 2019    16,266    10,695         7,825     3,871         -      7,075    45,732 
 Comprehensive 
 income/(expense) 
 Profit for the period           -         -             -         -         -        281       281 
 Other comprehensive 
 income/(expense) 
 Revaluation of                  -         -             -         -         -          -         - 
 property, 
 plant and equipment 
 Effective portion of 
 changes 
 in fair value of cash 
 flow hedges 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Total other 
  comprehensive 
  income/(expense) 6 
  month 
  period ended 30 
  September 
  2019                           -         -             -         -         -        281       281 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Total comprehensive 
 income/(expense)                -         -             -         -         -          -         - 
 6 month period ended 30 
 September 2019 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Balance at 30 September 
  2019                      16,266    10,695         7,825     3,871         -      7,356    46,013 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 
 
 Balance at 1 October 
  2019                      16,266    10,695         7,825     3,871         -      7,356    46,013 
 Comprehensive 
 income/(expense) 
 Profit for the period           -         -             -         -         -    (1,269)   (1,269) 
 Other comprehensive 
 income/(expense) 
 Revaluation of 
  property, 
  plant and equipment            -         -         1,338         -         -          -     1,338 
 Effective portion of 
 changes                         -         -             -         -         -          -         - 
 in fair value of cash 
 flow hedges 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Total other 
 comprehensive                   -         -             -         -         -          -         - 
 income/(expense) 6 
 month 
 period ended 31 March 
 2020 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Total comprehensive 
 income/(expense)                -         -             -         -         -          -         - 
 6 month period ended 31 
 March 2020 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Transactions with 
 owners 
 of the parent 
 Issue of shares                 -         -             -         -         -          -         - 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 Balance at 31 March 
  2020                      16,266    10,695         9,163     3,871         -      6,087    46,082 
                          --------  --------  ------------  --------  --------  ---------  -------- 
 
 
 

Consolidated Cash Flow Statement

 
                                                    6 months        6 months   Year Ended 
                                                          to              to 
                                                30 September    30 September     31 March 
                                                        2020            2019         2020 
                                                 (unaudited)     (unaudited)    (audited) 
                                                      GBP000          GBP000       GBP000 
                                         ---  --------------  --------------  ----------- 
 
   Cash generated from total operating 
   activities                                          (599)           (481)        (455) 
                                              --------------  --------------  ----------- 
 
 Cash flows from investing activities 
 Net expenditure on investment 
  property                                               (4)               -         (52) 
 Expenditure on property, plant 
  and equipment                                           75           (609)        (823) 
 Proceeds from sale of plant                               -               -            - 
  and equipment 
                                              --------------  --------------  ----------- 
 
 Net cash used in investing activities                    71           (609)        (875) 
                                              --------------  --------------  ----------- 
 
 Cash flows from financing activities 
 Proceeds from sale of shares                              -               -            - 
 Expenses of share issuance                                -               -            - 
 Interest paid                                         (396)           (462)        (844) 
 Loan drawdowns/(repayment of 
  borrowings)                                            309             500        1,750 
 Net finance lease (payments)/receipts                     -               -         (78) 
 Net cash generated from financing 
  activities                                            (87)              38          826 
                                              --------------  --------------  ----------- 
 
   Net increase/(decrease) in cash 
   and cash equivalents                                (615)         (1,052)        (504) 
 
   Cash and cash equivalents at 
   beginning of period                                   792           1,296        1,296 
 
   Cash and cash equivalents at 
   end of period                                         177             244          792 
                                              ==============  ==============  =========== 
 

Notes to Interim Report

General information

This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2020 were approved by the Board of Directors on 6 July 2020 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.

Copies of the Group's financial statements are available from the Company's registered office, Sutton Harbour Office, Guy's Quay, Sutton Harbour, Plymouth, PL4 0ES and on the Company's website www.sutton-harbour.co.uk.

This consolidated interim financial information has not been audited.

Basis of preparation

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2020, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.

Accounting policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2020, as described in those annual financial statements.

Accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Segment information

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.

The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.

The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2019 is as follows:

 
 6 months to 
  30 September 
  2020                      Marine   Real Estate   Car Parking   Regeneration    Total 
                            GBP000        GBP000        GBP000         GBP000   GBP000 
 Revenue                     1,969           676           228              -    2,873 
 
 Gross profit 
  prior to non-recurring 
  items                        561           448           100          (110)      999 
 Segmental Operating 
  Profit before 
  Fair value adjustment 
  and unallocated 
  expenses                     561           448           100          (110)      999 
 Fair value adjustment 
  on fixed assets 
  and investment 
  property assets                -             -             -              -        - 
 
 
 Unallocated: 
 Administrative 
  expenses                                                                       (547) 
 Operating profit 
  from continuing 
  operations                                                                       452 
 
 
 Financial income 
 Financial expense                                                               (394) 
                                                                               ------- 
 Profit before 
  tax from continuing 
  operations                                                                        58 
 Taxation                                                                            - 
                                                                               ------- 
 Profit for the 
  year from continuing 
  operations                                                                        58 
                                                                               ======= 
 
 Depreciation 
  charge 
 Marine                                                                            168 
 Car Parking                                                                        11 
 Administration                                                                     11 
                                                                               ------- 
                                                                                   190 
                                                                               ======= 
 

Segment Information (continued)

 
 6 months to 
  30 September 
  2019                      Marine   Real Estate   Car Parking   Regeneration    Total 
                            GBP000        GBP000        GBP000         GBP000   GBP000 
 Revenue                     2,662           762           396              -    3,820 
 
 Gross profit 
  prior to non-recurring 
  items                        637           534           270              -    1,441 
 Segmental Operating 
  Profit before 
  Fair value adjustment 
  and unallocated 
  expenses                     637           534           270              -    1,441 
 Fair value adjustment 
  on fixed assets 
  and investment 
  property assets                -             -             -              -        - 
 
 
 Unallocated: 
 Administrative 
  expenses                                                                       (698) 
 Operating profit 
  from continuing 
  operations                                                                       743 
 
 
 Financial income 
 Financial expense                                                               (462) 
                                                                               ------- 
 Loss before 
  tax from continuing 
  operations                                                                       281 
 Taxation                                                                            - 
                                                                               ------- 
 Loss for the 
  year from continuing 
  operations                                                                       281 
                                                                               ======= 
 
 Depreciation 
  charge 
 Marine                                                                            150 
 Car Parking                                                                        14 
 Administration                                                                      5 
                                                                               ------- 
                                                                                   169 
                                                                               ======= 
 

Segment Information (continued)

 
 
   Year ended 31 
   March 2020               Marine   Real Estate   Car Parking   Regeneration     Total 
                            GBP000        GBP000        GBP000         GBP000    GBP000 
 Revenue                     4,323         1,580           655              -     6,558 
 
 Gross profit 
  prior to non-recurring 
  items                        916         1,157           404          (148)     2,329 
 Segmental Operating 
  Profit before 
  Fair value adjustment 
  and unallocated 
  expenses                     916         1,157           404          (148)     2,329 
 Fair value adjustment 
  on fixed assets 
  and investment 
  property assets            (483)         (494)             -              -     (977) 
                                                                                  1,352 
 
 Unallocated: 
 Administrative 
  expenses                                                                      (1,264) 
 Operating profit 
  from continuing 
  operations                                                                         88 
 
 
 Financial income                                                                     - 
 Financial expense                                                                (844) 
                                                                               -------- 
 Profit before 
  tax from continuing 
  operations                                                                      (756) 
 Taxation                                                                         (232) 
                                                                               -------- 
 Profit for the 
  year from continuing 
  operations                                                                      (988) 
                                                                               ======== 
 
 Depreciation 
  charge 
 Marine                                                                             313 
 Car Parking                                                                         26 
 Administration                                                                       1 
                                                                               -------- 
                                                                                    340 
                                                                               ======== 
 
 
                                  30 September   30 September   31 March 
                                          2020           2019       2020 
                                        GBP000         GBP000     GBP000 
 Segment assets: 
 Marine                                 23,304         23,731     23,858 
 Real estate                            19,660         19,815     19,640 
 Car Parking                             5,323          4,423      5,267 
 Regeneration                           25,746         24,267     25,115 
 Total segment assets                   74,033         72,236     73,880 
 Unallocated assets: 
 Property, plant and equipment              83             87         80 
 Trade & other receivables                 556            368        610 
 Cash & cash equivalents                   177            245        792 
 Total assets                           74,849         72,936     75,362 
                                 =============  =============  ========= 
 

Segment Information (continued)

 
                                30 September   30 September   31 March 
                                        2020           2019       2020 
                                      GBP000         GBP000     GBP000 
 Segment liabilities: 
 Marine                                1,184          1,196      1,960 
 Real estate                             560            417        550 
 Car Parking                              90             72        108 
 Regeneration                            823            951        903 
                               -------------  -------------  --------- 
 Total segment liabilities             2,657          2,636      3,521 
 Unallocated liabilities: 
 Bank overdraft & borrowings          24,649         23,105     24,341 
 Trade & other payables                  148            157        163 
 Financial Derivatives                     -              -          - 
 Tax payable                               -              1          - 
 Deferred tax liabilities              1,255          1,024      1,255 
                               -------------  -------------  --------- 
 Total liabilities                    28,709         26,923     29,280 
                               =============  =============  ========= 
 

Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.

Taxation

The Company has applied an effective tax rate of 19% (2019: 19%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.

Dividends

The Board of Directors do not propose an interim dividend (2019: nil).

Earnings per share

 
                                   6 months to        6 months   Year Ended 
                                                            to 
                                  30 September    30 September     31 March 
                                          2020            2019         2020 
                                   (unaudited)     (unaudited)    (audited) 
                                         pence           pence        pence 
                               ---------------  --------------  ----------- 
 Continuing operations 
 Basic earnings per share                    -           0.02p      (0.85p) 
 Diluted earnings per share*                 -           0.02p      (0.85p) 
 
 

Basic Earnings per Share:

Basic earnings per share have been calculated using the profit for the period of GBP58,000 (2019: profit GBP281,000, year ended 31 March 2020 loss GBP988,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 115,944,071 (2019: 115,944,071; year ended 31 March 2020: 115,944,071) has been used in our calculation.

Diluted Earnings per Share:

Diluted earnings per share uses an average number of 115,944,071 (2019: 115,944,071; year ended 31 March 2020 115,944,071) ordinary shares in issue, and takes account of the outstanding options under the SAYE scheme in accordance with IAS 33 'Earnings per share'. There are no outstanding options under expire SAYE schemes.

Property valuation

Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 January 2020, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors.

A further valuation will be commissioned for the year ending 31 March 2021, as in previous years.

Cash and cash equivalents

 
                                        As at          As at       As at 
                                 30 September   30 September    31 March 
                                         2020           2019        2020 
                                  (unaudited)    (unaudited)   (audited) 
                                       GBP000         GBP000      GBP000 
                                -------------  -------------  ---------- 
 
Cash and cash equivalents per 
 balance sheet and cash flow 
 statement                                177            244         792 
                                =============  =============  ========== 
 

Provisions

 
                                           Onerous leases   Total 
                                                   GBP000  GBP000 
                           ------------------------------  ------ 
 
Balance at 1 April 2019                               243     243 
Provisions utilised                                  (83)    (83) 
Balance at 30 September 
 2019                                                 160     160 
                           ==============================  ====== 
 
Provisions made                                         -       - 
Provisions utilised                                  (61)   (101) 
                           ------------------------------  ------ 
Balance at 31 March 2020                               99      59 
                           ==============================  ====== 
 
Provisions made                                        26      66 
Provisions utilised                                     -       - 
                           ------------------------------  ------ 
Balance at 30 September 
 2020                                                 125     125 
                           ==============================  ====== 
 
Current                                                63      63 
Non-current                                            62      62 
                                                      125     125 
                           ==============================  ====== 
 

Cash flow statements

 
                                        6 months to     6 months to   Year Ended 
                                       30 September    30 September     31 March 
                                               2020            2019         2020 
                                        (unaudited)     (unaudited)    (audited) 
                                             GBP000          GBP000       GBP000 
                                     --------------  --------------  ----------- 
 Cash flows from operating 
  activities 
 Profit/(loss) for the period                    58             281        (756) 
 Adjustments for: 
 Taxation                                         -               -            - 
 Financial income                                 -               -            - 
 Financial expense                              396             442          844 
 Fair value adjustment on fixed 
  assets and investment property                  -               -          977 
 Depreciation                                   190             169          340 
 Amortisation of grants                           -               -            - 
 Profit/loss on sale of property, 
  plant and equipment                             -               7            2 
 Cash generated from operations 
  before changes in working 
  capital and provisions                        644             899        1,407 
 Increase in inventories                      (599)           (635)      (1,460) 
 Decrease/(increase) in trade 
  and other receivables                         234             251        (312) 
 (Decrease)/increase in trade 
  and other payables                          (236)           (366)        (100) 
 Decrease in deferred income                  (607)           (556)          145 
 (Decrease)/increase in provisions             (35)            (74)        (135) 
 
 Cash generated from operations               (599)           (481)        (455) 
                                     ==============  ==============  =========== 
 

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END

IR FSEFMDESSEIE

(END) Dow Jones Newswires

December 04, 2020 02:00 ET (07:00 GMT)