TIDMTOWN
RNS Number : 8420F
Town Centre Securities PLC
26 February 2018
26 February 2018
Town Centre Securities PLC
(the 'Group' or the 'Company')
Half year results for the six months ended 31 December 2017
Robust results and strengthened portfolio following period of
considerable change
Town Centre Securities PLC, the Leeds based property investor
and car park operator, today announces its results for the six
months ended 31 December 2017.
Financial Highlights
-- Net assets per share up 4.3% since 30 June 2017 at 375p (2016: 355p; 30 June 2017: 359p)
-- Statutory profit before tax up GBP9.8m to GBP12.4m (2016:
GBP2.6m), including GBP6.4m gain from net movement on investment
property valuation
-- EPRA profit before tax decreased 4.6% to GBP4.0m (2016:
GBP4.2m) following strategic disposals
-- EPRA earnings per share at 7.6p (2016: 8.0p), a decrease of 4.6%
-- Interim dividend of 3.25p (2016: 3.25p)
-- Loan to value ratio of 47% (2016: 50%; 30 June 2017: 49%)
Operational Highlights
-- Like-for-like investment portfolio value increased by 0.3% (30 June 2017: 1.4% decrease)
-- Total portfolio value increased by 2.4% (30 June 2017: flat)
-- Like-for-like passing rent up by 2.2% (30 June 2017: 2.3%)
-- New net income of GBP0.3m from the ibis Styles hotel is in addition to this
-- Rent receipts for the current quarter 99% collected within four days of the quarter start
-- Merrion Centre trading remains strong and we continue to grow its rental income
-- CitiPark continues to grow its revenues and profits
Latest phase of development programme successfully delivered
-- Completion of ibis Styles and Premier Inn hotels in Leeds announced last year
-- Merrion House development achieved practical completion on 29
January 2018, on time and budget
-- This completes a GBP70m ten-year Merrion Centre development and improvement programme
Significant pipeline of development opportunities in place
including
-- Burlington House, a 91-unit residential development in
Manchester's Piccadilly Basin is under construction with practical
completion expected in May 2019
-- Eider House, the second Piccadilly Basin residential
development, has detailed planning approval
-- Recently announced joint venture with Leeds City Council for
construction of an 128 unit apart-hotel with retail units alongside
Leeds City Market and Victoria Gate
Proceeds from capital disposals recycled into development
programme
-- Disposals made during H1 2018 have totalled GBP7.7m, taking
sales over the last c. 12 months of five properties sold for over
GBP25m in total, all at, or above, valuation
-- The disposals have provided capital to invest in our development programme
-- On an annualised basis the combination of our two new hotels
in Leeds and the increase in Merrion House rents will more than
offset the GBP1.5m income lost due to these disposals
CitiPark performs strongly
-- The CitiPark business continues to deliver income and profit
growth year on year, with promising improvements being seen in our
more recently acquired operations
-- Operating income of GBP5.8m is 5% up year on year, with
operating profit of GBP2.1m up 1% despite the pressures of higher
business rates costs
-- We have recently taken a further 5% stake in
YourParkingSpace.co.uk, taking our share to 15%. TCS is very
excited about the prospects of this business, a website and mobile
application that matches customers to available car parking spaces
across the UK
Investing in future growth
-- Continued strengthening of the Board and management team with
the appointment of Jeremy Collins as an independent Non-Executive
Director
-- Incurred professional fees relating to our new developments
and pipeline projects as we invest in the future growth of the
business
-- Enhanced our investor relations through the appointment of
Edison, the investment research provider, and RMS, the investment
engagement specialists
Commenting on the results, Edward Ziff, Chairman and Chief
Executive said:
"We are very pleased with the results for the first half of the
year, with an increase in the value of our portfolio driving an
improved statutory profit. To have maintained EPRA profitability
close to last year's levels, despite a significant level of
strategic disposals and continued investment in our business,
demonstrates the strength of the recently completed development
programme.
"We continue to successfully progress considerable change within
our portfolio. The combination of asset recycling, intensive asset
management, and a strong development pipeline ensure that our
future potential is being enhanced, whilst providing new
opportunities for growth in income and capital values. These
opportunities require funding, and having self-funded over GBP85m
of investment in recent years, we are exploring how we might fund
investments in our future growth.
"The strength of our portfolio, and the success of the most
recent development phase have allowed us to be bold in the sale of
more mature assets. Furthermore, the strength of our CitiPark
business continues to support financial delivery, whilst also
bringing new opportunities such as YourParkingSpace.co.uk. We look
forward to the future with confidence."
-Ends-
For further information, please contact:
Town Centre Securities PLC www.tcs-plc.co.uk / @TCS PLC
Edward Ziff, Chairman and Chief Executive 0113 222 1234
Mark Dilley, Group Finance Director
MHP Communications 0203 128 8100
Reg Hoare / Alastair de Kare Silver tcs@mhpc.com
Chairman and Chief Executive's Statement
Results
EPRA profit before tax for the six months ended 31 December 2017
has decreased by 4.6% to GBP4.0m (2016: GBP4.2m) and EPRA earnings
per share has decreased to 7.6p (2016: 8.0p) due to a drop in
rental income following strategic disposals and continued
investment in the business. The net valuation increase in the
Group's investment property portfolio in the first half of the year
was GBP6.4m (2016: decrease of GBP2.7m) with profit after tax
amounting to GBP12.4m (2016: GBP2.6m).
Although EPRA profit is slightly down year on year, this has
been driven by deliberate decisions to make strategic disposals
where we feel we have maximised value and recycle the capital into
our development pipeline. This will strengthen the portfolio and
improve profitability for the longer term. Whilst these disposals
will affect profitability in the current year, on an annualised
basis returns from new investments will quickly offset the income
lost from these disposals and the cost of the investments.
Revenue was up 12% at GBP15.3m (2016: GBP13.7m), including the
new ibis Styles hotel. Within this, rental income from investment
properties was GBP8.0m (2016: GBP8.2m). We have made a number of
strategic disposals in the last 12 months which has lowered short
term rental income. However, new sources of income from the
completion of our latest development phase, combined with strong
Car Park income growth has protected total income levels. Income
from car parks increased to GBP5.8m (2016: GBP5.5m) benefitting
from continued organic growth.
Property and administrative expenses (excluding the ibis Styles
hotel) increased 6% to GBP7.0m (2016: GBP6.6m), as we continue to
invest in the business. In addition, operating costs related to our
owner managed ibis Styles hotel amounted to GBP1.2m in the first
six months (2016: zero costs). Finance costs increased 2% to
GBP3.9m (2016: GBP3.8m) primarily due to the effect of capitalised
interest in the prior year.
The Group's net assets increased by 4% to GBP199.3m in the
six-month period (June 2017: GBP191.1m). Net assets per share
increased to 375p (2016: 355p; 30 June 2017: 359p).
Dividends
The interim dividend of 3.25p per share (2016: 3.25p) will be
paid as a Property Income Distribution and will amount to GBP1.7m.
It will be paid on 22 June 2018 to shareholders registered on 25
May 2018. The final dividend for 2017 of 8.25p per share amounting
to GBP4.4m was paid on 4 January 2018.
Progress against our strategic goals
We have made further pleasing progress in the strengthening of
our portfolio in the last six months. Our expertise in intensive
property management and detailed knowledge of the communities in
which we operate have enabled like for like rental growth and
improvements in value. This is despite the challenges that many
bricks & mortar retailers have experienced in the face of the
continued growth of internet shopping.
We firmly believe that physical retail offers will continue to
play an important role, but that it is critical that we are clear
how and where we decide to operate within that market. The
Company's approach to this changing dynamic can be summarised
as:
-- Ensuring we create Retail and Leisure destinations
-- Broadening our portfolio, increasing the proportion of Leisure, Offices and now Residential
-- Having a predominantly Regional approach, making the most of
our local knowledge and expertise
Improving our portfolio through Intensive Management
In the six months ended 31 December 2017, we reported
like-for-like passing rent up 2.2%, and maintained industry leading
levels of occupancy at 99%. Rent receipts for the current quarter
were 99% collected within four days of the quarter start. In
particular, we are proud of the following recent achievements:
The Merrion Centre and Arena Quarter
Whilst the Merrion Centre is best known as being the first major
shopping centre of its kind in the UK, it has changed beyond
recognition over the years and is now very clearly a mixed use
destination. Continuing to create a destination of the Merrion
Centre and Arena Quarter is, we believe, key to its on-going
success.
As the below table demonstrates only 24% of the income now comes
from typical Mall style retail units, let to value/convenience
retailers at affordable rents. This analysis includes the benefit
of the increased income from our new Merrion House development with
over 2000 members of council staff further improving footfall.
ERV
GBPm Proportion
Offices 3.3 28%
Hotel 0.9 7%
Car Park 1.8 16%
Leisure 1.9 16%
Morrisons 1.1 10%
Mall Retail 2.8 24%
11.9 100%
------ -----------
The Merrion Centre and Arena Quarter area of Leeds is seeing
significant growth and investment. The university student influence
in the area is growing with over 3400 student accommodation units
already in place and with a further 2700 units planned or in
development in the immediate vicinity. The needs of this growing
local population closely match the Retail and Leisure offers of the
Merrion Centre; from the supermarket and food provisions of
Morrisons and Sainsburys, to the value and convenience offers of
Poundstretcher and Home Bargains, to the Leisure offers of KFC, My
Thai, Bengal Brasserie, and Costa Coffee, and the late night offers
of Pryzm nightclub and the Key Club. With the adjacent First Direct
Arena recently confirmed as the fourth largest UK arena based on
ticket sales in 2017, this area of Leeds continues to thrive.
Specific progress made since the June results include:
-- 1.2% LFL rent increases, including three new tenants, and three rent reviews
-- Committed new future leases include the final new unit on the
Merrion Mall, which has been agreed with the popular Wendy's
Chinese restaurant
-- Merrion House completed on time and budget
Furthermore, the ibis Styles hotel that we opened in April 2017
and operate under management continues to go from strength to
strength. Occupancy levels are now at over 70% and have exceeded
early expectations, whilst room rates have also been materially
ahead of budget. This has more than compensated for a slower than
planned start to the Marco Pierre White New York Italian
restaurant. We expect to exceed the FY18's net income target of
over GBP600,000, and as we improve the restaurant offer, we fully
expect the development to continue to beat our financial targets.
As described below, we are pleased that the half year valuation
report has reflected an increased value for the hotel to GBP11.9m
(30 June 2017: GBP10.5m) and we expect further improvements to this
value as we generate more financial performance history.
Other Properties
At the June 2017 year-end we announced the Property and Land
swap with Evans of Leeds where we acquired the remaining 50% stake
in Buckley House, Leeds in consideration for the long lease of a
0.6 acre plot of land in Piccadilly Basin, Manchester which will
become a Dakota Deluxe Hotel. This gave TCS full ownership of a key
central Leeds island site on Vicar Lane, in close proximity and a
gateway to the new John Lewis Victoria Quarter development. We now
benefit from 100% of the income from this property.
Since June the newly relocated Michelin starred The Man Behind
the Curtain restaurant has opened. The relocation has allowed the
restaurant to increase the number of covers and begins a new
twenty-year lease for TCS. We see this as the beginning of a
long-term improvement programme for the island site, where early
analysis suggests the opportunity for significant ERV
improvement.
Our development in Milngavie, an affluent commuter town outside
of Glasgow, has been a successful investment, being a small retail
park with Waitrose and Homebase present. As part of a wider review
the new owners of Homebase have decided not to renew their lease in
Milngavie. Whilst in the short term this will reduce our rental
income by GBP0.6m pa, the change presents us with a value-adding
opportunity. Subject to planning and other approvals we intend to
divide the property into three separate units. We are well
progressed with negotiations to let the proposed new space to a
number of well-known retailers to include provision for both a
discounter supermarket and two general merchandise retailers.
We have consulted with the local community and there is much
support for our plans which will further improve local provision
whilst increasing income and longer term value for TCS.
Creating long-term value through Asset Recycling and our
Development Portfolio
Asset Recycling
Since June 2017 we have disposed of another property in
Scotland. 1-23 Shandwick Place, Edinburgh was sold in September for
GBP6.3m, in line with its valuation.
-- Disposals made over the last c. 12 months comprise five
properties sold for over GBP25m in total, all at, or above,
valuation
-- The disposals have provided capital to invest in our
development programme. On an annualised basis the combination of
the two new hotels and the increase in Merrion House rents will
more than offset the GBP1.5m income lost due to these disposals
We constantly review our portfolio, and we have a number of
other properties on the market presently, where we feel we have
maximised value.
Development Portfolio
Our recently completed development programme in Leeds:
We confirmed at the year-end the successful completion of two
hotels in Leeds; the Premier Inn with a 25-year lease to Whitbread,
and the ibis Styles hotel we are running under management. As
highlighted above, the ibis Styles is trading extremely well and we
expect both performance and value to continue to increase.
In addition, we are pleased to confirm the completion in January
2018 of the redevelopment of Merrion House, the 175,000 sqft office
building including a 50,000 sqft extension. Leeds City Council
(LCC) are now in the process of occupying the building as part of
our joint venture partnership with them. LCC have entered into a
25-year lease and TCS will receive GBP1.66m per annum in rental
income from its 50% share in the partnership, an increase on the
GBP0.7m being received during the period of redevelopment. The
valuation assigned to the building as at 31 December 2017 does not
fully reflect its completed value following practical completion in
January 2018 and we expect the valuation to improve further at the
year-end.
Extensive on-going development programme:
Manchester:
Construction continues on Burlington House, Manchester as part
of our Piccadilly Basin development. This innovative 91-unit
residential building is being constructed as a 50/50 Joint Venture
at a total cost of GBP22m with practical completion expected for
May 2019. As previously announced, we also have consent for the
128-unit Eider House, continuing the development of Piccadilly
Basin.
The development by Urban Splash of Brownsfield Mill, Manchester,
into loft style city apartments is ready to commence. TCS has
received an initial GBP1m and will receive 12.5% of sale proceeds
as the development progresses. The half-year results include a
GBP0.4m accrual for the share of sale proceeds on the fourteen
apartments sold, subject to contract. Further income will be
recognised as we gain more certainty around the sales.
We expect Piccadilly Basin to become a key central Manchester
destination. With its close proximity to Piccadilly Train Station,
we view the opportunity to participate in creating a thriving
residential, commercial and leisure centre as a key source of long
term growth for TCS. Alongside Burlington House and Eider House,
the approved strategic framework for our land holding allows for
another c. 520 residential apartments, 177,000 square feet of
commercial property, and a further multi-story car park.
Leeds:
As we have recently announced, TCS has been selected by Leeds
City Council to develop a major new scheme in George Street, Leeds
adjoining the famous Kirkgate Markets and opposite Victoria Gate.
The development will consist of a single, newly constructed
building containing approximately 126 aparthotel units as well as
nine ground floor units for a range of commercial uses, including
retailing, cafés, bars and restaurants together with a new entrance
into the market hall. The total development value is expected to be
GBP20m and work on site is due to commence in Q1 2019 with
completion in 2020. The development will be undertaken as a 50/50
partnership between TCS and Leeds City Council.
We have a number of other opportunities to further improve our
Leeds estate including plans to redevelop the Vicar Lane site,
referenced earlier, to make more efficient use of the site and to
develop a high-quality retail, leisure and residential asset,
materially improving the site's ERV.
The Merrion Centre remains core to our portfolio and a key
source of long-term value. As well as the on-going intensive asset
management activity we also have the opportunity to significantly
increase the massing above the existing centre. Potential plans
include the extension of the old cinema into new office space, the
modernisation of the Wade House office, and the building of a
residential tower.
CitiPark performs strongly
Operating income for CitiPark of GBP5.8m was 5.2% higher year on
year. Profit of GBP2.1m was 1.4% better than the prior year.
Increases in business rates costs following revaluation constrained
full profit flow through.
For TCS as a whole the CitiPark business plays a valuable role
in monetising what would otherwise be empty, non-income producing,
development assets in Leeds and Manchester.
The operating performance of the car park branches continues to
be pleasing especially given the fact that we have removed spaces
to enable site development at Piccadilly Basin and where land was
swapped with Evans of Leeds for their new Dakota Hotel. Despite
that, our Manchester branches along with the Merrion Centre and
Whitehall Road Leeds performed particularly strongly. Our more
recently acquired branches such as those in London are on an
improving trend and remain a key opportunity to drive revenue and
profit growth for the future. Applying our operational strength
alongside our technological expertise will allow us to reduce
operating costs whilst improving demand, for example, electric
vehicle charging solutions.
Notable highlights for CitiPark include:
-- Continued investment in improving our car park management
systems including a new installation at the Leeds Dock branch
-- Continued investment in our branches, in particular Watford,
Clipstone Street, London and Rickmansworth
-- Developed the first ANPR barrier-less and cashless solution
in the UK for our Rickmansworth branch
-- Anytime pre-booking went live in our first branch in December 2017 at Merrion MSCP
-- Anytime pre-booking roll-out planned for all CitiPark
branches in March 2018 following successful in-house development
and investment
-- EV charging infrastructure now available throughout CitiPark portfolio
-- Continuing our environmental vision CitiPark was a finalist
for the "Clean Air Initiative of the Year" following the
introduction of an emissions-based tariff at Clipstone Street,
London
-- Furthermore, CitiPark has now achieved "Go Ultra Low" company status
At the June year end we announced our initial investment in
YourParkingSpace.co.uk. We have recently taken a further 5% stake
in the business, taking our share to 15%. TCS is very excited about
the prospects of this business, a website and mobile application
that matches customers to available car parking spaces across the
UK. We are already seeing revenue performance in CitiPark's own
branches improving as a result of our partnership with YPS.
Financing
Total net borrowings at 31 December 2017 were GBP185.5m (2016:
GBP190.7m; 30 June 2017: GBP188.8m) giving a loan to value ratio of
47% (2016: 50%; 30 June 2017: 49%).
The total borrowings comprise GBP105.8m (net of GBP0.2m
unamortised lease incentives) of 5.375% First Mortgage Debenture
Stock 2031, and GBP108m of revolving credit facilities, of which we
had drawn GBP79.7m at the half-year. Finance leases of GBP4.4m and
cash of GBP4.6m make up the remaining balance.
Portfolio Performance
The investment properties, developments, joint ventures and car
parks value at the half-year stood at GBP392.2m (2016: GBP385.5m;
June 2017: GBP381.1m)
At an overall level the portfolio (excluding disposals)
increased in value by 2.4% (30 June 2017: flat). The like for like
increase in the value of our investment property portfolio is 0.3%
(30 June 2017: 1.4% decrease) which reflects a reversionary yield
of 6.5% in line with the year end. The like for like increase in
development property is 30.2% (30 June 2017: 20.1%).
Strong increases in valuation have been seen in both of the
Leeds hotels and Merrion House, with the Merrion Centre also seeing
a 1% improvement in value driven by rental growth. The most
significant increase in valuation has been seen at our Piccadilly
Basin development site, where the continuing actual development of
the Basin, combined with the existing strategic planning framework
in place, has driven the development value up. These improvements
more than offset valuation reductions expected in other parts of
the portfolio (most significantly our Rochdale Retail Park, and
part of the Milngavie property where Homebase have exited).
Passing
rent ERV Value % of Valuation Initial Reversionary
GBPm GBPm GBPm portfolio incr/(decr) yield yield
Retail & Leisure 3.7 4.4 72.6 19% -1.0% 4.9% 5.7%
Merrion Centre
(ex offices) 7.5 7.8 99.5 26% 1.1% 7.1% 7.4%
Offices 2.4 3.8 57.1 15% 2.5% 4.0% 6.3%
Hotels 1.4 1.6 26.7 7% 8.7% 5.0% 5.5%
Out of town
retail 3.0 3.7 50.4 13% -6.6% 5.6% 6.9%
Distribution 0.4 0.4 5.8 1% 2.8% 6.5% 6.4%
Residential 0.6 0.6 10.7 3% -0.1% 5.3% 5.4%
-------- ------ ------ ----------- ------------- -------- -------------
19.1 22.1 322.7 84% 0.1% 5.6% 6.5%
-------- -------------
Development
property 1.9 1.9 35.7 9% 30.2%
Other Car parks 1.3 1.3 25.9 7% 2.4%
-------- ------ ------ ----------- -------------
Let portfolio 22.3 25.3 384.2 100% 2.4%
-------- ------ ------ ----------- -------------
Outlook
We are very pleased with the results for the first half of the
year, with an increase in the value of our portfolio driving an
improved statutory profit. To have maintained EPRA profitability
close to last year's levels, despite a significant level of
strategic disposals and continued investment in our business,
demonstrates the strength of the recently completed development
programme.
We continue to successfully progress considerable change within
our portfolio. The combination of asset recycling, intensive asset
management, and a strong development pipeline ensure that our
future potential is being enhanced, whilst providing new
opportunities for growth in income and capital values. These
opportunities require funding, and having self-funded over GBP85m
of investment in recent years, we are exploring how we might fund
investments in our future growth.
The strength of our portfolio, and the success of the most
recent development phase have allowed us to be bold in the sale of
more mature assets. Furthermore, the strength of our CitiPark
business continues to support financial delivery, whilst also
bringing new opportunities such as YourParkingSpace.co.uk. We look
forward to the future with confidence.
Responsibility statement of the directors
The Directors confirm that, to the best of their knowledge,
these condensed consolidated interim financial statements have been
prepared in accordance with IAS 34 as adopted by the European
Union. The interim management report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R, namely:
-- an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the financial year; and
-- material related party transactions in the first six months
of the financial year and any material changes in the related party
transactions described in the last Annual Report and Accounts.
A list of current Directors is maintained on the Town Centre
Securities PLC Group website: www.tcs-plc.co.uk.
Principal risks and uncertainties
The Group set out on page 59 of its Annual Report and Accounts
2017 the principal risks and uncertainties that could impact its
performance; these remain unchanged since the Annual Report was
published. The Group operates a structured risk management process,
which identifies and evaluates risks and uncertainties and reviews
mitigation activity.
Our key risks relate to major economic downturn,
development/refurbishment over-runs, major tenant failure,
availability of finance, a major incident at the Merrion Centre and
loss of key staff. Property values are currently stable and we have
sufficient bank facilities and headroom in place. The Group has no
over reliance on any one tenant or sector and has a skilled and
experienced team of asset managers dealing with day-to-day
management of our portfolio.
Forward-looking statements
Certain statements in this half year report are forward-looking.
Although the Group believes that the expectations reflected in
these forward-looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct.
Because these statements involve risks and uncertainties, actual
results may differ materially from those expressed or implied by
these forward-looking statements.
The Group undertakes no obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise.
Edward Ziff OBE Mark Dilley
Chairman and Chief Executive Group Finance Director
26 February 2018
Consolidated income statement
for the six months ended 31 December 2017
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
Notes GBP000 GBP000 GBP000
---------------------------------- ----------- ----------- -------
Gross revenue 15,322 13,685 27,540
Property expenses (5,449) (3,993) (8,148)
--------------------------------- ----------- ----------- -------
Net revenue 9,873 9,692 19,392
Administrative expenses (2,793) (2,626) (6,295)
Other income 447 539 707
Reversal of impairment of
car parking assets 800 1,000 1,000
Valuation movement on investment
properties 5,269 (2,850) (2,085)
Profit on disposal of investment
properties 1,198 65 303
Share of post tax profits
from joint ventures 1,513 545 1,342
Operating profit 16,307 6,365 14,364
Finance costs 3 (3,859) (3,766) (7,639)
Profit before taxation 12,448 2,599 6,725
Taxation - - -
---------------------------------- ----------- ----------- -------
Profit for the period 12,448 2,599 6,725
---------------------------------- ----------- ----------- -------
All profits for the period are attributable to
equity shareholders.
Earnings per share 5
Basic and Diluted 23.4p 4.9p 12.7p
EPRA (non-GAAP measure) 7.6p 8.0p 13.2p
---------------------------------- ----------- ----------- -------
Consolidated statement of comprehensive income
for the six months ended 31 December 2017
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
-------------------------------------- ----------- -------
Profit for the period 12,448 2,599 6,725
Other comprehensive income
Revaluation gains on car park
assets - - 100
Revaluation gains on other
investments 149 214 324
Total comprehensive income
for the period 12,597 2,813 7,149
------------------------------ ------ ----------- -------
All recognised income for the period is attributable to equity
shareholders.
The accompanying notes are an integral part of these condensed
consolidated interim financial statements.
Consolidated balance sheet
as at 31 December 2017
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
Notes GBP000 GBP000 GBP000
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Non-current assets
Property rental
Investment properties 6 328,856 333,300 326,771
Investments in joint
ventures 8 36,153 26,067 27,852
---------------------------------------------------------------------------- --------- ----------- ----------- ---------
365,009 359,367 354,623
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Car park activities
Freehold and leasehold
properties 6 23,212 22,153 22,495
Goodwill 7 4,024 4,024 4,024
Investments 2,100 1,253 1,950
29,336 27,430 28,469
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Fixtures, equipment and
motor vehicles 6 1,715 2,032 1,972
---------------------------------------------------------------------------- --------- ----------- ----------- ---------
Total non-current assets 396,060 388,829 385,064
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Current assets
Investments 2,542 2,284 2,394
Trade and other receivables 3,584 3,398 3,311
Cash and cash equivalents 4,565 8,593 3,124
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Total current assets 10,691 14,275 8,829
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Total assets 406,751 403,104 393,893
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Current liabilities
Trade and other payables (17,428) (15,387) (10,846)
Financial liabilities (24,887) - -
Total current liabilities (42,315) (15,387) (10,846)
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Non-current liabilities
Financial liabilities (165,147) (199,247) (191,969)
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Total liabilities (207,462) (214,634) (202,815)
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Net assets 199,289 188,470 191,078
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Equity attributable to owners of the Parent
Called up share capital 9 13,290 13,290 13,290
Share premium account 200 200 200
Capital redemption reserve 559 559 559
Revaluation reserve 600 500 600
Retained earnings 184,640 173,921 176,429
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Total equity 199,289 188,470 191,078
--------------------------------------------------------------------------------------- ----------- ----------- ---------
Net asset value per share 11 375p 355p 359p
---------------------------------------------------------------------------- --------- ----------- ----------- ---------
The accompanying notes are an integral part of these condensed
consolidated interim financial statements.
Consolidated statement of changes in equity
for the six months ended 31 December 2017
Share Capital
Share premium redemption Revaluation Retained Total
capital account reserve Reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- ------- ---------- ----------- --------- ---------
Balance at 1 July 2016 13,290 200 559 500 175,308 189,857
Total comprehensive income
for the period - - - - 2,813 2,813
Dividends relating to the
year ended 30 June 2016 - - - - (4,200) (4,200)
--------------------------- -------- ------- ---------- ----------- --------- ---------
Balance at 31 December
2016 13,290 200 559 500 173,921 188,470
--------------------------- -------- ------- ---------- ----------- --------- ---------
Balance at 1 July 2017 13,290 200 559 600 176,429 191,078
Total comprehensive income
for the period - - - - 12,597 12,597
Dividends relating to the
year ended 30 June 2017 - - - - (4,386) (4,386)
--------------------------- -------- ------- ---------- ----------- --------- ---------
Balance at 31 December
2017 13,290 200 559 600 184,640 199,289
--------------------------- -------- ------- ---------- ----------- --------- ---------
The accompanying notes are an integral part of these condensed
consolidated interim financial statements.
Consolidated cash flow statement
for the six months ended 31 December 2017
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
-------------------- ----------------------
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------- ----- ------- -------- -------- ---------- -------- ----------
Cash flows from operating activities
Cash generated from operations 10 8,388 10,768 18,159
Interest paid (3,859) (3,983) (8,051)
Net cash generated from
operating activities 4,529 6,785 10,108
-------------------------------------- ------- -------- -------- ---------- -------- ------------
Cash flows from investing activities
Purchases and construction
of investment properties - - (12,136)
Refurbishment of investment
properties (1,170) (11,555) (10,612)
Payments for leasehold property
improvements (2) (173) (498)
Purchases of fixtures, equipment
and motor vehicles (130) (257) (586)
Proceeds from sale of investment
properties 7,087 1,938 21,574
Proceeds from sale of fixed
assets - 33 61
Investments in joint ventures (6,994) (750) (4,250)
Distributions received from
joint ventures 206 321 1,031
Acquisition of non-listed
investments (150) (1,253) (1,950)
Net cash used in investing activities (1,153) (11,696) (7,366)
----------------------------------------------- -------- -------- ---------- -------- ------------
Cash flows from financing activities
(Repayment of)/proceeds
from non-current borrowings (1,935) 14,391 7,197
Dividends paid to shareholders - - (5,928)
Net cash (used in)/generated
from financing activities (1,935) 14,391 1,269
-------------------------------------- ------- -------- -------- ---------- -------- ------------
Net increase/(decrease)
in cash and cash equivalents 1,441 9,480 4,011
Cash and cash equivalents
at beginning of period 3,124 (887) (877)
-------------------------------------- ------- -------- -------- ---------- -------- ------------
Cash and cash equivalents
at end of period 4,565 8,593 3,124
-------------------------------------- ------- -------- -------- ---------- -------- ------------
The accompanying notes are an integral part of these condensed
consolidated interim financial statements.
Notes to the consolidated interim financial information
1. Financial information
General information
Town Centre Securities PLC (the "Company") is a public limited
company domiciled in the United Kingdom. Its shares are listed on
the main market of the London Stock Exchange. The address of its
registered office is Town Centre House, The Merrion Centre, Leeds
LS2 8LY. The principal activities of the Group during the period
remained those of property investment, development and trading and
the provision of car parking.
This interim financial information was approved by the board on
26 February 2018.
The comparative financial information for the year ended 30 June
2017 in this half-yearly report does not constitute statutory
accounts for that year. The statutory accounts for the year ended
30 June 2017 have been delivered to the Registrar of Companies. The
auditors' report on those accounts was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
Basis of preparation
These condensed consolidated financial statements have been
prepared in accordance with IAS 34, "Interim Financial Reporting",
as adopted by the European Union. They do not include all
disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the
accounts for the year ended 30 June 2017. The financial information
for the six months ended 31 December 2017 and 31 December 2016 is
unaudited.
Significant accounting policies
The accounting policies adopted are consistent with those of the
previous financial year.
The Group's financial performance is not seasonal.
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
There have been a number of IFRS and IFRIC amendments or
interpretations issued since the 2017 Accounts were published. The
impact of IFRS 15 Revenue from contracts with customers, IFRS 9
Financial instruments and IFRS 16 leases is being evaluated by the
directors. No other amendments or interpretations are expected to
have a material impact on the Group's reporting, other than in
respect of presentation and disclosure.
Use of estimates and judgements
There have been no changes in estimates of amounts reported in
prior periods which have a material impact on the current half year
period.
Going concern
The Directors have reviewed the cash flow forecasts of the Group
and the underlying assumptions on which they are based. The
Directors consider that the Group has adequate financial resources,
tenants with appropriate leases and covenants, and properties of
sufficient quality to enable them to conclude that the Company and
the Group will continue in operational existence for the
foreseeable future. The Group therefore continues to adopt the
going concern basis of accounting in preparing its consolidated
interim financial statements.
2. Segmental information
The chief operating decision-maker has been identified as the
Board. The Board reviews the Group's internal reporting in order to
assess performance and allocate resources. Management has
determined the operating segments based on these reports.
Segmental assets
31 December 31 December 30 June
2017 2016 2017
GBP000 GBP000 GBP000
----------------------------- ----------- -------
Property rental 364,211 367,024 353,620
Car park activities 30,640 28,880 29,773
Hotel operations 11,900 7,200 10,500
-------------------- ------- ----------- -------
Total assets 406,751 403,104 393,893
-------------------- ------- ----------- -------
Segmental results
Six months ended Six months ended
31 December 2017 31 December
2016
------------------------------------------
Property Car Hotel Property Car Hotel
park park
rental activities Investments Total rental activities Investments Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- -------- ---------- ----------- ------- -------- ---------- ------------- -------
Gross revenue 8,016 5,807 1,499 15,322 8,165 5,520 - 13,685
Service charge
income 1,290 - - 1,290 1,160 - - 1,160
Service charge
expenses (1,658) - - (1,658) (1,605) - - (1,605)
Property expenses (572) (3,260) (1,249) (5,081) (478) (3,070) - (3,548)
-------------------- -------- ---------- ----------- ------- -------- ---------- ------------- -------
Net revenue 7,076 2,547 250 9,873 7,242 2,450 - 9,692
Administrative
expenses (2,333) (460) - (2,793) (2,234) (392) - (2,626)
Other income 447 - - 447 539 - - 539
Share of post tax
profits
from joint ventures 366 - - 366 391 - - 391
-------------------- -------- ---------- ----------- ------- -------- ---------- ------------- -------
Operating profit
before
valuation movements 5,556 2,087 250 7,893 5,938 2,058 - 7,996
Valuation movement
on
investment
properties 3,869 - 1,400 5,269 (2,850) - - (2,850)
Reversal of
impairment
of car parking
assets - 800 - 800 - 1,000 - 1,000
Profit on disposal
of
investment
properties 1,198 - - 1,198 65 - - 65
Valuation movement
on
joint venture
properties 1,147 - - 1,147 154 - - 154
Operating profit 11,770 2,887 1,650 16,307 3,307 3,058 - 6,365
Finance costs (3,859) (3,766)
Profit before
taxation 12,448 2,599
Taxation - -
-------------------- -------- ---------- ----------- ------- -------- ---------- ------------- -------
Profit for the
period 12,448 2,599
-------------------- -------- ---------- ----------- ------- -------- ---------- ------------- -------
All results are derived from activities conducted in the United
Kingdom.
The results for the car park operations include the car park at
the Merrion Centre. As the value of the car park cannot be
separated from the value of the Merrion Centre as a whole, the full
value of the Merrion Centre is included within the assets of the
property rental business.
The car park results also include car park income from sites
that are held for future development. The value of these sites has
been determined based on their development value and therefore the
total value of these assets has been included within the assets of
the property rental business.
The total net revenue at the Merrion Centre and development
sites for the six months ended 31 December 2016, all arising from
car park operations, was GBP1,868,000 (2016: GBP1,698,000). After
allowing for an allocation of administrative expenses, the
operating profit at these sites was GBP1,531,000 (2016:
GBP1,380,000).
3. Finance costs
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP000 GBP000 GBP000
----------------------------------- ----------- -------
Interest on debenture loan
stock 2,849 2,849 5,698
Interest payable on bank
borrowings 880 884 1,896
Amortisation of arrangement
fees 130 250 456
Interest capitalised - (217) (411)
3,859 3,766 7,639
---------------------------- ----- ----------- -------
4. Dividends
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP000 GBP000 GBP000
---------------------------------- ----------- -------
2016 final dividend: 7.9p
per 25p share - 4,200 4,200
2017 interim dividend:
3.25p per 25p share - - 1,728
2017 final dividend: 8.25p
per 25p share 4,386 - -
--------------------------- ----- ----------- -------
4,386 4,200 5,928
--------------------------- ----- ----------- -------
A final dividend in respect of the year ended 30 June 2017 of
8.25p per share was approved at the Company's Annual General
Meeting (AGM) on 28 November 2017 and was paid to shareholders on 4
January 2018. This dividend comprised an ordinary dividend of 1.25p
per share and a Property Income Distribution (PID) of 7.00p per
share.
An interim dividend in respect of the year ending 30 June 2018
of 3.25p per share is proposed. This dividend, based on the shares
in issue at 26 February 2018, amounts to GBP1.7m which has not been
reflected in these interim accounts and will be paid on 22 June
2018 to shareholders on the register on 25 May 2018. This dividend
will be paid entirely as a PID.
5. Earnings per share
The calculation of basic earnings per share has been based on
the profit for the period, divided by the number of shares in
issue. The number of shares in issue during the period was
53,161,950 (2016: 53,161,950).
Six months Six months
ended ended
31 December 31 December Year ended
2017 2016 30 June 2017
-------------------------- --------------------- --------------------- ---------------------
Earnings Earnings Earnings
Earnings per share Earnings per share Earnings per share
GBP000 Pence GBP000 Pence GBP000 Pence
-------------------------- --------- ---------- --------- ---------- --------- ----------
Basic earnings
and
earnings per share 12,448 23.4 2,599 4.9 6,725 12.7
Valuation movement
on investment properties (5,269) (9.9) 2,850 5.4 2,085 3.9
Reversal of impairment
of car parking
assets (800) (1.5) (1,000) (1.9) (1,000) (1.9)
Valuation movement
on properties held
in joint ventures (1,147) (2.2) (154) (0.3) (471) (0.9)
Profit on disposal
of investment properties (1,198) (2.2) (65) (0.1) (303) (0.6)
-------------------------- --------- ---------- --------- ---------- --------- ----------
EPRA earnings and
earnings per share 4,034 7.6 4,230 8.0 7,036 13.2
-------------------------- --------- ---------- --------- ---------- --------- ----------
The calculation of EPRA earnings per share has been based on the
profit for the period, divided by the number of shares in issue
throughout the period. It has been disclosed to demonstrate the
effects of property disposal profits and losses, revaluation and
impairment movements and other non-recurring items on earnings.
6. Tangible fixed assets
(a) Investment properties - property rental business
Long
Freehold leasehold Development Total
GBP000 GBP000 GBP000 GBP000
---------------------------------------------- --------- ----------- --------
Valuation at 1 July 2016 273,010 22,701 29,602 325,313
Additions at cost 4,074 - - 4,074
Other capital expenditure 12,174 40 8,260 20,474
Interest capitalised 176 - 235 411
Disposals (18,596) - (2,675) (21,271)
(Deficit)/surplus on revaluation (6,444) (132) 4,491 (2,085)
Transfers 12,612 - (12,612) -
Movement in tenant lease incentives (145) - - (145)
------------------------------------ -------- --------- ----------- --------
Valuation at 1 July 2017 276,861 22,609 27,301 326,771
------------------------------------ -------- --------- ----------- --------
Capital expenditure 1,057 41 72 1,170
Disposals (6,316) - - (6,316)
(Deficit)/surplus on revaluation (2,968) (41) 8,278 5,269
Movement in tenant lease incentives 1,962 - - 1,962
Valuation at 31 December 2017 270,596 22,609 35,651 328,856
------------------------------------ -------- --------- ----------- --------
(b) Freehold and leasehold properties - car park activities
Freehold Leasehold Total
GBP000 GBP000 GBP000
-------------------------------- --------- ------
Valuation at 1 July
2016 2,000 19,075 21,075
Additions - 498 498
Depreciation - (178) (178)
Surplus on revaluation - 100 100
Reversal of impairment - 1,000 1,000
------------------------- ----- --------- ------
Valuation at 1 July
2017 2,000 20,495 22,495
------------------------- ----- --------- ------
Additions - 2 2
Depreciation - (85) (85)
Reversal of impairment 500 300 800
Valuation at 31 December
2017 2,500 20,712 23,212
------------------------- ----- --------- ------
The fair value of the Group's investment properties and freehold
and leasehold properties has been determined principally by
independent, appropriately qualified external valuers CBRE and
Jones Lang LaSalle. The remainder of the Group's properties have
been valued by the Property Director.
Valuations are performed bi-annually and are performed
consistently across the Group's whole portfolio of properties. At
each reporting date appropriately qualified employees verify all
significant inputs and review computational outputs. The external
valuers submit and present summary reports to the Property Director
and the Board on the outcome of each valuation round.
Valuations take into account tenure, lease terms and structural
condition. The inputs underlying the valuations include market
rents or business profitability, incentives offered to tenants,
forecast growth rates, market yields and discount rates and selling
costs including stamp duty.
The development properties principally comprise land in Leeds
and Manchester. These assets have been valued taking into account
the income from car parking and the Property Director's assessment
of their realisable value in their existing state and condition
based on market evidence of comparable transactions.
Property valuations can be reconciled to the carrying value of
the properties in the balance sheet as follows:
Investment Freehold
Properties and Leasehold
Properties Total
GBP000 GBP000 GBP000
--------------------------- ----------- -------------- -------
Externally valued by CB
Richard Ellis 200,125 - 200,125
Externally valued by Jones
Lang LaSalle 126,645 16,150 142,795
Investment and development
properties valued by the
Property Director 927 - 927
Finance lease obligations
capitalised 1,159 3,303 4,462
Leasehold improvements - 3,759 3,759
--------------------------- ----------- -------------- -------
At 31 December 2017 328,856 23,212 352,068
--------------------------- ----------- -------------- -------
All investment properties measured at fair value in the
consolidated balance sheet are categorised as level 3 in the fair
value hierarchy as defined in IFRS13 as one or more inputs to the
valuation are partly based on unobservable market data. In arriving
at their valuation for each property (as in prior periods) both the
independent valuers and the Property Director have used the actual
rent passing and have also formed an opinion as to the two key
unobservable inputs being the market rental for that property and
the yield (i.e. the discount rate) which a potential purchaser
would apply in arriving at the market value. Both these inputs are
arrived at using market comparables for the type, location and
condition of the property.
(c) Fixtures, equipment and motor vehicles
Accumulated Net book
Cost depreciation value
GBP000 GBP000 GBP000
-------------------- ------ ------------ --------
At 1 July 2016 4,373 2,222 2,151
Additions 586 - 586
Disposals (140) (103) (37)
Depreciation - 728 (728)
-------------------- ------ ------------ --------
At 1 July 2017 4,819 2,847 1,972
-------------------- ------ ------------ --------
Additions 130 - 130
Disposals (50) (41) (9)
Depreciation - 378 (378)
-------------------- ------ ------------ --------
At 31 December 2017 4,899 3,184 1,715
-------------------- ------ ------------ --------
7. Goodwill
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP000 GBP000 GBP000
--------------------------- ----------- ----------- -------
At start and end of period 4,024 4,024 4,024
--------------------------- ----------- ----------- -------
Goodwill represents the difference between the fair value of the
consideration paid on the acquisitions of car park businesses and
the fair value of the assets and liabilities acquired as part of
these business combinations.
8. Investments in joint ventures
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP000 GBP000 GBP000
------------------------------------------- ----------- ----------- -------
Interest in joint ventures
At start of period 27,852 25,093 25,093
Additions 6,994 750 4,250
Disposal of joint venture interest - - (1,800)
Dividends and other distributions received
in the year (206) (321) (1,033)
Share of profits after tax 1,513 545 1,342
At end of period 36,153 26,067 27,852
------------------------------------------- ----------- ----------- -------
Investments in joint ventures primary relates to the Group's
interest in the partnership capital of Merrion House LLP. The
investment property held within this partnership has been
externally valued by CBRE at each reporting date.
9. Called up equity share capital
Authorised
164,879,000 (30 June 2017: 164,879,000) ordinary shares of 25p
each.
Issued and fully paid Number Nominal
of shares value
000 GBP000
----------------------- ---------- -------
At 1 July and 31
December 2017 53,162 13,290
----------------------- ---------- -------
10. Cash flows from operating activities
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
GBP000 GBP000 GBP000
-------------------------------------- ----------- ----------- -------
Profit for the period 12,448 2,599 6,725
Adjustments for:
Depreciation 464 445 905
Profit on disposal of fixed assets - (8) (23)
Profit on disposal of investment
properties (1,198) (65) (303)
Finance costs 3,859 3,766 7,639
Share of joint venture profits
after tax (1,513) (545) (1,342)
Movement in revaluation of investment
properties (5,269) 2,850 2,085
Movement in lease incentives (1,962) 153 145
Reversal of impairment of car
parking assets (800) (1,000) (1,000)
Decrease in receivables 154 3,990 4,192
Increase/(decrease) in payables 2,205 (1,417) (864)
-------------------------------------- ----------- ----------- -------
Cash generated from operations 8,388 10,768 18,159
-------------------------------------- ----------- ----------- -------
11. Net asset value per share
Net asset value per share is calculated as the net assets of the
Group attributable to shareholders at each balance sheet date,
divided by the number of shares in issue at that date.
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2017 2016 2017
Net asset value (GBP'000) 199,289 188,470 191,078
--------------------------- ------------ ------------ -----------
Number of ordinary shares
in issue 53,161,950 53,161,950 53,161,950
--------------------------- ------------ ------------ -----------
Net asset value per share
(pence) 375p 355p 359p
--------------------------- ------------ ------------ -----------
12. Related party information
There have been no material changes in the related party
transactions described in the 2017 Accounts.
INDEPENDENT REVIEW REPORT TO TOWN CENTRE SECURITIES PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 December 2017 which comprises the Consolidated
Income Statement, Consolidated Statement of Comprehensive Income,
Consolidated Balance Sheet, Consolidated Statement of Changes in
Equity, Consolidated Cash Flow Statement and related notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of and
has been approved by the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European Union. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted
by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting its responsibilities in
respect of half-yearly financial reporting in accordance with the
Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority and for no other purpose. No person is entitled
to rely on this report unless such a person is a person entitled to
rely upon this report by virtue of and for the purpose of our terms
of engagement or has been expressly authorised to do so by our
prior written consent. Save as above, we do not accept
responsibility for this report to any other person or for any other
purpose and we hereby expressly disclaim any and all such
liability.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
December 2017 is not prepared, in all material respects, in
accordance with International Accounting Standard 34, as adopted by
the European Union, and the Disclosure and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
BDO LLP
Chartered Accountants
United Kingdom
26 February 2018
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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