REG - Circle Property PLC - Interim Results <Origin Href="QuoteRef">CRC.L</Origin> - Part 2
07/12/2017 07:05
- Part 2: For the preceding part double click ID:nRSG6252Ya
801,185 855,991 2,114,965
7 Finance income 6 months to 6 months to 30 September 2016 12 months to 31 March
30 September 2017 2017
(unaudited) (unaudited) (audited)
£ £ £
Bank interest 1,293 4,055 5,220
Loan interest - 42,487 43,291
1,293 46,542 48,511
8 Finance costs 6 months to 6 months to 30 September 2016 12 months to 31 March
30 September 2017 2017
(unaudited) (unaudited) (audited)
£ £ £
Swap interest - 70,880 70,880
Loan interest 512,518 566,679 1,060,234
Loan commitment fees 10,676 24,159 42,699
Loan arrangement fees 29,406 186,049 215,136
Fair value movement on interest rate swaps 625 (94,872) (95,565)
553,225 752,895 1,293,384
9 Taxation 6 months to 6 months to 30 September 2016 12 months to 31 March
30 September 2017 2017
(unaudited) (unaudited) (audited)
£ £ £
Current tax 171,315 53,733 77,031
Over provision of current tax in prior year (77,031) - -
Deferred tax charge / (credit) 57,942 8,164 (55,119)
Under provision of deferred tax credit in prior year (251,256) - -
(99,030) 61,897 21,912
10 Earnings per share
Basic earnings per share has been calculated on profit after tax
attributable to ordinary shareholders for the period (as shown
on the condensed consolidated statement of comprehensive income)
and the weighted average number of ordinary shares in issue
during the period.
6 months to 6 months to 30 September 2016 12 months to 31 March
30 September 2017 2017
(unaudited) (unaudited) (audited)
£ £ £
Profit for the period 8,664,263 8,212,405 9,944,297
Weighted average number of shares 28,296,762 28,296,762 28,296,792
Earnings per ordinary share: 0.31 0.29 0.35
In the opinion of the Board, treasury shares held to satisfy
share awards to management currently do not have any material
value and hence do not have any dilutive effect. Therefore no
diluted earnings per share has been presented.
11 Investment properties 30 September 2017 30 September 2016 31 March
2017
(unaudited) (unaudited) (audited)
£ £ £
Balance brought forward 93,025,000 77,735,000 77,735,000
Cost of additions to investment properties 2,926,114 1,356,410 3,912,856
Disposal of investment properties - - (1,000,000)
Gains on revaluation of investment properties 7,307,151 6,597,429 7,360,657
Lease incentive amortisation 266,735 4,736,161 5,016,487
Fair value of investment properties per valuation report 103,525,000 90,425,000 93,025,000
Unamortised lease incentives (7,237,400) (6,690,337) (6,970,664)
Closing fair value 96,287,600 83,734,663 86,054,336
The fair value of the Group's investment properties per the
Valuation Report amounted to £103,525,000. The difference
between the fair value of the investment properties per the
Valuation Report and the fair value per the balance sheet of
£7,237,400 relates to unamortised lease incentives which are
recorded in the financial statements within non-current and
current assets.
The Group has pledged all of its investment properties to secure
banking facilities granted to the Group as detailed in note 13.
The fair value of the Group's investment properties at 30
September 2017 has been arrived at on the basis of valuation
carried out by Savills (UK) Limited. The valuation was carried
out in accordance with the Practice Statements contained in the
Appraisal and Valuation Standards as published by the RICS. In
forming their opinion of the fair value, the independent
valuer's had regard to the current best use of the property, its
investment attributes and recent comparable transactions. The
valuation was carried out using the "All Risks Yield" method
taking into consideration both sales and rental evidence and
formulating the opinion of market value taking into account the
properties' locations, specifications and specific
characteristics.
12 Trade and other receivables 30 September 2017 30 September 2016 31 March
2017
(unaudited) (unaudited) (audited)
£ £ £
Non-current
Lease incentives 6,768,045 6,312,535 6,518,077
Current
Circle Property Trading (Maidstone) Limited - 148,398 -
Loan interest due from Circle Property Trading (Maidstone) - 64,489 -
Limited
Lease incentives 469,355 377,802 452,587
Amounts due from property agents 92,421 8,951 68,767
Amounts due from tenants 173,707 241,063 153,123
VAT 463,076 783,394 352,717
Other receivables 153,578 133,180 168,178
1,352,137 1,757,277 1,195,372
13 Borrowings 30 September 2017 30 September 2016 31 March
2017
(unaudited) (unaudited) (audited)
£ £ £
Brought forward 45,720,355 38,966,135 38,966,135
Loan repayments - (39,775,343) (39,775,343)
Loan drawdowns 3,181,005 45,053,385 46,529,563
Facility drawn down 48,901,360 44,244,177 45,720,355
Unamortised lending costs (100,525) (159,018) (129,932)
Total borrowings 48,800,835 44,085,159 45,590,423
The Group is party to a £50 million revolving facility with
National Westminster Bank plc. The facility has a three year
term with two options to extend for a further year, with a
drawdown loan to value of up to 55% of the gross portfolio value
and an interest rate of 1.85% over LIBOR.
Interest is charged at a rate of 0.74% on the undrawn loan
facility of £1,098,640 (2016: £5,755,823).
14 Trade and other payables 30 September 2017 30 September 2016 31 March
2017
(unaudited) (unaudited) (audited)
£ £ £
Trade payables 638,437 332,247 384,092
Property improvement costs 498,364 - 471,375
Wages and salaries 54,459 - 411,948
Deferred income 782,446 401,836 760,364
Rental deposit accounts 129,622 135,620 129,591
Loan interest payable 215,333 23,194 215,243
Valuation fee 18,000 18,000 36,000
Current taxation 171,315 53,733 77,031
Dividends payable - 21,509 -
Listing costs - - 63,885
2,507,976 986,139 2,549,529
15 Post balance sheet events
There have been no post balance sheet events that would require
disclosure or adjustment to these financial statements.
Registered Office, Officers and Registrars
Directors
Ian Henderson Non-Executive Chairman
John Arnold Chief Executive
Edward Olins Chief Operating Officer
The Duke of Roxburghe Non-Executive Director
James Hambro Non-Executive Director
Michael Farrow Non-Executive Director
Richard Hebert Non-Executive Director Resigned 21 September 2017
Timothy Scott Warren Non-Executive Director Appointed 21 September 2017
Company Secretary
Consortia Secretaries Limited
Registered Office
3rd Floor
Standard Bank House
47-49 La Motte Street
St Helier
Jersey
JE2 4SZ
Registrars
Computershare Investor Services (Jersey) Limited
Queensway House
Hillgrove Street
St Helier
Jersey
JE1 1ES
This information is provided by RNS
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