REG - Conygar Investmnt Co - Interim Results
27/05/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250527:nRSa8325Ja&default-theme=true
RNS Number : 8325J Conygar Investment Company PLC(The) 27 May 2025
27 May 2025
The Conygar Investment Company PLC
Interim results for the six months ended 31 March 2025
Summary
· Net asset value ("NAV") increased in the period by £2.7 million to
£63.8 million equating to 107.5p per share (30 September 2024: 103.0p per
share). This comprises a £6.3 million profit realised from the sales of
Holyhead Waterfront ("Holyhead") and Parc Cybi, both located in Anglesey, net
of operational, debt financing and administrative costs.
· The Barclays development loan, provided in connection with the
Winfield Court student accommodation at The Island Quarter in Nottingham
("TIQ"), has been restructured to extend the final repayment date from March
2025 to December 2025.
· Lettings at Winfield Court are progressing well for the upcoming
academic year as this highly rated student accommodation becomes more
established.
· Cash deposits have been boosted in the period by the net proceeds
received from the sales of Holyhead Waterfront and Parc Cybi. As at 31 March
2025, the Group had total cash deposits of £7.0 million, equating to 11.8p
per share (30 September 2024: £4.7 million (7.8p per share)).
· Revenues maintained and margins steadily increasing at The Island
Quarter's ("1 TIQ") restaurant and events venue despite the challenges being
experienced throughout the hospitality sector.
Group net assets summary
31 Mar 31 Mar 30 Sept
2024
2025 2024
£'m
£'m £'m
Properties 117.5 131.6 117.9
Cash 7.0 6.1 4.7
Borrowings (54.5) (40.8) (55.9)
ZDP shares (5.2) (4.6) (4.9)
Other net liabilities (0.7) (1.1) (0.4)
Net assets attributable to shareholders 64.1 91.2 61.4
Non-controlling interests (0.3) - (0.3)
Net assets 63.8 91.2 61.1
NAV per share 107.5p 153.0p 103.0p
Robert Ware, Chief Executive commented:
"Uncertainty, as a result of macroeconomic and geopolitical tensions, has
subdued investment volumes over the first three months of this year. However,
the continuation of rental growth, supported by a shrinking construction
pipeline, and the downward trajectory of lending rates should ensure the
improving performance for UK real estate is maintained throughout the
year.
With investors prioritising high quality and sustainable investments we are
optimistic that opportunities will evolve over the coming months and years
which should enable us to maximise the returns from The Island Quarter in
Nottingham and our other assets."
Enquiries:
The Conygar Investment Company PLC
Robert Ware, David Baldwin: 020 7258 8670
Panmure Liberum Limited (nominated adviser and broker)
Chris Clarke, Jamie Richards: 020 3100 2000
Temple Bar Advisory (public relations)
Alex Child-Villiers: 07795 425580
Sam Livingstone: 07769 655437
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.
This announcement is being made on behalf of the Company by David Baldwin,
Finance Director.
Chairman's and Chief Executive's statement
Progression and market update
Whilst 2024 ended on a relatively positive note for the real estate sector,
with commercial property investment activity picking up noticeably in the
final quarter, the impact of trade uncertainty and domestic cost pressures
have dampened a market that was already struggling to gain momentum amid
challenging macroeconomic conditions.
The positive effect on borrowing costs from the recent cut in the UK bank
rate, together with expectations of further cuts, should encourage an uptick
in investment activity later in the year. However, the inherent economic
uncertainty, arising as a result of frequent and unexpected US external policy
changes, will inevitably impact its progression.
Against this challenging backdrop, we have focussed our attention, during the
first half of this financial year, principally on stabilising the ongoing
activities of the Group, whilst continuing to seek out opportunities to enable
the further advancement, in particular of our mixed-use development site at
TIQ.
Results summary
The Group realised a profit in the six months to 31 March 2025 of £2.7
million. This was substantially derived from the profit achieved on sale of
its seabed and adjoining land at Holyhead in addition to the land at Parc
Cybi, net of operational, debt financing and administrative costs.
Holyhead and Parc Cybi were sold to Stena Line Ports Limited for combined
gross proceeds of £6.75 million to realise a profit for the Group, after sale
fees, of £6.3 million. The land at Parc Cybi was previously reported at its
cost of £0.4 million with Holyhead at £nil having been written down by £5
million in 2023.
Cash deposits and debt financing
The cash deposits of the Group have increased in the period from £4.7 million
at 30 September 2024 to £7.0 million at 31 March 2025 primarily as a result
of the £6.7 million net cash proceeds received from the sales of Holyhead and
Parc Cybi. These funds were part utilised to repay £3.0 million of the
Barclays development loan, provided in connection with the Winfield Court
student accommodation at TIQ, with the balance expected to be applied in
support of the ongoing operations of the Group.
In addition to the part repayment of the Barclays development loan, the
restructuring of this facility was completed in March 2025 to extend the final
repayment date to December 2025 and enable the further stabilisation of our
student accommodation development at Winfield Court. The revised terms include
a reduction in the total facility from £47.5 million to £43.6 million, an
increase in the loan to value ("LTV") covenant from 60 per cent to 62 per cent
and a reduction in the interest rate margin from 3.25 per cent to 2.0 per
cent, offset by the inclusion of a £0.5 million exit fee.
The Group is also party to a fully drawn £12 million loan facility from ASK
Partners, which in addition to the Barclays development loan are both
repayable later in the year. As such, we will be seeking to either repay from
asset sales or refinance these facilities over the coming months and are
currently advancing options in that regard.
TIQ
At Winfield Court, student lettings for the 2025 - 2026 academic year are
progressing well with the number of bookings substantially ahead of those
achieved at the equivalent time in the previous year. However, as a result of
the much-publicised reduction in student numbers attending UK universities, in
particular from overseas, the local Nottingham market for student
accommodation is becoming increasingly competitive. As such, our approach to
the incentives being offered to entice students to our development are
becoming ever more creative, including the provision of a dedicated branded
bus to transport Winfield Court students to each local university.
With the property having been fully operational throughout the current
academic year, our wider connections with local lettings agents, and the
incentive packages now fully considered we are becoming increasingly
optimistic about the future occupancy rates and returns from Winfield Court.
Furthermore, the underlying fundamentals for purpose-built student
accommodation remain robust, reflecting the continued positive investor
sentiment towards this sector.
Elsewhere at TIQ
At 1 TIQ, against a backdrop of economic uncertainty and subdued consumer
confidence the revenues derived from this venue in the first half of the year
have been maintained at £2.2 million with gross margins having improved by
approximately 2%. However, the Chancellor's decision to substantially increase
both the minimum wage and employer's national insurance contributions will
inevitably impact the returns over the second half of the year for the already
stretched hospitality sector.
In order to try and mitigate these higher operational costs we are looking at
options, including the possible use of the existing warehouses at TIQ, to
increase the capacity for our well attended events and would hope to have
further news in that regard later in the year.
Valuation
The fair value of TIQ has been considered by the Board by reference to any
changes in the assumptions set out in the reported 30 September 2024 Knight
Frank valuation, progression of the project and the recoverability of costs
incurred since that date. During the period, no planning permissions were
granted or developments advanced and the cash outlays in respect of the
project have been minimal. However, the sentiment within both the
purpose-built student accommodation ("PBSA") and residential build to rent
("BTR") sectors, which comprise approximately 65% by plot size of TIQ, remain
positive.
Furthermore, the results achieved in the period from the restaurant and events
operations at 1 TIQ are substantially in line with the same period for the
previous year and whilst we are anticipating a material uplift in the number
of student lettings and net operating income from Winfield Court for the
upcoming academic year this will only be confirmed later in the summer. As a
result, the fair value for TIQ is assumed to have been maintained throughout
the period at £107.2 million.
Other property assets
We remain confident as to the potential and range of opportunities offered by
our 203 acre brownfield site at Rhosgoch, classified as a special area in the
Anglesey freeport, and continue to progress discussions for its possible sale
later in the year.
Outlook
Uncertainty, as a result of macroeconomic and geopolitical tensions, has
subdued investment volumes over the first three months of this year. However,
the continuation of rental growth, supported by a shrinking construction
pipeline, and the downward trajectory of lending rates should ensure the
improving performance for UK real estate is maintained throughout the
year.
With investors prioritising high quality and sustainable investments we are
optimistic that opportunities will evolve over the coming months and years
which should enable us to maximise the returns from TIQ and our other
assets.
N J
Hamway
R T E Ware
Chairman
Chief Executive
Financial review
Net asset value
During the six months ended 31 March 2025, the Group's NAV increased by £2.7
million to £63.8 million (31 March 2024: £91.2 million; 30 September 2024:
£61.1 million). The primary gains in the period were a £6.3 million profit
from the sales of Holyhead and Parc Cybi, net income from the Group's
operational assets of £1.5 million and £0.6 million of property fair value
adjustments. These gains were partly offset by £2.7 million of administrative
costs, including £1.0 million of depreciation charges for the Group's
property, plant and equipment assets, and £3.0 million of debt financing
costs.
Cash flow and financing
At 31 March 2025, the Group had cash deposits of £7.0 million and net
borrowings, including the accrued capital entitlement of the ZDP shares, of
£59.7 million (31 March 2024: cash of £6.1 million and net borrowings of
£45.4 million; 30 September 2024: cash of £4.7 million and net borrowings of
£60.8 million).
The cash deposits of the Group have increased in the period by £2.3 million.
Cash inflows comprise £6.7 million received from the sales of Holyhead and
Parc Cybi in addition to net operational income, after administrative costs,
of £0.4 million, The cash inflows were partly offset by £2.7 million of debt
financing costs, £1.6 million of net bank loan repayments and £0.5 million
of costs incurred to complete the student accommodation development at
Winfield Court and progress future phases of TIQ.
As set out in the Chairman's and Chief Executive's statement the development
loan from Barclays was restructured in March 2025 to reduce the facility limit
to £43.6 million and extend the final repayment date until 23 December 2025.
The Group is also party to a fully drawn £12 million loan facility from ASK
which is repayable at the earliest by 15 November 2025. The facility includes
an option, at the lender's discretion, for a 12-month extension until November
2026.
In October 2023, the Group placed 5 million ZDP shares at a price of £1.00
each. The ZDP shares have a life of five years and a final capital entitlement
of 153.86 pence payable on 4 October 2028.
As at the date of this report the Group remains compliant with all of the
covenants as set out in the Barclays and ASK loan facilities and the ZDP
shares listing document.
Net income from property activities Six months ended Year ended
31 Mar 2025 31 Mar 2024 30 Sept
£'m
£'m
2024
£'m
Rental income - Winfield Court / Virgin Active gym 1.9 0.1 0.5
Restaurants and events income - 1 TIQ 2.2 2.2 5.4
Direct costs of rental income (0.9) (0.4) (0.3)
Property mobilisation costs - Winfield Court (0.1) - (0.6)
Direct costs of restaurants and events income (1.7) (1.7) (4.0)
1.4 0.2 1.0
Gross proceeds from the sales of Holyhead / Parc Cybi 6.8 - -
Cost of property sales (0.4) - -
Total net income arising from property activities 7.8 0.2 1.0
Administrative expenses
The administrative expenses for the period ended 31 March 2025 were £2.7
million, including £1.0 million of depreciation charges in connection with
the Group's property, plant and equipment assets (period ended 31 March 2024:
£2.3 million; year ended 30 September 2024: £4.6 million). The Board
continues to closely monitor these costs and have put into place arrangements
for their further reduction.
Taxation
No current tax is payable for the six months ended 31 March 2025 (period ended
31 March 2024: £nil; year ended 30 September 2024: £nil). The Group has
available tax losses, realised in prior years, to fully offset the taxable
profit arising in the current period.
The Directors have assessed the potential deferred tax liability of the Group
as at 31 March 2025 in respect of the chargeable gains that would be payable
if the investment properties were sold at their reported values. Based on the
unrealised chargeable gain of £nil as at 30 September 2024, and remaining as
at 31 March 2025, no deferred tax liabilities have been recognised.
As at 31 March 2025, the Group has further unused tax losses of £49.1 million
(31 March 2024: £51.9 million; 30 September 2024: £51.8 million) for which
no deferred tax asset has been recognised in the consolidated balance sheet.
Winfield Court, 1 TIQ and investment properties under construction
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'m
£'m
£'m
Winfield Court 70.5 82.6 70.5
1 TIQ 11.1 13.9 11.1
Land and buildings for future development 25.6 31.0 25.6
Virgin Active gym (freehold interest) (2) - 1.2 -
Total 107.2 128.7 107.2
(1) The Group's properties and investment properties under construction
were valued by the Company's directors at 31 March 2025 and 31 March 2024 and
by Knight Frank LLP, in their capacity as external valuers, as at 30 September
2024.
(2) The Virgin Active gym was reclassified in September 2024 from an
investment property to a trading property being marketed for sale.
Development and trading properties
31 Mar 31 Mar 30 Sept
2024
2025 2024
£'m
£'m £'m
Virgin Active gym, TIQ (2) 7.5 - 7.5
Rhosgoch 2.5 2.5 2.5
Parc Cybi (3) - 0.4 0.4
Holyhead boatyard (4) 0.3 - 0.3
Holyhead Waterfront (5) - - -
Total 10.3 2.9 10.7
(1) Development and trading properties are stated at the lower of cost and
net realisable value.
(2) In May 2024, the Group acquired the long-leasehold interest of the
site occupied by Virgin Active gym, located at TIQ. The freehold was already
owned by the Group with the leasehold purchased from Wood Pension fund.
(3) The Group's landholding at Parc Cybi was sold to Stena Line Ports
Limited in March 2025 for gross proceeds of £0.5 million to realise a profit
in the period of £0.1 million
(4) In September 2024, the Group settled a claim for unpaid rent due from
one of its tenants whereby the arrears outstanding of £0.33 million were
settled by way of a transfer to the Company of a boatyard and surrounding land
adjoining our previously owned site at Holyhead Waterfront.
(5) In March 2025, the Group disposed of its development land and
adjoining seabed at Holyhead to Stena Line Ports for gross proceeds of £6.25
million. As a result of planning delays, in addition to increased finance and
construction costs, the value of Holyhead was fully written down at 30
September 2023. This has resulted in a profit of £6.2 million being realised
in the current period.
Going concern
The Group's liquidity and cash flow forecasts, looking ahead up to two years,
are considered at each Board meeting along with a review of tenant covenants
and rental collection performance. The Group expects to progress its pipeline
of development projects, in particular at TIQ, as and when it has available
resource. In order to continue with the long-term progression of these
projects, the Group will need to raise substantial amounts either as debt,
through asset sales or from joint ventures and are continuing discussions in
that regard.
As set out above, and as at the date of this report, the Group remains
compliant with all of the covenants set out in the Barclays and ASK loan
facilities and the ZDP shares listing document. However, as the restructured
£43.6 million Barclays development loan and £12 million loan facility from
ASK both expire by the end of this year, the Directors will need, over the
coming year, to either sell property assets or arrange alternative debt or
equity financing to enable their repayment.
Given the steadily improving real estate market and recent uplift in
approaches from potential buyers and investors in connection with our property
assets we remain confident of achieving a suitable outcome in this regard as
well as obtaining further working capital for the Group.
As such, the Directors have a reasonable expectation that the Company has, at
present, and will obtain, as required, adequate resources to continue in
operational existence for at least twelve months and so for this reason, they
continue to adopt the going concern basis in preparing the financial
statements.
Consolidated statement of comprehensive income
For the six months ended 31 March 2025
Six months ended Year ended
Note 31 Mar 2025 31 Mar 2024 30 Sept
£'000 £'000 2024
£'000
Rental income 3 1,905 112 549
Restaurant and events income 2,231 2,151 5,367
Other income - - 25
Proceeds on sale of development and trading properties 11 6,750 - -
Revenue 10,886 2,263 5,941
Direct costs of rental income (855) (353) (318)
Direct costs of restaurant and events income (1,712) (1,691) (3,956)
Property mobilisation costs (85) - (623)
Costs on sale of development and trading properties (428) - -
Development / other project costs written off - (1,444) (1,467)
Direct costs (3,080) (3,488) (6,364)
Gross profit / (loss) 7,806 (1,225) (423)
Fair value adjustment of property 9 696 - (2,704)
Fair value adjustment of investment properties 10 (117) - (25,597)
under construction
Administrative expenses (2,726) (2,346) (4,565)
Operating profit / (loss) 5,659 (3,571) (33,289)
Finance costs 5 (3,019) (427) (994)
Finance income 5 59 157 331
Profit / (loss) before taxation 2,699 (3,841) (33,952)
Taxation 6 - - -
Profit / (loss) and total comprehensive 2,699 (3,841) (33,952)
credit / (charge) for the period
Attributable to non-controlling interests 1 - (283)
Attributable to shareholders of the Company 2,698 (3,841) (33,669)
Basic and diluted profit / (loss) per share 8 4.52p (6.44)p (56.46)p
All of the activities of the Group are classed as continuing.
Consolidated statement of changes in equity
For the six months ended 31 March 2025
Share Capital Retained Total Non- Total
capital
redemption
earnings
£'000
controlling
equity £'000
£'000
reserve
£'000
interests
£'000
£'000
Changes in equity for the
six months ended 31 March 2024
At 1 October 2023 2,982 3,928 88,162 95,072 - 95,072
Loss for the period - - (3,841) (3,841) - (3,841)
Total comprehensive charge for the period - - (3,841) (3,841) - (3,841)
At 31 March 2024 2,982 3,928 84,321 91,231 - 91,231
Changes in equity for the
year ended 30 September 2024
At 1 October 2023 2,982 3,928 88,162 95,072 - 95,072
Loss for the year - - (33,669) (33,669) (283) (33,952)
Total comprehensive charge for the - - (33,669) (33,669) (283) (33,952)
year
At 30 September 2024 2,982 3,928 54,493 61,403 (283) 61,120
Changes in equity for the
six months ended 31 March 2025
At 1 October 2024 2,982 3,928 54,493 61,403 (283) 61,120
Profit for the period - - 2,698 2,698 1 2,699
Total comprehensive credit for the period - - 2,698 2,698 1 2,699
At 31 March 2025 2,982 3,928 57,191 64,101 (282) 63,819
Consolidated balance sheet
As at 31 March 2025
Note 31 Mar 2025 31 Mar 2024 30 Sept
£'000 £'000 2024
£'000
Non-current assets
Property, plant and equipment 9 82,435 14,999 82,599
Investment properties under construction 10 25,550 114,748 25,550
107,985 129,747 108,149
Current assets
Development and trading properties 11 10,330 2,880 10,710
Inventories 12 85 77 95
Trade and other receivables 13 1,851 1,026 3,140
Tax asset 28 28 28
Cash and cash equivalents 7,014 6,122 4,665
19,308 10,133 18,638
Total assets 127,293 139,880 126,787
Current liabilities
Trade and other payables 14 3,823 3,210 4,876
Bank borrowings 16 54,402 - 44,236
58,225 3,210 49,112
Non-current liabilities
Bank borrowings 16 - 40,785 11,614
ZDP shares 17 5,249 4,654 4,941
5,249 45,439 16,555
Total liabilities 63,474 48,649 65,667
Net assets 63,819 91,231 61,120
Equity
Called up share capital 18 2,982 2,982 2,982
Capital redemption reserve 3,928 3,928 3,928
Retained earnings 57,191 84,321 54,493
Equity attributable to shareholders of the Company 64,101 91,231 61,403
Non-controlling interests (282) - (283)
Total equity 63,819 91,231 61,120
Net assets per share 20 107.5p 153.0p 103.0
Consolidated cash flow statement
For the six months ended 31 March 2025
Six months ended Year ended
31 Mar 2025 31 Mar 2024 30 Sept
£'000 £'000 2024
£'000
Cash flows from operating activities
Operating profit / (loss) 5,659 (3,571) (33,289)
Fair value adjustment of investment properties held for construction 117 - 25,597
Fair value adjustment of property (696) - 2,704
Development and other project costs written off - 1,444 1,467
Profit on sale of development and trading properties (6,322) - -
Depreciation of property, plant and equipment 993 306 628
Cash flows from operations before changes in working capital (249) (1,821) (2,893)
Decrease in inventories 10 33 15
Decrease / (increase) in trade and other receivables 1,289 (523) (2,659)
Additions to development and trading properties (4) (78) (6,711)
Proceeds from sale of development and trading properties 6,750 - -
(Decrease) / increase in trade and other payables (652) (631) 2,243
Net cash flows generated from / (used in) operations 7,144 (3,020) (10,005)
Cash flows from investing activities
Additions to investment properties (483) (19,689) (26,209)
Additions to plant machinery and office equipment (43) (184) (315)
Finance income 59 157 331
Cash flows used in investing activities (467) (19,716) (26,193)
Cash flows from financing activities
Net (repayment) / drawdown of bank loans (1,637) 23,888 38,287
Bank loan arrangement fees (20) (566) (616)
Gross proceeds from issue of ZDP shares - 5,000 5,000
ZDP arrangement fees - (660) (660)
Interest paid (2,671) (1,480) (3,824)
Cash flows (used in) / generated from financing activities (4,328) 26,182 38,187
Net increase in cash and cash equivalents 2,349 3,446 1,989
Cash and cash equivalents at the start of the period 4,665 2,676 2,676
Cash and cash equivalents at the end of the period 7,014 6,122 4,665
Notes to the interim results
1. General information
The Conygar Investment Company PLC ("the Company") is incorporated in the
United Kingdom and domiciled in England and Wales, is registered at Companies
House under registration number 04907617, listed on the AIM market of the
London Stock Exchange and limited by shares.
The financial information set out in this report covers the six months to 31
March 2025, with comparative amounts shown for the six months to 31 March 2024
and the year to 30 September 2024, and includes the results and net assets of
the Company and its subsidiaries, together referred to as the Group.
Further information about the Group and Company can be found on its website
www.conygar.com.
2. Basis of preparation
The interim financial statements have been prepared in accordance with
International Accounting Standard ("IAS") 34 Interim Financial Reporting. The
accounting policies used in preparing the condensed financial information are
consistent with those of the annual financial statements for the year ended 30
September 2024 other than the mandatory adoption of new standards, revisions
and interpretations that are applicable to accounting periods commencing on or
after 1 October 2024, as detailed in the annual financial statements.
The condensed financial information for the six-month period ended 31 March
2025 and the six-month period ended 31 March 2024 has been reviewed but not
audited and does not constitute full financial statements within the meaning
of section 435 of the Companies Act 2006.
The financial information for the year ended 30 September 2024 does not
constitute the Group's statutory accounts for that period, but it is derived
from those accounts. Statutory accounts for the year ended 30 September 2024
have been delivered to the Registrar of Companies. Saffery LLP reported on
those accounts, their report was unqualified and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The board of directors approved the above results on 23 May 2025.
Copies of the interim report may be obtained from the Company Secretary, The
Conygar Investment Company PLC, Fora - Brock House, 19 Langham Street, London,
W1W 7NY.
3. Rental income
Six months ended Year ended
31 Mar 2025 31 Mar 2024 30 Sept
£'000 £'000 2024
£'000
Income from operating leases 1,905 112 549
4. Segmental information
IFRS 8 "Operating Segments" requires the identification of the
Group's operating segments which are defined as being discrete components of
the Group's operations whose results are regularly reviewed by the Board. The
Group divides its business into the following segments:
· Properties held for capital appreciation, rental income or both; and,
· Development properties, which include sites and developments under
construction held for sale in the ordinary course of business.
· Food, beverage and events operations.
· Other, which includes items that do not fall into any one particular
segment but are instead applicable to the Group as a whole, including cash
balances and the ZDP shares.
Balance sheet
As at 31 March 2025 As at 31 March 2024
Property Development Food, Other Group Property Development Food,
£'000
properties
beverage
£'000
£'000
properties
beverage
£'000
and events total
£'000
and events Other Group
£'000
£'000
£'000
total
£'000
£'000
Property, plant 70,500 - 11,935 - 82,435 - 14,999 - 14,999
and equipment _
Investment properties 25,550 - - - 25,550 114,748 - - - 114,748
Development and - 10,330 - - 10,330 - 2,880 - - 2,880
trading properties
96,050 10,330 11,935 - 118,315 114,748 2,880 14,999 - 132,627
Other assets 2,309 612 429 5,628 8,978 456 80 346 6,371 7,253
Total assets 98,359 10,942 12,364 5,628 127,293 115,204 2,960 15,345 6,371 139,880
Liabilities (49,565) (7,675) (634) (5,600) (63,474) (42,680) (36) (924) (5,009) (48,649)
Net assets 48,794 3,267 11,730 28 63,819 72,524 2,924 14,421 1,362 91,231
Income statement
Six months ended 31 March 2025 Six months ended 31 March 2024
Property Development Food, Other Group Property Development Food,
£'000
properties
beverage
£'000
£'000
properties
beverage
£'000
and events total
£'000
and events Other Group
£'000
£'000
£'000
total
£'000
£'000
Revenue 1,598 7,057 2,231 - 10,886 54 57 2,152 - 2,263
Direct costs (945) (423) (1,712) - (3,080) (305) (98) (1,691) (1,394) (3,488)
Gross profit / (loss) 653 6,634 519 - 7,806 (251) (41) 461 (1,394) (1,225)
Fair value adjustment of property 613 - 83 - 696 - - - - -
Fair value adjustment of investment property (117) - - - (117) - - - - -
Administrative expenses - - (908) (1,818) (2,726) - - (780) (1,566) (2,346)
Operating profit / (loss) 1,149 6,634 (306) (1,818) 5,659 (251) (41) (319) (2,960) (3,571)
Finance costs (2,356) (356) - (307) (3,019) - - - (427) (427)
Finance income - - - 59 59 - - - 157 157
(Loss) / profit (1,207) 6,278 (306) (2,066) 2,699 (251) (41) (319) (3,230) (3,841)
before taxation
Taxation - - - - - - - - - -
(Loss) / profit (1,207) 6,278 (306) (2,066) 2,699 (251) (41) (319) (3,230) (3,841)
after taxation
5. Finance costs and finance income
Finance costs Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Bank loan interest 2,434 1,483 3,803
Bank loan commitment fees 14 116 155
Bank loan management and monitoring fees 7 18 34
Accrued capital entitlement of ZDP shares 244 221 446
Amortisation of bank loan / ZDP shares arrangement fees 320 505 1,282
Total finance costs 3,019 2,343 5,720
Capitalisation of finance costs (note 10) - (1,916) (4,726)
Net finance costs 3,019 427 994
Finance costs that are directly attributable to the construction or
advancement of future phases at TIQ, comprising bank loan interest, commitment
fees, management fees, monitoring fees and amortised loan arrangement fees,
are capitalised as incurred into investment properties under construction.
Finance costs that are attributable to the operational activities of the Group
and income generating assets, including Winfield Court and the Virgin Active
gym, are charged to the income statement. The construction of Winfield Court
completed in the summer of 2024 and so all finance costs incurred up to 30
September 2024, in connection with that development, were capitalised.
Finance income Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Bank interest receivable 59 157 331
6. Taxation
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Current tax - - -
Deferred tax - - -
Total tax - - -
Deferred tax
The Directors have assessed the potential deferred tax liability of the Group
in respect of chargeable gains that would be payable if the investment
properties were sold at their reported values at each period end. Based on the
unrealised chargeable gain of £nil at 31 March 2025, 30 September 2024 and 31
March 2024 no deferred tax liability has been recognised.
The Group will recognise a deferred tax asset for tax losses, held by group
undertakings, where the Directors believe it is probable that such an asset
will be recovered. No deferred tax assets were recognised in any of the
periods set out in this interim report.
As at 31 March 2025, the Group has further unused losses of £49.1 million (31
March 2024: £51.9 million; 30 September 2024: £51.8 million) for which no
deferred tax asset has been recognised in the consolidated balance sheet.
7. Dividends
No dividends will be paid in respect of the six-month period ended 31 March
2025 and none were paid in the six-month period ended 31 March 2024 or the
year ended 30 September 2024.
8. Profit / (loss) per share
Profit / (loss) per share is calculated as the profit attributable to ordinary
shareholders of the Company for the period ended 31 March 2025 of £2,698,000
(period ended 31 March 2024: loss of £3,841,000; year ended 30 September
2024: loss of £33,669,000) divided by the weighted average number of shares
in issue throughout each period of 59,638,588. There are no diluting amounts
in either the current or prior periods.
9. Property, plant and equipment
Property
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start of the period 81,650 14,000 14,000
Reclassification from investment - - 70,500
properties under construction (note 10)
Additions 90 76 116
Depreciation (786) (131) (262)
Fair value adjustment 696 - (2,704)
At the end of the period 81,650 13,945 81,650
The Group's investment in property comprises the restaurant and events venue
at 1 TIQ and the Winfield Court student accommodation. As at 30 September
2024, the then operational student accommodation was reclassified, at fair
value, from an investment property under construction to property, plant and
equipment. The fair value on reclassification was derived from the 30
September 2024 valuation, as provided by Knight Frank LLP.
Land and buildings are stated at revalued amounts less any depreciation or
impairment losses subsequently accumulated. Land is not depreciated.
Depreciation on revalued buildings is recognised using the straight-line basis
and results in the carrying amount, less the residual value, being expensed
through the income statement over their estimated useful lives of 50 years.
Whilst the ongoing letting of Winfield Court for the 2025 - 2026 academic year
is materially ahead of the number of lettings achieved at the same point in
the previous year, the directors will only look to recognise any resulting
valuation uplift once the final position is confirmed later this year.
Furthermore, the results from 1 TIQ for the six months ended 31 March 2025 are
in line with those achieved over the same period in the prior year. As such,
the fair values for Winfield Court and 1 TIQ have been maintained at 31 March
2025 at the same values, as provided by Knight Frank LLP at 30 September 2024.
As at 30 September 2024, Winfield Court and 1 TIQ were valued by Knight Frank
LLP in their capacity as external valuer. The valuations were prepared on a
fixed fee basis, independent of the property value and undertaken in
accordance with RICS Valuation - Global Standards on the basis of fair value,
supported by reference to market evidence of transaction prices for similar
properties. They assumed a willing buyer and a willing seller in an arm's
length transaction and reflected usual deductions in respect of purchaser's
costs and SDLT as applicable at the valuation date. The independent valuer
made various assumptions including future rental income, anticipated void
costs and the appropriate discount rate or yield.
Plant and equipment
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start of the period 949 1,116 1,116
Additions 44 113 199
Depreciation (208) (175) (366)
At the end of the period 785 1,054 949
During the current period and prior year, the Group acquired plant, machinery
and office equipment required to operate the restaurant, beverage and events
venue at 1 TIQ and provide gym equipment for Winfield Court.
Depreciation is recognised so as to write off the cost of these assets, over
their estimated useful economic lives, using the straight-line method at 25%
per annum.
10. Investment properties under construction
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start of the period 25,550 96,350 96,350
Additions 117 16,482 21,771
Capitalisation of finance costs (note 5) - 1,916 4,726
Reclassification under finance lease (note 11) - - (1,200)
Fair value adjustments (117) - (25,597)
Reclassification to property, plant and equipment (note 9) - - (70,500)
At the end of the period 25,550 114,748 25,550
Investment properties under construction comprise freehold land and buildings
at TIQ which are held for current or future development as investment
properties and reported in the balance sheet at fair value.
Valuations of the Group's investment properties under construction are
inherently subjective as they are based on assumptions which may not prove to
be accurate and which, as a result, are subject to material uncertainty. This
is particularly true for TIQ given its scale, lack of comparable evidence and
the early-stage position of this substantial development. As such, relatively
small changes to the underlying assumptions of key parameters, such as rental
levels, net initial yields, construction costs, finance costs and void periods
can have a significant impact both positively and negatively on the resulting
valuation as evidenced in the prior year.
As set out in the Chairman's and Chief Executive's statement, the reported
fair value of TIQ as at 31 March 2025 has been provided by the Board by
reference to any changes in the assumptions set out in the reported 30
September 2024 valuation provided by Knight Frank LLP, progression of the
project and the recoverability of costs incurred since that date. During the
period, no planning permissions were granted or developments advanced and the
cash outlays in respect of the project have been minimal. However, the
sentiment within both the purpose-built student accommodation ("PBSA") and
residential build to rent ("BTR") sectors, which comprise approximately 65% by
plot size of TIQ, remain positive.
Furthermore, the positive effect on borrowing costs from the recent cut in the
UK bank rate, together with expectations of further cuts, should improve
property valuations over time. However, its immediate effect has been dampened
by the inherent economic uncertainty such that no valuation uplift has been
assumed in that regard at 31 March 2025. As the assumptions, when appraised as
a whole, are not considered by the Board to be materially different to those
envisaged as at 30 September 2024 the fair value has been maintained at the
same value reported at 30 September 2024 of £25.55 million.
In preparing their 30 September 2024 valuation, Knight Frank utilised market
and site-specific data, their own extensive knowledge of the real estate
sector, professional judgement and other market observations as well as
information provided by the Company's executive directors. The resulting
models and assumptions therein were also reviewed for overall reasonableness
by the Conygar Board. Inevitably in a complex model like this, and as noted
above, variations in assumptions can lead to widely differing values.
The Knight Frank LLP valuation at 30 September 2024 was prepared on a fixed
fee basis, independent of the property value and undertaken in accordance with
RICS Valuation - Global Standards on the basis of fair value, supported by
reference to market evidence of transaction prices for similar properties. It
assumed a willing buyer and a willing seller in an arm's length transaction
and reflected usual deductions in respect of purchaser's costs and SDLT as
applicable at the valuation date. The independent valuer made various
assumptions including future rental income, anticipated void costs and the
appropriate discount rate or yield.
The fair value of TIQ has been determined using an income capitalisation
technique whereby contracted rent and market rental values are capitalised
with a market capitalisation rate. This technique is consistent with the
principles in IFRS 13 and uses significant unobservable inputs, such that the
fair value has been classified in all periods as Level 3 in the fair value
hierarchy as defined in IFRS 13. For TIQ, the key unobservable inputs are the
net initial yields, construction costs, rental income rates, construction
financing costs and expiry void periods. Principal sensitivities of
measurement to variations in the significant unobservable outputs are that
decreases in net initial yields, construction costs, financing costs and void
periods will increase the fair value whereas reductions to rental income rates
would decrease the fair value.
As at 30 September 2024, the then operational, student accommodation at
Winfield Court was reclassified, at fair value, from an investment property
under construction to property, plant and equipment. The fair value on
reclassification was derived from the 30 September 2024 valuation, as provided
by Knight Frank LLP.
On 16 May 2024, a wholly owned subsidiary of the Company granted a 999-year
lease of the site occupied by the Virgin Active gym at TIQ to another
wholly-owned subsidiary at a premium of £1.2 million, being the market value
at the time of transfer. As the lease covers the major part of the building's
anticipated economic life, and the present value of the residual interest is
insignificant, the lease has been treated as a finance lease. As such, the
previously anticipated investment property was reported as disposed of at its
carrying value of £1.2 million and reclassified as a trading property being
marketed for sale.
The historical cost of the Group's investment properties under construction as
at 31 March 2025 was £43,344,000 (31 March 2024: £107,596,000; 30 September
2024: £43,227,000).
11. Development and trading properties
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start of the period 10,710 2,880 2,880
Reclassification under finance lease (note 10) - - 1,200
Additions (1) - 50 6,683
Disposals (2) (380) - -
Development costs written off - (50) (53)
At the end of the period 10,330 2,880 10,710
1. On 16 May 2024, a wholly-owned subsidiary of the Company acquired
the long-leasehold interest of the site occupied by Virgin Active gym, located
at TIQ. The freehold of the site was already owned by the Group, with the
leasehold purchased from Wood Pension fund. The gross purchase price of £5.9
million (£6.3 million, including fees and taxes) was funded by way of the
drawing down of the second tranche of the ASK debt facility.
On 10 September 2024, the Group settled a claim for unpaid rent due from one
of its tenants whereby the arrears outstanding of £0.33m were settled by way
of a transfer to the Company of a boatyard and surrounding land adjoining our
development site in Holyhead. The boatyard is operational, currently storing
circa 120 boats, and generating gross rents, before operational costs, of
approximately £200,000 per annum. As part of the settlement agreement, the
Group has granted a 3 year lease of the boatyard, at a peppercorn rent, to the
same tenant whereby the funds generated over that 3 year period will be
utilised by the tenant in the repair of previously damaged pontoons. On expiry
of the lease, the Company will take occupation of and receive the full benefit
of the income generated from the boatyard.
2. The Group's development site at Holyhead, which was fully written
down in 2023, was sold in March 2025 for gross proceeds of £6.25 million.
The Group's development site at Parc Cybi, which was reported at its historic
cost of £0.38 million, was sold in March 2025 for gross proceeds of £0.5m.
Development and trading properties are reported in the balance sheet at the
lower of cost and net realisable value. The net realisable value of properties
held for development requires an assessment of the underlying assets using
property appraisal techniques and other valuation methods. Such estimates are
inherently subjective as they are made on assumptions which may not prove to
be accurate and which can only be determined in a sales transaction.
12. Inventories
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Food and drink 85 77 95
Inventories recognised as an expense in the period ended 31 March 2025
totalled £597,000 (period ended 31 March 2024: £638,000; year ended 30
September 2024: £1,463,000).
13. Trade and other receivables
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Trade receivables 947 104 2,471
Other receivables 137 540 122
Prepayments and accrued income 767 382 547
1,851 1,026 3,140
Trade and other receivables are measured on initial recognition at fair value,
and are subsequently measured at amortised cost using the effective interest
rate method, less any impairment. Impairment is calculated using an expected
credit loss model.
Group trade receivables, as at 31 March 2025, includes £0.9 million of rent
charged annually in advance, to the tenants at Winfield Court, to be collected
by instalments over the current academic year (30 September 2024: rent in
advance of £2.4 million).
14. Trade and other payables
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Social security and payroll taxes 133 131 139
Trade payables 657 1,890 518
Other payables 1,402 345 413
Accruals and deferred income 1,631 844 3,806
3,823 3,210 4,876
Trade and other payables are recognised initially at fair value, and are
subsequently measured at amortised cost using the effective interest rate
method.
Other payables, as at 31 March 2025, comprise VAT due to HMRC, including £1.3
million of VAT received on the sales of Holyhead Waterfront and Parc Cybi
which was paid to HMRC in May 2025.
Deferred income, as at 31 March 2025, includes £1.2 million of deferred rent,
charged annually in advance to the tenants at Winfield Court, and collected by
4 instalments over the current academic year (30 September 2024: deferred rent
of £3.1 million).
15. Provision for liabilities and charges
The Group is party to a services agreement in connection with TIQ which
expires on 30 June 2025. Any fee payable under this agreement is calculated by
reference to the value of TIQ at each balance sheet date after allowing for a
priority return and applicable costs. As a result of the reduction in value of
the Group's properties at 30 September 2024 no fee is expected to be paid
under this agreement.
16. Borrowings
Barclays
31 Mar 2025 30 Sept 2024
Drawn £'000 Undrawn £'000 Total £'000 Drawn £'000 Undrawn £'000 Total £'000
At the start of the period 44,320 3,180 47,500 18,033 29,467 47,500
Cancelled in the period - (900) (900) - - -
Repaid in the period (3,000) - (3,000) - - -
Drawdown in the period 1,364 (1,364) - 26,287 (26,287) -
At the end of the period 42,684 916 43,600 44,320 3,180 47,500
Less unamortised loan arrangement fees (67) - (67) (84) - (84)
42,617 916 43,533 44,236 3,180 47,416
ASK
31 Mar 2025 30 Sept 2024
Drawn £'000 Undrawn £'000 Total £'000 Drawn £'000 Undrawn £'000 Total £'000
At the start of the period 12,000 - 12,000 - - -
New facility in the period - - - 12,000 - 12,000
At the end of the period 12,000 - 12,000 12,000 - 12,000
Less unamortised loan arrangement fees (215) - (215) (386) - (386)
11,785 - 11,785 11,614 - 11,614
Total borrowings
31 Mar 2025 30 Sept 2024
Drawn £'000 Undrawn £'000 Total £'000 Drawn £'000 Undrawn £'000 Total £'000
At the start of the period 56,320 3,180 59,500 18,033 29,467 47,500
Cancelled in the period - (900) (900) - - -
Repaid in the period (3,000) - (3,000) - - -
Drawdown in the period 1,364 (1,364) - 26,287 (26,287) -
New facility in the period - - - 12,000 - 12,000
At the end of the period 54,684 916 55,600 56,320 3,180 59,500
Less unamortised loan arrangement fees (282) - (282) (470) - (470)
Total borrowings 54,402 916 55,318 55,850 3,180 59,030
Repayable in less than one year 54,402 44,236
Repayable in more than one year - 11,614
54,402 55,850
On 23 March 2025, the development loan provided by Barclays was restructured
to extend the final repayment date of the loan from 23 March 2025 to 23
December 2025. This will enable the further letting and stabilisation of
Winfield Court, provided as security for the loan.
In addition, the total facility amount was reduced from £47.5
million to £43.6 million, the loan to value ("LTV") covenant increased from
60 per cent to 62 per cent and the interest rate margin payable on the loan
reduced from 3.25 per cent to 2.0 per cent to be offset by the inclusion of
a £0.5 million exit fee.
On 16 November 2023, the Group entered into a £12 million loan facility with
ASK. The loan is for an initial term of two years with interest paid at the
Bank of England base rate plus a margin of 5.9 per cent. The funds have been
utilised primarily to progress TIQ, including the acquisition in May 2024 of
the long-leasehold interest in the Virgin Active gym.
The Group remains compliant with all of the Barclays and ASK loan covenants at
the date of this report and will look to progress the repayment or refinancing
of these facilities, as required, later in the year.
Reconciliation of liabilities to cash flows from financing activities
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Bank borrowings at the start of the period 55,850 17,200 17,200
Cash flows from financing activities:
Bank borrowings repaid (3,000) - -
Bank borrowings drawn 1,364 23,888 38,287
Loan arrangement fees paid (67) (601) (616)
Non-cash movements:
Amortisation of loan arrangement fees 256 298 1,013
Movement in loan arrangement fee liabilities (1) - (34)
Bank borrowings at the end of the period 54,402 40,785 55,850
Repayable in less than one year 54,402 - 44,236
Repayable in more than one year - 40,785 11,614
54,402 40,785 55,850
17. ZDP shares
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start of the period 4,941 - -
Net proceeds from issue of 5 million ZDP shares - 4,226 4,226
Amortisation of issue costs 64 206 269
Accrued capital 244 222 446
At the end of the period 5,249 4,654 4,941
On 3 October 2023, the Group placed 5 million ZDP shares, at a price of £1.00
per ZDP share (the "issue price"). The ZDP shares have a life of five years
and a final capital entitlement of 153.86 pence per ZDP share payable on 4
October 2028 (the "ZDP repayment date"), equivalent to a gross redemption
yield of 9.0 per cent. per annum on the issue price.
The accrued capital entitlement of each ZDP share was 113.81p as at 31 March
2025.
The ZDP shares were admitted to the Official List of The International Stock
Exchange on 4 October 2023. The ISIN number of the ZDP Shares is GB00BMGBHD21
and the SEDOL code is BMH6RG9.
The fair value of the ZDP shares at 31 March 2025, based on the quoted bid
price at that date, was £5,420,000.
The ZDP shares do not carry the right to vote at general meetings of the
Company, although they carry the right to vote as a class on certain proposals
which would be likely to materially affect their position.
In line with the requirement, as set out in the listing document, the ZDP
cover was 2.0 times as at 31 March 2025.
18. Share capital
Number of shares allotted and called up: Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start and end of each period 59,638,588 59,638,588 59,638,588
Nominal value of Ordinary shares of 5p each: Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
At the start and end of each period 2,982 2,982 2,982
19. Capital commitments
As at 31 March 2025, the Group had contracted capital commitments, not
provided for in the financial statements, of £1.8 million (31 March 2024:
£5.1 million; 30 September 2024: £1.9 million) which are expected to be
incurred in the next financial year. £0.9 million relates to a section 106
contribution and £0.9 million to the contractor's retention both payable in
connection with Winfield Court. The section 106 contribution is to be funded
by way of a further drawdown from the remaining Barclays development loan
facility and the contractor's retention from the Group's own cash deposits.
20. Net assets per share
Net assets per share is calculated as the net assets of the Group divided by
the number of shares in issue at each period end. There are no diluting or
adjusting amounts for the reported periods.
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Net assets attributable to the shareholders of the Company 64,101 91,231 61,403
No No No
Shares in issue 59,638,588 59,638,588 59,638,588
Net assets per share 107.5p 153.0p 103.0p
21. Key management compensation
Key management personnel have the authority and responsibility for planning,
directing and controlling the activities of the Group and are considered to be
the Directors of the Company. Amounts paid in respect of key management
compensation were as follows:
Six months ended Year ended
31 Mar 31 Mar 30 Sept
2025
2024
2024
£'000
£'000
£'000
Short-term employee benefits 498 518 1,036
Independent review report to The Conygar Investment Company PLC
Conclusion
We have been engaged to review the condensed set of financial statements of
The Conygar Investment Company PLC ("the Company") and its subsidiaries ('the
Group') in the half-yearly financial report for the six months ended 31 March
2025 which comprises the consolidated statement of comprehensive income, the
consolidated statement of changes in equity, consolidated balance sheet,
consolidated cash flow statement and the related notes.
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 March 2025 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the AIM Rules of the London Stock Exchange.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (ISRE) 2410 (UK), 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued for use in the
United Kingdom. A review of interim financial information consists of making
inquiries, 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.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK adopted IFRSs. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the basis for conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the Group or parent
company to cease to continue as a going concern.
Directors' responsibilities
The Directors are responsible preparing the half-yearly financial report in
accordance with International Accounting Standard 34, 'Interim Financial
Reporting' as adopted in the UK and AIM Rules of the London Stock Exchange. In
preparing the half-yearly financial report, the Directors are responsible for
assessing the Group and parent company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to
liquidate the Group or the parent company or to cease operations, or have no
realistic alternative but to do so.
Our responsibility
In reviewing the half-yearly financial report, we are responsible for
expressing to the Company a conclusion on the condensed set of financial
statements in the half-yearly financial report. Our conclusion, including our
conclusions relating to going concern, are based on procedures that are less
extensive than audit procedures, as described in the basis for conclusion
paragraph of this report.
Use of our report
This report is made solely to the parent company in accordance with the terms
of our engagement. Our review has been undertaken so that we might state to
the parent company those matters we are required to state to it in this report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the parent company for
our review work, for this report, or for the conclusions we have reached.
Saffery LLP
Accountants
London
23 May 2025
Notes:
(a) The maintenance and integrity of The Conygar
Investment Company PLC website is the responsibility of the Directors; the
work carried out by the auditors does not involve consideration of these
matters and, accordingly, the auditors accept no responsibility for any
changes that may have occurred to the interim report since it was initially
presented on the website.
(b) Legislation in the United Kingdom governing the
presentation and dissemination of financial information may differ from
legislation in other jurisdictions.
The Directors of Conygar accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the Directors
of Conygar (who have taken all reasonable care to ensure that such is the
case) the information contained in this announcement is in accordance with the
facts and does not omit anything likely to affect the import of such
information.
For those individual shareholders that specifically requested to continue to
receive any document issued by the Company in paper format the arrangements
will continue as before whereby the Interim Report for the period ended 31
March 2025 will be posted to those shareholders shortly. For all other
shareholders, the Interim Report will be made available, as soon as
practically possible, via the Company's website.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BDGDUDDDDGUDRecent news on Conygar Investment Co
See all newsREG - Conygar Investmnt Co - Interim Results
AnnouncementREG - Conygar Investmnt Co - Change of Registered Office
AnnouncementREG - Conygar Investmnt Co - TR-1: Notification of Major Holdings
AnnouncementREG - Conygar Investmnt Co - Director/PDMR Shareholding
AnnouncementREG - Conygar Investmnt Co - Sale of Holyhead Waterfront and Parc Cybi
Announcement