REG-London & Associated Properties Plc: Half-year Report
25/08/2023 07:15
FOR IMMEDIATE RELEASE
25 August 2023
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 June 2023
London & Associated Properties PLC (“LAP” or the “Group”) is a main
market listed property investment group that specialises in industrial and
essential retail property in the UK.
It also holds a substantial stake in the main market listed Bisichi PLC which
operates coal mines in South Africa and invests in UK property.
HIGHLIGHTS
* Net assets attributable to shareholders – * Decreased to £29.3 million
(December 2022: £32.5 million)
* Now 34.32p (December 2022: 38.14p) per share
* Write down of £2.1m in value of Orchard Square, Sheffield despite strong
operational performance
* Property portfolio seeing continued strong operational performance with
Group occupancy levels of 98.4% by rental income (June 2022: 97.6%)
* Whilst no properties have been acquired in the period, we are actively
seeking to reinvest cash in new assets in targeted sectors. These must be at
an appropriate yield and with the potential to add value and income growth
through asset management initiatives.
“The results for the six months to 30 June 2023 have been impacted very
significantly by interest rate increases. Not only have the additional costs
damaged operating performance, but negative sentiment has meant that the
investment market for asset sales is becoming more uncertain ………. We
are, though, seeing rental growth in both the industrial properties and the
value-orientated retail properties that we continue to hold.”
-more-
Contact:
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chairman and Chief Executive
Baron Phillips Associates Tel: 07767 444193
Baron Phillips
Half year results for the period ended
30 June 2023
Half year review
The results for the six months to 30 June 2023 have been impacted very
significantly by interest rate increases. Not only have the additional costs
damaged operating performance, but negative sentiment has meant that the
investment market for asset sales is becoming more uncertain. This has
materially affected us at Orchard Square in Sheffield where in May we
instructed agents to market this property in the run up to the September 2023
expiry of our loan from QSix. As at the date of this report, we are unable
to confirm that any sales proceeds will be sufficient to repay this loan and
return a surplus to the Group. In light of this, we have adopted a prudent
approach to the value of Orchard Square and have written it down to the
outstanding loan value of £12.65m from £14.75m.
The loan on the property is non recourse to the LAP Group, is secured
exclusively on this asset and the write down in value in the period is the
maximum loss the Group can incur. However, this write-down contributed to
losses attributable to shareholders of £3.0 million (2022: profits of £4.3
million) while net assets attributable to shareholders have reduced from
£32.5 million to £29.3 million (34.32p a share as compared with 38.14p at
December 2022).
Orchard Square is held as inventory as it is readied for sale. Since September
2022, all surplus operating cash was retained within Orchard Square Ltd and
not distributed as a dividend to LAP as part of an agreement with the lender
to exercise our option to extend the loan by 12 months. During this period we
have sought to refinance the loan, but due to prevailing market conditions,
this has not been possible without a significant equity contribution which we
do not feel would be in shareholders’ interests. In the last few days we
have confirmed this decision to the existing lender who has issued a
reservation of rights letter.
The company will update shareholders on the progress of this matter in due
course.
This is a disappointing outcome for a property that had performed well over
our 24 year ownership. Once again, Orchard Square has, operationally,
performed strongly this year. We have recently completed three significant
lettings as we continue to reposition the centre with a greater focus on food
and beverage operators. We have also upgraded the public areas with new
paving, awnings for the tenants and a weather proofing canopy having been
completed with the support of a grant from Sheffield Council. This enables
the year-round use of the public areas and has been warmly welcomed
by all the tenants. Operating income for Orchard Square remains at c£1.7
million per annum (31 December 2022: £1.7m).
The remainder of our property portfolio is performing satisfactorily. Revenue
from property activities decreased slightly to £3.0 million (2022: £3.3
million), reflecting the disposal of our shopping centre in West Bromwich in
July 2022, the proceeds of which have not yet been reinvested.
We are, though, seeing rental growth in both our industrial and
value-orientated retail properties. While we remain open to selling any
properties where we think we can reinvest the proceeds into new assets with
stronger growth potential, we remain happy with the cash generating potential
of the current portfolio.
Across our entire portfolio, voids remain at a low level of 1.6% by rental
income (2022: 2.4%), following the lettings at Orchard Square discussed above.
A 5-year loan with QIB (UK) plc for £13.6 million was executed in August 2022
with an initial LTV of 56%. This loan remains covenant compliant.
We continue to review all opportunities to reduce overheads and improve
profitability.
At our development site in West Ealing, we continue to explore options to
realise the value from the planning consent for 56 flats we obtained in 2021.
For the past year, building cost inflation has been a stumbling block to a
land sale, and we have therefore continued to work up detailed design
drawings. A recent stabilisation in material prices and a drop in
contractors’ workloads have enabled us to achieve initial quotes from
contractors that make committing to a build out of this project more
attractive. We are weighing up the risks and rewards of both a land sale and
building out the site and are optimistic that a decision to realise the best
value of this site can be taken shortly.
During the period a short term extension of the Dragon Retail Properties loan
with Santander was secured to October 2023. Further negotiations with
Santander were put on hold in the period immediately prior to an outstanding
break clause in favour of the largest tenant at the property. The break was
not exercised and with a current WAULT of 5.0 years we are exploring all
options for refinancing this property, including an offer of a new loan from
the existing lender. This loan remains covenant compliant, and the property
continues to produce strong net cash flow.
For the first six months of the year, gross revenue at Bisichi PLC, which is
42% owned by LAP, was £25.3 million as compared with £44.8 million last
year. This resulted in a profit before interest, tax, depreciation and
amortisation (EBITDA) of £1.42 million (2022: £22.25 million) and a net
profit of £0.1 million before foreign exchange losses of £0.9 million. The
lower earnings for Bisichi, compared to the first six months of 2022, are
mainly attributable to lower prices for coal sold by Sisonke Coal Processing,
Bisichi’s South African coal processing operation, as well as difficult
mining conditions at Black Wattle Colliery.
Bisichi intends to pay an interim dividend on 4 February 2024 of 3p (2022:
10p) per share, £133,000 of which will be receivable by LAP.
Further details of Bisichi’s performance and a forward looking statement can
be found in their own half year report available at www.bisichi.com.
LAP has made significant progress during the period although the outlook for
interest rates and inflation are limiting our options more than we would wish.
The Board of LAP bases its decisions about dividend payments on the results
and financial position of the Group’s property activities and accordingly
has decided not to declare a dividend for the half year. Once our cash has
been reinvested and property income has returned to previous levels, our
dividend policy will reflect this.
John Heller
Chairman and Chief Executive
24 August 2023
Consolidated income statement
for the six months ended 30 June 2023
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
Notes £’000 £’000 £’000
Group revenue 1 28,335 48,076 100,243
Operating costs (28,708) (26,236) (64,730)
Operating (loss)/profit 1 (373) 21,840 35,513
Finance income 2 171 40 199
Finance expenses 2 (1,775) (1,470) (3,218)
Result before valuation and other movements (1,977) 20,410 32,494
Non–cash changes in valuation of assets and liabilities and other movements
Exchange losses - - (270)
Decrease in value of investment properties - (200) (115)
Profits on disposal of investment properties - - (83)
Loss on disposal of fixed assets - - 36
(Decrease)/Increase in value of trading investments (553) 49 1,036
Adjustment to interest rate derivative - 70 70
Result including revaluation and other movements (2,530) 20,329 33,168
(Loss)/profit for the period before taxation 1 (2,530) 20,329 33,168
Income tax charge 3 (232) (5,646) (12,002)
(Loss)/profit for the period (2,762) 14,683 21,166
Attributable to:
Equity holders of the Company (3,007) 4,293 2,704
Non–controlling interest 245 10,390 18,462
(Loss)/profit for the period (2,762) 14,683 21,166
(Loss)/profit per share – basic and diluted 4 (3.52) 5.03p 3.17p
Consolidated statement of comprehensive income
for the six months ended 30 June 2023
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £’000
(Loss)/profit for the period (2,762) 14,683 21,166
Other comprehensive income:
Items that may be subsequently recycled to the income statement:
Exchange differences on translation of foreign operations (874) 565 (43)
Other comprehensive (expense)/income for the period, net of tax (874) 565 (43)
Total comprehensive (expense)/income for the period, net of tax (3,636) 15,248 21,123
Attributable to:
Equity shareholders (3,256) 4,496 2,696
Non–controlling interest (380) 10,752 18,427
(3,636) 15,248 21,123
Consolidated balance sheet
at 30 June 2023
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non–current assets
Market value of properties attributable to Group 35,610 35,725 35,610
Present value of head leases 1,552 3,221 1,552
Property 5 37,162 38,946 37,162
Mining reserves, property, plant and equipment 14,599 15,100 16,928
Other investments at fair value through profit and loss (“FVPL”) 12,740 6,418 12,590
64,501 60,464 66,680
Current assets
Inventories – Property 5 21,256 25,493 22,862
Inventories – Mining 4,502 4,189 5,199
Assets held for sale - 4,550 -
Trade and other receivables 8,031 10,604 7,915
Investments in listed securities held at FVPL 779 1,209 886
Cash and cash equivalents 10,886 7,816 15,382
45,454 53,861 52,244
Total assets 109,955 114,325 118,924
Current liabilities
Trade and other payables (14,386) (13,546) (17,058)
Borrowings (21,580) (36,151) (22,061)
Lease liabilities (345) (201) (414)
Interest rate derivatives - - -
Current tax liabilities (4,321) (1,657) (4,256)
(40,632) (51,555) (43,789)
Non–current liabilities
Borrowings (17,154) (3,932) (17,113)
Lease liabilities (1,599) (3,866) (1,839)
Provisions (1,475) (1,609) (1,716)
Deferred tax liabilities 236 (57) (752)
(19,992) (9,464) (21,420)
Total liabilities (60,624) (61,019) (65,209)
Net assets 49,331 53,306 53,715
Equity attributable to the owners of the parent
Share capital 8,554 8,554 8,554
Share premium account 4,866 4,866 4,866
Translation reserve (Bisichi PLC) (1,314) (851) (1,063)
Capital redemption reserve 47 47 47
Retained earnings (excluding treasury shares) 17,279 21,708 20,286
Treasury shares (144) (144) (144)
Retained earnings 17,135 21,464 20,142
Total equity attributable to equity shareholders 29,288 34,180 32,546
Non – controlling interest 20,043 19,126 21,169
Total equity 49,331 53,306 53,715
Net assets per share attributable to equity shareholders 6 34.32p 40.04p 38.14p
Consolidated statement of changes in shareholders’ equity
for the six months ended 30 June 2023
Share capital £’000 Share premium £’000 Translation reserves £’000 Capital redemption reserve £’000 Treasury shares £’000 Retained earnings excluding treasury shares £’000 Total excluding Non– Controlling Interests £’000 Non–controlling Interests £’000 Total equity £’000
Balance at 1 January 2022 8,554 4,866 (1,055) 47 (144) 17,415 29,683 10,536 40,219
Profit for the period - - - - - 4,293 4,293 10,390 14,683
Other comprehensive income: - - - - - - - - -
Currency translation - - 204 - - - 204 362 566
Total other comprehensive income - - 204 - - - 204 362 566
Total comprehensive income - - 204 - - 4,293 4,497 10,752 15,249
Transactions with owners:
Dividends – non–controlling Interests - - - - - - - (2,162) (2,162)
Transactions with owners - - - - - - - (2,162) (2,162)
Balance at 30 June 2022 (unaudited) 8,554 4,866 (851) 47 (144) 21,708 34,180 19,126 53,306
Balance at 1 January 2022 8,554 4,866 (1,055) 47 (144) 17,415 29,683 10,536 40,219
Profit for the year - - - - - 2,704 2,704 18,462 21,166
Other comprehensive income:
Currency translation - - (8) - - - (8) (35) (43)
Total other comprehensive expense - - (8) - - - (8) (35) (43)
Total comprehensive income - - (8) - - 2,704 2,696 18,427 21,123
Transaction with owners:
Share options - - - - - 167 167 237 404
Dividends – equity holders - - - - - - - (7,034) (7,034)
Dividends – non–controlling Interests - - - - - - - (997) (997)
Transactions with owners 167 167 (7,794) (7,627)
Balance at 31 December 2022 (audited) 8,554 4,866 (1,063) 47 (144) 20,286 32,546 21,169 53,715
Consolidated statement of changes in shareholders’ equity - continued
for the six months ended 30 June 2023
Share capital £’000 Share premium £’000 Translation reserves £’000 Capital redemption reserve £’000 Treasury shares £’000 Retained earnings excluding treasury shares £’000 Total excluding Non– Controlling Interests £’000 Non–controlling Interests £’000 Total equity £’000
Balance at 1 January 2023 8,554 4,866 (1,063) 47 (144) 20,286 32,546 21,169 53,715
(Loss)/profit for the period - - - - - (3,007) (3,007) 245 (2,762)
Other comprehensive income:
Currency translation - - (251) - - - (251) (623) (874)
Total other comprehensive income - - (251) - - - (251) (623) (874)
Total comprehensive income - - (251) - - (3,007) (3,258) (378) (3,636)
Transactions with owners:
Dividends – non-controlling interests - - - - - - - (748) (748)
Transactions with owners - - - - - - - (748) (748)
Balance at 30 June 2023 (unaudited) 8,554 4,866 (1,314) 47 (144) 17,279 29,288 20,043 49,331
Consolidated cash flow statement
for the six months ended 30 June 2023
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
(Loss)/profit for the year before taxation (2,530) 20,329 33,168
Finance income (171) (40) (199)
Finance expense 1,775 1,470 3,218
Decrease in value of investment properties - - 115
Increase in value of trading investments - - (1,036)
Expenditure on trading property - (260) -
Adjustment to interest rate derivative - (70) (70)
Loss on investments 6 - -
(Profit)/ loss on sale of investment properties (2) - 83
Depreciation 899 884 1,362
Loss/(profit) on disposal of non-current assets - 200 (36)
Share based payment expense 553 - 405
Development expenditure on inventories - - (747)
Exchange adjustments 188 37 270
Change in inventories 1,572 (2,803) (911)
Change in receivables 728 766 2,194
Change in payables (3,627) (2,813) 811
Cash (outflows)/inflows generated from operations (609) 17,700 38,627
Income tax paid (327) (5,554) (7,946)
Cash (outflows)/inflows from operating activities (936) 12,146 30,681
Investing activities
Acquisition of investment properties, mining reserves, plant and equipment (1,061) (7,994) (11,011)
Sale of plant and equipment 16 504 102
Sale of investment properties - - 5,171
Disposal of other investments - - 2,083
Acquisition of other investments (596) (3,262) (10,207)
Interest received 171 40 199
Cash outflows from investing activities (1,470) (10,712) (13,663)
Financing activities
Interest paid (1,693) (1,468) (2,751)
Interest on obligation under finance leases (17) (17) (353)
Repayment of lease liability (126) (126) (236)
Lease assignment costs paid - - (52)
Receipt of bank loan – Bisichi PLC 27 48 524
Repayment of bank loan – Bisichi PLC (540) (150) (55)
Repayment of bank loan – Dragon Retail Properties Ltd (183) (10) (21)
Receipt of bank loan – London & Associated Properties PLC 3 220 13,337
Repayment of bank loan – London & Associated Properties PLC (61) (188) (14,247)
Equity dividends paid - - (641)
Equity dividends paid – non–controlling interests - (1,787) (6,323)
Cash outflows from financing activities (2,590) (3,478) (10,818)
Consolidated cash flow statement - continued
for the six months ended 30 June 2023
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net (decrease)/increase in cash and cash equivalents (4,996) (2,044) 6,200
Cash and cash equivalents at beginning of period 12,157 5,982 5,982
Exchange adjustment 177 (51) (25)
Cash and cash equivalents at end of period 7,338 3,887 12,157
The cash flows above relate to continuing and discontinued operations.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
Cash and cash equivalents (before bank overdrafts) 10,886 7,816 15,382
Bank overdrafts (3,548) (3,929) (3,225)
Cash and cash equivalents at end of period 7,338 3,887 12,157
Notes to the half year report
for the six months ended 30 June 2023
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue
LAP
- - Rental income 2,000 2,092 4,175
- - Service charge income 378 471 788
- - Management income from third parties 9 9 18
Bisichi
- - Rental income 524 543 955
- - Service charge income - - 98
- - Mining 25,341 44,837 94,002
- Dragon
- - Rental income 83 123 207
- - Service charge income - 1 -
28,335 48,076 100,243
Operating (loss)/profit
LAP (1,728) 208 (3,041)
Bisichi 1,296 21,544 38,433
Dragon 59 88 121
(373) 21,840 35,513
(Loss)/profit before taxation
LAP (2,942) (986) (5,119)
Bisichi 390 21,249 38,267
Dragon 22 66 20
(2,530) 20,329 33,168
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 171 40 199
Finance expenses:
Interest on bank loans and overdrafts (1,671) (925) (1,862)
Unwinding of discount (Bisichi) - - (319)
Other loans (32) (430) (837)
Interest on obligations under finance leases (72) (115) (200)
Total finance expenses (1,775) (1,470) (3,218)
(1,604) (1,430) (3,019)
Notes to the half year report – continued
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax 1,017 6,115 11,537
Deferred tax (785) (469) 465
232 5,646 12,002
4. Earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
(Loss)/profit attributable to equity shareholders after tax (£’000) (3,007) 4,293 2,704
Weighted average number of shares in issue for the period ('000) 85,326 85,326 85,326
Basic earnings per share (3.52) 5.03p 3.17p
Diluted number of shares in issue ('000) 85,326 85,326 85,326
Diluted earnings per share (3.52) 5.03p 3.17p
5. Properties
Investment properties are held at fair value at each reporting period.
During the period no properties were acquired or sold.
Orchard Square, Sheffield, held as inventory, is currently being marketed for
sale. The property is secured by a loan that expires in September 2023 and we
are not currently able to confirm if the proceeds of any sale will be
sufficient to repay this loan and return a surplus to the Group. The value of
this property has therefore been written down to the outstanding loan value,
from £14.75m to £12.65m and is disclosed as an inventory write down within
Operating Costs in the Income Statement. The loan on the property is
non-recourse to the rest of the LAP Group, is secured exclusively on this
asset and the write down in value in the period is the maximum loss the Group
can incur. Due to rising interest rates the loan breached its income cover
covenant in July 2023, we have recently chosen not to cure this breach with
the lender issuing a reservation of rights letter.
Other than as discussed above, the Directors have placed a valuation on the
properties which is not materially different to the value as at 31 December
2022. Investment properties are therefore included at a directors’ valuation
which is considered to be the fair value as at 30 June 2023. Please refer to
page 56 of the 2022 Annual report and Accounts for details on the valuation of
investment and inventory properties as at 31 December 2022.
6. Net assets per share 30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,326 85,326 85,326
Net assets attributable to equity shareholders (£'000) 29,288 34,165 32,546
Basic net assets per share 34.32 40.04p 38.14p
Shares in issue diluted by outstanding share options ('000) 85,326 85,326 85,326
Net assets after issue of share options (£'000) 29,288 34,165 32,546
Fully diluted net assets per share 34.32p 40.04p 38.14p
Notes to the half year report - continued
7. Related party transactions
The related parties and the nature of costs recharged are as disclosed in the
group’s annual financial statements for the year ended 31 December 2023.
8. Dividends
There is no interim dividend payable for the period (30 June 2022: Nil).
There is no final dividend payable in respect of 2022.
9. Risks and uncertainties
The group’s principal risks and uncertainties are reported on pages 10 and
11 in the 2022 Annual Report. They have been reviewed by the Directors and
remain unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year).
For Bisichi PLC, the largest area of estimation relates to currency movements
and coal mining activities in South Africa, including depreciation, impairment
and the provision for rehabilitation (relating to environmental rehabilitation
of mining areas).
Property, plant and equipment representing Bisichi’s mining assets in South
Africa are reviewed for impairment where there is evidence of a material
impairment. The impairment test indicated significant headroom as at 31
December 2022 and no impairment was considered appropriate.
Other areas of estimation and uncertainly are referred to in the Group's
annual financial statements. There have been no significant changes to the
basis of accounting for key estimates and judgements as disclosed in the
annual report as at 31 December 2022.
10. Contingent Liabilities and Subsequent Events
Black Wattle Colliery (Pty) Ltd continues to be involved in a tax dispute in
South Africa related to VAT. The dispute arose during the year ended 31
December 2020 and is related to events which occurred prior to the years ended
31 December 2020. The interpretation of laws and regulations in South Africa
where the Group operates can be complex and can lead to challenges from or
disputes with regulatory authorities. Such situations often take significant
time to resolve. Where there is a dispute and where a reliable estimate of the
potential liability cannot be made, or where the Group, based on legal advice,
considers that it is improbable that there will be an outflow of economic
resources, no provision is recognised. Further details of the contingent tax
liability can be found on page 107 of Bisichi’s 2022 Annual report and
Accounts.
There are no other contingent liabilities as at 30 June 2023.
There are no subsequent events or transactions that require disclosure.
11. Financial information
The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the year
ended 31 December 2022 are based upon the latest statutory accounts, which
have been delivered to the Registrar of Companies; the report of the auditor
on those accounts was unqualified and did not contain a statement under
Section 498(2) or (3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's Financial
Conduct Authority, the interim financial statements have been prepared in
accordance with the International Financial Reporting Standards (IFRS) and in
accordance with both IAS 34 'Interim Financial Reporting' and in conformity
with the requirements of the Companies Act 2006 applicable to companies
reporting under IFRS and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the
company's auditor.
The annual financial statements of London & Associated Properties PLC are
prepared in accordance with IFRS and in conformity with the requirements of
the Companies Act 2006 applicable to companies reporting under IFRS. The
company has applied UK-adopted IAS and at the date of application, both
UK-adopted IAS and EU-adopted IFRS are the same. The same accounting policies
are used for the six months ended 30 June 2023 as were used for the year ended
31 December 2022.
As stated in the 2022 Annual Report in the group accounting policies, Bisichi
PLC and Dragon Retail Properties Limited are consolidated with LAP, as
required by IFRS 10.
The assessment of new standards, amendments and interpretations issued but not
effective, is that these are not anticipated to have a material impact on the
financial statements.
The interim financial statements have been prepared on the going concern
basis.
12. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 24 August 2023.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared
in accordance with UK-adopted International Accounting Standard 34, Interim
Financial Reporting.
(b) the interim management report includes a fair review of the information
required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being 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 year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do
so.
This report contains forward-looking statements. These statements are based on
current estimates and projections of management and currently available
information. Future statements are not guarantees of the future developments
and results outlined therein. Rather, future developments and results are
dependent on a number of factors; they involve various risks and uncertainties
and are based upon assumptions that may not prove to be accurate. Risks and
uncertainties identified by the Group are set out on pages 10 and 11 of the
2022 Annual Report & Accounts. We do not assume any obligation to update the
forward-looking statements contained in this report.
Signed on behalf of the Board on 24 August 2023
John Heller Jonathan Mintz
Director Director
Directors and advisors
Directors
Executive directors
* Sir Michael Heller MA FCA (Chairman) (resigned 30 January 2023)
John A Heller LLB MBA (Chief Executive) and (Chairman from 24 February 2023)
Jonathan Mintz FCA (Finance Director)
Non-executive directors
† Howard D Goldring BSC (ECON) ACA
#†Clive A Parritt FCA CF FIIA
Robin Priest MA Andrew R Heller MA, ACA (appointed 29 March 2023)
* Member of the nomination committee
# Senior independent director
† Member of the audit, remuneration and nomination
committees.
Secretary & registered office
Jonathan Mintz FCA
12 Little Portland Street
London W1W 8BJ
Registrars & transfer office
Link Group Shareholder Services
The Registry Central Square 29 Wellington Street Leeds LS1 4DL
UK Telephone: 0871 664 0300 (Calls cost 12p per minute plus network access charges; lines are open Monday to Friday between 9.00am and 5.30pm) International Telephone: +44 371 664 0300 (Calls outside the United Kingdom will be charged at applicable international rate) Lines are open between 9.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales. Website: www.linkassetservices.com E-mail: enquiries@linkgroup.co.uk
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk
E-mail
admin@lap.co.uk
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