REG-One Heritage Group plc One Heritage Group plc: Interim report for the six months ended 31 December 2023
27/03/2024 13:45
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One Heritage Group plc (OHG)
One Heritage Group plc: Interim report for the six months ended 31 December 2023
27-March-2024 / 13:35 GMT/BST
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ONE HERITAGE GROUP PLC
(the “Company” or “One Heritage”)
Interim report for
the six months ended
31 December 2023
27 March 2024
One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North
of England, announces its half year results for the six months ended 31 December 2023.
Financial highlights
▪ Revenue of £9.15m (H1 FY23 for the six month period to 31 December 2022: £5.75m). This
primarily reflects a significant growth in sales along with construction services.
▪ Gross profit improved by £0.44m to a profit of £0.16m (H1 FY23: loss £0.28m) as a
result of reduced impairments in the current year, with a charge of £0.33m (H1 FY23:
£1.10m) being recognised in the period. Loss before tax of £1.94m (H1 FY23: loss
£1.57m).
▪ Basic loss per share (pence) of 5.2 (H1 FY23: 4.1).
▪ Net debt of £18.67m (H2 FY23 for the six month period to 30 June 2023: £16.94m) an
increase of £1.73m facilitating the completion of developments prior to legal
completions.
▪ Inventory reduced in the period by £2.27m to £14.30m (H2 FY23: £16.57m) reflecting
completed sales.
Operational highlights
▪ Commencement of construction on One Victoria, Manchester, which comprises 129 units,
with practical completion due in 2025, where the Group benefits from development
management fees of 2% of development cost.
▪ Commencement of construction for 24 houses at Victoria Road, Eccleshill, West
Yorkshire, the Group’s first new build housing project.
Post Period Events
▪ Practical completion of St. Petersgate, Stockport.
▪ Practical completion of North Church House, Queen Street, Sheffield.
▪ Repaid £1.5m Corporate Bond and signed another £0.5m unsecured loan to 15th March 2025
at 8% interest.
▪ A revision of the Shareholder loan agreement extending terms to 31 December 2025 with
the option to extend for a further 36 months.
Outlook
▪ On track to deliver strong revenue for FY24, driven by robust pipeline of property
sales.
▪ Commencement of marketing for sale of 24 houses at Victoria Road, Eccleshill, West
Yorkshire in April 2024.
▪ With a determined focus on finding good development and development management
opportunities, we are cautiously exploring several promising options in core city
centre locations for apartments, as well as high-demand areas for new build housing
projects.
Commenting on the Group’s performance, Jason Upton, Chief Executive Officer said:
“Our focus has been on finishing our projects in hand, both our own developments and those
where we are development manager. In this respect, by the end of our interim reporting
period, we had substantially completed projects at St. Petersgate, Stockport and North
Church House, Queen Street, Sheffield.
We have stepped back from the risks associated with self-delivery and we have looked at
ways to monetise our unsold inventory. We have embarked upon a thorough investigation into
how we can fully utilise, through diversification, the potential of our excellent team and
brand in our core business of development/development management and we are actively
engaged in conversations with distribution networks in territories abroad where we know
there to be significant amounts of capital as we seek an even wider market for the Group’s
end-product.
Our positive outlook is grounded in a robust strategy that focuses on core city centre
locations for residential apartment projects and areas in high demand for our new build
housing initiatives. The North West of England, particularly Greater Manchester, continues
to be our primary focus, with the region expecting the highest sales price growth of any UK
city in 2024 and already generating above average growth for rent at 9.8%, above the
national average of 7.8% in January 2024.
Contacts
One Heritage Group plc
Jason Upton
Chief Executive Officer
Email: jason.upton@one-heritage.com
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Email: claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
About One Heritage Group
One Heritage Group PLC is a property development and management company. It focuses on the
residential sector primarily in the North of England, seeking out value and maximising
opportunities for investors. In 2020 One Heritage Group PLC became one of the first
publicly listed residential developers with a focus on co-living.
The Company is listed on the Standard List of the Main Market of the London Stock Exchange,
trading under the ticker OHG.
For further information, please visit the Company’s website
at 1 https://www.oneheritageplc.com/.
CHIEF EXECUTIVE’S REVIEW
During the second half of calendar year 2023, our interim reporting period, our focus has
been on finishing our projects in hand, both our own developments and those where we are
development manager. In this respect, by the end of our interim reporting period, we had
substantially completed projects at St Petersgate, Stockport and North Church House, Queen
Street, Sheffield. During this same period, as anticipated, we began to see some degree of
stabilisation in build costs on our latest developments, Victoria Road, Eccleshill, where
we are the developer and One Victoria, Manchester where we are the development manager.
Both have fixed priced contracts in place which are proving essential in de-risking the
build process. In time, we expect that this model will serve to ease the pressure on our
margins. We have also continued to pay careful attention to our cash management including
the refinancing of Oscar House, Manchester (as reported on 28 December) enabling unsold
units to generate revenues through rentals and serviced apartments and agreeing
construction finance at Victoria Road, Eccleshill and, in so doing, fully funding the
remaining development cost.
Post period, we announced practical completion of St Petersgate, Stockport (as reported on
9 January); practical completion of North Church House, Queen Street, Sheffield (as
reported on 12 March); completion of a revision of the shareholder loan agreement,
extending terms to 31 December 2025 (as reported on 15 January); and the appointment to the
Board of Directors in February of a new Chief Financial Officer Stuart Ormisher and then,
regrettably, his decision to step down at the end of this month. In this respect we have
secured a highly experienced Interim Head of Finance and have commenced the search for a
long-term replacement.
In assessing our performance, the strategic objectives outlined in our annual results for
the financial year 2023 serve as a benchmark, guiding this performance. An update against
these objectives is outlined below.
1. Successfully delivering our existing development projects
As announced in our annual results for the financial year ending 30 June 2023, four project
completions – three direct developments and one development management project were
completed within the period.
In April 2023, we were pleased to commence the construction, as developer, of 24 houses at
Victoria Road, Eccleshill, West Yorkshire, our first new build housing project. A principal
contractor was appointed with a fixed price build contract and completion is expected in H2
2024.
In July 2023, we were also pleased to sign a construction contract for our development
management project One Victoria, Manchester which comprises 129 units. This secured further
fees of 2% of the ongoing development costs which are in the region of £20,000 per month
until practical completion in Q2 2025.
Post period end, in January 2024, we announced the completion of St Petersgate, Stockport,
a conversion of a former office building, comprising 18 apartments, and 1 commercial unit
totalling c.12,000 square feet. The project was delivered in house and is the last direct
development that will be delivered by this method for the foreseeable future.
In March 2024, North Church House, Queen Street, Sheffield, a development management
project, which comprises 58 apartments in a former office building totalling c.41,400
square feet reached completion.
Direct Residential Commercial Gross Exchanged Completed Expected
Development Units Units Development Reservations* * Sales * Completion
Projects Value (£m)
Lincoln
House, 88 0 £10.1m 0 0 77 Completed
Bolton
Bank
Street, 23 0 £3.9m 0 0 19 Completed
Sheffield
Oscar
House, 27 0 £6.8m 3 0 8 Completed
Manchester
St
Petersgate, 18 1 £2.9m 1 3 14 Completed
Stockport
Victoria
Road, 24 0 £6.5m Not released H2 2024
Eccleshill
Seaton
House, 35 0 N/A Not released To be sold
Stockport
Churchgate, 15 1 N/A Not released To be sold
Leicester
Total 230 2 £30.2m 4 3 118
*As at 22 March 2024
2. Secure sales for our properties under construction
The UK housing markets continues to be under pressure, and we are not immune to the effects
of this. As such, we saw a slowdown in property sales over the last six months of 2023
against a backdrop of high inflation and interest rates which impacted buyer demand.
In the face of this, some unsold units at our completed developments will be rented to
enable revenue to be generated as we remain reluctant to reduce sales prices for these
remaining units.
The marketing of the 24 houses at Victoria Road, Eccleshill will commence in April 2024 as
we enter the final months of the project. Sales will be to the local market.
3. Growing the pipeline of new development opportunities
We are working hard to diversify and thereby increase our pipeline of new development
opportunities. The process involves a substantial investment of time as we thoroughly
assess a considerable array of new opportunities of a diverse nature designed to ensure the
long-term success and resilience of our company.
One significant stride in this direction has been our entry into new build housing with the
Victoria Road, Eccleshill project, commencement of which marks our initial step towards
diversification into new build housing.
While our move into new build housing serves to broaden our offer and provides us with a
more balanced and diversified portfolio, we remain committed to our core product of City
Centre apartments. Our brand will expand to incorporate this strategic adjustment as we
define a ‘One Heritage City Centre Living’ brand for our apartments, and a ‘One Heritage
Homes’ brand for our new build family homes.
4. Create diverse sources of revenue generated through the Group’s service provisions
Development management
In July 2023, we signed a construction contract at One Victoria which secures the Company
2% of ongoing total development costs payable over the anticipated development period.
These fees are running in the region of £20,000 per month until practical completion in Q2
2025. The Company will also be entitled to 15% of the net profit generated, which will be
distributed following the legal completion of the sales for all units.
North Church House, Queen Street, Sheffield which comprises 58 apartments, reached
practical completion earlier this year in March 2024. This marks the completion of our
second development management project.
Our final development management agreement is for One Heritage Tower, Salford. To date we
have been successful in achieving planning permission for a 542-unit, 55 storey tower, and
are currently in a Pre-Construction Service Agreement (PCSA) with a contractor to secure a
fixed price construction cost for the delivery of the project. An update is expected to be
provided later in 2024 as the Company is exploring options to either secure an
institutional funding partner or a sale of the project.
Property services
As announced in our results for the financial year 2023, there are viability concerns
surrounding Co-Living. We have seen a reduction of Co-Living activity with the cost to
deliver the projects, high running costs and high interest rates all contributing towards
wavering investor demand. A strategic review of this business line is ongoing and,
simultaneously, we are looking at new opportunities such as Serviced Accommodation.
Our property management team continues to work hard to provide a first-class service to our
landlords and improve processes as we increase the volume of properties under management.
Outlook
As well as experiencing challenging economic headwinds causing upward pressure on building
costs which in turn have continued to put pressure on our margins as a developer, and those
of our developer clients for whom we act as development manager, we have also witnessed a
dropping-off in investor demand for our end-product. To counteract this: we have stepped
back from the risks associated with self-delivery; we have looked at ways to monetise our
unsold inventory; we have embarked upon a thorough investigation into how we can fully
utilise, through diversification, the potential of our excellent team and brand in our core
business of development/development management and we are actively engaged in conversations
with distribution networks in territories abroad where we know there to be significant
amounts of capital into which we can tap as we seek an even wider market for the Group’s
end-product.
Our positive outlook is grounded in a robust strategy that focuses on core city centre
locations for residential apartment projects and areas in high demand for our new build
housing initiatives. The North West of England, particularly Greater Manchester, continues
to be our primary focus. Housing in this region remains in high demand and focus will be on
areas where performance outpaces national trends. In January 2024 the North West had
average growth for rent at 9.8%, above the national average of 7.8% according to Zoopla.
Rightmove have also recently reported a 1.5% increase in house price growth in March, the
highest monthly house price increase in 10 months.
As we embark on the next phase of our journey, we express sincere gratitude to our
dedicated team, supportive shareholders, and stakeholders for their unwavering support. Our
optimism for the future is complemented by a cautious approach, ensuring that we navigate
market dynamics with resilience and strategic acumen. As such, we believe that we are
well-prepared to seize the opportunities that lie ahead.
FINANCE REVIEW
For the six months ended 31 December 2023, revenue increased by £3.40m (+59%) to £9.15m (H1
FY23: £5.75m). This primarily reflects significant growth in sales along with construction
services.
H1 FY24 H1 FY23 Change Change
Revenue
£m £m £m %
Development management fees & other income 0.29 0.23 0.06 +26%
Development sales 4.99 3.29 1.70 +52%
Construction * 3.70 1.89 1.81 +96%
Property Services 0.11 0.28 (0.17) -61%
Corporate 0.06 0.06 0.00 -
TOTAL 9.15 5.75 3.40 +59%
• Construction revenue in in-house residential development projects discontinued with the
exception of live contracts for existing development schemes. Construction revenues
from the refurbishment of Co-Living properties will continue.
Developments sales revenue remained the largest contributor to Group revenue, accounting
for 55% of total revenue. This significant growth was driven mainly by a further 22
completions at Lincoln House, Bolton, along with completions following practical completion
at Oscar House, Manchester (7 completions) and Bank Street, Sheffield (2 completions).
Construction Services delivered revenue of £3.70m in the period (H1 FY23: £1.89m),
reflecting building activity supplied to related parties Robin Hood Ltd on Co-Living
properties and Queen Street, Sheffield, a refurbishment project where the Group is
Development Manager.
There was a small increase in development management fee income of £0.06m to £0.29m (H1
FY23: £0.23m), and this was delivered from three projects: North Church House, Sheffield;
One Heritage Tower, Salford and One Victoria, Salford.
Property Services also saw a decrease over the same period last year from £0.28m in H1 FY23
to £0.11m in H1 FY24. This reduction was as a result of the group providing no sourcing and
acquisition services in period. The £0.11m of revenue relates to property management fees.
Gross profit improved by £0.44m to a profit of £0.16m (H1 FY23: loss £0.28m) as a result of
reduced impairments in the current year, following stabilisation of self-delivered projects
with an impairment charge of £0.33m (H1 FY23: £1.10m) being recognised in the period. There
have been a number of significant changes implemented to reporting, risk management and
operational delivery, to better protect the Group from similar challenges in the future.
Schemes currently in construction, namely Victoria Road, have been procured under a design
and build, fixed priced contract to limit the level of construction and programme risk
within the Group. The gross margin was 1.77% (H1 FY23: (4.87%)), whilst positive is lower
than targeted due to a number of schemes within the Group having previously been impaired
and therefore there is no margin to be recognised on these schemes as we complete on sales
in the current year.
Administrative expenses were £1.53m in the period (H1 FY23: £1.13m). This represents an
overall £0.40m increase in overheads arising from an increase in staff costs, consultancy
costs, and an increase in recruitment costs. The Group remains focused on tight control of
overheads, whilst introducing some investment in cost to benefit revenue streams.
Administrative expenses as a proportion of revenue were 16.8% in H1 FY24 (19.7% H1 FY23).
The operating loss decreased by £0.04m to a loss of £1.37m (H1 FY23: loss of £1.41m).
Finance costs were £0.57m (H1 FY23: £0.16m). The increase in finance cost is due to
development schemes reaching practical completion such as Oscar House and all finance costs
since then have been expensed and not capitalised. Basic loss per share was 5.2 pence (H1
FY23: loss 4.1 pence).
Net debt at 31 December 2023 was £18.67m (30 June 2023: £16.94m), with the increase over
the six-month period to support operating cashflows and working capital requirements.
Inventory reduced in the period by £2.27m to £14.30m (30 June 2023: £16.57m) reflecting
completed sales at Lincoln House, Oscar House and Bank Street. Trade Receivables increased
in the period to £3.88m (30 June 2023: £2.10m) resulting from billed works for development
management schemes not settled in the period. The Group continues to have a very strong
relationship with the majority shareholder, One Heritage Property Development Limited
(OHPD), and the funding facility provided by OHPD had a drawn down amount of £13.02m at the
period end. It is expected that the utilisation of this facility will reduce as our
completions and sales crystallise over the remainder of H2 FY24
RISK MANAGEMENT AND PRINCIPAL RISKS
The ability of the Group to operate effectively and achieve its strategic objectives is
subject to a range of potential risks and uncertainties. The Board and the broader
management team take a pro-active approach to identifying and assessing internal and
external risks. The potential likelihood and impact of each risk is assessed and mitigation
policies are set against them that are judged to be appropriate to the risk level.
Management constantly updates plans and these are monitored by the Audit and Risk Committee
and reported to the Board.
The principal risks that the Board sees as impacting the Group in the coming period are
divided into six categories, and these are set out below together with how the Group
mitigates such risks.
1. Strategy: Government regulation, planning policy and land availability.
2. Delivery: Inadequate controls or failures in compliance will impact the Group’s
operational and financial performance.
3. Operations: Availability and cost of raw materials, sub-contractors and suppliers.
4. People & Culture: Attracting and retaining high-calibre employees.
5. Finance & Liquidity: Availability of finance and working capital.
6. External Factors: Economic environment, including housing demand and mortgage
availability.
1. Strategy: Government regulation, planning policy and land availability
A risk exists that changes in the regulatory environment may affect the conditions and time
taken to obtain planning approval and technical requirements including changes to Building
Regulations or Environmental Regulations, increasing the challenge of providing quality
homes where they are most needed. Such changes may also impact our ability to meet our
margin or site return on capital employed (ROCE) hurdle rates (this ratio can help to
understand how well a company is generating profits from its capital as it is put to use).
An inability to secure sufficient consented land and strategic land options at appropriate
cost and quality in the right locations to enhance communities, could affect our ability to
grow sales volumes and/or meet our margin and site ROCE hurdle rates. The Group mitigates
against these risks by liaising regularly with experts and officials to understand where
and when changes may occur. In addition, the Group monitors proposals by the Government to
ensure the achievement of implementable planning consents that meet local requirements and
that exceed current and expected statutory requirements. The Group regularly reviews land
currently owned, committed and pipeline prospects, underpinned with robust key business
control where all land acquisitions are subject to formal appraisal and approved by the
senior executive team.
2. Delivery: Inadequate controls or failures in compliance will impact the Group’s
operational and financial performance
A risk exists of failure to achieve excellence in construction, such as design and
construction defects, deviation from environmental standards, or through an inability to
develop and implement new and innovative construction methods. This could increase costs,
expose the Group to future remediation liabilities, and result in poor product quality,
reduced selling prices and sales volumes.
To mitigate this the Group liaises with technical experts to ensure compliance with all
regulations around design and materials, along with external engineers through approved
panels. It also has detailed build programmes supported by a robust quality assurance.
3. Operations: Availability and cost of raw materials, sub-contractors and suppliers
A risk exists that not adequately responding to shortages or increased costs of materials
and skilled labour or the failure of a key supplier, may lead to increased costs and delays
in construction. It may also impact our ability to achieve disciplined growth in the
provision of high quality homes.
Following a strategic review, the Group has taken the opportunity to cease our
participation in in-house construction of residential development projects, and this will
take effect upon the completion of our current projects under construction. We will
continue to provide the development of Co-Living projects but have chosen a new approach to
the delivery of our development projects by appointing a principal contractor after a
period of due diligence, which we believe will deliver the best shareholder value.
4. People & Culture: Attracting and retaining high-calibre employees
A risk exists that increasing competition for skills may mean we are unable to recruit
and/or retain the best people. Having sufficient skilled employees is critical to delivery
of the Group’s strategy whilst maintaining excellence in all of our other strategic
priorities.
To mitigate this the Group has a number of People Strategy programmes which include
development, training and succession planning, remuneration benchmarking against
competitors, and monitoring of employee turnover, absence statistics and feedback from exit
interviews.
5. Finance & Liquidity: Availability of finance and working capital
A risk exists that lack of sufficient borrowing and surety facilities to settle liabilities
and/or an ability to manage working capital, may mean that we are unable to respond to
changes in the economic environment, and take advantage of appropriate land buying and
operational opportunities to deliver strategic priorities.
To minimise this risk the Group has a disciplined operating framework with an appropriate
capital structure, and management have stress tested the Group’s resilience to ensure the
funding available is sufficient. This process has regular management and Board attention to
review the most appropriate funding strategy to drive the Group’s growth ambitions.
6. External Factors: Economic environment, including housing demand and mortgage
availability
A risk exists that changes in the UK macroeconomic environment may lead to falling demand
or tightened mortgage availability, upon which most of our customers are reliant, thus
potentially reducing the affordability of our homes. This could result in reduced sales
volumes and affect our ability to deliver profitable growth.
To mitigate this risk the wider Group has a significant presence in Hong Kong, China and
Singapore and the majority of overseas purchasers are cash buyers. The Group continually
monitors the market at Board, Executive Committee and team levels, leading to amendments in
the Group’s forecasts and planning, as necessary. In addition there are comprehensive sales
policies, regular reviews of pricing in local markets and development of good relationships
with mortgage lenders. This is underpinned by a disciplined operating framework with an
appropriate capital structure and strong balance sheet.
STATEMENT OF DIRECTOR’S RESPONSIBILITIES
in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
▪ the condensed set of financial statements has been prepared in accordance with IAS 34
Interim Financial Reporting as adopted for use in the UK;
▪ the interim management report includes a fair review of the information required by:
• DTR 4.2.7R of the Disclosure Guidance 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
• DTR 4.2.8R of the Disclosure Guidance 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.
The directors of One Heritage Group PLC are listed on the company website,
www.oneheritageplc.com
By order of the Board
Jason Upton
Chief Executive Officer
26 March 2024
INDEPENDENT REVIEW REPORT TO ONE HERITAGE GROUP PLC
Report on the interim financial statements
Conclusion
We have been engaged by the company to review the condensed set of financial statements in
the interim report for the six months ended 31 December 2023 which comprises the
consolidated statements of comprehensive income, financial position, changes in equity and
cash flows and the related explanatory 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 interim report for the six months ended 31
December 2023 is not prepared, in all material respects, in accordance with IAS 34 Interim
Financial Reporting as adopted for use in the UK and the Disclosure Guidance and
Transparency Rules (“the DTR”) of the UK’s Financial Conduct Authority (“the UK FCA”).
Basis of conclusion
We conducted our review in accordance with International Standard on Review Engagements
(UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of
the Entity (“ISRE (UK) 2410”) issued for use in the UK. A review of interim financial
information consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. We read the
other information contained in the interim report and consider whether it contains any
apparent misstatements or material inconsistencies with the information in the condensed
set of financial statements.
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.
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 of conclusion section of this report, nothing has come to our
attention that causes us to believe that the directors have inappropriately adopted the
going concern basis of accounting, or that the directors have identified material
uncertainties relating to going concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK)
2410. However, future events or conditions may cause the group to cease to continue as a
going concern, and the above conclusions are not a guarantee that the group will continue
in operation.
Directors’ responsibilities
The interim financial report is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the interim report in accordance
with the DTR of the UK FCA.
As disclosed in note 2, the annual financial statements of the group are prepared in
accordance with UK-adopted international accounting standards.
The directors are responsible for preparing the condensed set of financial statements
included in the interim report in accordance with IAS 34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the directors are responsible for
assessing the group’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 to cease operations, or have no realistic
alternative but to do so.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of
financial statements in the interim report based on our review. 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 section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the company in accordance with the terms of our engagement to
assist the company in meeting the requirements of the DTR of the UK FCA. Our review has
been undertaken so that we might state to the 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 company for our
review work, for this report, or for the conclusions we have reached.
Edward Houghton BA FCA
for and on behalf of KPMG Audit LLC
Chartered Accountants
Heritage Court
41 Athol Street
Douglas
Isle of Man
26 March 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
For the six months ended 31 December 2023
Six months to Six months to
£ unless stated Notes 31 December 31 December
2023 2022
Revenue 6 9,153,637 5,748,725
Revenue – Development management fees & other income 290,411 228,117
Revenue – Development sales 4,998,598 3,292,524
Revenue - Construction 3,696,623 1,887,022
Revenue – Property services 112,005 276,729
Revenue - Corporate 56,000 64,333
Cost of sales 6 (8,991,637) (6,028,942)
Cost of sales – Development management fees & other - -
income
Cost of sales – Development sales (5,095,322) (3,086,903)
Cost of sales – Construction (3,519,421) (1,796,318)
Cost of sales – Property services (50,781) (42,980)
Cost of sales – Impairment of inventory (326,113) (1,102,741)
Gross profit/(loss) 162,000 (280,217)
Other income 83 -
Administration expenses 7 (1,534,662) (1,132,942)
Operating (loss) (1,372,579) (1,413,159)
Finance expense (565,495) (158,674)
(Loss) before taxation (1,938,074) (1,571,833)
Taxation (67,301) -
(Loss) after taxation (2,005,375) (1,571,833)
Other comprehensive income - -
COMPREHENSIVE LOSS attributable to shareholders (2,005,375) (1,571,833)
Weighted average shares in issued over the period 38,440,561 38,440,561
(Loss) per share (GBp) (5.2) (4.1)
Diluted (loss) per share (GBp) (5.2) (4.1)
Consolidated statement of financial position
As at 31 December 2023
As at
As at
£ unless stated Notes 30 June
31 December 2023
2023
ASSETS
Non-current assets
Property, plant and equipment 227,722 278,628
Intangible asset 1,797 1,913
229,519 280,541
Current assets
Cash and cash equivalents 125,371 303,816
Inventory 8 14,299,038 16,566,922
Trade and other receivables 9 3,882,521 2,100,169
18,306,930 18,970,907
TOTAL ASSETS 18,536,449 19,251,448
LIABILITIES
Non-current liabilities
Borrowings 11 4,196,496 11,572,047
4,196,496 11,572,047
Current liabilities
Trade and other payables 10 2,314,899 2,579,644
Borrowings 11 14,599,145 5,668,473
16,914,044 8,248,117
TOTAL LIABILITIES 21,110,540 19,820,164
EQUITY
Share capital 12 386,783 386,783
Share premium 12 4,753,325 4,753,325
Retained earnings (7,714,199) (5,708,824)
TOTAL EQUITY (2,574,091) (568,716)
TOTAL LIABILITIES AND EQUITY 18,536,449 19,251,448
Shares in issue 38,678,333 38,678,333
Net asset value per share (GBp) (6.7) (1.5)
Consolidated statement of cash flows
For the six months ended 31 December 2023
Six months to Six months to
£ unless stated 31 December 31 December
2023 2022
Cash flows from operating activities
Loss for the period before tax (1,938,074) (1,571,833)
Adjustments for:
Finance expense 565,495 158,674
Amortisation of intangible asset 116 295
Depreciation of property, plant and equipment 52,330 51,852
Movement in working capital:
(Increase)/Decrease in trade and other receivables (2,344,471) 262,496
Decrease/(Increase) in inventories 3,540,306 (2,022,337)
Increase in trade and other payables 548,102 67,911
Cash from operations 423,804 (3,052,942)
Taxation paid (67,601) -
Net cash generated from / (used in) operating activities 356,203 (3,052,942)
Cash flows from investing activities
Proceeds on sale of associate - 50,000
Purchases of property, plant and equipment (1,423) (5,976)
Net cash (used in)/generated from investing activities (1,423) 44,024
Financing cash flows
Issue of share capital - 1,247,100
Interest paid (2,151,732) (1,165,570)
Proceeds of borrowing 4,067,218 2,452,151
Payment of third party loans (4,118,054) (2,160,880)
Proceeds of related party borrowing 1,712,654 2,060,054
Payments made in relation to lease liabilities (43,312) (43,313)
Net cash (used in)/generated from financing activities (533,226) 2,389,542
Net change in cash and cash equivalents (178,446) (619,376)
Opening cash and cash equivalents 303,816 974,201
Closing cash and cash equivalents 125,371 354,825
Consolidated statement of changes in equity
For the six months ended to 31 December 2023
Share Share Total
£ Retained earnings
capital premium Equity
Balance at 01 July 2023 386,783 4,753,325 (5,708,824) (568,716)
Loss for the period - - (2,005,375) (2,005,375)
Other comprehensive income for the period - - - -
Balance at 31 December 2023 386,783 4,753,325 (7,714,199) (2,574,091)
For the six months ended 31 December 2022
Share Share Total
£ Retained earnings
Capital premium Equity
Balance at 01 July 2022 324,283 3,568,725 (3,318,572) 574,436
Loss for the period - - (1,571,833) (1,571,833)
Other comprehensive income for the - - - -
year
Total comprehensive income for the 324,283 3,568,725 (4,890,405) (997,397)
period
Issue of share capital 62,500 1,187,500 - 1,250,000
Cost of share issue - (2,900) - (2,900)
Balance at 31 December 2022 386,783 4,753,325 (4,890,405) 249,703
For the year ended 30 June 2023
Share Share Total
£ Retained earnings
capital premium equity
Balance at 01 July 2022 324,283 3,568,725 (3,318,572) 574,436
Loss for the period - - (2,390,252) (2,390,252)
Total comprehensive income for the 324,283 3,568,725 (5,708,824) (1,815,816)
period
Issue of share capital 62,500 1,187,500 - 1,250,000
Cost of share issue - (2,900) - (2,900)
Balance at 30 June 2023 386,783 4,753,325 (5,708,824) (568,716)
Notes to the interim financial statements
For the six months ended to 31 December 2023
1. Reporting entity
One Heritage Group PLC (the “Company”) is a public limited company, limited by shares,
incorporated in England and Wales under the Companies Act 2006. The address of its
registered office and its principal place of trading is 80 Mosley Street, Manchester, M2
3FX. The principal activity of the company is that of property development.
These condensed consolidated interim financial statements (“interim financial statements”)
as at the end of the six month period to 31 December 2023 comprise of the Company and its
subsidiaries.
2. Basis of preparation
These interim financial statements for the six months ended 31 December 2023 have been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK, and should be read in conjunction with the Group’s last annual consolidated financial
statements as at and for the year ended 30 June 2023 (“last annual financial statements”).
They do not include all of the information required for a complete set of financial
statements prepared in accordance with IFRS Standards. However, selected explanatory notes
are included to explain events and transactions that are significant to an understanding of
the changes in the Group’s financial position and performance since the last annual
financial statements.
The annual financial statements of the Group are prepared in accordance with UK-adopted
international accounting standards. As required by the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, the condensed set of financial
statements has been prepared applying the accounting policies and presentation that were
applied in the preparation of the company’s published consolidated financial statements for
the year ended 30 June 2023.
These interim financial statements were authorised for issue by the Company’s board of
directors on 26 March 2024.
Going concern
Notwithstanding net current liabilities of £12,906,152 (excluding inventory balances
totalling £14,299,038) and net liabilities of £2,574,091 as at 31 December 2023 (30 June
2023: net current liabilities £5,844,132 (excluding inventory balances totalling
£16,566,922) and net liabilities £568,716), a loss for the interim period then ended of
£2,005,375 (H1 FY23: £1,571,833) and operating cash inflows for the period of £356,203 (H1
FY23: cash outflows of £3,052,942), the financial statements have been prepared on a going
concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared a cash flow forecast on a consolidated basis for the period to
31 December 2025 which indicates that, taking account of reasonably possible downsides, the
Group will have sufficient funds to meet its liabilities as they fall due for that period
using the proceeds from:
• existing resources held by the Group (including funds drawn down on the parent company
loan facility post period-end)
• the forecast continued sale of development property inventory
• in the event of need, the continued financial support from its parent company One
Heritage Property Development Limited (“OHPD”) which includes the remaining facility of
£0.977m at 31 December 2023 which can be drawn down as required and is due to mature in
December 2025 and
• On 9 November 2023, a subsidiary, One Heritage Victoria Road Limited, signed a loan
agreement with Hampshire Trust Bank Limited. This was for a gross amount of
construction finance totalling £3,846,700 of which £791,499 has been drawn down to 31
December 2023.
As with any company placing reliance on other group/related entities for financial support,
the directors acknowledge that although there can be no absolute certainty that this
support will continue, at the date of approval of these financial statements, they have
substantive reasons to believe that it will do so.
Consequently, the directors are confident that the Company and its subsidiaries will have
sufficient funds to continue to meet their liabilities as they fall due for at least 12
months from the date of approval of the financial statements and therefore have prepared
the financial statements on a going concern basis.
3. Use of judgements and estimation uncertainty
In preparing these Interim Financial Statements, management has made judgements, estimates
and assumptions that affect the application of the Group’s accounting policies and the
reported amounts in the financial statements. The management continually evaluate these
judgements and estimates in relation to assets, liabilities, contingent liabilities,
revenue and expenses based upon historical experience and on other factors that they
believe to be reasonable under the circumstances. Actual results may differ from the
judgements, estimates and assumptions.
The key areas of judgement and estimation are:
▪ The carrying value of inventory: Under IAS 2: Inventories the Group must hold
developments at the lower of cost and net realisable value. The Group applies judgement
to determine the net realisable value of developments at a point in time that the
property is partly developed and compares that to the carrying value. The Group has
undertaken an impairment review of all of the Inventory and determined that an
impairment is appropriate on two of the developments.
▪ Going concern: The Directors have prepared forecast financial information for the
period to December 2025. This forecast requires management to make judgements and
assumptions with regard to future performance, such as the timing of completion of
development projects, and subsequent sales of inventory as well as the availability of
resources to meet liabilities as they fall due.
4. Accounting policies
The accounting policies applied in these interim financial statements are the same as those
applied in the Group’s consolidated financial statements as at and for the year ended 30
June 2023.
The accounting policies will also be reflected in the Group’s consolidated financial
statements as at and for the year ending 30 June 2024.
No new accounting standards were adopted in the year that had a significant impact on these
financial statements.
5. Operating segments
The Group operates four segments: Developments, Construction, Property Services and
Corporate.
All the revenues generated by the Group were generated within the United Kingdom. Segment
operating profit or loss is used as a measure of performance as management believe this is
the most relevant information when evaluating the performance of a segment.
For the period ended 31 December 2023:
Property
£ unless stated Developments Construction Corporate Total
Services
Revenue 5,289,009 3,696,623 112,005 56,000 9,153,637
Cost of sales (5,095,322) (3,519,421) (50,781) - (8,665,524)
Impairment of inventory (326,113) - - - (326,113)
Gross (loss)/profit (132,426) 177,202 61,224 56,000 162,000
Depreciation - - - (52,446) (52,446)
Administration expenses (416,790) - (243,354) (821,989) (1,482,133)
Operating (loss)/profit (549,216) 177,202 (182,130) (818,435) (1,372,579)
Finance expense (169,493) - - (396,002) (565,495)
Taxation - - (400) (66,901) (67,301)
(Loss)/profit for the year (718,709) 177,202 (182,530) (1,281,338) (2,005,375)
For the period ended 31 December 2022:
Property
£ unless stated Developments Construction Corporate Total
Services
Revenue 3,520,641 1,887,022 276,729 64,333 5,748,725
Cost of sales (3,086,903) (1,796,318) (42,980) - (4,926,201)
Impairment of inventory (1,102,741) - - - (1,102,741)
Gross (loss)/profit (669,003) 90,704 233,749 64,333 (280,217)
Depreciation - - - (52,147) (52,147)
Administration expenses (132,877) - (111,874) (836,044) (1,080,795)
Operating (loss)/profit (801,880) 90,704 121,875 (823,858) (1,413,159)
Finance expense (155,587) - - (3,087) (158,674)
(Loss)/profit for the year (957,467) 90,704 121,875 (826,945) (1,571,833)
Segment operating profit or loss is used as a measure of performance as management believe
this is the most relevant information when evaluating the performance of a segment.
6. Revenue
The Group generates its revenue primarily from development management agreements,
development sales and construction services.
Six months to Six months to
£ unless stated 31 December 31 December
2023 2022
Revenue
Development sales 4,998,598 3,292,524
Development management 290,411 228,117
Construction 3,696,623 1,887,022
Property services 112,005 276,729
Corporate 56,000 64,333
9,153,637 5,748,725
Cost of sales
Development sales (5,095,322) (3,086,903)
Impairment of inventory (see note 8) (326,113) (1,102,741)
Construction (3,519,421) (1,796,318)
Property services (50,781) (42,980)
Corporate - -
(8,991,637) (6,028,942)
Gross profit/(loss) 162,000 (280,217)
Developments consist of sales of properties owned and developed by the Group and three
development management agreements with One Heritage Tower Limited, One Heritage Great Ducie
Street Limited and One Heritage North Church Limited:
• One Heritage Tower Limited: The Group earns a management fee of 0.75% of costs incurred
to date per month, being £70,530 (31 December 2022: £65,928) and a 10% share of net
profit generated by the development through the agreement with One Heritage Tower
Limited. The Group is also entitled to 1% of any external debt or equity funding raised
on behalf of the development.
• One Heritage Great Ducie Street Limited: The Group earned a management fee of £103,080
(31 December 2022: £103,080) through the agreement with One Heritage Great Ducie
Street.
• The One Heritage North Church Limited agreement splits the fees into three parts: 1. 2%
of total development cost £9,677 (31 December 2022: £27,459), paid monthly over the
period of the development; 2. 15% of net profit, paid on completion; 3. 1% on any debt
finance raised.
The Group has not recognised any revenue linked to the profit share element of these
agreements as the transaction price is variable and the amount cannot be reliably
determined at this time. This is because the developments are either yet to commence
construction or have reached practical build completion but sales values are not yet fully
committed, and as such there is too much uncertainty to reliably estimate expected revenue.
During the period £4,998,598 development sales revenue was generated from external parties
through the sale of 31 units in completed developments (2022: £3,292,524). In the Lincoln
House development, 22 units were sold during the period generating revenue of £2,914,733.
The Bank Street development sold 2 units generating £350,385 in revenue. The Oscar House
development sold 7 units, generating revenue of £1,733,480.
Construction generates the majority of revenue from two entities: Robin Hood Property
Development Limited and One Heritage North Church Limited. The Group receives a cost plus
5.0% margin on all works undertaken for Robin Hood Property Development Limited,
recognising £458,902 (31 December 2022: £826,440) of revenue in the year. The Group has
undertaken work for One Heritage North Church Limited on a cost plus 5.0% margin basis,
this generated revenue of £3,232,894 (31 December 2022: £1,023,018) in the period.
The development management and construction revenues have been generated through related
parties.
Property Services generated revenue from management fees that are based on a percentage of
gross rental collected for clients and through transaction fees for each Co-Living property
bought and sold, including that for Robin Hood Property Development Limited, a related
party £91,600 (31 December 2022: £108,830).
The Corporate revenue is from contracts signed with related parties Robin Hood Property
Development Limited, generating revenue of £50,000 (2022: £58,333) and One Heritage
Property Rental Limited, recognising revenue of £6,000 (2022: £6,000) and is in
consideration for a range of administration services and use of the Group’s office.
7. Administration expenses
Six months to Six months to
£ unless stated 31 December 31 December
2023 2022
The aggregate remuneration comprised:
- Wages and salaries 690,185 554,078
- National insurance 76,603 63,627
- Pension costs 10,667 7,788
Staff costs 777,455 625,493
Other administration expenses 757,207 507,449
1,534,662 1,132,942
Average number of employees 28 20
8. Inventory
30 June
£ unless stated 31 December 2023
2023
Residential developments
- Land 4,239,078 4,895,358
- Construction and development costs 8,468,523 9,547,628
- Capitalised interest 1,591,437 2,123,936
14,299,038 16,566,922
Due to further expenditures, the Group has taken the decision to further impair the value
of its Bank Street and St Petersgate developments. The impairment totalled £2,718,249 at 31
December 2023 and the charge for the period ended 31 December 2023 was £326,113 (31
December 2022 £1,102,741).
9. Trade and other receivables
30 June
£ unless stated 31 December 2023
2023
Trade receivables 2,212,868 339,097
Other debtors 785,653 1,132,525
Prepayments and other income 509,992 47,116
Prepaid sales fees and commissions 359,603 521,572
VAT receivable - 51,636
Related party receivable 14,405 8,223
3,882,521 2,100,169
Trade receivables includes £28,517 (30 June 2023: £14,192) due from One Heritage Tower
Limited, £41,232 (30 June 2023: £nil) due from One Heritage Great Ducie Street Limited,
£114,038 (30 June 2023: £30,061) due from Robin Hood Property Development Limited and
£2,400 (30 June 2023: £1,200) due from One Heritage Property Rental Limited, all of whom
are related parties. There is also £1,946,036 (30 June 2023: £209,168) due from One
Heritage North Church Limited (a related party), which will be settled to the Group on
legal completion of all the units.
The prepaid sales fees and commissions relate to the sales agent fees and commissions paid
on units from developments that have contractually exchanged but not yet legally completed.
These relate to units exchanged on the Lincoln House Bolton, St Petersgate Stockport, Bank
Street Sheffield and Oscar House Manchester developments.
Management consider that the credit quality of the various receivables is good in respect
of the amounts outstanding, there have been no increases in credit risk and therefore
credit risk is considered to be low. Therefore, no expected credit loss provision has been
recognised.
10. Trade and other payables
30 June
£ unless stated 31 December 2023
2023
Trade payables 383,286 778,995
Accruals 692,935 192,439
Customer deposits 785,611 1,302,276
Related party payable 92,252 17,482
Tax payable 250,173 250,473
VAT payable 25,057 -
PAYE payable 85,585 37,979
2,314,899 2,579,644
Trade payables includes £5,064 (30 June 2023: £nil) due to Robin Hood Property Development
Limited and £2,275 (30 June 2023: £nil) due from One Heritage North Church Limited, each of
whom are related parties.
Trade payables and accruals relate to amounts payable at the reporting date for services
received during the period.
The Group has received deposits and reservation fees in relation to its developments, these
totalled £785,611 (30 June 2023: £1,302,276). The deposits relate to units that have
contractually exchanged and may be repayable if the group does not fulfil its contractual
obligations.
The company has financial risk management policies in place to ensure that all payables are
paid within agreed payment terms.
11. Borrowing
As at As at
£ unless stated 31 December 30 June
2023 2023
Non - current
Lease liability 154,997 193,109
Related party borrowings - 11,378,938
Loan 4,041,499 -
4,196,496 11,572,047
Current
Lease liability 86,625 86,622
Related party borrowings 13,023,004 -
Loan 1,489,516 5,581,851
14,599,145 5,668,473
18,795,641 17,240,520
As sales on the One Heritage Oscar House Limited development incurred delays, the Group
refinanced the project settling the previous debt of £4.1m with Hampshire Trust Bank
Limited on 22 December 2023. An agreement has been entered into with a new lender, 365
Funding Limited, on improved terms for £3.25m, for a period of 18 months to provide
appropriate funding until all the remaining units are legally completed and handed over to
customers.
On 9 November 2023, a subsidiary, One Heritage Victoria Road Limited, signed a loan
agreement with Hampshire Trust Bank Limited. This was for a gross amount of construction
finance totalling £3,846,700 of which £791,499 has been drawn down at 31 December 2023.
This has a term of 16 months and is to be drawn down to fund costs incurred by the
development in that subsidiary. The loan has a covenant that is linked to the underlying
development, to not exceed a loan to Gross Development Value of 61% which has been complied
with during the reporting period.
On 18 March 2022 the Group had a £1.5m corporate bond admitted to the Standard List of the
London Stock Exchange. This had a 2 year term and an 8.0% coupon which was paid on 30 June
and 31 December each year. The Group incurred listing costs of £102,040 which were
capitalised and released over the term of the Bond. £1.0m of the Bond was repaid on
maturity following 31 December 2023 with the remainder £0.5m being converted to a loan note
with a term of 12 months and 8% interest.
Related party borrowings
On 31 July 2023 the shareholder loan facility was increased by £1.7m, to £14.0m. This can
be drawn down as required, has an interest rate of 7.0% and was repayable on 31 December
2024 (refer to note 15). The balance on this loan at 31 December 2023 was £13,023,004 (30
June 2023: £11,378,938).
Terms and repayment schedule
The terms and conditions of outstanding loans are as follows:
As at As at
31 December 2023 30 June 2023
Nominal Maturity Face Carrying Face Carrying
£ unless stated Currency interest amount amount
rate Date value value
Hampshire Trust GBP 9.3% Apr-24 - - 4,118,054 4,118,054
Bank Limited
Hampshire Trust GBP 10.8% Apr-25 791,499 791,499 - -
Bank Limited
Funding 365 GBP 9.6% Jun-25 3,250,000 3,250,000 - -
Limited
One Heritage
Property GBP 7.0% Dec-24 13,023,004 13,023,004 11,378,938 11,378,938
Development
Corporate Bond GBP 8.0% Mar-24 1,489,516 1,489,516 1,463,797 1,463,797
18,554,019 18,554,019 16,960,789 16,960,789
12. Share capital
As at As at
£ unless stated 31 December 30 June
2023 2023
Share capital (1p per share) 386,783 386,783
Share premium 4,753,325 4,753,325
5,140,108 5,140,108
All shares issued by the Company are ordinary shares and have equal voting and distribution
rights.
13. Financial instruments and fair value disclosures
When measuring the fair value of an asset or a liability, the Group uses observable market
data as far as possible. Fair values are categorised into different levels in fair value
hierarchy based on the inputs used in the valuation techniques as follows:
• Level 1: quotes prices (unadjusted) in active markets for identical assets and
liabilities.
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the
asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The following table shows the carrying amounts of financial assets and liabilities,
including their levels in the fair value hierarchy:
As at 31 December 2023
Carrying value Fair value
Financial Other
£ unless stated assets at Total Level 1 Level Level 3 Total
amortised financial 2
cost liabilities
Financial assets
not measured at
fair value
Trade and other 3,882,521 - 3,882,521 - - 3,882,521 3,882,521
receivables
Cash and cash 125,371 - 125,371 125,371 - - 125,371
equivalents
4,007,892 - 4,007,892 125,371 - 3,882,521 4,007,892
Financial
liabilities not
measured at fair
value
Secured bank loans - 4,041,499 4,041,499 - - 4,041,499 4,041,499
Other borrowings - 14,512,520 14,512,520 - - 14,512,520 14,512,520
Lease liability - 241,621 241,621 - - 241,621 241,621
Trade and other - 2,314,899 2,314,899 - - 2,314,899 2,314,899
payables
- 21,110,539 21,110,539 - - 21,110,539 21,110,539
As at 30 June 2023
Carrying value Fair value
Financial Other
£ unless stated assets at Total Level 1 Level Level 3 Total
amortised financial 2
cost liabilities
Financial assets
not measured at
fair value
Trade and other 2,100,169 - 2,100,169 - - 2,100,169 2,100,169
receivables
Cash and cash 303,816 - 303,816 303,816 - - 303,816
equivalents
2,403,985 - 2,403,985 303,816 - 2,100,169 2,403,985
Financial
liabilities not
measured at fair
value
Secured bank loans - 4,118,054 4,118,054 - - 4,118,054 4,118,054
Other borrowings - 12,842,735 12,842,735 - - 12,842,735 12,842,735
Lease liability - 279,731 279,731 - - 279,731 279,731
Trade and other - 2,579,644 2,579,644 - - 2,579,644 2,579,644
payables
- 19,820,164 19,820,164 - - 19,820,164 19,820,164
14. Related party
Parent and ultimate controlling party
At the reporting date 65.15% of the shares are held by One Heritage Property Development
Limited, which is incorporated in Hong Kong. One Heritage Holding Group Limited,
incorporated in the British Virgin Islands, is considered the ultimate controlling party
through its 100% ownership of One Heritage Property Development Limited.
Compensation of the Group’s key management personnel is short term employee benefits.
Transactions with key management
Key management personnel compensation comprised the following:
£ unless stated 31 December 2023 30 June 2023
Short term employee benefits 113,821 412,851
113,821 412,851
15. Events after the reporting date
The St Petersgate development reached practical completion on 9 January 2024. To date, 8 of
the available 18 units have legally completed generating revenue of £1,206,503.
In January 2024, the Group's current shareholder agreement, initially executed on 21
September 2020, underwent an amendment. The principal modification confirms the full
balance of any drawdown is due on 31 December 2025.
The Corporate Bond matured on 15 March 2024 with £1.0m of the Corporate Bond repaid in
March 2024 and the £0.5m remainder being converted to a loan note with a term of 12 months
and 8% interest.
═══════════════════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement that contains inside information in accordance
with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
═══════════════════════════════════════════════════════════════════════════════════════════
ISIN: GB00BLF79495
Category Code: IR
TIDM: OHG
LEI Code: 2138008ZZUCCE4UZHY23
OAM Categories: 1.2. Half yearly financial reports and audit
reports/limited reviews
Sequence No.: 312379
EQS News ID: 1868947
End of Announcement EQS News Service
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