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REG - Panther Securities - Interim Report - six months ended 30 June 2024

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RNS Number : 7022F  Panther Securities PLC  26 September 2024

26 September 2024

 

Panther Securities PLC

(the "Company" or the "Group")

 

Interim Report for the six months ended 30 June 2024

 

 

Chairman's Statement

 

Once again, I am pleased to announce our results for the half year ended 30
June 2024.  Our profit for this period was £3,351,000 compared to
£7,049,000 for the previous year's equivalent period.

 

Last year's six-month period was helped by a revaluation gain on investment
properties of £5,041,000 which, whilst flattering profits in 2023, obscures
the underlying improvement in 2024 on the Group's underlying financial
performance shown by its rental growth.

 

Rents Receivable

During this 2024 interim accounting period, rents receivable amounted to
£7,231,000 compared to £6,736,000 for the equivalent period in the previous
year.

 

Our rental income is gradually increasing, in some part due to the
refurbishing works and splitting up of some of our larger vacant units, with
more manageable and attractive units which are easier to let.  Whilst the
current period shows a decline in expenditure, this will rise in our second
half year period, as some larger works proceed, some with pre-lets signed.

 

Interest Costs

Our interest costs are approximately £218,000 lower in the current period,
mainly due to the swap rearrangements which took effect on 1 September 2023
(see note 7) but also due to our bank loans' lower margins following the
refinance that was completed in March 2024.

 

Bad Debts

This period's bad debts appear to have over doubled to £482,000 although the
last period had a historically low bad debt charge and I can only speculate
that some of the additional difference may reflect a timing situation, as many
of our tenants were nervous of the probable (and now in effect) change of
political direction and held onto their cash longer than usual.

 

Property Values

The Directors have taken the view that there is no overall change in the value
of the Group's total property portfolio as at 30 June 2024.

 

Derivative Value

As at 30 June 2024, our derivative financial asset's value was £5.02m, an
increase of £2.52m relative to 31 December 2023.  Our derivative
arrangements have very volatile values but are currently providing continuous
positive cash flow benefits to our Group.

 

Tax

Our future tax payable is now at a rate of 25% on profits whereas it was 19%
up to 31 March 2023.

 

Property Lettings/Improvements

 

Padholme Road, Peterborough

This 50,000 sq ft warehouse was purchased vacant and let towards the end of
2023 at £345,000 pa.  It was refurbished by our new tenants, Anglia Home
Furnishing Limited, with our financial assistance.  However, the AHF Group
was sold to a much larger group who believed they may need a larger warehouse
in due course.  They therefore negotiated a three-month rolling break clause
to be inserted into their lease for which we received £500,000.  We believe
that due to the improvements made to the property, as and when they decide to
vacate this property, it should hopefully achieve a higher rental value.  At
the time of publishing this statement they had not exercised their break
clause.

 

53/55 High Street, St Neots

After splitting this former Beales unit into two or three units, approximately
half the space has been let to Poundstretcher on a 10-year lease at £90,000
pa.

 

Unit 10, Chorley Industrial Estate

This unit has been re-let at £95,000 pa.  Previously this was vacant for
almost a year.

 

Small units

There are also many small units that have been let or have had lease
extensions granted, several of which are at slightly increased rentals.

 

Post 30 June 2024 improvements in lettings/sales

 

Chorley Industrial Estate

Whilst only producing a slight increase in rents payable, a new lease has been
agreed with a very substantial European company on four units, with two
already occupied by them.  However, it will soon become a 15-year lease (with
a break at 10) with £318,000 pa to be receivable from this strong covenant.
Their main existing unit lease was due to expire in two years' time.  This
extra security of a longer-term lease should give added value to this estate.

 

Brackla Shopping Centre

We have agreed a lease, subject to the Group spending £500,000 on repairs and
improvements, and with planning permission for a change of use to a medical
use already obtained by the incoming tenant.  This lease will be at circa
£95,000 pa for 20 years (with break at 15) to a global healthcare company.
This unit is currently vacant and was previously let at £45,000 pa (a couple
of years ago).  This will substantially improve the value of the Brackla
Shopping Centre.

 

Auction Properties

In July 2024 we sold three mature freehold property investments at auction.
These were in Blackburn, Hull and Widnes.  A total of £1,336,000 was
received compared to the book valuation of £1,235,000.

 

Having owned these properties for many years, we felt that as the leases ended
in a year or two, that if vacated by the tenants their values would fall
considerably.  Building our cash reserves seems a sensible policy under our
new government.

 

Developments in limbo

I have mentioned several times our potential developments at Swindon and Barry
Parade, Peckham when I previously optimistically believed that we had jumped
through all the hoops necessary to obtain planning permission, but it has
proved impossible to deal with the respective local authorities'
requirements.  Thus, we are looking at alternative ways of making these two
central sites productive.

 

Political Donation

At our AGM the resolution to pay £25,000 to the Reform UK party was passed by
13 shareholders representing 84% of those voting and eight shareholders who
voted against this resolution representing the remaining 16%.  This is, of
course, without any of my personal holding being voted.

 

Dividends

On 27 July 2024 (after the period end) we paid a 6p per share final dividend
in relation to the year ended 31 December 2023 which is accrued in these
interim accounts (as it was approved by shareholders at our AGM in June 2024).

 

We are declaring an interim dividend for the year ending 31 December 2024 of
6p per share to be paid on 29 October 2024 to shareholders on the register at
11 October 2024 (ex-dividend on 10 October 2024).

 

We expect to maintain our ordinary dividend for the 2024 full year totalling
12p per share.

 

Prospects

With a new government comprised of mostly business inexperienced politicians,
it is hard to be too optimistic about the country's successful progress, but
despite some of the dreadful ideas being promoted in our new government's
first few months, I believe that our Group is in a sound financial position,
i.e., substantial cash, spare bank facilities, growing income from a large
spread of tenants, which will enable us to take up any potential profitable
opportunities that will very likely come our way.

 

 

Andrew S Perloff

Chairman

26 September 2024

 

 

Chairman's Ramblings

 

As I have mentioned several times through previous ramblings, a Chinese quote
sometimes said on departing from business meetings, "May you live in exciting
times", is often thought of as a blessing, but it is really a curse upon you.

 

In this country, we are now living in exciting times.  Since July 4(th),
Independence Day in United States of America but in our Dis-United Kingdom,
that date should be named Serfdom Day.

 

From the moment the new government walked through the door of 'No. 10' in
their freebie designer clothes and phenomenally overpriced reality blurred
spectacles, a plethora of new rules, regulations, taxes and vindictive
proposals have been issued, promised or suggested by the new team.

 

There is no doubt the Conservatives, R.I.P., deserved to lose any election.
They were so politically inept for so many years by destroying the High
Street, attacking high end tourist trade, attacking successful high earners
and pandering to tiny minorities who were very loud protestors, hanging their
hat on green policies and taxes which only impoverish the already poorer
members of our own population and becoming energy reliant on foreign nations
by not utilising our own energy sources and thus paying billions of pounds
elsewhere to meet our own energy demands.

 

The Tory leadership failed to oversee our own bureaucracy effectively, so that
whatever government service we need or require is dealt with badly and
inefficiently, thus expensively.  Failing to halt the huge increase in
immigration, the enormity of which is such that many migrants to the UK cannot
be properly housed, educated, medically looked after, fed or clothed without
substantially further impoverishing the UK's own lower income families.  The
tensions this causes build up and I believe that this will cause social
problems.

 

However, it seems that the new teams of government leaders' paymasters, the
unions, will be lavishly rewarded, which I believe will encourage others to
demand unreasonable and unaffordable pay demands.  This may cause inflation
to stay higher than expected thus interest rates may remain higher than
anticipated.

 

Now the new team have discovered 'black holes' in this country's finances, we
have been promised brutal tax increases on those with the 'broadest
shoulders'.  There may still be a few first-class seats left on planes flying
to a more pleasant economic climate than here, but I suspect many of those
'broad shoulders' will have left this country by the time our new seemingly
vindictive administration can put the plans into full action, thus making it
necessary for extra money to be raised from the 'working class' who are
already just managing.

 

I seem to recall a part of a song by Ron and the Rude Boys appropriate for the
grand finale of our new leaders' conference.

♬ ♬

The pensioners and working class

Can kiss my ****

We've got all the government jobs at last!

 

Yours

 

 

Andrew S Perloff

Chairman

 

26 September 2024

 

 

 

 Panther Securities P.L.C.

 CONDENSED CONSOLIDATED INCOME STATEMENT
 for the six months ended 30 June 2024

 

                                                                       Six months      Six months      Year

                                                               Notes
                                                                       ended           ended           ended
                                                                       30 June         30 June         31 December
                                                                       2024            2023            2023
                                                                       £'000           £'000           £'000

                                                                       Unaudited       Unaudited       Audited

 Revenue                                                       2       7,231           6,736           14,457
 Cost of sales                                                 2       (2,452)         (2,953)         (6,630)
 Gross profit                                                          4,779           3,783           7,827

 Other income                                                          671             204             1,043
 Administrative expenses                                               (826)           (784)           (1,843)
 Bad debt expense                                                      (482)           (207)           (680)
 Operating profit                                                      4,142           2,996           6,347

 Profit on disposal of investment properties                           -               -               305
 Movement in fair value of investment properties               6       -               5,041           5,534
                                                                       4,142           8,037           12,186

 Finance costs - interest                                              (2,989)         (2,585)         (5,586)
 Finance costs - swap interest                                         740             118             757
 Investment income                                                     61              33              108
 Loss realised on the disposal of investments (shares)                 -               -               (4)
 Fair value gain / (loss) on derivative financial liabilities  7       2,518           3,184           (1,962)
 Profit before income tax                                              4,472           8,787           5,499

 Income tax expense                                            3       (1,121)         (1,738)         (1,076)
 Profit for the period                                                 3,351           7,049           4,423

 Earnings per share
 Basic and diluted - continuing operations                     5       19.2p           40.3p           25.3p

 

 

 Panther Securities P.L.C.

 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
 for the six months ended 30 June 2024

 

                                                                                     Six months      Six months      Year
                                                                                     ended           ended           ended
                                                                                     30 June         30 June         31 December
                                                                                     2024            2023            2023
                                                                                     £'000           £'000           £'000

                                                                                     Unaudited       Unaudited       Audited

 Profit for the period                                                               3,351           7,049           4,423
 Items that will not be reclassified subsequently to profit or loss
 Movement in fair value of investments taken to equity                               9               26              19
 Deferred tax relating to movement in fair value of investments taken to equity      (2)             (6)             (5)
 Realised fair value on disposal of investments previously taken to equity           -               -               43
 Realised deferred tax relating to disposal of investments previously taken to       -               -
 equity

                                                                                                                     (10)
 Other comprehensive income for the period, net of tax                               7               20

                                                                                                                     47
 Total comprehensive income for the period                                           3,358           7,069           4,470

 Attributable to:
 Equity holders of the parent                                                        3,358           7,069           4,470
                                                                                     3,358           7,069           4,470

 

 

 

 

     Panther Securities P.L.C.

     CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
     Company number 293147

     As at 30 June 2024
                                                                    30 June              30 June              31 December

                                                          Notes
                                                                    2024                 2023                 2023
                                                                    £'000                £'000                £'000

     ASSETS                                                         Unaudited            Unaudited            Audited
     Non-current assets
     Plant and equipment                                            30                   58                   42
     Investment properties                                6         185,143              182,442              185,169
     Derivative financial asset                                     5,023                7,651                2,505
     Right of use asset                                             221                  258                  221
     Investments                                                    173                  535                  165
                                                                    190,590              190,944              188,102

     Current assets
     Stock properties                                               350                  350                  350
     Investments                                                    21                   29                   26
     Trade and other receivables                                    3,147                2,978                3,250
     Cash and cash equivalents (restricted)                         4                    4                    954
     Cash and cash equivalents                                      6,062                5,605                4,198
                                                                    9,584                8,966                8,778

     Total assets                                                   200,174              199,910              196,880

     EQUITY AND LIABILITIES
     Equity attributable to equity holders of the parent
     Capital and reserves
     Share capital                                                  4,437                4,437                4,437
     Share premium account                                          5,491                5,491                5,491
     Treasury shares                                                (855)                (772)                (772)
     Capital redemption reserve                                     572                  604                  572
     Retained earnings                                              104,454              105,741              102,144

     Total equity                                                   114,099              115,501              111,872

     Non-current liabilities
     Long-term borrowings                                 7         62,906               60,704               -
     Deferred tax liability                               8         4,858                4,987                4,225
     Leases                                                         8,087                8,249                8,113
                                                                    75,851               73,940               12,338
     Current liabilities
     Trade and other payables                                       8,719                8,628                8,528
     Accrued dividend payable                             4         1,048                1,048                -
     Short-term borrowings                                7         -                    500                  64,101
     Current tax payable                                            457                  293                  41
                                                                    10,224               10,469               72,670

     Total liabilities                                              86,075               84,409               85,008

     Total equity and liabilities                                   200,174              199,910              196,880

 Panther Securities P.L.C.

 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
 for the six months ended 30 June 2024

 

 

 

                                            Share     Share premium                    Capital redemption  Retained earnings  Total

                                            capital                  Treasury shares   reserve
                                            £'000     £'000          £'000             £'000               £'000              £'000
 Balance at 1 January 2023 (audited)        4,437     5,491                            604

                                                                     (772)                                 101,467            111,227
 Total comprehensive income for the period  -         -                                -                   7,069              7,069

                                                                     -
 Dividends paid                             -         -              -                 -                   (1,747)            (1,747)
 Dividends due                              -         -              -                 -                   (1,048)            (1,048)
 Balance at 30 June 2023 (unaudited)        4,437     5,491                            604                 105,741            115,501

                                                                     (772)

 Balance at 1 January 2023 (audited)        4,437     5,491                            604

                                                                     (772)                                 101,467            111,227
 Total comprehensive income for the period  -         -                                -                   4,470              4,470

                                                                     -
 Dividends paid                             -         -              -                 -                   (3,844)            (3,844)
 Consolidation adjustment                   -         -              -                 (32)                51                 19
 Balance at 1 January 2024 (audited)        4,437     5,491                            572

                                                                     (772)                                 102,144            111,872
 Total comprehensive income for the period  -         -                                -                   3,358              3,358

                                                                     -
 Dividends due                              -         -              -                 -                   (1,048)            (1,048)
 Treasury shares purchased                  -         -              (83)              -                   -                  (83)

 Balance at 30 June 2024 (unaudited)        4,437     5,491                            572                 104,454            114,099

                                                                     (855)

 

 Panther Securities P.L.C.

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 for the six months ended 30 June 2024
                                                                 30 June        30 June        31 December

                                                         Notes
                                                                 2024           2023           2023
                                                                 £'000          £'000          £'000

                                                                 Unaudited      Unaudited      Audited
 Cash flows from operating activities
 Operating profit                                                4,142          2,996          6,347
 Add: Depreciation                                               11             6              22
 Add: Loss on write down of stock                                6              -              -
 Less: Rent paid treated as interest                             (340)          (343)          (680)

 Profit before working capital change                            3,819          2,659

                                                                                               5,689
 Decrease in assets held for resale                              -              191            191
 Decrease/ (increase) in receivables                             103            200            (72)
 (Decrease)/ increase in payables                                (81)           755            690
 Cash generated from operations                                  3,841          3,805          6,498

 Interest paid                                                   (1,709)        (1,972)        (3,856)
 Income tax paid                                                 (74)           -              (361)
 Net cash generated from operating activities                    2,058          1,833

                                                                                               2,281

 Cash flows from investing activities
 Purchase of investment properties                               -              (464)          (3,449)
 Purchase of investments**                                       -              (254)          (256)
 Proceeds from sale of investment property                       -              -              950
 Proceeds from sale of investments**                             -              -              404
 Dividend income received                                        3              4              14
 Interest income received                                        58             29             94
 Net cash generated/(used in) from investing activities          61             (685)          (2,243)

 Cash flows from financing activities
 New loans received                                              1,375          2,000          5,000
 Loan arrangement fees and associated costs                      (522)          -              -
 Loan amortisation repayments                                    (125)          (250)          (500)
 Purchase of own shares                                          (83)           -              -
 Loan repayment                                                  (1,850)        -              -
 Dividends paid                                                  -              (1,747)        (3,844)

 Net cash (used in)/generated from financing activities          (1,205)        3              656

 Net increase/(decrease) in cash and cash equivalents            914            1,151          694

 Cash and cash equivalents at the beginning of period*           5,152          4,458          4,458

 Cash and cash equivalents at the end of period*                 6,066          5,609          5,152

 

* Of this balance £4,000 (30 June 2023:  £4,000, 31 December 2023:
£954,000) is restricted by the Group's lenders i.e. it can only be used for
the purchase of investment property (or otherwise by agreement).

 

** Shares in listed and/or unlisted companies. These were held for longer term
growth and dividend return.

 

 

 

 

 

Panther Securities P.L.C.

 

NOTES TO THE INTERIM FINANCIAL REPORT

for the six months ended 30 June 2024

 

 

1.   Basis of preparation of interim financial statements

 

The results for the year ended 31 December 2023 have been audited whilst the
results for the six months ended 30 June 2023 and 30 June 2024 are
unaudited.

 

The financial information set out in this interim financial report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006.  The Group's statutory accounts for the year ended 31 December 2023
which were prepared in accordance with UK-adopted international accounting
standards ("IFRS"), were filed with the Registrar of Companies. The auditors
reported on these accounts, their report was unqualified and did not include a
reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and did not contain any statements
under Section 498 (2) or Section 498 (3) of the Companies Act 2006.

 

These condensed consolidated interim financial statements are for the six
month period ended 30 June 2024. They have been prepared in accordance with UK
adopted international accounting standards in conformity with the requirements
of the Companies Act 2006.

 

A number of new and amended standards and interpretations are effective from 1
January 2024 but they do not have a material effect on the Group's financial
statements.

 

 

2.   Revenue and cost of sales

 

The Group's only operating segment is investment and dealing in property and
securities.  All revenue, cost of sales and profit or loss before taxation is
generated in the United Kingdom.  The Group is not reliant on any key
customers.

 

 

3.   Income tax expense

 

The charge for taxation comprises the following:

                                      30 June    30 June       31 December
                                      2024       2023          2023
                                      £'000      £'000         £'000
                                      Unaudited  Unaudited       Audited
 Current period UK corporation tax    (490)      (128)         (41)
 Prior period UK corporation tax      -          -             (196)
                                      (490)      (128)         (237)
 Current period deferred tax expense  (631)      (1,610)       (839)
 Income tax expense for the period    (1,121)    (1,738)       (1,076)

 

The taxation charge is calculated by applying the Directors' best estimate of
the annual effective tax rate to the profit for the period.

 

 

4.   Dividends

 

Amounts recognised as distributions to equity holders in the period:

 

                                                                                 30 June          30 June                    31 December
                                                                                 2024             2023                       2023
                                                                                 £'000            £'000                      £'000
                                                                                 Unaudited        Unaudited                  Audited

 Interim dividend for the year ended 31 December 2023 of 6p per share

                                                                                        -                     -              1,048
 Final dividend for the year ended 31 December 2023 of 6p per share (2022 - 6p)

                                                                                 1,048*           1,048*                     1,048
 Special dividend for the year ended 31 December 2023 of 10p per share

                                                                                 -                1,747                      1,748
                                                                                 1,048            2,795                      3,844

 

The final dividend of 6p per share for the year ended 31 December 2023 (and
2022) was not paid during the period to 30 June 2024 but declared and approved
at the AGM held in June 2024 (being accrued in these accounts) and was paid on
17 July 2024 (19 July 2023).

 

*Accrued at June and paid after period end.

 

 

5.   Earnings per share (basic and diluted)

 

The calculation of basic and diluted earnings per ordinary share is based on
earnings being a profit of £3,351,000 (30 June 2023 - £7,049,000 and 31
December 2023 - £4,423,000).

 

The basic earnings per share is based on the weighted average of the ordinary
shares in existence throughout the period, being 17,456,929 to 30 June 2024
(17,471,929 to 31 December 2023 and 17,471,929 to 30 June 2023).  There are
no potential shares in existence for any period and therefore diluted and
basic earnings per share are equal.

 

Panther Securities PLC owns 305,000 ordinary shares in the Company which are
currently held in treasury (31 December 2023 and 30 June 2023 - 275,000).

 

 

6. Investment properties

 

                                                                30 June    30 June    31 December
                                                                2024       2023       2023
                                                                £'000      £'000      £'000

                                                                Unaudited  Unaudited    Audited

 Fair value of investment properties

 At 1 January                                                   185,169    176,937    176,937
 Additions                                                      -          464        3,449
 Disposals                                                      -          -          (645)
 Fair value adjustment on investment properties held on leases

                                                                (26)       -          (106)
 Revaluation increase/ (decrease)                               -          5,041      5,534
 At period end                                                  185,143    182,442    185,169

 

The Directors undertook the valuation as at 30 June 2024 (for 30 June 2023 and
31 December 2023 both were also Director's valuations, however both were
heavily influenced by an independent valuation by Carter Jonas dated July 2023
- on the majority of the portfolio).  For 31 December 2023 guidance was also
received on a number of properties not valued by Carter Jonas and adopted as
Director's valuations at the year end.

 

 

7.   Derivative financial instruments

 

The main risks arising from the Group's financial instruments are those
related to interest rate movements. Whilst there are no formal procedures for
managing exposure to interest rate fluctuations, the Board continually reviews
the situation and makes decisions accordingly. Hence, the Company will, as far
as possible, enter into fixed interest rate swap arrangements. The purpose of
such transactions is to manage the interest rate risks arising from the
Group's operations and its sources of finance.

                                         30 June                  30 June                      31 December
                                         2024                     2023                         2023
                                         £'000                    £'000                        £'000
 Bank loans                         Unaudited  Rate          Unaudited             Rate   Audited      Rate
 Interest is charged as to:
 Fixed/ Hedged
 HSBC Bank plc*                     35,000     5.70%         35,000         7.76%         35,000       6.10%
 Santander Bank plc                 25,000     4.31%         25,000         4.71%         25,000       4.71%
 Unamortised loan arrangement fees  (743)                    (296)                        (149)

 Floating element                   3,649                    1,500                        4,250
 HSBC Bank plc                      -                        -                            -
                                    62,906                          61,204                64,101

 

* Fixed rate came into effect on 1 September 2008 and lasts for 30 years.
The rate includes 2.30% margin (2.70% margin prior to 28 March 2024). There
are no breaks and the rate dropped to 3.40% from 5.06% on 1 September 2023.
The end of its term is 31 August 2038.  The fixed rate financial derivatives
(swaps) are referenced to SONIA.

 

Bank loans totalling £60,000,000 (2023 - £60,000,000) are fixed using
interest rate swaps removing the Group's exposure to interest rate risk. The
remaining borrowings are arranged at floating rates, thus exposing the Group
to cash flow interest rate risk.  The Group at the period end had a
£55,000,000 term facility and a £13,000,000 revolving facility (with
£4,350,000 undrawn at the period end).

 

The derivative financial assets and liabilities are designated as held for
trading.

 

                             Hedged amount  Rate (without margin)  Duration of contract remaining  30 June 2024  30 June 2023  31 December 2023

                                                                                                   Fair value    Fair value    Fair value
                             £'000                                 years                           £'000         £'000         £'000
                                                                                                   Unaudited     Unaudited     Audited
 Derivative financial asset
 Interest rate swap*         35,000         3.400%                 14.19                           2,156         3,402         347
 Interest rate swap          25,000         2.013%                 7.42                            2,867         4,249         2,158
                                                                                                   5,023         7,651         2,505
 Movement in derivative financial assets                                                           2,518         3,184         (1,962)

 

*The Group has paid £5 million in February 2021 to vary this long-term swap
agreement. The agreement varied the fixed rate previously at 5.06% until 31
August 2038 on a nominal value of £35 million. Following the variation, the
Group's fixed rate dropped on 1 September 2023 to 3.40% saving the Group circa
£581,000pa in cash flow until the end point of the instrument.

 

Interest rate derivatives are shown at fair value in the Statement of
Financial Position, with charges in fair value taken to the Income
Statement.  Interest rate swaps are classified as level 2 in the fair value
hierarchy specified in IFRS 13.

 

The vast majority of the derivative financial assets are due in over one year
and therefore they have been disclosed as all due in over one year.

 

The above fair values are based on quotations from the Group's banks and
Directors' valuation.

 

Treasury management

The long-term funding of the Group is maintained by three main methods, all
with their own benefits.  The Group has equity finance, has surplus profits
and cash flow which can be utilised and also has loan facilities with
financial institutions.  The various available sources provide the Group with
more flexibility in matching the suitable type of financing to the business
activity and ensure long-term capital requirements are satisfied.

 

 

8.   Deferred taxation

 

The following are the major deferred tax assets and liabilities recognised by
the Group, and the movements thereon, during the current and prior reporting
periods.

                                           Total
                                           £'000
 Liability at 1 January 2023               (3,371)
 Debit to equity for the period            (15)
 Debit to Income Statement for the period  (839)

 Liability at 1 January 2024               (4,225)
 Debit to equity for the period            (2)
 Debit to Income Statement for the period  (631)
 Liability at 30 June 2024                 (4,858)

Deferred taxation arises in relation to:

 

Deferred tax

                                                        30 June 2024  30 June 2023  31 December 2023
                                                        £'000         £'000         £'000
 Deferred tax liabilities:
 Investment properties                                  (4,028)       (3,373)       (4,028)
 Derivative financial asset                             (1,256)       (1,913)       (626)
 Fair value of investments                              50            (62)          53

 Deferred tax assets:
 Tax allowances in excess of book value                 376           361           376
 Derivative financial liability                         -             -             -
 Net deferred tax liability                             (4,858)       (4,987)       (4,225)

 

As at 30 June 2024 the substantively enacted rate was 25% (also 25% as at 30
June 2023 and 31 December 2023) and this has been used for the deferred tax
calculation.

 

 

9.   Net asset value per share

                    30 June    30 June    31 December
                    2024       2023       2023

                    Unaudited  Unaudited  Audited
 Basic and diluted  654p       661p       640p

 

 

10. Copies of this report are to be sent to all shareholders and are available
from the Company's registered office at Unicorn House, Station Close, Potters
Bar, EN6 1TL and will also be available for download from our website
www.pantherplc.com (http://www.pantherplc.com) .

 

 Panther Securities PLC                                                         +44 (0) 1707 667 300

 Andrew Perloff, Chairman
 Simon Peters, CEO and Finance Director

 

Allenby Capital Limited
 
+44 (0) 20 3328 5656

(Nominated Adviser and Joint
Broker)

Alex Brearley

Piers Shimwell

 

 

 

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