REG - Panther Securities - Interim Report - six months ended 30 June 2025
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RNS Number : 2709B Panther Securities PLC 29 September 2025
29 September 2025
Panther Securities PLC
(the "Company" or the "Group")
Interim Report for the six months ended 30 June 2025
Chairman's Statement
I am pleased to be able to present the results for the half year ended 30 June
2025. Our profit after tax for this period was £3,835,000 compared to
£3,351,000 for the previous year's equivalent six-month period.
This year's six-month period was helped by a revaluation gain on investment
properties of £3,904,000 which flatters profits. The underlying
improvements in 2025 within the Group's financial performance are beginning to
show through.
Rents Receivable
During this 2025 interim period, rents receivable amounted to £7,337,000
compared to £7,231,000 for the equivalent period in the previous year.
Our rental income is still gradually increasing, in some parts due to the
refurbishing works and splitting up of some of our larger vacant units,
resulting in more manageable and attractive smaller units which appeal to a
greater number of potential users. In the 2025 interim period, some larger
repair works are proceeding with pre-lets already agreed, some of which should
be completed soon, which consequently should lead to an increase in rentals.
Interest Costs
Our interest costs are approximately £348,000 lower in the 2025 interim
period due to significant de-gearing at the beginning of this period and also
due to our bank loans having lower margins following the refinance that was
completed in March 2024.
We take this opportunity again to thank our lenders, HSBC and Santander, who
have been our partners together for 45 years and 15 years respectively.
Bad Debts
This period's bad debts are £453,000, similar to last year's half year
period.
Property Values
The Directors have, at the suggestion of our lenders, externally valued the
Group's total property portfolio as at 30 June 2025, which shows an increase
in fair value of £3,904,000 although we sold £2,220,000 of properties at
book cost as well as performing a small acquisition. This increased our
total investment property portfolio by circa. £1,900,000.
Derivative Value
At 30 June 2025, our derivative financial asset's value was £5,012,000,
approximately the same as at 30 June 2024.
Property Sale
In February 2025 we sold our freehold island site in central Wolverhampton
which included Charles House, Premier House and 78 Darlington Street. This
property was purchased in August 2010 for £1,560,000 including purchase
costs. It was a mixed-use group of older buildings with approximately 70,000
sq. ft. of occupiable space on 1.2 acres of city centre land. When purchased
it produced rents of £278,000 per annum (£195,000 after costs) and was
already clearly a potential development site due to its size and location.
The Group managed to maintain a high level of income for almost its entire
ownership. The property, prior to sale, produced rent of £122,000 per annum
(and £80,000 after costs). The sale price achieved was £2,500,000.
Property Purchase
The freehold of 134-136 Above Bar Street, Southampton was purchased in March
2025 for £253,000 at auction, being formerly owned by Southampton Borough
Council. We already owned the long leasehold interest which had circa 85
years remaining at a ground rent of £12,225 being fixed at 15% of the rents
receivable, out of a current total of £81,500 per annum. We now no longer
have an issue of having a depreciating asset thus allowing development if in
the future a residential scheme in the upper parts is deemed profitable.
General Letting Market
As previously mentioned, we have several useful lettings well in hand which
should help increase our rental income for future years and have the extra
benefit of reducing carrying costs. Most are subject to us completing
substantial refurbishment works for the tenants' agreed requirements.
As at 30 June 2025, our net asset value has increased from 669p to 685p per
share which equates to an increase of approximately 2.4%.
Beneficial Transactions Subsequent to this Half Year Period
As announced on 5 September 2025, the purchaser of our former Beales store in
Peterborough, details of which were mentioned in last year's accounts, paid
the first £500,000 of the contracted deferred payment. This was paid two
weeks earlier than contractually agreed, which gives us confidence that the
next £500,000 payment, due in June 2026, should be met.
On 16 September 2025 our £120,000 refurbishment of a small part of our
Wickford factory estate was completed and let at £155,000 per annum.
Likewise, two factories in Tenbury Wells totalling approximately 60,000 sq.
ft. had their short-term leases renewed to new 10 year leases for our existing
tenants at slightly increased rents (Total Carbide Building rising to £48,000
and Richard Lloyd Building rising to £162,000), a total increase (after
concessions) of £40,000 per annum.
Future Progress
About 18 months ago I predicted exciting times and mayhem to come from our
country's change of political direction, but of course did not think of the
extra problems which would arrive from the change in the direction of politics
in the USA, which has increased the level of problems for large and small
trading businesses worldwide. However, so far, we have been able to easily
withstand the financial squalls from erratic political decisions that cause
fluctuations in the business climate.
Charitable Donations
We continue to support several charities, especially ones local to areas in
which we operate and have interests in.
Political Donations
At the AGM earlier this year, I proposed a resolution for the Company to
donate £25,000 to the Reform UK political party and this was successfully
passed by shareholders by both the number of affirmative voters and total of
their shareholding, as always with myself abstaining voting my personal
holdings.
I have often previously stated that in my opinion most business problems are
caused by poor government taxation and legislation.
The current Labour government have followed in their foolish predecessor's
footsteps with even more vindictive and drastic anti-business taxes on
employment with harmful policies for pensioners, farmers, strivers and
successful entrepreneurs, and particularly hard on those who save or invest
for the future so that they don't become a burden on the state in old age.
They have continued to disallow VAT rebates on expensive purchases by overseas
tourists, so now many of these high spending tourists go to other major cities
such as Paris, Milan or Barcelona etc. providing extra tax receipts to those
countries, but producing a loss of tourism and spending on hotels etc. in the
UK, which could be of substantial benefit to the UK's hospitality industry
which is suffering badly.
Our Labour government has still not addressed the ridiculous inadequacies of
business rates, the cause of so many problems. They encouraged second homes
being charged double Council Tax for less services. Individuals also have to
suffer higher personal Capital Gains Tax on a sale of a secondary/ non-primary
residential asset, compared to commercial Capital Gains Tax when profitably
realised. We still receive poor and slow service from practically every
bureaucratic government department without any sign of an attempt to address
the problem other than encouraging a four day week and informing taxpayers
that our bureaucrats are happier.
This government has increased the tax burden and are risking turning a slowly
recovering economy into a rapidly sliding downturn.
The Taxpayers' Alliance provided research that exposed that up to 25% of many
of our council taxes go towards the gold-plated pensions of the bureaucrats
who serve us so badly, whilst the taxpayers of the private sector have
employers who are rarely able to provide such largesse in pensions.
Dividends
The Company is declaring an interim dividend for the year ended 31 December
2025 of 6p per share and because we are always very mindful the Company is
owned by its shareholders - who are probably being hit by all the new taxes,
and also because we are in a stronger financial position than for some time,
we are declaring a special dividend of 10p per share. Both dividends are to
be paid on 29 October 2025 to shareholders on the register at 10 October 2025
(ex-dividend 9 October 2025).
I repeat my thanks to our small but dedicated team of staff, growing team of
financial advisers, legal advisers, agents and accountants for all their hard
work during the period.
Special thanks and good wishes go to our tenants, many of whom are
comparatively small entrepreneurial businesses, and I hope they can continue
to manage through the present business climate with the excess burdens placed
upon them by rapacious government taxes which we hope are only temporary.
Once again, I repeat I do not feel I can do justice to the incompetence of the
present Government and certainly cannot present the problems created by them
any better than many journalists, especially of the Daily Mail and Daily
Telegraph who have forcefully expanded on subjects I highlighted about
bureaucratic foolishness in my Chairman's Ramblings briefly over the last 15
years or so. This time the Ramblings have taken a slightly different
direction.
Andrew S Perloff
Chairman
29 September 2025
Chairman's Ramblings
These Chairman's ramblings are the views of the Chairman.
When I was young, I was brought up in a household where my mother looked after
the house and the four children. She organised our schooling, clothing and
sometimes some extra education.
But my father was the more dominant character and decided on holidays,
discipline and, on occasion, purchased a new home and showed my mother
afterwards (and he chose and arranged the substantial decoration always
required). I never knew my mother could drive as she never drove anywhere.
However, after my father died suddenly aged 58, after a period of recovering
from the shock, she took over the household and running of the fur shop and
one day got into the car and started to drive wherever needed.
So it was not surprising that common for that period was for many people,
including me, to think of a woman's role in life as looking after the home and
family etc., and it was unusual for women either to be running a business or
in a profession. In my twenties I was regularly dealing with male only
professionals in my business activities.
In 1971 we (my brother Harold and my business partner, Malcolm Bloch) were
doing well in the property business but had various different companies with
different spread of ownership and had decided it would be a good idea to merge
the entities into a small public company.
One of my property dealer friends had a 60% controlling shareholding in a
small Midlands quoted business which owned about 30 acres of industrial land
with a variety of old buildings, some let. We looked at the land and it was
easy to agree a reasonable price with our friend for his shares.
However, even in those days it was still complicated to takeover a public
company to comply with the takeover code. It was also difficult to
investigate companies' assets. Our usual solicitor put us in touch with a
legal corporate specialist. He arrived at our smart offices in Park Street,
together with his young female assistant, who sat with him but said nothing
whilst he explained the whole process and what he required of us. We
listened but probably did not take it all in, believing as we were dealing
with a friend it would all be easy. They both left with arrangements to
return in two to three weeks' to explain the papers and documents they had
received and what else we would need besides the money.
Well, his assistant turned up at the next meeting on her own. I was
furious. I had expected the Expert, not his junior but of course managed to
hold my annoyance. She spread out the papers on the table and started to
explain the problems with the properties and the company.
She obviously realised that we had no idea about the complexities. We were
complete beginners and had no knowledge of what making a bid and taking
control of a public company involved (we should have become MPs!). Her
explanations were clear and in simple terms for our inexperienced minds and in
explaining the big risks, of which we were completely unaware, with a pleasant
simplicity and enormous patience.
Beneath the land it was riddled with long forgotten and no longer working coal
mines, having had occasional subsidence, so could not be built upon or easily
let. By her explaining the added environmental concerns that would be costly
to remedy, along with our responsibility to pay some potentially unpaid tax
and other bills, understandably led us to curtail our transaction.
After this meeting I completely changed my mind about women in business and
this has been reconfirmed many, many times over the subsequent 50 years,
currently finding their ability just as able, good and pragmatic as any of the
plethora of male professional advisers we used at that time.
For the last year we have had a female Chancellor who single-handedly has
turned the United Kingdom's economy from slowly recovering to rapidly
declining.
She has put us on the path of destroying the family-owned farming industry,
which will cause food shortages in due course and overreliance on imports.
She continues to damage the High Street retail and hospitality industry by
continuing the excessive property taxation.
She produced new taxes to turn, for example a £2,000,000 pension fund for the
children/grandchildren into about £500,000 which is not great if 2 children
and 4 grandchildren have to share their parent's lifetime efforts.
She removed wealthy tourists' incentive to visit the UK by continuing with the
withdrawal of VAT rebates on expensive goods.
She increased the employers' costs of employing people by her substantial
extra increases of National Insurance contributions, at the same time
substantially increasing the minimum wage.
A female Deputy Prime Minister who promulgates a new Employment Rights Bill
which, if enacted, would, by my guess, put over 100,000 people out of work.
In an exuberant mood promised to build 1,500,000 new homes in the UK within
five years. Currently London is expected to build 95% less than its
Government expectations. Therefore, it should not come as a surprise that
unfortunately she did not understand the correct tax to pay on a second home,
which she underpaid and felt obliged to resign.
A female Education Minister who decided to tax private education, even though
most of those who pay for their children's private education have already paid
a very full tax to include that education cost.
These actions probably cause more upset and misery for the 15,000 or so pupils
whose parents' circumstances force them to change schools and whose children
lose their close friends. It is doubtful if any extra funds are received by
the Treasury. This spiteful action is probably caused by the big chip on her
shoulder from her early life.
Diane Abbott MP amusingly has proved she can't add up and has silly ideas
about foreign policy and believes in private education for her own children,
despite her party's strong opposition to it.
So far, the only MPs submitting themselves for the important job of Deputy
Prime Minister are women of little experience of commercial matters and
therefore should be carefully vetted for their affiliations and beliefs so
that I do not have to change my mind about women's abilities again?!
Yours
Andrew S Perloff
29 September 2025
The views and opinions expressed in this announcement are those of the Company
and do not necessarily reflect the views or opinions of parties external to
the Company, particularly those of its Nominated Adviser.
Panther Securities P.L.C.
CONDENSED CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2025
Six months Six months Year
Notes
ended ended ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Revenue 2 7,337 7,231 15,047
Cost of sales 2 (2,836) (2,452) (6,704)
Gross profit 4,501 4,779 8,343
Other income 181 671 794
Administrative expenses (784) (826) (1,659)
Bad debt expense (453) (482) (526)
Operating profit 3,445 4,142 6,952
Profit on disposal of investment properties 287 - 1,296
Movement in fair value of investment properties 6 3,904 - 1,300
7,636 4,142 9,548
Finance costs - interest (2,413) (2,989) (5,722)
Finance costs - swap interest 512 740 1,422
Investment income 90 61 158
Profit realised on the disposal of investments (shares) 22 - -
Fair value (loss) / gain on derivative financial liabilities 7 (758) 2,518 3,265
Profit before income tax 5,089 4,472 8,671
Income tax expense 3 (1,254) (1,121) (1,984)
Profit for the period 3,835 3,351 6,687
Earnings per share
Basic and diluted - continuing operations 5 22.1p 19.2p 38.4p
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2025
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Profit for the period 3,835 3,351 6,687
Items that will not be reclassified subsequently to profit or loss
Movement in fair value of investments taken to equity 14 9 18
Deferred tax relating to movement in fair value of investments taken to equity (4) (2) (4)
Realised fair value on disposal of investments previously taken to equity (7) - -
Realised deferred tax relating to disposal of investments previously taken to 2 -
equity
-
Other comprehensive income for the period, net of tax 5 7
14
Total comprehensive income for the period 3,840 3,358 6,701
Attributable to:
Equity holders of the parent 3,840 3,358 6,701
3,840 3,358 6,701
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Company number 293147
As at 30 June 2025
30 June 30 June 31 December
Notes
2025 2024 2024
£'000 £'000 £'000
ASSETS Unaudited Unaudited Audited
Non-current assets
Plant and equipment 33 30 47
Investment properties 6 184,122 185,143 182,204
Derivative financial asset 7 4,405 5,023 4,945
Right of use asset 165 221 179
Investments 154 173 201
188,879 190,590 187,576
Current assets
Stock properties 101 350 101
Investments - 21 -
Derivative financial asset 7 607 - 825
Trade and other receivables 4,235 3,147 4,630
Cash and cash equivalents (restricted) 314 4 2,604
Cash and cash equivalents 6,091 6,062 5,038
11,348 9,584 13,198
Total assets 200,227 200,174 200,774
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 (1,132) (855) (1,088)
Capital redemption reserve 572 572 572
Retained earnings 109,547 104,454 106,748
Total equity 118,915 114,099 116,160
Non-current liabilities
Long-term borrowings 7 56,276 62,906 61,401
Deferred tax liability 8 5,998 4,858 5,232
Leases 8,162 8,087 8,190
70,436 75,851 74,823
Current liabilities
Trade and other payables 9,045 8,719 9,341
Accrued dividend payable 4 1,041 1,048 -
Short-term borrowings 7 125 - -
Current tax payable 665 457 450
10,876 10,224 9,791
Total liabilities 81,312 86,075 84,614
Total equity and liabilities 200,227 200,174 200,774
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2025
Share Share premium Capital redemption Retained earnings Total
capital Treasury shares reserve
£'000 £'000 £'000 £'000 £'000 £'000
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)
Balance at 1 January 2024 (audited) 4,437 5,491 572
(772) 102,144 111,872
Total comprehensive income for the period - - - 6,701 6,701
-
Dividends paid - - - - (2,093) (2,093)
Treasury shares purchased - - (316) - - (316)
Consolidation adjustment - - - - (4) (4)
Balance at 1 January 2025 (audited) 4,437 5,491 572
(1,088) 106,748 116,160
Total comprehensive income for the period - - - 3,840 3,840
-
Dividends due - - - - (1,041) (1,041)
Treasury shares purchased - - (44) - - (44)
Balance at 30 June 2025 4,437 5,491 572 109,547 118,915
(unaudited) (1,132)
Panther Securities P.L.C.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2025
30 June 30 June 31 December
Notes
2025 2024 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Cash flows from operating activities
Operating profit 3,445 4,142 6,952
Add: Depreciation 14 11 27
Add: Finance lease charge depreciation - - 514
Add: Loss on write down of stock - 6 9
Add: Depreciation - right of use asset 17 - -
Less: Rent paid treated as interest (340) (340) (657)
Profit before working capital change 3,136 3,819 6,845
Decrease in stock properties - - 249
Decrease/ (increase) in receivables 395 103 (397)
(Decrease)/ increase in payables (30) (81) 838
Cash generated from operations 3,501 3,841 7,535
Interest paid (1,461) (1,709) (3,366)
Income tax paid (275) (74) (572)
Net cash generated from operating activities 1,765 2,058
3,597
Cash flows from investing activities
Purchase of investment properties (261) - (308)
Purchase of plant and equipment - - (32)
Proceeds from sale of investment property 2,509 - 4,483
Proceeds from sale of investments** 76 - -
Dividend income received 3 3 5
Interest income received 87 58 153
Net cash generated from investing activities 2,414 61 4,301
Cash flows from financing activities
New loans received - 1,375 1,375
Repayment of loans (5,100) (1,850) (3,455)
Loan arrangement fees and associated costs (272) (522) (794)
Loan amortisation repayments - (125) (125)
Purchase of own shares (44) (83) (316)
Dividends paid - - (2,093)
Net cash used in financing activities (5,416) (1,205) (5,408)
Net (decrease)/ increase in cash and cash equivalents (1,237) 914 2,490
Cash and cash equivalents at the beginning of period* 7,642 5,152 5,152
Cash and cash equivalents at the end of period* 6,405 6,066 7,642
* Of this balance £314,000 (30 June 2024: £4,000, 31 December 2024:
£2,604,000) 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 2025
1. Basis of preparation of interim financial statements
The results for the year ended 31 December 2024 have been audited whilst the
results for the six months ended 30 June 2024 and 30 June 2025 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 2024
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 2025. 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 2025 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
2025 2024 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Current period UK corporation tax (490) (490) (1,015)
Prior period UK corporation tax - - 34
(490) (490) (981)
Current period deferred tax expense (764) (631) (1,003)
Income tax expense for the period (1,254) (1,121) (1,984)
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
2025 2024 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Interim dividend for the year ended 31 December 2024 of 6p per share
- - 1,046
Final dividend for the year ended 31 December 2023 of 6p per share
1,048* 1,047
Final dividend for the year ended 31 December 2024 of 6p per share 1,041*
1,041 1,048 2,093
The final dividend of 6p per share for the year ended 31 December 2024 (and
2023) was not paid during the period to 30 June 2025 but declared and approved
at the AGM held in June 2025 (being accrued in these accounts) and was paid on
16 July 2025.
*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 £3,835,000 (30 June 2024 - £3,351,000 and 31
December 2024 - £6,687,000).
The basic earnings per share is based on the weighted average of the ordinary
shares in existence throughout the period, being 17,361,429 to 30 June 2025
(17,420,929 to 31 December 2024 and 17,456,929 to 30 June 2024). There are
no potential shares in existence for any period and therefore diluted and
basic earnings per share are equal.
Panther Securities PLC owns 393,000 ordinary shares in the Company which are
currently held in treasury (31 December 2024 - 378,000 and 30 June 2024 -
305,000).
6. Investment properties
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Unaudited Unaudited Audited
Fair value of investment properties
At 1 January 182,204 185,169 185,169
Additions 261 - 308
Disposals (2,220) - (4,195)
Fair value adjustment on investment properties held on leases
(27) (26) (378)
Revaluation increase/ (decrease) 3,904 - 1,300
At period end 184,122 185,143 182,204
The Directors undertook the valuation as at 30 June 2025 however for this
exercise they were able to utilise an independent valuation dated 31 July 2025
for the majority of The Group's properties by Carter Jonas, prepared for the
Lenders. For 30 June 2024 and 31 December 2024 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.
7. Derivative financial instruments and Borrowings
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
2025 2024 2024
£'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 5.70% 35,000 5.70%
Santander Bank plc 25,000 4.31% 25,000 4.31% 25,000 4.31%
Unamortised loan arrangement fees (544) (743) (644)
Floating element (3,055) 3,649 2,045
HSBC Bank plc - - -
Short-term borrowings (125) - -
56,276 62,906 61,401
The rate includes 2.30% margin (2.70% margin prior to 28 March 2024). The
fixed rate financial derivatives (swaps) are referenced to SONIA.
Bank loans totalling £60,000,000 (2024 - £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
£11,055,000 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 2025 30 June 2024 31 December 2024
Fair value Fair value Fair value
£'000 years £'000 £'000 £'000
Unaudited Unaudited Audited
Derivative financial asset
Interest rate swap 35,000 3.286% 13.19 2,642 2,156 2,867
Interest rate swap 25,000 2.013% 6.42 2,370 2,867 2,903
5,012 5,023 5,770
Split between:
Non-current 4,405 5,023 4,945
Current 607 - 825
5,012 5,023 5,770
Movement in derivative financial assets (758) 2,518 3,265
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 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 2024 (4,225)
Debit to equity for the period (4)
Debit to Income Statement for the period (1,003)
Liability at 1 January 2025 (5,232)
Debit to equity for the period (2)
Debit to Income Statement for the period (764)
Liability at 30 June 2025 (5,998)
Deferred taxation arises in relation to:
Deferred tax
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Deferred tax liabilities:
Investment properties (5,118) (4,028) (4,184)
Derivative financial asset (1,253) (1,256) (1,443)
Fair value of investments 49 50 49
Deferred tax assets:
Tax allowances in excess of book value 324 376 346
Derivative financial liability - - -
Net deferred tax liability (5,998) (4,858) (5,232)
As at 30 June 2025 the substantively enacted rate was 25% (also 25% as at 30
June 2024 and 31 December 2024) and this has been used for the deferred tax
calculation.
9. Net asset value per share
30 June 30 June 31 December
2024 2024 2024
Unaudited Unaudited Audited
Basic and diluted 685p 654p 669p
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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