C.H. Bailey Plc Regulatory News (BLEY)

RNS Number : 7861U

Bailey(C.H.) PLC

03 August 2015

 

 

 

C. H. Bailey plc

 

Preliminary Results for the year ended 31 March 2015

 

C. H. Bailey plc ("C. H. Bailey", the "Company" or together with its subsidiaries the "Group"), a diverse group of international businesses, with investments and operations in leisure, property and engineering with its current key markets being Tanzania, Malta and the UK announces its audited preliminary results for the year ended 31 March 2015.

 

Group Financial Summary

 

Summary of group results	2015 £'000s	2014 £'000s	2013 £'000s	2012 £'000s
Revenue from continuing operations	4,997	4,381	5,313	4,339
Gross profit from continuing operations	1,162	1,196	1,410	1,196
Gross profit margin	23.6%	27.3%	26.5%	27.6%
Operating profit/(loss) from continuing operations, before exceptional items, investment activities and depreciation	(75)	13	320	64
Profit on sale of property	8,161	-	-	9,625
Profit/(loss) before tax and minority interests	6,877	(1,408)	(197)	8,907
Profit/(loss) from continuing operations after tax	5,838	(1,401)	(210)	7,700
Earnings/(loss) per share from continuing operations	76.74p	(18.41p)	(2.76p)	93.99p
Earnings/(loss) per share from total operations	76.74p	(18.41p)	(2.76p)	93.99p

 

 

CH Bailey plc

Bryan Warren, Company Secretary +44 (0) 1633 262 961

 

Arden Partners plc

Nick Ellis, James Felix, Ciaran Walsh

+44 (0) 207 614 5900

 

 

Chairman's Statement

 

 

Your Company in the year under review made a profit after tax of £5.8million (2014: loss £1.4million). The profit is mainly attributable to the completion in March 2015 of the second and final part of the St George's Bay Hotel sale in Malta.

 

The Group has also seen a recovery in the traditional engineering division and our investment activities in the global markets, however, the main focus of the Group is to purchase, develop and operate property to provide high end accommodation, serviced office and retail space. In March 2015, the Company completed the purchase of a further property in Malta that will continue to meet those criteria going forward.

 

Results

Revenues over the period have increased by 14% to reach £4.9 million. However, the gross profits have reduced due to increased cost of sales predominantly caused by the severance and redundancy costs of closing the operation in Malta, as well as a substantial increase in Tanzania of the depreciation within the cost of sales. The increase has occurred following the completion of the Phase III development which houses The Oyster Bay Suites, serviced offices, a bank and a premium restaurant. Excluding depreciation, administration costs for the year have decreased.

 

The overall earning per share was 76.74p (2014: loss 18.4p).

 

Africa

Revenue derived from our business in Tanzania was £3,173,552, (2014: £2,582,661) representing approximately 64.4% of total Group revenue. The completion of Phase III and the resulting revenue streams should have a greater impact on turnover in 2015/16 as will revenue from The Oyster Bay Suites which were officially opened in April 2015 and where occupancy has been increasing steadily on a monthly basis.

 

As previously stated in interim results, sales in the Tanzanian hospitality division have been badly affected by numerous factors including the Ebola outbreak in West Africa which has blighted certain parts of Africa. Sales and forward bookings for the coming season have also decreased due to elections in Tanzania and the UK, the currency markets, negative press on elephant poaching and terrorism in neighbouring Kenya.

 

The Board believe this is part of an African cycle and will affect trading in the short term. Our hospitality sales are now only 19% (2014: 22%) of the Tanzanian revenues and we are hopeful that with The Oyster Bay Suites there will be a recovery next year in Tanzania where the Board anticipate further growth in the serviced commercial and retail property market.

 

The sale of Mikumi Wildlife Camp has not yet been finalised and we continue to press the purchaser to complete on the final part of the sale. We are still awaiting the final payment to be made before we can progress the sale further and we are discussing with the potential purchaser means to quicken the already delayed process.

 

Corporate Social Responsibility

This year together with READ International and the Hassan Maajar Trust, we have continued with our programme to renovate primary and secondary school classrooms and create school libraries at schools in the local areas close to where we have operations.

 

At Kimbiji primary school, 45 kms south of Dar es Salaam we have now renovated seven class rooms and provided desks and chairs for the children and teachers.

 

At the Kisaki secondary school which is the major town on the northern boundary of the Selous Game Reserve we have renovated a class room, which we then converted into a new school library and supplied English and Swahili educational books and materials.

In Dar-es-salaam we continue to support the TLM Trust and the children's cancer oncology ward at the Muhimbili University hospital.

 

Malta

As previously announced, the second part of the of the St George's Bay Hotel assets sale has now been completed and the Company's hotel operation has now ceased in Malta. However, we continue to look at other properties on the island and the purchase of 16-18 Charles Street in Valletta has been completed. At the Charles Street property we intend to operate a small boutique hotel and we have already applied for an amendment to the granted planning consent having received the Malta Tourism Authority clearance for a boutique hotel.

 

The Board is hopeful that given the proposed government upgrade to the surrounding area in Valletta, Charles Street will add to both the revenue and profitability of the Group within the next couple of years when planning and construction is complete. The Board is also evaluating further acquisition and development opportunities in Valletta which, has recently been confirmed as the EU Capital of Culture 2018.

 

Industrial

Revenue derived from our engineering division in the United Kingdom increased to £1,388,891 (2014: £1,309,556). The operating loss was reduced to £74,819 (2014: loss £274,033). Since March this year, there has been a growth in sales and profitability which is encouraging although the industrial sector in South Wales remains challenging. We are cautiously optimistic that this growth and profitability will continue throughout this financial year.

 

Principal objectives and strategy

Your Company's principal objective is to achieve profitability from the existing asset base to allow further investment when opportunities arise and provide a return on investment to shareholders or increase the value of the investment to shareholders. We intend to do this through growth, by purchasing, developing, operating and trading in property in the existing geographical areas in which we operate or new areas where we have knowledge and associations with. It is envisaged that the properties will not be specifically targeted but we will focus on the hospitality, leisure, residential, retail and commercial sectors for development and operating opportunities.

 

Further development of business.

As reported in the Company's interim statement, we feel that the strategies put in place to diversify our revenue streams are beginning to bear fruit. We will continue to look at further projects in Africa and Europe, including the beach front property of Kimbiji, which is 45 minutes from Dar es Salaam and for which we are now reviewing several possible development concepts. There are also further opportunities in Malta, previously mentioned above.

 

Board and senior management matters

Mrs S A Bailey has decided not to stand for re-election as a director. Mrs Bailey has been a very valuable ambassador for the company for over 60 years and has made many contacts during her time as a director and the Board would like to thank her for her significant contribution and wish her all the very best for the future.

 

Mr Rod Reynolds will also be leaving the Company as a Director in September due to his business and other personal commitments and interests overseas. His input, tenacity and focused approach has been invaluable and this has helped the Company re-focus and develop a core business from within the Group.

 

As announced earlier today, the Board appointed Mr David Wilkinson as a non-executive director of the Company. As David was appointed pursuant to Article 22.2 of the Articles of Association, he holds office until the AGM at which time, he retires and will stand for re-election. The intention is that, with effect from the end of the AGM and subject to David being re-elected, I will stand down as chairman and David will become the non-executive chairman of the Company and I will move across to a chief executive role.

 

David has been with Ernst & Young (E&Y) for over 35 years and a partner for the last 24 years. He has been based in London and Bristol and was responsible for creating the E&Y entrepreneur of the year awards and specialised in helping companies grow and carry out corporate transactions, including acquisitions and floatations.

 

Dividend

Based on the results, the Board recommends the payment of a special dividend for the year of 20 pence (2014: nil). This dividend reflects a return on the profit on the sale of the property in Malta. The Board intends to reinvest the remainder of the sale proceeds into new and existing property development opportunities. As previously mentioned we hope to now create consistent trading profits so that we can offer our shareholders a return via an increase in share price or, subject to profitability, a dividend payment.

 

Subject to approval by shareholders at the Annual General Meeting to be held on 8 September 2015, the final dividend will be paid on 16 November 2015. The ex-div date is 22 October 2015 and the record date is 23 October 2015.

 

People

As always, the success of any Group is down to the hard work and dedication of the people employed. I take this opportunity to thank the team on the Board's behalf for all of their collective efforts over the last year.

 

Outlook

The Group continues to face a number of challenges. The Board will seek to strengthen the management team while we consider investing in our existing asset base as well as potential new investments. We are also confident in our strategy of achieving and maintaining profitability and the Board believes the Company is well positioned to grow in the future.

 

 

Charles Bailey

3rd August 2015

 

 

 

Consolidated Income Statement

for the year ended 31 March 2015

 

 

 

 

		2015		2014
		£		£
Continuing operations
Revenue		4,927,562		4,380,696
Cost of sales		(3,765,741)		(3,184,605)
Gross profit		1,161,821		1,196,091
Profit on sale of property		8,160,535		-
Administrative expenses		(2,157,371)		(1,838,342)
Trading profit (loss)		7,164,985		(642,251)
Investment activities and other income		202,109		(469,412)
Operating profit (loss)		7,367,094		(1,111,663)
EBITDA*		126,775		(456,523)
Depreciation		(920,216)		(654,622)
(Loss) on sale of plant and equipment		-		(518)
Normalised operating (loss)		(793,441)		(1,111,663)
Profit on sale of property		8,160,535		-
Operating profit (loss)		7,367,094		(1,111,663)
Finance income		54,622		40,429
Finance costs		(544,423)		(337,172)
Profit (loss) before taxation		6,877,293		(1,408,406)
Taxation		(969,082)		5,676
Minority interest		(70,310)		1,882
Profit (loss) for the financial year		5,837,901		(1,400,848)
Earnings (loss) per share from continuing and total operations		76.74p		(18.41p)

 

 

*Earnings before interest, taxation, depreciation, profit on sale of plant and equipment and profit on sale of property.

 

 

 

 

Consolidated Statement of

Comprehensive Total Income

for the year ended 31 March 2015

 

 

 

 

		2015		2014
		£		£
Profit (loss) for the financial year		5,837,901		(1,400,848)
Items that may be reclassified to profit and loss:
Exchange differences		(872,267)		(806,393)
Total comprehensive income (loss) for the year		4,965,634		(2,207,241)

 

 

 

 

 

Balance Sheets

as at 31 March 2015

 

		Group				Company
		2015	2014			2015	2014
		£	£			£	£
Non-current assets
Property, plant and equipment		12,653,515	12,080,207			140	378
Operating leases		39,455	115,166			-	-
Investments in subsidiary undertakings		-	-			1,487,644	1,976,619
Deferred tax asset		168,875	143,411			168,875	143,411
		12,861,845	12,338,784			1,656,659	2,120,408
Current assets
Inventory		13,718	16,561			-	-
Trade and other receivables		2,422,699	1,933,659			5,348,394	2,555,371
Current asset investments		1,616,157	2,387,200			412,165	419,880
Cash and cash equivalents		7,653,913	2,928,007			1,611,247	994,337
		11,706,487	7,265,427			7,371,806	3,969,588
Assets classified as held for sale		211,635	2,338,960			-	-
		11,918,122	9,604,387			7,371,806	3,969,588
Current liabilities
Trade and other payables		(2,290,396)	(3,027,994)			(559,049)	(774,815)
Bank loans and overdrafts		(2,331,959)	(1,670,059)			(323,379)	(250,520)
Other loans		-	(751,589)			-	-
Obligations under finance leases		(29,894)	(29,894)			-	-
Provisions		(250,000)	(250,000)			(250,000)	(250,000)
		(4,902,249)	(5,729,536)			(1,132,428)	(1,275,335)
Net current assets		7,015,873	3,874,851			6,239,378	2,694,253
Total assets less current liabilities		19,877,718	16,213,635			7,896,037	4,814,661
Non-current liabilities
Trade and other payables		-	(330,464)			-	-
Bank loans		(4,355,893)	(4,957,732)			-	-
Obligations under finance leases		(2,234)	(32,128)			-	-
Deferred tax liabilities		-	(269,201)			-	-
Net assets		15,519,591	10,624,110			7,896,037	4,814,661
Equity
Called-up share capital		833,541	833,541			833,541	833,541
Share premium account		609,690	609,690			609,690	609,690
Capital redemption reserve		5,163,332	5,163,332			5,163,332	5,163,332
Investment in own shares		(960,509)	(960,509)			(960,509)	(960,509)
Translation reserve		51,307	323,167			-	-
Retained earnings		9,820,860	4,583,366			2,249,983	(831,393)
Surplus attributable to the parent's shareholders		15,518,221	10,552,587			7,896,037	4,814,661
Minority interest		1,370	71,523			-	-
Total equity		15,519,591	10,624,110			7,896,037	4,814,661

 

 

 

 

 

 

Consolidated Cash Flow Statement

for the year ended 31 March 2015

 

 

 

 

		2015		2014
		£		£
Cash flows from operating activities
Cash generated from operations		(274,599)		765,708
Interest paid		(544,423)		(337,172)
Overseas tax paid		(1,230,328)		(3,808)
Net cash flow from operating activities		(2,049,350)		424,728
Investing activities
Sale of property, plant and equipment		9,728,109		1,749
Purchase of property, plant and equipment		(1,400,271)		(3,427,874)
Sale of investments		1,382,134		590,266
Purchase of investments		(556,429)		(596,159)
Interest received		54,622		40,429
Net cash flow from investing activities		9,208,165		(3,391,589)
Financing activities
Equity dividends paid		-		(380,388)
Dividend to minority interest		(123,111)		-
Movement in bank loans		(1,211,716)		1,186,645
Movement in directors' loans		(849,556)		(83,337)
Movement in other loans		(751,589)		28,246
Movement in capital element of finance leases		(29,894)		(28,949)
Net cash flow from financing activities		(2,965,866)		722,217
Net increase (decrease) in cash and cash equivalents		4,192,949		(2,244,644)
Cash and cash equivalents at beginning of year		1,257,948		3,680,071
Exchange differences		(128,943)		(177,479)
Cash and cash equivalents at end of year		5,321,954		1,257,948
Reconciliation of net cash flow to movement in net funds (debt) in the year
Net increase (decrease) in cash and cash equivalents		4,192,949		(2,244,644)
Net cashflow from the movement in debt		1,993,199		(1,185,942)
Movement in net funds (debt) during the year		6,186,148		(3,430,586)
Net (debt) at the beginning of the year		(4,513,395)		(1,269,254)
Exchange differences		(738,820)		186,445
Net funds (debt) at the end of the year		933,933		(4,513,395)

 

 

 

 

Consolidated Statement of Changes in Equity

for the year ended 31 March 2015

 

 

 

	Called-up share capital	Share premium account	Capital redemption reserve	Investment in own shares	Translation reserve	Retained earnings	Minority interest	Total
	£	£	£	£	£	£	£	£
Group
At 31st March 2013	833,541	609,690	5,163,332	(960,509)	800,063	6,694,099	76,842	13,217,058
Transactions with owners recorded directly in equity
Equity dividends paid	-	-	-	-	-	(380,388)	-	(380,388)
Income statement
Transfer	-	-	-	-	(386,758)	386,758	-	-
(Loss) for the financial year	-	-	-	-	-	(1,400,848)	(1,882)	(1,402,730)
Items that may be reclassified to profit and loss
Exchange differences	-	-	-	-	(90,138)	(716,255)	(3,437)	(809,830)
At 31st March 2014	833,541	609,690	5,163,332	(960,509)	323,167	4,583,366	71,523	10,624,110
Transactions with owners recorded directly in equity
Dividend to minority interest	-	-	-	-	-	-	(123,111)	(123,111)
Income statement
Profit for the financial year	-	-	-	-	-	5,837,901	70,310	5,908,211
Items that may be reclassified to profit and loss
Exchange differences	-	-	-	-	(271,860)	(600,407)	(17,352)	(889,619)
At 31st March 2015	833,541	609,690	5,163,332	(960,509)	51,307	9,820,860	1,370	15,519,591

 

Company
At 31st March 2013	833,541		609,690	5,163,332	(960,509)	-	799,936	-	6,445,990
Transactions with owners recoded directly in equity
Equity dividends paid		-	-	-	-	-	(380,388)	-	(380,388)
Income statement
(Loss) for the financial year		-	-	-	-	-	(1,250,941)	-	(1,250,941)
At 31st March 2014		833,541	609,690	5,163,332	(960,509)	-	(831,393)	-	4,814,661
Income statement
Profit for the financial year		-	-	-	-	-	3,081,376	-	3,081,376
At 31st March 2015		833,541	609,690	5,163,332	(960,509)	-	2,249,983	-	7,896,037

 

.

 

 

Notes to the Accounts

 

 

1. General information

 

Legal status and country of incorporation

C. H. Bailey plc, company number 190106, is incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on page 37. The principal activities are set out in the Directors' Report on pages 5 to 10.

 

Basis of preparation

These financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006. Therefore these financial statements comply with the AIM rules.

 

The financial statements are prepared using the historical cost basis of accounting except for:

 

· Properties held at the date of transition to IFRS which are stated at deemed cost; and

 

· Assets held for sales which are stated at the lower of fair value less anticipated disposal costs and carrying value.

 

Going concern

The directors have prepared these financial statements on the fundamental assumption that the group is a going concern and will continue to trade for at least 12 months following the date of approval of the financial statements.

 

 

2. Segmental information

 

	Revenue continuing operations	Operating profit (loss) continuing operations	Net assets
	£	£	£
Classes of business
Industrial:
2015	1,388,891	(74,819)	225,287
2014	1,309,556	(274,033)	201,509
Leisure:
2015	3,538,671	7,774,988	7,308,334
2014	3,071,140	270,136	8,594,185
Management:
2015	-	(333,075)	7,985,970
2014	-	(1,107,766)	1,828,416
Total:
2015	4,927,562	7,367,094	15,519,591
2014	4,380,696	(1,111,663)	10,624,110
Geographical segments
United Kingdom:
2015	1,502,938	(352,352)	1,723,287
2014	1,436,181	(901,267)	916,865
Africa:
2015	3,173,552	(69,893)	4,758,607
2014	2,582,661	391,209	4,485,630
Malta and Rest of the World:
2015	251,072	7,789,339	9,037,697
2014	361,854	(601,505)	5,221,615
Total:
2015	4,927,562	7,367,094	15,519,591
2014	4,380,696	(1,111,563)	10,624,110

 

 

3. Investment activities and other income

	2015		2014
	£		£
Income from current asset investments	92,411		85,454
(Loss) on sale of current asset investments	(37,928)		(87,271)
(Increase) in provision on current asset investments	(44,871)		(69,141)
Net foreign exchange gain (loss)	55,038		(171,710)
Fair value movement on investments	137,459		(226,744)
	202,109		(469,412)

 

 

4. Profit (loss) before taxation

The following have been charged (credited) in arriving at the profit (loss) before taxation:

 

	2015		2014
	£		£
Depreciation - owned assets	908,554		642,960
Depreciation - finance leased assets	11,662		11,662
Profit on sale of property (note 22)	8,160,535		-
Loss on sale of plant and equipment	-		518
Operating lease rental payments	52,320		41,467

 

The profit on the sale of property arises on the sale of the hotel complex in Malta.

 

 

5. Employee information

The average number of employees employed during the year was:

 

	2015		2014
Management	14		17
Administration	10		15
Production	95		91
	119		123

 

Staff costs, including directors' remuneration:

	2015		2014
	£		£
Wages and salaries	2,021,965		1,653,947
Social security costs	123,578		145,156
Pensions (defined contribution schemes)	10,843		2,847
	2,156,386		1,801,950

Total directors' emoluments were as follows:

	Fees	Salary	Bonus	Benefits	Total emoluments
	2015	2015	2015	2015	2015	2014
	£	£	£	£	£	£
Charles Bailey	46,478	106,453	72,360	-	225,291	127,926
Mrs Sarah Bailey	7,200	4,816	-	2,562	14,578	16,007
Sir William McAlpine, Bt.	6,000	-	-	-	6,000	6,000
Rod Reynolds	6,000	-	-	-	6,000	6,000
David Orchard	3,700	-	-	-	3,700	6,000
	69,378	111,269	72,360	2,562	255,569	161,933
The number of directors accruing retirement benefits under defined contribution schemes					1	1
Directors' interests in share options:
	2014	Granted	Exercised	2015	Market price at date of exercise	Date exercisable
Rod Reynolds	45,000	-	-	45,000	£2.00	28th June 2016 to 28th June 2023

 

 A bonus was paid to Charles Bailey for the completion of the sale of St Georges Bay Hotel in Malta. The bonus was signed off by the Remuneration Committee on the 9th December 2014. The group does not operate any other profit share or bonus schemes for directors.

 

In addition to the above, £1,430 (2014: £3,799) was charged to group companies for services provided by QED Enterprise Limited, a company controlled by David Orchard. David Orchard retired as a director on 30 September 2014.

 

 

6. Taxation

	2015		2014
	£		£
Current tax - overseas tax based on taxable profit for the year	1,230,328		3,808
Deferred tax (credit) on the origination and reversal of temporary differences	(261,246)		(9,484)
Total tax charge for the financial year attributable to total operations	969,082		(5,676)

 

The tax charge for the financial year can be reconciled to the profit before tax per the income statement multiplied by the standard applicable corporation tax rate in the UK of 21% as follows:

		2015		2014
		£		£
Profit (loss) before taxation		6,877,293		(1,408,406)
Tax at the UK effective corporation tax rate of 21% (2014: 23%)		1,444,232		(323,933)
Effects of:
	Non-deductable expenses	9,792		9,588
	Movement in overseas trading losses and effect of different overseas tax rates	(761,746)		100,524
	Differences arising on capital sales and investment income	(22,033)		83,094
	Deferred tax on losses not recoverable	80,908		124,612
	Effect of change in tax rate	217,929		439
Total tax charge for the financial year		969,082		(5,676)

 

7. Earnings (loss) per share

The earnings per share has been calculated by reference to the weighted average number of ordinary shares of 10p each in issue of 7,607,755 (2014: 7,607,755) which excludes own shares held. The share options in issue have no dilutive effect on the weighted average number of ordinary shares.

 

	Continuing earnings	Number of shares
2015
Basic earnings / weighted average number shares	5,837,901	7,607,755
Basic earnings per share (pence)	76.74p
2014
Basic earnings / weighted average number shares	(1,400,848)	7,607,755
Basic loss per share (pence)	(18.41p)

 

 

8. Profit on sale of property

	£
Hotel complex in Malta
Proceeds - €13,743,283	9,944,612
Legal fees and direct sale costs - €257,617	(186,411)
	9,758,201
Asset classified as held for sale	(1,868,889)
Profit on sale of assets classified as held for sale	7,889,312
Other leasehold land and buildings
Proceeds	288,713
Net book value	(17,490)
Profit on sale of leasehold land and buildings	271,223
Profit on sale of property	8,160,535

 

On 17 March 2015, completion took place on the sale of the remaining property at the hotel complex at St Georges Bay, Malta for €13,743,283, pursuant to the agreement made on 9 September 2011 which gave the purchaser to 30 March 2015 to complete on the purchase for this amount. As a deposit of €400,000 had already been paid, the balance €13,343,283 was received on 17 March 2015.

 

 

9. Cash generated from operations

		2015		2014
		£		£
Operating profit (loss) continuing operations		7,367,094		(1,111,663)
Depreciation		920,216		654,622
(Profit) loss on the sale of property, plant and equipment		(8,160,535)		518
Loss on sale of current asset investments		37,928		87,271
Fair value movement of investments		(137,459)		226,744
Provision on current asset investments		44,871		69,141
Exchange differences		(51,810)		171,829
Cash generated from operations before movements in working capital		20,305		98,462
Operating leases		79,335		6,703
Decrease in inventories		2,843		2,180
(Increase) decrease in trade and other receivables		(489,040)		82,598
Increase in trade and other payables		111,958		575,765
Cash generated from operations		(274,599)		765,708

 

 

10. Related party transactions

At 31 March 2015, the group owed Charles Bailey £39,680 (2014: £889,236) on which there was interest charged to the income statement of £48,135 (2014: £32,154).

 

The group has made loans totalling 30,000 Euros (2014: 95,000 Euros) to Sefranda Limited, a company controlled by Dr. A. Galea, a director of St Georges Bay Hotel Limited. Transactions between the company and its subsidiary undertakings, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

 

11. Dividend payments

	2015			2014
	Per share	Total		Per share	Total
	Pence	£		Pence	£
Final dividend for the year ended 31 March 2013 declared on 10 September 2013 and paid to shareholders on the register as at 25 October 2013 on 15 November 2013	-	-		5p	380,388

 

The directors propose to pay a final dividend in respect to the year ended 31 March 2015 of 20 pence per ordinary share). The financial statements for the year ended 31 March 2015 do not reflect this dividend.

 

12. Preliminary Statement

 

This preliminary statement will not be posted to shareholders; however, a copy will be available on the Company's website, www.chbaileyplc.co.uk. This preliminary announcement does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The annual report and accounts for the year ended 31 March 2015 and the comparatives under IFRS have not yet been filed with the Registrar of Companies.

 

The full Annual Report & Financial Statements, together with the notice convening the company's the annual general meeting to be held at the Hilton London Heathrow Airport, Terminal 4, Heathrow Airport, Hounslow, Middlesex TW6 3AF on the 8th September 2015 at 2.00pm, is being posted to shareholders and can be expected to be received by 11th August 2015. However, it will be available for viewing and download on the Group's website from today.

 

The statutory financial statements for the year ended 31 March 2014, prepared under adopted IFRS, have been reported on by the group's auditors and delivered to the registrar of companies. The auditors' report was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

This announcement contains forward looking statements which are made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a number of risks and uncertainties that are inherent in any forward looking statement which could cause actual results to differ materially from those currently anticipated.

 

 

This information is provided by RNS

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