26 Aug 2010 07:00
HIGHCROFT INVESTMENTS PLC
Interim report
30 June 2010
Chairman's Statement for the six months ended 30 June 2010
Highlights
·; Net rental income up 6.3% to £926,000 (2009 £871,000).
·; An improved profit before tax of £1,212,000 (2009 loss £489,000).
·; Basic earnings per share on all activities was 25.4p (2009 loss per share 8.8p).
·; Net asset value per share increased to 676p (June 2009 591p and December 2009 666p).
·; Interim property income distribution will be 11.00p per share compared with 10.00p in 2009.
·; No gearing and net cash £3,065,000 (2009 £573,000) equivalent to 59p per share (2009 11p per share).
Dear Shareholder
The results for the six months ended June 2010 continue to reflect the vagaries of the marketplace - both as regards the property and the equity markets. The property market, having seen something of a bounce in 2009 after the sharp falls of a year earlier, now seems generally to be marking time and this has certainly been our own experience. Whilst our property portfolio has risen some 11% from the valuation of a year earlier, increases have moderated since December 2009. Equally, we took the opportunity of equity market volatility to reduce our portfolio albeit at levels lower than the 2009 year end and we have incurred some revaluation losses on our portfolio at 30 June 2010. Both of these factors help to explain the minimal rise in our net asset value to 676p from a year end figure of 666p but nonetheless this is a 14.4% increase on the June 2009 figure of 591p.
In revenue terms, net rental income rose by 6.3% - reflecting a small rise in gross rentals and a reduction in property operating expenses. This rise was offset at the group operating profit level by the fall in equity dividend income as a result of our reduced investment in equities. The underlying earnings per share (excluding capital and revaluation movements) was 16.7p against 16.6p a year earlier.
Shareholders will remember that, following our move to REIT status, the interim dividend last year rose substantially from 7.0p to 10.0p per share. We are pleased to report a further increase this year to 11.0p.
We have taken the opportunity in the last few months to strengthen our financial position both by working towards having a fully-let property portfolio (which we hope to achieve with the letting of our only vacant property in Yeovil, during the second half) and by reducing our equity portfolio.
While our cash and borrowing capability give us the capacity to enhance our property portfolio, we are still cautious about the sustainability of many current valuations, especially where rents are under pressure. We are in a strong financial position and continue to seek ways of ensuring that we lay the foundations of medium term growth and continuing to deliver value to shareholders.
Yours sincerely
J Hewitt
Chairman
26 August 2010
For further information, contact:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840 023
Charles Stanley Securities
Dugald Carlean 0207 149 6000
Condensed consolidated interim statement of comprehensive income
for the six months ended 30 June 2010
|
|
|
| Unaudited |
|
|
| Unaudited |
|
|
| Audited |
|
|
|
|
|
|
| First Half 2010 |
|
|
| First Half 2009 |
|
|
| Full Year 2009 |
|
| |
|
| Note | Revenue | Capital | Total |
| Revenue | Capital | Total |
| Revenue | Capital | Total |
|
|
|
|
| £'000 | £'000 | £'000 |
| £'000 | £'000 | £'000 |
| £'000 | £'000 | £'000 |
|
|
| Continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross rental income |
| 1,002 | - | 1,002 |
| 983 | - | 983 |
| 1,943 | - | 1,943 |
|
|
| Property operating expenses |
| (76) | - | (76) |
| (112) | - | (112) |
| (253) | - | (253) |
|
|
| Net rental income |
| 926 | - | 926 |
| 871 | - | 871 |
| 1,690 | - | 1,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realised gains on investment property |
| - | 42 | 42 |
| - | - | - |
| - | - | - |
|
|
| Net gain on disposal of investment property |
| - | 42 | 42 |
| - | - | - |
| - | - | - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Valuation gains on investment property |
| - | 755 | 755 |
| - | 293 | 293 |
| - | 1,616 | 1,616 |
|
|
| Valuation losses on investment property |
| - | (25) | (25) |
| - | (1,460) | (1,460) |
| - | (416) | (416) |
|
|
| Net valuation gains/(losses) on investment property |
| - | 730 | 730 |
| - | (1,167) | (1,167) |
| - | 1,200 | 1,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
| 101 | - | 101 |
| 142 | - | 142 |
| 292 | - | 292 |
|
|
| Gains on investments |
| - | 105 | 105 |
| - | 494 | 494 |
| - | 1,679 | 1,679 |
|
|
| Losses on investments |
| - | (527) | (527) |
| - | (671) | (671) |
| - | (234) | (234) |
|
|
| Net investment income/(loss) |
| 101 | (422) | (321) |
| 142 | (177) | (35) |
| 292 | 1,445 | 1,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Administrative expenses |
| (168) | - | (168) |
| (148) | - | (148) |
| (283) | - | (283) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit/(loss) before net financing costs |
| 859 | 350 | 1,209 |
| 865 | (1,344) | (479) |
| 1,699 | 2,645 | 4,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Finance income |
| 5 | - | 5 |
| 2 | - | 2 |
| 2 | - | 2 |
|
| Finance expenses |
| (2) | - | (2) |
| (12) | - | (12) |
| (20) | - | (20) |
|
| Net finance costs |
| 3 | - | 3 |
| (10) | - | (10) |
| (18) | - | (18) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit/(loss) before tax |
| 862 | 350 | 1,212 |
| 855 | (1,344) | (489) |
| 1,681 | 2,645 | 4,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax credit/(expense) | 4 | - | 103 | 103 |
| - | 32 | 32 |
| (11) | (377) | (388) |
|
| Total profit/(loss) and comprehensive |
| 862 | 453 | 1,315 |
| 855 | (1,312) | (457) |
| 1,670 | 2,268 | 3,938 |
|
| income/(expense) for the financial period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings/(loss) per share | 6 | 16.7p | 8.7p | 25.4p |
| 16.6p | (25.4)p | (8.8)p |
| 32.3p | 43.9p | 76.2p |
|
Condensed consolidated interim statement of financial position
as at 30 June 2010
|
|
| Unaudited |
| Unaudited | Audited | |
|
|
| 30 June |
| 30 June |
| 31 December |
|
|
| 2010 |
| 2009 |
| 2009 |
|
| Note | £'000 |
| £'000 |
| £'000 |
| Assets |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
| Investment property | 7 | 28,300 |
| 25,458 |
| 27,825 |
| Equity investments | 8 | 5,221 |
| 6,530 |
| 7,397 |
| Total non-current assets |
| 33,521 |
| 31,988 |
| 35,222 |
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
| Trade and other receivables |
| 83 |
| 97 |
| 103 |
| Cash at bank and in hand |
| 3,065 |
| 573 |
| 946 |
| Total current assets |
| 3,148 |
| 670 |
| 1,049 |
|
|
|
|
|
|
|
|
| Total assets |
| 36,669 |
| 32,658 |
| 36,271 |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
| Interest-bearing loans and borrowings |
| - |
| 14 |
| - |
| Current income tax |
| 286 |
| 100 |
| 90 |
| Trade and other payables |
| 792 |
| 792 |
| 777 |
| Total current liabilities |
| 1,078 |
| 906 |
| 867 |
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
| Interest-bearing loans and borrowings | 9 | - |
| 637 |
| - |
| Deferred tax liabilities |
| 668 |
| 557 |
| 969 |
| Total non-current liabilities |
| 668 |
| 1,194 |
| 969 |
|
|
|
|
|
|
|
|
| Total liabilities |
| 1,746 |
| 2,100 |
| 1,836 |
|
|
|
|
|
|
|
|
| Net assets |
| 34,923 |
| 30,558 |
| 34,435 |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
| Issued share capital |
| 1,292 |
| 1,292 |
| 1,292 |
| Revaluation reserve - property |
| 6,442 |
| 4,277 |
| 5,696 |
| Revaluation reserve - other |
| 1,630 |
| 1,740 |
| 2,656 |
| Capital redemption reserve |
| 95 |
| 95 |
| 95 |
| Realised capital reserve |
| 19,238 |
| 18,174 |
| 18,229 |
| Retained earnings |
| 6,226 |
| 4,980 |
| 6,467 |
| Total equity |
| 34,923 |
| 30,558 |
| 34,435 |
|
|
|
|
|
|
|
|
Condensed consolidated interim statement of changes in equity
for the six months ended 30 June 2010
| a) First half 2010 -Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
| Revaluation reserves |
| Capital |
| Realised |
| Retained |
|
| ||
|
|
|
| Property |
| Other |
| Redemption |
| Capital |
| Earnings |
| Total |
|
|
|
|
|
|
|
| Reserve |
| Reserve |
|
|
|
|
|
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| At 1 January 2010 | 1,292 |
| 5,696 |
| 2,656 |
| 95 |
| 18,229 |
| 6,467 |
| 34,435 |
| Dividends | - |
| - |
| - |
| - |
| - |
| (827) |
| (827) |
| Transactions with owners | - |
| - |
| - |
| - |
| - |
| (827) |
| (827) |
| Profit for the period | - |
| - |
| - |
| - |
| - |
| 1,315 |
| 1,315 |
| Non-distributable items recognised in income statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revaluation gains/(losses) | - |
| 730 |
| (27) |
| - |
| - |
| (703) |
| - |
| Tax on revaluation gains and losses | - |
| - |
| 69 |
| - |
| - |
| (69) |
| - |
| Realised losses | - |
| - |
| - |
| - |
| (95) |
| 95 |
| - |
| (Surplus)/deficit attributable to assets sold in the period | - |
| (9) |
| (1,095) |
| - |
| 1,104 |
| - |
| - |
| Excess of cost over revalued amount taken to retained earnings | - |
| 25 |
| 27 |
| - |
| - |
| (52) |
| - |
| Total comprehensive income/(expense) for the period | - |
| 746 |
| (1,026) |
| - |
| 1,009 |
| 586 |
| 1,315 |
| At 30 June 2010 | 1,292 |
| 6,442 |
| 1,630 |
| 95 |
| 19,238 |
| 6,226 |
| 34,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| b) First half 2009 -Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
| Revaluation reserves |
| Capital |
| Realised |
| Retained |
|
| ||
|
|
|
| Property |
| Other |
| Redemption |
| Capital |
| Earnings |
| Total |
|
|
|
|
|
|
|
| Reserve |
| Reserve |
|
|
|
|
|
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| At 1 January 2009 | 1,292 |
| 4,080 |
| 2,137 |
| 95 |
| 17,773 |
| 6,227 |
| 31,604 |
| Dividends | - |
| - |
| - |
| - |
| - |
| (589) |
| (589) |
| Transactions with owners | - |
| - |
| - |
| - |
| - |
| (589) |
| (589) |
| Loss for the period | - |
| - |
| - |
| - |
| - |
| (457) |
| (457) |
| Non-distributable items recognised in income statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revaluation gains/(losses) | - |
| (1,167) |
| (254) |
| - |
| - |
| 1,421 |
| - |
| Tax on revaluation gains and losses | - |
| - |
| 51 |
| - |
| - |
| (51) |
| - |
| Realised gains | - |
| - |
| - |
| - |
| 59 |
| (59) |
| - |
| (Surplus)/deficit attributable to assets sold in the period | - |
| - |
| (342) |
| - |
| 342 |
| - |
| - |
| Excess of cost over revalued amount taken to retained earnings | - |
| 1,364 |
| 148 |
| - |
| - |
| (1,512) |
| - |
| Total comprehensive income/(expense) for the period | - |
| 197 |
| (397) |
| - |
| 401 |
| (658) |
| (457) |
| At 30 June 2009 | 1,292 |
| 4,277 |
| 1,740 |
| 95 |
| 18,174 |
| 4,980 |
| 30,558 |
| c) Full year 2009 -Audited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
| Revaluation reserves |
| Capital |
| Realised |
| Retained |
|
| ||
|
|
|
| Property |
| Other |
| Redemption |
| Capital |
| Earnings |
| Total |
|
|
|
|
|
|
|
| Reserve |
| Reserve |
|
|
|
|
|
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| £'000 |
| At 1 January 2009 | 1,292 |
| 4,080 |
| 2,137 |
| 95 |
| 17,773 |
| 6,227 |
| 31,604 |
| Dividends | - |
| - |
| - |
| - |
| - |
| (1,107) |
| (1,107) |
| Transactions with owners | - |
| - |
| - |
| - |
| - |
| (1,107) |
| (1,107) |
| Profit for the period | - |
| - |
| - |
| - |
| - |
| 3,938 |
| 3,938 |
| Non-distributable items recognised in income statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revaluation gains/(losses) | - |
| 1,200 |
| 1,230 |
| - |
| - |
| (2,430) |
| - |
| Tax on revaluation gains and losses | - |
|
|
| (343) |
| - |
| - |
| 343 |
| - |
| Realised gains | - |
| - |
| - |
| - |
| 88 |
| (88) |
| - |
| (Surplus)/deficit attributable to assets sold in the period | - |
| - |
| (368) |
| - |
| 368 |
| - |
| - |
| Excess of cost over revalued amount taken to retained earnings | - |
| 416 |
| - |
| - |
| - |
| (416) |
| - |
| Total comprehensive income for the period | - |
| 1,616 |
| 519 |
| - |
| 456 |
| 1,347 |
| 3,938 |
| At 31 December 2009 | 1,292 |
| 5,696 |
| 2,656 |
| 95 |
| 18,229 |
| 6,467 |
| 34,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated interim statement of cash flows
for the six months ended 30 June 2010
|
| Unaudited |
| Unaudited |
| Audited |
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
| Operating activities |
|
|
|
|
|
| Profit/(loss) for the period | 1,315 |
| (457) |
| 3,938 |
| Adjustments for: |
|
|
|
|
|
| Net valuation (gains)/losses on investment property | (730) |
| 1,167 |
| (1,200) |
| Gain on disposal of investment property | (42) |
| - |
| - |
| Net losses/(gains) on investments | 422 |
| 177 |
| (1,445) |
| Finance income | (5) |
| (2) |
| (2) |
| Finance expense | 2 |
| 12 |
| 20 |
| Income tax (expense)/credit | (103) |
| (32) |
| 388 |
| Operating cash flow before changes in working capital and provisions | 859 |
| 865 |
| 1,699 |
|
|
|
|
|
|
|
| Decrease in trade and other receivables | 20 |
| 126 |
| 120 |
| Increase/(decrease) in trade and other payables | 13 |
| (34) |
| (49) |
| Cash generated from operations | 892 |
| 957 |
| 1,770 |
|
|
|
|
|
|
|
| Finance income | 5 |
| 2 |
| 2 |
| Finance expense | (2) |
| (12) |
| (20) |
| Income tax paid | - |
| (440) |
| (457) |
| Net cash flows from operating activities | 895 |
| 507 |
| 1,295 |
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
| Purchase of fixed assets - investment property | - |
| (281) |
| (281) |
| - equity investments | (727) |
| (161) |
| (515) |
| Sale of fixed assets - investment property | 297 |
| - |
| - |
| - equity investments | 2,481 |
| 737 |
| 1,845 |
| Net cash flows from investing activities | 2,051 |
| 295 |
| 1,049 |
|
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
| Loan repayments | - |
| (603) |
| (1,254) |
| Dividends paid | (827) |
| (589) |
| (1,107) |
| Net cash flows used in financing activities | (827) |
| (1,192) |
| (2,361) |
|
|
|
|
|
|
|
| Net increase/(decrease) in cash and cash equivalents | 2,119 |
| (390) |
| (17) |
| Cash and cash equivalents at 1 January 2010 | 946 |
| 963 |
| 963 |
| Cash and cash equivalents at 30 June 2010 | 3,065 |
| 573 |
| 946 |
|
|
|
|
|
|
|
NOTES
1. Nature of operations and general information
Highcroft Investments PLC ('Highcroft') and its subsidiary (together 'the group') principal activities are investment in property and equities. It is incorporated and domiciled in Great Britain. The address of Highcroft Investments PLC's registered office, which is also its principal place of business, is Thomas House, Langford Locks, Kidlington, OX5 1HR. Highcroft's condensed consolidated interim financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company. These condensed consolidated interim financial statements have been approved for issue by the directors on 26 August 2010. The financial information for the year ended 31 December 2009 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2009 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(5) of the Companies Act 2006.
2. Basis of preparation
These condensed consolidated interim financial statements are for the six months ended 30 June 2010. They have been prepared in accordance with IAS 34, Interim Financial Reporting as adopted by the European Union. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2009.
These condensed consolidated interim financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties and the measurement of equity investments at fair value. These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2009.
The accounting policies have been applied consistently throughout the group for the purposes of preparation of these condensed consolidated interim financial statements.
3. Segmental reporting
The operating segment reporting format identifies the operating segments, the performance of which is monitored by the group's management using a consistent internal reporting structure. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
The group is comprised of the following main operating segments:
·; Commercial property comprising retail outlets, offices and warehouses.
·; Residential property comprising mainly single-let houses.
·; Financial assets comprising exchange-traded equity investments.
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
| Commercial property |
|
|
|
|
|
| Gross income | 970 |
| 950 |
| 1,877 |
| Profit/(loss) for the period | 1,212 |
| (491) |
| 2,236 |
| Assets | 29,024 |
| 24,038 |
| 26,485 |
| Liabilities | 630 |
| 1,238 |
| 656 |
| Residential property |
|
|
|
|
|
| Gross income | 32 |
| 33 |
| 66 |
| Profit for the period | 338 |
| 54 |
| 375 |
| Assets | 2,423 |
| 2,077 |
| 2,386 |
| Liabilities | 10 |
| 11 |
| 3 |
| Financial assets |
|
|
|
|
|
| Gross income | 101 |
| 142 |
| 292 |
| (Loss)/profit for the period | (235) |
| (20) |
| 1,327 |
| Assets | 5,222 |
| 6,543 |
| 7,400 |
| Liabilities | 1,106 |
| 851 |
| 1,177 |
| Total |
|
|
|
|
|
| Gross income | 1,103 |
| 1,125 |
| 2,235 |
| Profit/(loss) for the period | 1,315 |
| (457) |
| 3,938 |
| Assets | 36,669 |
| 32,658 |
| 36,271 |
| Liabilities | 1,746 |
| 2,100 |
| 1,836 |
|
|
|
|
|
|
|
22% of gross commercial property income arises from two tenants each representing more than 10% of income.
| 4. Taxation |
|
|
|
|
|
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
| Current tax: |
|
|
|
|
|
| On revenue profits | - |
| - |
| - |
| On capital profits | (34) |
| 19 |
| 34 |
| Prior year underprovision | - |
| - |
| 11 |
|
| (34) |
| 19 |
| 45 |
| Deferred tax | (69) |
| (51) |
| 343 |
|
| (103) |
| (32) |
| 388 |
|
|
|
|
|
|
|
The taxation charge has been based on the estimated effective tax rate for the full year. As a Real Estate Investment Trust the group does not pay corporation tax on its profits and gains from its commercial and residential property activities.
5. Dividends
On 26 August 2010, the directors declared a property income dividend of 11.00p per share (2009 10.00p interim dividend) payable on 20 October 2010 to shareholders registered at 24 September 2010.
The following property income distributions have been paid by the company.
|
|
|
|
|
|
|
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
|
|
|
|
|
|
|
| 2009 final: 16.00p per ordinary share (2008 final 11.40p ) | 827 |
| 589 |
| 589 |
| 2009 interim: 10.00p per ordinary share | - |
| - |
| 518 |
|
| 827 |
| 589 |
| 1,107 |
|
|
|
|
|
|
|
6. Earnings per share
The calculation of earnings per share is based on the profit for the period of £1,315,000 (2009 loss £457,000) and on 5,167,240 shares (2009 5,167,240) which is the weighted average number of shares in issue during the period ended 30 June 2010 and throughout the period since 1 January 2009.
In order to draw attention to the impact of valuation gains and losses which are included in the income statement but not available for distribution under the company's articles of association, an adjusted earnings per share based on the profit available for distribution of £862,000 (2009 £855,000) has been calculated.
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
| Earnings: |
|
|
|
|
|
| Basic earnings | 1,315 |
| (457) |
| 3,938 |
| Adjustments for: |
|
|
|
|
|
| Net valuation (profits)/losses on investment property | (772) |
| 1,167 |
| (1,200) |
| Gains and losses on investments | 422 |
| 177 |
| (1,445) |
| Income tax on (gains)/losses | (103) |
| (32) |
| 377 |
| Adjusted earnings | 862 |
| 855 |
| 1,670 |
|
|
|
|
|
|
|
| Per share amount: |
|
|
|
|
|
| Basic earnings per share | 25.4p |
| (8.8)p |
| 76.2p |
| Adjustments for: |
|
|
|
|
|
| Net valuation gains on investment property | (14.9)p |
| 22.6p |
| (23.2)p |
| Gains and losses on investments | 8.2p |
| 3.4p |
| (28.0)p |
| Income tax on gains and losses | (2.0)p |
| (0.6)p |
| 7.3p |
| Adjusted earnings per share | 16.7p |
| 16.6p |
| 32.3p |
|
|
|
|
|
|
|
7. Investment property
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
|
|
|
|
|
|
|
| Valuation at 1 January 2010 | 27,825 |
| 26,344 |
| 26,344 |
| Additions | - |
| 281 |
| 281 |
| Disposals | (255) |
| - |
| - |
| Gain/(loss) on revaluation | 730 |
| (1,167) |
| 1,200 |
| Valuation at 30 June 2010 | 28,300 |
| 25,458 |
| 27,825 |
|
|
|
|
|
|
|
The directors have used an external independent valuation of properties at 30 June 2010 which has been carried out consistently with the annual valuation.
8. Equity Investments
| Listed and unlisted | First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
| Valuation at 1 January 2010 | 7,397 |
| 7,282 |
| 7,282 |
| Additions | 727 |
| 161 |
| 515 |
| Disposals | (2,601) |
| (659) |
| (1,723) |
| (Deficit)/surplus on revaluation in excess of cost | (290) |
| (161) |
| 1,230 |
| Revaluation decrease below cost | (27) |
| (160) |
| (18) |
| Revaluation increase still below cost | 15 |
| 67 |
| 111 |
| Valuation at 30 June 2010 | 5,221 |
| 6,530 |
| 7,397 |
|
|
|
|
|
|
|
9. Interest-bearing loans and borrowings
|
| First Half |
| First Half |
| Full Year |
|
| 2010 |
| 2009 |
| 2009 |
|
| £'000 |
| £'000 |
| £'000 |
| Medium term bank loan | - |
| 637 |
| - |
|
|
|
|
|
|
|
| The medium term bank loan comprises amounts falling due as follows: |
|
|
|
|
|
| Between one and two years | - |
| 71 |
| - |
| Between two and five years | - |
| 238 |
| - |
| Over five years | - |
| 328 |
| - |
|
| - |
| 637 |
| - |
10. Related party transactions
Kingerlee Holdings Limited owns, through its wholly owned subsidiaries, 25.4% (2009 25.4%) of the company's shares and D H Kingerlee and J C Kingerlee are directors of the company, Kingerlee Holdings Limited and its wholly owned subsidiaries and shareholders of the company and Kingerlee Holdings Limited.
During the period, the group made purchases from Kingerlee Holdings Limited or its subsidiaries, being a service charge in relation to services at Thomas House, Kidlington of £7,000 (2009 £7,000). The amount owed at 30 June 2010 was nil (2009 nil). All transactions were undertaken on an arm's length basis.