TIDMHCFT
RNS Number : 7199O
Highcroft Investments PLC
12 March 2009
Highcroft Investments PLC
Preliminary results for the year ended 31 December 2008
Key highlights
* Gross property income steady at GBP2,124,000
* Profit for the year on revenue activities up 23.0% to GBP1,922,000
* Net asset value per share down 24.2% to 612p
* Basic loss per share on all activities was 179.3p
* Adjusted earnings per share (on revenue activities) was 37.3p
* Total property income distribution 18.4p per share
Enquiries:
+------------------------------------------+---------------------------------------+
| John Hewitt, Chairman | 01865 840 023 |
| Highcroft Investments plc | |
+------------------------------------------+---------------------------------------+
| Philip Davies | 020 7149 6000 |
| Charles Stanley Securities | |
+------------------------------------------+---------------------------------------+
Financial results - revenue activities
Profit before taxation on revenue activities increased to GBP1,889,000 from
GBP1,833,000 in 2007, a rise of 3.3%. Gross income for the year ended 31
December 2008 was GBP2,574,000 (2007 GBP2,532,000).
Underlying commercial property income has fallen because of the voids at
Warrington, for half the year, and Yeovil for the whole year. In 2007 these two
properties provided a total of GBP220k in commercial rental income. Underlying
commercial property income was boosted by four rent reviews which added GBP57k
in backdated rents to 2008. Commercial property income was also boosted by two
dilapidations claims totalling GBP92k.
2008's residential property income benefited from a full year of occupancy of
the flats in Cirencester, though future residential income will be reduced
because of the sale of one property in the second quarter.
Property operating expenses are high in 2008 because of the dilapidations
expenditure, bad debts and rates on vacant properties.
2008's income from equity investments benefited from more special dividends than
2007 and so we saw an 11% increase.
Financial results - capital activities
Commercial property values were on a downward curve during 2008. While the
nature of our portfolio means that the fall in value was less than in the market
at large, the fall in several individual values means that a number of
properties are valued at less than cost. The reduction in values, which mean ten
of our properties are valued below cost, is not expected to be permanent but
no-one can predict with certainty how soon and how quickly values will recover.
There was a valuation deficit on the property portfolio of GBP8,926,000 and,
after one disposal, the value of the portfolio was GBP26.3 million (2007 GBP35.5
million).
During the course of 2008 there was a net divestment from the equity investment
portfolio of GBP107,000 (2007 GBP1,265,000). Sales of equity investments
generated GBP857,000 (2007 GBP2,429,000) and realised net losses of GBP441,000
(2007 GBP27,000 gains). Equity markets fell dramatically in 2008 and our
portfolio was particularly affected because of our holdings in banks but our
portfolio is generally a defensive one and so has still performed better than
the market. At the close of business in 10 March 2009, the equity portfolio was
valued at GBP6.1 million.
Summary
The net asset value per share fell by 24.2% to 612p (2006 807p). Total
shareholders funds were GBP31,604,000 (2007 GBP41,713,000).
The increase in profit for the year on revenue activities, facilitated by the
conversion to a REIT, enables us to pay a total property income distribution of
18.4p per share, of which 7p was paid in October 2008 and 11.4p will be paid on
3 June 2009. The basic earnings per share, which take account of capital
activities, are negative and show a loss per share of 179.3p per share but
adjusted earnings per share, adjusted to take out the effect of capital
activities, are up 23.5% to 37.3p per share.
Current trading and prospects
Given the present economic environment, the directors are aware of the general
concern affecting the assessment of the going concern basis for all businesses
and have therefore taken particular care in reviewing the going concern basis.
The directors have a reasonable expectation that the group has adequate
resources to continue in operational existence for the foreseeable future and
consider that there are no material uncertainties that lead to significant doubt
upon the group's ability to continue as a going concern. For this reason, they
continue to adopt the going concern basis in preparing the financial statements.
The property market continued to fall sharply in 2008 with signs of some
distress selling towards the end of the year. While we remain cautious in the
short term, we believe that 2009/10 may provide useful buying opportunities
which could produce decent medium term financial returns.
Equity markets have continued to be turbulent and nervous but we continue to
focus on well run defensive stocks which are likely to provide consistent
dividend growth. The overseas holdings, which represented 17.3% of the portfolio
at 31 December 2008, have provided some hedge against Sterling weakness. The
portfolio is intended to decrease the risks associated with holding 100% of
shareholders funds in UK property assets.
J HEWITT
Chairman
11 March 2009
Consolidated income statement
for the year ended 31 December 2008
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | Note | | 2008 | | | 2007 | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | Revenue | Capital | Total | Revenue | Capital | Total |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Gross rental revenue | | 2,124 | - | 2,124 | 2,126 | - | 2,126 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Property operating expenses | | (300) | - | (300) | (99) | - | (99) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Net rental revenue | | 1,824 | - | 1,824 | 2,027 | - | 2,027 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Realised gains on investment | | - | - | - | - | 107 | 107 |
| property | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Realised losses on investment | | - | (5) | (5) | - | (6) | (6) |
| property | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Net realised (loss)/gain on | | - | (5) | (5) | - | 101 | 101 |
| investment property | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Valuation gains on investment | | - | 59 | 59 | - | 388 | 388 |
| property | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Valuation losses on investment | | - | (8,985) | (8,985) | - | (3,819) | (3,819) |
| property | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Net valuation losses on | | - | (8,926) | (8,926) | - | (3,431) | (3,431) |
| investment property | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Dividend revenue | | 450 | - | 450 | 406 | - | 406 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Gains on equity investments | | - | 95 | 95 | - | 1,592 | 1,592 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Losses on equity investments | | - | (3,535) | (3,535) | - | (1,290) | (1,290) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Net investment income | | 450 | (3,440) | (2,990) | 406 | 302 | 708 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Administration expenses | | (324) | - | (324) | (391) | - | (391) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Net operating profit/(loss) | | 1,950 | (12,371) | (10,421) | 2,042 | (3,028) | (986) |
| before net finance expenses | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Finance income | | 27 | - | 27 | 28 | - | 28 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Finance expenses | | (88) | - | (88) | (237) | - | (237) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Net finance expenses | | (61) | - | (61) | (209) | - | (209) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Profit/(loss) before tax | | 1,889 | (12,371) | (10,482) | 1,833 | (3,028) | (1,195) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Income tax credit/(expense) | 1 | 33 | 1,180 | 1,213 | (271) | 1,027 | 756 |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Profit/(loss) for the year | | 1,922 | (11,191) | (9,269) | 1,562 | (2,001) | (439) |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
| Basic and diluted | 3 | 37.3p | (216.6p) | (179.3p) | 30.2p | (38.7p) | 8.5p |
| earnings/(loss) per share | | | | | | | |
+--------------------------------+------+---------+----------+----------+---------+---------+---------+
Consolidated balance sheet
at 31 December 2008
+------------------------------------------+------+------------------+------------------+
| |Note | 2008 | 2007 |
+------------------------------------------+------+------------------+------------------+
| | | GBP'000 | GBP'000 |
+------------------------------------------+------+------------------+------------------+
| Assets | | | |
+------------------------------------------+------+------------------+------------------+
| Non-current assets | | | |
+------------------------------------------+------+------------------+------------------+
| Investment property | 4 | 26,344 | 35,545 |
+------------------------------------------+------+------------------+------------------+
| Equity investments | 5 | 7,282 | 10,830 |
+------------------------------------------+------+------------------+------------------+
| Total non-current assets | | 33,626 | 46,375 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Current assets | | | |
+------------------------------------------+------+------------------+------------------+
| Trade and other receivables | | 223 | 326 |
+------------------------------------------+------+------------------+------------------+
| Cash | | 963 | 813 |
+------------------------------------------+------+------------------+------------------+
| Total current assets | | 1,186 | 1,139 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Total assets | | 34,812 | 47,514 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Liabilities | | | |
+------------------------------------------+------+------------------+------------------+
| Current liabilities | | | |
+------------------------------------------+------+------------------+------------------+
| Interest-bearing loans and borrowings | | 14 | 18 |
+------------------------------------------+------+------------------+------------------+
| Current income tax | | 440 | 426 |
+------------------------------------------+------+------------------+------------------+
| Trade and other payables | | 826 | 743 |
+------------------------------------------+------+------------------+------------------+
| Total current liabilities | | 1,280 | 1,187 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Non-current liabilities | | | |
+------------------------------------------+------+------------------+------------------+
| Interest-bearing loans and borrowings | | 1,240 | 1,909 |
+------------------------------------------+------+------------------+------------------+
| Deferred tax liabilities | | 688 | 2,705 |
+------------------------------------------+------+------------------+------------------+
| Total non-current liabilities | | 1,928 | 4,614 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Total liabilities | | 3,208 | 5,801 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Net assets | | 31,604 | 41,713 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
| Equity | | | |
+------------------------------------------+------+------------------+------------------+
| Issued share capital | | 1,292 | 1,292 |
+------------------------------------------+------+------------------+------------------+
| Revaluation reserve - property | | 4,080 | 7,094 |
+------------------------------------------+------+------------------+------------------+
| - other | | 2,137 | 4,203 |
+------------------------------------------+------+------------------+------------------+
| Capital redemption reserve | | 95 | 95 |
+------------------------------------------+------+------------------+------------------+
| Realised capital reserve | | 17,773 | 17,527 |
+------------------------------------------+------+------------------+------------------+
| Retained earnings | | 6,227 | 11,502 |
+------------------------------------------+------+------------------+------------------+
| Total equity | | 31,604 | 41,713 |
+------------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------------+------+------------------+------------------+
Consolidated statement of cash flows
for the year ended 31 December 2008
+------------------------------------+------+------------------+------------------+
| | | 2008 | 2007 |
+------------------------------------+------+------------------+------------------+
| | | GBP'000 | GBP'000 |
+------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------+------+------------------+------------------+
| Operating activities | | | |
+------------------------------------+------+------------------+------------------+
| Loss for the year | | (9,269) | (439) |
+------------------------------------+------+------------------+------------------+
| Adjustments for: | | | |
+------------------------------------+------+------------------+------------------+
| Net valuation losses on investment | | 8,926 | 3,431 |
| property | | | |
+------------------------------------+------+------------------+------------------+
| Loss/(profit) on disposal of | | 5 | (101) |
| investment property | | | |
+------------------------------------+------+------------------+------------------+
| Loss/(gain) on investments | | 3,440 | (302) |
+------------------------------------+------+------------------+------------------+
| Finance income | | (27) | (28) |
+------------------------------------+------+------------------+------------------+
| Finance expense | | 88 | 237 |
+------------------------------------+------+------------------+------------------+
| Income tax (credit)/expense | | (1,213) | (756) |
+------------------------------------+------+------------------+------------------+
| Operating cash flow before changes | | 1,950 | 2,042 |
| in working capital and provisions | | | |
+------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------+------+------------------+------------------+
| Decrease in trade and other | | 103 | 163 |
| receivables | | | |
+------------------------------------+------+------------------+------------------+
| Increase/(decrease) in trade and | | 83 | (94) |
| other payables | | | |
+------------------------------------+------+------------------+------------------+
| Cash generated from operations | | 2,136 | 2,111 |
+------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------+------+------------------+------------------+
| Finance income | | 27 | 28 |
+------------------------------------+------+------------------+------------------+
| Finance expenses | | (88) | (237) |
+------------------------------------+------+------------------+------------------+
| Income taxes paid | | (794) | (521) |
+------------------------------------+------+------------------+------------------+
| Net cash flows from operating | | 1,281 | 1,381 |
| activities | | | |
+------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------+------+------------------+------------------+
| Investing activities | | | |
+------------------------------------+------+------------------+------------------+
| Purchase of non-current assets - | | - | (6) |
| investment property | | | |
+------------------------------------+------+------------------+------------------+
| - equity investments | | (750) | (1,164) |
+------------------------------------+------+------------------+------------------+
| Sale of non-current assets - | | 271 | 2,619 |
| investment property | | | |
+------------------------------------+------+------------------+------------------+
| - equity investments | | 857 | 2,429 |
+------------------------------------+------+------------------+------------------+
| Net cash flows from investing | | 378 | 3,878 |
| activities | | | |
+------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------+------+------------------+------------------+
| Financing activities | | | |
+------------------------------------+------+------------------+------------------+
| New medium term loans | | - | - |
+------------------------------------+------+------------------+------------------+
| Loan repayments | | (669) | (4,004) |
+------------------------------------+------+------------------+------------------+
| Dividends paid | | (840) | (723) |
+------------------------------------+------+------------------+------------------+
| Net cash flows from financing | | (1,509) | (4,727) |
| activities | | | |
+------------------------------------+------+------------------+------------------+
| | | | |
+------------------------------------+------+------------------+------------------+
| Net increase in cash | | 150 | 532 |
+------------------------------------+------+------------------+------------------+
| Cash at 1 January 2008 | | 813 | 281 |
+------------------------------------+------+------------------+------------------+
| Cash at 31 December 2008 | | 963 | 813 |
+------------------------------------+------+------------------+------------------+
Notes
for the year ended 31 December 2008
1 Taxation
+------------------------------------+------+-------------------+----------------+
| | | 2008 | 2007 |
+------------------------------------+------+-------------------+----------------+
| | | GBP'000 | GBP'000 |
+------------------------------------+------+-------------------+----------------+
| Current tax: | | | |
+------------------------------------+------+-------------------+----------------+
| On revenue profits | | 102 | 341 |
+------------------------------------+------+-------------------+----------------+
| On capital profits | | - | 37 |
+------------------------------------+------+-------------------+----------------+
| REIT conversion charge | | 668 | - |
+------------------------------------+------+-------------------+----------------+
| Prior year under/(over)provision | | (34) | (31) |
+------------------------------------+------+-------------------+----------------+
| | | 804 | 347 |
+------------------------------------+------+-------------------+----------------+
| Deferred tax | | (2,017) | (1,103) |
+------------------------------------+------+-------------------+----------------+
| | | (1,213) | (756) |
+------------------------------------+------+-------------------+----------------+
The tax assessed for the year differs from the standard rate of corporation tax
in the UK of 28.5% (2006 30%). The differences are explained as follows:
+-----------------------------------------+------------------------+-----------------------+
| | 2008 | 2007 |
+-----------------------------------------+------------------------+-----------------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------+------------------------+-----------------------+
| Loss before tax | (10,482) | (1,195) |
+-----------------------------------------+------------------------+-----------------------+
| Loss before tax | (2,987) | (358) |
| multiplied by standard | | |
| rate of corporation tax | | |
| in the UK of 28.5% (2007 | | |
| 30%). | | |
+-----------------------------------------+------------------------+-----------------------+
| Effect of: | | |
+-----------------------------------------+------------------------+-----------------------+
| Tax exempt revenues | (96) | (93) |
+-----------------------------------------+------------------------+-----------------------+
| Profit not taxable as a | (339) | - |
| result of REIT conversion | | |
+-----------------------------------------+------------------------+-----------------------+
| REIT conversion charge | 668 | - |
+-----------------------------------------+------------------------+-----------------------+
| Chargeable losses less | 1,507 | 7 |
| than accounting profit | | |
+-----------------------------------------+------------------------+-----------------------+
| Adjustments to tax charge | 34 | (31) |
| in respect of prior | | |
| periods | | |
+-----------------------------------------+------------------------+-----------------------+
| Deferred taxation change | - | (281) |
| of rate | | |
+-----------------------------------------+------------------------+-----------------------+
| Income tax credit | (1,213) | (756) |
+-----------------------------------------+------------------------+-----------------------+
2 Dividends
On 11 March 2009, the directors declared a property income distribution of 11.4p
per share (2007 9.25p dividend) payable on 3 June 2009 to shareholders
registered at 8 May 2009.
The following dividends have been paid by the group.
+-----------------------------------------+-----------------------+-----------------------+
| | 2008 | 2007 |
+-----------------------------------------+-----------------------+-----------------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------+-----------------------+-----------------------+
| 2007 Final: 9.25p per | 478 | 465 |
| ordinary share (2006 | | |
| 9.00p) | | |
+-----------------------------------------+-----------------------+-----------------------+
| 2008 Interim PID: 7.00p | 362 | 258 |
| per ordinary share (2007 | | |
| 5.00p) | | |
+-----------------------------------------+-----------------------+-----------------------+
| | 840 | 723 |
+-----------------------------------------+-----------------------+-----------------------+
3 (Loss)/earnings per share
The calculation of earnings per share is based on the total loss for the year of
GBP9,269,000 (2007 GBP439,000 profit) and on 5,167,240 shares (2007 5,167,240)
which is the weighted average number of shares in issue during the year ended 31
December 2008 and throughout the period since 1 January 2007. There are no
dilutive instruments.
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 GBP1,922,000 (2007 GBP1,562,000) has
been calculated.
+-----------------------------------------+------------------------+-----------------------+
| | 2008 | 2007 |
+-----------------------------------------+------------------------+-----------------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------+------------------------+-----------------------+
| Earnings: | | |
+-----------------------------------------+------------------------+-----------------------+
| Basic loss for the year | (9,269) | (439) |
+-----------------------------------------+------------------------+-----------------------+
| Adjustments for: | | |
+-----------------------------------------+------------------------+-----------------------+
| Net valuation losses on | 8,931 | 3,330 |
| investment property | | |
+-----------------------------------------+------------------------+-----------------------+
| Losses/(gains) on | 3,440 | (302) |
| investments | | |
+-----------------------------------------+------------------------+-----------------------+
| Income tax on gains and | (1,180) | (1,027) |
| losses | | |
+-----------------------------------------+------------------------+-----------------------+
| Adjusted earnings | 1,922 | 1,562 |
+-----------------------------------------+------------------------+-----------------------+
| Per share amount: | | |
+-----------------------------------------+------------------------+-----------------------+
| Loss per share | (179.3p) | (8.5p) |
+-----------------------------------------+------------------------+-----------------------+
| Adjustments for: | | |
+-----------------------------------------+------------------------+-----------------------+
| Net valuation losses on | 172.8p | 64.4p |
| investment property | | |
+-----------------------------------------+------------------------+-----------------------+
| Losses/(gains) on | 66.6p | (5.8p) |
| investments | | |
+-----------------------------------------+------------------------+-----------------------+
| Income tax on gains and | (22.8p) | (19.9p) |
| losses | | |
+-----------------------------------------+------------------------+-----------------------+
| Adjusted earnings per | 37.3p | 30.2p |
| share | | |
+-----------------------------------------+------------------------+-----------------------+
4 Investment property
+-----------------------------------------+-----------------------+-----------------------+
| | 2008 | 2007 |
+-----------------------------------------+-----------------------+-----------------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------+-----------------------+-----------------------+
| Valuation at 1 January | 35,545 | 41,487 |
| 2008 | | |
+-----------------------------------------+-----------------------+-----------------------+
| Additions | - | 6 |
+-----------------------------------------+-----------------------+-----------------------+
| Disposals | (275) | (2,517) |
+-----------------------------------------+-----------------------+-----------------------+
| Revaluation losses | (8,926) | (3,431) |
+-----------------------------------------+-----------------------+-----------------------+
| Valuation at 31 December | 26,344 | 35,545 |
| 2008 | | |
+-----------------------------------------+-----------------------+-----------------------+
In accordance with IAS 40, the carrying value of investment properties is the
fair value of the property as determined by Jones Lang LaSalle. The valuation
has been conducted by them as external valuers and has been prepared as at 31
December 2008, in accordance with the Appraisal & Valuation Standards of the
Royal Institution of Chartered Surveyors, on the basis of market value. This
value has been incorporated into the financial statements.
The independent valuation of all property assets includes assumptions regarding
income expectations and yields that investors would expect to achieve on those
assets over time. Many external economic and market factors, such as interest
rate expectations, bond yields, the availability and cost of finance and the
relative attraction of property against other asset classes, could lead to a
reappraisal of the assumptions used to arrive at current valuations. In adverse
conditions, this reappraisal can lead to a reduction in property values and a
loss in net asset value.
5Equity investments
+-----------------------------------------+-----------------------+-----------------------+
| | 2008 | 2007 |
+-----------------------------------------+-----------------------+-----------------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------+-----------------------+-----------------------+
| Valuation at 1 January | 10,830 | 11,794 |
| 2008 | | |
+-----------------------------------------+-----------------------+-----------------------+
| Additions | 750 | 1,164 |
+-----------------------------------------+-----------------------+-----------------------+
| Disposals | (1,299) | (2,403) |
+-----------------------------------------+-----------------------+-----------------------+
| Revaluation | (2,999) | 275 |
| (losses)/gains | | |
+-----------------------------------------+-----------------------+-----------------------+
| Valuation at 31 December | 7,282 | 10,830 |
| 2008 | | |
+-----------------------------------------+-----------------------+-----------------------+
6 Basis of preparation
The preliminary announcement has been prepared in accordance with applicable
accounting standards as stated in the financial statements for the year ended 31
December 2007.
7 Annual General Meeting
The Annual General Meeting will be held on 12 May 2009.
8Publication of non-statutory accounts
The above does not constitute statutory accounts within the meaning of section
240 of the Companies Act 1985. It is an extract from the full accounts for the
year ended 31 December 2008 on which the auditor has expressed an unqualified
opinion and does not include any statement under section 237 of the Companies
Act 1985. The accounts will be posted to shareholders on or before 8 April 2009
and subsequently filed at Companies House.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UARBRKBROAAR
Highcroft Investments (LSE:HCFT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Highcroft Investments (LSE:HCFT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024