TIDMHCFT
RNS Number : 1820G
Highcroft Investments PLC
22 July 2019
22 July 2019
Highcroft Investments PLC
Interim Report for the six months ended 30 June 2019
Key Highlights:
*Gross rental income increased 11.6% to GBP2,726,000 (2018
GBP2,442,000)
*Net rental income increased 13.2% to GBP2,678,000 (2018
GBP2,365,000)
*No voids in the property portfolio (2018 none)
*Adjusted earnings per share increased 14.4% to 37.2p (2018
32.5p)
*Total earnings per share reduced 60.8% to 21.9p (2018
55.8p)
*Net investment into property GBP11,897,000 (2018 net divestment
GBP2,473,000)
*Property valuation increased by 14.3% to GBP88,805,000
(December 2018 GBP77,700,000)
*Net assets per share decreased 1.0% to 1195p (December 2018
1207p, June 2018 1187p)
*Loan to value 29.5% (December 2018 25.0%, June 2018 25.6%)
*Interim property income distribution up 12.0% to 21.00p (2018
18.75p)
Dear Shareholder
I am pleased to report continued good trading results for the 6
months ended 30 June 2019. The board is happy with the progress of
its ongoing strategy of developing a high-quality income-producing
property portfolio, based on carefully sourced quality assets and
tenants producing stable, secure income. This strategy has resulted
in property income growth of 11.6% and an increase in adjusted
earnings per share of 14.4% to 37.2p. Whilst our total property
valuation increased by 14.3% after the acquisition of two new
properties, our like-for-like property valuation fell slightly, by
0.35%, in the period (2018 1.6% uplift). This was due to the
current market sentiment, particularly in our retail assets, but
also the costs associated with our two acquisitions in the period.
This led to a reduction in total earnings per share to 21.9p (2018
55.8p). Our net asset value per share fell by 1.0% in the
period.
Our ongoing confidence in the group's prospects is reflected in
an interim property income distribution of 21.00p per share - an
increase of 12.0% on 2018.
Property portfolio
During the period we acquired two new assets. Firstly, on 26
March 2019, an industrial unit in Llantrisant, South Wales let to
British Airways Avionics Engineering, for GBP6.5m (net of costs)
with a net yield of 11.52%. Secondly, on 1 May 2019, a gym and
retail warehouse investment in Ipswich for GBP4.6m (net of costs)
with a net yield of 7.04%. We funded these acquisitions from
existing cash resources, the sale of our remaining listed equity
portfolio and additional loans of GBP6.8m. Our portfolio remained
fully let at the period end.
The external independent valuation of the property portfolio at
30 June 2019 showed a small decrease of 0.35% on a like-for-like
basis for the period. This result was better than the All Property
IPD performance, which showed a decrease of 1.43% for the period.
The total loss on valuation on our portfolio of GBP792,000 arose in
part from write-downs in respect of the total costs of acquisition
on our two new assets of GBP747,000, an underlying uplift in one of
these assets of GBP225,000, and losses on four of our high street
retail assets, one retail warehouse and one industrial unit
totalling GBP270,000, representing 1.5% of their combined value. No
other assets changed in value in the period.
Gross rental income increased by 11.6%. This increase reflects
the benefit of a full period's income from the Rubery property
bought in July 2018 and the income from our Llantrisant and Ipswich
acquisitions this year. These increases are offset by the reduction
in income from the disposal of our Cirencester and Southampton
assets in 2018, and the effect of the CVA entered into by
Carpetright, effective June 2018. Property expenses for the
six-month period decreased to GBP48,000 (2018 GBP77,000) due to the
previous period including significant professional fees associated
with rent reviews.
We sold the remainder of our listed equity portfolio, realising
GBP0.7m, in January 2019 fulfilling this element of our stated
long-term strategy. These proceeds have been reinvested into our
property portfolio.
Financial
Earnings per share decreased to 21.9p (2018 55.8p) due primarily
to the combination of a negative movement in the property
revaluation of GBP792,000 (2018 positive GBP1,165,000), offset by
increased net rental income of GBP313,000.
At 30 June 2019 the cash position was GBP610,000 (2018
GBP5,057,000) while our medium-term loans totalled GBP26,200,000
(2018 GBP19,400,000), resulting in a net gearing level of 41% (2018
23%). Our loan to value was 29.5% (2018 25.6%). The medium-term
loans are at fixed rates with a weighted average of 3.5%.
Dividend
I am pleased to report an interim property income distribution
of 21.00p (2018 18.75p) per share, payable on 11 October 2019 to
shareholders on the register at 13 September 2019 (with an
ex-dividend date of 12 September 2019).
Outlook
Whilst the ongoing property investment environment, in
particular the retail sector, is likely to remain challenging for
the remainder of the year, we believe that our asset selection
criteria have helped to ensure that our current portfolio and
tenant mix create a strong base from which to continue to develop
our business and generate further shareholder value.
Charles Butler
Chairman
19 July 2019
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information, contact:
Highcroft Investments PLC
Charles Butler/Roberta Miles +44 (0)1865 840023
Panmure Gordon (UK) Limited
Fabien Holler +44 (0)20 7886 2500
Condensed consolidated interim statement of comprehensive income
(unaudited)
for the six months ended 30 June 2019
Unaudited Unaudited Audited
First half 2019 First half 2018 Full year 2018
---- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Continuing operations
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross rental income 2,726 - 2,726 2,442 - 2,442 5,043 - 5,043
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Property operating
expenses (48) - (48) (77) - (77) (184) - (184)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net rental income 2,678 - 2,678 2,365 - 2,365 4,859 - 4,859
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net (loss)/gain on
disposal of
investment
property - - - (42) - (42) 967 - 967
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Valuation gains on
investment property - - - - 1,865 1,865 - 2,600 2,600
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Valuation losses on
investment property - (792) (792) - (700) (700) - (2,116) (2,116)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net valuation
(losses)/gains
on investment
property - (792) (792) - 1,165 1,165 - 484 484
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Dividend income 3 - 3 27 - 27 54 - 54
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments 53 - 53 6 85 91 - 48 48
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Losses on investments - - - (12) (46) (58) - (166) (166)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net investment
income/
(loss) 56 - 56 21 39 60 54 (118) (64)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Administrative
expenses (411) - (411) (368) - (368) (736) - (736)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Operating profit
before
net financing costs 2,323 (792) 1,531 1,976 1,204 3,180 5,144 366 5,510
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Finance income 5 - 5 3 - 3 6 - 6
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Finance expenses (396) - (396) (350) - (350) (705) - (705)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net finance costs (391) - (391) (347) - (347) (699) - (699)
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit before tax 1,932 (792) 1,140 1,629 1,204 2,833 4,445 366 4,811
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income tax
(charge)/credit 4 (11) - (11) 52 - 52 67 48 115
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total profit and
comprehensive
income for the
financial
period 1,921 (792) 1,129 1,681 1,204 2,885 4,512 414 4,926
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Basic and diluted
earnings
per share 6 21.9p 55.8p 95.3p
---- -------- -------- -------- -------- -------- -------- -------- -------- --------
Condensed consolidated interim statement of financial position
(unaudited)
as at 30 June 2019
Unaudited Unaudited Audited
30 June 30 June 31 December
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
Assets
---- --------- --------- ------------
Investment property 7 88,805 75,805 77,700
---- --------- --------- ------------
Equity investments 8 9 1,651 679
---- --------- --------- ------------
Total non-current assets 88,814 77,456 78,379
---- --------- --------- ------------
Current assets
---- --------- --------- ------------
Trade and other receivables 668 441 471
---- --------- --------- ------------
Cash at bank and in hand 610 5,057 5,202
---- --------- --------- ------------
Total current assets 1,278 5,498 5,673
---- --------- --------- ------------
Total assets 90,092 82,954 84,052
---- --------- --------- ------------
Liabilities
---- --------- --------- ------------
Current liabilities
---- --------- --------- ------------
Trade and other payables 2,123 2,055 2,235
---- --------- --------- ------------
Total current liabilities 2,123 2,055 2,235
---- --------- --------- ------------
Non-current liabilities
---- --------- --------- ------------
Interest-bearing loans and borrowings 9 26,200 19,400 19,400
---- --------- --------- ------------
Deferred tax liabilities - 187 33
---- --------- --------- ------------
Total non-current liabilities 26,200 19,587 19,433
---- --------- --------- ------------
Total liabilities 28,323 21,642 21,668
---- --------- --------- ------------
Net assets 61,769 61,312 62,384
---- --------- --------- ------------
Equity
---- --------- --------- ------------
Issued share capital 1,292 1,292 1,292
---- --------- --------- ------------
Revaluation reserve - property 17,456 19,690 18,770
---- --------- --------- ------------
Revaluation reserve - other 5 209 574
---- --------- --------- ------------
Capital redemption reserve 95 95 95
---- --------- --------- ------------
Realised capital reserve 28,990 26,188 28,378
---- --------- --------- ------------
Retained earnings 13,931 13,838 13,275
---- --------- --------- ------------
Total equity 61,769 61,312 62,384
---- --------- --------- ------------
Condensed consolidated interim statement of changes in
equity
for the six months ended 30 June 2019
First half 2019 Revaluation
Unaudited reserves
Capital Realised Retained
Equity Property Other redemption capital earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------
At 1 January 2019 1,292 18,770 574 95 28,378 13,275 62,384
-------- -------- -------- ----------- -------- --------- --------
Transactions with owners:
Dividends - - - - - (1,744) (1,744)
-------- -------- -------- ----------- -------- --------- --------
Reserve transfers:
-------- -------- -------- ----------- -------- --------- --------
Non-distributable items
recognised in income
statement:
-------- -------- -------- ----------- -------- --------- --------
Revaluation losses - (792) - - - 792 -
-------- -------- -------- ----------- -------- --------- --------
Tax on revaluation gains/(losses) - - - - - - -
-------- -------- -------- ----------- -------- --------- --------
Realised gains - - - - 43 (43) -
-------- -------- -------- ----------- -------- --------- --------
Movement in deferred
tax on realisation of
equities - - 34 - (34) - -
-------- -------- -------- ----------- -------- --------- --------
Surplus attributable
to assets sold - - (603) - 603 - -
-------- -------- -------- ----------- -------- --------- --------
Excess of cost over
revalued amount taken
to retained earnings - (522) - - - 522 -
-------- -------- -------- ----------- -------- --------- --------
- (1,314) (569) - 612 1,271 -
-------- -------- -------- ----------- -------- --------- --------
Profit and total comprehensive
income for the period - - - - - 1,129 1,129
-------- -------- -------- ----------- -------- --------- --------
At 30 June 2019 1,292 17,456 5 95 28,990 13,931 61,769
-------- -------- -------- ----------- -------- --------- --------
First half 2018 Revaluation
Unaudited reserves
Capital Realised Retained
Equity Property Other redemption capital earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- --------
At 1 January 2018 1,292 18,015 538 95 26,611 13,426 59,977
-------- -------- -------- ----------- -------- --------- --------
Transactions with owners:
Dividends - - - - - (1,550) (1,550)
-------- -------- -------- ----------- -------- --------- --------
Reserve transfers:
-------- -------- -------- ----------- -------- --------- --------
Non-distributable items
recognised in income
statement:
-------- -------- -------- ----------- -------- --------- --------
Revaluation gains - 1,165 39 - - (1,204) -
-------- -------- -------- ----------- -------- --------- --------
Tax on revaluation gains - - - - - - -
-------- -------- -------- ----------- -------- --------- --------
Realised losses - - - - (46) 46 -
-------- -------- -------- ----------- -------- --------- --------
Surplus attributable
to assets sold - 745 (368) - (377) - -
-------- -------- -------- ----------- -------- --------- --------
Excess of cost over
revalued amount taken
to retained earnings - (235) - - - 235 -
-------- -------- -------- ----------- -------- --------- --------
- 1,675 (329) - (423) (923) -
-------- -------- -------- ----------- -------- --------- --------
Profit and total comprehensive
income for the period - - - - - 2,885 2,885
-------- -------- -------- ----------- -------- --------- --------
At 30 June 2018 1,292 19,690 209 95 26,188 13,838 61,312
-------- -------- -------- ----------- -------- --------- --------
Condensed consolidated interim statement of changes in equity
(continued)
for the six months ended 30 June 2019
Full year 2018 Revaluation
Audited reserves
Capital Realised Retained
Equity Property Other redemption capital earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------
At 1 January 2018 1,292 18,015 538 95 26,611 13,426 59,977
-------- ---------- --------- ----------- -------- --------- --------
Transactions with owners:
Dividends - - - - - (2,519) (2,519)
-------- ---------- --------- ----------- -------- --------- --------
Reserve transfers:
-------- ---------- --------- ----------- -------- --------- --------
Non-distributable items
recognised in income
statement:
-------- ---------- --------- ----------- -------- --------- --------
Revaluation gains/(losses) - 484 (121) - - (363) -
-------- ---------- --------- ----------- -------- --------- --------
Tax on revaluation
gains - - 48 - - (48) -
-------- ---------- --------- ----------- -------- --------- --------
Realised gains - - - - 969 (969) -
-------- ---------- --------- ----------- -------- --------- --------
Movement in deferred
tax on realisation
of equities - - 1,161 - (1,161) - -
-------- ---------- --------- ----------- -------- --------- --------
Surplus attributable
to assets sold - (907) (1,052) - 1,959 - -
-------- ---------- --------- ----------- -------- --------- --------
Excess of cost over
revalued amount taken
to retained earnings - 1,178 - - - (1,178) -
-------- ---------- --------- ----------- -------- --------- --------
- 755 36 - 1,767 (2,558) -
-------- ---------- --------- ----------- -------- --------- --------
Profit and total comprehensive
income for the period - - - - - 4,926 4,926
-------- ---------- --------- ----------- -------- --------- --------
At 31 December 2018 1,292 18,770 574 95 28,378 13,275 62,384
-------- ---------- --------- ----------- -------- --------- --------
Condensed consolidated interim statement of cashflows
for the six months ended 30 June 2019
Unaudited Unaudited
First First Audited
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
Operating activities
--------- --------- ----------
Profit before tax for the period 1,140 2,833 4,811
--------- --------- ----------
Adjustments for:
--------- --------- ----------
Net valuation losses/(gains) on investment
property 792 (1,165) (484)
--------- --------- ----------
Net loss/(gain) on disposal of investment property - 42 (967)
--------- --------- ----------
Net gains on investments (53) (33) 118
--------- --------- ----------
Finance income (5) (3) (6)
--------- --------- ----------
Finance expense 396 350 705
--------- --------- ----------
Operating cash flow before changes in working
capital and provisions 2,270 2,024 4,177
--------- --------- ----------
(Increase)/decrease in trade and other receivables (197) 96 66
--------- --------- ----------
Increase/(decrease) in trade and other payables (156) (14) 89
--------- --------- ----------
Cash generated from operations 1,917 2,106 4,332
--------- --------- ----------
Finance income 5 3 6
--------- --------- ----------
Finance expense (396) (350) (705)
--------- --------- ----------
Income tax paid - - (13)
--------- --------- ----------
Net cash flows from operating activities 1,526 1,759 3,620
--------- --------- ----------
Investing activities
--------- --------- ----------
Purchase of fixed assets - investment property (11,897) - (5,226)
--------- --------- ----------
Sale of fixed assets - investment property - 2,431 6,090
--------- --------- ----------
- equity investments 723 513 1,333
--------- --------- ----------
Net cash flows from investing activities (11,174) 2,944 2,197
--------- --------- ----------
Financing activities
--------- --------- ----------
Dividends paid (1,744) (1,550) (2,519)
--------- --------- ----------
New bank borrowings 6,800 - -
--------- --------- ----------
Net cash flows from financing activities 5,056 (1,550) (2,519)
--------- --------- ----------
Net (decrease)/increase in cash and cash equivalents (4,592) 3,153 3,298
--------- --------- ----------
Cash and cash equivalents at 1 January 5,202 1,904 1,904
--------- --------- ----------
Cash and cash equivalents at period end 610 5,057 5,202
--------- --------- ----------
Notes (Unaudited)
for the six months ended 30 June 2019
1. Nature of operations and general information
Highcroft Investments PLC ('Highcroft' or 'company') and its
subsidiaries' (together 'the group') principal activity is
investment in property. It is incorporated and domiciled in Great
Britain. The address of Highcroft'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
(GBP), which is also the functional currency of the group. These
condensed consolidated interim financial statements have been
approved for issue by the directors on 19 July 2019. The financial
information for the period ended 30 June 2019 set out in this
interim report does not constitute statutory accounts as defined in
Section 404 of the Companies Act 2006. The group's statutory
financial statements for the year ended 31 December 2018 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 2019. They have been prepared in
accordance with IAS 34, Interim Financial Reporting. 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
2018.
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 2018.
The accounting policies have been applied consistently
throughout the group for the purposes of preparation of these
condensed consolidated interim financial statements.
The financial statements are drawn up on a 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. Cash flow forecasts are
prepared annually as part of the planning and budgeting process and
are monitored and reworked regularly. The group has fixed-term
non-amortising borrowing and has additional headroom available.
3. Segment reporting
The group has one main business segment - property.
In 2019 the largest tenant represented 9% (2018 10%) and the
second largest tenant represented 7% (2018 8%) of gross commercial
property income for the period.
4. Income tax (charge)/credit
First First
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
Current tax:
-------- -------- ---------
On revenue profits - 52 67
-------- -------- ---------
On capital profits (11) - -
-------- -------- ---------
(11) 52 67
-------- -------- ---------
Deferred tax - - 48
-------- -------- ---------
Total tax (11) 52 115
-------- -------- ---------
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 property activities.
Notes (Unaudited) (continued)
for the six months ended 30 June 2019
5. Dividends
On 19 July 2019, the directors declared a property income
distribution of 21.00p per share (2018 18.75p per share) payable on
11 October 2019 to shareholders registered at 13 September
2019.
The following property income distributions have been paid by
the company:
First First
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
2018 final: 33.75 per ordinary share (2017
final 30.0p) 1,744 1,550 1,550
-------- -------- ---------
2018 interim: 18.75p per ordinary share - - 969
-------- -------- ---------
1,744 1,550 2,519
-------- -------- ---------
6. Earnings per share
The calculation of earnings per share is based on the profit for
the period of GBP1,129,000 (2018 GBP2,885,000) and on 5,167,240
shares (2018 5,167,240) which is the weighted average number of
shares in issue during the period ended 30 June 2019 and throughout
the period since 1 January 2018.
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 GBP1,921,000 (2018 GBP1,681,000) has been
calculated.
First First
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
Earnings:
-------- -------- ---------
Basic earnings 1,129 2,885 4,926
-------- -------- ---------
Adjustments for:
-------- -------- ---------
Net valuation losses/(gains) on investment
property 792 (1,165) (484)
-------- -------- ---------
Gains/(losses) on investments - (39) 118
-------- -------- ---------
Income tax on gains and losses - - (48)
-------- -------- ---------
Adjusted earnings 1,921 1,681 4,512
-------- -------- ---------
Per share amount:
-------- -------- ---------
Basic earnings per share 21.9p 55.8p 95.3p
-------- -------- ---------
Adjustments for:
-------- -------- ---------
Net valuation gains on investment property 15.3p (22.5p) (9.4p)
-------- -------- ---------
Gains and losses on investments - (0.8p) 2.3p
-------- -------- ---------
Income tax on gains and losses - - (0.9p)
-------- -------- ---------
Adjusted earnings per share 37.2p 32.5p 87.3p
-------- -------- ---------
Notes (Unaudited) (continued)
for the six months ended 30 June 2019
7. Investment property
First First
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
Valuation at 1 January 77,700 77,113 77,113
-------- -------- ---------
Additions 11,897 - 5,226
-------- -------- ---------
Disposals - (2,473) (5,123)
-------- -------- ---------
(Loss)/gain on revaluation (792) 1,165 484
-------- -------- ---------
Valuation at period end 88,805 75,805 77,700
-------- -------- ---------
The directors have used an external independent valuation of
properties at 30 June 2019 which has been carried out consistently
with the annual valuation.
8. Equity investments
First First
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
Valuation at 1 January 679 2,131 2,131
-------- -------- ---------
Additions - - -
-------- -------- ---------
Disposals (670) (519) (1,331)
-------- -------- ---------
Surplus on revaluation in excess of cost - 39 (121)
-------- -------- ---------
Valuation at period end 9 1,651 679
-------- -------- ---------
9. Interest bearing loans
First First
half half Full year
2019 2018 2018
GBP'000 GBP'000 GBP'000
Medium-term loans 26,200 19,400 19,400
-------- -------- ---------
The medium-term bank loans comprise amounts
falling due as follows:
-------- -------- ---------
Between one and two years 4,000 - 4,000
-------- -------- ---------
Between two and five years 7,500 11,500 7,500
-------- -------- ---------
Over five years 14,700 7,900 7,900
-------- -------- ---------
The debt is secured on certain assets within the group's
property portfolio.
Notes (Unaudited) (continued)
for the six months ended 30 June 2019
10. Related party transactions
Kingerlee Holdings Limited owns, through its wholly owned
subsidiaries, 27.2% (2018 27.2%) of the company's shares and D H
Kingerlee is a director of both the company and Kingerlee Holdings
Limited.
During the period, the group made purchases from Kingerlee
Limited, a subsidiary of Kingerlee Holdings Limited, being a
service charge in relation to services at Thomas House, Kidlington
of GBP7,000 (2018 GBP7,000) and a recharge of computer and courier
costs totalling GBP530 (2018 GBPnil). The amount owed at 30 June
2019 was GBPnil (2018 GBPnil). All transactions were undertaken on
an arm's length basis.
11. Net assets per share
First First
half half Full year
2019 2018 2018
Net assets GBP61,769,000 GBP61,312,000 GBP62,384,000
------------- ------------- -------------
Ordinary shares in issue 5,167,240 5,167,240 5,167,240
------------- ------------- -------------
Basic net assets per share 1195p 1187p 1207p
------------- ------------- -------------
12. Events after the balance sheet date
On 15 July 2019 the company completed on a lease renewal at its
Cardiff office property, valued at GBP3,200,000 at 30 June
2019.
Statement of directors' responsibilities
The directors confirm that, to the best of their knowledge, this
condensed consolidated set of half-year financial statements has
been prepared in accordance with IAS 34. The half-year management
report includes a fair review of the information required by 4.2.7
and 4.2.8 of the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority, namely:
-- an indication of the important events that have occurred
during the first six months of the financial year ending 31
December 2019 and their impact on the condensed consolidated set of
half-year financial statements, and a description of the principal
risks and uncertainties for the remaining six months of the
financial year; and
-- disclosure of material related party transactions in the
first six months of the financial year, and any material changes in
the related party transactions described in the last annual
report.
A list of current directors is maintained on the Highcroft
Investments PLC website: www.highcroftplc.com.
By order of the board.
Charles Butler
Chairman
19 July 2019
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR GGUCWMUPBGAB
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