TIDMHPAC
RNS Number : 8891W
Hermes Pacific Investments PLC
15 December 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
15 December 2023
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Unaudited interim results for the six months ended 30 September
2023
Chairman's Statement
I am pleased to present the interim results for Hermes Pacific
Investments plc ("HPAC" or the "Company") for the six months ended
30 September 2023 (the "Period").
Financial Performance: I am delighted to report that HPAC has
made a profit on ordinary activities before taxation of GBP8,000
during the Period (H1 2022: loss of GBP44,000). This marks a
significant improvement compared to the corresponding period in the
previous year. Our financial performance is in line with our
expectations, reflecting the effective management of costs and
prudent spending, resulting in a positive outcome for our
shareholders.
Investment Strategy: HPAC remains committed to its core focus on
investing in the property sector within Europe and the Middle East,
with an additional interest in emerging markets of the Far East,
including South East Asia. Despite a challenging economic
environment, there were no further investments or disposals during
the Period. The Company is actively exploring potential investment
opportunities that align with our investment strategy.
Financial Position: As of 30 September 2023, the Company's net
assets stood at GBP3,441,000 (H1 2022: GBP3,460,000). It hascash
reserves of GBP529,000 (H1 2022: GBP2,625,000) and treasury
deposits of GBP2,039,000 (H1 2022: GBPNil). The value of the
existing investments has remained stable, showcasing the resilience
of our portfolio in the face of market fluctuations.
Market Overview: The property market has experienced shifts,
particularly in mortgage rates following the rise in base rates and
expectations of further increases. While we observed some downward
movements in mortgage rates in recent weeks, residential house
prices have softened, primarily attributed to higher interest
rates. This has prompted caution in making further investments in
residential property at this stage of the economic cycle.
Income Generation: Despite these challenges, HPAC generated
rental income from its investment property during the period.
Additionally, we earned interest income on our cash reserves due to
the rapid increase in interest rates in the United Kingdom.
Appreciation: I extend my sincere appreciation to our
shareholders for their continued support. Your trust in HPAC
enables us to navigate the dynamic property market
successfully.
In conclusion, HPAC remains resilient in a changing economic
landscape, and our conservative approach has positioned us well to
weather uncertainties. We are actively monitoring market trends and
remain agile to capitalise on opportunities that align with our
strategic vision.
Haresh Kanabar
Chairman
15 December 2023
Contacts:
Hermes Pacific Investments plc www.hermespacificinvestments.com
Haresh Kanabar, Chairman +44 (0) 7802858893
WH Ireland Limited www.whirelandplc.com/capital-markets
Mike Coe, Sarah Mather +44 (0) 20 7220 1666
Unaudited Income Statement for the six months ended 30 September
2023
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
Revenue 14 7 21
Cost of sales - - -
Gross loss/profit 14 7 21
Other operating income - - -
Administrative expenses (59) (53) (113)
Operating loss (45) (53) (92)
Finance income 53 2 30
Finance costs - - -
Gain/(Loss) on ordinary activities
before taxation 8 (44) (62)
Tax expense - - -
Gain/(Loss) for the period 8 (44) (62)
Other comprehensive income
Gain arising in the period 1 10 8
Gain/(Loss) for the period 9 (34) (54)
Basic and diluted profit/(loss)
per share 3 0.39p (1.9)p (2.7)p
Unaudited Balance Sheet as at 30 September 2023
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
Assets
Investments and fixed assets
Investments and property 855 856 853
855 856 853
Current assets
Trade and other receivables 43 4 24
Treasury deposit 2,039 - 2,000
Cash and cash equivalents 529 2,625 571
Total current assets 2,611 2,629 2,595
Total assets 3,466 3,485 3,448
Liabilities
Current liabilities
Trade and other payables (25) (25) (16)
Net assets 3,441 3,460 3,432
Equity
Share capital 2,333 2,333 2,333
Deferred share capital 1,243 1,243 1,243
Share premium account 5,781 5,781 5,781
Share based payments reserves 139 139 139
Revaluation reserve 47 56 46
Retained losses (6,102) (6,092) (6,110)
Equity attributable to equity holders
of the parent 3,441 3,460 3,432
Unaudited Statement of Changes in Equity
Share
Ordinary Deferred based
share share Share payments Revaluation Retained
capital capital premium reserves reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended
30 September 2022
At 31 March 2022 2,333 1,243 5,781 139 38 (6,048) 3,486
Total comprehensive
gain/(loss) for the
period - - - - 18 (44) (26)
At 30 September 2022 2,333 1,243 5,781 139 56 (6,092) 3,460
Year ended 31 March
2023
At 30 September 2022 2,333 1,243 5,781 139 56 (6,092) 3,460
Total comprehensive
loss for the period - - - - (10) (18) (28)
At 31 March 2023 2,333 1,243 5,781 139 46 (6,110) 3,432
Six months ended
30 September 2023
At 31 March 2023 2,333 1,243 5,781 139 46 (6,110) 3,432
Total comprehensive
gain for the period - - - - 1 8 9
At 30 September 2023 2,333 1,243 5,781 139 47 (6,102) 3,441
Unaudited Cash Flow Statement for the six months ended 30
September 2023
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
Cash outflow from operating activities (109) (40) (108)
Net cash flow from operating activities (109) (40) (108
Cash flows from financing activities
Other income 67 16 30
Purchase of property - (635) (635)
Treasury deposit (2,000)
-------------- -------------- ------------
Net cash from financing activities 67 (619) (2,605)
-------------- -------------- ------------
Decrease in cash and cash equivalents (42) (659) (2713)
Cash and cash equivalents at start of
the period 571 3,284 3,284
Cash and cash equivalents at end of the
period 529 2,625 571
Notes to the unaudited consolidated interim statement for the
period ended 30 September 2023
1. Basis of preparation
Hermes Pacific Investments plc. is a public limited company
incorporated and domiciled in the United Kingdom. The Company is an
AIM listed investment vehicle.
These Interim accounts have been prepared using the accounting
policies to be applied in the annual report and accounts for the
period ending 31 March 2023. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2023, which have been prepared in
accordance with IFRS as adopted by the European Union.
The preparation of the interim statement requires management to
make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
The interim financial statements are unaudited and do not
constitute statutory accounts as defined in section 434(3) of the
Companies Act 2006.
The figures for the year ended 31 March 2023 have been extracted
from the audited annual report and accounts that have been
delivered to the Registar of Companies. BSG Valentine, the
Company's auditors, reported on those accounts. Their report was
unqualified and did not contain a statement under section 498 of
that Companies Act 2006.
2. Accounting policies
The following accounting policies have been applied consistently
in dealing with items which are considered material in relation to
the company's financial statements.
Going concern
The financial statements have been prepared on a going concern
basis as, after making appropriate enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future at the
time of approving the financial statements.
Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of the company's accounting policies
with respect to the carrying amounts of assets and liabilities at
the date of the financial statements, the disclosure of contingent
assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting
period. The judgements, estimates and associated assumptions are
based on historical experience and various other factors that are
believed to be reasonable under the circumstances, including
current and expected economic conditions. Although these
judgements, estimates and associated assumptions are based on
management's best knowledge of current events and circumstances,
the actual results may differ. Estimates and underlying assumptions
are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the year in which the estimate is
revised and in any future years affected.
The judgements, estimates and assumptions which are of most
significance to the Company are detailed below:
Valuation of share based payments
The charge for share based payments is calculated in accordance
with the accounting policy as set out below. The model requires
highly subjective assumptions to be made including the future
volatility of the Company's share price, expected dividend yield
and risk-free interest rates.
Revenue recognition
Revenue comprises rental income which is recognised on a
straight line and accruals basis over the rental period.
Deferred taxation
Deferred taxation is provided in full using the liability method
on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax is determined using tax rates
that have been enacted or substantially enacted by the balance
sheet date and are expected to apply when the related deferred tax
asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against which
the temporary differences can be utilised.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short term highly liquid funds with original
maturities of three months or less and bank overdrafts. Bank
overdrafts are shown within borrowing in current liabilities on the
balance sheet.
Investments available for sale
Investments classified as available for sale are initially
recorded at fair value including transaction costs. Quoted
investments are held at fair value and measured either at bid price
or latest traded price, depending on convention of the exchange on
which the investment is quoted. Such instruments are subsequently
measured at fair value with gains and losses being recognised
directly in equity until the instrument is disposed of or is
determined to be impaired, at which time the cumulative gain or
loss previously recognised in equity is recycled to the income
statement and recognised in profit or loss for the period.
Impairment losses are recognised in the Income Statement when there
is objective evidence of impairment.
Financial instruments
Financial assets and liabilities are recognised in the balance
sheet when the company becomes party to the contractual provisions
of the instrument.
Trade and other receivables
Trade receivables are measured at cost less any provision
necessary when there is objective evidence that the Company will
not be able to collect all amounts due.
Trade and other payables
Trade and other payables are not interest bearing and are
measured at original invoice amount.
Investment property
Investment property, which is property held to earn rentals
and/or for capital appreciation, is stated at fair value at the
reporting date. Gains or losses arising from changes in the fair
value of investment property are included in profit or loss for the
period in which they arise.
3. Profit/ (Loss) per ordinary share
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Basic
Profit/(loss) from continuing activities 8 (44) (62)
Total loss 8 (44) (62)
Basic profit/(loss) per share (pence)
From continuing operations 0.39p (1.9)p (2.7)p
0.39p (1.9)p (2.7)p
Weighted average number of shares 2,333,295 2,333,295 2,333,295
There was no dilutive effect from the share options outstanding
during the period.
4. Copies of this statement will be available on the Company's
website www.hermespacificinvestments.com .
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IR FLFFRFALSLIV
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