TIDMCSI
RNS Number : 0960Z
Castle Street Investments PLC
15 September 2015
Date: 15 September 2015
On behalf Castle Street Investments plc ('Castle
of: Street Investments', the 'Company'
or the 'Group')
Castle Street Investments plc
Half Yearly Report
Castle Street Investments plc (AIM: CSI), today announces its
unaudited half-year results for the six months ended 30 June 2015
("H1 2015").
Period highlights
-- Operating profit of GBP1.5m (H1 2014: loss GBP4.2m)
-- Profit after tax of GBP1.6m (H1 2014: loss GBP2.4m)
-- Earnings per share of 2.30p (H1 2014: loss 3.31p)
-- Strong cash position of GBP18m at 30 June 2015 (31 Dec 2014:
GBP12.1m) plus deferred consideration of GBP4.8m receivable in
instalments by December 2015.
Post period highlights
-- A further GBP2.7m of deferred consideration has been received since 30 June 2015
-- Net cash at the end of December 2015, expected to be in excess of GBP21.5m, 30.5p per share
-- Capital reduction approved on 28 August 2015
-- Distributable reserves anticipated to be in excess of GBP21m by December 2015
Commenting on the results, Bill Dobbie, Chairman Castle Street
Investments plc, said:
"We have continued to make strong progress in closing out our
liabilities on favourable terms, thereby preserving cash for
shareholders. Accordingly, the Directors anticipate that the
Company's cash balance at December 2015, net of liabilities, is
likely to be in excess of GBP21.5m. On this basis, estimated net
cash balances at the year-end would represent 30.5p per share. With
the reduction of capital approved we will have distributable
reserves in excess of GBP21m.
We continue to evaluate acquisition targets in line with our
stated investment policy, as an alternative to a cash distribution
to shareholders."
For further information please contact:
Castle Street Investments plc Tel: +44 (0)131 526
3600
Niall Stirling, CFO
Bill Dobbie, Chairman
N+1 Singer (Nominated Adviser Tel: +44 (0)207 496
and Broker) 3000
Sandy Fraser
Jen Boorer
Ben Griffiths
Further information on the Company can be found at
www.castlestreetinvestments.com .
Chairman's Statement
Introduction
Since the completion of the disposal of our Traditional Dating
assets in December 2014 we have been focused on ensuring a smooth
exit from the dating business and related liabilities and on
turning the Company into a well-capitalised cash shell that can be
utilised for new opportunities in line with our proposed Investing
Policy or to support a return to shareholders. Outgoings are being
kept to a minimum and significant progress has been made in closing
the various of its liabilities on satisfactory terms, thereby
preserving cash for shareholders. The Directors anticipate that the
Company's cash balance at December 2015, net of liabilities, is
likely to be in excess of GBP21.5m. On this basis, estimated net
cash balances at the year-end would represent 30.5p per share.
We continue to evaluate acquisition targets in line with our
stated investment policy, as an alternative to a cash distribution
to shareholders. In the absence of identifying one or more suitable
investment opportunities, we anticipate bringing a proposal to
shareholders for an initial distribution before the end of December
2015.
Financial Review
Following the disposal of the trading assets in December 2014
revenue for the Group was insignificant. A profit before tax of
GBP2m reflected the success in closing out historic liabilities.
Provisions of GBP1.6m established in December in respect of US
legal claims and UK property costs were released in the period
being no longer required.
Financial income of GBP0.5m is largely due to the financial
discount on the proceeds of sale of the casual dating business
which unwinds as the terms of the deferred consideration are
fulfilled. GBP6.7m of deferred consideration has been received in
line with the agreed schedule.
Trade and other receivables of GBP4.7m relate to the remaining
deferred consideration.
Provisions fell to GBP0.4m (December 2014: GBP3m) with GBP0.9m
of costs absorbed and the balance released.
Events after the balance sheet date
A further GBP2.7m of deferred consideration has been received on
schedule since June 2015. In addition the tax repayment has been
received as expected. A number of smaller liabilities have been
resolved and residual provisions are now c GBP0.2m.
The application to cancel the share premium account and the
capital redemption reserve was heard by the Court and approved on
28 August 2015. Consequently, as at the end of August the Company
had distributable reserves of GBP21.5m. A Company balance sheet as
at 31 August is attached by way of illustration.
Bill Dobbie
Chairman
Castle Street Investments plc
Interim Results FY2015
Consolidated interim statement of comprehensive income
Six months ended 30 Discontinued Discontinued
June 2015 Total Total
Unaudited H1 2015 H1 2014
GBP000 GBP000
Revenue 88 7,177
Cost of sales (31) (8,416)
----------------------------------- ---- ----- ------------- ---------------
Gross profit/ (loss) 57 (1,239)
Administrative expenses 1,492 (2,926)
----------------------------------- ---- ----- ------------- ---------------
Operating profit/(loss)
Analysed as: 1,549 (4,165)
----------------------------------- ---- ----- ------------- ---------------
Earnings before interest,
tax, depreciation,
amortisation, share
based payments, and
exceptional costs (135) (2,824)
Share based payments - (11)
Depreciation of plant
and equipment - (123)
Amortisation of intangible
assets - (1,207)
Release of exceptional 1,684 -
cost provision
Financial income 467 1,125
Gain on sale of tangible 11 -
assets
Profit/(loss) before
taxation 2,027 (3,040)
Taxation (charge)/
credit (391) 683
----------------------------------- ---- ----- ------------- ---------------
Profit/(loss) for the
period after taxation 1,636 (2,357)
----------------------------------- ---- ----- ------------- ---------------
Other comprehensive
income:
Items that are or may
be classified subsequently
to profit or loss:
Foreign exchange translation
differences - equity
accounted investments 9 (79)
----------------------------------- ---- ----- ------------- ---------------
Profit/(loss) for the
period and total comprehensive
income all attributable
to equity holders of
the parent 1,645 (2,436)
----------------------------------- ---- ----- ------------- ---------------
Basic and diluted earnings
per share
Basic (p per share) 2.30 (3.31)
Diluted (p per share) 2.30 (3.31)
----------------------------------- ---- ----- ------------- -------------
Castle Street Investments plc
Interim Results FY2015
Consolidated interim statement of financial position at 30 June
2015
Unaudited Unaudited Audited
H1 2015 H1 2014 FY 2014
GBP000 GBP000 GBP000
------------------------------ ---------- ---------- ---------
Non-current assets
Plant and equipment - 348 -
Intangible assets - 4,167 -
Trade and other receivables - 11,749 -
------------------------------ ---------- ---------- ---------
- 16,264 -
------------------------------ ---------- ---------- ---------
Current assets
Trade and other receivables 4,760 10,969 11,974
Taxation 557 1,276 1,033
Cash and cash equivalents 17,954 11,355 12,139
23,271 23,600 25,146
------------------------------ ---------- ---------- ---------
Total assets 23,271 39,864 25,146
------------------------------- ---------- ---------- ---------
Current liabilities
Trade and other payables 936 8,675 1,840
Provisions 391 - 2,753
1,327 8,675 4,593
------------------------------ ---------- ---------- ---------
Non-current liabilities
Deferred tax liabilities - 553 -
Provisions - - 254
- 553 254
Total liabilities 1,327 9,228 4,847
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