TIDMSTE
RNS Number : 6440A
Stewart & Wight PLC
09 June 2016
STEWART & WIGHT PLC
-
CHAIRMAN'S STATEMENT
A good year. I am pleased to report that the Company made a net
profit of GBP1,583,339 after tax and expenses for the year ended 31
March 2016. A large part of the profit was due to the increase in
the value of the Company's properties since 31 March 2015. Gross
rental income, excluding lease surrenders, rose to GBP901,717
compared with GBP881,797 in the previous year. Administrative
expenses were down from GBP104,923 to GBP98,206.
The properties owned by the Company as at 31 March 2016 were
valued professionally at GBP12,205,000. The value of the properties
owned throughout the year (excluding those purchased or sold)
increased by 8.73 per cent.
During the year, the Company sold two properties at slightly
below their previous valuations. A vacant bank building in
Woodbridge was purchased and subsequently let to Joules resulting
in a substantial increase in its value. A retail property in
Gloucester let to Clarks Shoes was acquired as mentioned in my last
year's Statement. All the Company's tenants are up-to-date with
their rents and one of the two properties which were previously let
on temporary tenancies has now been sold.
In pursuance of the Board's policy to acquire further properties
to add to the Company's portfolio, a freehold retail property in
Truro let to TReds has been purchased in April of this year
In order to finance the purchase of the properties mentioned
above, the Company has taken a loan of GBP1 million from Barclays
Bank. In addition, the Company has also been taking bridging
finance where necessary at relatively low interest rates.
An interim dividend of 10 pence per ordinary share was paid in
April of this year and the Board has decided to recommend a final
dividend of 14p per share payable on 19 October to holders
registered at close of business on 23 September 2016. This
represents a total dividend of 24p per share which is an increase
of 1 pence over the previous year.
The net asset value of each ordinary share was GBP7.13 per share
as at 31 March 2016 compared with GBP6.36 at 31 March 2015.
It is with regret that I report the death of Tony Abraham, one
of our long term supporters and the designer of our Company Logo.
The Board extends our sincere condolences to his family.
The Board has chosen a new venue for this year's Annual General
Meeting which will be held at Stanmore Golf Club, 29 Gordon Avenue,
Stanmore, on 7 September 2016.
In conclusion, I would like to thank my co-directors and the
Company's advisers for their continued help and assistance.
MICHAEL CONN
Chairman
9 June 2016
Stewart & Wight PLC
Statement of comprehensive income (audited)
for the year ended 31 March 2016
Year to Year to
31 March 31 March
2016 2015
GBP GBP
---------- ----------
Gross rental income 901,717 942,025
Property operating expenses (86,862) (110,724)
---------- ----------
Net rental income 814,855 831,301
(Loss)/profit on disposal
of investment property (62,299) 22,155
Profit on disposal of investments - 82,985
Valuation gains on investment
properties 1,265,053 559,599
Valuation losses on investment
properties (170,000) (445,000)
Administrative expenses (98,206) (104,923)
---------- ----------
Net operating profit before
financing 1,749,403 946,117
Financial expenses (27,276) (1,054)
---------- ----------
Profit before taxation 1,722,127 945,063
Taxation (138,788) (169,745)
---------- ----------
Profit and total comprehensive
income 1,583,339 775,318
Basic earnings per share 100.96p 49.49p
---------- ----------
Stewart & Wight PLC
Balance sheet (audited)
as at 31 March 2016
31 March 31 March
2016 2015
GBP GBP
----------- -----------
Assets
Non-current assets
Investment property 12,205,000 10,195,000
Total non current assets 12,205,000 10,195,000
=========== ===========
Current assets
Cash and cash equivalents 418,710 118,428
----------- -----------
Total current assets 418,710 118,428
----------- -----------
Total assets 12,623,710 10,313,428
=========== ===========
Liabilities
Current liabilities
Interest bearing loan and 50,000 -
borrowings
Current tax 137,707 31,164
Trade and other payables 326,522 320,436
----------- -----------
Total current liabilities 514,229 351,600
----------- -----------
Non-current liabilities
Interest bearing loans 925,000 -
and borrowings
Total non-current liabilities 925,000 -
----------- -----------
Total liabilities 1,439,229 351,600
----------- -----------
Net assets 11,184,481 9,961,828
=========== ===========
Equity
Called up share capital 89,866 89,866
Other reserve 25,670 25,670
Share premium reserve 246,000 246,000
Retained earnings 10,822,945 9,600,292
----------- -----------
Total equity 11,184,481 9,961,828
=========== ===========
Stewart & Wight PLC
Statement of Changes in Shareholders' Equity (audited)
from 1 April 2014 to 31 March 2016
Revaluation Retained Other Share Total
reserve earnings reserves capital
GBP GBP GBP GBP GBP
At 1 April 2014 - 9,185,279 271,670 89,866 9,546,815
Total comprehensive
income 775,318 - - 775,318
Dividends to
shareholders - (360,305) - - (360,305)
As at 31 March
2015 and 1 April
2015 - 9,600,292 271,670 89,866 9,961,828
Total comprehensive
income - 1,583,339 - - 1,583,339
Dividends to
shareholders - (360,686) - - (360,686)
As at 31 March
2016 - 10,822,945 271,670 89,866 11,184,481
============= ============ ========== ========= ===========
Shareholders' funds include non-equity shareholders' funds of
GBP11,456 (2015: GBP11,456). These relate to deferred ordinary
shares of 328p each and have attached to them the right to a return
of capital on winding up; they do not confer any voting, dividend
or redemption rights. The company has the right to purchase all of
the deferred shares in issue for an aggregate consideration of
GBP1.00.
Stewart & Wight PLC
Cash flow statement (audited)
for the year ended 31 March 2016
Year to Year to
31 March 31 March
2016 2015
GBP GBP
------------ ----------
Operating activities
Profit for the period 1,583,339 775,318
Adjustments for:
Net valuation gains on investment
property (1,095,053) (114,599)
Loss/(profit) on disposal
of investment property 62,299 (22,155)
Profit on disposal of investments - (82,985)
Interest expense 27,276 1,054
Taxation 138,788 169,745
------------ ----------
Operating profit before
changes in working capital
and provisions 716,649 726,378
Change in payables 6,086 (2,162)
------------ ----------
Cash generated from operations 722,735 724,216
Net interest paid (27,276) (1,054)
Tax paid (32,245) (153,979)
------------ ----------
Cash flow from operating
activities 663,214 569,183
------------ ----------
Investing activities
Purchase of investment property (1,664,947) (770,401)
Sale of investment property 687,701 82,155
Sale of investment 599,998
Cash used in investing activities (977,246) (88,248)
------------ ----------
Financing activities
Cash inflow from loans 2,020,000 -
Cash outflow from loan repayments (1,045,000) (138,725)
Dividend paid (360,686) (360,305)
------------ ----------
Cash flow from financing
activities 614,314 (499,030)
------------ ----------
Net increase/(decrease)
in cash and cash equivalents 300,282 (18,095)
Cash and cash equivalents
at 1 April 2015 118,428 136,523
------------ ----------
Cash and cash equivalents
at 31 March 2016 418,710 118,428
============ ==========
Stewart & Wight PLC
Notes to the accounts
1. This preliminary announcement was approved for issue by a
duly appointed and authorised committee of the Board of Directors
on 9 June 2016.
2. Basis of preparation
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement principles of International Financial Reporting
Standards (IFRS) as endorsed for the use in the European Union,
this announcement does not itself contain sufficient information to
comply with IFRS.
3 Taxation Year to Year to
31 March 31 March
2016 2015
GBP GBP
Current tax 138,788 169,745
138,788 169,745
=========== ============
There is a potential of deferred tax
asset of GBP487,000 (2015: GBP645,000)
in respect of capital losses and the
revaluation of properties. In accordance
with the deferred tax accounting policy,
the deferred tax asset is not being
recognised on the basis that it is not
probable that taxable profits will be
available against which these deductible
temporary timing differences can be
utilised.
4 Earnings per share
The calculation of loss per share is
based on the profit for the period of
GBP1,583,339 (2015: GBP775,318) and
on 1,568,209 shares (2015: 1,566,617)
which is the weighted average number
of shares in issue during the year ended
31 March 2016.
5 Dividends Year to Year to
31 March 31 March
2016 2015
GBP GBP
The following dividends
have been paid by the
Company
Cumulative preference
shares paid - 349
Ordinary shares - final
dividend paid 360,686 359,956
----------- ------------
360,686 360,305
=========== ============
Dividends of 23p per ordinary share
were paid in the year. The proposed
dividend for the year ended 31 March
2016 is 14 pence per ordinary share
and is subject to approval by the shareholders
at the annual general meeting and has
not been included in these financial
statements. The total dividend proposed
amounts to GBP219,549. An interim dividend
was paid after the year end of 10 pence
per ordinary share amounting to GBP156,821
and has not been included in these
accounts.
6 Investment Property 31 March 31 March
2016 2015
GBP GBP
Valuation at 1 April
2015 10,195,000 9,370,000
Additions 1,664,947 770,401
Disposals (750,000) (60,000)
Surplus on revaluation 1,095,053 114,599
----------- ------------
As at 31 March 2016 12,205,000 10,195,000
=========== ============
Boddy & Edwards, independent chartered
surveyors, carried out an independent
valuation of the properties at a fair
value amounting to GBP12,205,000 at
31 March 2016. The valuation was made
in accordance with the appraisal and
valuation manual of the Royal Institution
of Chartered Surveyors with key basis
including location, rental growth and
length of lease. This has been reflected
in these accounts.
7 Final and interim ordinary dividend
A final ordinary dividend of 14 pence
per ordinary share will be paid on 19
October 2016 to shareholders registered
at the close of business on 11 September
2016. An interim dividend was paid on
4 April 2016 of 10 pence per ordinary
share.
8. Share capital
The aggregate issued share capital of
the company remained GBP89,866 being
1,568,209 ordinary shares of 5p each
and 3,489 deferred ordinary shares of
328p each.
9 Accounting policies
The accounting policies have been consistently
applied and are consistent with the most
recently published full accounts.
10 Limitation
The above does not constitute full accounts
within the meaning of section 434 of the
Companies Act 2006. It is an extract from
the full accounts for the year ended 31
March 2016 which are audited. The auditor's
report on those financial statements is
unqualified and does not contain any statement
under section 498(2) or (3) of the Companies
Act 2006. The accounts will be posted
to all shareholders on or before 9 August
2016 and subsequently filed at Companies
House.
11 The Annual General Meeting will be
held on 7 September 2016
12 The registered office of the company
is at 845 Finchley Road, London NW11
8NA. The incorporation number of the
company is 57142
For enquiries about buying and selling shares in Stewart and
Wight Plc please contact Mr
Lawrence Marshom ,Walker Crips Stockbrokers Limited, Finsbury
Tower,103-105 Bunhill Row,
London ,EC1Y 8LZ.Telephone:44 (0)20 3100 8660
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EADKPESNKEFF
(END) Dow Jones Newswires
June 09, 2016 02:00 ET (06:00 GMT)
Stewart & Wight (LSE:STE)
Historical Stock Chart
From Dec 2024 to Jan 2025
Stewart & Wight (LSE:STE)
Historical Stock Chart
From Jan 2024 to Jan 2025
