Press Release | 27 January 2016 |
('' Ace '' or "the Company'')
Ace Liberty and Stone Plc (ISDX: ASLP), the specialist real estate company, capitalising on commercial property investment opportunities across the UK, today announces its interim results for the period ended 31 October 2015.
| Turnover up 145% at £989,571 (2014: £404,494) |
| Profit before tax up 82% at £514,093 (2014: £281,791) |
| Total equity attributable to shareholders of the parent now amounts to £13,768,606 (2014: £9,814,175) |
| Shildon House purchased January 2016 Hume House exchanged unconditional sales contract January 2016 for £3.55m |
| Portfolio as at 31 October 2014 valued at £20,164,428 (2014: £11,883,742) generating an annual rental income in excess of £2,261,000 (2014: £1,687,000) |
Ismail Ghandour, Chief Executive of Ace Liberty & Stone, commented: "The Board is pleased with the continued growth of the Company as we remain committed to building shareholder value for Ace. The Directors will continue to monitor market conditions carefully and seek out profitable investment opportunities in the increasingly competitive regional commercial property market."
Ace Liberty & Stone Plc | |
Ivan Minter, Finance Director | Tel: +44 (0) 20 7201 8340 |
http://acelibertyandstone.com | |
Alfred Henry Corporate Finance Ltd, ISDX Corporate Adviser | |
Jon Isaacs / Nick Michaels | Tel: +44 (0) 20 7251 3762 |
www.alfredhenry.com | |
Hybridan LLP, Corporate Broker | |
Claire Noyce / Darshan Patel | Tel: +44 (0)203 764 2341 |
www.hybridan.com | |
Abchurch Communications | |
Quincy Allan / Canace Wong | Tel: +44 (0) 20 7398 7700 |
quincy.allan@abchurch-group.com | www.abchurch-group.com |
Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Doncaster, Sunderland, Dudley and Gateshead Tyne and Wear. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.
The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions smaller properties have begun to appreciate in value, and this trend is starting to appear amongst larger properties.
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.
For more information on the Company please visit: http://acelibertyandstone.com/
Chairman's statementI am pleased to present the Company's interim results for the half year ended 31 October 2015. Turnover during the six month period increased by 144.6% to £989,571 (2014: £404,494) and the profit before tax for the period increased 82.4% £514,093 (2014: £281,791). These results show continued good progress and the Directors anticipate maintaining this trend.
The Board has identified the following KPIs as relevant to evaluating the Group's performance. These are regularly monitored to ensure the Company maintains its desired progress.
Six months ended 31 October 2015 (Unaudited) | Six months ended 31 October 2014 (Unaudited) | Year ended 30 April 2015 (Audited) | |
GBP | GBP | GBP | |
Value of Portfolio | 20,164,428 | 11,883,742 | 23,964,428 |
Portfolio annual rental income | 2,261,000 | 1,687,000 | 2,231,000 |
Total equity attributable to shareholders | 13,768,606 | 9,814,175 | 12,410,366 |
Rental income per quarter | 494,786 | 202,247 | 300,296 |
Profit after tax per quarter | 205,637 | 111,296 | 189,756 |
On 30 October 2015, the Company completed the sale of its remaining holding in Telephone House at its valuation of £4,000,000. The proceedings from the transaction were reinvested in new properties after 31 October. As a result cash in hand at 31 October 2015 has shown significant increase.
Ace has announced the purchase of Shildon House Gateshead for £1,825,000 and further acquisitions will be announced shortly. These recent purchases reflect the Group's commitment to seeking out properties with good covenants, high yield and opportunities for capital appreciation in what is becoming an increasingly competitive market.
Within the last few days, Ace also announced the unconditional sale of Hume House for
£3,550,000 with completion in December 2016. This property was acquired in March 2014 for
£1,670,000. Ace will continue to receive rental income from the property until completion of exchange.
The Company announced on 21 January the appointment of Hybridan as its corporate broker. This appointment is expected to result in increased activity in the trading of the Company's shares, which should be of benefit to all shareholders.
The Directors value the continued support of shareholders and note with satisfaction the additional share capital of £946,966 net of costs subscribed during the period; further announcements can be expected in the next few days. It is the Board's intention, subject to satisfactory trading results, to continue to pay a dividend at an increasing percentage.
Ace Liberty & Stone plc issued this content on 27 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 January 2016 07:04:04 UTC
Original Document: http://acelibertyandstone.com/Announcements/Interim Results 2016 Final RNS 27 Jan.pdf
