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RNS
Sutton Harbour Holdings PLC  -  SUH   

Half-year Report

Released 13:00 05-Dec-2017

RNS Number : 4477Y
Sutton Harbour Holdings PLC
05 December 2017
 

 

                                                                                               

05 December 2017

SUTTON HARBOUR HOLDINGS PLC ("the Group")

Interim results for the six-month period to 30 September 2017

 

Sutton Harbour Holdings plc ("Sutton Harbour", the "Company"), the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2017. 

 

Financial Highlights

 

·      Adjusted* profit before tax £0.136m (2016: £0.232m);

·      Loss before tax of £0.702m (2016: loss of £0.038m);

·      Net assets of £39.084m (31 March 2017: £40.141m);

·      Net debt £22.965m (31 March 2017: £22.458m).

 

*Excluding fair value adjustments

 

Highlights

 

·      The Company has concentrated on preparations for the public hearing of the 'Plymouth and South West Devon Joint Local Plan' ("Joint Local Plan") commencing January 2018.

·      Pre-planning work has continued in respect of the Sugar House site and the Harbour Arch Quay site at Sutton Harbour

·      Slower activity at Plymouth Fisheries during first half year off-set with sustained recovery since September 2017.

·      Further infrastructure works underway at Plymouth Fisheries Auction Hall with match grant funding.

 

Events post six-month period

 

·      On 23rd November 2017, the Company and FB Investors LLP jointly announced a Recommended Partial Cash Offer for the Company for up to 70% of the Company plus a Proposed Share Subscription of £2.75m (the "Offer").

 

·      Further details of the Partial Offer, Share Subscription and General Meeting in relation to the Share Subscription are set out in an Offer Document, Form of Acceptance and Form of Proxy which are being sent to shareholders shortly.

 

Graham Miller, Chairman, commented:

"The Company is looking forward to taking an active part in the forthcoming public hearing of the 'Joint Local Plan', as well as continuing to promote its proposed regeneration schemes, whilst supporting the trading activities through strategic investment and new initiatives for operational improvements. After the half-year period ended, we were pleased to announce that FB Investors LLP had made a Recommended Partial Cash Offer for the Company. This allows Shareholders the opportunity to realise a significant proportion of their investment in the Company whilst retaining a meaningful stake in future value growth which the Board believes will be enhanced by the proposed share subscription and expertise of the incoming investors."

 

 For further information, please contact

 

Sutton Harbour Holdings plc

Jason Schofield - Chief Executive

Natasha Gadsdon - Finance Director

 

01752 204186

Arden Partners (Nomad and Broker)

John Llewellyn-Lloyd

Benjamin Cryer

 

020 7614 5917

Rothschild (Financial Advisor)

John Byrne

 

020 7280 5000

DCA (Financial PR)

Philip Ranger

 

07768 534641

 

Chairman and Chief Executive's Statement

 

INTERIM RESULTS

Excluding fair value adjustments, the adjusted profit before taxation for the six-month period ending 30 September 2017 was £0.136m (2016: £0.232m).

 

As at 30 September 2017, net assets were £39.084m compared to £40.141m as last reported as at 31 March 2017.  The decrease of £1.057m incorporates the results of the independent property valuation as at 30 September 2017.  This valuation gave rise to a surplus of £25,000 on the investment portfolio.  The deficit of £1,225,000 on the owner occupied property assets resulted primarily from a slow first quarter's trading at Plymouth Fisheries and a capital expenditure reserve.  Since the balance sheet date, trading at Plymouth Fisheries has recovered significantly and the board believes the capital investment programme will underpin future prospects for this business. 

 

Net debt (comprising net bank debt and outstanding finance leases) stood at £22.965m, up from £22.458m at 31 March 2017 reflecting the normal annual cash cycle which peaks at the start of the year as rents and annual berthing fees are received and lowers until new season berthing fees are paid from the end of the calendar year onwards.  As at 30 September 2017, gearing stood at 58.8%, up from 55.9% as at 31 March 2017.

 

The board does not recommend payment of an interim dividend.

 

REGENERATION

During the first half year the Company has continued to prepare for the forthcoming public hearing of the proposed 'Joint Local Plan' which will determine the planning framework for Plymouth and South West Devon until 2034.  This has particular significance for the Former Airport Site, a c.113 acre brownfield site redundant for the last six years, in which the Company has legal interest, and also for further development and improvement of the Sutton Harbour area where the Company holds significant freehold land and property.  On 13 November 2017 the appointed planning inspectors issued a timetable with specific topics for the public hearing which is scheduled to start on 30 January 2018 and anticipated to run until March 2018.

 

Pre-planning work has been actively progressed for both the Sugar House, East Quays site and for a smaller mixed use building known as Harbour Arch Quay, which is another site fronting the Harbour. MMO licensing for the 'Boardwalk' scheme is expected to be received before the end of the financial year.

 

TRADING

Whilst marina berthing revenue remained level with last year and car parks revenue increased by 6% compared to the first half of last year, activity at Plymouth Fisheries was unusually slow in the first quarter.  Fisheries trading has significantly strengthened from July 2017 onwards.  During the period the Company expensed £49,000 to remove an abandoned vessel in the harbour which had been the subject of a 13 year-long dispute.  The vessel owner is being pursued for costs.

 

Investment property occupancy has remained stable during the first three months and the Company continues to actively market vacant office space.

 

INFRASTRUCTURE

Match grant funded works to undertake essential improvements at Plymouth Fisheries are in progress comprising installation of energy efficient boilers and LED lighting and hygienic wall cladding to the auction hall building.  The Company has made a further grant application to modernise the fuel and utility servery points and associated fuel storage infrastructure.

 

At King Point Marina the wave gates, which were never commissioned, have now been removed and the installation of an alternative replacement wave mitigation structure, a 'wave break pontoon' is under construction and due for completion by mid-2018.  The cost of these works is being borne by the contractor.

 

The Company is consulting with lawyers to determine respective responsibilities of the Environment Agency and the Company in agreements in relation to the Sutton Lock and the associated footbridge which date back to the 1990s.  In the meantime, the Company is working with stakeholders, including the Environment Agency, to agree a plan to instigate the repair of the out-of-action footbridge as soon as possible.

 

 

RECOMMENDED PARTIAL OFFER BY FB INVESTORS LLP ("FB INVESTORS")

On 23 November 2017, FB Investors and Sutton Harbour jointly announced that they had reached agreement on the terms of a recommended partial cash offer (the "Partial Offer") to be made by FB Investors to acquire up to 70 per cent. of the issued ordinary share capital of Sutton Harbour. In connection with the Partial Offer, FB Investors and Sutton Harbour also have entered into a conditional share subscription agreement (the "Share Subscription") pursuant to which £2.75m of proceeds will be raised by Sutton Harbour, which will be used to assist Sutton Harbour in its regeneration activities as well as provide additional working capital and the payment of costs incurred in relation to the Formal Sales Process.

 

Further details of the Partial Offer and Share Subscription are set out in an Offer Document, Form of Acceptance and Form of Proxy which are being sent to shareholders shortly. 

 

This announcement follows the strategic review and formal sales process the Company announced on 21 April 2016 to assess all options to generate value for Sutton Harbour shareholders.

 

OUTLOOK

As was noted at the time of the announcement on 23 November 2017, with the assistance and investment of FB Investors, Sutton Harbour will seek to continue to deliver the Group's vision for the area in and around Sutton Harbour, with the aim of establishing the Company as a leading waterfront destination in the UK.

 

FB Investors supports the management team's vision for the former airport site at Plym Vale and will support their long-term aspiration to develop it - the Company is looking forward to taking an active part in the forthcoming public hearing of the 'Joint Local Plan'.  We continue to promote our proposed regeneration schemes and we are supporting our trading activities through strategic investment and new initiatives for operational improvements.

 

 

GRAHAM MILLER                                                 JASON SCHOFIELD

Chairman                                                               Chief Executive

 


 

Consolidated Statement of Comprehensive Income

 

 

 

 

 

Note

6 months to

30 September

2017

(unaudited)

£000

6 months to

30 September

2016

(unaudited)

£000

Year Ended

31 March

2017

(audited)

£000



Revenue

3

3,473

3,633

6,718






Cost of sales before onerous leases


(2,155)

(2,120)

(4,130)

Onerous leases


-

-

(173)

Cost of Sales


(2,155)

(2,120)

(4,303)






Gross Profit


1,318

1,513

2,415











Fair value adjustment on fixed assets and investment property


(838)

(270)

(105)






Administrative expenses


(720)

(770)

(1,300)

 

Operating profit from continuing operations

 

3

 

(240)

 

473

 

1,010






Financial income


-

-

-

Financial expense


(462)

(511)

(957)






Net financing costs


(462)

(511)

(957)











(Loss)/profit before tax from continuing operations

3

(702)

(38)

53

Taxation (charge)/credit on profit from continuing operations

4

(27)

7

(13)





(Loss)/profit from continuing operations


(729)

(31)

40









Basic (loss)/earnings per share

6

(0.76)p

(0.03)p

0.04p






Diluted (loss)/earnings per share

6

(0.76)p

(0.03)p

0.04p

 

                        



6 months to

30 September

2017

(unaudited)

£000

6 months to

30 September

2016

(unaudited)

£000

Year Ended

31 March

2017

(audited)

£000




(Loss)/profit from continuing operations


(729)

(31)

40





Other comprehensive (expense)/income




Continuing operations:





   Revaluation of property, plant and equipment


(374)

(742)

(765)

   Deferred taxation on income and expenses recognised directly in the       consolidated statement of comprehensive income


 

-

 

-

 

-

   Effective portion of changes in fair value of cash flow hedges


46

(71)

(3)






Total other comprehensive expense


(328)

(813)

(768)

Total comprehensive expense for the period attributable to equity shareholders


 

(1,057)

 

(844)

 

(728)


 

Consolidated Balance Sheet

 

 

 

 

 

Note

As at

30 September

2017

(unaudited)

£000

As at

30 September

2016

(unaudited)

£000

As at

31 March

2017

(audited)

£000




Non-current assets





Property, plant and equipment

7

24,966

26,153

26,289

Investment property

7

19,485

19,460

19,460



44,451

45,613

45,749




Current assets





Inventories


20,759

20,389

20,569

Trade and other receivables


2,030

1,781

2,060

Cash and cash equivalents

8

281

123

703

Tax recoverable


14

37

13



23,084

22,330

23,345




Total assets

3

67,535

67,943

69,094






Current liabilities





Other interest-bearing loans and borrowings


-

-

-

Trade and other payables


1,038

1,010

1,173

Finance lease liabilities


111

100

123

Deferred income


1,083

979

1,479

Provisions

9

70

26

71

Derivative financial instruments


-

-

-



2,302

2,115

2,846




Non-current liabilities





Other interest-bearing loans and borrowings


22,950

22,500

22,800

Finance lease liabilities


185

260

238

Deferred government grants


1,146

1,193

1,169

Deferred tax liabilities


1,670

1,622

1,642

Provisions

9

168

84

182

Derivative financial instruments


30

144

76



26,149

25,803

26,107






Total liabilities

3

28,451

27,918

28,953




Net assets


39,084

40,025

40,141




Issued capital and reserves attributable to owners of the parent





Share capital                           


16,069

16,069

16,069

Share premium


5,368

5,368

5,368

Other reserves


12,355

12,638

12,683

Retained earnings


5,292

5,950

6,021

Total equity


39,084

40,025

40,141


 

Consolidated Statement of Changes in Equity

Share capital

Share premium

Revaluation reserve

Merger reserve

Hedging reserve

Retained earnings

TOTAL

 




       ----------Other Reserves----------






£000

£000

£000

£000

£000

£000

£000

 









 

Balance at 1 April 2016

16,069

5,368

9,653

3,871

(73)

5,981

40,869

 

Comprehensive income/(expense)








 

Profit for the period

-

-

-

-

-

(31)

(31)

 

Other comprehensive income/(expense)








 

Revaluation of property, plant and equipment

-

-

(742)

-

-

-

(742)

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

(71)

 

-

 

(71)

 

Total other comprehensive income/(expense)  - period ended 30 September 2016

 

-

 

-

 

(742)

 

-

 

(71)

 

-

 

(813)

 

Total comprehensive income/(expense) - period ended 30 September 2016

 

-

 

-

 

(742)

 

-

 

(71)

 

(31)

 

(844)

 

Balance at 30 September 2016

16,069

5,368

8,911

3,871

(144)

5,950

40,025

 

Balance at 1 October 2016

16,069

5,368

8,911

3,871

(144)

5,950

40,025

 

Comprehensive income/(expense)








 

Profit for the period

-

-

-

-

-

71

71

 

Other comprehensive income/(expense)








 

Revaluation of property, plant and equipment

-

-

(23)

-

-

-

(23)

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

68

 

-

 

68

 

Total other comprehensive income/(expense)  - period ended 31 March 2017

 

-

 

-

 

(23)

 

-

 

68

 

-

 

45

 

Total comprehensive income/(expense) - period ended 31 March 2017

 

-

 

-

 

(23)

 

-

 

68

 

71

 

116

 

Balance at 31 March 2017

16,069

5,368

8,888

3,871

(76)

6,021

40,141

 

Balance at 1 April 2017

16,069

5,368

8,888

3,871

(76)

6,021

40,141

 

Comprehensive income/(expense)








 

Loss for the period

-

-

-

-

-

(729)

(729)

 

Other comprehensive income/(expense)







 

 

 

Revaluation of property, plant and equipment

-

-

(374)

-

-

-

(374)

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

46

 

-

 

46

 

Total other comprehensive income/(expense)  - period ended 30 September 2017

 

-

 

-

 

(374)

 

-

 

46

 

-

 

(328)

 

Total comprehensive income/(expense) - period ended 30 September 2017

 

-

 

-

 

(374)

 

-

 

46

 

(729)

 

(1,057)

 

As at 30 September 2017

16,069

5,368

8,514

3,871

(30)

5,292

39,084

 

 


 

Consolidated Cash Flow Statement

Note

6 months to

30 September

2017

(unaudited)

£000

6 months to

30 September

2016

(unaudited)

£000

Year Ended

31 March

2017

(audited)

£000

 

Cash generated from total operating activities

 

10

 

95

 

99

 

1,008






Cash flows from investing activities





Net expenditure on investment property


(2)

-

-

Expenditure on property, plant and equipment


(138)

(111)

(296)

Net cash used in investing activities


 

(140)

 

(111)

 

(296)






Cash flows from financing activities





Interest paid


(462)

(512)

(957)

Loan drawdowns/(repayment of borrowings)


150

-

300

Net finance lease (payments)/receipts


(65)

(39)

(38)

Net cash generated from financing activities


 

(377)

 

(551)

 

(695)

 

Net (decrease)/increase in cash and cash equivalents


 

(422)

 

(563)

 

17

 

Cash and cash equivalents at beginning of period


 

703

 

686

 

686

 

Cash and cash equivalents at end of period

 

8

 

281

 

123

 

703

 


1.      General information

 

This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2017 were approved by the Board of Directors on 27 June 2017 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and included an 'Emphasis of matter' which referred to the valuation of inventory relating to the former Plymouth Airport site.

 

Copies of the Group's financial statements are available from the Company's registered office, Tin Quay House, Sutton Harbour, Plymouth, PL4 0RA and on the Company's website www.sutton-harbour.co.uk.

 

This consolidated interim financial information has not been audited.

 

 

2.      Basis of preparation

 

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.

 

Accounting policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2017, as described in those annual financial statements.

Adoption of new International Financial Reporting Standards

The following new standards, amendments to standards or interpretations have been issued, but are not effective for the financial year beginning 1 April 2017 and have not been adopted early:

 

IFRS 15 Revenue from Contracts with Customers: *1 January 2018

IFRS 9 Financial Instruments: * 1 January 2018

 

* mandatory effective date is periods commencing on or after

 

Accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.



 

3.   Segment information

 

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.

 

The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.

 

The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2016 is as follows:

 

 

6 months to 30 September 2017

Marine

Real Estate

Car Parking

Regeneration

Total


£000

£000

£000

£000

£000

Revenue

2,399

765

309

-

3,473







Gross profit prior to non-recurring items

602

573

197

(54)

1,318

Non-recurring items:






Onerous leases

-

-

-

-

-

Segmental Operating Profit before Fair value adjustment and unallocated expenses

602

573

197

(54)

1,318

Fair value adjustment on fixed assets and investment property assets

(861)

23

-


(838)


(259)

596

197

(54)

480







Unallocated:






Administrative expenses





(720)

Operating profit from continuing operations





(240)













Financial income





-

Financial expense





(462)

Loss before tax from continuing operations





(702)

Taxation





(27)

Loss for the year from continuing operations





(729)







Depreciation charge






Marine





148

Car Parking





8

Administration





28






184

 



 

3.  Segment Information (continued)

 

 

6 months to 30 September 2016

Marine

Real Estate

Car Parking

Regeneration

Total


£000

£000

£000

£000

£000

Revenue

2,529

808

296

-

3,633







Gross profit prior to non-recurring items

761

628

180

(56)

1,513

Non-recurring items:






Onerous leases

-

-

-

-

-

Segmental Operating Profit before Fair value adjustment and unallocated expenses

761

628

180

(56)

1,513

Fair value adjustment on fixed assets and investment property assets

(553)

111

172

-

(270)












1,243

Unallocated:






Administrative expenses





(770)

Operating profit from continuing operations





473













Financial income





-

Financial expense





(511)

Loss before tax from continuing operations





(38)

Taxation





7

Loss for the year from continuing operations





(31)







Depreciation charge






Marine





142

Car Parking





3

Administration





16






161

 



 

 

3.  Segment Information (continued)

 

 

Year ended 31 March 2017

Marine

Real Estate

Car Parking

Regeneration

Total


£000

£000

£000

£000

£000

Revenue

4,626

1,609

483

-

6,718







Gross profit prior to non-recurring items

1,207

1,211

291

(121)

2,588

Non-recurring items:






Onerous leases

-

(173)

-

-

(173)

Segmental Operating Profit before Fair value adjustment and unallocated expenses

 

 

1,207

 

 

1,038

 

 

291

 

 

(121)

 

 

2,415

Fair value adjustment on fixed assets and investment property assets

(428)

110

213

-

(105)












2,310

Unallocated:






Administrative expenses





(1,300)

Operating profit from continuing operations





1,010













Financial income





-

Financial expense





(957)

Profit before tax from continuing operations





53

Taxation





(13)

Profit for the year from continuing operations





40







Depreciation charge






Marine





308

Car Parking





12

Administration





16






336

 

 


30 September 2017

30 September 2016

31 March 2017


£000

£000

£000

Segment assets:




Marine

21,463

22,591

22,865

Real estate

20,259

20,106

20,165

Car Parking

4,182

3,995

4,178

Regeneration

20,802

20,506

20,668

Total segment assets

66,706

67,198

67,876

Unallocated assets:




Property, plant and equipment

94

107

100

Trade & other receivables

454

515

432

Cash & cash equivalents

281

123

686

Total assets

67,535

67,943

69,094

 



 

3.  Segment Information (continued)

 


30 September 2017

30 September 2016

31 March 2017


£000

£000

£000

Segment liabilities:




Marine

2,059

2,128

2,361

Real estate

449

387

531

Car Parking

75

64

121

Regeneration

830

843

932

Total segment liabilities

3,413

3,422

3,945

Unallocated liabilities:




Bank overdraft & borrowings

23,246

22,500

23,161

Trade & other payables

92

230

129

Financial Derivatives

30

144

76

Tax payable

-

-

-

Deferred tax liabilities

1,670

1,622

1,642

Total liabilities

28,451

27,918

28,953

 

 

Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.

 

4. Taxation

 

The Company has applied an effective tax rate of 20% (2016: 20%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.

 

5. Dividends

 

The Board of Directors do not propose an interim dividend (2016: nil).

 

 

6. Earnings per share

 


6 months to

30 September

2017

(unaudited)

pence

6 months to

30 September

2016

(unaudited)

pence

Year Ended

31 March

2017

(audited)

pence

Continuing operations




Basic earnings per share

(0.76)

(0.03)

0.04

Diluted earnings per share*

(0.76)

(0.03)

0.04





 

Basic Earnings per Share:

Basic earnings per share have been calculated using the loss for the period of £729,000 (2016: loss £31,000, year ended 31 March 2017 profit £40,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 96,277,086 (2016: 96,277,086; year ended 31 March 2017: 96,277,086) has been used in our calculation.

 

Diluted Earnings per Share:

Diluted earnings per share uses an average number of 96,277,086 (2016: 96,277,086; year ended 31 March 2017 96,277,086) ordinary shares in issue, and takes account of the outstanding options under the SAYE scheme in accordance with IAS 33 'Earnings per share'.  There are no outstanding options under expire SAYE schemes.

 

7. Property valuation

Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 30 September 2017, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors. 

 

A further valuation will be commissioned for the year ending 31 March 2018, as in previous years.

8. Cash and cash equivalents


As at

30 September 2017

(unaudited)

£000

As at

30 September 2016

(unaudited)

£000

As at

31 March 2017

(audited)

£000





Cash and cash equivalents per balance sheet and cash flow statement

281

123

703

 

9. Provisions

 

 


Onerous leases

Total


£000

£000




Balance at 1 April 2016

141

141

Provisions made during the year

-

-

Provisions utilised during the year

(31)

(31)

Balance at 30 September 2016

110

110




Provisions made during the year

173

173

Provisions utilised during the year

(30)

(30)

Balance at 31 March 2017

253

253




Provisions made during the year

-

-

Provisions utilised during the year

(15)

(15)

Balance at 30 September 2017

238

238




Current

70

70

Non-current

168

168


238

238

 

10. Cash flow statements

 


6 months to

30 September 2017

(unaudited)

£000

6 months to

30 September 2016

(unaudited)

£000

Year Ended

31 March 2017

(audited)

£000

Cash flows from operating activities



 

(Loss)/profit for the period

(729)

(31)

40

Adjustments for:




Taxation

27

(7)

13

Financial income

-

-

-

Financial expense

462

511

934

Fair value adjustment on fixed assets and investment property

838

270

105

Depreciation

184

161

336

Amortisation of grants

(23)

(23)

(45)

Loss on sale of property, plant and equipment

4

11

9

Cash generated from operations before changes in working capital and provisions

 

763

 

892

 

1,392

Increase in inventories

(151)

(332)

(472)

Decrease/(increase) in trade and other receivables

29

240

(18)

(Decrease)/increase in trade and other payables

(135)

(107)

57

Decrease in deferred income

(396)

(563)

(63)

(Decrease)/increase in provisions

(15)

(31)

112





Cash generated from operations

95

99

1,008

 

11.  Capital Commitments

 

At 30 September 2017 the Group has engaged contractors to perform £0.2m of work in the Fisheries complex.  Some of this cost will be set off by grant contribution.

 

12. Post Balance Sheet Events

 

On 23 November 2017, the Company and FB Investors LLP jointly announced a Recommended Partial Cash Offer for the Company for up to 70% of the Company plus a Proposed Share Subscription of £2.75m (the "Offer").

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half-year Report - RNS