TIDMSWJ
RNS Number : 7735X
Swan(John) & Sons PLC
17 January 2014
JOHN SWAN & SONS PLC
INTERIM FINANCIAL REPORT
For the six months ended 31 October 2013
CHAIRMAN'S STATEMENT
The results for the first six months of the trading year can
be summarised as follows:
31 October 31 October
2013 2012
GBP GBP
John Swan Limited - profit/(loss) before
tax 124,911 (23,017)
John Swan & Sons PLC - loss before tax (212,370) (112,386)
Loss before tax (87,459) (135,403)
=========== ===========
The trading performance for the half-year is most encouraging
and reflects a considerable achievement by our mart team, during
a period of change following the retirement of Jack Clark. Although
continuing central costs remained historically comparable, substantial
additional professional fees were incurred of necessity during
the period, some or all of which may be of a non-recurring nature.
These relate in part to advisory work undertaken to evaluate
third party interests in acquiring some or all of our assets.
The board is required to follow certain corporate governance
procedures in these instances and shareholders will be well
aware of our continuing obligations as a listed company. Whilst
we seek to limit these costs, we operate in a regulatory environment
and there is no guarantee that such circumstances will not recur.
Further fees were incurred in preparing the Resolution proposing
cancellation of the Deferred Shares, which was passed at the
Annual General Meeting in October. These are non-recurring,
of course, and I am glad to report that the pre-announcement
share price of GBP4.00 rose in subsequent trading to GBP5.75,
increasing the market capitalisation of our company by more
than GBP1 million. As a result, the discount also narrowed between
the share price and the most recently published net asset value
per share.
This factor is highly significant in relation to our land assets.
There appears to be a perceptible upturn in land development
activity, without the immediate or even near-term prospect of
a return to pre-financial crisis levels. Specifically important
for us, however, is the well publicised potential westward expansion
of Edinburgh into an area where we have a substantial land interest.
This development is far from practical assessment at this stage,
and we cannot speculate on its effect on our value, but, relative
to our small market capitalisation, any movement could be significant.
Shareholders will understand that at this point in the cycle,
land valuation is a matter of judgement and your board has adopted
a cautious approach to realising shareholder value, in these
circumstances. It is for this reason that discussions with third
parties interested in acquiring our assets were terminated,
rendering redundant the resultant professional costs. We will
continue to work towards the strategic objective of realising
assets and returning the proceeds to shareholders. This process
has been becalmed in recent times, for obvious reasons, but
shareholders will be kept informed of developments, as and when
they occur.
Finally, the board has not proposed an interim dividend but
will consider the matter in the light of the full year results.
AJ Ritchie
MANAGING DIRECTOR'S STATEMENT - JOHN SWAN LIMITED
I am delighted to write my first Managing Director's statement
and to be able to report a pre tax profit for the six months
ended 31 October 2013 of GBP124,911 compared to a loss of GBP23,017
for the same period last year.
I am also pleased to say that throughput numbers for both sheep
and cattle have increased during the first six months of the
year, which is very encouraging bearing in mind we are in a
period when livestock numbers continue to fall nationally.
We have continued to keep a tight control on administration
costs and have managed to make significant savings, while continuing
to maintain strict credit control.
As the Common Agricultural Policy is still not settled, it remains
a time of uncertainty for our customers and adds to my concerns
that livestock numbers in the United Kingdom will continue to
fall. It is, therefore, more important than ever to provide
a professional, transparent and competitive service for all
customers and to ensure that we continue to increase throughput
numbers.
I would like to thank all our staff for their hard work and
commitment during my first six months in charge.
Finally, I would also like to thank all our customers both old
and new for their support and wish you all every success for
the coming year.
SJ Wilson
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 October 2013
31 October 31 October
Notes 2013 2012
GBP GBP
Revenue 3 959,039 908,094
-------------- ---------------------
Staff costs 449,536 516,512
Depreciation 48,375 55,703
Other operating expenses 548,995 472,326
-------------- ---------------------
1,046,906 1,044,541
-------------- ---------------------
Operating loss (87,867) (136,447)
Investment revenues 408 1,044
Loss before tax (87,459) (135,403)
Tax - -
Loss for the period (87,459) (135,403)
============== =====================
Attributable to:
Owners of the Company (87,459) (135,403)
============== =====================
Basic and diluted loss per share (14.4p) (22.2p)
============== =====================
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 October 2013
31 October 31 October
2013 2012
GBP GBP
Loss for the period (87,459) (135,403)
------------ ------------
Other comprehensive expense
Pension scheme - contributions
paid in
respect of closed final salary
scheme (30,000) (30,000)
------------ ------------
Total comprehensive expense
for the period (117,459) (165,403)
============ ============
Attributable to:
Owners of the Company (117,459) (165,403)
============ ============
CONDENSED CONSOLIDATED BALANCE SHEET
As at 31 October 2013
31 October 30 April 31 October
2013 2013 2012
GBP GBP GBP
Non-current assets
Property, plant and motor vehicles 3,608,060 3,646,423 2,127,779
Trade and other receivables - - 233
------------ ------------ ------------
3,608,060 3,646,423 2,128,012
------------ ------------ ------------
Current assets
Trade and other receivables 3,504,848 2,334,127 3,226,981
Cash and cash equivalents 25,023 593,257 29,282
------------ ------------ ------------
3,529,871 2,927,384 3,256,263
------------ ------------ ------------
Total assets 7,137,931 6,573,807 5,384,275
============ ============ ============
Current liabilities
Trade and other payables 330,669 269,627 278,491
Bank overdraft 690,991 - 107,315
Current tax liabilities - - 7,421
------------ ------------ ------------
1,021,660 269,627 393,227
------------ ------------ ------------
Net current assets 2,508,211 2,657,757 2,863,036
------------ ------------ ------------
Non-current liabilities
Deferred tax liabilities 23,155 23,155 28,531
Deferred income 12,400 12,800 13,200
------------ ------------ ------------
35,555 35,955 41,731
------------ ------------ ------------
Total liabilities 1,057,215 305,582 434,958
============ ============ ============
Net assets 6,080,716 6,268,225 4,949,317
============ ============ ============
Equity
Share capital 153,000 168,000 168,000
Revenue reserve 70,000 70,000 70,000
Employee Benefit Trust reserve (39,815) (39,815) (39,815)
Revaluation reserve 1,537,815 1,544,885 -
Capital redemption reserve 15,000 - -
Retained earnings 4,344,716 4,525,155 4,751,132
------------ ------------ ------------
Total equity - attributable
to
owners of the company 6,080,716 6,268,225 4,949,317
------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 October 2013
Equity attributable to equity holders
of the Company
Revenue Employee Re-valuation Capital Retained Total
Share reserve Benefit reserve redemption earnings equity
capital Trust reserve
reserve
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
May 2012 168,000 70,000 (39,815) - - 4,946,985 5,145,170
Loss for the
period - - - - - (135,403) (135,403)
Other comprehensive
expense for the
period - - - - - (30,000) (30,000)
Total comprehensive
expense for the
period - - - - - (165,403) (165,403)
----------- ---------- ------------- -------------- ------------- ----------- -----------
Dividends paid - - - - - (30,450) (30,450)
Balance at 31
October 2012 168,000 70,000 (39,815) - - 4,751,132 4,949,317
=========== ========== ============= ============== ============= =========== ===========
Balance at 1
May 2013 168,000 70,000 (39,815) 1,544,885 - 4,525,155 6,268,225
Loss for the
period - - - - - (87,459) (87,459)
Other comprehensive
expense for the
period - - - - - (30,000) (30,000)
Total comprehensive
expense for the
period - - - - - (117,459) (117,459)
----------- ---------- ------------- -------------- ------------- ----------- -----------
Acquisition of
deferred shares (15,000) - - - 15,000 (39,600) (39,600)
Transfer to retained
earnings - - - (7,070) - 7,070 -
Dividends paid - - - - - (30,450) (30,450)
Balance at 31
October 2013 153,000 70,000 (39,815) 1,537,815 15,000 4,344,716 6,080,716
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 October 2013
Notes 31 October 31 October
2013 2012
GBP GBP
Net cash used in operating activities 4 (1,184,391) (1,061,312)
------------ ------------
Investing activities
Interest received 408 1,044
Proceeds from disposal of motor
vehicles 10,500 13,150
Purchases of property, plant and
motor vehicles (15,692) (57,382)
------------ ------------
Net cash used in investing activities (4,784) (43,188)
------------ ------------
Financing activities
Dividends paid 5 (30,450) (30,450)
Acquisition of deferred shares (39,600) -
------------ ------------
Net cash used in financing activities (70,050) (30,450)
------------ ------------
Net decrease in cash and cash
equivalents (1,259,225) (1,134,950)
Cash and cash equivalents at beginning
of period 593,257 1,056,917
Cash and cash equivalents at end
of period 6 (665,968) (78,033)
============ ============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 31 October 2013
1 Basis of preparation
The condensed financial information for the six months ended
31 October 2013 does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006 and has
not been audited. No statutory accounts for the period have
been delivered to the Registrar of Companies.
The financial information for the year ended 30 April 2013
does not constitute the company's statutory accounts for
that year but is derived from those accounts. Statutory
accounts for the year ended 30 April 2013 have been delivered
to the Registrar of Companies. The auditor's report on those
accounts was unqualified, did not include a reference to
any matters to which the auditors drew attention by way
of emphasis without qualifying their report and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
2 Accounting policies
The condensed financial statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards (IFRS) and in accordance with International
Accounting Standard 34 'Interim Financial Reporting'.
The same accounting policies, presentation and methods of
computation are followed in the condensed financial statements
as applied in the latest audited financial statements. A
copy of these financial statements is available from the
company's registered office at 6 St Colme Street, Edinburgh
EH3 6AD.
3 Revenue
31 October 31 October
2013 2012
GBP GBP
An analysis of the Group's revenue is
as follows:
Commissions 889,049 859,227
Estate agency and valuation fees 23,007 10,519
Interest from customers 14,430 7,661
----------- -----------
926,486 877,407
Other operating income 16,904 16,050
Property rental income 15,649 14,637
----------- -----------
959,039 908,094
=========== ===========
4 Notes to the cash flow statement
31 October 31 October
2013 2012
GBP GBP
Loss before tax (87,459) (135,403)
Adjustments for:
Investment revenues (408) (1,044)
Pension scheme contributions paid (30,000) (30,000)
Depreciation of property, plant and motor
vehicles 48,375 55,703
Gain on sale of fixed assets (4,820) (3,591)
Deferred income released in the period (400) (400)
------------ -------------
Operating cash flows before movement in
working capital (74,712) (114,735)
Increase in receivables (1,170,721) (1,012,734)
Increase in payables 61,042 66,157
------------ -------------
Net cash used in operating activities (1,184,391) (1,061,312)
============ =============
5 Dividends
31 October 31 October
2013 2012
GBP GBP
Dividend on ordinary shares paid on 18
October 2013:
Final 2013 30,450 30,450
=============== ===============
6 Cash and cash equivalents
31 October 31 October
2013 2012
GBP GBP
Bank and cash balances 25,023 29,282
Bank overdraft (690,991) (107,315)
--------------- ---------------
(665,968) (78,033)
=============== ===============
7 Interim financial statements
The interim financial statements were approved by the Board
of Directors on 16 January 2014. The interim financial report
is available to the public for a period of one month from
the date of this announcement from the Secretaries at the
Company's registered office.
Registered Office :
Geoghegans
6 St Colme Street
Edinburgh EH3 6AD
Company registered in Scotland:
No. SC007893
Enquiries :
John Swan & Sons PLC
Euan Fernie 0131 225 4681
N+1 Singer
(Nominated Adviser and Broker)
Sandy Fraser 0131 529 0272
This information is provided by RNS
The company news service from the London Stock Exchange
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