TIDMSWJ
RNS Number : 5183D
Swan(John) & Sons PLC
30 January 2015
JOHN SWAN & SONS PLC
INTERIM FINANCIAL REPORT
For the six months ended 31 October 2014
CHAIRMAN'S STATEMENT
The results for the first six months of the trading
year can be summarised as follows:
31 October 31 October
2014 2013
GBP GBP
John Swan Limited - profit before
tax 15,822 124,911
John Swan & Sons PLC - profit/(loss)
before tax 329,798 (212,370)
Profit/(loss) before tax 345,620 (87,459)
=========== ===========
This outcome has been influenced by a number
of factors, of which the most significant is
the profit of GBP492,901 arising from the sale
of the lairage field at Chesser, Edinburgh.
Whilst our livestock auctioneering business achieved
a trading profit of GBP100,822 against GBP124,911
in the same period last year, it is disappointing
to report that in the interests of prudence,
the board has thought it necessary to make two
specific provisions. Firstly, the existing provision
against the bad debt incurred last year has been
increased by GBP35,000, against the possibility
that the final recovery may be less than forecast
at the time the original was made. Secondly,
we continue robustly to defend a historical claim
from a former customer, relating to unauthorised
activity at Wooler some years ago, and legal
costs of GBP50,000 have been provided for this
defence. The combined effect of these is a reduction
in reported profit from auctioneering to GBP15,822.
PLC costs reduced from GBP212,370 to GBP163,103,
principally as a result of lower professional
fees, 2014 having been a period of exceptional
corporate activity, as I reported at the time.
On December 18(th) , we announced an approach
by H&H Group plc regarding a possible cash offer
for the Company at GBP13.50 per share, perhaps
with a partial share alternative. I should emphasise
that a formal offer has not yet been made and,
as is not unusual in these cases, we have agreed
an extension to the regulatory timescale within
which one is required. The process is complex,
involving considerable legal, accounting, pensions
and corporate advisory work on both sides. Whilst
discussions to date have made steady progress,
there is no certainty regarding the receipt of
a formal offer, nor the terms on which it might
be based, nor, indeed, within what timescale
it may be made, if at all. A further statement
will be made to the Stock Exchange, as events
unfold.
Finally, as in the last few years, no interim
dividend is proposed and, subject to the outcome
of discussions with H&H Group, the board will
consider the final dividend after the full year
results become available.
AJ Ritchie
MANAGING DIRECTOR'S STATEMENT - JOHN SWAN LIMITED
As already reported in the Chairman's Statement,
our trading results have been affected by two
matters for which we felt provision should be
made in the figures for the six months ended
31 October 2014. These provisions have had the
effect of reducing our profit before tax from
GBP100,822 to GBP15,822.
During the summer and early autumn, both prime
cattle and prime sheep prices fell to a level
which made it very difficult for our finishing
customers to make a significant return - and
in some cases, any profit at all. This, of course,
also had an effect on the commission which the
company earned from marketing these animals.
However, I am pleased to report that breeding
and store stock saw a strong trade during the
period, which is very encouraging and shows a
growing confidence for the coming months.
As has been well publicised in the media, dairy
farmers are at present facing a very difficult
time with milk prices at a record low. This,
in my opinion, shows the importance of auction
markets for setting the price of livestock to
ensure that our beef and sheep farmers get the
best return for their stock and to avoid a further
reduction in livestock numbers in the U.K.
I would like to take this opportunity to thank
all our staff for their continued hard work.
I am confident that we can continue to build
our business at both St Boswells and Wooler in
the future.
Finally, I would like to thank all our customers
for their valued custom and wish them every success
in 2015.
SJ Wilson
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 October 2014
31 October 31 October
Notes 2014 2013
GBP GBP
Revenue 3 951,422 959,039
-------------- ---------------------
Staff costs 446,997 449,536
Depreciation 50,289 48,375
Other operating expenses 601,669 548,995
Profit on sale of land (492,901) -
-------------- ---------------------
606,054 1,046,906
-------------- ---------------------
Operating profit/(loss) 345,368 (87,867)
Investment revenues 252 408
Profit/(loss) before
tax 345,620 (87,459)
Tax - -
Profit/(loss) for the
period attributable to
owners of the Company 345,620 (87,459)
============== =====================
Basic and diluted earnings
per share 56.8p (14.4p)
============== =====================
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months ended 31 October 2014
31 October 31 October
2014 2013
GBP GBP
Profit/(loss) for the period 345,620 (87,459)
----------- ------------
Pension contributions paid
in respect of closed
final salary scheme (36,000) (30,000)
----------- ------------
Other comprehensive expense
for the period (36,000) (30,000)
----------- ------------
Total comprehensive income/(expense)
for the period attributable
to owners of the Company 309,620 (117,459)
=========== ============
CONDENSED CONSOLIDATED BALANCE SHEET
As at 31 October 2014
31 October 30 April 31 October
2014 2014 2013
GBP GBP GBP
Non-current assets
Property, plant and motor
vehicles 3,555,954 3,576,513 3,608,060
----------- ---------- ------------
Current assets
Trade and other receivables 3,510,726 2,328,050 3,504,848
Cash and cash equivalents 57,835 114,968 25,023
----------- ---------- ------------
3,568,561 2,443,018 3,529,871
----------- ---------- ------------
Total assets 7,124,515 6,019,531 7,137,931
=========== ========== ============
Current liabilities
Trade and other payables 434,998 209,943 330,669
Bank overdraft 601,159 - 690,991
----------- ---------- ------------
1,036,157 209,943 1,021,660
----------- ---------- ------------
Net current assets 2,532,404 2,233,075 2,508,211
----------- ---------- ------------
Non-current liabilities
Deferred tax liabilities 15,935 15,935 23,155
Deferred income 11,600 12,000 12,400
----------- ---------- ------------
27,535 27,935 35,555
----------- ---------- ------------
Total liabilities 1,063,692 237,878 1,057,215
=========== ========== ============
Net assets 6,060,823 5,781,653 6,080,716
=========== ========== ============
Equity
Share capital 153,000 153,000 153,000
Revenue reserve 70,000 70,000 70,000
Employee Benefit Trust
reserve (57,224) (57,224) (39,815)
Revaluation reserve 1,524,116 1,531,039 1,537,815
Capital redemption reserve 15,000 15,000 15,000
Retained earnings 4,355,931 4,069,838 4,344,716
----------- ---------- ------------
Total equity - attributable
to
owners of the Company 6,060,823 5,781,653 6,080,716
------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 October 2014
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 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
Balance at
1 May 2014 153,000 70,000 (57,224) 1,531,039 15,000 4,069,838 5,781,653
Profit for
the period - - - - - 345,620 345,620
Other comprehensive
expense for
the period - - - - - (36,000) (36,000)
Total comprehensive
income for
the period - - - - - 309,620 309,620
---------- ---------- ----------- -------------- ------------- ----------- -----------
Transfer to
retained earnings - - - (6,923) - 6,923 -
Dividends
paid - - - - - (30,450) (30,450)
Balance at
31 October
2014 153,000 70,000 (57,224) 1,524,116 15,000 4,355,931 6,060,823
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 October 2014
Notes 31 October 31 October
2014 2013
GBP GBP
Net cash used in operating
activities 4 (1,093,413) (1,184,391)
------------ ------------
Investing activities
Interest received 252 408
Proceeds from disposal
of motor vehicles 12,190 10,500
Proceeds from disposal 542,901 -
of land (net of legal fees)
Purchases of plant and
motor vehicles (89,772) (15,692)
------------ ------------
Net cash from/(used in)
investing activities 465,571 (4,784)
------------ ------------
Financing activities
Dividends paid 5 (30,450) (30,450)
Acquisition of deferred
shares - (39,600)
------------ ------------
Net cash used in financing
activities (30,450) (70,050)
------------ ------------
Net decrease in cash and
cash equivalents (658,292) (1,259,225)
Cash and cash equivalents
at beginning of period 114,968 593,257
Cash and cash equivalents
at end of period 6 (543,324) (665,968)
============ ============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 31 October 2014
1 Basis of preparation
The condensed financial information for the
six months ended 31 October 2014 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 2014 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 2014 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
2014 2013
GBP GBP
An analysis of the Group's revenue
is as follows:
Commissions 870,703 889,049
Estate agency and valuation
fees 33,482 23,007
Interest from customers 15,962 14,430
----------- -----------
920,147 926,486
Other operating income 14,414 16,904
Property rental income 16,861 15,649
----------- -----------
951,422 959,039
=========== ===========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 31 October 2014 - continued
4 Notes to the cash flow statement
31 October 31 October
2014 2013
GBP GBP
Profit/(loss) before tax 345,620 (87,459)
Adjustments for:
Investment revenues (252) (408)
Pension contributions paid (closed
final salary scheme) (36,000) (30,000)
Depreciation of property, plant
and motor vehicles 50,289 48,375
Profit on sale of motor vehicles (2,148) (4,820)
Profit on sale of land (492,901) -
Deferred income released in
the period (400) (400)
------------ ------------
Operating cash flows before
movement in working capital (135,792) (74,712)
Increase in receivables (1,182,676) (1,170,721)
Increase in payables 225,055 61,042
------------ ------------
Net cash used in operating activities (1,093,413) (1,184,391)
============ ============
5 Dividends
31 October 31 October
2014 2013
GBP GBP
Dividend on ordinary shares
paid on 17 October 2014:
Final 2014 30,450 30,450
=========== ===============
6 Cash and cash equivalents
31 October 31 October
2014 2013
GBP GBP
Bank and cash balances 57,835 25,023
Bank overdraft (601,159) (690,991)
----------- ---------------
(543,324) (665,968)
=========== ===============
7 Interim financial statements
The interim financial statements were approved
by the Board of Directors on 29 January 2015.
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)
+44 (0) 20
Sandy Fraser 7496 3176
This information is provided by RNS
The company news service from the London Stock Exchange
END
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