TIDMHMLH
RNS Number : 0953R
HML Holdings PLC
31 October 2011
HML HOLDINGS Plc
("HML or "the Group")
INTERIM RESULTS
HML Holdings plc (AIM: HMLH.L), the property management services
group, today announces its interim results for the six months to 30
September 2011.
Highlights for the six month period:
-- 6% growth in revenues (2010: 6%)
-- 20% increase in operating profit before interest, amortisation
and share based payment charges to GBP344,000 (2010: GBP286,000)
-- Improvements across all sectors
Commenting on the results, Robert Plumb, Chief Executive of HML
Holdings Plc, said:
"We are pleased to report a consistent growth in revenues and
further improvements to our operating margins. Against the
background of current market volatility, we remain confident in the
resilience of our earnings and our ability to continue growing
HML's market share."
For further information:
HML Holdings Plc Tel: 020 8439 8529
Robert Plumb, Chief Executive
James Howgego, Financial Director
Tavistock Communications Limited Tel: 020 7920 3150
Jeremy Carey
James Verstringhe
FinnCap Tel: 020 7220 0500
Ed Frisby/Christopher Raggett - Corporate
Finance
Simon Starr - Corporate Broking
CHAIRMAN'S AND CHIEF EXECUTIVE'S REPORT
We are pleased to report a 6% growth in half year revenue to
GBP5.0 million (2010 GBP4.7 million). Our consistent revenue growth
has been accompanied by a 20% increase in operating profit (before
interest, exceptional items, share based payment charges,
amortisation and taxation) as we have effected further improvements
in our operating margins.
It is pleasing that improvements have come from all sectors
within the group with general operating efficiencies consistently
contributing to better margins.
While the overall new build residential market remains
relatively quiet, we are pleased with the degree to which our
improving service standards have contributed to an increase in new
business enquiries in both the existing and new build markets. The
property services market remains competitive but there is a keener
awareness of the quality of service required.
Apart from the financial returns we have made significant
improvements in terms of standardising our service procedures and
controls. This will continue to underpin the quality of our service
to our clients and the heightening demands of lessees.
Richard Smith Robert Plumb
Chairman Chief Executive
28(th) October 2011
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 30 September 2011
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2011 2010 2011
Continuing operations Notes GBP'000 GBP'000 GBP'000
------------------------------------- -------- --------------- --------------- -------------
Revenue 4,954 4,689 9,391
------------------------------------- -------- --------------- --------------- -------------
Direct operating expenses (4,175) (3,995) (8,056)
Central operating overheads (435) (408) (826)
Share based payment charge (4) (3) (6)
Amortisation of intangible
assets (94) (87) (182)
Total central operating overheads (533) (498) (1,014)
Operating expenses (4,708) (4,493) (9,070)
------------------------------------- -------- --------------- --------------- -------------
Profit from operations 246 196 321
Finance costs - (2) (7)
Profit before taxation 4 246 194 314
Corporation tax charge (38) (39) (81)
------------------------------------- -------- --------------- --------------- -------------
Profit for the period attributable
to equity holders of the parent 208 155 233
Other comprehensive income - - -
------------------------------------- -------- --------------- --------------- -------------
Total comprehensive income
for the period attributable
to equity holders of the parent 208 155 233
------------------------------------- -------- --------------- --------------- -------------
Earnings per share
Basic 5 0.7p 0.5p 0.7p
Diluted 5 0.7p 0.5p 0.7p
------------------------------------- -------- --------------- --------------- -------------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
COMPANY NUMBER: 5728008
30 September 2011
Unaudited Unaudited Audited
30 September 30 September 31 March
2011 2010 2011
GBP'000 GBP'000 GBP'000
-------------------------------- ------ --------------- --------------- -----------
ASSETS
Non Current Assets
Goodwill 3,360 3,317 3,360
Other intangible assets 2,475 2,511 2,530
Property, plant and equipment 274 245 263
6,109 6,073 6,153
--------------------------------------- --------------- --------------- -----------
Current Assets
Trade and other receivables 1,094 1,274 1,425
Cash and cash equivalent 260 - -
1,354 1,274 1,425
--------------------------------------- --------------- --------------- -----------
TOTAL ASSETS 7,463 7,347 7,578
---------------------------------------- --------------- --------------- -----------
LIABILITIES
Current Liabilities
Trade and other payables (1,438) (1,415) (1,692)
Borrowings - (280) (115)
Current tax liabilities (114) (39) (77)
---------------------------------------- --------------- --------------- -----------
(1,552) (1,734) (1,884)
--------------------------------------- --------------- --------------- -----------
Non-Current Liabilities
Deferred tax (182) (182) (182)
(182) (182) (182)
--------------------------------------- --------------- --------------- -----------
TOTAL LIABILITIES (1,734) (1,916) (2,066)
---------------------------------------- --------------- --------------- -----------
NET ASSETS 5,729 5,431 5,512
---------------------------------------- --------------- --------------- -----------
EQUITY
Share capital 473 473 473
Share premium 6,331 6,331 6,331
Other reserves (6) (11) (11)
Merger reserve (15) (15) (15)
Retained earnings (1,054) (1,347) (1,266)
---------------------------------------- --------------- --------------- -----------
TOTAL EQUITY 5,729 5,431 5,512
---------------------------------------- --------------- --------------- -----------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 September 2011
Share Share Other Merger Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2010 473 6,331 (11) (15) (1,505) 5,273
--------- --------- --------- --------- ---------- ---------
Total comprehensive
income for the period - - - - 155 155
Share based payment
charge - - - - 3 3
--------- --------- --------- --------- ---------- ---------
Balance at 30 September
2010 473 6,331 (11) (15) (1,347) 5,431
--------- --------- --------- --------- ---------- ---------
Total comprehensive
income for the period - - - - 78 78
Share based payment
charge - - - - 3 3
Balance at 31 March
2011 473 6,331 (11) (15) (1,266) 5,512
--------- --------- --------- --------- ---------- ---------
Total comprehensive
income for the period - - - - 208 208
Share based payment
charge - - - - 4 4
Employee benefit trust
movement - - 5 - - 5
Balance at 30 September
2011 473 6,331 (6) (15) (1,054) 5,729
--------- --------- --------- --------- ---------- ---------
HML HOLDINGS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 September 2011
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
Notes 30 September 30 September 2011
2011 2010 GBP'000
GBP'000 GBP'000
------------------------------------- -------- --------------- --------------- -------------
Operating activities
Cash generated from operations 6 508 100 568
Income taxes paid - - -
Interest paid - (2) (7)
Net cash from operating activities 508 98 561
------------------------------------- -------- --------------- --------------- -------------
Investing activities
Purchases of property, plant
and equipment (73) (78) (178)
Purchase of software (39) (87) (145)
Acquisition of businesses (21) (42) (182)
------------------------------------- -------- --------------- --------------- -------------
Net cash used in investing
activities (133) (207) (505)
------------------------------------- -------- --------------- --------------- -------------
Financing activities
Cash payments relating to
long term loan - (86) (86)
Net cash used in financing
activities - (86) (86)
------------------------------------- -------- --------------- --------------- -------------
Increase/(decrease) in cash
and cash equivalents 375 (195) (30)
Cash and cash equivalents
at the start of period (115) (85) (85)
------------------------------------- -------- --------------- --------------- -------------
Cash and cash equivalents
at the end of the period 260 (280) (115)
------------------------------------- -------- --------------- --------------- -------------
HML HOLDINGS Plc
NOTES TO THE ACCOUNTS
1. General Information
The interim unaudited financial information was approved by the
board on 28 October 2011.
The results for the year ended 31 March 2011 have been audited
whilst the results for the six months ended 30 September 2010 and
30 September 2011 are unaudited. The financial information
contained in this interim report does not constitute statutory
accounts for that period. The statutory accounts for the previous
year, which were prepared under IFRS, have been delivered to the
Registrar of Companies. The auditors' opinion on those accounts was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under section 498 (2) or
498 (3) of the Companies Act 2006.
Copies of the interim report are available from
www.hmlholdings.com or from the Company Secretary at HML Holdings
plc, 9-11 The Quadrant, Richmond, Surrey, TW9 1BP.
2. International Financial Reporting Standards
The consolidated financial information has been prepared using
accounting policies consistent with International Financial
Reporting Standards ('IFRS') as adopted by the European Union
applied in accordance with the provisions of the Companies Act
2006.
Except as described below, the accounting policies applied are
consistent with those of the audited annual financial statements
for the year ended 31 March 2011.
The amendments to IFRS 2 have been adopted during the
period.
Whilst the financial figures included in this interim report
have been computed in accordance with IFRS, this interim report
does not contain sufficient information to constitute an interim
financial report as that term is defined in IAS 34.
3. Taxation
Taxation for the six months to 30 September 2011 is based on the
effective rate of taxation which is estimated to apply for the year
ending 31 March 2012.
Unaudited Unaudited Audited
4. Profit before interest, exceptional 6 months 6 months Year ended
items, share based payments to to 31 March
charges, amortisation and taxation 30 September 30 September 2011
reconciliation 2011 2010 GBP'000
GBP'000 GBP'000
--------------------------------------- --------------- --------------- -------------
Operating profit before interest,
exceptional items, share based
payment charges, amortisation
and taxation 344 286 509
---------------------------------------------- --------------- --------------- -------------
Finance costs - (2) (7)
---------------------------------------------- --------------- --------------- -------------
Operating profit before exceptional
item, share based payment charges,
amortisation and taxation 344 284 502
---------------------------------------------- --------------- --------------- -------------
Share based payment charge (4) (3) (6)
Amortisation of intangible
assets (94) (87) (182)
Profit before taxation 246 194 314
---------------------------------------------- --------------- --------------- -------------
5. Earnings per share Unaudited Unaudited Audited
6 months 6 months to Year ended
to 30 September 31 March
30 September 2010 2011
2011
-------------------------------- --------------- --------------- -------------
Profits for basic and diluted
earnings per share (GBP'000)
Profit for the period 208 155 233
-------------------------------------- --------------- --------------- -------------
Weighted average number of
shares (000s)
For basic earnings per share 31,544 31,544 31,544
Effect of dilutive potential
ordinary shares:
- share options 172 299 186
Fully diluted 31,716 31,843 31,730
Earnings per share
Basic 0.7p 0.5p 0.7p
Diluted 0.7p 0.5p 0.7p
-------------------------------------- --------------- --------------- -------------
6. Notes to the cash flow statement Unaudited Unaudited Audited
6 months 6 months to 6 months
to 30 September to
30 September 2010 31 March
2011 GBP'000 2011
GBP'000 GBP'000
-------------------------------------- --------------- --------------- -----------
Cash generated from operations
Operating profit 246 196 321
Share-based payment charge 4 3 6
Depreciation of plant and equipment 62 57 135
Amortisation of intangible
assets 94 87 182
Decrease/(increase) in trade
and other receivables 331 (93) (248)
(Decrease)/increase in trade
and other payables (229) (150) 168
Disposal of fixed assets - - 4
-------------------------------------------- --------------- --------------- -----------
Cash generated from operations 508 100 568
-------------------------------------------- --------------- --------------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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