TIDMLAS
FOR IMMEDIATE RELEASE
25 August 2023
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 June 2023
London & Associated Properties PLC ("LAP" or the "Group") is a main market
listed property investment group that specialises in industrial and essential
retail property in the UK.
It also holds a substantial stake in the main market listed Bisichi PLC which
operates coal mines in South Africa and invests in UK property.
HIGHLIGHTS
· Net assets attributable to shareholders -
· Decreased to £29.3 million (December 2022: £32.5 million)
· Now 34.32p (December 2022: 38.14p) per share
· Write down of £2.1m in value of Orchard Square, Sheffield despite strong
operational performance
· Property portfolio seeing continued strong operational performance with
Group occupancy levels of 98.4% by rental income (June 2022: 97.6%)
· Whilst no properties have been acquired in the period, we are actively
seeking to reinvest cash in new assets in targeted sectors. These must be at an
appropriate yield and with the potential to add value and income growth through
asset management initiatives.
"The results for the six months to 30 June 2023 have been impacted very
significantly by interest rate increases. Not only have the additional costs
damaged operating performance, but negative sentiment has meant that the
investment market for asset sales is becoming more uncertain .... We are,
though, seeing rental growth in both the industrial properties and the value
-orientated retail properties that we continue to hold."
-more-
Contact:
London & Associated Properties PLCTel: 020 7415 5000
John Heller, Chairman and Chief Executive
Baron Phillips AssociatesTel: 07767 444193
Baron Phillips
Half year results for the period ended
30 June 2023
Half year review
The results for the six months to 30 June 2023 have been impacted very
significantly by interest rate increases. Not only have the additional costs
damaged operating performance, but negative sentiment has meant that the
investment market for asset sales is becoming more uncertain. This has
materially affected us at Orchard Square in Sheffield where in May we instructed
agents to market this property in the run up to the September 2023 expiry of our
loan from QSix. As at the date of this report, we are unable to confirm that
any sales proceeds will be sufficient to repay this loan and return a surplus to
the Group. In light of this, we have adopted a prudent approach to the value of
Orchard Square and have written it down to the outstanding loan value of £12.65m
from £14.75m.
The loan on the property is non recourse to the LAP Group, is secured
exclusively on this asset and the write down in value in the period is the
maximum loss the Group can incur. However, this write-down contributed to
losses attributable to shareholders of £3.0 million (2022: profits of £4.3
million) while net assets attributable to shareholders have reduced from £32.5
million to £29.3 million (34.32p a share as compared with 38.14p at December
2022).
Orchard Square is held as inventory as it is readied for sale. Since September
2022, all surplus operating cash was retained within Orchard Square Ltd and not
distributed as a dividend to LAP as part of an agreement with the lender to
exercise our option to extend the loan by 12 months. During this period we have
sought to refinance the loan, but due to prevailing market conditions, this has
not been possible without a significant equity contribution which we do not feel
would be in shareholders' interests. In the last few days we have confirmed this
decision to the existing lender who has issued a reservation of rights letter.
The company will update shareholders on the progress of this matter in due
course.
This is a disappointing outcome for a property that had performed well over our
24 year ownership. Once again, Orchard Square has, operationally, performed
strongly this year. We have recently completed three significant lettings as we
continue to reposition the centre with a greater focus on food and beverage
operators. We have also upgraded thepublic areaswithnew paving, awnings for the
tenants and a weather proofing canopyhaving been completedwith the support of a
grant fromSheffield Council.This enables the year-round use of the public
areasandhasbeenwarmlywelcomed byallthe tenants. Operating income for Orchard
Square remains at c£1.7 million per annum (31 December 2022: £1.7m).
The remainder of our property portfolio is performing satisfactorily. Revenue
from property activities decreased slightly to £3.0 million (2022: £3.3
million), reflecting the disposal of our shopping centre in West Bromwich in
July 2022, the proceeds of which have not yet been reinvested.
We are, though, seeing rental growth in both our industrial and value-orientated
retail properties. While we remain open to selling any properties where we think
we can reinvest the proceeds into new assets with stronger growth potential, we
remain happy with the cash generating potential of the current portfolio.
Across our entire portfolio, voids remain at a low level of 1.6% by rental
income (2022: 2.4%), following the lettings at Orchard Square discussed above.
A 5-year loan with QIB (UK) plc for £13.6 million was executed in August 2022
with an initial LTV of 56%. This loan remains covenant compliant.
We continue to review all opportunities to reduce overheads and improve
profitability.
At our development site in West Ealing, we continue to explore options to
realise the value from the planning consent for 56 flats we obtained in 2021.
For the past year, building cost inflation has been a stumbling block to a land
sale, and we have therefore continued to work up detailed design drawings. A
recent stabilisation in material prices and a drop in contractors' workloads
have enabled us to achieve initial quotes from contractors that make committing
to a build out of this project more attractive. We are weighing up the risks and
rewards of both a land sale and building out the site and are optimistic that a
decision to realise the best value of this site can be taken shortly.
During the period a short term extension of the Dragon Retail Properties loan
with Santander was secured to October 2023. Further negotiations with Santander
were put on hold in the period immediately prior to an outstanding break clause
in favour of the largest tenant at the property. The break was not exercised and
with a current WAULT of 5.0 years we are exploring all options for refinancing
this property, including an offer of a new loan from the existing lender. This
loan remains covenant compliant, and the property continues to produce strong
net cash flow.
For the first six months of the year, gross revenue at Bisichi PLC, which is 42%
owned by LAP, was £25.3 million as compared with £44.8 million last year. This
resulted in a profit before interest, tax, depreciation and amortisation
(EBITDA) of £1.42 million (2022: £22.25 million) and a net profit of £0.1
million before foreign exchange losses of £0.9 million. The lower earnings for
Bisichi, compared to the first six months of 2022, are mainly attributable to
lower prices for coal sold by Sisonke Coal Processing, Bisichi's South African
coal processing operation, as well as difficult mining conditions at Black
Wattle Colliery.
Bisichi intends to pay an interim dividend on 4 February 2024 of 3p (2022: 10p)
per share, £133,000 of which will be receivable by LAP.
Further details of Bisichi's performance and a forward looking statement can be
found in their own half year report available at www.bisichi.com.
LAP has made significant progress during the period although the outlook for
interest rates and inflation are limiting our options more than we would wish.
The Board of LAP bases its decisions about dividend payments on the results and
financial position of the Group's property activities and accordingly has
decided not to declare a dividend for the half year. Once our cash has been
reinvested and property income has returned to previous levels, our dividend
policy will reflect this.
John Heller
Chairman and Chief Executive
24 August 2023
Consolidated income statement
for the six months ended 30 June 2023
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2023 2022 2022
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Group revenue 1 28,335 48,076 100,243
Operating costs (28,708) (26,236) (64,730)
Operating 1 (373) 21,840 35,513
(loss)/profit
Finance income 2 171 40 199
Finance 2 (1,775) (1,470) (3,218)
expenses
Result before (1,977) 20,410 32,494
valuation and
other movements
Non-cash
changes in
valuation of
assets and
liabilities and
other movements
Exchange losses - - (270)
Decrease in - (200) (115)
value of
investment
properties
Profits on - - (83)
disposal of
investment
properties
Loss on - - 36
disposal of
fixed assets
(Decrease)/Incre (553) 49 1,036
ase in value of
trading
investments
Adjustment to - 70 70
interest rate
derivative
Result (2,530) 20,329 33,168
including
revaluation and
other movements
(Loss)/profit 1 (2,530) 20,329 33,168
for the period
before taxation
Income tax 3 (232) (5,646) (12,002)
charge
(Loss)/profit (2,762) 14,683 21,166
for the period
Attributable
to:
Equity holders (3,007) 4,293 2,704
of the Company
Non-controlling 245 10,390 18,462
interest
(Loss)/profit (2,762) 14,683 21,166
for the period
(Loss)/profit 4 (3.52) 3.17p
per share - 5.03p
basic and
diluted
Consolidated statement of comprehensive income
for the six months ended 30 June 2023
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
(Loss)/profit for the period (2,762) 14,683 21,166
Other comprehensive income:
Items that may be subsequently
recycled to the income
statement:
Exchange differences on (874) 565 (43)
translation of foreign
operations
Other comprehensive (874) 565 (43)
(expense)/income for the period,
net of tax
Total comprehensive (3,636) 15,248 21,123
(expense)/income for the period,
net of tax
Attributable to:
Equity shareholders (3,256) 4,496 2,696
Non-controlling interest (380) 10,752 18,427
(3,636) 15,248 21,123
Consolidated balance sheet
at 30 June 2023
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non-current assets
Market value of properties 35,610 35,725 35,610
attributable to Group
Present value of head leases 1,552 3,221 1,552
Property 5 37,162 38,946 37,162
Mining reserves, property, plant 14,599 15,100 16,928
and equipment
Other investments at fair value 12,740 6,418 12,590
through profit and loss ("FVPL")
64,501 60,464 66,680
Current assets
Inventories - Property 5 21,256 25,493 22,862
Inventories - Mining 4,502 4,189 5,199
Assets held for sale - 4,550 -
Trade and other receivables 8,031 10,604 7,915
Investments in listed securities 779 1,209 886
held at FVPL
Cash and cash equivalents 10,886 7,816 15,382
45,454 53,861 52,244
Total assets 109,955 114,325 118,924
Current liabilities
Trade and other payables (14,386) (13,546) (17,058)
Borrowings (21,580) (36,151) (22,061)
Lease liabilities (345) (201) (414)
Interest rate derivatives - - -
Current tax liabilities (4,321) (1,657) (4,256)
(40,632) (51,555) (43,789)
Non-current liabilities
Borrowings (17,154) (3,932) (17,113)
Lease liabilities (1,599) (3,866) (1,839)
Provisions (1,475) (1,609) (1,716)
Deferred tax liabilities 236 (57) (752)
(19,992) (9,464) (21,420)
Total liabilities (60,624) (61,019) (65,209)
Net assets 49,331 53,306 53,715
Equity attributable to the
owners of the parent
Share capital 8,554 8,554 8,554
Share premium account 4,866 4,866 4,866
Translation reserve (Bisichi (1,314) (851) (1,063)
PLC)
Capital redemption reserve 47 47 47
Retained earnings (excluding 17,279 21,708 20,286
treasury shares)
Treasury shares (144) (144) (144)
Retained earnings 17,135 21,464 20,142
Total equity attributable to 29,288 34,180 32,546
equity shareholders
Non - controlling interest 20,043 19,126 21,169
Total equity 49,331 53,306 53,715
Net assets per share 6 34.32p 40.04p 38.14p
attributable to equity
shareholders
Consolidated statement of changes inshareholders' equity
for the six months ended 30 June 2023
Share Share Translation Capital Treasury Retained
Total Non-controlling Total
capital premium reserves redemption shares earnings
excluding Interests equity
£'000 £'000 £'000 reserve £'000 excluding
Non- £'000 £'000
£'000 treasury
Controlling
shares
Interests
£'000
£'000
Balance at 1 8,554 4,866 (1,055) 47 (144) 17,415
29,683 10,536 40,219
January 2022
Profit for the - - - - - 4,293
4,293 10,390 14,683
period
Other - - - - - -
- - -
comprehensive
income:
Currency - - 204 - - -
204 362 566
translation
Total other - - 204 - - -
204 362 566
comprehensive
income
Total - - 204 - - 4,293
4,497 10,752 15,249
comprehensive
income
Transactions
with
owners:
Dividends - - - - - - -
- (2,162) (2,162)
non-controlling
Interests
Transactions - - - - - -
- (2,162) (2,162)
with
owners
Balance at 30 8,554 4,866 (851) 47 (144) 21,708
34,180 19,126 53,306
June 2022
(unaudited)
Balance at 1 8,554 4,866 (1,055) 47 (144) 17,415
29,683 10,536 40,219
January 2022
Profit for the - - - - - 2,704
2,704 18,462 21,166
year
Other
comprehensive
income:
Currency - - (8) - - -
(8) (35) (43)
translation
Total other - - (8) - - -
(8) (35) (43)
comprehensive
expense
Total - - (8) - - 2,704
2,696 18,427 21,123
comprehensive
income
Transaction
with
owners:
Share options - - - - - 167
167 237 404
Dividends - - - - - - -
- (7,034) (7,034)
equity holders
Dividends - - - - - - -
- (997) (997)
non-controlling
Interests
Transactions 167
167 (7,794) (7,627)
with
owners
Balance at 31 8,554 4,866 (1,063) 47 (144) 20,286
32,546 21,169 53,715
December 2022
(audited)
Consolidated statement of changes inshareholders' equity - continued
for the six months ended 30 June 2023
Share Share Translation Capital Treasury Retained
Total Non-controlling Total
capital premium reserves redemption shares earnings
excluding Interests equity
£'000 £'000 £'000 reserve £'000 excluding
Non- £'000 £'000
£'000 treasury
Controlling
shares
Interests
£'000
£'000
Balance at 1 8,554 4,866 (1,063) 47 (144) 20,286
32,546 21,169 53,715
January 2023
(Loss)/profit - - - - - (3,007)
(3,007) 245 (2,762)
for
the period
Other
comprehensive
income:
Currency - - (251) - - -
(251) (623) (874)
translation
Total other - - (251) - - -
(251) (623) (874)
comprehensive
income
Total - - (251) - - (3,007)
(3,258) (378) (3,636)
comprehensive
income
Transactions
with
owners:
Dividends - - - - - - - -
(748) (748)
non
-controlling
interests
Transactions - - - - - - -
(748) (748)
with
owners
Balance at 30 8,554 4,866 (1,314) 47 (144) 17,279
29,288 20,043 49,331
June
2023
(unaudited)
Consolidated cash flow statement
for the six months ended 30 June 2023
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
(Loss)/profit for the year before (2,530) 20,329 33,168
taxation
Finance income (171) (40) (199)
Finance expense 1,775 1,470 3,218
Decrease in value of investment - - 115
properties
Increase in value of trading - - (1,036)
investments
Expenditure on trading property - (260) -
Adjustment to interest rate derivative - (70) (70)
Loss on investments 6 - -
(Profit)/ loss on sale of investment (2) - 83
properties
Depreciation 899 884 1,362
Loss/(profit) on disposal of non - 200 (36)
-current assets
Share based payment expense 553 - 405
Development expenditure on inventories - - (747)
Exchange adjustments 188 37 270
Change in inventories 1,572 (2,803) (911)
Change in receivables 728 766 2,194
Change in payables (3,627) (2,813) 811
Cash (outflows)/inflows generated from (609) 17,700 38,627
operations
Income tax paid (327) (5,554) (7,946)
Cash (outflows)/inflows from operating (936) 12,146 30,681
activities
Investing activities
Acquisition of investment properties, (1,061) (7,994) (11,011)
mining reserves, plant and equipment
Sale of plant and equipment 16 504 102
Sale of investment properties - - 5,171
Disposal of other investments - - 2,083
Acquisition of other investments (596) (3,262) (10,207)
Interest received 171 40 199
Cash outflows from investing (1,470) (10,712) (13,663)
activities
Financing activities
Interest paid (1,693) (1,468) (2,751)
Interest on obligation under finance (17) (17) (353)
leases
Repayment of lease liability (126) (126) (236)
Lease assignment costs paid - - (52)
Receipt of bank loan - Bisichi PLC 27 48 524
Repayment of bank loan - Bisichi PLC (540) (150) (55)
Repayment of bank loan - Dragon Retail (183) (10) (21)
Properties Ltd
Receipt of bank loan - London & 3 220 13,337
Associated Properties PLC
Repayment of bank loan - London & (61) (188) (14,247)
Associated Properties PLC
Equity dividends paid - - (641)
Equity dividends paid - - (1,787) (6,323)
non-controlling interests
Cash outflows from financing (2,590) (3,478) (10,818)
activities
Consolidated cash flow statement - continued
for the six months ended 30 June 2023
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net (4,996) (2,044) 6,200
(decrease)/i
ncrease in
cash and
cash
equivalents
Cash and 12,157 5,982 5,982
cash
equivalents
at
beginning
of period
Exchange 177 (51) (25)
adjustment
Cash and 7,338 3,887 12,157
cash
equivalents
at end of
period
The cash flows above relate to continuing and discontinued operations.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
Cash and cash equivalents (before bank overdrafts) 10,886 7,816 15,382
Bank overdrafts (3,548) (3,929) (3,225)
Cash and cash equivalents at end of period 7,338 3,887 12,157
Notes to the half year report
for the six months ended 30 June 2023
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue
LAP
- - Rental 2,000 2,092 4,175
income
- - Service 378 471 788
charge income
- - 9 9 18
Management income from third
parties
Bisichi
- - Rental 524 543 955
income
- - Service - - 98
charge income
- - Mining 25,341 44,837 94,002
- Dragon
- - Rental 83 123 207
income
- - Service - 1 -
charge income
28,335 48,076 100,243
Operating (loss)/profit
LAP (1,728) 208 (3,041)
Bisichi 1,296 21,544 38,433
Dragon 59 88 121
(373) 21,840 35,513
(Loss)/profit before taxation
LAP (2,942) (986) (5,119)
Bisichi 390 21,249 38,267
Dragon 22 66 20
(2,530) 20,329 33,168
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 171 40 199
Finance expenses:
Interest on bank loans and (1,671) (925) (1,862)
overdrafts
Unwinding of discount - - (319)
(Bisichi)
Other loans (32) (430) (837)
Interest on obligations under (72) (115) (200)
finance leases
Total finance expenses (1,775) (1,470) (3,218)
(1,604) (1,430) (3,019)
Notes to the half year report - continued
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax 1,017 6,115 11,537
Deferred tax (785) (469) 465
232 5,646 12,002
4. Earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
(Loss)/profit attributable to (3,007) 4,293 2,704
equity shareholders after tax
(£'000)
Weighted average number of shares 85,326 85,326 85,326
in issue for the period ('000)
Basic earnings per share (3.52) 5.03p 3.17p
Diluted number of shares in issue 85,326 85,326 85,326
('000)
Diluted earnings per share (3.52) 5.03p 3.17p
5. Properties
Investment properties are held at fair value at each reporting period.
During the period no properties were acquired or sold.
Orchard Square, Sheffield, held as inventory, is currently being marketed for
sale. The property is secured by a loan that expires in September 2023 and we
are not currently able to confirm if the proceeds of any sale will be sufficient
to repay this loan and return a surplus to the Group. The value of this property
has therefore been written down to the outstanding loan value, from £14.75m to
£12.65m and is disclosed as an inventory write down within Operating Costs in
the Income Statement. The loan on the property is non-recourse to the rest of
the LAP Group, is secured exclusively on this asset and the write down in value
in the period is the maximum loss the Group can incur. Due to rising interest
rates the loan breached its income cover covenant in July 2023, we have recently
chosen not to cure this breach with the lender issuing a reservation of rights
letter.
Other than as discussed above, the Directors have placed a valuation on the
properties which is not materially different to the value as at 31 December
2022. Investment properties are therefore included at a directors' valuation
which is considered to be the fair value as at 30 June 2023. Please refer to
page 56 of the 2022 Annual report and Accounts for details on the valuation of
investment and inventory properties as at 31 December 2022.
6. Net assets per share 30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,326 85,326 85,326
Net assets attributable to 29,288 34,165 32,546
equity shareholders (£'000)
Basic net assets per share 34.32 40.04p 38.14p
Shares in issue diluted by 85,326 85,326 85,326
outstanding share options
('000)
Net assets after issue of 29,288 34,165 32,546
share options (£'000)
Fully diluted net assets per 34.32p 40.04p 38.14p
share
Notes to the half year report - continued
7. Related party transactions
The related parties and the nature of costs recharged are as disclosed in the
group's annual financial statements for the year ended 31 December 2023.
8. Dividends
There is no interim dividend payable for the period (30 June 2022: Nil).
There is no final dividend payable in respect of 2022.
9. Risks and uncertainties
The group's principal risks and uncertainties are reported on pages 10 and 11 in
the 2022 Annual Report. They have been reviewed by the Directors and remain
unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year).
For Bisichi PLC, the largest area of estimation relates to currency movements
and coal mining activities in South Africa, including depreciation, impairment
and the provision for rehabilitation (relating to environmental rehabilitation
of mining areas).
Property, plant and equipment representing Bisichi's mining assets in South
Africa are reviewed for impairment where there is evidence of a material
impairment. The impairment test indicated significant headroom as at 31 December
2022 and no impairment was considered appropriate.
Other areas of estimation and uncertainly are referred to in the Group's annual
financial statements. There have been no significant changes to the basis of
accounting for key estimates and judgements as disclosed in the annual report as
at 31 December 2022.
10. Contingent Liabilities and Subsequent Events
Black Wattle Colliery (Pty) Ltd continues to be involved in a tax dispute in
South Africa related to VAT. The dispute arose during the year ended 31 December
2020 and is related to events which occurred prior to the years ended 31
December 2020. The interpretation of laws and regulations in South Africa where
the Group operates can be complex and can lead to challenges from or disputes
with regulatory authorities. Such situations often take significant time to
resolve. Where there is a dispute and where a reliable estimate of the potential
liability cannot be made, or where the Group, based on legal advice, considers
that it is improbable that there will be an outflow of economic resources, no
provision is recognised. Further details of the contingent tax liability can be
found on page 107 of Bisichi's 2022 Annual report and Accounts.
There are no other contingent liabilities as at 30 June 2023.
There are no subsequent events or transactions that require disclosure.
11. Financial information
The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the year
ended 31 December 2022 are based upon the latest statutory accounts, which have
been delivered to the Registrar of Companies; the report of the auditor on those
accounts was unqualified and did not contain a statement under Section 498(2) or
(3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's Financial
Conduct Authority, the interim financial statements have been prepared in
accordance with the International Financial Reporting Standards (IFRS) and in
accordance with both IAS 34 'Interim Financial Reporting' and in conformity with
the requirements of the Companies Act 2006 applicable to companies reporting
under IFRS and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the
company's auditor.
The annual financial statements of London & Associated Properties PLC are
prepared in accordance with IFRS and in conformity with the requirements of the
Companies Act 2006 applicable to companies reporting under IFRS. The company has
applied UK-adopted IAS and at the date of application, both UK-adopted IAS and
EU-adopted IFRS are the same. The same accounting policies are used for the six
months ended 30 June 2023 as were used for the year ended 31 December 2022.
As stated in the 2022 Annual Report in the group accounting policies, Bisichi
PLC and Dragon Retail Properties Limited are consolidated with LAP, as required
by IFRS 10.
The assessment of new standards, amendments and interpretations issued but not
effective, is that these are not anticipated to have a material impact on the
financial statements.
The interim financial statements have been prepared on the going concern basis.
12. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 24 August 2023.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared
in accordance with UK-adopted International Accounting Standard 34, Interim
Financial Reporting.
(b) the interim management report includes a fair review of the information
required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do
so.
This report contains forward-looking statements. These statements are based on
current estimates and projections of management and currently available
information. Future statements are not guarantees of the future developments and
results outlined therein. Rather, future developments and results are dependent
on a number of factors; they involve various risks and uncertainties and are
based upon assumptions that may not prove to be accurate. Risks and
uncertainties identified by the Group are set out on pages 10 and 11 of the 2022
Annual Report & Accounts. We do not assume any obligation to update the forward
-looking statements contained in this report.
Signed on behalf of the Board on 24 August 2023
John Heller Jonathan Mintz
Director Director
Directors and advisors
Directors
Executive directors
* Sir Michael Heller MA FCA (Chairman) (resigned 30 January 2023)
John A Heller LLB MBA (Chief Executive) and (Chairman from 24 February 2023)
Jonathan Mintz FCA (Finance Director)
Non-executive directors
? Howard D Goldring BSC (ECON) ACA
#?Clive A Parritt FCA CF FIIA
Robin Priest MA
Andrew R Heller MA, ACA (appointed 29 March 2023)
* Member of the nomination committee
# Senior independent director
? Member of the audit, remuneration and nomination
committees.
Secretary & registered office
Jonathan Mintz FCA
12 Little Portland Street
London W1W 8BJ
Registrars & transfer office
Link Group
Shareholder Services
The Registry
Central Square
29 Wellington Street
Leeds
LS1 4DL
UK Telephone: 0871 664 0300
(Calls cost 12p per minute plus network access charges; lines are open
Monday to
Friday between 9.00am and 5.30pm)
International Telephone: +44 371 664 0300
(Calls outside the United Kingdom will be charged at applicable
international
rate)
Lines are open between 9.00am and 5.30pm, Monday to Friday, excluding public
holidays in England and Wales.
Website:
www.linkassetservices.com (https://url.avanan.click/v2/___http://www.capitare
gistra
rs.com/___.YXAxZTpzaG9yZWNhcDphOm86YzBkNjQ5Mzk3NmEyO
WIzYjcwOTgzMGZiZTI1M2JmZGM6NjpmOTQ5OjYzZTIwMzVjNGM3M
2JlNjMxNjJhYWQyOTE4MmRjYzNhZjVhYzdjMThkZDE4NTA5OTMzNGE0NjQzZDdiYTA2ODc6cDpU)
E-mail: enquiries@linkgroup.co.uk
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk (https://url.avanan.click/v2/___http://www.lap.co.uk___.YXAxZTp
zaG9yZ
WNhcDphOm86YzBkNjQ5Mzk3NmEyOWIzYjcwOTgzMGZiZTI1M2JmZ
GM6NjowODg4OmMwZjgwMTViODhhZDNlNzNhYmZlNmNhZWM0ZTZmN
WU4NGQwNjRhNDkyZjQ0OWZhOWFkZThhNTM3M2RiZDA2M2Y6cDpU)
E-mail
admin@lap.co.uk
This information was brought to you by Cision http://news.cision.com
END
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