RNS Number:9918X
Terrace Hill Group PLC
07 February 2006
TERRACE HILL GROUP PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR TO 31 OCTOBER 2005
CHAIRMAN'S STATEMENT
The Results
It gives me great pleasure to present another set of excellent results. The
Group has continued to grow shareholder value by increasing the Triple Net Asset
Value (TNAV) from 39.99p per share to 48.06p per share, a 20.18% increase over
the 12 month period. Profit before tax for the year amounted to #4,237,056
(#4,083,801 year to October 2004).
The Board continues to regard growth in the TNAV as the principal measure of the
Group's performance as profits are determined by the timing of sales and are not
reflective of the Group's growth. Triple Net Asset Value revalues our trading
assets to current value and deducts tax that would arise on their disposal.
Balance Sheet
The balance sheet at the year end reflects the disposal by the Group of fully
valued investment properties in the period and the investment of the proceeds in
the acquisition of sites for future development. This led to a 60% increase in
the level of work in progress at the year end. Total Group assets at 31 October
2005 were #173.4m (2004: #180.6m), and net assets, after minority interests are
#76.3m (2004: #70.8m) an increase of 7.76%.
Bank debt of #66m net of #12m cash was 86.5% of equity (2004: 81.6%). Of the
bank debt 49.46% (68.35%) was with limited or no recourse to the parent company.
Properties held as investments were #52.9m comprising #37.7 residential and
#15.2m commercial compared to #91.3m in 2004. Work in progress was #89.2m at
the year end (2004: #55.7m).
Dividend
In line with our progressive dividend policy, we are recommending a final
dividend for the year of 0.7p per share (final period 2004 0.5p) making a total
dividend for the year of 1.2p per share (total dividend for 2004: 0.8p). The
dividend will be paid on 31 March 2006 to shareholders on the register at 17
March 2006. We will continue to maintain a progressive dividend policy.
The Business
I am very encouraged by the excellent progress made in all areas of our
business. The development programme has continued to grow and was valued at
#820m at the year end with cash recycled from the sale of completed developments
at record yields into new and exciting opportunities.
The residential landbank has grown with the acquisition of some strategic land
holdings adjacent to existing sites. We now estimate that the landbank, held
partly in joint venture with Lithgows Limited, has potential for up to 1,100
units. We are working towards the prospect of setting up a housebuilding
operation to progress these sites which may result in building over 200 homes
per annum in a couple of years; this should generate attractive profits in
future. Housebuilders are usually valued on a price earnings ratio whereas the
rest of Terrace Hill's business is appraised in relation to its Triple Net Asset
Value. We are currently therefore considering whether we should spin out the
housebuilding operation and obtain a separate listing on AIM. We believe this
could create significant value for Terrace Hill shareholders.
We continue to seek ways of leveraging our equity and management over a growing
portfolio enhancing returns to shareholders. We consequently intend to further
increase the use of joint ventures, co-investment structures and collective
funds whereby we can earn proportionally higher returns than the level of our
equity invested along with management and performance related fees.
Management
Our management team has grown over the period to help with our expanding
workload with the employment of managers specialising in development, investment
management and project coordination. Since the year end we have created an
Operations Board comprising executives with key skills and geographic
responsibility. We have decided to further incentivise our management by the
implementation of a Long Term Incentive Plan (LTIP) which takes the form of a
Performance Share Plan granting shares at nominal cost to employees conditional
upon fair but testing company performance criteria. We believe this further
aligns the interests of our executives with the interests of shareholders.
Board
Since the financial year end we have restructured our board which now comprises
myself as Executive Chairman, Philip Leech (MD) and Tom Walsh (FD), together
with three non-executive directors, William Wyatt, Douglas Blausten and Kelvin
Hudson. I would like to thank those stepping down for their support and hard
work, and indeed my Board and all the Terrace Hill team for their hard work and
commitment throughout the year.
Prospects
2006 is likely to be an exciting year for Terrace Hill and the property industry
at large. I expect the development portfolio to continue to grow and provide a
continuing flow of mature investments for sale, whilst the residential landbank
should provide a unique opportunity to enhance shareholder value.
We will watch with interest the government's proposed introduction of REITS.
Whilst I think it is unlikely that we would entirely transform ourselves into a
REIT we may consider spinning out certain of our assets into REITs if we believe
that would enhance shareholder returns.
I am confident that the Group can continue to maximise growth in TNAV per share
and deliver excellent returns to shareholders.
Robert F M Adair, Chairman
7 February 2006
OPERATIONAL REVIEW
The Commercial Division
Highlights
* Sale of three completed office developments in London and
Uxbridge and mature investments from Grosvenor Holdings portfolio at record
yields.
* Forward sale of Temple Circus, Bristol.
* Major lettings at Swansea Waterfront, Decimus Park, Tunbridge Wells and
Queen Elizabeth Park, Guildford. Since year end, Time
Central, Newcastle has been 50% pre-let.
* Planning obtained for change of use from industrial to retail warehousing
at Blyth and Galashiels.
* Acquisition of new sites for development at Davis House, Victoria and
Brampton Road, Eastbourne.
* Since year end further site acquisitions have been contracted at Maidenhead,
Croydon, Redditch, Filton and Sheffield.
* Development programme (including residential) now having an end value of
#900m of which #350m is underway and #550m at the planning stage.
Outlook
Demand for commercial property investments has continued unabated: as a result
we have benefited from the favourable pricing of our completed developments. We
believe that there is little scope for further declines in yields which has been
the main driver of the spectacular returns delivered by property investment in
recent years. Returns from pure investment are therefore likely to be more
pedestrian, with rental growth remaining elusive in many areas.
Terrace Hill remains very much a developer at heart and we have consistently
managed to show excellent returns on capital employed through the genuine
creation of value through development. Our specific expertise in this area
allows us to carefully control the risk inherent in the development process and
our nationwide coverage provides diverse geographic and sectorial opportunities.
Competition for well located and deliverable development sites has increased in
areas of rising occupier demand and this is particularly true of central London.
We believe, however, that our ability to move quickly and the strength of our
regional office network will allow us to continue to build our development
programme without increasing the risk profile.
In a departure from our traditional method of buying bare sites for development
we are also targeting income producing investments where we can add value
through our development expertise. Our first such acquisition is Castlegate
House in Sheffield which, whilst vacant, is let on a long lease to BHS. The
property has significant potential for mixed use redevelopment in a rapidly
improving area in central Sheffield. It is our intention to create a Fund
around similar opportunities allowing us to manage a diverse portfolio of income
producing investments with development angles.
London and the South East
Demonstrable rental growth in prime office locations within central London and
selected M25 towns further fuelled the already strong demand for well let
investment property. Taking advantage of record investment yields the Group
disposed of the following completed developments:
* 16 Berkeley Street, to overseas investor for #39.4m at a yield of 4.65%
* 11 Berkeley Street, to clients of ING for #13.7m at a yield of 5.37%
* UB1, Uxbridge, let to Hertz Corporation and sold to NFU pension fund for
#25.2m at a yield of 5.68%
It has become increasingly difficult to acquire well located West End office
development sites at sustainable prices but earlier in the year the Group
acquired Davis House at Wilton Road, Victoria for #16.1m in an off market
transaction. Purchased with the benefit of a detailed planning consent, we have
subsequently secured planning for a reconfigured mixed use scheme improving the
design, layout and lettable floor area. When completed in late 2007 the #55m
development will comprise 60,000 sq ft offices, 8,000 sq ft ground floor retail
and 38 apartments. The new building will incorporate 10% renewable energy
sources helped by the inclusion of two 130m deep boreholes under the building.
Prospects for the Victoria office market are increasingly good with occupiers
moving from more expensive locations with less availability like Mayfair.
Recent commitments to new offices in the vicinity to our development have been
made by the Daily Telegraph, Google and P&O. We have recently entered into a
joint venture with an offshore financial partner to progress this development.
Office Development Programme
Development Region Size ( sq Description Timing Potential Update
ft) Value
Davis House London 130,000 Adjacent to Construction to #55.0m Negotiations
Victoria Victoria start early with JV
Station, 2006. partners
mixed-use recently
scheme. concluded.
Planning
obtained.
Aeropark South East 40,000 17 acres of land Construction #10.0m
Farnborough adjacent to started Dec
Phase 1 Farnborough Air 2005
Field and
Aerospace
Business Park.
Phase One to
include 40,000sq
ft of offices.
Queen Elizabeth South East 18,400 Mixed use scheme Final phase under #4.6m All retail units
Park, Guildford (phase 2) comprising construction (phase 2) sold. 30% of
pre-lets to final phase pre
Esporta Health & sold.
Fitness Club,
25,500 sq ft,
Budgens
foodstore, 11,200
sq ft, Academy
Day Nursery 6,500
sq ft (all sold)
42,000 sq ft
offices
comprising 26
freehold units -
JV with HSBC.
Pinewood - South East 150,000 Planning consent Planned #40.0m Negotiations
Wokingham for office construction underway with a
business park start late 2006 single occupier
totalling 150,000 for the whole
sq ft. site. Received
detailed
planning
permission.
Watford - 34 South East 25,000 A refurbishment Construction #6.2m Sale
Clarendon Road of an existing completed negotiations
office building. underway
George Street South East 130,000 Office Construction #45.0m Site recently
Croydon development site start late 2006 acquired.
in prime location
opposite East
Croydon railway
station.
Vanwall Business South East 120,000 Prime business Construction #50.0m Contracts
Park park office start late 2006 exchanged to
Maidenhead development site. purchase site.
Time Central North East 83,141 Planning Completion #25.0m Demolition
Newcastle City permission expected autumn completed.
Centre obtained for 7 2007 Construction
storey office started Jan
development. 2006. 50%
JV with landowner prelet.
Middlehaven - North East 30,500 Chosen as First building #5.5m Phase One
Hudson Quay (phase 1) preferred available for (phase 1) completed with
developer by occupation from good tenant
English July 2005 interest being
Partnerships to shown
develop 160,000
sq ft office park
adjoining
Middlesbrough FC.
JV with Helmsley
Group.
Teesdale North East 42,000 Part of Teesdale Awaiting pre-let #10.5m Detailed
-Resolution Business Park planning
where TH have obtained.
completed 160,000
sq ft of new
office space with
units ranging
from 7,500 to
40,000 sq ft. The
remaining phases
of the business
park have
capacity for a
further 120,000
sq ft of
development.
Tenants include
Barclays Bank,
DVLA, Endeavour
HA, WYG Plc,
Brewin Dolphin,
and the Inland
Revenue.
Stockton North East 20,000 Second phase of Completion late #4.0m Construction
Riverside College College 2006 commenced Nov
Phase 2 development on 2005.
Teesdale Business
Park
Baltic Business Tyne & Wear 150,000 10 year Gateshead College #32.0m Phase 1
Quarter Offices development development to infrastructure work
Phase 1 200,000 programme over a commence Jan completed.
College 50 acre site on 2006. Offices mid Planning obtained.
South bank of the 2006.
Tyne.
JV with Gateshead
MBC to develop
1.5m sq ft
business park.
Pre-sale
developments of
200,000 sq ft to
Gateshead College
and 60,000 sq ft
to Government
agency. in
solicitors hands.
Temple Circus South West 90,000 A 7 storey 90,000 Completion #25.7m Recently pre-sold
Bristol City sq ft office expected in to owner occupier
Centre development (JV August 2006 Stonemartin Plc - a
with Northridge company principally
Capital Ltd) owned by Morley and
Hermes.
Filton South West 40,000 Small unit office Construction #10.0m Detailed planning
North Bristol development starts spring application
2006 submitted
Cyprium SA1 South Wales 40,000 In association Completed Nov #8.2m Sublet by WDA to
Swansea with the Welsh 2005 Admiral Insurance
Waterfront Development
Agency (WDA).
Prelet to WDA.
Cyprium - Phase 2 South Wales 30,000 Extension to Construction #6.0m WDA agreed to
Cyprium Phase 1 commenced sublet to Admiral
and also prelet December 2005 Insurance.
to WDA
In particular we have been looking to acquire large sites which we can develop
over a period of years. Slower markets for larger office buildings west of
London have created opportunities for purchases of such sites at attractive
prices, Aero Park, Farnborough and Pinewood, Wokingham being good examples.
* Aero Park at Farnborough is a 17 acre site purchased from
British Aerospace with an existing planning consent for 350,000 sq ft of
employment use. The vendor had envisaged the development of large office
buildings: we have reconfigured the first phase of the site to smaller units
for which there is good demand. The first phase over 4.5 acres comprising
small office and industrial units aimed principally at the owner occupier
market is now underway. The remainder of the site is being planned for a
mix of uses.
* Pinewood, Wokingham - a site purchased from Hewlett Packard comprising a
redundant building and surplus land. Outline planning consent has been
obtained for a new 150,000 sq ft office park to be built in small units.
Additionally detailed negotiations are now underway over a pre-sale turnkey
development for a single corporate occupier.
We have identified the industrial sector in the South East as being attractive
with good occupier demand and scarcity of suitable sites for development.
* Brampton Road, Eastbourne is a 5 acre industrial site on a main arterial
route into Eastbourne. Planning consent has recently been obtained for
103,000 sq ft of mixed industrial and trade counter use with construction
due to commence in spring 2006.
* The 170,000 sq ft industrial development at Decimus Park, Tunbridge Wells
has continued to attract strong owner occupier interest with the
majority of the second phase sold by the year end. We will now go ahead with
the third and final phase. We have been selling at prices in excess of our
original appraisal.
Elsewhere in the region:
* Construction commenced, with a third pre-sold, on the final phase of offices
at the mixed use development at Queen Elizabeth Park, Guildford, and
negotiations with planners for change of use from industrial to residential
use at our Edmonton site were continued with a planning application
now due to be made in spring 2006.
* The acquisition of Grosvenor Holdings in 2004 has continued to show excellent
results with the sale from the portfolio of industrial investments in
Maidstone and Manchester and since the year end, the pre-letting of an
industrial development at Crawley.
* Following the year end further sites have been secured for development in
Maidenhead, Croydon and Redditch with an aggregate investment value on
completion expected to be around #113.m.
Retail Development Programme
Development Region Size Description Timing Potential Update
(sq ft) Value
Blyth Retail Park North East 55,000 A bulky goods Construction #10.0m Planning
Northumberland retail park with starts mid 2006 permission
a 25,000 sq ft for change of
DIY store prelet use from
to Homebase, and industrial to
5 ancillary retail use
units. received
summer 2005.
Other prelets
in solicitors
hands.
Huddersfield Road Scotland 45,000 Retail planning Construction #12.0m Pre-lets with
Galashiels consent recently start mid 2006 a variety of
received for retailers in
45,000 sq ft open solicitors
A1 class non food hands.
retail. An edge Planning
of town centre received for
retail change of use
development. from
industrial to
retail summer
2005.
King Albert North East 5,000 Redevelopment of Completed #2.0m Both units
Chambers 2 high street let to Ethel
Jamieson Street retail units. Austin &
Hull Sharpes
Bedrooms.
Sale planned
2006.
King Street W1 London 6,000 3 retail units Completed #1.0m Sale planned
remain to be let 2006
The North East and Scotland
Progress on development sites in the North East and the Borders continued to
gain momentum:
* At Baltic Business Quarter Gateshead, the first phase of infrastructure was
completed releasing 16 acres of the 50 acre site for development. Planning
consent was secured for three office buildings comprising 90,000 sq ft and
negotiations for a turnkey development for Gateshead College were progressed.
One NorthEast has secured funding for a 60,000 sq ft building on the site
which we expect to start developing, on a turnkey basis, in April 2006.
* Time Central at Gallowgate in Newcastle City Centre generated significant
occupier interest during the detailed design and contract tender process
leading, since the year end, to the pre-letting of half of the building to
Robert Muckle LLP a law firm. Construction of the 83,141 sq ft office
building has now commenced.
* The first building of 30,500 sq ft at Manhatten Gate, Middlesbrough was
completed, where good occupier interest is now evident. At our industrial
sites in Blyth and Galashiels planning consents were obtained for change of
use to retail warehousing. Pre-lets are being assembled on both of these
sites with a view to construction commencing in mid 2006.
* Since the year end, Castlegate House, Sheffield has been purchased in joint
venture with Tyburn Lane Properties acting for Anglo Irish Private Equity
Property Fund. The property is an income producing asset and although vacant
let on a long lease to BHS. The property offers excellent medium term
redevelopment potential for a mixed use scheme.
Industrial Development Programme
Development Region Size Description Timing Potential Update
(sq ft) Value
Crawley South East 50,000 Industrial prelet On site #5.5m
development completion -
Spring 2006
Brampton Road South East 103,000 5.1 acres vacant Construction #11.0m Detailed
Eastbourne site for starts Spring planning
redevelopment of 2006 obtained Jan
103,000 sq ft 2006.
mixed use
industrial and
trade counter
scheme
Aeropark - Phase South East 40,000 Small unit Construction #5.0m
1 industrial scheme. started Dec 2005
Farnborough Part of larger 17
acre site.
Thanet Reach South East 15,000 Completed and let #1.0m Sale planned
Business Park industrial 2006.
development
Decimus Park South East 170,000 Industrial park Final phase #16.0m Preletting
Tunbridge Wells (total) being developed completes Autumn (total) negotiations
in three phases. 2006 underway on final
Units available phase.
from 2,200 sq ft
to 20,000 sq ft.
Ravensbank West Midlands 220,000 High bay Construction #18.0m Detailed planning
Business Park distribution start Spring 2006 obtained.
Redditch warehouse
development
The South West and Wales
Excellent results have been produced from our two developments under
construction during the year:
* In Bristol City Centre, Temple Circus, our 90,000 sq ft office development,
was forward sold to Stonemartin plc, a serviced office operator who works in
association with the Institute of Directors. The sale for #25.75m a year
ahead of practical completion is a significant achievement and will have
considerably enhanced our return on equity.
* At Swansea Waterfront, Cyprium our 40,000 sq ft office development was
completed and construction of a second phase is now underway. Both buildings
have been pre-let by the Welsh Development Agency and will be subsequently
sublet to Admiral Insurance.
* Since the year end a 2.75 acre site at Filton, north Bristol has been
acquired for the development of small office units aimed at owner occupiers
and investors and construction is expected to commence in spring 2006.
Commercial Investments with Development Potential
Development Sector Region Size Description Update
Platts Eyot Residential South East 12 acres 12 acre listed Island Planning application submitted for 13
on the Thames at houses and 65 two and three bed
Hampton riverside units
Edmonton, North Industrial South East 5 acres Industrial investment Planning application for change of
London with residential use to be made Spring 2006
development potential
Bishop Auckland Industrial North East 8 acres Industrial investment Retail planning consent recently
with retail received subject to confirmation by
development potential Government Office.
Castlegate Mixed use North 88,000 sq Vacant department Property acquisition now complete.
House, ft store let to BHS.
Sheffield Redevelopment
potential for mixed
use scheme. JV with
Tyburn Lane Properties
The Residential Division
Residential Investment
We have recently reached the sixth anniversary of our entry into residential
investment and now hold 362 residential units valued at #37.6 million. As the
following table shows this activity has generated very good returns for us:
Financial Period No of Value Cumulative Valuation Uplifts
Ended in Units (#m) and Gains on Disposals (#m)
1999 0 0 0
2000 902 47.0 2.7
2001 919 49.5 4.1
2002 1,227 74.9 12.3
2003 585 45.7 28.5
2004 419 40.5 36.2
2005 362 37.6 36.9
We have always specialised in affordable flats and houses, which we have found
to be relatively sheltered from housing market worries. Our average unit value
is approximately #104,000. Over time we have shifted our focus to the West of
Scotland, especially Glasgow where we have been seeing good value increases.
Included in this residual holding is our core property at St. Georges Cross,
Glasgow, further modern units in the Glasgow area and in the East of Scotland at
Penicuik and Dundee, with blocks of flats in Manchester and Newcastle and some
scattered units in the North of England, as shown in the following table:
Region No. of Units Value (#'m)
West of Scotland 236 21.7
East of Scotland 38 3.9
Manchester 37 5.6
Newcastle/Durham 31 4.0
Misc. England/Wales 20 2.4
We have not recently been active on the acquisition front but continue to look
at possible acquisitions in this area and believe the time will come when we
will significantly expand our exposure again.
Residential Development
Our first residential development at Glasgow Green is progressing well, on
budget and on time. With no advertising yet, 36 of the 54 flats due for
completion up to November 2006 have already been sold off plan. The 10 houses
created from, and in sympathy with, a small listed school building are now being
completed and marketing is imminent.
Land development and house building
Further residential developments are planned in Lanarkshire, West Lothian and
Ayrshire with potential for up to 1,100 units, some of which are in joint
venture. The first planning application has been lodged for permission to
develop 174 houses on a brownfield site at Shotts, midway between Glasgow and
Edinburgh.
We believe that house building could become a major source of profits. We are
currently in the process of establishing a house building subsidiary which we
believe could be developing over 200 houses a year in the near future.
Corporate Finance and Corporate Registrars
Substantial external costs were again saved by use of our Glasgow subsidiaries
Mercantile Securities (Scotland) Limited, which is regulated by FSA, and Park
Circus Registrars Limited, which has now grown in ranking of AiM traded clients
to sixth by numbers.
Triple Net Asset Value (unaudited)
As indicated in the Chairman's Statement, to arrive at (unaudited) Triple Net
Asset Value (TNAV), the following adjustments are made
(1) Revaluation of current assets: properties (and rights to properties) held
in work-in-progress have been revalued from cost (or if less realisable value)
to market value. The valuation has been performed by relevant directors
qualified as chartered surveyors based on external evidence and takes account of
costs to complete and whether or not the property has been let and/or presold.
(2) Taxation: the amount of taxation which would be payable were all of the
Group's properties to be sold at the value used for the TNAV calculation has
been deducted. This includes Deferred Tax which would be payable on sale of
investment properties and additional taxation estimated to be payable on
realisation of the uplift of trading properties to market value.
(3) Finance: the adjustment required to revalue the group's financial assets
and liabilities to current values is immaterial so no adjustment is required
this year. No other adjustments are relevant to the Group's calculation.
(4) Goodwill: goodwill, positive and negative, is excluded.
The Table below shows the calculation in detail.
Proforma Triple Net Asset Value per Share
31 October 2005
#
Shareholders' Funds (per Audited Consolidated
Balance Sheet and after Minority Interests) 76,335,111
Revaluation to market value of property etc
held in work-in-progress 24,655,347
Deferred Tax (501,961)
Estimated taxation on Revaluation (7,396,604)
Tax losses available to be offset against future profits 179,576
Goodwill (3,286,912)
----------------
Total Increase 13,649,446
Proforma Triple Net Asset Value 89,984,557
----------------
Proforma Triple Net Asset Value per Share 31/10/05 48.06p
Proforma Triple Net Asset Value per share 31/10/04 39.99p
Increase 20.18%
P A J Leech T G Walsh
Group Managing Director Finance Director
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 31 October 2005
Year ended Year ended
31 October 31 October
2005 2004
# #
TURNOVER
Group and share of joint venture 28,119,495 27,495,263
Less: share of joint venture 1,268,809 3,739
------------- -------------
Group turnover: continuing operations 26,850,686 27,491,524
------------- -------------
GROUP OPERATING PROFIT
Continuing operations 3,965,973 5,302,554
Share of joint venture operating profit/(loss) 201,716 (43,310)
------------- -------------
4,167,689 5,259,244
(Loss)/gain on disposal of fixed asset investments (863) 780
Amounts written off other investments (11,818) (143,796)
Net gain on disposal of investment property 3,495,252 3,252,070
Permanent diminution in value of an investment property - (279,436)
(Loss)/gain on liquidation/disposal of subsidiaries (108,068) 142,551
Income from other fixed asset investments 15,142 -
Interest receivable 637,356 545,821
Group interest payable (3,818,876) (4,679,668)
Share of joint venture interest payable (138,758) (13,765)
------------- -------------
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 4,237,056 4,083,801
Taxation (charge)/credit (763,155) 3,000
------------- -------------
PROFIT ON ORDINARY ACTIVITIES AFTER TAX 3,473,901 4,086,801
Minority Interest 3,933 (256,291)
------------- -------------
PROFIT ATTRIBUTABLE TO MEMBERS OF PARENT COMPANY 3,477,834 3,830,510
Dividends (2,246,626) (1,486,588)
------------- -------------
TRANSFER TO RESERVES 1,231,208 2,343,922
------------- -------------
Basic and diluted earnings per share 1.864p 2.238p
------------- -------------
All amounts relate to continuing operations.
GROUP BALANCE SHEET
at 31 October 2005
31 October 31 October
2005 2004
# #
FIXED ASSETS
Intangible assets
Positive goodwill 4,464,918 2,467,835
Negative goodwill (1,178,006) (1,921,579)
------------- -------------
3,286,912 546,256
Tangible assets 52,958,443 91,380,965
------------- -------------
56,245,355 91,927,221
Investments
Joint venture - share of gross assets 4,957,563 4,032,545
Joint venture - share of gross liabilities (4,801,680) (3,939,620)
------------- -------------
155,883 92,925
Other fixed asset investments 2,598,808 446,101
------------- -------------
2,754,691 539,026
------------- -------------
59,000,046 92,466,247
CURRENT ASSETS
Work in progress 89,162,161 55,687,146
Debtors 13,207,068 14,626,625
Cash at bank and in hand 12,052,213 17,801,053
------------- -------------
114,421,442 88,114,824
CREDITORS: amounts falling due within one year (29,977,957) (64,222,764)
------------- -------------
NET CURRENT ASSETS 84,443,485 23,892,060
------------- -------------
TOTAL ASSETS LESS CURRENT LIABILITIES 143,443,531 116,358,307
CREDITORS: amounts falling due after more
than one year (66,758,066) (44,671,808)
PROVISIONS FOR LIABILITIES AND CHARGES - (121,618)
------------- -------------
NET ASSETS 76,685,465 71,564,881
------------- -------------
CAPITAL AND RESERVES
Called up share capital 3,744,376 3,716,467
Share premium account 19,368,539 19,368,539
Revaluation reserves - investment properties 17,267,633 21,474,093
Revaluation reserves - other 23,162 17,566
Capital redemption reserve 849,430 849,430
Merger reserve 8,385,522 8,115,384
Profit and loss account 26,696,449 17,299,595
------------- -------------
EQUITY SHAREHOLDERS' FUNDS 76,335,111 70,841,074
MINORITY INTERESTS 350,354 723,807
------------- -------------
76,685,465 71,564,881
------------- -------------
Approved by the Board
P A J Leech T G Walsh
Group Managing Director Finance Director
7 February 2006
NOTES:
1. The financial information set out in this announcement does not
constitute the company's statutory financial statements for the years ended 31
October 2005 and 31 October 2004.
2. The financial information is extracted from the financial statements
of the group for the year ended 31 October 2005 which were approved by the board
of directors on 7 February 2006.
3. The calculation of basic and diluted profit per ordinary share is
based on the following:
Year to Year to
31 October 31 October
2005 2004
#'000 #'000
Surplus 3,478 3,831
------------ ------------
The weighted average number of ordinary
shares in issue during the period:
Basic and diluted 186,576,536 171,192,095
------------ ------------
4. Copies of this announcement are available, free of charge, for a
period of one month from Noble & Company Limited, 120 Old Broad Street, London
EC2N 1AR. Copies of the full financial statements will be posted to
shareholders as soon as possible.
Contacts: Philip Leech, Terrace Hill Group PLC, 020 7631 1666
Alasdair Robinson, Noble & Company Limited, 0131 225 9677
Isabel Crossley, St Brides Media & Finance, 020 7242 4477
This information is provided by RNS
The company news service from the London Stock Exchange
END
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