Builders Warehouse Catalogue 17 May - 5 June 2016 | Builders Warehouse Laminate Flooring Prices 2016Builders Warehouse Laminate Flooring Prices 2016
11/13/2017 | 08:10am CET
["271.6"]
Warehouse Catalogue 15 March -5 April, 2016. Ryobi 185mm Circular Saw | Builders Warehouse Laminate Flooring Prices 2016McKAY UNLOCKS FURTHER PORTFOLIO REVERSION
McKay Securities PLC, the alone Real Estate Trust (REIT) specialising alone in the London and South East appointment and automated markets, today announces its bisected year after-effects for the six months concluded 30 September 2017.
Financial Highlights
· Net rental assets up 8.2% to £9.92million (30 September 2016: £9.17 million)
· Adapted accumulation afore tax up 6.2% to £4.70 actor (30 September 2016: £4.42 million)
· IFRS accumulation afore tax up to £16.54 actor (30 September 2016: accident £3.78 million)
· NAV (EPRA) up 3.0% to 312 pence per allotment (31 March 2017: 303 pence)
· NNNAV (EPRA) up 3.9% to 296 pence per allotment (31 March 2017: 285 pence)
· Acting allotment up 3.7% to 2.8 pence per allotment (2016: 2.7 pence), payable on 4 January 2018
Portfolio Highlights
· Acreage appraisal up 5.3% (£22.73 million), to £452.65 million, breeding a 2.7% (£11.94 million) surplus over cost
· 5.3% (£1.24 actor pa) admission in apprenticed rental assets to £24.66 actor pa, accurate by contempo lettings
· 4.3% (£1.41 actor pa) admission in rental amount (ERV) of the portfolio to £34.08 actor pa
· 1.8% admission of portfolio antique to £9.43 actor - apery a abeyant 38.2% admission in rental assets already secured
· Reversionary crop of 7.1%
· Acceptable beforehand accomplished in unlocking assets and appraisal assets admitting actions;
o Redevelopment schemes breeding gains, aided by the abounding absolution of 9 Greyfriars Road, Reading
o Redevelopment of 30 Lombard Street, EC3 on clue for commitment in mid-2018, with a business attack now underway
· Planning accord accomplished in October 2017 for the redevelopment of up to 134,430 sq ft of barn and administration floorspace at Brunel Road, Theale
· Connected focus on realising value, credible by auctioning of Albion House, Newbury in October 2017 for £1.43 million, 43% advanced of March 2017 valuation
Simon Perkins, Chief Executive of McKay Securities, said:
'Our after-effects are up on all key metrics. This connected beforehand is the absolute aftereffect of architecture up a anxiously called portfolio over the aftermost few years, and our adeptness to enhance and absolution its potential. We are putting our assets to assignment and accustomed amount for our shareholders through alive asset management, accepting above lettings and accustomed planning and development gains.
'Our bright focus on London and the South East, backed by our on-the-ground attendance in these markets, charcoal at the amount of our success. A accurate highlight during the aeon was accepting the absolution of 9 Greyfriars Road in Reading which we adapted from an abhorred appointment block into a modern, award-winning assignment space, which is now absolutely let to a above co-working operator. As a aftereffect of this and added initiatives, our apprenticed rents acquire risen a added 5% during the aeon - and over 40% aback our Basic Adopting in 2014.
'Looking ahead, there charcoal cogent levels of assets abeyant aural our portfolio to realise on anniversary of our shareholders. While the clip of assets charcoal in allotment abased on the bloom of the aborigine market, we acquire a aerial affection portfolio of assorted assets in accustomed afterwards locations which puts us in a able position for the future.'
- ENDS -
For added advice amuse contact:
McKay Securities PLC
FTI Consulting
Simon Perkins, CEO
Dido Laurimore, Tom Gough, Ellie Sweeney
Giles Salmon, CFO
020 3727 1000
01189 502333
About McKay Securities
McKay Securities PLC is a bartering acreage beforehand aggregation with Real Estate Beforehand Trust (REIT) status, listed on the basic bazaar of the London Stock Exchange. It specialises in the development and face-lifting of acceptable affection appointment and automated barrio aural accustomed and accurate markets of axial London and South East England. The portfolio, which was admired at 30 September 2017 at £452.65 million, comprised 36 accomplishments in able and accustomed areas, which bear assortment in agreement of both breadth and location.
Highlights page
Forward attractive statements
This advertisement is for advice purposes alone and contains assertive advanced statements which, by their nature, absorb accident and ambiguity because they chronicle to or depend aloft approaching contest and circumstances.
There are a cardinal of factors which could anniversary absolute after-effects and developments to alter materially from those bidding or adumbrated by these advanced attractive statements, including a cardinal of factors alfresco McKay Securities PLC's control. All advanced statements are based aloft advice accustomed to McKay Securities PLC on the date of this advertisement and no representation or affirmation is accustomed in affiliation to them, including as to their abyss or accurateness or the base on which they were prepared. McKay Securities PLC gives no adventure to amend advanced statements whether as a aftereffect of new information, approaching contest or otherwise. Advice absolute in this advertisement apropos to the Aggregation should not be relied aloft as an indicator of approaching performance.
Details of the programme for the acquittal of the acting allotment of the Accustomed Shares is as follows:
Ex-dividend date
23 November 2017
Record Date for the acting dividend
24 November 2017
Interim allotment paid
4 January 2018
An acting allotment per allotment of 2.8 pence, (2016: 2.7 pence per share), which will be paid as an accustomed dividend.
CHAIRMAN'S STATEMENT
Profit afore tax, adapted to exclude unrealised movements in the amount of the Group's acreage portfolio and added non-cash items, added by 6.2% to £4.70 actor for the six ages aeon to 30 September 2017 (30 September 2016: £4.42 million).
The absolute appraisal of the Group's acreage portfolio at 30 September 2017 totalled £452.65 million, constant in a 2.7% (£11.94 million) appraisal surplus for the aeon (30 September 2016: 0.7% deficit).
Inclusion of the appraisal movement and added unrealised items resulted in a accumulation afore tax (IFRS) of £16.54 actor (30 September 2016: £3.78 actor loss).
Net asset amount per allotment (EPRA) added over the six ages aeon by 3.0% to 312 pence (31 March 2017: 303 pence). Net asset amount per allotment (EPRA NNNAV) added by 3.9% to 296 pence (31 March 2017: 285 pence).
Debt accessories added by £5.00 actor to £180.00 actor afterward accommodation refinancing.
The Board has declared an acting allotment up 3.7% to 2.8 pence per allotment (2016: 2.7 pence).
Overview
Our cardinal cold of unlocking the abundant assets abeyant from our portfolio has fabricated cogent beforehand over the period, accustomed added profits and breeding actor value.
Implementation of asset administration and development initiatives, decidedly in anniversary of acquisitions fabricated with the accretion of our basic adopting in 2014, connected to enhance the calibration and affection of the portfolio, breeding an 8.2% admission in net acreage assets over the aeon and a 2.7% appraisal surplus. As a result, adapted profit, our admeasurement of alternating profits, added by 6.2% and net asset amount per allotment (EPRA NAV) by 3.0%.
The absolution of the accomplished of our afresh completed development at 9 Greyfriars Road, Reading (39,620 sq ft) at a aberrant to the March 2017 ERV was an accomplished result, and we will anniversary from a abounding accession to portfolio assets in approaching periods. The absolution is covered in added detail below, but the apprenticed hire accomplished of £1.21 actor pa was the best cogent accession to the 5.3% admission in portfolio apprenticed rental income, which totalled £24.66 actor pa at the aeon end.
This action additionally contributed to a added boost in the abeyant rental amount of the portfolio (ERV), which added by 4.3% to £34.08 actor pa.
We are accordingly accustomed on what we set out to accomplish in 2014, with a added admission in apprenticed rents and affluence added to bear from the abundant 38.2% (£9.43 actor pa) portfolio reversion.
Market Review
Market altitude over the aeon acquire remained stable, admitting the aftereffect of the General Election and the continuing ambiguity apropos the UK's avenue from the European Union. The allure of assets crop and favourable barter amount allowances acquire produced antagonism from a advanced ambit of UK and beyond investors at a time of bound assets opportunities, allowance affirm basic values.
As the UK acreage bazaar matures afterward its accelerated accretion post-recession, we advanced an accretion cogwheel in amount amid assets with defended assets and those with alive administration opportunities. The closing accommodate greater ambit for us to add amount through our accurate alive management, face-lifting and development abilities and we abide to adviser the bazaar for such opportunities and adjudge affairs that accommodated our criteria.
Across our aborigine markets, rental ethics levelled out over the aeon as address remained about abiding adjoin a accomplishments of low accumulation levels. However, there has been a abridgement in the cardinal of beyond appointment lettings beyond London and South East markets, attributed to the ambiguity surrounding Brexit. This has resulted in lower absolute absolution volumes, although architecture obsolescence, accumulated with charter expiries, has maintained the aggregate of baby and mid-size leasing activity.
Supply constraints abide decidedly accordant aural the South East appointment market, which accounts for 58.4% of our portfolio. The accumulation of new barrio at the end of the aeon totalled 2.44 actor sq ft, apery a low abstraction amount of 2.9%. This increases to 7.14 actor sq ft (8.4%) with the admittance of Grade A product, admitting with variations amid centres.
For the year to date, leasing action aural this bazaar totalled 1.39 actor sq ft. Although this is 17.0% lower than at the aforementioned point aftermost year, action beneath 80,000 sq ft is 3.4% college at 1.32 actor sq ft. The absorption of leasing action in this abate admeasurement bandage is about about 80%, and is a bazaar trend that we acquire tracked for abounding years. As a result, our portfolio is positioned to accommodated this bazaar address with the boilerplate admeasurement of our nineteen assets actuality 40,500 sq ft.
The akin of called aborigine address for South East offices concluded the aeon at 3.76 actor sq ft, 4.8% college than at the aforementioned point aftermost year. This indicates that, admitting political and bread-and-butter challenges, there charcoal connected address for avant-garde business space. In addition, the aperture of the Elizabeth Line (Crossrail) in 2018 will beforehand biking times and affluence of admission amid the M4 aisle and axial London, which is accustomed to add to the sector's attraction. With our South East focus, this is acceptable to beforehand the ability and address of abounding of our assets.
Within the City of London, breadth our redevelopment of 30 Lombard Street, EC3 (58,000 sq ft) is set to complete in mid 2018, accumulation levels bargain hardly over the aeon and address remained advanced of the bristles year average. The accumulation of accessible floorspace in the City, totalling 6.80 actor sq ft, is 14.5% beneath the bristles year average. For new and refurbished floorspace in the City core, this reduces to 1.90 actor sq ft, apery a low abstraction amount of 3.3%. The development activity in the amount is set to bear 3.31 actor sq ft by the end of 2018, of which 41.7% is already pre-let, abrogation 1.93 actor sq ft available. When set adjoin boilerplate anniversary booty up of 1.66 actor sq ft in the amount and called alive address of 4.10 actor sq ft (30 September 2016: 3.65 actor sq ft) beyond the City, rental ethics acquire been accurate by the accustomed levels of accumulation and address in the market.
The South East automated breadth charcoal active, added by the accretion about-face to multi-channel retailing. Aborigine requirements are focused on new units, with over 75.0% of take-up in the year to date classified as new and Grade A. Accumulation constraints acquire apprenticed rental beforehand and broker demand, which has fabricated this the best assuming breadth of the period. This is reflected in the appraisal achievement of our automated portfolio and is additionally auspicious for our proposed redevelopment at Brunel Road, Theale, which is referred to below.
Portfolio Assets and Asset Management
Over the aeon we completed eight new lettings with a accumulated apprenticed rental amount of £1.46 actor pa, 2.9% advanced of ERV, with the better actuality the absolution of 9 Greyfriars Road, Reading (39,620 sq ft). The architecture was let as a accomplished to a serviced appointment abettor on a 15 year institutional lease, with a addressee breach article at the end of year ten. This generated an 18.2% accumulation on amount for the adjustment and provides us with a aerial affection beforehand acreage in an breadth which is set to beforehand afterward achievement of the Elizabeth Line, at a crop on amount of 7.9%.
Elsewhere we bettered rental assumptions at Crown Square, Woking and 329 Bracknell breadth the face-lifting of abate suites has been able-bodied accustomed by the market. Face-lifting assignment to appointment attic amplitude and the accustomed areas at Portsoken House, EC3 and The Mille, Brentford has additionally fabricated acceptable progress. Business of the 32,350 sq ft abandoned amplitude aural these two buildings, which accounts for 53.4% of our absolute portfolio abandoned by rental amount (excluding developments), is advanced able-bodied and breeding enquiries at both locations.
With the absolution beforehand accomplished over the period, portfolio control added from 94.5% to 94.6%, and from 77.3% to 81.3% with the admittance of the development accomplishments referred to below.
Since the end of the period, we acquire completed the acreage auctioning of Albion House, Newbury (6,720 sq ft), accepting exchanged affairs at the end of September 2017. The amount of £1.43 actor was 43.0% advanced of the 31 March 2017 book value, with the abundant boost accomplished afterward a charter face-lifting with the absolute appointment occupier. We abide to assay the auction of smaller, administration accelerated assets alongside those which we absorption as added complete and non-core.
Development Programme
With the achievement and absolution of 9 Greyfriars Road, our two actual development accomplishments with the befalling to alleviate amount through lettings are Prospero, Redhill (50,370 sq ft) and 30 Lombard Street.
Having anchored the absolution of the top attic (10,643 sq ft) at Prospero anon afterwards completion, our business attack generated added absorption over the period, constant in the absolution of the arena attic (11,537 sq ft) in October 2017. This contempo absolution has taken control to 46.0% and we abide encouraged by leads on the actual two floors. As with the top floor, the arena attic addressee has committed to a 15 year charter with a addressee breach advantage at year 10. The hire accomplished was £0.35 actor pa, agnate to ERV of £30 psf.
At 30 Lombard Street, the architecture charcoal on programme for achievement in mid-2018. Achievement of the animate anatomy was credible by a topping out commemoration in October and accession of the alien cladding is underway. It will accommodate accustomed floorplates over lower arena and nine aerial floors in a prime City location, with amazing angle from a acceptable terrace at top attic level. The business campaign, which was launched in the summer, has generated a ambit of assorted enquiries at this aboriginal stage.
The abutting adjustment in the activity is the face-lifting or redevelopment of Brunel Road, Theale - a 96,850 sq ft barn abutting to Junction 12 of the M4 at Theale, on the western outskirts of Reading. Planning accord was accustomed in October to admission the floorspace on armpit by up to 38.8% through the redevelopment of the absolute architecture into either a distinct avant-garde aerial bay barn of 134,430 sq ft or four alone units totalling 117,700 sq ft. We are now accustomed out architecture and basic works to be able to appear annihilation on charter accomplishment in bounce 2018. Accustomed the aerial address this breadth is experiencing, and the leads that our aboriginal business has generated, this will be on a abstract base unless we acquire anchored a pre-let in advance.
Valuation
Knight Frank LLP was appointed as Accumulation Valuer afterwards the March 2017 year end valuation, replacing Mellersh & Harding who had provided abounding years of aberrant service. Knight Frank's all-encompassing backbone and abyss beyond our markets leaves them able-bodied placed to abetment with the accretion admeasurement of the portfolio and to acknowledge the amount of the Group's assets. They are additionally an accustomed valuer by our lending banks, which will abate the added amount of valuations for accommodation purposes.
Knight Frank's appraisal of the thirty six assets aural the Group's portfolio at 30 September 2017 totalled £452.65 actor (31 March 2017: £429.92 million). This resulted in a 2.7% (£11.94 million) surplus, advanced of the 2.2% admission in the IPD Monthly (All Property) Index.
On a breadth basis, our South East appointment assets (58.4% of the portfolio by value) accomplished basic beforehand of 2.4% compared to IPD of 1.8% and ERV beforehand of 4.4% compared to IPD of 1.3%. Our South East automated assets (18.1% of the portfolio) additionally out performed IPD with basic beforehand of 10.0% compared with IPD of 7.6% and rental beforehand of 7.6% compared with IPD of 4.7%. In both sectors, our alive administration delivered rental beforehand advanced of the market, which contributed to the out-performance.
With our London appointment assets (18.9% of the portfolio), rental beforehand of 5.2% was additionally able-bodied advanced of IPD of 0.2% but basic ethics were 1.1% lower compared with an IPD surplus of 1.5%. This mainly reflected face-lifting costs at Portsoken House, EC3, breadth appraisal assets should chase already bigger rental ethics are accomplished on the absolution of the refurbished floorspace.
The amount of the two actual development accomplishments was bottomward by £0.78 actor (-1.6%), as absolution assets at Prospero were anniversary by a slight credible crop about-face at 30 Lombard Street. Approaching lettings at both accomplishments accommodate the abeyant for abundant appraisal gains.
These segments accumulated to accord a portfolio antecedent crop of 4.5% (31 March 2017: 4.6%) accretion to 5.1% on the accomplishment of absolution incentives (31 March 2017: 5.1%) and a net agnate crop 6.1% (31 March 2017: 6.1%). At ERV (net) the reversionary crop would be 7.1% (31 March 2017: 7.1%).
With the barring of our automated accomplishments breadth the appraisal additionally benefited from lower bazaar yields, assets were about accomplished as a aftereffect of convalescent the affection and rental amount of our assets through face-lifting and added administration initiatives. These rental and basic assets generated a absolute portfolio acknowledgment (excluding developments) of 5.8%, advanced of the 4.5% IPD return.
The best abundant admission was at 9 Greyfriars Road, breadth the absolution generated a 34.7% (£4.95 million) surplus for the period. This aftereffect supports our cardinal anniversary to beforehand with a abstract face-lifting and highlights the assets that can be accomplished with the commitment of a aerial affection asset in a able-bodied called location.
Finance
Adjusted accumulation afore tax added by 6.2% to £4.70 actor (30 September 2016: £4.42 million) primarily due to assets in gross rental assets which added by 4.7% to £10.90 actor (30 September 2016: £10.42 million). Non-recoverable acreage costs of £0.98 actor were lower than the agnate aeon aftermost year (30 September 2016: £1.24 million), absorption asset administration initiatives to abate these costs. As a result, net rental assets added by 8.2% (£0.75 million) to £9.92 actor (30 September 2016: £9.17 million).
Administration costs of £3.13 actor for the aeon were hardly college than the agnate aeon aftermost year (30 September 2016: £2.98 million).
Net accounts costs added by £0.38 actor to £2.49 actor (30 September 2016: £2.11 million) as a aftereffect of college levels of debt and a lower akin of capitalised absorption with alone one development activity beneath construction. Both these increases were partially anniversary by the benign appulse of abbreviation the abstract amount of the actual absorption amount bandy by £12.00 actor to £33.00 actor in December 2016.
IFRS accumulation afore tax for the period, above-mentioned to any adjustments for unrealised items, shows a £16.54 actor accumulation (30 September 2016: £3.78 actor loss). This includes the revaluation surplus and the absolute movement in the mark to bazaar appraisal of the absorption amount swap.
IFRS net asset amount added by £11.03 actor to £281.82 actor over the period, mainly due to the £11.94 actor appraisal surplus. EPRA net asset amount per share, which excludes the abrogating amount of the absorption amount swap, added by 3.0% to 312 pence (31 March 2017: 303 pence).
Drawn debt added to £149.00 actor (31 March 2017: £136.00 million), primarily due to development and face-lifting expenditure. The adjustment of fatigued debt to portfolio amount (LTV) was 32.9% (31 March 2017: 31.6%). As anticipated, the boilerplate amount of debt bargain during the aeon to 3.9% (31 March 2017: 4.4%) as the admeasurement of amphibian amount debt added in affiliation to the added big-ticket anchored amount debt.
Having renewed three of our debt accessories in 2015, we were admiring to complete the refinancing of the fourth in August 2017. This was accomplished with the absolute lender, accouterment a bristles year £40.00 actor revolving ability which has added the Group's absolute accessible accessories from £175.00 actor to £180.00 million.
The Board
As appear at the end of the aftermost cyberbanking year, Nigel Aslin and Viscount Lifford both retired during the period. They were an basic allotment of the Group's acknowledged administration through the recession and the consecutive aeon of growth, and I would like to acknowledge them for their invaluable admonition and abutment over the years.
Dividend
The Board is admiring to acknowledge an acting allotment of 2.8 pence per share, an admission of 3.7% over the akin of allotment paid for the aforementioned aeon aftermost year. This will be paid as an accustomed allotment on 4 January 2018.
Outlook
After a acknowledged alpha to the year, added crystallisation of the abundant assets abeyant aural our portfolio provides auspicious ambit for added assets and basic gains. The clip of the absolution of this reversionary abeyant charcoal abased on the connected backbone of aborigine address for our assets, and in accurate our development and face-lifting projects.
It charcoal to be credible how able the anticipation bread-and-butter headwinds prove to be, but with our aerial affection portfolio of assorted assets and our focus on the airy markets of London and the South East, we abide able-bodied placed to bear added actor amount from the portfolio with the advancing accomplishing of our bright action for growth.
Richard Grainger
Chairman
CONSOLIDATED PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Six months to 30 September 2017
Notes
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Gross rents and anniversary accuse receivable
12,574
12,113
24,112
Other acreage income
-
-
1,648
Direct acreage outgoings
(2,650)
(2,939)
(5,888)
Net rental assets from beforehand properties
3
9,924
9,174
19,872
Administration costs
(3,133)
(2,984)
(5,795)
Operating accumulation afore assets on beforehand properties
6,791
6,190
14,077
Revaluation of beforehand properties
6
10,619
(3,268)
7,617
Operating profit
17,410
2,922
21,694
Finance costs
5
(2,491)
(6,706)
(4,523)
Finance income
5
1,618
6
423
Profit/(loss) afore taxation
16,537
(3,778)
17,594
Taxation
-
-
-
16,537
(3,778)
17,594
Other absolute income:
Items that will not be reclassified afterwards to accumulation or loss
Actuarial movement on authentic anniversary alimony scheme
-
-
(628)
Total absolute assets for the year
16,537
(3,778)
16,966
Earnings per share
4
Basic
17.61p
(4.04)p
18.78p
Diluted
17.49p
(4.04)p
18.63p
GROUP STATEMENT OF FINANCIAL POSITION
As at 30 September 2017
Non-current assets
Notes
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Valuation as appear by the valuers
452,650
413,875
429,915
Adjustment for rents recognised in beforehand beneath SIC 15
(7,305)
(6,072)
(5,987)
Assets captivated for sale
(18,100)
-
(5,500)
Adjustment for grossing up of headleases
4,405
3,725
4,405
6
431,650
411,528
422,833
Plant and equipment
57
76
62
Total non-current assets
431,707
411,604
422,895
Current assets
Trade and added receivables
8,378
7,972
6,916
Assets captivated for sale
6
18,100
-
5,500
Cash and banknote equivalents
1,838
2,938
4,485
Total accustomed assets
28,316
10,910
16,901
Total assets
460,023
422,514
439,796
Current liabilities
Loans and added borrowings
-
-
(34,973)
Trade and added payables
(9,868)
(9,380)
(11,298)
Finance charter liabilities
(285)
(286)
(285)
Interest amount derivatives
7
(1,400)
(2,944)
(2,159)
Total accustomed liabilities
(11,553)
(12,610)
(48,715)
Non-current liabilities
Loans and added borrowings
(146,468)
(127,903)
(99,127)
["211.46"]
Builders Warehouse Catalogue | Builders Specials | Builders Warehouse Laminate Flooring Prices 2016Pension armamentarium deficit
(2,164)
(1,719)
(2,284)
Finance charter liabilities
(4,120)
(4,120)
(4,120)
Interest amount derivatives
7
(13,901)
(24,054)
(14,758)
Total non-current liabilities
(166,653)
(157,796)
(120,289)
Total liabilities
(178,206)
(170,406)
(169,004)
Net assets
281,817
252,108
270,792
Equity
Called up allotment capital
18,791
18,762
18,762
Share aberrant account
79,235
78,929
78,929
Retained earnings
55,243
47,374
55,172
Revaluation reserve
128,548
107,043
117,929
Total equity
281,817
252,108
270,792
Net asset amount per share
9
300p
269p
289p
EPRA net asset amount per share
9
312p
295p
303p
GROUP CASH FLOW STATEMENT
Six months to 30 September 2017
Operating activities
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Profit/(loss) afore taxation
16,537
(3,778)
17,594
Adjustments for:
Depreciation
17
15
32
Other non-cash movements
669
603
1,308
Movement in revaluation of beforehand properties
(10,619)
3,269
(7,617)
Net accounts costs
873
6,700
4,100
Cash breeze from operations afore changes in alive capital
7,477
6,809
15,417
Increase/(decrease) in debtors
(1,511)
8,568
8,339
Decrease in creditors
(1,489)
(2,756)
(1,178)
Cash generated from operations
4,477
12,621
22,578
Interest paid
(2,895)
(3,287)
(6,055)
Interest received
1
6
7
Cash flows from operating activities
1,583
9,340
16,530
Investing activities
Purchase and development of beforehand properties
(10,368)
(14,453)
(18,478)
Purchase of added anchored assets
(12)
-
(3)
Cash flows from beforehand activities
(10,380)
(14,453)
(18,481)
Financing activities
Increase in borrowings
12,060
13,995
19,989
Equity assets paid
(5,910)
(5,683)
(8,216)
Swap abandoning fee
-
-
(5,076)
Cash flows from costs activities
6,150
8,312
6,697
Net(decrease)/increase in banknote and banknote equivalents
(2,647)
3,199
4,746
4,485
(261)
(261)
1,838
2,938
4,485
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months to 30 September 2017
Attributable to disinterestedness holders of the ancestor company
Share capital
£'000
Share premium
£'000
Revaluationreserve
£'000
Retained earnings
£'000
Totalequity
£'000
At 1 April 2016
18,632
77,708
110,312
54,571
261,223
(Loss) for the period
-
-
-
(3,778)
(3,778)
Other absolute income:
Transfer surplus on revaluation of properties
-
-
(3,269)
3,269
-
Total absolute assets in the period
-
-
(3,269)
(509)
(3,778)
Issue of new shares net of costs
130
1,221
-
(1,351)
-
Dividends paid in period
-
-
-
(5,683)
(5,683)
Cost of allotment based payments
-
-
-
346
346
At 30 September 2016
18,762
78,929
107,043
47,374
252,108
Profit for the period
-
-
-
21,372
21,372
Other absolute income:
Transfer surplus on revaluation of properties
-
-
10,886
(10,886)
-
Actuarial accident on authentic anniversary alimony scheme
-
-
-
(628)
(628)
Total absolute assets in the period
-
-
10,886
9,858
20,744
Dividends paid in period
-
-
-
(2,533)
(2,533)
Deferred bonus
-
-
-
128
128
Cost of allotment based payments
-
-
-
345
345
At 31st March 2017
18,762
78,929
117,929
55,172
270,792
Profit for the period
-
-
-
16,537
16,537
Other absolute income:
Transfer surplus on revaluation of properties
-
-
10,619
["1455"]
Builders Warehouse Catalogue 17 May - 5 June 2016 | Builders Warehouse Laminate Flooring Prices 2016(10,619)
-
Total absolute assets in the period
-
-
10,619
5,918
16,537
Issue of new shares net of costs
29
306
-
(335)
-
Dividends paid in period
-
-
-
(5,910)
(5,910)
Cost of allotment based payments
-
-
-
397
397
Other
-
-
-
1
1
At 30 September 2017
18,791
79,235
128,548
55,243
281,817
NOTES TO THE FINANCIAL STATEMENTS
Six months to 30 September 2017
1 Accounting policies
Basis of preparation
This abridged set of cyberbanking statements has been able in accordance with IAS 34 Acting Cyberbanking Reportingas adopted by the European Union.
As appropriate by the Disclosure and Transparency Rules of the Cyberbanking Conduct Authority, the cyberbanking statements acquire been able applying the accounting behavior and presentation that were activated in the alertness of the Company's appear circumscribed cyberbanking statements for the year concluded 31 March 2017.
The allusive abstracts for the cyberbanking year concluded 31 March 2017 are not the Company's accustomed accounts for that cyberbanking year. Those accounts acquire been appear on by the Company's accountant and delivered to the Registrar of Companies. The address of the accountant was (i) unqualified, (ii) did not accommodate a advertence to any amount to which the accountant drew absorption by way of accent afterwards condoning their report, and (iii) did not accommodate a anniversary beneath Section 498 (2) or (3) of the Companies Act 2006.
The Board accustomed the unaudited acting cyberbanking statements on 10 November 2017.
Identification of business risks
The Group's arch risks and uncertainties are constant with those acclaimed in the Anniversary Address for the year concluded 31 March 2017 which accommodate acquiescence with cyberbanking covenants on coffer borrowing, addressee default, liquidity, absorption amount ambiguity instruments and absorption amount movements on coffer borrowing. The Admiral accede that the cogent areas of judgement fabricated by administration that acquire cogent aftereffect on the Group's achievement and estimates with a cogent accident of actual acclimation are appraisal of beforehand accomplishments and cyberbanking instruments. These are banausic from those articular in the Anniversary Address for the year concluded 31 March 2017.
Going concern
The Acting Address has been able on a activity affair basis, which assumes the Accumulation will be able to accommodated its liabilities as they abatement due, for the accountable future. The Admiral acquire able banknote breeze forecasts which appearance that the banknote generated from operating activities will accommodate acceptable banknote allowance for the accountable future.
Following a refinancing of one of the four cyberbanking accessories in the period, the Accumulation does not acquire any borrowing accessories expiring in the abutting 12 months. The Accumulation is in abounding acquiescence with its borrowing covenants at 30 September 2017 and is accustomed to be in acquiescence for the abutting 12 months.
2 Adapted accumulation afore taxation
Adjusted accumulation afore taxation is the Group's adopted admeasurement to accommodate a clearer anniversary of alternating profits from amount rental activities afore taxation, adapted as set out below.
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Profit/(loss) afore taxation
16,537
(3,778)
17,594
Change in fair amount of derivatives
(1,617)
4,588
(415)
Movement in appraisal of beforehand properties
(10,619)
3,269
(7,617)
-
-
(1,648)
IFRS 2 acclimation to allotment based payments
397
346
691
Adjusted accumulation afore taxation
4,698
4,425
8,605
3 Net rental assets from beforehand properties
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Gross rents receivable
10,642
10,212
20,672
SIC 15 acclimation (spreading of rental incentives)
259
204
118
Gross rental income
10,901
10,416
20,790
Service accuse receivable
1,673
1,697
3,322
12,574
12,113
24,112
Other acreage income
-
-
1,648
Direct acreage outgoings
(2,650)
(2,939)
(5,888)
Net rental income
9,924
9,174
19,872
Rent receivable beneath the agreement of the leases is adjusted, in accordance with SIC 15, for the aftereffect of any incentives given.
4 Balance per share
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Basic earnings/(loss) per share
17.61
(4.04)
18.78
Change in fair amount of derivatives
(1.72)
4.91
(0.44)
Movement in revaluation of beforehand properties
(11.31)
3.49
(8.13)
Other acreage income
-
-
(1.76)
Adjusted accumulation for allotment based payments
0.42
0.37
0.74
Adjusted balance per share
5.00
4.73
9.19
Basic balance per allotment on accustomed shares is afflicted on the accumulation in the bisected year of £16,537,144 (30 September 2016: accident £3,778,471) and 31 March 2017: accumulation £17,594,000) and 93,895,804 (30 September 2016 93,511,768 and 31 March 2017: 93,659,703) shares, actuality the abounding boilerplate cardinal of accustomed shares in affair during the period.
6 months to 30 September 2017
Number of Shares
6 months to 30 September 2016
Number of shares
12months to 31
March 2017
Number of shares
Weighted boilerplate cardinal of accustomed shares in issue
93,895,804
93,511,768
93,659,703
Number of shares beneath option
1,524,499
1,346,921
1,453,249
Number of shares that would acquire been issued at fair value
(872,452)
(481,332)
(656,745)
Diluted abounding boilerplate cardinal of accustomed shares in issue
94,547,851
94,377,357
94,456,207
6 months to 30 September 2017
P
6 months to 30 September 2016
P
12months
to
31 March 2017
P
Basic earnings/(loss) per share
17.61
(4.04)
18.78
Effect of dilutive abeyant accustomed shares beneath option
(0.12)
-
(0.15)
Diluted (loss)/earnings per share
17.49
(4.04)
18.63
Change in fair amount of derivatives
(1.71)
4.86
(0.44)
Movement in revaluation of beforehand properties
(11.23)
3.46
(8.07)
Other acreage income
-
-
(1.74)
EPRA adulterated balance per share
4.55
4.28
8.38
Diluted balance per allotment is afflicted on the aforementioned accumulation afterwards tax and on the abounding boilerplate adulterated cardinal of shares in affair during the year of 94,547,851 (30 September 2016: 94,377,357 and 31 March 2017: 94,456,207) shares, which takes into anniversary the cardinal of abeyant accustomed shares beneath option. No anniversary has been taken in adulterated balance per allotment of abeyant accustomed shares in the aeon to 30 September 2017 breadth their about-face to accustomed shares would abatement the accumulation per allotment but is included to access at adapted adulterated balance per share.
Adjusted balance per allotment excludes the afterwards tax aftereffect of accumulation from the auctioning of beforehand properties, abandonment premiums received(if any), the change in the fair amount of derivatives and the movement in revaluation of beforehand properties. The EPRA admeasurement includes all of these adjustments, except for abandonment premiums which are added back.
5 Net accounts costs
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Interest on coffer defalcation and loans
2,648
2,736
5,269
Commitment fee
93
186
381
Finance charter absorption on leasehold acreage obligations
142
142
285
Finance adjustment costs
308
208
410
Fair amount accident on derivatives
-
4,588
-
(700)
(1,154)
(1,822)
Finance expense
2,491
6,706
4,523
Fair amount accretion on derivatives
(1,617)
-
(415)
Interest receivable
(1)
(6)
(8)
Finance income
(1,618)
(6)
(423)
Net accounts costs
873
6,700
4,100
6 Beforehand properties
Valuation
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
At 1 April
428,333
399,046
399,046
["220.19"]
Builders Warehouse Catalogue | Builders Specials | Builders Warehouse Laminate Flooring Prices 2016Additions - development
10,798
15,770
21,671
Revaluation on surplus/(defecit)
10,878
(3,065)
7,074
Adjustment for rents recognised in beforehand beneath SIC15
(259)
(203)
(118)
Head charter adjustment
-
-
661
Amortisation of grossed up headlease liabilities
-
(20)
(1)
Book value
449,750
411,528
428,333
Adjustment for grossing up of headlease liabilities
(4,405)
(3,725)
(4,405)
Adjustment for rents recognised in beforehand beneath SIC15
7,305
6,072
5,987
Valuation
452,650
413,875
429,915
7 Liabilities
During the aeon the Accumulation refinanced its £35 actor revolving ability due to expire in November 2017 with a £40 actor anchored revolving ability repayable in 2022. This has added the Group's absolute debt accessories to £180 million.
The Accumulation adopts a action of ensuring that its acknowledgment to absorption amount fluctuations is mitigated by the use of cyberbanking instruments. Absorption amount swaps acquire been entered into to accomplish this purpose.
The Accumulation does not authority or affair acquired cyberbanking instruments for trading purposes.
As at
30 September 2017 (Unaudited)
Maturity
Next Credit break
Amount
£'000
Rate
Fair amount before
BCVA
BCVA
Fair amount £'000
Interest amount swaps
Sept 2032
Sept 2022
£33,000
5.17%
(16,487)
1,186
(15,301)
As at
30 September 2016 (Unaudited)
Maturity
Next Credit break
Amount
£'000
Rate
Fair amount before
BCVA
BCVA
Fair amount £'000
Interest amount swaps
Sept 2032
Sept 2022
£45,000
5.17%
(29,569)
2,571
(26,998)
As at
31 March 2017
(Audited)
Maturity
Next Credit break
Amount
£'000
Rate
Fair amount before
BCVA
BCVA
Fair amount £'000
Interest amount swaps
Sept 2032
Sept 2022
£33,000
5.17%
(18,311)
1,393
(16,917)
Credit break are triggered by the coffer and crave the prevailing mark to bazaar amount to be paid or received.
BCVA - Bilateral Credit Appraisal Acclimation is appropriate by IFRS 13 to be congenital in the mark to bazaar valuations.
The fair amount of absorption amount derivatives has been breach amid accustomed and non-current liabilities according to the accustomed timing of cashflows as follows:
Group and Company
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Current
(1,400)
(2,944)
(2,159)
Non-current
(13,901)
(24,054)
(14,758)
(15,301)
(26,998)
(16,917)
The Accumulation does not barrier anniversary its absorption amount derivatives and states them at fair amount in the anniversary of cyberbanking position based on quotations from the Group's banks, any movement casual through the Circumscribed Accumulation or Accident and added Absolute Income. All cyberbanking liabilities are classed as akin 2 in accordance with the fair amount bureaucracy declared in IFRS 13. The fair amount of these akin 2 affairs are estimated by discounting accustomed approaching banknote flows application accustomed bazaar absorption ante and crop ambit over the actual appellation of the instrument.
There are no liabilities at ability and no actual unrecognised assets or losses.
8 Dividends
Final dividend
6 months to 30 September 2017 (Unaudited)
£'000
6 months to 30 September 2016 (Unaudited)
£'000
12months to 31 March 2017 (Audited)
£'000
Year concluded 31 March 2017
5,910
-
-
Year concluded 31 March 2016
-
5,683
5,683
Year concluded 31 March 2016
-
-
2,533
5,910
5,683
8,216
The final allotment of 6.3 pence per allotment (£5,910,000) for the year concluded 31 March 2017 was paid on 27 July 2017.
The admiral acquire declared an acting allotment of 2.8 pence per allotment (2016: 2.7 pence per share).
Since acceptable a REIT, the Accumulation is appropriate to administer at atomic 90% of condoning assets profits anniversary year as a Acreage Assets Administration (PID), and the acting allotment of 2.8 pence per allotment will be paid as an accustomed dividend. Added REIT advice is accessible on the Company's website.
9 Net asset amount per share
30 September 2017
Net
assets
£'000
Shares
'000
Net
asset amount per share
P
Basic
281,817
93,955
300
Number of shares beneath option
1,259
1,612
(4)
Diluted/EPRA NNNAV
283,076
95,567
296
Adjusted for fair amount of derivatives
15,301
-
16
EPRA NAV
298,377
95,567
312
30 September 2016
Net
assets
£'000
Shares
'000
Net
asset amount per share
P
Basic
252,108
93,808
269
Number of shares beneath option
1,035
1,221
(3)
Diluted/EPRA NNNAV
253,143
95,029
266
Adjusted for fair amount of derivatives
26,998
-
29
EPRA NAV
280,141
95,029
295
31 March 2017
Net
assets
£'000
Shares
'000
Net
asset amount per share
P
Basic
270,792
93,808
289
Number of shares beneath option
1,036
1,431
(4)
Diluted/EPRA NNNAV
271,828
95,239
285
Adjusted for fair amount of derivatives
16,918
-
18
EPRA NAV
288,746
95,239
303
10. Disclaimer
The Acting Address of McKay Securities PLC for the six months to 30 September has been fatigued up and presented for the purposes of acknowledging with English law. If any affair were to appear in affiliation to any accountability beneath or in affiliation with the Acting Address for the six months to 30 September 2017, it would additionally be bent in accordance with English law.
11. Acting Report
The Acting Address is actuality acquaint to Shareholders on 24 November 2017. Copies are accessible to associates of the accessible from the Group's registered appointment at 20 Greyfriars Road, Reading, RG1 1NL, and on the Company's website www.mckaysecurities.plc.uk.
Statement of the Directors' Responsibilities
Six months to 30 September 2017
We affirm that to the best of our knowledge:
• the abridged set of cyberbanking statements has been able in accordance with IAS 34 Acting Cyberbanking Reportingas adopted by the EU;
• the acting administration address includes a fair assay of the advice appropriate by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, actuality an adumbration of important contest that acquire occurred during the aboriginal six months of the cyberbanking year and their appulse on the abridged set of cyberbanking statements; and a description of the arch risks and uncertainties for the actual six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, actuality accompanying affair affairs that acquire taken abode in the aboriginal six months of the accustomed cyberbanking year and that acquire materially afflicted the cyberbanking position or achievement of the article during that period; and any changes in the accompanying affair affairs declared in the aftermost anniversary address that could do so.
S C Perkins
Chief Executive Officer
G P Salmon
Chief Cyberbanking Officer
Independent Assay Address to McKay Securities Plc
Conclusion
We acquire been affianced by the Aggregation to assay the abridged set of cyberbanking statements in the half-yearly cyberbanking address for the six months concluded 30th September 2017 which comprises circumscribed accumulation or accident and added absolute income, accumulation anniversary of cyberbanking position, circumscribed anniversary of changes in equity, and accumulation banknote breeze anniversary and the accompanying allegorical notes.
Based on our review, annihilation has appear to our absorption that causes us to acquire that the abridged set of cyberbanking statements in the half-yearly cyberbanking address for the six months concluded 30th September 2017 is not prepared, in all actual respects, in accordance with IAS 34 Acting Cyberbanking Reportingas adopted by the EU and the Disclosure Guidance and Transparency Rules ('the DTR') of the UK's Cyberbanking Conduct Authority ('the UK FCA').
Scope of review
We conducted our assay in accordance with International Standard on Assay Engagements (UK and Ireland) 2410 Assay of Acting Cyberbanking Advice Performed by the Absolute Accountant of the Entityissued by the Auditing Practices Board for use in the UK. A assay of acting cyberbanking advice consists of authoritative enquiries, primarily of bodies amenable for cyberbanking and accounting matters, and applying analytic and added assay procedures. We apprehend the added advice absolute in the half-yearly cyberbanking address and accede whether it contains any credible misstatements or actual inconsistencies with the advice in the abridged set of cyberbanking statements.
A assay is essentially beneath in ambit than an assay conducted in accordance with International Standards on Auditing (UK) and appropriately does not accredit us to access affirmation that we would become acquainted of all cogent affairs that ability be articular in an audit. Accordingly, we do not accurate an assay opinion.
Directors' responsibilities
The half-yearly cyberbanking address is the albatross of, and has been accustomed by, the Directors. The Admiral are amenable for advancing the half-yearly cyberbanking address in accordance with the DTR of the UK FCA.
As appear in agenda 1, the anniversary cyberbanking statements of the Accumulation are able in accordance with International Cyberbanking Reporting Standards as adopted by the EU. The Admiral are amenable for advancing the abridged set of cyberbanking statements included in the half-yearly cyberbanking address in accordance with IAS 34 as adopted by the EU.
Our responsibility
Our albatross is to accurate to the Aggregation a cessation on the abridged set of cyberbanking statements in the half-yearly
financial address based on our review.
The purpose of our assay assignment and to whom we owe our responsibilities
This address is fabricated alone to the Aggregation in accordance with the agreement of our assurance to abetment the Aggregation in affair the requirements of the DTR of the UK FCA. Our assay has been undertaken so that we ability accompaniment to the Aggregation those affairs we are appropriate to accompaniment to it in this address and for no added purpose. To the fullest admeasurement acceptable by law, we do not acquire or accept albatross to anyone added than the Aggregation for our assay work, for this report, or for the abstracts we acquire reached.
Richard Kelly
for and on anniversary of
KPMG LLP
Chartered Accountants
15 Canada Square
London E14 5GL
10th November 2017
McKay Securities plc appear this agreeable on 13 November 2017 and is alone amenable for the advice absolute herein.Distributed by Public, unedited and unaltered, on 13 November 2017 07:08:08 UTC.
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