6 December 2021
Sutton Harbour Group plc (formerly Sutton Harbour Holdings plc)
("The Company", "Sutton Harbour")
Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2021.
Financial Highlights
· Profit before taxation £0.327m (6 months to 30 September 2020: £0.058m)
· Net assets £50.835m (31 March 2021: £47.153m)
· Net assets per share 39.12p (31 March 2021: £40.67p)
· Net debt £24.905m (31 March 2021: £26.874m)
· Gearing 49.0% (31 March 2021: 57.0%)
Company Highlights
· £3.5 million equity raise by way of Open Offer in August 2021
· Acquisition of further strategic land in September 2021
· Preliminary site works started on the 14 apartment Harbour Arch Quay, construction to start January 2022
· 19% increase in marina revenue compared to last year
· Recovery of car parks trading to pre-Covid levels
Philip Beinhaker, Executive Chairman
"With the staged relaxation of UK Government imposed measures to manage the Covid pandemic, the Group has accelerated its efforts to start its first development project around Sutton Harbour in over a decade. During the first half year, the Group has made encouraging progress with its trading business activities and with the pipeline of development projects which it now intends to bring forward in accordance with its strategic vision. The Board was delighted to see the broad base of shareholders who participated in the recent 'Open Offer' equity raise."
For further information, please contact:
Sutton Harbour Group plc 01752 204186
Philip Beinhaker - Executive Chairman
Corey Beinhaker - Chief Operating Officer
Natasha Gadsdon - Finance Director
Arden Partners 020 7614 5900
Paul Shackleton
Elliot Mustoe
Executive Chairman's Statement
For the six-month period to 30 September 2021
Results and Financial position
Profit before taxation for the six month period to 30 September 2021 was £0.327m compared to £0.058m for the comparative period to 30 September 2020 and £0.281m for the period to 30 September 2019. This demonstrates strong recovery by the Company since the disruption caused by three national lockdowns ordered by the UK Government to contain the spread of Covid-19 during our trading year to 31 March 2021.
As at 30 September 2021, net assets were £50.835m (39.1pence per share), up from £47.153m (40.7pence per share) at 31 March 2021. The increase reflects the issuance of 14 million new ordinary shares which raised £3.5m of new equity capital in August 2021. There has been no revaluation of assets during the reporting period, with the next external independent valuation due to be undertaken at the financial year end.
Net Debt has fallen to £24.905m, £1.969m less than the position at 31 March 2021 of £26,874 net debt. Debt reduced following the equity raise in August 2021, however purchase of some strategic land, ongoing costs associated with active development projects and autumn being a lower point in the Group's annual cash cycle (as rents and berthing fee receipts peak between November and April) have utilised some of the funds raised. As at 30 September 2021 gearing stood at 49.0% down from 57.0% as at 31 March 2021.
Trading Report
The Group's trading businesses have proved resilient during the first half year with marina berthing revenues up 19% on the previous year, despite no increase in prices, car park revenues back to 2019 levels and rent incomes restored with agreed deferred payments being honoured. Trading at Plymouth Fisheries has continued to be slow and slightly trailing its pre- Covid level.
The exceptional growth in marina revenues results from the capacity occupation at Sutton Harbour Marina and 95% occupation at King Point Marina. Leisure boating in the UK has experienced a resurgence in popularity since the Covid crisis and the current outlook for this sector remains robust. Some minor alterations will be made to some berths at King Point Marina over the coming winter to accommodate the larger vessels of boat-owners currently on our waiting list.
Trading at the car parks was re-established quickly during the first quarter and continued strongly throughout the second quarter as the area attracted good visitor footfall and local bars, restaurants and other attractions were visibly busy.
Performance of the investment property estate has remained steady, with little vacant space to let. The lease of Old Barbican Market to Edinburgh Woollen Mill expired in May 2021 and the Group recovered vacant possession of the building. Planning consent has now been granted to partition the 7,500 sq ft floorplate into three 2,500 sq ft units, two of which are already reserved to national covenant tenants. The 3rd unit is being actively marketed. Overall, once fully let, the property will achieve c. 50% more rent than under the previous tenancy. During the first half year the Group sold a small investment property, which was not regarded as a part of the core Sutton Harbour estate, at a profit.
The slowing trend in landings at Plymouth Fisheries has been consistent for a few years. With the current Fisheries Complex now 27 years old, the Group is working together with Plymouth City Council and other stakeholders on a plan to gain public funding for a modern Fishery Complex better suited to the needs of the industry now and into the future.
Regeneration
The Group is pleased to report that it has started the preliminary site works on the 14 apartment Harbour Arch Quay scheme. The year-long construction programme will commence in January 2022 with marketing of the apartments to start early in the New Year. The building is financed by separate lending secured on the development with part to be funded from the recent equity raise. The Group has submitted variations to the original plans for both the Sugar Quay and Sutton Road East residential schemes, which between them will provide c. 300 new homes, for planning determination in early 2022. Changes to the Sutton Road East design followed the acquisition of an adjoining site in September 2021 which allowed improvements to pedestrian and vehicular access and circulation through the development.
Summary
With the staged relaxation of UK Government imposed measures to manage the Covid pandemic, the Group has accelerated its efforts to start its first development project around Sutton Harbour in over a decade. During the first half year, the Group has made encouraging progress with its trading business activities and with the pipeline of development projects which it now intends to bring forward in accordance with its strategic vision. The Board was delighted to see the broad base of shareholders who participated in the recent 'Open Offer' equity raise.
Philip Beinhaker
EXECUTIVE CHAIRMAN
Consolidated Statement of Comprehensive Income
|
|
| 6 months to 30 September 2021 (unaudited) £000 | 6 months to 30 September 2020 (unaudited) £000 | Year Ended 31 March 2021 (audited) £000 |
|
|
| |||
| Revenue |
| 3,845 | 2,873 | 5,400 |
|
|
|
|
|
|
| Cost of Sales |
| (2,436) | (1,874) | (3,638) |
|
|
|
|
|
|
| Gross Profit |
| 1,409 | 999 | 1,762 |
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value adjustment on fixed assets and investment property |
| - | - | (2,211) |
| Administrative expenses |
| (731) | (547) | (1,171) |
|
Operating profit from continuing operations |
|
678 |
452 |
(1,620) |
|
|
|
|
|
|
| Financial income |
|
|
| - |
| Financial expense |
| (351) | (394) | (753) |
|
|
|
|
|
|
| Net financing costs |
| (351) | (394) | (753) |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before tax from continuing operations |
| 327 | 58 | (2,373) |
| Taxation credit on profit from continuing operations |
| (62) | - | 198 |
|
|
|
|
|
|
| Profit from continuing operations |
| 265 | 58 | (2,175) |
|
|
|
| ||
|
|
|
|
|
|
| Basic profit/earnings per share |
| 0.22p | 0.02p | (1.88p) |
|
|
|
|
|
|
| Diluted profit/earnings per share |
| 0.22p | 0.02p | (1.88p) |
|
|
| 6 months to 30 September 2021 (unaudited) £000 | 6 months to 30 September 2020 (unaudited) £000 | Year Ended 31 March 2021 (audited) £000 |
|
|
|
| ||
| Profit from continuing operations |
| 265 | 58 | (2,175) |
|
|
|
|
| |
| Other comprehensive income/(expenses) |
|
|
| |
| Continuing operations: |
|
|
|
|
| Revaluation of property, plant and equipment |
| - | - | 3,245 |
| Deferred taxation on income and expenses recognised directly in the consolidated statement of comprehensive income |
|
|
|
|
| Effective portion of changes in fair value of cash flow hedges |
| - | - | - |
|
|
|
|
|
|
| Total other comprehensive income |
| - | - | 3,245 |
| Total comprehensive income for the period attributable to equity shareholders |
|
265 |
58 |
1,070 |
Consolidated Balance Sheet
|
|
| As at 30 September 2021 (unaudited) £000 | As at 30 September 2020 (unaudited) £000 | As at 31 March 2021 (audited) £000 |
|
|
|
| ||
| Non-current assets |
|
|
|
|
| Property, plant and equipment |
| 29,680 | 27,694 | 29,766 |
| Investment property |
| 17,622 | 18,989 | 17,845 |
| Inventories |
| 13,151 | 12,878 | 12,962 |
|
|
| 60,453 | 59,561 | 60,573 |
|
|
|
| ||
| Current assets |
|
|
|
|
| Inventories |
| 17,372 | 12,748 | 16,359 |
| Trade and other receivables |
| 1,846 | 2,363 | 2,396 |
| Cash and cash equivalents |
| 528 | 177 | 928 |
| Tax recoverable |
| - | - | 6 |
|
|
| 19,746 | 15,288 | 19,689 |
|
|
|
| ||
| Total assets |
| 80,199 | 74,849 | 80,262 |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
| Trade and other payables |
| 1,118 | 1,098 | 1,730 |
| Finance lease liabilities |
| 48 | 62 | 141 |
| Deferred income |
| 1,111 | 936 | 1,819 |
| Provisions |
| - | 63 | 56 |
|
|
| 2,277 | 2,159 | 3,746 |
|
|
|
| ||
| Non-current liabilities |
|
|
|
|
| Other interest-bearing loans and borrowings |
| 25,175 | 24,250 | 27,475 |
| Finance lease liabilities |
| 210 | 337 | 186 |
| Deferred government grants |
| 646 | 646 | 646 |
| Deferred tax liabilities |
| 1,056 | 1,255 | 1,057 |
| Provisions |
| - | 62 | - |
|
|
| 27,087 | 26,550 | 29,363 |
|
|
|
|
|
|
| Total liabilities |
| 29,364 | 28,709 | 33,109 |
|
|
|
| ||
| Net assets |
| 50,835 | 46,140 | 47,153 |
|
|
|
| ||
| Issued capital and reserves attributable to owners of the parent |
|
|
|
|
| Share capital |
| 16,406 | 16,266 | 16,266 |
| Share premium |
| 13,972 | 10,695 | 10,695 |
| Other reserves |
| 16,280 | 13,034 | 16,280 |
| Retained earnings |
| 4,177 | 6,145 | 3,912 |
| Total equity |
| 50,835 | 46,140 | 47,153 |
Consolidated Statement of Changes in Equity
|
| Share capital | Share premium | Revaluation reserve | Merger reserve | Hedging reserve | Retained earnings | TOTAL |
| |||
|
|
|
| ----------Other Reserves---------- |
|
|
|
| ||||
|
| £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| |||
|
|
|
|
|
|
|
|
|
| |||
| Balance at 1 April 2021 | 16,266 | 10,695 | 12,409 | 3,871 | - | 3,912 | 47,153 |
| |||
| Comprehensive income/(expense) |
|
|
|
|
|
|
|
| |||
| Issue of Shares | 140 | 3,277 |
|
|
|
| 3,417 |
| |||
| Profit for the period | - | - | - | - | - | 265 | 265 |
| |||
| Total comprehensive income/(expense) 6 month period ended 30 September 2021 |
140 |
3,277 |
- |
- |
- |
265 |
3,682 |
| |||
| Balance at 30 September 2021 | 16,406 | 13,972 | 12,409 | 3,871 | - | 4,177 | 50,835 |
| |||
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| |||
| Balance at 1 April 2020 | 16,266 | 10,695 | 9,163 | 3,871 | - | 6,087 | 46,082 |
| |||
| Comprehensive income/(expense) |
|
|
|
|
|
|
|
| |||
| Profit for the period | - | - | - | - | - | 58 | 58 |
| |||
| Total comprehensive income/(expense) 6 month period ended 30 September 2020 |
- |
- |
- |
- |
- |
58 |
58 |
| |||
| Balance at 30 September 2020 | 16,266 | 10,695 | 9,163 | 3,871 | - | 6,145 | 46,140 |
| |||
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|
|
|
|
|
|
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| |||
|
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|
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|
| |||
| Balance at 1 October 2020 | 16,266 | 10,695 | 9,163 | 3,871 | - | 6,145 | 46,140 |
| |||
| Comprehensive income/(expense) |
|
|
|
|
|
|
|
| |||
| Profit for the period | - | - | - | - | - | (2,233) | (2,233) |
| |||
| Other comprehensive income/(expense) |
|
|
|
|
|
|
|
| |||
| Revaluation of property, plant and equipment | - | - | 3,246 | - | - | - | 3,246 |
| |||
| Total comprehensive income/(expense) 6 month period ended 31 March 2021 |
- |
- |
3,246 |
- |
- |
(2,233) |
1,013 |
| |||
| Balance at 31 March 2021 | 16,266 | 10,695 | 12,409 | 3,871 | - | 3,912 | 47,153 |
| |||
|
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|
|
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|
| |||
Consolidated Cash Flow Statement
|
|
| 6 months to 30 September 2021 (unaudited) £000 | 6 months to 30 September 2020 (unaudited) £000 | Year Ended 31 March 2021 (audited) £000 |
|
Cash generated from total operating activities |
|
(1,237) |
(599) |
(2,536) |
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
| Net expenditure on investment property |
| (12) | (4) | (10) |
| Expenditure on property, plant and equipment |
| (109) | 75 | (161) |
| Proceeds from sale of plant and equipment |
| 260 | - | - |
| Net cash used in investing activities |
|
139 |
71 |
(171) |
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
| Proceeds from sale of shares |
| 3,500 | - | - |
| Expenses of share issuance |
| (83) | - | - |
| Interest paid |
| (351) | (396) | (754) |
| Loan drawdowns/(repayment of borrowings) |
| (2,300) | 309 | 3,225 |
| Net finance lease (payments)/receipts |
| (69) | - | 372 |
| Net cash generated from financing activities |
|
697 |
(87) |
2,843 |
|
Net increase/(decrease) in cash and cash equivalents |
|
(401) |
(615) |
136 |
|
Cash and cash equivalents at beginning of period |
|
928 |
792 |
792 |
|
Cash and cash equivalents at end of period |
|
527 |
177 |
928 |
Notes to Interim Report
General information
This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2021 were approved by the Board of Directors on 5 July 2021 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.
Copies of the Group's financial statements are available from the Company's registered office, Sutton Harbour Office, Guy's Quay, Sutton Harbour, Plymouth, PL4 0ES and on the Company's website www.sutton-harbour.co.uk.
This consolidated interim financial information has not been audited.
Basis of preparation
The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2021, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.
Accounting policies
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2021, as described in those annual financial statements.
Accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Segment information
Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.
The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.
The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2019 is as follows:
| 6 months to 30 September 2021 | Marine | Real Estate | Car Parking | Regeneration | Total |
|
| £000 | £000 | £000 | £000 | £000 |
| Revenue | 2,648 | 776 | 421 | - | 3,845 |
|
|
|
|
|
|
|
| Gross profit prior to non-recurring items | 726 | 559 | 235 | (111) | 1,409 |
| Segmental Operating Profit before Fair value adjustment and unallocated expenses | 726 | 559 | 235 | (111) | 1,409 |
| Fair value adjustment on fixed assets and investment property assets | - | - | - | - | - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unallocated: |
|
|
|
|
|
| Administrative expenses |
|
|
|
| (731) |
| Operating profit from continuing operations |
|
|
|
| 678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial income |
|
|
|
|
|
| Financial expense |
|
|
|
| (351) |
| Profit before tax from continuing operations |
|
|
|
| 327 |
| Taxation |
|
|
|
| (62) |
| Profit for the year from continuing operations |
|
|
|
| 265 |
|
|
|
|
|
|
|
| Depreciation charge |
|
|
|
|
|
| Marine |
|
|
|
| 171 |
| Car Parking |
|
|
|
| 9 |
| Administration |
|
|
|
| 13 |
|
|
|
|
|
| 193 |
Segment Information (continued)
| 6 months to 30 September 2020 | Marine | Real Estate | Car Parking | Regeneration | Total |
|
| £000 | £000 | £000 | £000 | £000 |
| Revenue | 1,969 | 676 | 228 | - | 2,873 |
|
|
|
|
|
|
|
| Gross profit prior to non-recurring items | 561 | 448 | 100 | (110) | 999 |
| Segmental Operating Profit before Fair value adjustment and unallocated expenses | 561 | 448 | 100 | (110) | 999 |
| Fair value adjustment on fixed assets and investment property assets | - | - | - | - | - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unallocated: |
|
|
|
|
|
| Administrative expenses |
|
|
|
| (547) |
| Operating profit from continuing operations |
|
|
|
| 452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial income |
|
|
|
|
|
| Financial expense |
|
|
|
| (394) |
| Loss before tax from continuing operations |
|
|
|
| 58 |
| Taxation |
|
|
|
| - |
| Loss for the year from continuing operations |
|
|
|
| 58 |
|
|
|
|
|
|
|
| Depreciation charge |
|
|
|
|
|
| Marine |
|
|
|
| 168 |
| Car Parking |
|
|
|
| 11 |
| Administration |
|
|
|
| 11 |
|
|
|
|
|
| 190 |
Segment Information (continued)
|
Year ended 31 March 2021 | Marine | Real Estate | Car Parking | Regeneration | Total |
|
| £000 | £000 | £000 | £000 | £000 |
| Revenue | 3,509 | 1,542 | 349 | - | 5,400 |
|
|
|
|
|
|
|
| Gross profit prior to non-recurring items | 770 | 1,020 | 110 | (138) | 1,762 |
| Segmental Operating Profit before Fair value adjustment and unallocated expenses |
770 |
1,020 |
110 |
(138) |
1,762 |
| Fair value adjustment on fixed assets and investment property assets | (1,061) | (1,150) | - | - | (2,211) |
|
|
|
|
|
| (449) |
|
|
|
|
|
|
|
| Unallocated: |
|
|
|
|
|
| Administrative expenses |
|
|
|
| (1,171) |
| Operating profit from continuing operations |
|
|
|
| (1,620) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial income |
|
|
|
| - |
| Financial expense |
|
|
|
| (753) |
| Profit before tax from continuing operations |
|
|
|
| (2,373) |
| Taxation |
|
|
|
| 198 |
| Profit for the year from continuing operations |
|
|
|
| (2,175) |
|
|
|
|
|
|
|
| Depreciation charge |
|
|
|
|
|
| Marine |
|
|
|
| 336 |
| Car Parking |
|
|
|
| 31 |
| Administration |
|
|
|
| 32 |
|
|
|
|
|
| 399 |
|
| 30 September 2021 | 30 September 2020 | 31 March 2021 |
|
| £000 | £000 | £000 |
| Segment assets: |
|
|
|
| Marine | 25,565 | 23,304 | 25,846 |
| Real estate | 18,740 | 19,660 | 18,715 |
| Car Parking | 4,954 | 5,323 | 4,861 |
| Regeneration | 30,029 | 25,746 | 29,343 |
| Total segment assets | 79,288 | 74,033 | 78,765 |
| Unallocated assets: |
|
|
|
| Property, plant and equipment | 77 | 83 | 70 |
| Trade & other receivables | 306 | 556 | 499 |
| Cash & cash equivalents | 528 | 177 | 928 |
| Total assets | 80,199 | 74,849 | 80,262 |
Segment Information (continued)
|
| 30 September 2021 | 30 September 2020 | 31 March 2021 |
|
| £000 | £000 | £000 |
| Segment liabilities: |
|
|
|
| Marine | 1,312 | 1,184 | 2,062 |
| Real estate | 429 | 560 | 689 |
| Car Parking | 93 | 90 | 19 |
| Regeneration | 823 | 823 | 1,142 |
| Total segment liabilities | 2,657 | 2,657 | 3,912 |
| Unallocated liabilities: |
|
|
|
| Bank overdraft & borrowings | 25,433 | 24,649 | 27,802 |
| Trade & other payables | 154 | 148 | 337 |
| Financial Derivatives | - | - | - |
| Tax payable | 62 | - | 1 |
| Deferred tax liabilities | 1,058 | 1,255 | 1,256 |
| Total liabilities | 29,364 | 28,709 | 33,308 |
Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.
Taxation
The Company has applied an effective tax rate of 19% (2019: 19%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.
Dividends
The Board of Directors do not propose an interim dividend (2019: nil).
Earnings per share
|
| 6 months to 30 September 2021 (unaudited) pence | 6 months to 30 September 2020 (unaudited) pence | Year Ended 31 March 2021 (audited) pence |
| Continuing operations |
|
|
|
| Basic earnings per share | 0.22p | 0.02p | (0.85p) |
| Diluted earnings per share* | 0.22p | 0.02p | (0.85p) |
|
|
|
|
|
Basic Earnings per Share:
Basic earnings per share have been calculated using the profit for the period of £265,000 (2020: profit £58,000, year ended 31 March 2020 loss £2,175,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 120,534,234 (2020: 115,944,071; year ended 31 March 2021: 115,944,071) has been used in our calculation.
Diluted Earnings per Share:
Diluted earnings per share uses a weighted average number of 120,765,411 (2020: 116,100,126; year ended 31 March 2021 116,130,728) ordinary shares after adjusting for the effects of share options in issue: 242,063 ordinary shares (2020: 102,273; 31 March 2021: 218,063)
Property valuation
Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 January 2021, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors.
A further valuation will be commissioned for the year ending 31 March 2022, as in previous years.
Cash and cash equivalents
|
| As at 30 September 2021 (unaudited) £000 | As at 30 September 2020 (unaudited) £000 | As at 31 March 2021 (audited) £000 |
|
|
|
|
|
| Cash and cash equivalents per balance sheet and cash flow statement | 527 | 177 | 928 |
Provisions
|
| Onerous leases | Total |
|
| £000 | £000 |
|
|
|
|
| Balance at 1 April 2020 | 99 | 99 |
| Provisions made | 26 | 26 |
| Balance at 30 September 2020 | 125 | 125 |
|
|
|
|
| Provisions made | - | - |
| Provisions utilised | (69) | (69) |
| Balance at 31 March 2021 | 56 | 56 |
|
|
|
|
| Provisions made | - | - |
| Provisions utilised | (56) | (56) |
| Balance at 30 September 2021 | - | - |
|
|
|
|
Cash flow statements
|
| 6 months to 30 September 2021 (unaudited) £000 | 6 months to 30 September 2020 (unaudited) £000 | Year Ended 31 March 2021 (audited) £000 |
| Cash flows from operating activities |
|
|
|
| Profit/(loss) for the period | 265 | 58 | (2,373) |
| Adjustments for: |
|
|
|
| Taxation | - | - | - |
| Financial income | - | - | - |
| Financial expense | 351 | 396 | 753 |
| Fair value adjustment on fixed assets and investment property | - | - | 2,211 |
| Depreciation | 193 | 190 | 399 |
| Amortisation of grants | - | - | - |
| Profit/loss on sale of property, plant and equipment | (24) | - | 3 |
| Cash generated from operations before changes in working capital and provisions |
785 |
644 |
933 |
| Increase in inventories | (1,202) | (599) | (4,294) |
| Decrease/(increase) in trade and other receivables | 556 | 234 | 199 |
| (Decrease)/increase in trade and other payables | (612) | (236) | 334 |
| Decrease in deferred income | (708) | (607) | 275 |
| (Decrease)/increase in provisions | (56) | (35) | (43) |
|
|
|
|
|
| Cash generated from operations | (1,237) | (599) | (2,536) |
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