TIDMSYG
RNS Number : 0425T
Speymill PLC
30 September 2014
For Immediate Release 30 September 2014
Speymill plc
("Speymill" or the "Company")
Unaudited Condensed Interim Financial Statements for the six
months ended 30 June 2014
The Company is pleased to announce its unaudited interim
accounts for the six months ended 30 June 2014 (the "Accounts").
The Accounts will shortly be available at the Company's website -
www.speymill.com.
Contacts:-
Speymill plc Tel: +44 (0) 1624 639396
Denham Eke, Chief Executive
Officer
Nominated Advisor and Broker Tel: +44 (0)207 628 3396
Beaumont Cornish Limited
Roland Cornish and Felicity
Geldt
Chairman's statement
Dear Shareholders,
I am pleased to take this opportunity to provide you with an
update on the Group's activities for the first six months of
2014.
Results
During the six months ended 30 June 2014, the Group made a loss
for the period of GBP0.37 million (2013: a loss of GBP0.19
million). In respect of continuing operations, the Group made a
loss of GBP0.29 million for the period (2013: a loss of GBP0.51
million).
Financial position
As at 30 June 2014, the Group had net liabilities of GBP3.60
million (June 2013: net liabilities GBP3.11 million; December 2013:
net liabilities GBP3.23 million).
As I reported in our annual statement for 2013 Galloway Limited,
agreed to extend the shareholder loan facility to 30 June 2015,
with a reduced facility limit of GBP3,500,000. As at 30 June 2014,
a total of GBP3.098 million (2013: GBP5.63 million of the
equivalent previous facility provided by Burnbrae Limited and
myself) of the principal amount available under the shareholder
loan facility had been drawn down by the Group.
Refinancing
Following a vote by shareholders at a general meeting held on 30
July 2013, the Group disposed of its 94.9% interest in the two
German property investment companies, Horsfield Limited and Wyatt
Limited, which was transferred to me and Burnbrae Limited
("Burnbrae") and GBP4.21 million of the shareholder loan debt was
extinguished and GBP0.30 million in cash for working capital
purposes was also received. Subsequent to this transaction a new
financing facility provided by Galloway Limited, a company related
to Burnbrae and which is indirectly wholly owned by a Trust in
which I have a life interest, was initiated and which replaced the
facility provided by myself and Burnbrae.
Investing Strategy
Following the disposal of the Group's interest in Horsfield
Limited and Wyatt Limited, the Group was reclassified as an
Investing Company, in accordance with AIM rules. As an Investing
Company, the Group needed to enter into a suitable investment
within 12 months of adopting its investment policy. As no such
investment had been entered into within the required period,
trading in the shares of the Group was suspended from AIM on 31
July 2014.
Speymill Contracts
As detailed in my report accompanying the Annual Report for
2012, Contracts was placed into administration on 19 December 2012.
At the time of writing, the administration process is still
on-going and we continue to monitor this process with a view to
protecting the group's interests.
Future Developments
The Company continues to actively seek to identify suitable
opportunities to implement the investment policy.
Jim Mellon
Chairman
29 September 2014
Condensed consolidated interim income statement
For the six months ended 30 June 2014
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
----------------------------- ------ ------------ ------------ ----------
Continuing operations
Turnover 2 39 20 56
Cost of sales - - -
----------------------------- ------ ------------ ------------ ----------
Gross profit 39 20 56
------
General administrative
expenses (205) (290) (531)
Total operating costs (205) (290) (531)
----------------------------- ------ ------------ ------------ ----------
Loss from operations (166) (270) (475)
Net finance costs 4 (125) (240) (383)
------------ ------------ ----------
Loss before taxation (291) (510) (858)
Taxation 5 - - -
----------------------------- ------ ------------ ------------ ----------
Loss after taxation
from continuing operations (291) (510) (858)
(Loss)/profit for the
period / year from
discontinued operations 3 (76) 321 248
Loss on disposal of
operations 3 - - (97)
----------------------------- ------ ------------ ------------ ----------
Loss for the period
/ year (367) (189) (707)
----------------------------- ------ ------------ ------------ ----------
Attributable to:
Owners of the Company (367) (195) (711)
Non-controlling interest - 6 4
----------------------------- ------ ------------ ------------ ----------
(367) (189) (707)
----------------------------- ------ ------------ ------------ ----------
Basic loss per share
(pence)
From continuing operations 6 (0.50) (0.87) (1.47)
Diluted loss per share
(pence)
From continuing operations 6 (0.50) (0.87) (1.47)
Condensed consolidated interim statement of comprehensive
income
For the six months ended 30 June 2014
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------- ------------ ------------ ----------
Loss for the period / year (367) (189) (707)
---------------------------------- ------------ ------------ ----------
Other comprehensive income:
Currency translation differences
on foreign operations - 170 245
Total comprehensive loss
for the period / year (367) (19) (462)
---------------------------------- ------------ ------------ ----------
Condensed consolidated interim statement of financial
position
As at 30 June 2014
As at As at As at
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------- ------------ ------------ ----------
Non-current assets
Property, plant and
equipment 2 3 3
Financial assets at
fair value 1 1 1
Total non-current assets 3 4 4
------------------------------- ------- ------------ ------------ ----------
Current assets
Investment property - 18,704 -
Trade and other receivables 1,443 1,065 904
Cash and cash equivalents 3 1,199 15
Total current assets 1,446 20,968 919
Total assets 1,449 20,972 923
------------------------------- ------- ------------ ------------ ----------
Equity
Capital and reserves
Ordinary share capital 584 584 584
Share premium 34 34 34
Share-based payments
reserve - - -
Other income reserve 275 62 275
Retained earnings (4,489) (3,295) (4,122)
------------------------------- ------- ------------ ------------ ----------
Equity attributable
to owners of the Company (3,596) (2,615) (3,229)
Non-controlling interest - (491) -
Total equity (3,596) (3,106) (3,229)
------------------------------- ------- ------------ ------------ ----------
Non-current liabilities
Interest bearing loans - 14,429 -
Derivative financial
instruments - 725 -
Shareholders' loan 9 3,231 6,327 2,783
------------------------------- ------- ------------ ------------ ----------
Total non-current liabilities 3,231 21,481 2,783
------------------------------- ------- ------------ ------------ ----------
Current liabilities
Bank overdraft 41 47 43
Trade and other payables 1,773 2,349 1,326
Interest bearing loans - 201 -
Current tax liabilities - - -
Total current liabilities 1,814 2,597 1,369
Total liabilities 5,045 24,078 4,152
------------------------------- ------- ------------ ------------ ----------
Total equity and liabilities 1,449 20,972 923
------------------------------- ------- ------------ ------------ ----------
Condensed consolidated interim statement of changes in
equity
For the six months ended 30 June 2014
Attributable
Ordinary Share-based Other Retained to owners
share Share payment income earnings/ of Non-controlling Total
the
capital premium reserve reserves (loss) parent interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- --------
Balance at 31
December 2012
(audited) 584 34 123 (108) (3,223) (2,590) (497) (3,087)
(Loss) / profit
for the period - - - - (195) (195) 6 (189)
Other
comprehensive
income for the
period:
Currency
translation
differences on
foreign
operations - - - 170 - 170 - 170
Transactions
with
owners,
recorded
directly in
equity:
Lapsed /
forfeited
share options - - (123) - 123 - - -
Balance at 30
June 2013
(unaudited) 584 34 - 62 (3,295) (2,615) (491) (3,106)
---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- --------
Loss for the
period - - - - (516) (516) (2) (518)
Other
comprehensive
income for the
period:
Currency
translation
differences on
foreign
operations - - - 75 - 75 - 75
Revaluations
realised
on disposal of
subsidiaries 320 (493) (173) 493 320
Transactions
with
owners,
recorded
directly in
equity:
Transfer prior
year reserve - - - (182) 182 - - -
Balance at 31
December 2013
(audited) 584 34 - 275 (4,122) (3,229) - (3,229)
---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- --------
Loss for the
period - - - - (367) (367) - (367)
Balance at 30
June 2014
(unaudited) 584 34 - 275 (4,489) (3,596) - (3,596)
---------------- --------- -------- ------------ --------- ----------- ------------- ---------------- --------
Condensed consolidated statement of cash flows
For the six months ended 30 June 2014
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------ ------ ------------ ------------ ----------
Cash flows from operating
activities
Net cash inflow / (outflow)
from operations (331) 39 (855)
Taxation paid - 13 15
------------------------------------ ------ ------------ ------------ ----------
Net cash inflow / (outflow)
from operating activities (331) 52 (840)
------------------------------------ ------ ------------ ------------ ----------
Cash flows from investing
activities
Cash held by subsidiary
on disposal - - (1,020)
Proceeds received on disposal
of subsidiaries 300
Net purchase and disposal
of property, plant and equipment - - -
------------------------------------ ------ ------------ ------------ ----------
Net cash inflow from investing
activities - - (720)
------------------------------------ ------ ------------ ------------ ----------
Cash flows from financing
activities
Shareholders' loan drawdowns 9 347 383 1,233
Shareholders' loans repayments 9 (23) (17) (340)
Sale of own shares - - -
Repayment of interest bearing
loans - (95) (144)
Interest paid - (369) (435)
------------------------------------ ------ ------------ ------------ ----------
Net cash (outflow) / inflow
from financing activities 324 (98) 314
------------------------------------ ------ ------------ ------------ ----------
Net (decrease) / increase
in cash and cash equivalents (7) (46) (1,246)
------------------------------------ ------ ------------ ------------ ----------
Translation effect of exchange
rate fluctuation on cash
held (3) 46 66
Cash and cash equivalents
at beginning of period/year (27) 1,152 1,152
------------------------------------ ------ ------------ ------------ ----------
Net cash and cash equivalents
at end of period/year (37) 1,152 (28)
------------------------------------ ------ ------------ ------------ ----------
Cash and cash equivalents
comprise
Bank balances 3 1,199 15
Bank overdraft used for
cash management purposes (41) (47) (43)
------------------------------------ ------ ------------ ------------ ----------
Cash and cash equivalents
in the statement of cash
flows (38) 1,152 (28)
------------------------------------ ------ ------------ ------------ ----------
Reconciliation of profit
from operations and discontinued
activities to net cash flow
from operations
Profit / (loss) from operations
including discontinued activities (241) 119 (96)
Adjusted for:
Depreciation of tangible
assets 1 1 1
Revaluation of financial
assets at fair value - - -
(Increase) / decrease in
receivables (41) (87) (8)
Increase / (decrease) in
payables (50) 6 (752)
------------------------------------ ------ ------------ ------------ ----------
Net cash inflow / (outflow)
from operations (331) 39 (855)
------------------------------------ ------ ------------ ------------ ----------
Notes to the condensed consolidated interim financial
statements
For the six months ended 30 June 2014
1 Reporting entity
Speymill plc is a public limited company incorporated and
domiciled in the Isle of Man (referred to as the Company). The
address of the Company's registered office is 1st Floor, Regent
House, 16-18 Ridgeway Street, Douglas, Isle of Man, IM1 1EN.
The condensed consolidated interim financial statements of the
Company as at and for the six months ended 30 June 2014 comprises
the Company and its subsidiaries (together referred to as the
"Group" and individually as "Group entities"). The Group was
primarily involved in real estate investment and construction
operations but, following approval by the shareholders at a general
meeting held on 30 July 2013, the Company is now an Investing
Company.
1.1 Basis of preparation
(a) Statement of compliance
The condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 "Interim Financial
Reporting". They do not include all the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Group as at and
for the year ended 31 December 2013.
The accounting policies applied in the preparation of this
interim report are the same as those applied in the annual report
to 31 December 2013.
Going concern
As highlighted in the Chairman's statement, the unaudited
consolidated balance sheet at 30 June 2014 shows a net liabilities
position of GBP3.596m (31 December 2013: net liabilities of
GBP3.229m). The reduced net asset position is a consequence of the
ongoing cost of operating and maintaining the Group whilst a
suitable new investment opportunity is identified. The Board has
secured additional financing through a shareholder loan
facility.
As announced on 27 June 2013, the funding facility provided by
Galloway Limited ("Galloway") (a company related to both Jim Mellon
and Burnbrae Limited and indirectly wholly owned by a Trust in
which Jim Mellon has a life interest) was extended until 30 June
2015. The facility has a limit of GBP3,500,000 with interest
charged at 8% and an underwriting fee of 3% charged on all advances
(except for the initial advance). Galloway has the right to convert
the debt into ordinary shares in the company at a price based on
the average closing price of the shares for the five working days
prior to the date of conversion, subject to a maximum price of
GBP0.01 per ordinary share.
As an Investing Company, the Group needed to enter into a
suitable investment within 12 months of adopting its investment
policy. As no such investment had been entered into within the
required period, trading in the shares of the Group was suspended
from AIM on 31 July 2014. The directors continue to seek to
identify a suitable investment.
The condensed consolidated interim financial statements were
authorised for issuance on 29 September 2014.
(b) Basis of measurement and functional currency
The Group condensed consolidated interim financial statements
are presented in Pounds Sterling, rounded to the nearest thousand.
They have been prepared on the historical cost basis except where
assets and liabilities are required to be stated at their fair
value.
(c) Use of estimates and judgement
The preparation of Group consolidated interim financial
statements in conformity with International Financial Reporting
Standards (IFRS) requires management to make judgments, estimates
and assumptions that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The
estimates and associated assumptions are based on historical
experience, current and expected economic conditions, and in some
cases actuarial techniques and various other factors that are
believed to be reasonable under the circumstances, the results of
which form the basis of making the judgments about carrying values
of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates.
The significant judgments made by management in applying the
Group's accounting policies and key sources of estimation of
uncertainty were the same as those that were applied to the
consolidated financial statements as at and for the year ended 31
December 2013.
(d) Determination and presentation of operating segments
The Group determines and presents operating segments based on
the information that internally is provided to the CEO, who is the
Group's chief operating decision maker. This accounting policy
reflects the Group's adoption of IFRS 8 Operating Segments which
took effect from 1 January 2009.
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with any of the Group's other components. An operating
segment's operating results are reviewed regularly by the CEO to
make decisions about resources to be allocated to the segment and
assess its performance, and for which discrete financial
information is available.
Segment results that are reported to the CEO include items
directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise mainly
corporate assets (primarily the Company's headquarters) and office
expenses.
Segment capital expenditure is the total cost incurred during
the period to acquire property, plant and equipment and intangible
assets other than goodwill.
(e) Investment property
The investment properties are valued at their fair value as per
the latest available valuation. The Directors review the carrying
value of investment properties periodically taking into account
factors such as the current economic environment.
The Investment properties are held within Horsfield Limited and
Wyatt Limited and, as detailed previously, disposal of these two
subsidiaries was approved by the shareholders at a general meeting
held on 30 July 2013. Consequently, the investment properties were
classified as current assets in the statement of financial
position.
(f) Non-current Assets Held for Sale and Discontinued
Operations
The Group has adopted IFRS 5 Non-current Assets Held for Sale
and Discontinued Operations to account for the presentation of
discontinued operations. Disclosure has been made of the operating
results of discontinued operations and continuing operations.
(g) Financial risk management
The Group's financial risk management objectives and policies
are consistent with those disclosed in the financial statements as
at 30 June 2014 and for the year ended 31 December 2013.
2 Segmental information - continuing operations
In respect of its continuing operations, the Group has one
reportable segment, as described below, which is the Group's
strategic business unit. The strategic business unit offers
different products and services, and is managed separately because
it requires different technology and marketing strategies. The
operations of the Group's reportable segment are as follows:
-- Other - head office and group administration costs
Other Elimination Total
For the six months ended GBP'000 GBP'000 GBP'000
30 June 2014
-------------------------------- -------- ------------ --------
External revenue 39 - 39
Inter-segment revenue - - -
-------------------------------- -------- ------------ --------
Total segment revenue 39 - 39
-------------------------------- -------- ------------ --------
Reportable segment loss
from operations before
share-based payments (166) - (166)
Finance income - - -
Finance costs (125) - (125)
-------------------------------- -------- ------------ --------
Reportable segment loss
before tax (291) - (291)
-------------------------------- -------- ------------ --------
Depreciation - - -
Reportable segment assets 621 (28) 593
Reportable segment liabilities (5,027) 22 (5,005)
Segment capital expenditure - - -
-------------------------------- -------- ------------ --------
Other Elimination Total
For the six months ended GBP'000 GBP'000 GBP'000
30 June 2013
-------------------------------- -------- ------------ --------
External revenue 20 - 20
Inter-segment revenue - - -
-------------------------------- -------- ------------ --------
Total segment revenue 20 - 20
-------------------------------- -------- ------------ --------
Reportable segment loss
from operations before
share-based payments (270) - (270)
Finance income 231 (231) -
Finance costs (240) - (240)
-------------------------------- -------- ------------ --------
Reportable segment loss
before tax (279) (231) (510)
-------------------------------- -------- ------------ --------
Depreciation - - -
Reportable segment assets 14,396 (14,272) 124
Reportable segment liabilities (8,433) 123 (8,310)
Segment capital expenditure - - -
-------------------------------- -------- ------------ --------
Other Elimination Total
For the twelve months GBP'000 GBP'000 GBP'000
ended 31 December 2013
-------------------------------- -------- ------------ --------
External revenue 56 - 56
Inter-segment revenue 8 (8) -
-------------------------------- -------- ------------ --------
Total segment revenue 64 (8) 56
-------------------------------- -------- ------------ --------
Reportable segment loss
from operations before
share-based payments (475) - (475)
Finance income 270 (270) -
Finance costs (383) - (383)
-------------------------------- -------- ------------ --------
Reportable segment loss
before tax (588) (270) (858)
-------------------------------- -------- ------------ --------
Depreciation - - -
Reportable segment assets 88 (31) 57
Reportable segment liabilities (4,205) 104 (4,101)
Segment capital expenditure - - -
-------------------------------- -------- ------------ --------
As at As at As at
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
Reportable segment assets
and liabilities reconciliation GBP'000 GBP'000 GBP'000
--------------------------------- ------------ ------------ ----------
Segment assets for reportable
segments 593 124 57
Segment assets for discontinued
operations 856 20,848 866
--------------------------------- ------------ ------------ ----------
Total assets per the
balance sheet 1,449 20,972 923
--------------------------------- ------------ ------------ ----------
Segment liabilities for
reportable segments (5,005) (8,310) (4,101)
Segment liabilities for
discontinued operations (40) (15,768) (51)
--------------------------------- ------------ ------------ ----------
Total liabilities per
the balance sheet (5,045) (24,078) (4,152)
--------------------------------- ------------ ------------ ----------
3 Discontinued operations information
The Group has determined that five lines of business meet the
criteria to be treated under IFRS 5 as non-current assets held for
sale or discontinued operations. The results of these lines of
business are set out below under the heading discontinued
operations. The Group's five business segments treated as
discontinued operations are as follows:
-- United Kingdom construction and refurbishment
-- Property investment
-- Property services business
-- Property fund management business
-- Other
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------- ------------ ------------ ----------
Discontinued operations
Turnover 10 769 906
Expenses (86) (466) (677)
---------------------------------- ------------ ------------ ----------
(Loss)/ profit before
tax of discontinued operations (76) 303 229
Loss on disposal of discontinued
activities - - (97)
Taxation - 18 19
---------------------------------- ------------ ------------ ----------
(Loss)/ profit after tax
from discontinued operations (76) 321 151
---------------------------------- ------------ ------------ ----------
Earnings / (loss) per share (pence) (note 6)
Basic (loss)/ earnings per ordinary share (pence) (0.13) 0.54 0.25
Diluted (loss)/ earnings per share (pence) (0.13) 0.54 0.25
--------------------------------------------------- ------- ----- -----
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
Cash flows of discontinued
operations GBP'000 GBP'000 GBP'000
---------------------------- ------------ ------------ ----------
Operating cash flows (11) 1,183 735
Investing cash flows (1) (531) (1,164)
Financing cash flows - (600) (703)
---------------------------- ------------ ------------ ----------
Total cash flows (12) 52 (1,132)
---------------------------- ------------ ------------ ----------
Segmental information - discontinuing & discontinued
operations
Discontinued Discontinuing Discontinuing
property property property
fund
investment services management Other Elimination Total
For the six
months ended
30 June 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------------- -------------- -------------- -------- ------------ --------
External revenue - 10 - - - 10
Inter-segment - - - - - -
revenue
---------------------- -------------- -------------- -------------- -------- ------------ --------
Total segment
revenue - 10 - - - 10
---------------------- -------------- -------------- -------------- -------- ------------ --------
Reportable
segment loss
from operations
before share-based
payments - (76) - - - (76)
Share-based - - - - - -
payments
Finance income - - - - - -
Finance costs - - - - - -
---------------------- -------------- -------------- -------------- -------- ------------ --------
Reportable
segment loss
before tax - (76) - - - (76)
---------------------- -------------- -------------- -------------- -------- ------------ --------
Depreciation - (1) - - - (1)
Reportable
segment assets - 871 1 - (16) 856
Reportable
segment liabilities - (40) - - - (40)
Segment capital
expenditure - - - - - -
---------------------- -------------- -------------- -------------- -------- ------------ --------
Discontinued Discontinuing Discontinuing
property property property
fund
investment services management Other Elimination Total
For the six
months ended
30 June 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------------- -------------- -------------- -------- ------------ ---------
External revenue 759 10 - - - 769
Inter-segment - - - - - -
revenue
---------------------- ------------- -------------- -------------- -------- ------------ ---------
Total segment
revenue 759 10 - - - 769
---------------------- ------------- -------------- -------------- -------- ------------ ---------
Reportable
segment profit
/ (loss) from
operations
before share-based
payments 427 (36) - (3) - 388
Share-based - - - - - -
payments
Finance income 290 - - - - 290
Finance costs (606) - - - 231 (375)
---------------------- ------------- -------------- -------------- -------- ------------ ---------
Reportable
segment profit
/ (loss) before
tax 111 (36) - (3) 231 303
---------------------- ------------- -------------- -------------- -------- ------------ ---------
Depreciation - (1) - - - (1)
Reportable
segment assets 19,971 993 1 6 (123) 20,848
Reportable
segment liabilities (29,989) (25) - (5) 14,251 (15,768)
Segment capital
expenditure - - - - - -
---------------------- ------------- -------------- -------------- -------- ------------ ---------
Discontinued Discontinuing Discontinuing
property property property
fund
investment services management Other Elimination Total
For the twelve
months ended
31 December
2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------------- -------------- -------------- -------- ------------ --------
External revenue 886 20 - - - 906
Inter-segment - - - - - -
revenue
---------------------- ------------- -------------- -------------- -------- ------------ --------
Total segment
revenue 886 20 - - - 906
---------------------- ------------- -------------- -------------- -------- ------------ --------
Reportable
segment profit
/ (loss) from
operations
before share-based
payments 588 (112) - - - 476
Share-based - - - - - -
payments
Finance income 290 - - - - 290
Finance costs (711) 1 - - 270 (440)
---------------------- ------------- -------------- -------------- -------- ------------ --------
Reportable
segment profit
/ (loss) before
tax 167 (111) - - 270 326
---------------------- ------------- -------------- -------------- -------- ------------ --------
Depreciation - (1) - - - (1)
Reportable
segment assets - 960 1 - (95) 866
Reportable
segment liabilities - (51) - - - (51)
Segment capital
expenditure - - - - - -
---------------------- ------------- -------------- -------------- -------- ------------ --------
4 Net finance costs
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
Finance costs of continuing
operations GBP'000 GBP'000 GBP'000
----------------------------- ------------ ------------ ----------
Finance costs
Bank charges and interest
payable (1) (1) (2)
Shareholder loan interest
and facility fees (note
9) (124) (239) (381)
Net finance costs (125) (240) (383)
----------------------------- ------------ ------------ ----------
5 Taxation
There is no tax charge on continuing operations for the six
months ended 30 June 2014 (year ended 31 December 2013 - nil). This
results from the fact that either operations are conducted in tax
jurisdictions with a 0% tax rate for companies or that operations
did not generate any taxable profits during the period, taking into
account any available allowances and brought forward tax
losses.
6 Loss per ordinary share
6 months to 6 months to 12 months to
30 June 2014 30 June 2013 31 Dec 2013
(unaudited) (unaudited) (audited)
From continuing operations GBP'000 GBP'000 GBP'000
------------------------------------------------------- ------------- ------------- -------------
Loss for the period/year from continuing operations (291) (510) (858)
------------------------------------------------------- ------------- ------------- -------------
No. No. No.
Basic weighted average number of shares in issue 58,389,555 58,389,555 58,389,555
Employee share options and provisions for share issue - - -
------------------------------------------------------- ------------- ------------- -------------
Basic loss per ordinary share (pence) (0.50) (0.87) (1.47)
Dilutive effect of employee share options - - -
------------- -------------
Diluted loss per share (pence) (0.50) (0.87) (1.47)
------------------------------------------------------- ------------- ------------- -------------
7 Called up share capital
6 months to 6 months to 12 months to
30 June 2014 30 June 2013 31 Dec 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- ------------- -------------
Authorised
------------- ------------- -------------
500,000,000 ordinary shares of 1p each 5,000 5,000 5,000
---------------------------------------- ------------- ------------- -------------
No. No. No.
---------------------------------------- ------------- ------------- -------------
Issued and fully paid
At beginning of period/year 58,389,555 58,389,555 58,389,555
Exercise of share options - - -
----------------------------------------
At end of period/year 58,389,555 58,389,555 58,389,555
---------------------------------------- ------------- ------------- -------------
8 Guarantees and other financial commitments
As is normal within the construction sector, the Group has given
Parent Company Guarantees in relation to work completed by Speymill
Contracts and has provided performance bonds with a value of
GBP936,158 (31 December 2013: GBP936,158) that are still
outstanding while Speymill Contracts is in administration. The
Group had no capital commitments (31 December 2013: GBPnil).
9 Related party transactions
Loan facility
As set out in the Annual Report for 31 December 2013, announced
on 27 June 2014, the Company extended the shareholder loan facility
from Galloway Limited. The overall limit of the principal on the
loan facility is GBP3.5m and it will expire on 30 June 2015.
Further details were set out in the Annual Report. As at 30 June
2013, the total balance of the facility utilised was GBP3.23m
including principal, facility fees and accrued interest.
Details of transactions with Burnbrae Limited are as
follows:
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------ ------------ ------------ ----------
Income:
Burnbrae Limited 39 20 56
39 20 56
------------------ ------------ ------------ ----------
Expenses:
Burnbrae Limited (71) (83) (166)
(71) (83) (166)
------------------ ------------ ------------ ----------
Amounts owed to Burnbrae Limited at 30 June 2014 were GBP23,400
(31 December 2013: GBPnil).
10 Subsequent events
On 31 July 2014, trading in the shares of Speymill plc was
suspended from AIM.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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