DGAP-News: Haldane McCall Plc: Haldane McCall PLC announces audited accounts for Q3
(firmenpresse) - DGAP-News: Haldane McCall Plc / Key word(s): Quarter
Results/Preliminary Results
Haldane McCall Plc: Haldane McCall PLC announces audited accounts for
Q3
14.12.2011 / 17:30
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Press Release
Haldane McCall PLC announces audited accounts for Q3
Ticker Symbol: HMK
WKN: A1JJA7
London, 14th December 2011
Haldane McCall PLC reports its Q3 Results for the nine months that ended 30
September 2011.
Haldane McCall PLC ownes and operates among others, the Best Western Hotel
Brand in Nigeria, Suru Express Hotels in West Africa , Johnson Product of
Nigeria , Suru Homes Limited and Independent Prolific Micro Finance Bank.
Results Highlights
Huge revenue from emerging market, fast growing operations and profitable
company with strong and reliable earnings.·Profit before tax (PBT) increased to EUR3m* ahead of projections for
the quarter.·Turnover increased to EUR20.1m ahead of quarter three projections by
EUR5m.·Property portfolio revalued by Ubosi Eleh and Co, Chartered Estate
Surveyor at EUR119m. This is EUR19 million higher than that stated
in the financial statements.
. Net Assets up by EUR2.5m to EUR73.1m (31 December 2010: EUR70.6m)·LTV reduced across the portfolio to 46% (31 December 2010: 53%)
*Excluding property revaluation, and costs incurred for advice relating to
the asset management agreement.·On track to deliver EUR1.25m of cost savings for the full year.·Strong demand for hotel rooms, occupancy rate up 7% year on year.·Good property disposals agreed during the period, and completed
after the period and capacity to make further disposals in a profitable and
timely manner.·Good progress on agreeing new management structure.
. On track to outperform projections across the group for the full
year.
Directors' Report
For the nine months that ended 30 September, 2011
'Overall, the business is in a healthy position and is trading in line with
our expectations. Notwithstanding the progress made to date, the management
continued to implement the core objectives of retaining key clients in our
hotels, increasing occupancy, and generating cost efficiencies.' Edward
Akinlade
Business of the Group
Haldane McCall PLC was incorporated in February 2011 and immediately merged
with Suru Group Ltd. ('SGL'). SGL was incorporated in November 2008 as a
private limited company.
The management had earlier commenced trading in real estate which later
became the real estate sector of SGL. The group had procured credit via its
real estate arm and invested in real estate, hospitality and manufacturing.
Initial Funding came from Merrill Lynch.
Introduction
I am pleased to announce the Group's quarter three results for the nine
months that ended on the 30th of September 2011. The Group performed well
during the period delivering a strong performance, selling approximately
double the homes sold in the comparable period last year, which offset the
expected completions over the summer. We therefore kept up the momentum of
increasing occupancy which started at the beginning of 2011, an improvement
of nearly 7 percentage points to 30 September 2011. Alongside this, good
progress has been made on improving cost recovery and efficiencies across
the business, and although one-off cost have impacted profits in this
period, the benefits of the programmes in place are starting to be seen and
are expected to be felt more significantly in the next financial year.
The management team continues to implement the targets of driving occupancy
towards and beyond 80%, whilst also reducing direct costs and improving
recovery.
Results
Turnover for the period was EUR20.1 million and profit after tax was
EUR2.40 million, both in line with our 5 years projections. As of
September 30th, 2011, the portfolio of properties was revalued at EUR119.4
million. This is EUR19 million higher than that stated in the financial
statements; this will be fully reflected in the full year financial
statements.
During the nine months to September 30th 2011 capital expenditure was
restrained, with the Group investing in upgrading the portfolio, due to the
initial development phase of the business being largely completed at the
outset of 2011.
Net Asset Value (NAV)
The portfolio has been independently valued by Ubosi Eleh and Co, Chartered
Estate Surveyor as of September 30th 2011 at EUR119.4 million.
Dividend
As reported previously, the Group's focus is on driving rental income,
occupancy and efficiency across the business so that the payment of a
progressive dividend can be reinstated when appropriate. We are therefore
not proposing to make an interim dividend payment, but will continue to
review this policy quarterly.
Finance
As of September 30th 2011 Haldane McCall PLC's borrowings, excluding
capitalized loan costs, totalled EUR54.4 million (31 December 2010:
EUR58.5m) representing an LTV of 45.60% (31 December 2010: 53.2%). The
Board is therefore confident that the Group has the flexibility to manage
its borrowings.
Asset Management
As the leading operator of branded businesses, The Group provides flexible
solutions to both business and private clients in West Africa and the UK,
Haldane McCall PLC remains in a good position. During the period the Asset
Management team continued successfully to implement the strategy of
increasing occupancy and driving efficiency levels across the portfolio.
Outlook
To date, 2011 has seen the Group deliver on its objectives. Occupancy has
increased by nearly 7 percentage points since the beginning of the calendar
year and significant cost savings are now coming through. This, combined
with the fundamental strength of the unique Haldane McCall PLC business
model, puts the Group in a strong financial position. We are currently
trading in line with our expectations; we remain focused on our key
objectives and look forward to delivering a positive result for the full
year.
Please send enquiries to: info(at)haldanemccallplc.com or visit our website:
www.haldanemccallplc.com
Edward Akinlade, December 12 2011
End of Corporate News
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