Source - RNS
RNS Number : 7494J
MartinCo PLC
14 September 2016
 



MARTINCO PLC

 

(the "Company" or the "Group")

 

Interim Results for the six months ended 30 June 2016

 

EBITDA up 31% as the Group benefits from continued revenue growth and operational gearing

 

MartinCo Plc, one of the UK's largest property franchises, today announces its interim results for the period ended 30 June 2016.

 

 

FINANCIAL HIGHLIGHTS

 

·     

Revenue increased by 12% to £3.7m (H1 2015: £3.4m)

·     

Management Service Fees (royalties) increased by 10% to £3.2m (H1 2015: £2.9m)

·     

Operating profit increased by 22% to £1.6m (H1 2015: £1.3m before exceptional costs)

·     

Operating margin of 42% (H1 2015: 38% before exceptional costs)

·     

Strong balance sheet with a net cash position of £4.5m at 30 June 2016 (H1 2015: £3.8m)

·     

Earnings per share increased by 36% to 5.7p per share (H1 2015: 4.2p)

·     

Interim dividend increased by 11% to 2.0p per share (H1 2015: 1.8p)

 

 

OPERATIONAL HIGHLIGHTS

 

·     

289 trading offices (H1 2015: 284)

·     

271 offices offering Estate Agency service (H1 2015: 253)

·     

46,000 tenanted managed properties (H1 2015: 44,000)

·     

7 new franchisees recruited (H1 2015: 7)

·     

4 new offices opened (H1 2015: 5), further 3 offices preparing to open (H1 2015: 7)

 

 

Ian Wilson, CEO commented:

 

"I am delighted to announce this very strong performance in the first half of the year which reflects the significant strategic growth achieved over the period.

 

"The Company is in its strongest position since its admission to trading on AIM in 2014 and considering the current momentum, the Board remains confident of future progress for the benefit of shareholders and other stakeholders."

 

MartinCo management will host a conference call for analysts today at 9.30am (BST). Analysts who wish to join should dial in on + 44 (0)20 3059 8125 and request the MartinCo conference call.

 

For further information, please contact:

 

MartinCo PLC                                                        01202 292829

Ian Wilson, Chief Executive Officer

David Raggett, Chief Financial Officer

 

Cenkos Securities plc                                            0207 397 8925

Max Hartley(Nomad), Alex Aylen (Sales)

 

Bell Pottinger                                                         020 3772 2500

David Rydell, Henry Lerwill

 

 

 

Chief Executive's Review

 

Our strategy since IPO has been to acquire property franchisors which we can consolidate into a common cost base to achieve operational gearing. The success of the Company's strategy is evidenced by a further improvement in our operating margin to 42% and earnings per share of 5.7p.

 

The integration of two property franchisors and the associated four property brands acquired as "Xperience" is now complete, with scope for further operational gearing if the right targets present themselves. We have a strong balance sheet, unused debt facility (at period end) and proven track record as a consolidator of other property franchisors.

Our acquisition of EweMove Sales and Lettings Limited ("EweMove") last week is a natural evolution of our multi brand strategy.

EweMove is a 21st century generation hybrid/on-line estate and letting agent which has enjoyed tremendous growth since it launched to the public in January 2014, with 85 active franchisees as of 30 June 2016.

A hybrid agent operates a scalable central technology platform and operational hub to support local property experts / franchisees.

The Directors believe that there is capacity in the UK market for substantial growth in the number of local property experts. We will exploit our existing infrastructure and experience to support and accelerate this growth, whilst leveraging the acquired marketing and technology know-how across the rest of the Group.

EweMove is the UK's Most Trusted Estate Agent and Letting Agent on Trustpilot, reflecting the service led nature of the EweMove proposition, where consumers only pay based upon results rather than being asked to pay a non-contingent upfront fee model operated by most other online agents.

EweMove is now generating cash, there is no debt and further growth should be self-funding. It will continue to operate from its own HQ in Yorkshire to preserve its distinctive cultural and brand identity. However, the two founders have taken up senior positions within the Group to improve on-line marketing and technology capability across all six of our brands.

Market conditions became challenging as the Brexit vote approached and, whilst uncertainty remains, there are now signs of recovery in lettings transactions. Estate agency activity is mildly depressed in London and the South compared to the same period in 2015 but activity in the Midlands and North remains in line with our budgetary expectations.

 

No other property franchise combines both our scale of operation with a portfolio of six property brands, one established in 1850. Martin & Co is a national lettings brand which has successfully developed an estate agency capability, mainly buying and selling investment properties as a defensive play. The four "Xperience" brands are well-regarded within their regional bases, and we are now a player in the rapidly developing hybrid/on-line space. We remain confident about trading results for the full year and excited about growth prospects for 2017.

 

I am delighted to announce that we have again increased our interim dividend in line with our progressive dividend policy stated at IPO. This year we will pay 2p (1.8p H1 2015) on 7 October 2016 to shareholders on the register on 23 September 2016. The shares will be marked ex-dividend on 22 September 2016.

 

 

Ian Wilson, Chief Executive Officer

 

 

 

Financial Review

 

Revenue

 

Revenue for the six months ended 30 June 2016 was £3.74m (H1 2015: £3.35m), an increase of £0.39m (12%) over the comparative period. Strong and consistent growth in management service fees (royalties) contributed £0.30m (increase of 10% over H1 2015) and franchise sales increased £0.07m (a 50% increase over H1 2015).

 

Management service fees from lettings continued to grow steadily at 7%, accounting for 50% of the increase in total management service fees, whilst management service fees from sales, driven by the stamp duty change in April 16 and no general election (a factor in H1 2015) increased by 24%. The outcome of the referendum has had a dampening effect on house transactions whilst lettings appear to be recovering from a short lived downturn. That said, significant uncertainty still remains with regards to the impact of a Brexit vote on our sector as it does for many.

 

Operating profit

 

Operating profit increased by 22% to £1.6m for the six months ended 30 June 2016 (H1 2015: £1.3m before exceptional costs).

 

Administrative costs have been closely controlled and only increased by 3% over the comparative period. The operating margin increased to 42% (H1 2015: 38% before exceptional costs).

 

EBITDA

 

The Group's EBITDA was £1.7m (H1 2015: £1.3m), an increase of £0.4m (31%) over the comparative period.

 

Earnings per share

 

Earnings per share for the six months ended 30 June 2016 was 5.7p (H1 2015:  4.2p). The income attributable to owners was £1.2m (H1 2015: £0.9m).

 

Dividends

 

The Board intends to continue to pursue a progressive dividend policy providing an attractive yield to shareholders. Whilst the Group utilised £3m of its cash balance post period end to acquire the entire issued share capital of Ewemove Sales and Lettings Limited ("EweMove"), its strong cash generation has allowed it to continue with this policy. The interim dividend has been increased by 11% over last year to 2.0p per share (H1 2015 1.8p per share) is payable on 7 October 2016 and the board expects the dividend cover for the full year to remain comfortably above 1.5 times earnings going forward.

 

Cash flow

 

The net cash inflow from operating activities in the first six months of 2016 was £1.3m (H1 2015: £0.9m). Profit before tax was £0.4m higher than the comparative period. 

 

Cash generated from investing activities for the six months ended 30 June 2016 was £0.03m (H1 2015: £0.3m) which relates to the continued receipts of deferred consideration on owned offices disposed of in a previous year. The comparative period also included disposal proceeds from Saltaire of £0.3m.

 

In the first 6 months of 2016 the Group made bank loan repayments of £0.25m and paid a final dividend of £0.9m for the year ended 31 December 2015.

 

Overall cash increased in the first six months of 2016 by £0.2m (H1 2015: £0.4m).

 

Liquidity

 

The Group had cash balances of £4.5m at 30 June 2016 compared to £3.8m at 30 June 2015. The Group also had unutilised bank loan facilities of £3.25m at 30 June 2016 (30 June 2015: £2.75m).

 

Financial position

 

The Group continues to be strongly cash generative which combined with its robust balance sheet, and, at period end, unutilised bank loan facilities puts it in a strong position to fulfil the acquisition element of its strategic plan. This has been demonstrated post period end with the acquisition of the entire issued share capital of EweMove on 5 September 2016.

 

Significant events post period end

 

The Group bought EweMove, a hybrid estate agent, for a total consideration of up to £15m on 5th September 2016. It paid £5m in cash on completion, drawing down £2m from its facility with Santander UK plc, and issued £3m of new ordinary shares to the owners which are locked in for 24 months. Up to a further £7m ("Deferred Payment") may be payable after the Group's Financial Statements for FY18 are approved by the Board, dependent on performance criteria linked to EBITDA for the enlarged Group. The Deferred Payment can be paid in cash and/or by the issue of new ordinary shares at the Company's discretion.

 

David Raggett, Chief Financial Officer

MARTINCO PLC

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016




Unaudited


Unaudited


Audited




6 Months Ended


6 Months Ended


12 Months Ended




30.06.16

30.06.15


31.12.15


Notes


£


£


£

CONTINUING OPERATIONS








Revenue

6


3,741,409


3,353,937


7,130,967

Cost of sales



(232,859)


(177,839)


(356,844)









GROSS PROFIT



3,508,550


3,176,098


6,774,123

Administrative expenses



(1,950,127)


(1,895,291)


(3,880,629)












1,558,423


1,280,807


2,893,494

Exceptional items

7


-


(114,704)


(166,069)

OPERATING PROFIT



1,558,423


1,166,103


2,727,425

Finance income



32,039


29,271


50,914

Finance costs



(37,697)


(43,401)


(85,572)









PROFIT BEFORE INCOME TAX



1,552,765


1,151,973


2,692,767









Tax expense

8


(307,804)


(233,169)


(538,667)









PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS









1,244,961

918,804


2,154,100

 

 

Earnings per share (pence)

            9


5.7p


4.2p


9.8p

 

 








Diluted earnings per share (pence)

9


5.4p


4.0p


9.4p

















MARTINCO PLC

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

AS AT 30 JUNE 2016

 





Unaudited


Unaudited


Audited





As at


As at


As at





30.06.16

30.06.15

31.12.15


Notes


£


£


£

ASSETS









NON-CURRENT ASSETS









Intangible assets


11


5,898,112


6,149,508


6,014,336

Property, plant and equipment




134,981


89,149


140,241

 

 




6,033,093


6,238,657


6,154,577

CURRENT ASSETS









Trade and other receivables


12


994,976


977,824


912,183

Cash and cash equivalents




4,507,698


3,761,512


4,346,054





5,502,674


4,739,336


5,258,237

TOTAL ASSETS




11,535,767


10,977,993


11,412,814










EQUITY









SHAREHOLDERS' EQUITY









Share capital


13


220,000


220,000


220,000

Share premium




3,790,000


3,790,000


3,790,000

Other reserves


14


116,665


35,477


134,560

Retained earnings




3,835,214


2,652,957


3,492,253

TOTAL EQUITY




7,961,879


6,698,434


7,636,813










LIABILITIES









NON-CURRENT LIABILITIES









Borrowings


15


1,250,000


1,750,000


1,500,000

Deferred tax




557,312


675,669


558,001





1,807,312


2,425,669


2,058,001

CURRENT LIABILITIES









Borrowings


15


500,000


500,000


500,000

Trade and other payables


16


903,822


962,494


916,924

Tax payable




362,754


391,396


301,076





1,766,576


1,853,890


1,718,000

TOTAL LIABILITIES




3,573,888


4,279,559


3,776,001

TOTAL EQUITY AND LIABILITIES




11,535,767


10,977,993


11,412,814

 

 

MARTINCO PLC

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 



Called up share capital

(note 13)

Retained earnings

Share premium

 

Other reserves

(note 14)


   Total equity





£

£

£

£


£

















Balance at 1 January 2015 (audited)


220,000

2,328,153

3,790,000

(61,406)


6,276,747

 

Profit and total comprehensive income


--

918,804

--

--


918,804

Dividends paid (note 10)



(594,000)




(594,000)

Deferred tax on share based payments


--

--

--

96,883


 

96,883

 

Total transactions with owners


--

(594,000)

--

96,883


(497,117)

 

Balance at 30 June 2015 (unaudited)


220,000

2,652,957

3,790,000

35,477


6,698,434

 

Profit and total comprehensive income


--

1,235,296

--

--


1,235,296

Dividends paid (note 10)


--

(396,000)

--

--


(396,000)

Deferred tax on share based payments


--

--

--

99,083


99,083

Total transactions with owners


--

(396,000)

--

99,083


(296,917)

 

Balance at 31 December 2015 (audited)


220,000

3,492,253

3,790,000

134,560


7,636,813

 

Profit and total comprehensive income


--

1,244,961

--

--


1,244,961

Dividends paid (note 10)


--

(902,000)

--

--


(902,000)

Deferred tax on share based payments


--

--

--

(17,895)


(17,895)









Total transactions with owners


--

(902,000)

--

(17,895)


(919,895)

 

Balance at 30 June 2016 (unaudited)


220,000

3,835,214

3,790,000

116,665


7,961,879

 

 

MARTINCO PLC

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016






Unaudited


Unaudited


Audited

 






6 Months Ended


6 Months Ended


12 Months Ended

 






30.06.16


30.06.15


31.12.15

 






£


£


£

 

Cash flows from operating activities









 











 

Profit before income tax





1,552,765


1,151,973


2,692,767

 

Depreciation and amortisation charges




133,013


129,137


259,607

 

Profit on disposal of intangible assets




--


(1,152)


14,194

 

Finance costs




37,697


43,401


85,572

 

Finance income





(32,039)


(29,271)


(50,914)

 











 

Operating cash flow before changes in working capital


1,691,436


1,294,088


3,001,226

 











 

Increase in trade and other receivables



(101,092)


(30,029)


(15,363)

 

Decrease in trade and other payables



(11,415)


(91,643)


(114,812)

 











 

Cash generated from operations




1,578,929


1,172,416


2,871,051

 











 

Interest paid





(39,416)


(49,323)


(94,064)

 

Tax paid





(264,709)


(195,700)


(616,402)

 











 

Net cash generated from operations




1,274,804


927,393


2,160,585

 











 

Cash flows from investing activities









 

Purchase of intangible assets




(2,990)


--


--

 

Purchase of tangible assets




(8,539)


(5,463)


(67,199)

 

Proceeds from sale of intangible assets




18,330


287,052


324,495

 

Interest received





32,039


29,271


50,914

 











 

Net cash generated from investing activities



38,840


310,860


308,210

 










 

Cash flows from financing activities









 

Repayment of borrowings




(250,000)


(250,000)


(500,000)

Equity dividends paid




(902,000)


(594,000)


(990,000)











Net cash used in investing activities



(1,152,000)


(844,000)


(1,490,000)

 











 

Increase in cash and cash equivalents


161,644


394,253


978,795

 











 

Cash and cash equivalents at the beginning of the period


4,346,054


3,367,259


3,367,259

 











 

Cash and cash equivalents at end of period



4,507,698


3,761,512


4,346,054

 

 

                     MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

1.         GENERAL INFORMATION

The principal activity of MartinCo plc and its subsidiaries is that of a UK residential property franchise business. The Group operates in the UK. The company is a public limited company incorporated and domiciled in the UK. The address of its head office and registered office is 2 St Stephen's Court, St Stephen's Road, Bournemouth, Dorset, UK.

2.         GOING CONCERN

The interim financial information has been prepared on the basis that the Group is a going concern.

When assessing the foreseeable future the directors have looked at a period of 12 months from the date of approval of the interim financial information. The directors have a reasonable expectation that the Group has adequate resources to continue to trade for the foreseeable future and, therefore, consider it appropriate to prepare the Group's interim financial information on a going concern basis.

3.         BASIS OF PREPARATION

The consolidated interim financial information for the six months ended 30 June 2016 was approved by the Board and authorised for issue on 13 September 2016. The results for 30 June 2016 and 30 June 2015 are unaudited. The disclosed figures are not statutory accounts in terms of Section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2015 on which the auditors gave an audit report which was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies. The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

This interim report has been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2016, and uses the same accounting policies and methods of computation applied for the year ended 31 December 2015.

4.         BASIS OF CONSOLIDATION

The Group's interim financial information includes those of the parent company and its subsidiaries, drawn up to 30 June 2016. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies.

5.         SEGMENTAL REPORTING

The board of Directors, as the chief operating decision-making body, review financial information for and make decisions about the Group's overall franchising business and have identified a single operating segment, that of property franchising.

 

                    

                     MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

                     FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

6.         REVENUE

The Directors believe there to be three material income streams relevant to property franchising which are split as follows:




Unaudited


Unaudited


Audited




6 Months Ended


6 Months Ended


12 Months Ended




30.06.16

30.06.15


31.12.15




£


£


£

Management service fee



3,199,985


2,898,748


6,190,911

Franchise sales



195,266


130,258


316,847

Other



346,158


324,931


623,209




3,741,409


3,353,937


7,130,967

 

                All revenue is earned in the UK and no customer represents greater than 10 per cent of total revenue in the periods reported.

                               

7.         EXCEPTIONAL ITEMS

The exceptional items represent redundancy costs as part of the reorganisation in periods ended 30 June 2015 and 31 December 2015 following the acquisition of Xperience (Xperience Franchising Limited and Whitegates Estate Agency Limited).

8.         TAXATION

The underlying tax charge is based on the expected effective tax rate for the full year to December 2016. The majority of the tax arises from applying this effective tax rate to the profit on ordinary activities

 

MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

9.         EARNINGS PER SHARE

Earnings per share is calculated by dividing the profit for the financial period by the weighted average number of shares during the period.










Unaudited


Unaudited


Audited



6 Months Ended


6 Months Ended


12 Months Ended



30.06.16


30.06.15


31.12.15

Basic earnings per share














Weighted average number of shares


22,000,000


22,000,000


22,000,000








Profit for the period (£)


1,244,961


918,804


2,154,100

 

 

Earnings per share (pence)


5.7p


4.2p


9.8p

 

 



Unaudited


Unaudited


Audited



6 Months Ended


6 Months Ended


12 Months Ended



30.06.16


30.06.15


31.12.15

Diluted earnings per share














Weighted average number of shares


22,000,000


22,000,000


22,000,000

Dilutive effect of share options on ordinary shares


857,644


836,447


848,442



22,857,644


22,836,447


22,848,442








 

Diluted earnings per share (pence)


5.4p


4.0p


9.4p








                    

MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

10.       DIVIDENDS




Unaudited


Unaudited


Audited




As at


As at


As at




30.06.16

30.06.15

31.12.15




£


£


£

Dividends (ordinary share of £0.01 each)



902,000


594,000


990,000

Dividend per share



4.1p


2.7p


4.5p

 

                                 

The dividends above are the amounts paid in the respective periods. Details of when they were paid can be found below.

 

                                Dividends for the financial year ended 31st December 2014 were paid as follows:

 

-      Final dividend of 2.7p per share (£594,000 in total) paid on 11th May 2015.

                                Dividends for the financial year ended 31st December 2015 were paid as follows:

 

-      Interim dividend of 1.8p per share (£396,000 in total) paid on 30th September 2015.

-      Final dividend of 4.1p per share (£902,000 in total) paid on 16th May 2016.

 

 

                     MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

                     FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

11.       INTANGIBLE ASSETS



Master Franchise Agreement


 

 

Brands


Customer Lists


Goodwill


Total



£


£


£


£


£

Cost






















 

Balance at 1 January 2015 (Audited) and 30 June 2015 (Unaudited)


4,075,085


571,000


280,521


1,388,217


6,314,823












Disposals

--


--


(19,267)


--


(19,267)












Balance at 31 December 2015 (Audited)  

4,075,085


571,000


261,254


1,388,217


6,295,556











Additions

--


--


2,990


--


2,990











Balance at 30 June 2016 (Unaudited) 

4,075,085


571,000


264,244


1,388,217


6,298,546












Amortisation






















Balance at 1 January 2015 (Audited)


27,167


--


17,483


--


44,650

Charge for period


81,502


--


39,163


--


120,665

Balance at 30 June 2015 (Unaudited)

108,669


--


56,646


--


165,315












Charge for period


81,501


--


38,325


--


119,826

Eliminated on disposals

--


--


(3,921)


--


(3,921)

Balance at 31 December 2015 (Audited)

190,170


--


91,050


--


281,220












Charge for period


81,502


--


37,712


--


119,214

Balance at 30 June 2016 (Unaudited)

271,672


--


128,762


--


400,434












Net book value






















30 June 2015 (Unaudited)


3,966,416


571,000


223,875


1,388,217


6,149,508












31 December 2015 (Audited)


              3,884,915


571,000


170,204


1,388,217


6,014,336











30 June 2016 (Unaudited)


3,803,413


571,000


135,482


1,388,217


5,898,112












                    

                     MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

                     FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

12.          TRADE AND OTHER RECEIVABLES




Unaudited


Unaudited


Audited




As at


As at


As at




30.06.16

30.06.15

31.12.15




£


£


£

Trade receivables



119,995


54,360


91,856

Loans to franchisees



215,276


176,332


174,848

Prepayments and accrued income



636,108


635,890


592,534

Other receivables



23,597


111,242


52,945












994,976


977,824


912,183

 

13.       CALLED UP SHARE CAPITAL



Unaudited

As at 30.06.16


Unaudited

As at 30.06.15


Audited

As at 31.12.15





£




£




£

Group













22,000,000 allotted issued and fully paid Ordinary Shares of 1p each



 

 

220,000




 

 

220,000




 

 

220,000














 

14.          OTHER RESERVES



Merger

 Reserve


Share Based Payment Reserve


Total



£


£


£

1 January 2015 (Audited)


(179,800)


118,394


(61,406)

30 June 2015


(179,800)


215,277


35,477

31 December 2015 (Audited)


(179,800)


314,360


134,560

30 June 2016


(179,800)


296,465


116,665








 

Merger reserve

 

The merger reserve relates to the acquisition of Martin & Co (UK) Limited by MartinCo PLC.  This did not meet the definition of a business combination and therefore, falls outside of the scope of IFRS 3. This transaction was accounted for in accordance with the principles of merger accounting as set out in Financial Reporting Standard 6 - Acquisitions and Mergers.

 

Share-based payment reserve

 

The share based payments reserve comprises charges made to the income statement in respect of share-based payments and related deferred tax impacts under the Group's equity compensation scheme.

 

MARTINCO PLC

 

NOTES TO THE INTERIM RESULTS

 

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

15.       BORROWINGS



Unaudited


Unaudited


Audited



As at


As at


As at



30.06.16


30.06.15


31.12.15



£


£


£

Repayable within 1 year:







Bank loan (term loan)


500,000


500,000


500,000








Repayable in more than 1 year:







Bank loan (term loan)


1,250,000


1,750,000


1,500,000








Bank loans due after more than 1 year are repayable as follows:














Between 1 and 2 years


500,000


500,000


500,000

Between 2 and 5 years


750,000


1,250,000


1,000,000

 

The term loan of £1.75m (31.12.15: £2m) is secured with a fixed and floating charge over the Group's assets and a cross guarantee across all companies in the Group. The loan commenced on 30 October 2014 and is repayable over 5 years in equal instalments. Interest is charged quarterly on the outstanding amount and the rate is fixed during the term at 4.08%. At 31 December 2015, the unutilised amount of the facility was £3m and on 30 June 2016 the unutilised amount of the facility was £3.25m.

 

16.       TRADE AND OTHER PAYABLES




Unaudited


Unaudited


Audited




As at


As at


As at




30.06.16

30.06.15

31.12.15




£


£


£

Trade payables



166,034


124,997


84,364

Accruals



346,277


448,962


398,383

Other taxes and social security



367,920


354,535


391,889

Other payables



23,591


34,000


42,288




903,822


962,494


916,924

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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