Safeland PLC – Interim Results

Safeland PLC – Interim Results

Safeland (AIM: SAF), the property trading and investment company, announces its unaudited interim results for the six months ended 30 September 2018

 Highlights

  • Turnover: £2.0m (2017: £2.8m)
  • Loss before tax: £0.5m (2017: loss £0.2m)
  • Net asset value per share: 140.2p (30 September 2017: 129.3p, 31 March 2018: 144.6p)

Managing Director’s Statement 

I am pleased to report the Group’s interim results for the 6 months to 30 September 2018. These results reflect transactional volatility that shareholders will be aware of.

During the period, the Group sold five investment properties in north London. The Group took possession of four houses as part and final consideration for the sale of the Chandos Tennis Club. The consideration payable for the sale in 2014 comprised £4.0m in cash (which was received in 2014) and the balance was to be satisfied by way of transfer to Safeland of four detached houses (valued at the time by the Company’s directors, in aggregate, at £9.2m) in the completed development.

All 3 houses in the Edeleny Close development and all 18 apartments in the Raglan Hall development have been let to third parties at an annual rental of £525k.

Given the results for the 6 months ended 30 September 2018, the Directors do not propose the payment of an interim dividend (6 months ended 30 September 2017: nil; year ended 31 March 2018: 1p).

Outlook

As stated in previous announcements, the market continues to be constrained by the current economic and political outlook. However, we continue to pursue acquisition opportunities whilst continuing to add value to existing stock held through planning or development. To that end, since the period end, the Group has acquired a golf club in Woldingham, Surrey for £1.065m in cash. We intend to invest in developing the club’s existing facilities and thereby enhance its appeal to both existing and new members. In November, we also acquired a shopping mall in Northampton for £0.6m in cash.

The Board is confident that it has the skills necessary to make selected acquisitions in the current market, but is being extremely selective until there is further clarity as to the general economic and political outlook.

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