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Thursday, 31 August 2017

Etaireia Plc : Audited Annual Results for the year ended 31 March 2017

Etaireia Plc    

Published: 18:59 CEST 31-08-2017 /GlobeNewswire /Source: Etaireia Plc / : ETIP /ISIN: GB00B1Z2XX18

Etaireia Plc : Audited Annual Results for the year ended 31 March 2017

                                                                                                            31 August 2017

 

ETAIREIA INVESTMENTS PLC

(Etaireia" or the "Company")

    

Audited Annual Results for the year ended 31 March 2017

 

I am pleased to present the audited results for Etaireia Investments plc for the year ended 31 March 2017.

 

Financial Overview

 

There was a loss from continuing operations for the year of £622,085 (2016: £203,647). The increase in the loss for the current year is due to an impairment arising on the Royston Hill investment property.

 

The Group's net assets at the end of the period were £1,971,282 (2016: £2,318,194)

 

Review of Activities

 

On 17 August 2016, the Company announced a further acquisition of a property at 5-6 High Street, Cleator Moor, Cumbria, CA25 5AH, valued at £182,000. The issue of new shares primarily financed the purchase.

 

On the 31st March 2017, the Directors of Etaireia announced that the Company completed the acquisition of 100% of the share capital of Girvan Dev Limited, a single purpose company that owns a freehold commercial property investment. The property at 89 Dalrymple Street, Girvan, KA26 9BS has been recently valued by at £60,000. A tenant has signed a 10-year full repairing lease, with an initial rental for the sum of £12,000 p.a. commencing 1st April 2017 with a 5 year review. The issue of new shares at a share price of 0.1p primarily financed the purchase.

 

At the end of August 2016, Jim Kirkwood and Phil McGinlay stepped down from their respective board roles to pursue other interests. On the 13 September 2016 we announced the appointment of Ian Fallmann as Non-executive Director to work alongside myself. Ian is an active investor in the property markets and we are confident that in addition to raising further capital to conclude deals, we will attract investors willing to sell their property assets to us for consideration in shares. The focus continues to work towards income generation from our existing assets, conscious that the Company remains cash constrained.

 

During the period the Company raised a total of £45,000 by way of subscription of new ordinary shares and settled a total of £14,000 debt by issue of new ordinary shares.

 

There have been no other material events, transactions or developments during the period.

 

Post Balance Sheet Events

 

On the 3rd May 2017, the Company announced the exchange of contracts for the acquisition of two modern office buildings at Whitehouse Office Park, Peterlee, County Durham. The expectation was to complete within three months but for tax planning reasons, this has been delayed. All parties remain contractually committed to completion and we are confident that formal completion will be announced in the very near future.

 

Since the financial year end the Company has raised a further £3,000 by way of subscription of new ordinary shares.

 

Outlook

 

Having recently secured short term bridging finance and the imminent completion of the properties at Whitehouse Office Park, the objective of the board is to seek a commercial mortgage to redeem the bridging finance and clear deferred cash sums on recent property acquisitions.

 

The income generated from our current portfolio is expected to reposition the company into a profitable business over the coming months. The company envisages becoming cash positive in the coming year.

 

With the required working capital the Company can focus on maximizing further income generation and development opportunities from our existing assets. This includes the possibility of developing the sites at Roystonhill, Dalry and the property at Cleator Moor.

 

The Board continues to actively seek further high quality investments and acquisition opportunities to enhance shareholder value and we expect to make further announcements in the near future.

 

 

Baron Bloom

Chairman

31 August 2017

 

 

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2017

 

 

2017

2016

 

£

£

 

CONTINUING OPERATIONS

 

 

 

 

 

Turnover

2,355

1,200

Gross profit

2,355

1,200

Administrative expenses

(198,440)

(208,886)

Other operating costs

(426,000)

-

 

 

 

LOSS FROM OPERATIONS

(622,085)

(207,686)

 

 

 

Finance income

-

4,039

 

LOSS FROM CONTINUING OPERATIONS BEFORE TAX

(622,085)

(203,647)

 

 

 

Income tax

-

-

 

 

 

 

 

 

ATTRIBUTABLE TO EQUITY HOLDERS

(622,085)

(203,647)

 

 

 

 

 

 

Earnings per share:

 

 

Basic and diluted earnings per share from total operations

(0.036)p

(0.016)p

 

 

 

 

GROUP AND COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

 

 

GROUP

COMPANY

 

2017

2016

2017

2016

 

£

£

£

£

 

 

 

 

 

Non-current assets

 

 

 

 

Investment properties

2,264,780

2,448,780

1,292,780

1,292,780

Investment in subsidiary undertakings

-

-

972,000

1,156,000

 

2,264,780

2,448,780

2,264,780

2,448,780

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

Trade and other receivables

3,056

13,423

3,056

13,423

Cash and cash equivalents

43

13,633

43

13,633

 

3,099

27,056

3,099

27,056

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

(296,597)

(157,642)

(298,952)

(157,642)

 

 

 

 

 

Net current liabilities

(293,498)

(130,586)

(295,853)

(130,586)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

1,971,282

 

2,318,194

 

1,968,927

 

2,318,194

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

Issued share capital

390,862

356,941

390,862

356,941

Share premium account

2,924,677

2,698,379

2,924,677

2,698,379

 

 

 

 

 

Share option reserve

116,187

101,233

116,187

101,233

Accumulated losses

(1,460,444)

(838,359)

(1,462,799)

(838,359)

 

 

 

 

 

 
SHAREHOLDERS' FUNDS

 

1,971,282

 

2,318,194

 

1,968,927

 

2,318,194

 

 

 

 

 

 

 

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2017.

 

The Directors do not propose a dividend for the period reported.

 

The Directors of the Company accept responsibility for this announcement.

 

ENDS

    

Enquiries:

Etaireia Investments Plc 

Tel:  079 1756 5565

Baron Bloom, Chairman

  

NEX EXCHANGE CORPORATE ADVISER:   

Alexander David Securities Limited 

David Scott - Corporate Finance 

James Dewhurst -Corporate Broking 

Telephone: +44 (0) 20 7448 9820 

http://www.ad-securities.com 

49 Queen Victoria Street, London EC4N 4SA    

 

 

 





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Etaireia PLC, Cambridge House, Cambridge Road, 2nd Floor, Harlow Mill CM20 2EQ, United Kingdom
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