Via Developments Plc - Interim Results for the 6 months ended 30 September 2016

28 December 2016

Via Developments Plc

("VDP" or the "Company")

Interim Results for the 6 months ended 30 September 2016

Via Developments Plc (ISDX: VIA1), is delighted to report its interim results for the 6 months ended 30 September 2016.

Chairman's statement

We are delighted to be able to report on another successful 6 months for Via Developments Plc, building on the annual results to the 31 March 2016.

Results

Operating income for the period was £308k up from £146k in the prior year, and the Company is reporting a small loss of £34k for the period compared to the previous year's loss of £54k. The Company ended the period with total assets of £3.5m up from £2.4m at the March 2016 year-end.

Key Highlights and Developments during the period

The Canal Street project in central Manchester is progressing well and is scheduled for completion during March 2017. Contracts for the sale of all eight apartments have now been exchanged and the Company has received deposits totalling £369,250, slightly more than the £329,250 previously reported. The balance of the purchase price will be paid upon completion. The realised Gross Development Value (GDV) of the project excluding freehold is £2,195,000.

On the Plymouth Grove site in Manchester, a new planning application has been submitted for a 71 apartment scheme, significantly enhancing the current approved 42 apartment scheme. This new planning application is expected to be determined in February 2017. Demolition of the existing building on the site is expected to take place during January/February 2017. Sales and marketing materials are being developed in readiness for release once planning consent is received.

The Napier House project in Luton has been granted Permitted Development to develop the existing commercial building into 26 one-bedroom apartments. Two further planning applications have been submitted, one to add a further floor to the building at roof level and another to alter the external facade of the building. The additional floor will offer the scope to build a further five two-bedroom apartments. Responses to both Planning applications are anticipated in January 2017. Sales of the apartments are currently underway with 13 units being reserved to date. Reservation fees have been received for all these units.

Listing on ISDX

The Company continues to have success raising capital through bond sales on the ISDX Growth market. During the 6 months to 30 September 2016, the Company raised £855k through bond placings and gained permission to raise a further £1m.

Outlook

The directors remain positive for the remainder of the financial year to 31 March 2017 and beyond. The Company continues to evaluate opportunities for further site acquisition and believe that the commercial environment continues to provide opportunities for growth.

Note of appreciation

I wish to thank our staff, investors and business partners for their support of the Company in the 6 months to 30 September 2016. The Board and senior management are looking forward to a successful full year result.

Neither this announcement nor the information contained herein constitutes an offer or solicitation by Via Developments Plc for the purchase or sale of any securities, nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful.

John Khan
Co CEO
28 December 2016

The directors of Via Developments Plc accept responsibility for this announcement.

COMPANY CONTACT DETAILS:
Via Developments Plc
24 Queen Street
Manchester
M2 5HX
Telephone: [phone]
http://www.vdplc.com/

ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott -Corporate Finance
James Dewhurst - Institutional Sales
Telephone: [phone]
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA

Via Developments PLC
Statement of Comprehensive Income
For the 6 months ended 30 September 2016
						6 months to 30-Sep-16	Year ended 31-Mar-16
						GBP	GBP
Other Operating Income						308,539	145,874
Administrative Expenses						(299,008)	(170,723)
Operating Profit/(Loss)						9,532	(24,849)
Finance income						88,320	30,930
Finance costs						(130,582)	(58,555)
Loss before taxation						(32,730)	(52,474)
Income tax expense						(1,054)	(1,807)
Loss for the period and total comprehensive expense						(33,784)	(54,281)

Via Developments PLC
Balance Sheet
As at 30 September 2016
						6 months to 30-Sep-16	Year ended 31-Mar-16
						GBP	GBP
Non current assets
Property, plant and equipment						14,304	9,034
Investments						1,150	1,150
Other receivables						2,602,083	2,123,833
						2,617,537	2,134,017
Current assets
Trade and other receivables						671,256	212,141
Cash and cash equivalents						220,072	42,879
						891,328	255,020
Total Assets						3,508,866	2,389,037
Equity
Called up share capital						382,000	50,000
Accumulated losses						(88,065)	(54,281)
Total equity						293,935	(4,281)
Current Liabilities
Trade and Other Payables						224,791	102,088
Non current liabilities
Borrowings						2,987,279	2,289,423
Deferred tax liabilities						2,861	1,807
Total liabilities						2,990,139	2,291,230
Total equity and liabilities						3,508,866	2,389,037
Check

Via Developments PLC
Statement of Changes in Equity
For the 6 months ended 30 September 2016
6 months ended 30 September 2016
				Called up share capital	Accumulated losses	Total equity
				GBP	GBP	GBP
Balance at 31 March 2016				50,000	(54,281)	(4,281)
Loss for the period				-	(33,784)	(33,784)
Issue of share capital				332,000	-	332,000
Balance at 30 September 2016				382,000	(88,065)	293,935
Year ended 31 March 2016
Balance brought forward				-	-	-
Loss for the year				-	(54,281)	(54,281)
Issue of share capital				50,000	-	50,000
Balance at 31 March 2016				50,000	(54,281)	(4,281)

Via Developments PLC
Statement of Cash Flows
For the 6 months ended 30 September 2016
					6 months to 30-Sep-16		Year ended 31-Mar-16
					GBP	GBP	GBP	GBP
Cash used in operations						(367,148)		(182,771)
Interest paid						-		(12,205)
Net cash outflow from operating activities						(367,148)		(194,976)
Investing activities
Purchase of property, plant and equipment					(7,264)		(9,253)
Loans made to subsidiaries					(406,250)		(2,092,403)
Purchase of shares in subsidiaries					-		(1,150)
Net cash utilised in investing activities						(413,515)		(2,102,806)
Financing activities
Proceeds from issue of shares					260,000		50,000
Net issue of debentures					697,856		2,290,661
						957,856		2,340,661
Net increase in cash and cash equivalents						177,193		42,879
Cash and cash equivalents at beginning of the period						42,879		-
Cash and cash equivalents at end of the period						220,072		42,879