Via Developments Plc - Interim Results for the 6 months ended 31 March 2019
PR Newswire
London, June 28
28 June 2019
Via Developments Plc
("VDP" or the "Company")
Interim Results for the 6 months ended 31 March 2019
Chairman's statement
Via Developments Plc (NEX: VIA1), reports its interim results for the 6 months ended 31 March 2019.
Results
The unaudited results for the six-months period ended 31 March 2019 show a loss of £258,239 (six months to 30 September 2017 a loss of £45,225).
Operating income for the period was £283,576 (six months to 30 September 2017 £557,134. Net liabilities at the end of period under review were £587,545 (as at 30 September 2017 the company had net assets of £64,997). The Company ended the period with total assets of £5,538,246 down slightly from the £5,877,510 reported at the September 2018 financial period end.
Key developments and project highlights in the period include:
In the period since the last report, the Company sold 19 units at the Napier House development. At the balance sheet date there were 11 units remaining, 10 of these have been let on short term tenancies while we continue to market them. These have been refinanced by way of a 9-month facility provided by Avamore Capital Ltd. This facility is being redeemed from the sales proceeds of the remaining units.
At Windsor Point the Company has exchanged on 30 units and has received reservations on 14 more which leaves just 3 units to be sold from the first phase of the development.
As previously reported, the financial facilities in place for the Windsor Point development are due for renewal and the company is negotiating to secure senior debt, equity and mezzanine funding for this project that will enable the redemption of the current facility. The funding is expected to be secured by the end of Q3 2019. The directors are satisfied with the progress being made in these negotiations.
Significant post balance sheet events
In the period since 31stMarch 2019, the Company has received reservations on a further 4 of the Napier House units. These are expected to exchange very shortly.
Going Concern
Nothing much has changed since the publication of the Company's audited results on 11thJune 2019.
Having reviewed the available information, and notwithstanding the risks highlighted in that report, the directors remain confident that the company will be able to meet its financial obligations on the due dates for the foreseeable future. Accordingly, the directors consider that it is appropriate for the financial statements of the company to be prepared on a going concern basis.
Outlook
The directors remain positive for the remainder of the financial year to 30 September 2019 and beyond. The Company continues to evaluate opportunities for further site acquisitions and believes 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 period to 31 March 2019. The Board and senior management are looking forward to a successful future.
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 June 2019
The directors of Via Developments Plc accept responsibility for this announcement.
COMPANY CONTACT DETAILS:
Via Developments Plc
24 Queen Street
Manchester
M2 5HX
Telephone: +44 161 850 2633
http://www.vdplc.com/
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
Statement of Comprehensive Income
for the SIX MONTHS ENDED 31 MARCH 2019
| Notes | Six Months Ended 31March 2019 GBP | 18 Months Ended 30 Sept 2018 GBP | Six Months Ended 30Sept 2017 GBP | |
| Other operating income | 283,576 | 1,440,352 | 557,134 | |
| Administrative expenses | (379,611) | (1,655,981) | (593,447) | |
| Operating Profit / (Loss) | (96,035) | (215,629) | (36,313) | |
| Finance income | 184,739 | 567,799 | 150,562 | |
| Finance costs | (347,226) | (794,766) | (160,141) | |
| Loss before taxation | (258,522) | (442,596) | (9,579) | |
| Income tax expense | 283 | 3,068 | 667 | |
| Loss for the period and total comprehensive expense | (258,239) | (439,528) | (45,225) |
No dividends were proposed or declared in respect of any of the periods presented above.
Statement of Financial Position
AS AT 31 MARCH 2019
| Notes | As at 31March 2019 GBP | As at 30 Sept 2018 GBP | As at 30Sept 2017 GBP | |
| Non-current assets | ||||
| Property, plant and equipment | 6,432 | 9,408 | 14,340 | |
| Investments | 1,351 | 1,351 | 1,251 | |
| Trade and other receivables | 3,346,432 | 3,842,593 | 3,568,444 | |
| 3,354,215 | 3,853,352 | 3,584,035 | ||
| Current assets | ||||
| Trade and other receivables | 2,173,630 | 1,932,929 | 1,386,912 | |
| Cash and cash equivalents | 10,401 | 91,229 | 29,973 | |
| 2,184,031 | 2,024,158 | 1,416,885 | ||
| Total assets | 5,538,246 | 5,877,510 | 5,000,920 | |
| Current liabilities | ||||
| Trade and other payables | 221,950 | 527,017 | 561,109 | |
| Non-current liabilities | ||||
| Borrowings | 5,903,800 | 5,679,475 | 4,372,089 | |
| Deferred tax liabilities | 41 | 324 | 2,725 | |
| 5,903,841 | 5,679,799 | 4,374,814 | ||
| Total liabilities | 6,125,791 | 6,206,816 | 5,078,384 | |
| Net assets / (liabilities) | (587,545) | (329,306) | 64,997 | |
| Equity | ||||
| Called up share capital | 382,000 | 382,000 | 382,000 | |
| Accumulated losses | (969,545) | (711,306) | (317,003) | |
| Total equity | (587,545) | (329,306) | 64,997 |
.
Statement of Changes in Equity
for the SIX MONTHS ENDED 31 MARCH 2019
| Called up share capital | Accumulated Losses | Total Equity | |
| GBP | GBP | GBP | |
| Balance at 31 March 2017 | 382,000 | (271,778) | 110,222 |
| Loss for the period | - | (45,225) | (45,225) |
| Issue of share capital | - | - | - |
| Balance at 30 September 2017 | 382,000 | (317,003) | 64,997 |
| Loss for the period | - | (394,303) | (394,303) |
| Issue of share capital | - | - | - |
| Balance at 30 Sept 2018 | 382,000 | (711,306) | (329,306) |
| Loss for the period | - | (258,239) | (258,239) |
| Issue of share capital | - | - | - |
| Balance at 31 March 2019 | 382,000 | (969,545) | (587,545) |
Statement of Cash Flows
for the SIX MONTHS ENDED 31 MARCH 2019
| Six Months Ended 30Sept 2017 GBP | 18 Months Ended 30 Sept 2018 GBP | Six Months Ended 30Sept 2017 GBP | |
| Cash flows from operating activities | (147,269) | (1,085,148) | 159,008 |
| Interest paid | (429,720) | (366,464) | - |
| Net cash flows used by operating activities | (576,989) | (1,451,612) | 159,008 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | - | (1,374) | (323) |
| Loans made to subsidiaries | - | - | (1,991,059) |
| Purchase of shares in subsidiaries | - | (101) | (1) |
| Interest received | - | 53,841 | |
| Net cash used investing activities | - | 52,366 | (1,991,383) |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | - | - | - |
| Proceeds from debentures | - | 1,413,060 | 413,241 |
| Repayment from subsidiaries | 496,161 | - | 1,371,692 |
| Net cash flows from financing activities | 496,161 | 1,413,060 | 1,784,933 |
| Net increase/(decrease) in cash and cash equivalents | (80,828) | 13,814 | (47,442) |
| Cash and cash equivalents at the beginning of the period | 91,229 | 77,415 | 77,415 |
| Cash and cash equivalents at the end of the period | 10,401 | 91,229 | 29,973 |
