DOCSLIB.ORG

St. Modwen Properties PLC 2016 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
St. Modwen Properties PLC 2016 Annual Report THE UK’S LEADING REGENERATION SPECIALIST Annual report and financial statements 2016 St. Modwen Properties PLC Annual report and financial statements 2016 Financial Contents highlights EPRA NAV per share* Strategic report Financial statements 1 What we do 104 Independent auditor’s report 12 Group at a glance 110 Group income statement 460.5p +3.2% 14 Chairman’s statement 110 Group statement of 16 Chief Executive’s review comprehensive income 20 Regeneration across 111 Group balance sheet NAV per share the generations 112 Group statement 22 Our markets of changes in equity 24 Our business model 113 Group cash flow statement 431.0p +4.2% 26 Our resources 114 Group accounting policies and relationships 121 Notes to the Group 30 Our strategy and key financial statements Total accounting return* performance indicators 151 Company balance sheet 34 Operating and 152 Company statement portfolio review of changes in equity 41 Financial review 153 Company accounting policies 4.5% -27.4ppts 45 Risk management 154 Notes to the Company 49 Principal risks and financial statements Total dividend per share uncertainties 163 Five year record Corporate governance Additional information 53 Chairman’s introduction 164 Glossary of terms 6.00p +4.3% to governance 166 Notice of annual 54 The Board general meeting Profit before all tax* 56 The Property Board 178 Information for shareholders 58 Corporate governance report 64 Audit Committee report 71 Nomination Committee report £60.8m -76.5% 74 Directors’ remuneration report 99 Directors’ report Profit before tax £66.9m -71.6% Trading profit* £56.1m -11.4% Earnings per share 24.1p -75.4% See-through loan-to-value 30.5% +0.6ppts Financial review See page 41 * Reconciliations between all the statutory and non-statutory measures and the explanations as to why the non-statutory measures give valuable further insight into the Group’s performance are given in note 2 to the Group financial statements. In particular, profit before all tax is used because it reflects the way the Group is run on a proportionally consolidated basis, and because it also removes the taxation effects on equity accounted entities from the statutory profit before tax figure. What we do Strategic report We respect We take a principled, responsible and long-term approach to transforming governance Corporate brownfield land into cleaner, greener and brighter environments where businesses and communities can thrive. Financial statements Financial We revive We breathe new life into areas of the UK that need it the most, working closely with communities, businesses and government information Additional organisations to create sustainable places for people to live and work. We resource We bring together everything needed to deliver a successful project; our skilled people, trusted suppliers and financial stability make us an attractive partner to work with. We realise We continually reinvest in the business through actively enhancing the value of our property assets at all stages of the development lifecycle. Partners can rely on us to deliver on our promises. Above from left The regeneration of Coed Darcy, a 1,060 acre scheme and the former site of the Llandarcy oil refinery. The Trentham Estate, Stoke-on-Trent continues to attract a growing number of visitors year on year. St. Modwen Properties PLC Annual report and financial statements 2016 1 Branston Leas, Burton upon Trent Creating new communities 1,500 new jobs created A disused barren area of land, lacking any environmental or economic benefits, the site was previously extracted for gravel and filled with pulverised fuel ash, making it a less appealing option for many developers. Progress to date In 2013, St. Modwen secured planning permission for the new Branston Leas community, which includes a total of 660 new homes. The first phase of 64 homes sold within 14 months of being launched, and there was a waiting list of over 200 people for the second phase of 205 homes. Demonstrating that the development is answering the shortfall in new homes in this area, 100% of occupiers are local of which 53% have used Help to Buy. The entire development is set to create 1,500 jobs. The retail centre is already 80% let and an 87,000 sq ft distribution unit has recently been leased to Cimpress, a leading mass customisation company. We will start on site with a further phase of speculative development in the first quarter of 2017, having secured planning permission during 2016 for two industrial and distribution units comprising 328,000 sq ft. Branston Leas Wood is also being delivered, and comprises 175 acres of Creating new communities public realm, which includes play areas, parkland and an 82 acre woodland. The latter is being created in partnership with that enhance the environment The Woodland Trust, the National Forest Company and Staffordshire Wildlife Trust. as well as the local and broader The wood has enabled us to further engage with the local community with the creation economy is a fundamental of a Peace Wood and we have involved approximately 100 volunteers with the part of regeneration. Extending planting of some 17,000 (of 21,000) trees and scattering of 8,000 bluebell seeds. over 280 acres, Branston Next steps We will continue to develop the next phase Leas demonstrates our skill of housing starting on site in 2017. Over the next 12 months, we anticipate the retail at transforming brownfield land centre being fully let and we will consider developing out further speculative phases into sustainable mixed-use of industrial space to answer demand. Planting of the wood will also continue with the new environment being overseen developments. by the Staffordshire Wildlife Trust. Above from left St. Modwen Homes is now progressing with the second phase of 205 homes. The first phase of St. Modwen Homes sold out in just 14 months. We continue to engage with the local community with tree planting events. St. Modwen Properties PLC 2 Annual report and financial statements 2016 82 acres of new woodland Strategic report Corporate governance Corporate Financial statements Financial Additional information Additional 660 new homes St. Modwen Properties PLC Annual report and financial statements 2016 3 St. Andrew’s Park, Uxbridge Tackling complex sites Home to the Battle of Britain, the formal closure of RAF Uxbridge on 31st March 2010 ended 95 years of continuous military service, but the closing of one chapter was the catalyst of a new, more public and community focused feature. VSM, a JV partnership between St. Modwen and VINCI plc, was appointed by the MoD in 2006 as the principal contractor for ‘Project MoDEL’, a task involving the relocation of six London-based MoD units to an integrated site at RAF Northolt. We were charged with delivering the new facilities at RAF Northolt as well as securing planning consent for the six redundant sites, which were available for development for residential, commercial and community uses. Of the six sites, we retained two, including RAF Uxbridge (St. Andrew’s Park) which we are now transforming into a new residential-led mixed-use community. Progress to date Extending over 110 acres, we secured planning consent for the new St. Andrew’s Park community in 2010, to include new homes, commercial space and community facilities. Construction started in 2011 on 470 homes, delivered through our JV with Persimmon plc of which over 275 are sold. In 2016, St. Modwen Homes started on site with a phase of 85 family homes, forming part of the town centre extension. Planning permission was secured in the period for 120,000 sq ft of office space Our innovative approach which will create around 1,000 jobs and enables us to tackle complex could be delivered as early as 2018. Next steps and challenging sites whilst In 2017, we anticipate starting work on the first phase of the consented 249 managing risk throughout apartments. As the town centre begins to take shape, the offices will be developed the development lifecycle, to reflect occupier demand. The 40 acre public park, the largest new to create inspirational and park in Greater London, will come to fruition in 2017 with 167 new trees planted, over 4,800 cubic metres of top soil moved and thriving new business and almost 20 acres seeded. Works to the landscaping will also progress well into residential communities. 2017 as St. Modwen Homes continues to develop the new phase of housing. Above from left St. Modwen Homes started on site with 85 homes in 2016. Over 275 homes built by Persimmon plc are already sold. The John Locke Academy primary school opened in 2014. St. Modwen Properties PLC 4 Annual report and financial statements 2016 1,340 New new homes to be created primary school Strategic report Corporate governance Corporate Financial statements Financial Additional information Additional 40 acre new park St. Modwen Properties PLC Annual report and financial statements 2016 5 Longbridge, Birmingham A long-term commitment to the areas in which we build The birthplace of classic British motoring, the 468 acre Longbridge site was acquired by St. Modwen in 2004, in partnership with the Homes We have a proven strategy and Communities Agency. Since then, the site has been subject to a long treatment process, painstakingly of adding value to the land removing hydrocarbons from the soil and ground water. we own and generating Progress to date returns through commercial We have already added £134m of value to the regional economy and created and residential development 3,700 jobs, following a comprehensive redevelopment programme that has seen: at every stage of the property § delivery of 400 new homes and six acres of new parkland; lifecycle. The regeneration § completion of a £70m town centre; § creation of the Longbridge Technology of Longbridge, Birmingham Park and the Cofton Centre, collectively creating almost 1,000 jobs; reflects this skillset well.
Load more

Recommended publications
  • RESIDENTIAL PROPERTY MARKET REVIEW September 2019 Chestertons.Com
    Chestertons Monthly RESIDENTIAL PROPERTY MARKET REVIEW September 2019 chestertons.com 1 CONTENTS Economic Overview 01 Sales Market 03 National sales 03 London sales 06 New homes 08 Lettings Market 10 National lettings 10 London lettings 12 Investment market 13 Contact 16 Nicholas Barnes – Head of Research “Welcome to our latest monthly review of national and London residential property markets.” 2 ECONOMIC OVERVIEW GDP Growth At the time of writing, it is uncertain whether the UK September projections, the Treasury’s forecasting panel economy fell into recession during the third quarter. lowered its GDP growth outlook for both 2019 and 2020 TheꢀUK’s economy grew faster than expected in July, to,ꢀrespectively, 1.2% and 1.1%. easingꢀfears of a recession but the country is also on Meanwhile, the Eurozone is looking increasingly fragile courseꢀfor its longest fall in investment for 17 years, with Germany again teetering on the brink of recession according to the British Chamber of Commerce. Brexit and the European central bank cutting its key interest isꢀaꢀmajor contributing factor while the US/China trade rateꢀand announcing a new round of quantitative easing warꢀcontinues to affect the global economy. In its inꢀresponse. Figure 1: UK GDP growth outlook 3.0% 2.5% 2.0% 1.5% 1.6% 1.7% 1.7% 1.0% 1.4% 1.2% 1.1% 0.5% 0.0% 2018 2019 2020 2021 2022 2023 Source: ONS; HM Treasury Forecast Panel 1 Inflation & interest rates The annual rate of inflation (CPI) fell sharply in August The Bank of England’s Monetary Policy Committee to 1.7%, its lowest level since December 2016.
    [Show full text]
  • Egstow Park Previously Known As the Bi-Water Industrial Site and a Former Landfill, Egstow Park Was Acquired by St
    Sheffield Key Development Sites 6 miles DSA 45 minutes Avenue The Avenue has undergone a significant remediation programme, resulting in a 51 hectare development platform in a site with a total of 120 hectares. Planning permission has been granted for 469 homes, a new school leisure and community facilities, commercial development and country park. The first phase of housing to deliver over 250 homes in underway. Peak District Egstow Park Previously known as the Bi-water industrial site and a former landfill, Egstow Park was acquired by St. Modwen in 2013, with outline consent for 980 homes, employment land up to 25,000 m2 / 26,900 sq ft, local centre, hotel and/or care home and public open space. 29a Callywhite Lane Expansion Land Chatsworth Situated immediately adjacent to the popular Callywhite Lane House Industrial Estate, this 6 hectares of expansion land presents an opportunity to deliver high quality commercial accommodation in a business park setting. 29 Coalite (Tudor Cross) The Tudor Cross project offers a range of investment opportunities for both commercial and residential sales.The site currently being remediated as part of a five year decontamination programme. Tudor Cross offer the opportunity to develop a 59 hectare commercial business park with over 90,000 sm / 968,752 sq ft of floorspace. EMA 45 minutes KEY EMPLOYMENT SITE KEY EMPLOYMENT SITE Westthorpe Business Coney Green Innovation Centre Located on the outskirts of the market Located near the town of Killamarsh, town of Clay Cross, Coney Green Westthorpe Fields provides office provides a variety of opportunities for DEVELOPMENT MAP and light industrial property businesses.
    [Show full text]
  • Complaints About Estate Agents South Africa
    Complaints About Estate Agents South Africa Declining and affirmable Parnell still materialise his harvestman indissolubly. Extinctive Rudolf drouk coastwise. Permeative and cuneiform Redmond deoxidizing, but Hersch sympathetically compromise her everydayness. Adrian Goslett the regional director and CEO of REMAX of Southern Africa. First the replace that we agreed upon are suddenly unavailable about five. The complaint has offices across yours however, conducts freedom of. Sold by bodies. Dogon Group Properties has a selection of the finest most sought-after homes for mold to rent the Cape Town we invite trump to discuss what property needs. Giovanni Gaggia Real Estate Services South Africa. Potential complaints regarding advertisements which will not proceed the above. For COVID-19 updates visit the official government website wwwsacoronaviruscoza OK CLE Properties Home Property had For Sale will Show. Please hear your complaint in this much detail as possible including the full names on the. For further enquiries on how your lodge a complaint please get our chat-free line at 100 643 2555 Note CEA may inform the estate agent or lot being investigated of the complaint details as then as different name was the complainant. Operating globally from the United Kingdom Europe The Caribbean Africa and Asia. Chas Everitt International Property Group facility of the leading Estate Agencies in South Africa View our exclusive South African property portfolio. Home loan complaints about. A Managing Agent who contracts to deliver management services to Bodies. What does the month end and two months deposit mean inside a. Franchise Offerings Realty 1 IPG is agreement of South Africa's largest Estate Agency Groupings Established in 1961 the outset has expanded nationally over the years.
    [Show full text]
  • CLS Holdings Plc Annual Report and Accounts 2020
    CLS Holdings plc Annual Report and Accounts 2020 Well placed for the future Our business CLS is a London-based FTSE 250 office investment Through our business model, we seek to be company with a £2.2 billion portfolio of 97 properties a responsible business by employing sustainable comprising 6.4m sq. ft (over 597,000 sqm) in the long-term thinking with the environment in mind. UK, Germany and France. We provide workspaces As well as benefiting our own business and shareholders, for over 740 tenants including leading blue-chip this supports other key stakeholders like our tenants companies and government bodies. in their efforts to reduce their environmental impacts and achieve their sustainability objectives. We actively manage our portfolio with in-house teams across all functions of the business. This allows us to engage with our tenants to build long-term relationships and develop a detailed understanding of their needs. It also allows us to embed sustainable behaviours throughout the business which support and drive our progress towards our commitments. Who we are and what we believe Statutory and alternative performance measures Throughout the strategic report we use a range of financial and non-financial measures to assess our performance. The majority of those are European Public Real Estate Association (EPRA) measures. EPRA is a recognised body in the property industry which is involved in the formulation of accounting metrics and sustainability reporting, which give the European listed real estate sector greater transparency and consistency. These standards also provide visibility and comparability to industry stakeholders in addition to being appreciated by the investment community.
    [Show full text]
  • North East Derbyshire Industrial Archaeology Society
    North East Derbyshire Industrial Archaeology Society NEDIAS Newsletter No. 18 – May 2005 Price: 50p (Free to Members) Contents: Chairman’s Comments 1 WHAT’S ON? - NEDIAS and other meetings 2 NEDIAS Summer visits 3 Sir Nigel Gresley 4 Ad Nauseum, 1837 4 Letters to the Editor 6 IA News and Notes 7 Chairman’s Comments: Since February 2001 we have enjoyed the facilities of the Quaker Friends Meeting House for our lecture meetings but the popularity of those meetings, coupled with the growth in our membership, means that the time has come to move on. We have for some time been aware that many of us have had a rather sideways view of the proceedings, while all present have been seated ‘cheek by jowl’ on too many occasions. I hope that NEDIAS will be as well supported in its new venue and the different environment will gain acceptance by our members and our visitors alike. The offer from ROMAC to use their canteen room at Rowland Hill House on Boythorpe Road, with its secure and ample car parking facilities is very generous and no doubt reflects the current standing of NEDIAS as a significant contributor to the local community’s activities. Having said that, a recent item in the Industrial Archaeology News highlights the need for expansion of our external activities. The item criticised business managers and other parties interested in the affairs of industry and commerce for failing to safeguard company archives upon closure of businesses. Regrettably, the example quoted was the Chesterfield based Dema International where, it was claimed, an archaeological site survey had found company archives in an unprotected state.
    [Show full text]
  • 2011 John H Newby Returning Officer
    STATEMENT OF PERSONS NOMINATED North East Derbyshire Election of Parish Councillors The following is a statement of the persons nominated for election as a Parish Councillor for Ashover Reason why Name of Candidate Home Address Description (if any) Name of Proposer no longer nominated* ARMITAGE Greenbank, Hockley Armitage Elaine P James William Lane, Ashover, Chesterfield, S45 0ER BROCKSOPP White Lion House, Sanderson B W Christine Andrée Butts Road, Ashover, Chesterfield, S45 0AX COOK Farhill House, Milken Hitchenor R. John Lane, Ashover, Derbyshire, S45 0BB DRONFIELD 50 Malthouse Lane, Graves J S Stephen Charles Ashover, Chesterfield EARLY Lexley Gables, Banner N Nigel Hockley Lane, Ashover, Chesterfield, S45 0ER EARLY Lexley Gables, Kelly C M Rosemary Hockley Lane, Ashover, Chesterfield, S45 0ER FIDLER Porthlea, Alton Lane, Cookson P W Richard Littlemoor, Ashover, Derbyshire, S45 0BE HITCHENOR The Hollies, Hill Cook J Robert Road, Ashover, Derbyshire, S45 0BX MILLER Hill House, Hill Road, Whyatt P. Chris Ashover, Chesterfield, Derbyshire, S45 0BX STEVENS 96 Dale Road, Fanshawe J M Duncan Richard Matlock, DE4 3LU WILLMOT The Pines, Hill Top Fidler R Edward Road, Ashover, Chesterfield, Derbyshire, S45 0BZ *Decision of the Returning Officer that the nomination is invalid or other reason why a person nominated no longer stands nominated. The persons above against whose name no entry is made in the last column have been and stand validly nominated. Dated Wednesday 6 April 2011 John H Newby Returning Officer Printed and published by the
    [Show full text]
  • UK Commercial & Residential Property Markets
    UK Commercial & Residential Property Markets Review: November 2018 | 1 UK Commercial & Residential Property Markets Review: November 2018 | 2 CONTENTS Economic overview page 3 Residential property - National sales page 4 - London sales page 7 - London new homes page 9 - National lettings page 10 - London lettings page 11 Commercial property - London office market page 12 - Retail market page 13 Investment market - Residential page 13 - Commercial page 14 Contact page 15 UK Commercial & Residential Property Markets Review: November 2018 | 3 ECONOMIC OVERVIEW GDP Growth As expected, recent data confirmed that GDP growth accelerated in Q3 and, at 0.6%, quarter-on- quarter growth was the strongest since 2016. In a surprisingly upbeat Budget, the Chancellor announced that “austerity is coming to an end”, and promised the first outright fiscal loosening for a decade in 2019/20. This should provide a welcome support to GDP growth, particularly next year - although the large fall in the PMIs in October suggests that the economy slowed sharply at the start of Q4. The Treasury’s panel of independent forecasters held its November forecast GDP growth rate for 2018 at 1.3% and pointed to GDP growth accelerating to 1.5% in 2019. The underlying economic platform therefore appears relatively benign although the elephant in the room remains Brexit, both from an economic and a political perspective. The current deal (withdrawal agreement and political declaration) has been signed off by the other 27 EU countries however, Theresa May needs to persuade MPs in her own Parliament to back it. A vote will now take place on 11th December.
    [Show full text]
  • Bygone Derbyshire
    This is a reproduction of a library book that was digitized by Google as part of an ongoing effort to preserve the information in books and make it universally accessible. https://books.google.com BYGONE DERBYSHIRE WILLIAM ANDREWS FRA S . Br 38 2200. Harvard College Library RVARD ECCLESIAE INNO TM ACADS 107719 STO NE CHRIS PNV : 10 Bought with Money received from Library Fines nza nha one seres BYGONE DERBYSHIRE . Of this book 750 copies have been printed , and this is No. 639 GETTA HALLHADDON. BYGONE DERBYSHIRE . EDITED BY WILLIAM ANDREWS , F.R.H.S. , AUTHOR OF 2 “ OLD CHURCH LORE , CURIOSITIES OF THE CHURCH , " " OLD - TIME L'UNISHMENTS , " ETC. DERBY : FRANK MURRAY . ITULL : WILLIAM ANDREWS & CO . , THIE HULL PRESS . LONDON : SIMPKIN , MARSHALL , HAMILTON , KENT , & CO . , LIMITED . 1892 . Br 3522,6 COLLECT HARVARD JUL 12 1915 LIBRARY Time money 1 WILLIAM . ANDREWS & THE - HULL PRESS Preface . HE editing of this volume has been a labour THE of love , recalling happy memories of the past . It is more than twenty - five years since I resided in Derbyshire , and made myself familiar with its historic byways and highways . I have continued my studies of its old - time lore since I left the county , never missing an opportunity of obtaining a local work , and making a note of matters I deemed of interest and importance . In the following pages will be found the result of some of my gleanings . In conclusion , I desire to tender my thanks to my contributors for assisting me to produce a book which I hope will not be regarded as an unwelcome addition to the literature of Derbyshire .
    [Show full text]
  • CJ AUGUST 22/7/11 2:35 Pm Page 1
    CJ AUGUST 22/7/11 2:35 pm Page 1 C.I.U 70p AUGUST 2011 THE PAPER FOR ALL C.I.U. MEMBERS NEW OPPORTUNITY TO WIN BACK TAX LUBS have another opportunity to recover thousands of pounds in CVAT on gaming machine income, thanks to the Union and its advisers. VAT expert Ian Spencer of Ian Spencer & Associates Limited has identified the new opportunity for clubs to receive money back from the Revenue & Customs (HMRC) following the recent successes of the Union and gaming machine suppliers Dransfields in the Linnewebber and B3A cases. Ian expects the average claim to be between £7,000 and £9,000 but warns that there will be obstacles put in clubs’ way that require expert guidance. The Union has arranged a special fee of £150 plus 10 per cent of whatever refund the club receives. To PAGE take up the offer see Ian Spencer’s contact details on Page 7 or the Union’s website www.wmciu.org.uk. 7 II NN SS II DD EE .. .. .. Members of the National Executive outside the Houses of Parliament. GENERAL Secretary Mick McGlasham has writ- ten to clubs to remind them that they need to obey the 2010 Equality Act. Although we have Artist Hockney gives more than 300 women Club Secretaries the public are still getting the impression that clubs are male preserves. rally a bigger splash Full story — Page 13 CLUB members from all over the The Union has asked the Government to country joined the National increase the number of Temporary Event Executive in a rally at Westminster Notices from 12 to 15.
    [Show full text]
  • Covent Garden Blooms P8 Spotlight on South Tottenham P20
    Wednesday 9 August 2017 Summer Homes& design shows Property Page 16 NEW HOMES: VAUXHALL REDESIGNED P6 COVENT GARDEN BLOOMS P8 SPOTLIGHT ON SOUTH TOTTENHAM P20 Girls can teach the boys a thing or two Bachelor pad for a City guy: Page 14 DAVID BUTLER DAVID London’s best property search news: homesandproperty.co.uk 4 WEDNESDAY 9 AUGUST 2017 EVENING STANDARD Homes & Property | News Trophy home of the week sip fizz in the hot tub and drink £30m project: in the view 58 new flats near Bayswater Tube £1,795,000: it’s all about could include just the views when it comes to four “affordable” living the high life in a London penthouse — and HE much-vaunted £1 billion this swish apartment, on the regeneration of Queensway 13th floor of the New is shaping up to include Providence Wharf scheme in almost no “affordable” Spot the E14, delivers in spectacular homes for young Londoners fashion. Luxurious lateral Tor key workers. space of more than 1,700sq ft Thames, The O2 and the your evening glass of bubbly. In the latest example of a developer covers two double bedrooms Canary Wharf skyline There’s 24-hour concierge, a wanting to go against rules requiring and an impressive 30ft continue from a 2,000sq ft gym, swimming pool and affordable homes to be included in affordable living/dining/kitchen area wraparound terrace residents rates at the on-site multimillion-pound developments, wrapped in floor-to-ceiling complete with a hot tub five-star hotel spa. Through GMS Estates’ plan for an entire block windows.
    [Show full text]
  • UK Commercial & Residential Property Markets
    UK Commercial & Residential Property Markets Review: June 2018 | 1 UK Commercial & Residential Property Markets Review: June 2018 | 2 CONTENTS Economic overview page 3 Residential property - National sales page 5 - London sales page 8 - London new homes page 10 - National lettings page 11 - London lettings page 12 Commercial property - London office market page 14 - Retail market page 14 Investment market - Residential page 15 - Commercial page 16 Contact page 17 UK Commercial & Residential Property Markets Review: June 2018 | 3 ECONOMIC OVERVIEW GDP Growth The weakest household spending for three years and falling levels of business investment dragged the economy to its worst quarterly performance for five years according to official statistics, with revised estimates showing GDP rose by just 0.1% in Q1. Nevertheless, there have been signs that the economy may have recovered somewhat in the second quarter. Growth in UK services hit a three-month high in May, although this was against the backdrop of strong cost pressures. The IHS Markit/CIPS UK Services Purchasing Managers’ Index climbed to 54 in May, up on 52.8 in April. Competitive pricing, greater business investment and new product launches led to improved sales volumes, but the increase in new work was one of the weakest seen since summer 2016. Meanwhile, Brexit rumbles on with multiple outcome scenarios still a possibility. Theresa May has welcomed the passing of the Brexit bill through Parliament as "a crucial step" in delivering a "smooth and orderly Brexit". Peers accepted the amendment to the EU (Withdrawal) Bill sent to them from the House of Commons, meaning the bill now goes for Royal Assent to become law.
    [Show full text]
  • Interim Results to 31 July 2020
    RNS Half-year/Interim Report Interim Results for Six Months Ended 31 July 2020 ONTHEMARKET PLC Released 07:00:02 13 October 2020 RNS Number : 8503B OnTheMarket plc 13 October 2020 The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 13 October 2020 ONTHEMARKET PLC ("OnTheMarket", "OTM", the "Group" or the "Company") INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2020 CONTINUED OPERATIONAL PROGRESS WITH CLEAR STRATEGY FOR GROWTH OnTheMarket plc (AIM: OTMP), the majority agent-owned company which operates the OnTheMarket.com property portal, today announces its unaudited interim results for the six months ended 31 July 2020 ("H1 20/21"). Highlights Period ended 31 July 2020 2019 Change Group revenue £10.2m £8.0m 28% Adjusted operating profit / (loss)1 £0.8m £(6.7)m £7.5m Operating profit / (loss) £0.7m £(7.2)m £7.9m Profit / (loss) after tax £0.7m £(7.0)m £7.7m Period-end net cash £9.8m £8.7m2 £1.1m ARPA3 £124 £108 15% Average advertisers4 listed 13,592 12,434 9% Total advertisers at 31 Jul 13,757 12,543 10% Agency branches at 31 Jul 12,245 12,543 (2)% New homes developments at 31 Jul 1,512 Nil N/a Traffic/visits5 117m 121m (3)% Average monthly leads per advertiser 105 94 12% · Revenue and ARPA up 28% and 15% respectively, despite COVID-19 related customer support discounts of £1.8m and the curtailment of contract conversion activity.
    [Show full text]