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Safestore Holdings plc
Interim report
for the six months ended 30 April 2011
Consolidated income statement
for the six months ended 30 April 2011
| Notes | Six months ended 30 April 2011 (unaudited) £'000 |
Six months ended 30 April 2010 (unaudited) £'000 |
Year ended 31 October 2010 (audited) £'000 |
|
Revenue |
4 | 45,528 | 42,435 | 89,214 |
Cost of sales |
(15,118) | (14,456) | (28,951) | |
Gross profit |
30,410 | 27,979 | 60,263 | |
Administrative expenses |
(7,866) | (5,435) | (11,819) | |
EBITDA before exceptional items, fair value movement of derivatives, contingent rent and (loss)/gain on investment properties |
4 | 24,275 | 22,928 | 49,178 |
Exceptional items |
5 | (1,062) | — | (280) |
Fair value movement of derivatives |
(325) | 343 | 461 | |
Contingent rent and depreciation |
(344) | (727) | (915) | |
Operating profit before (loss)/gain on investment properties |
22,544 | 22,544 | 48,444 | |
(Loss)/gain on investment properties before exceptional item |
(11,540) | 4,950 | 18,472 | |
Impairment of investment property – exceptional |
11 | (2,262) | — | — |
Total (loss)/gain on investment properties |
(13,802) | 4,950 | 18,472 | |
Operating profit |
8,742 | 27,494 | 66,916 | |
Finance income before exceptional items and change in fair values of derivatives |
110 | 164 | 290 | |
Fair value movement of derivatives |
3,629 | — | — | |
Recycling of foreign exchange gains – exceptional |
6 | — | 431 | 431 |
Total finance income |
3,739 | 595 | 721 | |
Finance expense before fair value movement of derivatives and exceptional items |
6 | (11,508) | (9,647) | (22,834) |
Fair value movement of derivatives |
6 | — | (1,012) | (4,829) |
Recycling of cash flow hedge reserves – exceptional |
6 | — | (8,749) | (8,749) |
Exceptional finance expense |
6 | — | (2,004) | (2,004) |
Total finance expense |
(11,508) | (21,412) | (38,416) | |
Profit before income tax |
4 | 973 | 6,677 | 29,221 |
Income tax credit/(expense)1 |
7 | 3,493 | (1,882) | (2,881) |
Profit for the period |
4,466 | 4,795 | 26,340 | |
Earnings per share for profit attributable to the equity holders |
||||
– basic (pence) |
10 | 2.38 | 2.56 | 14.05 |
– diluted (pence) |
10 | 2.33 | 2.51 | 13.81 |
1 Includes an exceptional credit of £3,293,000 (31 October 2010: £3,478,000) (see note 7).
All items in the income statement relate to continuing operations.
An interim dividend of 1.75 pence per ordinary share has been declared for the period ended 30 April 2011 (30 April 2010: 1.70 pence).
