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The Ethical Property Company

Financial Performance

12 months to 30th September 2016

The Company’s accounts were transformed by the impact of the sale of Development House - Net Asset Value (NAV) increased from £21.3 million to £42.5 million.

Profit from Ordinary Activities increased by 20%, while their underlying Operating Profit was similar to the previous year on a like-for-like basis. Interest costs were £132k lower than in the previous year as debt was paid down following the sale of Development House and interest costs of £122k were capitalised against the redevelopment of The Green House.

In April 2016, a dividend of 2.2 pence per share was paid, in line with forecasts. In October 2016 they also paid an interim dividend of 1.0 pence per share, ahead of the full year’s results. The final dividend will be announced at the AGM in March 2017.

Liquidity

Over the past year the secondary market for shares has been stimulated first by the Share Offer in quarter one and again following the sale of Development House which delivered a step change to the Net Asset Value per share.

Last year sell orders for 385,149 shares were placed and 347,956, (90%), were sold by the end of the year. In addition 101,441 shares from previous orders were sold and at the end of the year there were fewer than 40,000 shares for sale. This is a significant advance on the previous year when 107,115 shares were sold and there were 143,641 shares left untraded at the year-end. The share price on the secondary market has subsequently increased to £1.30 per share. Although still a very large discount to Net Asset Value, this represents a 100% increase from the position at the end of September 2015, which saw trades at £0.65 per share.

Revenue and net profit

These graphs give you a snapshot of how the business has performed over the last 10 years. Revenue, which is sometimes also called turnover, shows you how much money the business has brought in every year for the last five years. The net profit graph shows you how much of that money ended up as profit after all of the costs of running the business, and after tax. Read more

Net profit in 2013 was boosted by £299,532 from sale of a property.

Profit and loss summary

The profit and loss summary table shows how profitable the business has been over the last year. Read more

2016
£
2015 (restated)
£
Turnover 4,371,968 4,119,543
Gross profit 1,800,272 1,788,583
Administrative expenses (1,200,753) (1,151,233)
Operating profit 677,241 724,701
Profit on ordinary activities before exceptional items, taxation and property disposals 483,534 402,674
Profit on ordinary activities before movements on investments 24,749,346 387,017
Tax on profit on ordinary activities (5,080,829) (24,737)
Profit for the financial year 19,645,254 754,049
Total comprehensive income for the financial year 19,882,584 4,679,503

Balance sheet summary

The balance sheet of a business gives you a picture of everything the business owns. It shows you all the cash the business has received and what it has done with it. Read more

2016
£
2015 (restated)
£
Total Assets 55,950,529 34,685,305
Total liabilities (4,564,135) (1,117,578)
Net current (liabilities)/assets (3,315,672) 43,916
Total assets less current liabilities 51,386,394 33,567,727
Net assets 42,469,340 21,348,402

Returns and value

The returns indicators show you how much return the business is making from all the money it has. A higher return means a more profitable business and more money for the shareholders. Read more

The share and asset value indicators are designed to help you understand better what the shares of the business might be worth. Read more

Returns indicators Share and asset value
Most recent dividend 2.2 pence Last traded price Read more
Earnings per share 3.24 pence Net asset value per share £2.85
Distributable profits per share 1.33 pence

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