REG - MJ Gleeson Plc - Half Yearly Report <Origin Href="QuoteRef">GLEG.L</Origin> - Part 2

MJ GLEESONAnnouncement

22/02/2016 07:11

- Part 2: For the preceding part double click  ID:nRSV6971Pa 

continuing and discontinued operations                         Six months to 31 December   Six months to  31 December  Year to 30 June  
                                                                     2015                        2014                        2015             
                                                                     pence                       pence                       pence            
                                                                                                                                              
 Basic                                                               16.60                       6.03                        22.77            
                                                                                                                                              
 Diluted                                                             16.53                       6.00                        22.61            
                                                                                                                                              
                                                                     Six months to 31 December   Six months to 31 December   Year to 30 June  
                                                                     2015                        2014                        2015             
 Normalised Earnings per share                                       £000                        £000                        £000             
 From continuing and discontinued operations                                                                                                  
 Profit for the purposes of basic and diluted earnings per share     8,925                       3,233                       12,208           
 Adjusted for the impact of exceptional costs in the period          -                           -                           6,132            
 Normalised earnings                                                 8,925                       4,232                       18,340           
                                                                                                                                              
                                                                     Six months to 31 December   Six months to 31 December   Year to 30 June  
                                                                     2015                        2014                        2015             
                                                                     pence                       pence                       pence            
                                                                                                                                              
 Basic                                                               16.60                       6.03                        34.21            
                                                                                                                                              
 Diluted                                                             16.53                       6.63                        33.96            
 
 
Normalised EPS for 31 December 2014 includes the impact of exceptional
restructuring costs (£1.0m); the method for calculating normalised EPS was
changed to exclude exceptional restructuring costs in June 2015. Normalised
EPS for the six month to 31 December 2014 would have been 7.90 pence basic and
7.85 pence diluted had the impact of the restructuring costs been excluded. 
 
10. Financial instruments 
 
The fair value of the Group's financial assets and liabilities are not
materially different from the carrying values.  The following summarises the
major methods and assumptions used in estimating the fair values of financial
instruments. 
 
Available for sale financial assets due after more than one year, which
represent receivables in respect of shared equity properties, are recorded at
fair value, being the amount receivable by the Group discounted to present day
values.  Gains and losses arising from changes in fair value with respect to
impairment losses, cashflows and interest are recognised in profit in the
year.  The difference between the amount receivable by the Group and the
initial fair value is credited over the deferred term to finance income, with
the financial asset increasing to its full cash settlement value on the
anticipated receipt date. Credit risk is accounted for in determining fair
values and appropriate discount factors are applied.  The Group holds a second
charge over property sold under shared equity schemes. 
 
The table below analyses financial instruments measured at fair value, into a
fair value hierarchy based on the valuation technique used to determine fair
value. 
 
Level 3: inputs for assets or liability that are not based on observable
market data. 
 
                                      Unaudited 31 December  Unaudited 31 December  Audited 30 June  
                                      2015                   2014                   2015             
                                      Level 3                Level 3                Level 3          
                                      £000                   £000                   £000             
                                                                                                     
 Available for sale financial assets  7,493                  7,958                  7,938            
 
 
11. Group pension scheme 
 
The Group operates a defined contribution pension plan. The assets of the
pension plan are held separately from those of the Group in funds under the
control of the trustees. 
 
The total pension cost charged to the Statement of Comprehensive Income in the
six months to 31 December 2015 of £275,000 (six months to 31 December 2014:
£257,000; year to 30 June 2015: £543,000) represents contributions payable to
the defined contribution pension plan by the Group at rates specified in the
plan rules.  At 31 December 2015, contributions of £42,000 (31 December 2014:
£64,000; 30 June 2015: £64,000) due in respect of the current reporting period
had not been paid over to the pension plan. Since the period end, this amount
has been paid. 
 
12. Related party transactions 
 
There have been no material transactions with related parties during the
period. 
 
There have been no material changes to the related party arrangements as
reported in note 32 of the Report and Accounts for the year ended 30 June
2015. 
 
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note. 
 
13. Share capital 
 
On 19 December 2014 the parent company of the Group became MJ Gleeson plc
replacing MJ Gleeson Group plc. Under a Scheme of Arrangement entered into by
the former parent company, the share capital of MJ Gleeson Group plc was
cancelled and the shareholders of that company received one share of MJ
Gleeson plc for each share it previously held in MJ Gleeson Group plc. Further
details are reported in the Reports and Accounts for the year ended 30 June
2015. 
 
Statement of Directors' responsibility 
 
for the six months to 31 December 2015 
 
The Directors confirm that, to the best of our knowledge: 
 
a)   the condensed set of financial statements has been prepared in accordance
with IAS 34 'Interim Financial Reporting' as adopted by the European Union; 
 
b)   the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year); and 
 
c)   the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein). 
 
By order of the Board, 
 
Stefan Allanson 
 
Chief Financial Officer 
 
This information is provided by RNS
The company news service from the London Stock Exchange