Santumas Shareholdings plc - Interim Results
On 30 December 2014, Santumas Shareholdings plc published its interim results for the six months ended 31 October 2014.
Performance Overview
During the period under review, the Company generated investment income amounting to €190,483, which equates to an increase of 21% over the comparable period of 2013. Nonetheless, the increase in fair value of the portfolio of financial assets was 72% lower in the period up to 31 October 2014, resulting in a decline in total revenue of 15% to €218,824.
During the six month period to 31 October 2014 costs increased mainly as a result of the change in the listing status of the company which resulted in a one-off charge of circa €70,000. During the six month period under review, the Company surrendered its Collective Investment Scheme (CIS) licence and changed its status to a property holding company in terms of Chapter 7 of the Listing Rules.
As a result of these one-off costs, the pre-tax profit of Santumas during the first half of the current financial year amounted to €91,616 compared to €198,871 during the same period last year. After accounting for a tax charge of €44,961, the Company’s profit for the six months ended 31 October 2014 was €46,655 (31 October 2013: €156,371).
As a result of undistributed profits, the asset base of Santumas Shareholdings increased to €7.93 million (April 2014: €7.85 million), while shareholders’ funds increased from €7.3 million at the end of April 2014 to €7.35 million on 31 October 2014 giving a net asset value per share of €4.01. During the period under review, the Company paid off its outstanding debts, and increased its cash holdings to €732,480.