Business
Interim Report - Six months ended 30 June 2021
Interim Report - Six months ended 30 June 2021.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4517N\n Panther Securities PLC\n 30 September 2021\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n Panther Securities PLC\n \n \n Interim Report - Six months ended 30 June 2021\n \n \n \n \n \n Chairman's Statement\n \n \n \n \n \n I am once again pleased to report our results for the six months ended 30 June 2021. We show profit of £8,856,000 after a tax expense of £2,722,000, compared to a loss of £8,049,000 after a tax credit of £2,269,000 for the first half of 2020. Both of these periods contained much distortion to our business due to the effects of the coronavirus pandemic.\n \n \n \n \n \n However, as with previous periods a great variance in the figures is again determined by non-cash valuation movements firstly, and mainly in this period, in relation to swap value movements.\n \n \n \n \n \n In February 2021, the Group paid £5 million to vary a long-term swap agreement. The agreement varied was an interest rate swap fixed at 5.06% until 31 August 2038 on a nominal value of £35 million and has circa 17.5 years remaining. Following the Group's variation, the Group's fixed rate will drop on 1 September 2023 to 3.40%, saving the Group £581,000 pa in cash flow until the end-point of the instrument.\n \n \n \n \n \n At 30 June 2021, there is a swap liability reduction compared to that shown at 31 December 2020 of £14,326,000 due to the combination of the benefit derived from our payment to vary this swap and also an upward spike in the medium and long term interest rates, thus improving our net asset value, which is 527p per share as at 30 June 2021.\n \n \n \n \n \n Secondly, although we do not normally independently revalue our property portfolio for the half year accounts unless there is a very significant event to justify the change (i.e., a sale at a much higher price than book value at a slightly later date than the half year cut-off date), we have done so in these accounts. Due to the delay in completing the extremely extensive due diligence requireme...