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Your Space PLC (YSP)

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Friday 21 July, 2006

Your Space PLC

Final Results

Your Space PLC
21 July 2006

                                    Your Space Plc

                          Preliminary Results Announcement
                          for the year ended 31 March 2006

Your Space Plc ('Your Space' or the 'Company') is pleased to announce its
preliminary results for the year ended 31 March 2006.

Financial highlights:

  • Full year profit before tax of £787,000 (2005: loss of £383,000) on turnover 
    of £2,743,000 (2005: £2,671,000)

  • Net asset value up 47% to £7,907,000 from £5,363,000

  • Net cash balances up to £3,000,000 from £500,000

  • Earnings per share up to 7.3p from a loss of 0.19p

  • Return on capital employed up to 13% from 2%

  • Release of £1,000,000 of non distributable reserves

  • Maiden Special dividend of 10p per ordinary share paid in June 2006

  • Share buy back for cancellation of £240,000 of shares, being 3.5% of
    issued shares

Operational highlights:

  • Completion of Manchester renovation project, possible sale and lease being

  • Commencement of development work at Willinhall and Liverpool sites

  • Disposal of property in Frampton Street London at a book profit
    approaching £1,000,000

  • Post year end purchase of the freehold of two Grade II listed properties
    in Liverpool, totalling £5,000,000 acquisition price

  • Post year end disposal of property via sale and leaseback of Clerkenwell
    Road, at a book profit of close to £1,000,000

  • In the past 4 months disposals totalling £13,000,000 and purchase of
    freehold property of £5,000,000

  • Section 104 agreed with local authority, in relation to planning
    permission to construct a 7 storey, 219 bed student accommodation block.
    Application to be heard in upcoming planning committee meeting

  • Planning permission granted to extend the property at 23 New Mount St,
    adding an additional 30% capacity

Chairman, Christopher Philips, commented:

'This is the first set of results relating to a full year's trading following
the appointment of the new management team of Chief executive officer, Shaun
Mealey and Finance Director, Jim Millar in January 2005.  I am pleased to report
the Group is trading profitably, generating cash and increasing both returns on
capital employed and asset value per share.  I would like to thank all of the
individuals within the Group companies for all their hard work and dedication.'

For further information, please contact:

Christopher Philips, Chairman                 Tel:  0207 730 8877

Jim Millar, Finance Director                  Tel:  0161 953 4000

Graham Webster, Zeus Capital                  Tel:  0207 965 0750

Chairman's Statement

Your Space is pleased to report its results for the year ended 31 March 2006.

In the 12 months to 31 March 2006, turnover was £2,743,000 (2005: 2,671,000) and
profit before tax was £787,000 (2005: a loss of £383,000).

At the year end the net assets of the Group were £7,907,000 or 40p per ordinary
share compared to £5,363,000 or 27p (updated for share consolidation) per share
at 31 March 2005, an increase of 48% over the period.  Earnings per share were
up to 7.3p from a loss of 0.19p last year.

Cash balances at 31 March 2006 were £3,000,000 compared to £515,000 in 2005.

These results show how during 2006 we have made great strides towards achieving
our previously stated aim of enhancing shareholder value.  I would refer you to
the accompanying operational review for details of how this has been achieved.

Following the changes made by the new management team, Your Space is generating
cash, trading profitably, generating increasing returns on capital employed and
raising the asset value of each share.

Your Space has progressed from a strategy of simply owning and letting serviced
offices to one of acquiring property, enhancing its value through redevelopment
and then selling to generate both profit and cash for reinvestment in additional
properties while continuing to generate revenues by operating the original
property as a serviced office.  The sale and leaseback of our Clerkenwell Road
property in April this year is a clear demonstration of this.  We are also
considering moves into other related markets where our skills in selling space
and services might be employed for the expansion of the underlying business.

The board intends to pursue a policy of distributing profits to shareholders by
way of dividend. A maiden 10p per ordinary share dividend was paid in June 2006.
  The Company will continue also to buy back shares in the open market,
depending on market conditions.

I would like to take this opportunity to thank all the team throughout the
business for all their hard work. We have a very dedicated work force and on
behalf of the board, I would like to say we appreciate their commitment to the

Christopher R L Phillips

Non-executive Chairman

21 July 2006

Chief Executive's Statement

This is the first set of results relating to a full year's trading following the
appointment in January 2005 of myself as chief executive officer and that of my
colleague Jim Millar as Finance Director

To assist shareholders in understanding our strategy we have included below a
detailed operational review, it being the board's intention to provide as much
transparency as possible.

The group has made significant progress in the last year, particular highlights
being  the net profit before interest and tax of £1,572,000 compared with
£358,000 in 2005 and the increase in net cash from £500,000 to £3,000,000.

In the past 4 months the group has disposed of £13,000,000 of freehold property
and acquired £5,000,000 of property and it is intended to continue to dispose of
assets by means of sale and leaseback.   We have begun to market the New Mount
Street building, now that it is complete.

We intend to dispose of the first of our grade II listed buildings in Liverpool,
being the Heywood building, once development work is complete.  It is also
intended  to dispose of our site in Willinhall later this financial year and the
other grade II listed site in Liverpool, again if feasible using sale and
leaseback, once the projects are complete.  We continue to consider further
property purchases.

Regarding our serviced offices and associated facilities, much progress has been
made this year in improving the services and we now have a dedicated and focused
team, who are delivering our agreed objectives.

The new financial year has commenced well, with rents in New Mount Street,
approximately  200% higher, post restoration work.

The management contracts in Hammersmith and St Helens Place are performing well,
with like for like total monthly rent collected now running at an increase of
over 75% higher than last July.  We are also currently negotiating further
management contracts.

To summarise, the last year has seen significant improvements in the Group's
performance and I would like to thank all the staff for their hard work and
effort.  We look forward to this coming year with optimism.

Shaun Mealey

Chief Executive Officer

Principal Activity

Your Space Plc is a provider of serviced office space and a developer of
property both for sale and its own use.  At present the business has operating
units in London, Willenhall and Manchester along with development buildings in

The group continues to offer serviced office space including a range of services
from conference facilities and catering through to virtual offices.  We manage
our own IT, security, cleaning and maintenance.  During the year we have added
our own project management team which specialises in the restoration of
buildings of character.

The group now generates revenue from 2 distinct activities-

1)  Acquisition of property with development opportunity, including
restoration and conversion to serviced offices or other.  Disposal of  property
once development is complete, through either outright sale or sale and

2)  Provision of serviced office space in a flexible and customer focused
manner. Providing numerous specialist services from property owned by the group
or within a management contract in partnership with other landlords or as part
of a sale and leaseback scheme.

Business Review

During the year we refurbished the whole of our grade II listed building at 23
New Mount Street in Manchester, investing £750,000 in restoration works and
infrastructure provision.  We have enhanced the facilities provided including
new meeting and conference rooms and extended the range of services including
reception and onsite catering. We are now enjoying rental rates of over £40sq/ft
on all newly restored space, a 200% increase on rates from 17 months ago. The
redevelopment on this site has become the blueprint for our business model
moving forward. We anticipate additional value from this site should we be
successful in our bid to receive planning permission to construct a 219 room
student accommodation block on the adjacent car park, which we already own.  The
planning application process for this is making progress.  We have agreed the
section 104 payments with the local council, subject to planning consent and the
scheme is due for consideration by the local planning committee later this

Refurbishment work at our Willinhall site, which was formerly a lock factory, is
well under way and our project team expects to create an additional 8,000 sq ft
of high specification space by September 2006. The development works at this
site include a new cafe, reception area, conference suites and an atrium with an
electronic opening glazed roof overlooking a planned tropical garden. This
atrium will house additional offices. Once the site is fully let we intend to
dispose of the freehold via sale and leaseback. We also intend to submit a
planning application to construct apartments on land owned we own adjacent to
the existing Willenhall property.

Our London based operation has undergone significant change.  At the end of
March we sold our property in Frampton Street, generating almost £1,900,000 of
distributable reserves.  This was followed less than a month later by the sale
and lease back of our property in Clerkenwell Road.

Since the financial year-end we have acquired two properties in Liverpool for
development in Liverpool, both of which are Grade II listed and fit well with
our existing portfolio of buildings with character.

The first of our Liverpool acquisitions is in Brunswick Street in the heart of
the city's commercial centre.  The building dates back to the late 1700s and at
one time housed what was to become Heywood's Bank.  It has a net internal floor
area of around 13,600 square feet.  As the building is also situated close to
the £900,000,000 Liverpool One development project, which is expected to turn
the area into one of the largest retail centres in Europe, as well notable
tourist attractions including the Liver Buildings, the river Mersey and the
Cavern Walks, we intend to restore the building extending and developing it
prior to submission of planning application for change of use to a hotel. Once
we have this in place we will consider its sale

We are pleased to announce that we have today exchanged contracts to acquire our
second building  in Liverpool which is at 7 Water Street, within 100 metres of
the first.  The purchase price is £2,850,000 and will be funded from existing
resources and debt finance.  The building dates back to the early 1930s and has
an exterior design resembling an Italian renaissance palace.  The building has a
net internal floor area of circa. 22,650 sq. ft. and is Grade II listed.  We
plan to restore the building fully, using the space for serviced offices.  Once
the restoration is complete and the premises are let, we intend to carry out a
sale and lease back of the property, similar to that already successfully
achieved with our Clerkenwell Road property.


In January 2006 we welcomed Steve Turton to the executive team as Development
Director.  We believe that there is now a good balance at board level to ensure
we deliver our objectives.  All our employees are encouraged to take a full role
in the running of the business and many of them are incentivised with share
option packages.


We expect the property market and serviced office market to remain competitive.
However, given the extensive experience of the directors, we are confident that
we have a team in place that is capable of not only spotting development
opportunities, as demonstrated by the two recent acquisitions in Liverpool, but
also delivering completed construction projects, on time and to budget, as shown
by the redevelopment of our New Mount Street property. We believe that this
combination will enable us to attain higher than average returns on capital

Similarly, while the market for serviced offices is competitive, we believe that
the way in which we differentiate ourselves from the competition will ensure
good returns. We specialise in offering high specification office space for
short term rental periods. Over the last year we have become progressively more
creative in the range of services we provide customers. The uplift in average
rental received from our New Mount Street offices proves the success of this

Financial  Review

Results for the  financial year to  31 March 2006

Table 1: Summary of operating performance

                                            2006          2005
                                           £'000         £'000

Turnover                                   2,743         2,671
Operating expenses                       (2,171)       (2,313)
Profit on disposal of property             1,000             -
Net profit before interest and
tax                                        1,572           358

In our interim announcement made on 22 December 2005, the first set of results
to reflect the strategy introduced by the current management team, we indicated
that the trading performance of the business was improving. This prediction has
been borne out by the full year results which show the combined effect of
increases in rental revenues, lower operating costs and profits from property

Rental revenue was up during the period. This reflects the higher specification
buildings following refurbishment, particularly in Manchester where we are able
to justify higher rates.

Operating expenses are down as a result of our investment in infrastructure,
which has enabled greater economies to be generated from the provision of
services such as security and telecommunications. This reduction was achieved
despite incurring professional fees during the year which included the costs of
the circular to permit the consolidation of the share capital and the purchase
for cancellation of our own shares. There were also some costs associated with
restructuring our loan financing. Whilst we negotiated more attractive interest
only rates, which will benefit future years, we incurred penalties for early
redemption which affected operating expenses during the current year. These one
off costs were approximately £125,000.

Financial performance

Table 2: Summary of financial performance
                                                             2006                      2005

Return on capital employed (1)                                13%                        2%

Gearing (2)                                                   51%                       39%

Net asset value (3)                                     7,907,000                 5,363,000

Operating expenses                                      2,171,000                 2,313,000

Dividend                                                      10p                       Nil

(1)     ROCE:  Operating profit as a percentage of capital employed.

Operating profit includes realised reserves as shown in the financial
statements. Capital employed is defined as intangible assets plus property,
plant and equipment plus current assets less non interest bearing liabilities.

(2)     Gearing:  interest bearing liabilities as a percentage of total capital

(3)     Operating expenses:  include exceptional costs of approximately £125,000
relating to professional fees relating to issuing a circular and restructuring
loan financing.

Table 2 shows that we have substantially improved returns for shareholders
compared with the previous financial year. ROCE, which is our principal
measurement of how effectively we have used Group resources, increased to 13%
compared with 2% for the previous year.  This improvement reflects the disposal
of our Frampton Street property and is in keeping with our stated strategy.

Gearing has increased following the sale of Frampton Street.  At present, we
have left the loan in place secured on cash deposit. We are managing the
exposure to the existing fixed rate interest rate fixture and the early
redemption penalty. The interest rate fixture is at 8.679%, fixed until February

Net asset value has risen to £7,907,000 from £5,363,000 an increase of over 47%
in the year. This results from a combination of retained profits and
revaluations of the property portfolio totalling around £1,356,000.

Earnings per share is up from (0.19p) to 7.3p.   Net asset value per ordinary
share is up 48% to 40p from 27p in 2005 (post the purchase for cancellation of
686,500 10p ordinary shares as part of the Company's share buyback programme).

Capital structure

During the year we drew down additional loans of £1,550,000.  We also purchased
for cancellation 686,500 10p ordinary shares.  The cancellation of shares
reflects the directors continued belief in the underlying value of the business.
The price paid for shares for cancellation was 34p per share while net asset
value today represents 40p per share.

Capital expenditure

In the course of the year we invested £297,000 in fixtures fittings and new
technology. Refurbishment costs for building projects amounted to £565,000.

Cash flow

Net cash inflow from operating activities amounted to £7,781,000.   £5,200,000
of this is held on deposit to offset a loan in Falconstate Limited presently
standing at £4,300,000.  At the end of the period 31st March 2006 the group had
available £3,000,000 of net cash, which is an increase of £2,500,000 from the
previous year.

Consolidated Profit and loss account

For the Year ended 31 March 2006

                                                                        2006         2005
                                                                        £'000        £'000

Turnover                                                                2,743        2,671

Operating expenses                                                      (2,171)      (2,313)

Operating profit                                                        572          358

Profit on disposal of fixed assets                                      1,000        -

                                                                        1,572        358

Interest receivable                                                     5            12

Interest payable                                                        (790)        (753)

Profit/(loss) on ordinary activities before taxation                    787          (383)

Taxation                                                                641          -

Retained profit/(loss) for the financial period                         1,428        (383)

                                                                        Pence        Pence

Earnings per share

Basic                                                                     7.3       (0.19)

Diluted                                                                   7.2       (0.19)

Statement of total recognised gains and losses

                                                                        2006          2005
                                                                        £000          £000

Profit/(loss) for the financial year                                    1,428        (383)

Unrealised surplus on revaluation of investment properties              1,356          800

Total recognised gain/(loss) for the year                               2,784          417

Balance sheets
                                               Group     Group       Company       Company
                                               2006      2005        2006          2005
                                               £'000     £'000       £'000         £'000
Fixed assets

Tangible assets                                7,113     15,662      -             -
Investments                                    -         -           3,118         3,118

                                               7,113     15,662      3,118         3,118

Current assets

Stocks                                         4,852     -           -             -
Debtors: due in less than one year             1,110     399         169           22
Debtors: due in more than one year             -         -           4,391         3,125
Cash at bank and in hand                       8,212     515         512           326

                                               14,174    914         5,072         3,473

Creditors: amounts falling due
within one year                                (5,859)   (1,754)     (1,733)       (1,604)

Net current assets/(liabilities)               8,315     (840)       3,339         1,869

Total assets less current liabilities          15,428    14,822      6,457         4,987

Creditors: amounts falling due
after more than one year                       (7,521)   (9,459)     -             -

Net assets                                     7,907     5,363       6,457         4,987

Capital and reserves

Called up share capital                        1,909     1,978       1,909         1,978
Share premium account                          4,489     4,489       4,489         4,489
Revaluation reserve                            548       192                       -
Profit and loss account                        892       (1,296)     (10)          (1,480)
Capital redemption reserve                     69                    69
Shareholders' funds                            7,907     5,363       6,457         4,987

Consolidated cash flow statement

                                                 Group        Group      Group        Group
                                                 2006         2006       2005         2005
                                                 £'000        £'000      £'000        £'000

Net cash inflow from operating activities                     840                     439

Return on investments and servicing of
Interest received                                5                       12
Interest payable                                 (790)                   (753)

Net cash outflow from returns on
investments and servicing for finance                          (785)                   (741)

Taxation                                                      -                       -

Capital expenditure and financial
Disposal of investment property                  6,950                   -
Payments to acquire tangible assets              (951)                   (29)

Net cash inflow/(outflow) from capital
Expenditure                                                   5,999                   (29)

Net cash inflow/(outflow)  before
management of liquid  resources and
Financing                                                     6,054                   (331)

   Purchase of own shares                        (240)                   -
   New bank loan                                 3,250                   -
   Repayment of bank loan                             (1,283)            (208)

Net cash inflow/(outflow) from financing                      1,727                   (88)

Increase/(decrease) in cash in the year                       7,781                   (419)

a. Reconciliation of operating profit to net cash inflow from operating

                                                                                 2006        2005
                                                                                 £'000       £'000

Operating profit                                                                 572         358
Depreciation                                                                     55          249
Amortisation                                                                     -           (211)

Increase in debtors                                                              (70)        (113)
Increase in creditors                                                            283         156
Net cash inflow from operating activities                                        840         439

b. analysis of changes in cash and cash equivalents during the year

                                                                At 1 April 2005 Cash flow    At
                                                                                             31 March 2006
                                                                £'000           £'000        £'000

Net cash:

  Cash at bank                                                  515             7,697        8,212
  Bank overdraft                                                (84)            84           -
                                                                431             7,781        8,212


  Bank loans                                                    (9,797)         (1,970)      (11,767)
                                                                (9,797)         (1,970)      (11,767)

Net debt                                                        (9,366)         5,811        (3,555)

c. Reconciliation of net cash flow to movement in net debt

                                                                                 2006        2005
                                                                                 £'000       £'000

Decrease in cash in the year                                                     7,781       (419)
Cash outflow from decrease in net debt                                           (1,970)     208

Change in net debt resulting from cash flows                                     5,811       (211)

Movements in debt in the year                                                    5,811       (211)
Opening net debt                                                                 (9,366)     (9,155)
Closing net debt                                                                 (3,555)     (9,366)


1.   Profit per share

The calculation of the basic profit per share is based on the profit after tax
of £1,428,000 (2005: restated loss £383,000) and on 19,091,044 (2005:
19,775,442) ordinary shares being the weighted average number of ordinary shares
in issue during the period.  The fully diluted earning per share is based on
profit of £1,428,000 and on 19,741,044 ordinary shares.

2.   Dividends

The directors are not proposing the payment of a dividend in respect of the year
ended 31 March 2006.

3.   Publication of non-statutory accounts

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act

The consolidated balance sheet at 31 March 2006 and the consolidated profit and
loss account, consolidated cash flow statement and associated notes for the year
then ended have been extracted from the Group's financial statements. Those
financial statements have not yet been delivered to the Registrar of Companies,
nor have the auditors reported on them.

4.   Report and Accounts

A copy of the Report and Accounts will be sent to shareholders on or before 30
September 2006 and will be available from the Company's registered office.

Further Enquiries:

Your Space PLC

Chris Phillips/Jim Millar                           Tel: 020 7036 0300

Zeus Capital

Graham Webster                                      Tel: 0207 965 0750

                      This information is provided by RNS
            The company news service from the London Stock Exchange