FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2026

Ace Liberty & Stone PLC

23 September 2026

 

23 September 2026

Ace Liberty and Stone plc

(''Ace'' or "the Company'')

FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2026

Committed to creating sustainable long-term value for shareholders

Ace Liberty and Stone Plc (AQSE: ALSP), the active property investment company capitalising on commercial property investment opportunities across the UK, is pleased to announce its results for the year ended 30 April 2026. 

Financial Highlights:

·      Completion of £19.9 million debt facility with Coutts & Co, with expiry in September 2029

·      Administrative expenses reduced by 6.2% to £1,202,195 (FY 2025 £1,282,247)

·      Net finance costs decreased by 23.1% to £3,350,839 (FY 2025 £4,354,825)

·      Revenue down 4.6% to £5,252,015 primarily due to disposals (FY 2025 £5,505,203)

·      Value of investment property down 1.0% to £71,995,404 (FY 2025 £72,733,522)

·      Robust occupancy at 93% with 97% of income from Government and Major Industrial & Commercial tenants

·      Four lease regears signed with Government tenants

·      Progressing on potential transaction with £10 million CLN noteholder following signing of Heads of Terms

Ismail Ghandour, Chief Executive Officer, commented:

"2026 has been an active and productive year for Ace. We were pleased to complete a new debt facility with Coutts & Co, which continues to be the Group's sole banking partner. On the leasing front, lease regears with government tenants have improved the certainty of income for shareholders, while we were delighted to welcome new tenants to our properties in Margate and Sunderland. The team remains focused on delivering long-term shareholder value through the continued strengthening of our portfolio and the careful management of operating costs."

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For further information, please contact:

Ace Liberty & Stone Plc	Tel: [phone]
Laura Yates, Finance Director	www.acelibertyandstone.com
Alfred Henry Corporate Finance Ltd	Tel: [phone]
AQSE Growth Market Corporate Adviser Nick Michaels, Maya Klein Wassink	https://alfredhenry.com

Chairman's Statement

I am pleased to present the results for Ace Liberty & Stone plc for the year ended 30 April 2026. The Ace team has remained active throughout the year, delivering positive progress across a number of strategic initiatives and maintaining its focus on the key objective of generating long-term returns for shareholders.

In April 2026, Ace Liberty & Stone plc completed a debt facility totalling £19,858,125, secured against the properties held by Ace (Sunderland) Limited, Ace (Hanley) Limited, Ace (Gateshead) Limited, Ace (Management) Limited, Ace (Manchester) Limited and Ace (Keighley) Limited. This facility was provided by Coutts & Co, which continues to be the Group's sole banking partner and provider of all secured lending facilities.

In addition, discussions continue with the holder of the £10 million Convertible Loan Notes ("CLNs") regarding a potential conversion. Heads of Terms have been signed and under these the noteholder would utilise its existing £10 million investment to acquire a number of subsidiaries and property assets from the Company. The proposed transaction is intended to generate liquidity and reduce Group borrowings, thereby strengthening the balance sheet. The Board is considering a range of options for the utilisation of any surplus funds arising from the transaction. These may include a return of capital to shareholders, subject to the required approvals. To facilitate the completion of due diligence and legal documentation, a number of short-term extensions have been agreed. The current extension expires on 30 September 2026, or earlier should the conversion and associated transaction complete before this date.

A number of leasing transactions were completed during the year. Four lease regears were agreed at properties occupied by the Secretary of State for Housing, Communities and Local Government in Northampton, Bolton, Barnstaple and Warrington. These regears with an AA-rated sovereign tenant improve the portfolio's weighted average unexpired lease term ("WAULT") and provide greater certainty of income over the medium term. In addition, new leases were signed at our properties in Margate and Sunderland, further strengthening the portfolio.

The sale of Loders Service Station, Dorchester completed in June 2025 for a consideration of £2,210,000. The property, which was held for sale at 30 April 2025, was purchased in February 2023 for £2,080,000, excluding acquisition costs.

Group revenue for the year was £5,252,015, representing a decrease from the prior year. This reduction was primarily driven by the disposal of the Dorchester property. Administrative expenses reduced from £1,282,247 to £1,202,195 as the Board continued to focus on cost control and reducing overheads. The majority of this reduction resulted from changes in employee numbers and the introduction of temporary remuneration measures, which remain under review. Void costs associated with vacant properties continue to be a significant component of administrative expenses, and management remains focused on implementing measures to mitigate these costs where possible. The reduction in overheads was offset in part by an impairment in respect of amounts held with Libank SAL.

Finance costs decreased from £4,398,293 to £3,365,126 primarily as a result of lower interest rates, together with the impact of disposals and a reduction in the amortisation of finance costs. Bank loan to portfolio value remains conservative at 49%. Cash and cash equivalents at the year-end totalled £1,369,414.

The Group reported a loss before tax of £402,813 at year end. This result includes a £738,118 reduction in the fair value of investment properties which relates entirely to the property in Leicester, which became vacant towards the end of the financial year. Works are underway to prepare this property for marketing in the Autumn. In addition, the cash contribution to capital investment in Lebanon has been further impaired during the year by £316,256. The Board continues to recognise the risk associated with remitting the funds to the UK. However, it remains the Company's intention to use the funds for investment when circumstances allow. These adjustments are non-cash in nature and are excluded from our adjusted performance measures presented within the Key Performance Indicators section of our Annual Report.

No dividends were paid in respect of the year ended 30 April 2026. Whilst underlying profitability has improved, the impact of investment impairments means that the Group does not currently have sufficient distributable reserves to support a dividend payment. The Board remains committed to establishing regular returns to shareholders, and intends to resume dividend payments once adequate reserves are available.

Over recent years, the impact of geopolitical conflicts, elevated interest rates and political uncertainty has resulted in a prolonged period of turbulence within the UK property market. Throughout this challenging environment, the Directors have remained focused on strengthening the portfolio through extending lease terms with tenants of strong covenant strength, and securing debt financing from a supportive and robust banking partner. The Directors remain confident in the long-term prospects for Ace and remain focused on strengthening the portfolio to enhance value for shareholders.

Dr. Tony Ghorayeb

Chairman

Date:  22 September 2026

Consolidated Statement of Comprehensive Income for the year ended 30 April 2026

			2026				2025
			£				£
Revenue			5,252,015				5,505,203
Loss on disposal of investment property			(47,420)				(37,515)
Administrative expenses			(1,202,195)				(1,282,247)
Fair value loss on investment property			(738,118)				(396,255)
Fair value loss on investments			(316,256)				(1,207,033)
Finance cost			(3,365,126)				(4,398,293)
Finance income			14,287				43,468
Loss before taxation			(402,813)				(1,772,672)
Taxation			89,615				58,287
Loss after taxation			(313,198)				(1,714,385)
Other comprehensive income - release of equity proportion of CLNs			553,377				-
Total comprehensive income for the period			240,179				(1,714,385)
Attributable to:
Owners of the parent			240,179				(1,714,385)
Earnings per share on continuing activities				Pence		Pence
Basic earnings per share attributable to equity owners of the parent				(0.44)		(2.39)
Diluted earnings per share attributable to equity owners of the parent				(0.44)		(2.39)

Consolidated Statement of Financial position at 30 April 2026

			Group
			2026		2025
			£		£
ASSETS
Non-current assets
Investment property			71,995,404		72,733,522
Investments			995,808		1,312,079
Deferred tax			1,274,472		1,089,942
Derivative financial instrument			-		-
			74,265,684		75,135,543
Current assets
Assets held for sale			-		2,210,000
Deferred tax			-		-
Trade and other receivables			577,184		523,575
Taxation			-		-
Cash and cash equivalents			1,369,414		1,505,384
			1,946,598		4,238,959
TOTAL ASSETS			76,212,282		79,374,502
EQUITY AND LIABILITIES
Current liabilities
Liabilities relating to assets held for sale			-		1,556,100
Trade and other payables			1,290,422		1,586,630
Taxation			95,850		-
Deferred Tax			-		936
Borrowings			11,343,162		31,144,326
			12,729,434		34,287,992
Non-current liabilities
Borrowings			33,369,847		15,069,441
			33,369,847		15,069,441
Share capital			18,066,333		17,918,185
Share premium			17,372,332		17,220,480
Other reserve			33,393		477,640
Treasury shares			(880,620)		(880,620)
Retained earnings			(4,478,437)		(4,718,616)
Total equity			30,113,001		30,017,069
TOTAL EQUITY AND LIABILITIES			76,212,282		79,374,502

Consolidated Cash Flow Statement for the year ended 30 April 2026

							2026		2025
							£		£
Loss before tax							(402,813)		(1,772,672)
Cash flow from operating activities
Adjustments for:
Finance income							(14,287)		(43,468)
Finance costs							3,365,126		4,398,293
Loss on disposal of investment property							47,420 ,1,1,		37,515
Fair value adjustment							1,054,374		1,603,288
(Decrease) / Increase in receivables							(55,609)		54,615
Decrease in payables							(78,030)		(142,167)
Tax paid							-		29,421
Interest paid							(3,267,736)		(3,836,829)
Other finance costs paid							(341,901)		(195,622)
Professional fees settled in shares							-		-
Share issue costs							-		-
Net cash (used) / generated by operating activities							306,544		132,374
Cash flows from investing activities
Interest received							16,287		47,605
Purchase of investment properties							-		-
Sale of investment properties							2,162,580		2,712,485
Fair value adjustment of investment in LiBank							15		42
Net cash used by investing activities							2,178,882		2,760,132
Cash flows from financing activities
Share issue, net of issue costs							-		-
Purchase of treasury shares							-		-
Liabilities relating to assets held for sale repaid							(1,556,100)		(1,608,750)
Long-term loans advanced							-		17,741,800
Long-term loans repaid							-		(2,335,900)
Short-term loans repaid							(1,065,296)		(18,391,950)
Equity dividend paid							-		-
Net cash generated / (used) by financing activities							(2,621,396)		(4,594,800)
Net increase / (decrease) in cash and cash equivalents							(135,970)		(1,702,294)
Cash and cash equivalents at the beginning of the period							1,505,384		3,207,678
Cash and cash equivalents at the end of the period							1,369,414		1,505,384

NOTES TO PRELIMINARY RESULTS FOR THE PERIOD ENDED 30 APRIL 2026

1. The financial information set out above does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006. The financial information has been extracted from the statutory accounts of Ace Liberty & Stone Plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 22 September 2026. The audit report contained a section titled "Material uncertainty related to going concern"  which included the following paragraph.

" We draw attention to Note 3 to the financial statements, which explains that the Group and Parent Company are dependent upon the settlement of the £10 million convertible loan note through the proposed transfer of certain properties and subsidiaries to the noteholder. At the date of approval of the financial statements, negotiations remained ongoing and only non-legally binding Heads of Terms had been signed. If the proposed transaction is not completed within the period assumed in the Directors' forecasts, and alternative funding or an extension is not obtained, the Group and Parent Company may not have sufficient liquidity to meet their liabilities as they fall due.

These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's and Parent Company's ability to continue as going concerns. Our opinion is not modified in respect of this matter."

The preliminary announcement of the results for the year ended 30 April 2026 was approved by the board of directors on 22 September 2026.

2.         Earnings per Share

The calculations of earnings per share are based on the following earnings and numbers of shares.
Loss for the period attributable to equity owners		(313,198)		(1,714,385)
		shares of 25p		shares of 25p
Weighted average number of shares
For basic earnings per share		71,938,168		71,672,736
Dilutive effect of share options		14,035,088		14,035,088
For diluted earnings per share		85,973,256		85,707,824
Earnings per share		pence		pence
Basic		(0.44)		(2.39)
Diluted		(0.44)		(2.39)
		£		£
Dividends declared during the year - per share of 25p		-		-
Dividends declared during the year - total		-		-

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The Directors accept responsibility for this announcement.

Notes to Editors

Ace Liberty & Stone Plc is a property investment company with a diverse portfolio of properties located across the UK, predominantly in the midlands and north of England. The Company locates commercial properties which have creditworthy tenants, several years' rental income and the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation.  Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital.

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments in order to generate long-term value for investors.

For more information on the Company please visit: https://acelibertyandstone.com

 

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