PRESS RELEASE

from Alina Holdings PLC (isin : GB00B1VS7G47)

Alina Holdings PLC: Annual Financial Report to 31 December 2024

Alina Holdings PLC (ALNA)
Alina Holdings PLC: Annual Financial Report to 31 December 2024

29-Apr-2025 / 12:05 GMT/BST


Alina Holdings PLC

 

Alina Holdings PLC

(Reuters: ALNA.L, Bloomberg: ALNA:LN)

(“Alina”, “ALNA” or the “Company”)

 

AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024

The Company today announces its audited results for the year ended 31 December 2024.

The information set out below is extracted from the Company's Report and Accounts for the year ended 31 December 2024, which will be published today on the Company's website www.alina-holdings.com.  A copy has also been submitted to the National Storage Mechanism where it will be available for inspection.  Cross-references in the extracted information below refer to pages and sections in the Company's Report and Accounts for the year ended 31 December 2024.

Highlights for the Year ended 31 December 2024

GROUP RESULTS 2024 versus 2023

 

Group Net Profit / (Loss) for the period - £000

(£327) vs (£1,123)

 

 

Group Earnings / (Loss) Per Share (both basic and diluted)*1

(1.44p) vs (4.95p)

 

 

Reported Book value per share*2

20.5p vs 21.9p

 

 

Cash - £000

£850 vs £1,117

 

 

Financial Holdings - £000

£0 vs £2,013

 

 

Property Holdings - £000*3

£2,555 vs £2,501

 

 

 

 

*1 based on weighted average number of shares in issue of 22,697,000 (2023: 22,697,000)

 

 

*2 based on actual number of shares in issue as at 31 December 2024 of 22,697,000 (2023: 22,697,000)

 

 

*3 Property Holdings, as shown above, reflect ownership of Hastings and Brislington (as at December 2024) & Stafford (as at December 2023) which are held for sale. The current valuation of the Company’s remaining Property Assets excluding held for sale is Nil (2024) & £2.4m (2023).

 

 

Report for the Year to 31 December 2024

 

Alina Holdings PLC (“Alina” or the “Company”) is a company registered on the Main Market of the London Stock Exchange. The group financial statements consolidate those of the Company and its subsidiaries (together referred to as the “Group”).

 

Chairman’s Statement

 

2024 was a year of change; property prices held up and Bristol Council dismantled the scaffolding surrounding and disturbing our tenants. Some annoying litigation was resolved; thankfully in our favour, however, collecting Court awarded costs has so far proven elusive. Our Bristol Property is now virtually fully let and being actively marketed.

 

In Hastings, the former Argos unit has now been refurbished and asbestos removed. Claim for expenditure plus costs has been submitted to Sainsbury’s, the new owner of Argos per the ‘full repairing lease’ that they have ignored.

 

External work on the façade of the Hastings building still needs to be completed but is being delayed, pending settlement of our claim against Argos/Sainsbury.

 

 

Duncan Soukup

Chairman

 

Alina Holdings plc

28 April 2025

 

Financial Review

 

The financial statements contained in this report have been prepared in accordance with UK Adopted International Accounting Standards.

 

Result

 

The Group recorded a reduced loss for the year to 31 December 2024 of (£327K) vs 2023 loss of (£1.1m).

 

Throughout the reporting period the Group had no borrowings and held cash reserves at 31 December 2024 of £850K vs 2023 of £1.117 million.

 

 

Operating Expenses

 

Property operating expenses for the year to 31 December 2024 were £139K vs 2023 £298K.

 

Administrative Expenses

 

Administrative expenses were £693K in 2024 vs £739K during the year to 31 December 2023. Every effort will be made to further reduce operating expenses in 2025.

 

Shareholders’ Equity (Book Value or BV)

 

The BV at 31 December 2024 was £4.65 vs £4.97 million in 2023, or 20.5p vs 21.9p per share in 2023.

 

At 31 December 2024 the Group held £850k of cash vs. £1.117m as 31 December 2023. 2024 Year-end debt was Nil as per 2023.

 

At 31 December 2024, the companies’ properties have been reclassified as held for sale at a valuation of £2.2m in line with 2023 carrying value. The for sale reflects the assessed third party valuation performed in 2020 as well as the selling agents recommended low end sale price.

 

The 2020 external valuation was undertaken in accordance with the Royal Institute of Chartered

Surveyors Appraisal and Valuation Standards on the basis of market value. Market value is defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

 

Financing

 

The Group had no borrowings during the year and the Group’s operations were financed from its property income.

 

During the reporting period the Group held some of its cash in foreign currencies. These holdings generated a small unrealised gain at the end of the period, principally from the increase in USD value against GBP across the period. The risk associated with foreign currency holdings is described in Note 16 to the financial statements.

 

Dividend

 

In line with the Group’s current dividend distribution policy no dividend will be paid in respect of the reporting period. The directors will continue to review the dividend policy in line with progress with the Group’s investment strategy.

 

Risk Management & Operational Controls

 

The directors recognize that commercial activities invariably involve an element of risk. A number of the risks to which the business is exposed, such as the condition of the UK domestic economy and sentiment in the UK property market, are beyond the Company’s influence. However, such risk areas are monitored and appropriate mitigating action, such as reviewing the substance and timing of the Company’s operational plans, is taken wherever practicable in response to significant changes. The directors consider the risk areas the Company is exposed to in the light of prevailing economic conditions and the risk areas set out in this section are subject to review.

 

In relation to asset management, the Company’s approach to risk reflects the Company’s granular business model and position in the market and involves the expertise of its directors, management and third-party advisers. Operational progress and key investment and disposal decisions are considered in regular management team meetings as well as being subject to informal peer review.

 

Higher level risks and financial exposures are subject to constant monitoring. Major investment and disposal decisions are subject to review by the directors in accordance with a protocol set by the Board.

 

The Board’s approach in this area is further explained in the Governance section, under Risk & Internal Control.

 

Principal Risks and Uncertainties

 

 

Potential Risk

Impact

Mitigation

Rank

Property and Investment Portfolio Performance

 

 

1.

Effect of downturn in

macroeconomic environment

  • Tenant defaults
  • Reduced rental income
  • Increased void costs
  • Reduction in Net Asset Value and realisation value of assets

 

  • Actual and prospective voids and rental arrears continually monitored.
  • Early identification of / discussions with tenants in difficulties
  • Regular review of all properties for lease terminations and tenant risk, with early action to take control of units as appropriate
  • Limited requirement for tenant incentives within sub-sector
  • Close liaison with local agents enables swift decisions on individual properties
  • Tendency of small traders to take early action in response to economic conditions
  • Diverse tenant base
  • Sustainable location and property use
  • Ensuring positions are sufficiently hedged to ensure long and short positions are in place to take advantage of the market movements

2.

Higher than anticipated property

maintenance or improvement / refurbishment costs

  • Income insufficient to cover costs
  • Decline in property value
  • All material expenditure subject to authorisation regime
  • Capital expenditure subject to regular review

3.

Changes to legal environment,

planning law or local planning policy

  • Adverse impact on portfolio
  • Loss of development opportunity
  • Reduction in realisation value of assets
  • Monitoring of UK property environment and regulatory proposals
  • Close liaison with agents and advisers
  • Membership of and dialogue with relevant industry bodies

4.

Failure to comply with regulatory requirements in connection with

property portfolio, including health,

safety and environmental

  • Tenant and third-party claims resulting in financial loss
  • Reputational damage
  • Guidance on regulatory requirements provided by managing agents and professional advisers
  • Individual properties monitored by asset managers and agents
  • Managing agents operate formal regulatory certification process for residential accommodation
  • Ongoing programme of risk assessments for key multi-tenanted sites
  • Key risks covered by insurance policies

See all Alina Holdings PLC news