UIL Ltd. — Interim / Quarterly Report 2026

Jan 29, 2026

National Storage Mechanism | Additional information

RNS Number : 9663Q

Ace Liberty & Stone PLC

29 January 2026

Ace Liberty and Stone plc

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

INTERIM RESULTS FOR SIX MONTHS TO 31 OCTOBER 2025

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 Interim Results for the period from 1 May 2025 to 31 October 2025. 

Highlights*:

·      Profit before tax £289,897 (October 2024: Loss £243,144)

·      Rental income down 2.8% to £2,667,929 (October 2024: £2,745,088) due to disposals

·      Administration costs down 12.2% to £590,147 (October 2024: £672,251)

·    Negotiations progressing with CLN holder regarding the potential acquisition of a combination of certain subsidiaries and properties

·      Short term extension agreed on Coutts facility to March 2026

*Note: Full details can be found in the Chairman's statement

Ismail Ghandour, Chief Executive Officer, commented:

"Over the past six months the Ace team has continued to focus on the key pillars of the business with lease regears and cost management as a priority. As expected, the reduction in interest rates has improved profitability and throughout 2026 we would expect to see a tightening of yields as sentiment improves. There are a number of key transactions to complete over the coming months but our focus remains on generating long-term value for our shareholders."

Chairman's statement

I am pleased to present the Company's interim results for the half year ended 31 October 2025. Turnover at £2,667,929 for the half year is down 2.8% on the comparable value for the previous year of £2,745,088 primarily due to disposals. Pre-tax profit of £289,897 compares to a loss of £243,144 at October 2024 largely as a result of decreased finance costs together with a reduction in overhead expenses for the business. No adjustments have been considered necessary to the values of investment property assets at the half year.

During the period, the Company completed the disposal of the freehold of Loders service station, Dorchester for a consideration of £2,210,000. Several other transactions are under consideration and acquisitions and disposals will be made when advantageous to the Company.

A debt facility, totalling £20,025,000 at 31 October 2025, which is secured against properties owned by Ace (Gateshead) Limited, Ace (Hanley) Limited, Ace (Keighley) Limited, Ace (Management) Limited, Ace (Manchester) Limited and Ace (Sunderland) Limited has been further extended to March 2026. This short extension was agreed on existing terms with the current lender whilst bank valuations are finalised. Negotiations to renew or replace this loan are well-advanced.

As announced previously, non-binding Heads of Terms have been signed with the holder of the £10 million unsecured convertible loan note regarding the potential acquisition of a combination of certain subsidiaries and properties. The proposed purchase price represents a premium to the aggregate investment property valuation as at 30 April 2025 and the outstanding loan note is intended to be used as part payment. This transaction continues to progress and a short extension to 31 March 2026 has been signed to facilitate legal due diligence. The Board expects to update shareholders on this matter imminently.

The Ace portfolio remains robust with a strong occupancy rate of 94% at 31 October 2025. Of that vacant space, one unit at Margate which was void for a brief period in the autumn has now been relet and a letting has been agreed for part of the vacant space at our property in Sunderland. These lettings will reduce void costs and measures have been put in place to mitigate any remaining costs where possible. Furthermore, discussions have continued with Sunderland City Council regarding a dilapidations settlement which will then enable negotiations to progress regarding the future re-development of the upper floors of the building.

The Company currently has cash resources of approximately £1.7 million to invest in UK freehold and long leasehold commercial properties according to its existing policies. Surplus funds will be invested short term with UK deposit takers regulated by the Bank of England.

There has been no change in the status of the cash contribution to capital investment in Lebanon at the half year. However, the Board continues to recognise the risk associated with remitting funds to the UK and the investment value will be reviewed at year end, in line with our usual policy.

The following statistics are key to the Company's activities at 31 October 2025:

a)     Portfolio Bank Loan to Value is 49% (October 2024: 51%)[1]

b)    Weighted Average Unexpired Lease to Break is 4.74 years[2] (October 2024: 5.94 years)

c)     47% of tenants are government bodies (October 2024: 46%); 51% are major industrial & commercial (October 2024: 52%)

Whilst there remain some short-term hurdles to overcome, namely the ongoing refinancing and the impact of yields on valuation, the Directors of Ace remain confident in the long-term prospects for the company. The executive team are progressing on a number of transactions which will be positive for the business in terms of valuation and income generation. I am pleased to see a return to profitability at the half year and the Board remains committed to establishing regular distributions to shareholders once adequate reserves are available. 

Dr Tony Ghorayeb Chairman 29 January 2026

[1] Total bank debt to portfolio valuation at 31 October 2025

[2] Several new leases and renewals are in progress which will improve the WAULB

Unaudited group statement of comprehensive income

for the six months ended 31 October 2025

	Year to date 31 October 2025 (Unaudited)	Six months ended 31 October 2024 (Unaudited)	Year ended 30 April 2025 (Audited)
	GBP	GBP	GBP
Turnover	2,667,929	2,745,088	5,505,203
Loss on disposal of investment property	(47,420)	(37,515)	(37,515)
Administrative expenses	(590,147)	(672,251)	(1,282,247)
Fair value loss on investment property	-	-	(396,255)
Fair value loss on investments	-	-	(1,207,033)
Finance cost	(1,751,295)	(2,309,838)	(4,398,293)
Finance income	10,830	31,372	43,468
Profit /(Loss) for the period	289,897	(243,144)	(1,772,672)
Taxation	(71,538)	(40,777)	58,287
Profit / (Loss) after taxation	218,359	(283,921)	(1,714,385)
Other comprehensive income	477,640	-	-
Total comprehensive income/(deficit) for the period	695,999	(283,921)	(1,714,385)

Earnings per share - profit after tax
	Pence*	Pence*	Pence*
Basic	0.30	(0.40)	(2.39)
Diluted	0.25	(0.40)	(2.39)
Earnings per share - total comprehensive income on redemption and rollover of CLNs	Pence*	Pence*	Pence
Basic	0.97	(0.40)	(2.39)
Diluted	0.81	(0.40)	(2.39)

*Unaudited

Unaudited group statement of changes in equity for the six months ended 31 October 2025	Share capital	Share premium	Other reserve	Treasury shares	Retained earnings	Total equity
	£	£	£	£	£	£
Balance at 30 April 2024	17,918,185	17,220,480	477,640	(880,620)	(3,004,231)	31,731,454
Total comprehensive income for the period
Profit for the period	-	-	-	-	(283,921)	(283,921)
Other comprehensive income	-	-	-	-	-	-
		-	-	-	(283,921)	(283,921)
Transactions with owners
Shares issued during the year	-	-	-	-	-	-
	-	-	-	-	-	-
Balance at 31 October 2024	17,918,185	17,220,480	477,640	(880,620)	(3,288,152)	31,477,534
Total comprehensive income for the period
Loss for the period	-	-	-	-	(1,430,464)	(1,430,464)
	-	-	-	-	(1,430,464)	(1,430,464)
Transactions with owners
Shares issued during the year	-	-	-	-	-	-
	-	-	-	-	-	-
Balance at 30 April 2025	17,918,185	17,220,480	477,640	(880,620)	(4,718,616)	30,017,069
Total comprehensive income for the year
Profit for the period	-	-	-	-	218,359	218,359
Other comprehensive income	-	-	-	-	477,640	477,640
	-	-	-	-	695,999	695,999
Transactions with owners
Shares issued during the year	92,593	107,407	-	-	-	200,000
Value of conversion rights on CLN	-	-	(477,640)	-	-	(477,640)
Equity element of new issue on CLN	-	-	26,004	-	-	26,004
	92,593	107,407	(451,636)	-	-	(251,636)
Balance at 31 October 2025	18,010,777	17,327,887	26,004	(880,620)	(4,022,617)	30,461,431

Unaudited group statement of financial position
at 31 October 2025
	At 31 October 2025 (Unaudited)	At 31 October 2024 (Unaudited)	At 30 April 2025 (Audited)
	GBP	GBP	GBP
ASSETS
Non-current assets
Investment properties	72,733,522	75,339,777	72,733,522
Investments	1,312,079	2,519,154	1,312,079
Deferred tax	1,089,942	989,942	1,089,942
	75,135,543	78,848,873	75,135,543
Current assets
Assets held for sale	-	-	2,210,000
Deferred tax	-	-	-
Trade and other receivables	542,632	470,470	523,575
Taxation	-	-	-
Cash and cash equivalents	1,722,628	1,706,532	1,505,384
	2,265,260	2,177,002	4,238,959
TOTAL ASSETS	77,400,803	81,025,875	79,374,502
EQUITY AND LIABILITIES
Current liabilities
Liabilities relating to assets held for sale	-	-	1,556,100
Trade and other payables	1,418,436	1,533,824	1,586,630
Taxation	72,474	-	-
Borrowings	30,605,574	31,143,459	31,144,326
Deferred Tax	-	-	936
	32,096,484	32,677,283	34,287,992
Non-current liabilities
Borrowings	14,842,888	16,901,059	15,069,441
	14,842,888	16,901,059	15,069,441
EQUITY
Issued capital and reserves
Share capital	18,010,777	17,918,185	17,918,185
Share premium reserve	17,327,887	17,220,480	17,220,480
Other reserve	26,004	477,640	477,640
Treasury shares	(880,620)	(880,620)	(880,620)
Retained earnings	(4,022,617)	(3,288,152)	(4,718,616)
Total equity attributable to owners of the parent	30,461,431	31,447,533	30,017,069
TOTAL EQUITY AND LIABILITIES	77,400,803	81,025,875	79,374,502

Unaudited Group cash flow statement

for the six months ended 31 October 2025

Year to date 31 October 2025 (Unaudited)	Six months ended 31 October 2024 (Unaudited)	Year ended 30 April 2025 (Audited)
	GBP	GBP	GBP
Profit / (Loss) before tax	289,897	(243,144)	(1,772,672)
Cash flow from operating activities
Adjustments for:
Finance income	(10,830)	(31,372)	(43,468)
Finance costs	1,751,295	2,309,838	4,398,293
Loss on disposal of investment property	47,420	37,515	37,515
Fair value adjustments	-	-	1,603,288
Decrease / (increase) in receivables	(19,773)	107,822	54,615
Decrease in payables	(40,336)	(222,224)	(142,167)
Tax (paid) / received	-	29,421	29,421
Interest paid	(1,743,905)	(2,080,223)	(3,836,829)
Other financial costs paid	(40,800)	(195,622)	(195,622)
Net cash used by operating activities	232,968	(287,989)	132,374
Cash flows from investing activities
Interest received	11,546	35,408	47,605
Purchase of investment properties	-	-	-
Sale of assets held for sale	2,162,580	2,712,485	2,712,485
Investment into LiBank	-	-	42
Net cash (used) / generated by investing activities	2,174,126	2,747,893	2,760,132
Cash flows from financing activities
Liabilities relating to Assets held for sale repaid	(1,556,100)	(1,608,750)	(1,608,750)
Long term loans advanced	-	17,741,800	17,741,800
Long term loan repaid	-	(2,335,900)	(2,335,900)
Short term loans repaid	(633,750)	(17,758,200)	(18,391,950)
Equity dividend paid	-	-	-
Net cash (used) / generated by financing activities	(2,189,850)	(3,961,050)	(4,594,800)
Net (decrease) / increase in cash and cash equivalents	217,244	(1,501,146)	(1,702,294)
Cash and cash equivalents at the beginning of the period	1,505,384	3,207,678	3,207,678
Cash and cash equivalents at the end of the period	1,722,628	1,706,532	1,505,384

The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 2006. The interim results have not been audited or reviewed by the Company's auditors. The unaudited interim results have been prepared under the historical cost convention, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.

The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the period to 30 April 2025. Those financial statements were prepared on a going concern basis.

The interim report for the six months to 31 October 2025 was approved by the Board on 29 January 2026.

The Directors of Ace Liberty & Stone Plc 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.

For more information on the Company please visit www.acelibertyandstone.com

For further information, please contact:

Ace Liberty & Stone Plc
Laura Yates, Finance Director	Tel: +44 (0) 20 7201 8340
	http://acelibertyandstone.com
Alfred Henry Corporate Finance Ltd, AQSE Growth Market Corporate Adviser
Nick Michaels/Maya Klein Wassink	Tel: +44 (0) 20 8064 4056

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