Comland Commercial - Interim Results
23 Dezember 1999 - 8:30AM
UK Regulatory
RNS Number:9862C
Comland Commercial PLC
23 December 1999
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
1999
CHAIRMAN'S STATEMENT
In the six months under review, the turnover of the Group
was nil (six months ended 30 September 1998 - #955,000).
Other operating income was #832,000 (six months ended 30
September 1998 - #591,000) and the loss after tax was
#20,000 (six months ended 30 September 1998 - profit -
#288,000). No dividend will be payable.
CURRENT DEVELOPMENTS
Corporation Street, High Wycombe
The building is complete but remains unlet. Marketing
has been intensified and the asking rent has been lowered
in the hope that a tenant can be secured in the New Year.
Mercury Centre, Wooburn Green
Both phases have now been completed and tenants have been
found for three of the four buildings; the fourth is
under offer for a five year term. Future development is
subject to planning permission and we hope to start work
on phases three and four in the New Year. The
development programme will be closely monitored since the
development will be speculative in the absence of any pre-
lets.
REPURCHASE OF SHARES
I am aware that many of our shareholders obtained their
interest in the Company through their previous holding in
Banner Homes Group PLC. With a Company of our size, the
illiquidity in the stock and the substantial spread in
the share price it has become increasingly difficult for
shareholders to deal in the Company's shares. The Board
has therefore decided to seek shareholders approval to
authorise the Company to make market purchases of its own
ordinary shares. This should give shareholders an
alternative method of disposal and avoid erratic share
price movement arising from low value transactions.
Notice of the Extraordinary General Meeting seeking
shareholder approval will be distributed to shareholders
with the interim results. Shareholders wishing to
dispose of their shares will be able to contact the
Company Secretary to arrange a sale of their shares to
the Company through the market and avoid the spread in
the share price.
THE FUTURE
Land prices have risen considerably in the last 12 months
and it is difficult to see a profit in development
without anticipating substantial inflation in rents. We
shall continue to work hard on the management of our
existing developments, improving the accommodation and
service we provide for our existing tenants.
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
1999
Consolidated Profit and Loss Account
Notes Six months Six months
ended ended
30 30
September September
1999 1998
(Unaudited) (Unaudited)
#'000 #'000
TURNOVER - 955
---------- ----------
GROSS PROFIT - 302
Administrative costs (412) (137)
Other operating income 832 591
Other operating - (10)
expenses
---------- ----------
Operating Profit 420 746
Exceptional item - (10)
Interest (440) (323)
---------- ----------
Profit/(Loss) on
ordinary activities (20) 413
before taxation
Taxation - (125)
---------- ----------
Profit/(Loss) on
ordinary activities (20) 288
after taxation
Dividend 3 - -
Retained profit/(loss)
for the period (20) 288
========== ==========
Earnings per share 4 (0.5p) 7.4p
========== ==========
Dividend per share 3 - -
========== ==========
The Group has no recognised gains or losses other than
the profit or loss for the period.
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
1999
Consolidated Balance Sheet
Note As at As at
30 30
September September
1999 1998
(Unaudited)(Unaudited)
#'000 #'000
Fixed Assets
Tangible 281 19
--------- ---------
Current Assets
Stock 18,872 12,306
Debtors 579 227
Cash at bank and in hand 83 44
--------- ---------
19,534 12,577
Creditors: Amounts falling
due within one year (8,406) (2,538)
--------- ---------
Net Current Assets 11,128 10,039
Total assets less current
liabilities 11,409 10,058
Creditors: Amounts falling
due after more than one year (6,766) (5,588)
--------- ---------
Net Assets 4,643 4,470
========= =========
Capital and Reserves
Called-up share capital 389 389
Capital redemption reserve 7 7
Profit and Loss Account 4,247 4,074
--------- ---------
Equity shareholders' funds 5 4,643 4,470
========= =========
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
1999
Consolidated Cashflow
Six months Six months
ended ended
30 30
September September
1999 1998
(Unaudited)(Unaudited)
#'000 #'000
Net cash outflow from
operating activities (3,635) (652)
Returns on investment and
servicing of finance
- Interest paid (440) (323)
UK Corporation Tax - (103)
Capital expenditure and
financial investment (201) -
---------- ----------
Net cash outflow before (4,276) (1,078)
financing
Financing (275) 1,361
---------- ----------
(Decrease)/Increase in cash
in the period (4,551) 283
========== ==========
Notes:
1. The accounting policies adopted are consistent with
those in the most recently published set of financial
statements dated 31 March 1999.
2. The summarised financial information has been
extracted from the unaudited accounts of the Group of the
six months ended 30 September 1999. The above
information does not comprise statutory accounts within
the meaning of the Companies Act 1985.
3. No interim dividend will be payable.
4. Earnings per share have been calculated based on
3,890,696 ordinary shares in issue during the period to
30 September 1999 (3,890,696 ordinary shares during the
period 30 September 1998).
5. The movement in shareholders' funds is analysed as
follows:
#'000
Shareholders' funds as at 1 April 4,663
1999
Loss for the period (20)
---------
4,643
6. Copies of the interim report will be sent to
shareholders shortly. Further copies of the interim
report will be available from the company's registered
office: 35 Wycombe End, Beaconsfield, Bucks, HP9 1LZ.
7. Statutory accounts for the year ended 31 March 1999
have been delivered to the Registrar of Companies; the
auditors opinion on these accounts was unqualified and
did not contain any statement under section 237 of the
Companies Act 1985.
END
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