Comland Commercial - Preliminary Results
28 Juni 2000 - 9:30AM
UK Regulatory
RNS Number:9399M
Comland Commercial PLC
28 June 2000
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you on the year ended 31
March 2000.
RESULTS
In the year under review, the turnover of the Group was
#nil (1999-#2,055,000), other operating income was
#1,854,000 (1999-#1,269,000) and the profit after tax was
#114,000 (1999:profit - #481,000). No dividend will be
paid in view of the company's requirement for cash to
fund its existing and future development.
ACQUISITIONS
During the course of the year we purchased a further two
estates in High Wycombe and Verwood, Hampshire. Both
comprise older style accommodation with potential for
redevelopment.
DEVELOPMENTS
We have secured the letting for the remaining building of
the second phase of our Mercury Centre development in
Wooburn Green. We have also obtained outline planning
consent for 83,000 sq ft of offices on the additional
four and a half acres of land at The Mercury Centre,
purchased last year. We intend to commence construction
of 30,000 sq ft of speculative offices on part of the
site in July.
DISPOSALS
The continued improvement in market conditions over the
past twelve months has caused us to defer selling any of
our existing portfolio. The one exception to this is our
office development at Corporation Street that was put up
for auction in November 1999 and failed to sell. We have
now secured a tenant for this property that will improve
its marketability.
THE FUTURE
With the substantial rises in prices in the last year,
finding suitable acquisition opportunities is more
difficult. We therefore intend to concentrate on our
Mercury Centre development and maximising the returns
from the opportunities we currently control.
S J Crossley
28 June 2000
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Note Year Ended Year Ended
31 March 31 March
2000 1999
#'000 #'000
Turnover - 2,055
Cost of Sales - (1,459)
---------- ----------
Gross profit - 596
Administration costs (937) (317)
Other operating 1,854 1,269
income
Other operating - (10)
expenses
---------- ----------
Operating profit 917 1,538
Exceptional item 4 - (10)
Interest payable and
similar charges (903) (757)
---------- ----------
Profit before tax 14 771
Taxation 100 (290)
---------- ----------
Profit after tax 114 481
Ordinary dividend 5 - -
---------- ----------
Retained profit 114 481
========== ==========
Earnings per share 6 2.9p 12.4p
========== ==========
Dividends per share - -
========== ==========
CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES
The group has no recognised gains or losses other than
the result for the period.
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CONSOLIDATED BALANCE SHEET
Notes As at As at
31 March 31 March
2000 1999
#'000 #'000
FIXED ASSETS
Tangible assets 266 108
---------- ----------
CURRENT ASSETS
Stocks 21,091 14,957
Debtors 785 242
Cash at bank and in 328 67
hand
---------- ----------
22,204 15,266
Creditors amounts
falling due within one (13,442) (3,365)
year
---------- ----------
NET CURRENT ASSETS 8,762 11,901
---------- ----------
Total assets less
current liabilities 9,028 12,009
Creditors amounts
falling due after more (4,360) (7,346)
than one year
---------- ----------
NET ASSETS 4,668 4,663
========== ==========
CAPITAL AND RESERVES
Called up share capital 376 389
Capital redemption 20 7
reserve
Profit and loss account 4,272 4,267
---------- ----------
EQUITY SHAREHOLDERS' 6 4,668 4,663
FUNDS
========== ==========
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
CONSOLIDATED CASHFLOW STATEMENT
Year Ended Period
31 March Ended
2000 31 March
1999
#'000 #'000
Net cash outflow from
operating activities (5,510) (2,544)
Return on investments and
servicing of finance (903) (582)
Taxation (243) (183)
Capital expenditure and
financial investment (223) (106)
---------- ----------
Net cash outflow before
financing (6,879) (3,415)
Financing 596 3,118
---------- ----------
Decrease in cash in the (6,283) (297)
period
========== ==========
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 un-audited accounts of the Group for
the year ended 31 March 2000. The above information does
not amount to statutory accounts within the meaning of
the Companies Act 1985. Statutory accounts for the
previous financial year ended 31 March 1999 have been
delivered to the Registrar of Companies. The auditors'
report on those accounts was unqualified and did not
contain any statement under S237(2) or (3) of the
Companies Act 1985. The auditors have not reported on
accounts for the year ended 31 March 2000, nor have any
such accounts been delivered to the Registrar of
Companies.
3) Copies of the annual report and accounts will be
posted to shareholders in July 2000 and will be available
from the Company's Head Office, 35 Wycombe End,
Beaconsfield, Bucks HP9 1LZ.
4) Exceptional charges were #nil (1999: #10,000).
These related to additional costs in respect of the
demerger of the business from Banner Homes Group PLC and
obtaining admission to the Alternative Investment Market
of the London Stock Exchange.
5) No final dividend will be payable.
6) Earnings per share has been calculated based on
3,875,065 ordinary shares in issue during the period to
31 March 2000 (3,890,696 ordinary shares during the
period 31 March 1999).
7) The movement in shareholders' funds is analysed as
follows:-
#'000
Shareholders' funds as at 1 April 4,663
1999
Purchase of own shares (109)
Profit for the period 114
--------
-
Shareholders' funds as at 31 March 4,668
2000
========
=
END
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