RNS Number:7133P
Comland Commercial PLC
04 August 2005
Chairman's Statement
I have pleasure in reporting to you on the year ended 31 March 2005.
Results
In the year to 31 March 2005 the turnover of the Group was #6.70 million (2004:
#0.13 million). This figure includes the revenue from property disposals and
from trading in DOCTORnow and The Hollywood Arms. Gross profit was #2.62
million (2004: gross loss #0.41 million). Other operating income, which is
primarily rental income, has increased to #7.05 million (2004: #6.86 million).
Operating profit has increased to #7.80 million (2004: #4.75 million). Pre-tax
profits are #4.67 million (2004: #2.35 million) after finance costs of #3.12
million (2004: #2.41 million). No dividend will be paid.
Property Disposals
During the year we sold Vantage Point in Hemel Hempstead for #2.5 million and
Unit 1, Thomas Road, Wooburn Green for #3.44 million.
Future Developments and Planning
We continue to focus on alternative and enhanced uses for our sites. We are
suffering from the usual frustrations with the planning process but we are
currently working with the various planning authorities on ten future
development schemes.
Mercury Park
Since the year end we have carried out works on the former DOCTORnow premises to
enable us to re-let the space. A new tenant moved into this 3,430 square foot
ground floor office in May 2005 on a five year lease. A five year letting for
the remaining vacant 3,000 square foot first floor office has also been
completed since the year end.
Chairman's Statement (continued)
DOCTORnow
We discontinued this business during the year. The NHS is still very deeply
engrained in the British culture and we were very disappointed at the public
response to what we believed was an excellent service.
Acquisitions
During this financial year we acquired The Hollywood Arms, London.
In June 2005 we completed the acquisition of a site just off the high street in
Marlow which has planning permission for approximately 10,000 square feet of
office space. We intend to submit a revised scheme for this site and subject to
gaining approval we intend to start the construction of this building on a
speculative basis as soon as possible.
The Future
In a low inflation atmosphere, with the expectation of falling interest rates,
we maintain our belief that commercial property is an attractive asset class. We
shall continue to develop our interest in locations well known to us where there
is high rental demand. Against this background we remain positive about the
prospects for our business. We are comfortable with our level of gearing and
thus any further significant acquisitions are likely to be financed from
realisations.
SJ Crossley
Chairman
Consolidated Profit & Loss Account
Notes Continuing Operations Discontinued
Acquisitions Operations Total Total
2005 2005 2005 2005 2004
#'000 #'000 #'000 #'000 #'000
Turnover 5,945 613 139 6,697 131
Cost of sales (3,614) (390) (75) (4,079) (539)
___________ ___________ ___________ ___________ ___________
Gross profit/(loss) 2,331 223 64 2,618 (408)
Administrative expenses (1,397) (252) (214) (1,863) (1,708)
Other operating income 7,048 - - 7,048 6,864
___________ ___________ ___________ ___________ ___________
Operating profit 7,982 (29) (150) 7,803 4,748
Profit on disposal of trade - - 8 8 -
(Loss)/profit on disposal of (25) - (2) (27) 5
fixed assets
Profit/(loss) on ordinary 7,957 (29) (144) 7,784 4,753
activities before interest
___________ ___________ ___________ ___________ ___________
Interest receivable and similar 3 -
income
Interest payable and similar (3,122) (2,407)
charges ___________ ___________
Profit on ordinary activities 4,665 2,346
before taxation
Tax on profit on ordinary (1,359) (747)
activities ___________ ___________
Profit on ordinary activities 3,306 1,599
after taxation
Ordinary Dividend 4 - -
Retained profit for the year 3,306 1,599
___________ ___________
Basic and fully diluted earnings 5 72.6p 35.1p
per share
The Group has no recognised gains or losses other than the results for each
year.
Consolidated Balance Sheet
March 31 March 31
Notes 2005 2004
#'000 #'000
Fixed assets
Tangible assets 2,736 356
Investments 92 -
___________ ___________
2,828 356
Current assets
Stocks 65,082 68,314
Debtors 3,313 3,990
Cash at bank and in hand 24,811 24,367
___________ ___________
93,206 96,671
Creditors: Amounts falling due within one year (30,260) (36,112)
___________ ___________
Net current assets 62,946 60,559
___________ ___________
Total assets less current liabilities 65,774 60,915
Creditors: Amounts falling due after more than one year (52,121) (50,568)
___________ ___________
Net assets 13,653 10,347
___________ ___________
Capital and reserves
Called-up share capital 456 456
Capital redemption reserve 25 25
Other reserve 2,880 2,880
Profit and loss account 10,292 6,986
___________ ___________
Equity shareholders' funds 6 13,653 10,347
___________ ___________
Notes 2005 2004
#'000 #'000
Net cash inflow/(outflow) from operating activities 7 11,093 (5,413)
Returns on investments and servicing of finance
- Interest received 3 -
- Interest paid (3,082) (2,470)
___________ ___________
Net cash outflow from returns on investments and servicing of finance (3,079) (2,470)
Taxation (1,431) (53)
Capital expenditure
- Payments to acquire tangible fixed assets (2,640) (169)
- Payments to acquire fixed asset investments (92)
- Receipts from sale of tangible fixed assets 42 68
___________ ___________
(2,690) (101)
Acquisitions and disposals
Receipts from sale of trade 8 -
Net cash inflow/(outflow) before financing 3,901 (8,037)
Financing
- New bank loans 7,580 17,513
- Repayment of bank loans (3,863) (3,741)
- Repayment of other loans (5,589) (5,443)
___________ ___________
Net cash (outflow)/inflow from financing (1,872) 8,329
___________ ___________
Increase in cash in the year 8 2,029 292
___________ ___________
Notes
1. The accounting policies adopted are consistent with those in the most
recently published set of financial statements for the year ended 31 March
2004.
2. The summarised financial information has been extracted from the unaudited
accounts of the Group for the year ended 31 March 2005. 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 2004 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 2005, 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
September 2005 and will be available from the Company's Head Office at
Lunar House, Mercury Park, Wooburn Green, High Wycombe, Bucks, HP10 0HH.
4. No final dividend will be payable.
5. Earnings per share have been calculated based on a weighted average of
4,556,520 ordinary shares being in issue during the period to 31 March 2005
(4,556,520 ordinary shares during the period to 31 March 2004).
6. The movement in shareholders' funds is analysed as follows:-
2005 2004
#'000 #'000
Shareholders' funds at 1 April 10,347 8,748
Profit for the year 3,306 1,599
___________ ___________
Shareholders' funds at 31 March 13,653 10,347
___________ ___________
7. Reconciliation of operating profit to net operating cash outflow
2005 2004
#'000 #'000
Operating profit 7,803 4,748
Decrease/(increase) in stocks 3,232 (10,484)
Decrease/(increase) in debtors 691 (263)
(Decrease)/increase in creditors (809) 472
Depreciation 176 114
___________ ___________
Net cash inflow/(outflow) from operating activities 11,093 (5,413)
___________ ___________
8. Analysis and reconciliation of net debt
31 March Non cash 31 March
2004 Cashflow movements 2005
#'000 #'000 #'000 #'000
Cash in hand and at bank 24,361 444 6 24,811
Bank overdraft (25,875) 1,585 - (24,290)
__________ __________ __________ __________
Net cash (1,514) 2,029 6 521
Bank loans due within one year (3,977) 3,863 (460) (574)
Bank loans due after one year (45,001) (7,580) 460 (52,121)
Other loans due after one year (5,567) 5,589 (22) -
__________ __________ __________ __________
Net debt (56,059) 3,901 (16) (52,174)
__________ __________ __________ __________
2005 2004
#'000 #'000
Increase in cash in the year 2,029 292
Cash inflow/(outflow) from debt financing 1,872 (8,329)
__________ __________
Change in net debt resulting from cash flows in the year 3,901 (8,037)
Exchange (loss)/gain on other loans (22) 151
Other non cash movements 6 -
Net debt at 1 April (56,059) (48,173)
__________ __________
Net debt at 31 March (52,174) (56,059)
__________ __________
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