Interim Results
21 Dezember 2005 - 8:00AM
UK Regulatory
RNS Number:9795V
Comland Commercial PLC
21 December 2005
COMLAND COMMERCIAL PLC ("the Company")
21 December 2005
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you the interim results for the six months ended
30 September 2005.
RESULTS
In the six month period to 30 September 2005 the turnover of the Group was #1.12
million (2004: #6.38 million). Included in this figure is revenue from property
disposals and the activities of The Hollywood Arms. Gross profit for the six
months to 30 September 2005 was #0.45 million (2004: gross profit #2.27
million). Other operating income, which is primarily rental income, was #3.12
million (2004: #3.73 million). Operating profit was #2.79 million (2004: #4.98
million). Pre tax profits for the six months were #1.19 million (2004: #3.43
million). No interim dividend will be paid.
PROPERTY DISPOSALS
As reported in the annual report and accounts for the year to 31 March 2005, we
completed the sale of 22-24 King Street, Maidenhead in June 2005. We have agreed
terms on the sale of another property in High Wycombe which we hope to exchange
on prior to Christmas and complete in the New Year. In addition we have two
residential units in Marlow and one of our office units in Basingstoke under
offer.
ACQUISITIONS
During the six month period to 30 September 2005 our only acquisition has been
the site just off the High Street in Marlow which has planning permission for
approximately 10,000 square feet of office space. We have submitted a revised
scheme for this site and await approval prior to starting clearance of the site
and construction work.
We recently completed the acquisition of a 12,000 square feet office building in
the centre of Windsor for #3.78 million plus costs. This property has short term
income under the current lease until the middle of next year. In the New Year we
will review our options following negotiations with the existing tenant. Given
the strong location of this building and its flexible design we expect there to
be a number of possibilities for future use.
DEVELOPMENTS
In October we started work on a small retail and residential flat development at
Prospect House, Farnham Common. This is due to be completed in June 2006.
Subject to planning, we hope to start at least two further developments during
2006.
FUTURE
Property yields and therefore relative returns continue to fall in a commercial
property market where the demand to acquire commercial property is being fuelled
by an increasing number of well funded buyers chasing fewer quality
opportunities.
As always, interest rates hold the key to the future of the property market. In
the absence of any significant change in rates we remain positive about the
outlook for our business and are comfortable with its level of gearing. As in
the past, any significant future acquisitions will be financed from disposal
proceeds.
Stuart Crossley
21 December 2005
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
Consolidated Profit and Loss Account
Note Six months Six months Year
ended ended ended
30 September 30 September 31 March
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 3 1,117 6,381 6,697
__________ __________ __________
Gross profit 3 445 2,274 2,618
Administrative costs (782) (1,018) (1,863)
Other operating income 3,124 3,728 7,048
__________ __________ __________
Operating profit 2,787 4,984 7,803
Profit on disposal of trade - - 8
Loss on disposal of fixed assets (6) - (27)
Interest (1,588) (1,555) (3,119)
__________ __________ __________
Profit on ordinary activities before 1,193 3,429 4,665
taxation
Taxation (357) (1,028) (1,359)
__________ __________ __________
Profit on ordinary activities after 836 2,401 3,306
taxation
Dividend 4 - - -
Profit for the period 836 2,401 3,306
__________ __________ __________
Basic and diluted earnings per share of 5 18.3p 52.6p 73.0p
continuing operations
__________ __________ __________
Basic and diluted earnings per share of 5 - 0.1p (0.4p)
discontinued operations
__________ __________ __________
Basic and diluted earnings per share based 5 18.3p 52.7p 72.6p
on profit for the period
__________ __________ __________
The Group has no recognised gains or losses other than the profit or loss for
the period.
Consolidated Balance Sheet
As at As at As at
30 September 30 September 31 March
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Tangible 2,669 2,945 2,736
Investments 92 - 92
__________ __________ __________
2,761 2,945 2,828
__________ __________ __________
Current Assets
Stock 65,962 64,857 65,082
Debtors 3,302 3,533 3,313
Cash at bank and in hand 25,718 22,298 24.811
__________ __________ __________
94,982 90,688 93,206
Creditors: Amounts falling due within one year (31,425) (31,694) (30,260)
__________ __________ __________
Net Current Assets 63,557 58,994 62,946
__________ __________ __________
Total assets less current liabilities 66,318 61,939 65,774
Creditors: Amounts falling due after more than (51,829) (49,191) (52,121)
one year
__________ __________ __________
Net Assets 14,489 12,748 13,653
__________ __________ __________
Capital and Reserves
Called-up share capital 456 456 456
Capital redemption reserve 25 25 25
Other reserve 2,880 2,880 2,880
Profit and loss account 11,128 9,387 10,292
__________ __________ __________
Equity Shareholders' Funds 14,489 12,748 13,653
__________ __________ __________
Consolidated Cash flow Statement
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Net cash inflow from operating activities 1,768 7,934 11,093
Return on investment and servicing of
finance
Interest paid (1,584) (1,496) (3,079)
UK Corporation Tax (666) (9) (1,431)
Capital expenditure and financial 14 (2,643) (2,690)
investment
Acquisitions and disposals - - 8
__________ __________ __________
Net cash (outflow)/inflow before (468) 3,786 3,901
financing
__________ __________ __________
Net cash outflow from financing (286) (3,230) (1,872)
__________ __________ __________
(Decrease)/increase in cash in the period (754) 556 2,029
__________ __________ __________
Notes:
1. The accounting policies adopted are consistent with those in the most
recently published set of financial statements dated 31 March 2005.
2. The above information does not comprise statutory accounts within the
meaning of the Companies Act 1985. Financial information in respect of the year
ended 31 March 2005 has been extracted from the statutory accounts which 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.
3. Turnover from the sale of land and development properties is #0.76 million
(2004: #5.94 million). The gross profit from the sale of land and development
properties is #0.30 million (2004: #2.13 million). Turnover from the provision
of medical services by DOCTORnow Limited is #nil (2004: #0.11 million). These
medical services were provided at a gross profit of #nil (2004: gross profit
#0.04 million). Turnover from the public house activities is #0.36 million
(2004: #0.33 million) at a gross profit of #0.15 million (2004: #0.10 million).
4. No interim dividend will be payable (six months ended 30 September 2004 -
nil).
5. Basic and diluted earnings per share have been calculated based on
4,556,520 ordinary shares in issue during the period to 30 September 2005
(4,556,520 ordinary shares during the periods to 31 March 2005 and 30 September
2004).
Basic and diluted earnings per share have been calculated using profit after tax
results as follows:
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Profit after tax of continuing 836 2,397 3,326
operations
Profit/(loss) after tax of discontinued - 4 (20)
operations
__________ __________ __________
Profit after tax 836 2,401 3,306
__________ __________ __________
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: Lunar House, Mercury Park, Wooburn Green, High Wycombe,
Buckinghamshire HP10 0HH.
This information is provided by RNS
The company news service from the London Stock Exchange
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