Interim Results
18 Dezember 2000 - 8:00AM
UK Regulatory
RNS Number:9347V
Comland Commercial PLC
18 December 2000
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
2000
CHAIRMAN'S STATEMENT
In the six months under review, the turnover of the Group
was nil (six months ended 30 September 1999 - #Nil).
Other operating income was #1,066,000 (six months ended
30 September 1999 - #832,000) and the loss after tax was
#133,000 (six months ended 30 September 1999 - loss -
#20,000). No dividend will be payable.
ACQUISITIONS
In the first six months of this year we have not acquired
any new sites.
DEVELOPMENTS
In June 2000 we commenced the construction of 30,000 sq.
ft. of offices in three buildings at our Mercury Park
development in Wooburn Green. We have secured a pre-let
on one of the buildings. There is interest in the other
two buildings but as yet they remain unlet.
We are currently seeking to obtain detailed planning
permission for the fourth phase of 52,000 sq. ft. of
offices. We plan to start construction of the fourth
phase in the first quarter of next year, subject to
letting the two remaining buildings.
THE FUTURE
It would appear that interest rates have stopped rising
and that the next movement could well be downwards.
Commercial developments remain highly speculative but
rewarding when suitable tenants are found. We continue to
search for pre-lets but there is a strong catch 22
influence since most tenant requirements are relatively
urgent and therefore to let them you must first build
them.
We operate in times of great change and swings in fortune
and we intend to maintain a tight grip on gearing.
S. J. Crossley
18 DECEMBER 2000
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
2000
Consolidated Profit and Loss Account
Six Six Year
months months ended
ended 30 ended 30 31 March
September September 2000
2000 1999 (Audited)
(Unaudited) (Unaudited)
#'000 #'000 #'000
TURNOVER - - -
--------- --------- ---------
GROSS PROFIT - - -
Administrative costs (569) (412) (937)
Other operating 1,066 832 1,854
income
--------- --------- ---------
OPERATING PROFIT 497 420 917
Loss on disposal of
fixed assets (6) - -
Interest (624) (440) (903)
--------- --------- ---------
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES (133) (20) 14
BEFORE TAXATION
Taxation - - 100
--------- --------- ---------
(LOSS)/PROFIT ON
ORDINARY ACTIVITIES (133) (20) 114
AFTER TAXATION
Dividend - - -
(LOSS)/PROFIT FOR THE
PERIOD (133) (20) 114
========= ========= =========
(Loss)/earnings per (3.6p) (0.5p) 2.9p
share
========= ========= =========
Dividend per share - - -
========= ========= =========
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
2000
Consolidated Balance Sheet
As at As at As at
30 30 31 March
September September 2000
2000 1999 (Audited)
(Unaudited) (Unaudited)
#'000 #'000 #'000
FIXED ASSETS
Tangible 202 281 265
--------- --------- ---------
CURRENT ASSETS
Stock 21,513 18,872 21,092
Debtors 897 579 785
Cash at bank and in 883 83 328
hand
--------- --------- ---------
23,293 19,534 22,205
CREDITORS: Amounts
falling due within
one year (4,779) (8,406) (13,442)
--------- --------- ---------
NET CURRENT ASSETS 18,514 11,128 8,763
TOTAL ASSETS LESS
CURRENT LIABILITIES 18,716 11,409 9,028
CREDITORS: Amounts
falling due after
more than one year (14,240) (6,766) (4,360)
--------- --------- ---------
NET ASSETS 4,476 4,643 4,668
========= ========= =========
CAPITAL AND RESERVES
Called-up share 371 389 376
capital
Capital redemption
reserve 25 7 20
Profit and loss 4,080 4,247 4,272
account
--------- --------- ---------
EQUITY SHAREHOLDERS'
FUNDS 4,476 4,643 4,668
========= ========= =========
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
2000
Consolidated Cash flow Statement
Six months Six months Year
ended ended ended
30 30 31 March
September September 2000
2000 1999 (Audited)
(Unaudited) (Unaudited)
#'000 #'000 #'000
Net cash
inflow/(outflow) from 31 (3,635) (5,510)
operating activities
Return on investment
and servicing of
finance
Interest paid (623) (440) (903)
UK Corporation Tax (24) - (243)
Capital expenditure
and financial 26 (201) (223)
investment
--------- --------- ---------
Net cash outflow
before financing (590) (4,276) (6,879)
Financing 6,001 (275) 596
--------- --------- ---------
Increase/(decrease)
in cash in the period 5,411 (4,551) (6,283)
========= ========= =========
Notes:
1. The accounting policies adopted are consistent with
those in the most recently published set of financial
statements dated 31 March 2000.
2. The above information does not comprise statutory
accounts within the meaning of the Companies Act 1985.
Financial information in respect of the year end 31 March
2000 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. No interim dividend will be payable (six months
ended 30 September 1999 - nil).
4. Loss per share has been calculated based on
3,727,319 ordinary shares in issue during the period to
30 September 2000 (3,890,696 ordinary shares during the
period 30 September 1999).
5. 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.
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