Preliminary Results
25 Juli 2001 - 9:01AM
UK Regulatory
RNS Number:4339H
Comland Commercial PLC
25 July 2001
COMLAND COMMERCIAL PLC
25 JULY 2001
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2001
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you on the year ended 31st March 2001.
Results
In the year under review the turnover of the group was #nil (2000 : #nil),
other operating income was #2,497,000 (2000 : #1,854,000). The loss after tax
was #319,000 (2000 : profit after tax #114,000). No dividend will be paid.
Rental Income
Rental income received in the year has increased by over 30% compared to last
year and on an annualised basis is now in excess of #3 million.
Current Office Developments
We have recently commenced the speculative development of the final phase of
52,000 sq. ft. at Mercury Park, having let a total of 59,000 sq. ft. at rents
of between #21.00 and #27.50 per sq. ft. Our experience with this project
indicates we are unlikely to find tenants until the buildings are
substantially complete. This is currently the Group's only development in
progress.
Disposals
We have not sold any properties during the year but currently have two
properties under offer. A substantial part of the remainder of our portfolio
remains available for sale although we are conscious that property should not
be overexposed to the market.
Property Management
As from the June quarter day this year we will take in house the day to day
management of our properties from local managing agents. This step should
achieve marginal savings but will bring us closer to our tenants for whom we
hope to continue to provide accommodation in the future.
The Future
We continue to seek new opportunities where we can add value. Interest rates
and inflation are subdued, and in spite of ever increasing transaction costs,
we believe that the demand for well located and well presented property will
remain strong.
S J Crossley
25 July 2001
CONSOLIDATED PROFIT & LOSS ACCOUNT
Note Year Ended Year Ended
31 March 31 March
2001 2000
#'000 #'000
Turnover - -
Cost of Sales - -
---------- ----------
Gross profit - -
Administration costs (1,497) (937)
Other operating income 2,497 1,854
Other operating expenses - -
---------- ----------
Operating profit 1,000 917
Interest payable and similar charges (1,286) (903)
---------- ----------
(Loss)/Profit on ordinary activities before
taxation (286) 14
Taxation (33) 100
---------- ----------
(Loss)/Profit on ordinary activities after
taxation (319) 114
Ordinary dividend 4 - -
---------- ----------
Retained (loss)/profit (319) 114
========== ==========
(Loss)/Earnings per share 5 (8.6p) 2.9p
========== ==========
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
CONSOLIDATED BALANCE SHEET
Notes As at As at
31 March 31 March
2001 2000
#'000 #'000
FIXED ASSETS
Tangible assets 272 266
---------- ----------
CURRENT ASSETS
Stocks 24,135 21,091
Debtors 2,294 785
Cash at bank and in hand 3,050 328
---------- ----------
29,479 22,204
Creditors amounts falling due within one year (11,540) (13,442)
---------- ----------
Net current assets 17,939 8,762
---------- ----------
Total assets less current liabilities 18,211 9,028
Creditors amounts falling due after more than
one year (13,920) (4,360)
---------- ----------
Net assets 4,291 4,668
========== ==========
CAPITAL AND RESERVES
Called up share capital 371 376
Capital redemption reserve 25 20
Profit and loss account 3,895 4,272
---------- ----------
Equity Shareholders' funds 6 4,291 4,668
========== ==========
CONSOLIDATED CASH FLOW STATEMENT
Year Ended Period Ended
31 March 2001 31 March 2000
#'000 #'000
Net cash inflow/(outflow) from operating
activities 594 (5,510)
Return on investments and servicing of finance (1,314) (903)
Taxation (83) (243)
Capital expenditure and financial investment (79) (223)
---------- ----------
Net cash outflow before financing (882) (6,879)
Financing 5,881 596
---------- ----------
Decrease in cash in the period 4,999 (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 summarised financial information has been extracted from the
un-audited accounts of the Group for the year ended 31 March 2001. 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 2000 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 2001, 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 August 2001 and will be available from the Company's Head Office, 35
Wycombe End, Beaconsfield, Bucks HP9 1LZ.
4) No final dividend will be payable.
5) Earnings per share has been calculated based on 3,717,366 ordinary
shares in issue during the period to 31 March 2001 (3,875,065 ordinary shares
during the period 31 March 2000).
6) The movement in shareholders' funds is analysed as follows:-
#'000
Shareholders' funds as at 1 April 2000 4,668
Purchase of own shares (58)
Loss for the period (319)
---------
Shareholders' funds as at 31 March 2001 4,291
=========
END
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