Interim Results
24 Dezember 2001 - 8:00AM
UK Regulatory
RNS Number:1492P
Comland Commercial PLC
24 December 2001
COMLAND COMMERCIAL PLC
24 DECEMBER 2001
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
CHAIRMAN'S STATEMENT
In the six months under review, the turnover of the Group was #940,000 (six
months ended 30 September 2000 - #Nil). Other operating income was #1,536,000
(six months ended 30 September 2000 - #1,066,000) and the profit after tax was
#1,183,000 (six months ended 30 September 2000 - loss - #133,000). No
dividend will be payable.
ACQUISITIONS
On 10 July 2001 we acquired a property in Wooburn Green, Bucks for #3,720,000.
This property is currently let to a single tenant and has future redevelopment
potential for which planning is currently being sought.
DISPOSALS
On 10 July 2001 we sold Hampden House in High Wycombe for #940,000. We
completed the development of this property in 1999.
On 1 August 2001 we sold the subsidiary Farastar Limited, which held Verwood
Industrial Estate, Dorset for a total consideration of #3,210,000. Following
the acquisition of this industrial estate in December 1999 a number of the
leases were restructured and vacant units let. The long-term redevelopment
potential of the site was explored but we concluded it was better to
concentrate on other opportunities and sell this estate.
DEVELOPMENTS
We continue with the speculative development of the final phase of Mercury
Park comprising a further six office buildings of 52,000 sq. ft. However, the
recent downturn in market conditions has caused us to delay some of the
construction until tenants are found, at least in part, for the two buildings
which are due for completion in January 2002.
THE FUTURE
Economic uncertainties have affected tenant demand in recent months. We
continue to work closely with our existing tenants to ensure we are meeting
their changing needs.
We are seeking new development opportunities with considerable caution since
we remain unconvinced that inflation is permanently under control.
S J Crossley
24 December 2001
Consolidated Profit and Loss Account
Note Six months Six months Year ended 31
ended ended March
30 30 2001
September September
2001 2000 (Audited)
(Unaudited) (Unaudited)
#'000 #'000 #'000
Turnover 940 - -
--------- --------- ---------
Gross Profit 20 - -
Administrative costs (745) (569) (1,468)
Other operating income 1,537 1,066 2,497
--------- --------- ---------
Operating Profit 812 497 1,029
Profit on disposal of subsidiary 1,076 - -
Loss on disposal of fixed assets - (6) (6)
Interest (705) (624) (1,308)
--------- --------- ---------
Profit/(loss) on ordinary activities
before taxation 1,183 (133) (285)
Taxation (65) - (33)
--------- --------- ---------
Profit/(loss) on ordinary activities
after taxation 1,118 (133) (318)
Dividend 3 - - -
Profit/(loss) for the period 1,118 (133) (318)
========= ========= =========
Earnings/(loss) per share 4 30.1p (3.6p) (8.6p)
========= ========= =========
Dividend per share 3 - - -
========= ========= =========
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 30 31
September September March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Tangible 236 202 272
--------- --------- ---------
Current Assets
Stock 27,205 21,513 24,135
Debtors 2,469 897 2,298
Cash at bank and in hand 1,333 883 3,050
--------- --------- ---------
31,007 23,293 29,483
Creditors: Amounts falling due within one
year (5,595) (4,779) (11,544)
--------- --------- ---------
Net Current Assets 25,412 18,514 17,939
Total assets less current liabilities 25,648 18,716 18,211
Creditors: Amounts falling due after more
than one year (20,239) (14,240) (13,920)
--------- --------- ---------
Net Assets 5,409 4,476 4,291
========= ========= =========
Capital and Reserves
Called-up share capital 371 371 371
Capital redemption reserve 25 25 25
Profit and loss account 5,013 4,080 3,895
--------- --------- ---------
Equity Shareholders' Funds 5,409 4,476 4,291
========= ========= =========
Consolidated Cash flow Statement
Six months Six months Year
ended ended ended
30 30 31
September September March
2001 2000 2001
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Net cash (outflow) / inflow from operating
activities (1,937) 31 (1,565)
Return on investment and servicing of
finance
Interest paid (705) (623) (1,156)
UK Corporation Tax - (24) (83)
Capital expenditure and financial
investment 26 (78)
Net cash inflow from subsidiary disposal 1,076 - -
---------- ---------- ----------
Financing 4,279 6,001 7,881
---------- ---------- ----------
Increase/(decrease) in cash in the period 2,713 5,411 4,999
========== ========== ==========
Notes:
1. The accounting policies adopted are consistent with those in the most
recently published set of financial statements dated 31 March 2001.
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 2001 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 2000
- nil).
4. Earnings per share have been calculated based on 3,707,359 ordinary
shares in issue during the period to 30 September 2001 (3,727,319 ordinary
shares during the period 30 September 2000).
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.
END
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