Final Results
08 August 2002 - 9:27AM
UK Regulatory
RNS Number:6941Z
Comland Commercial PLC
08 August 2002
COMLAND COMMERCIAL PLC
8 AUGUST 2002
Comland Commercial PLC
Preliminary Results for the year ended 31 March 2002
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you on the year ended 31 March 2002.
RESULTS
In the year to 31 March 2002, operating income, which is primarily rental
income, has increased by 27% to #3.18million from #2.50million in 2001.
Operating profit has increased by 89% to #1.95million from #1.03million in 2001
and pre-tax profit has increased to #1.61million with the profit on sale of
Farastar Limited. No dividend will be paid.
DEVELOPMENT
During the year to 31 March 2002 we have continued with the development of the
final phase of 6 buildings ranging in size between 5,000sq.ft. and 10,000sq.ft.
at Mercury Park, Wooburn Green. The weakening of the economy in the second half
of the year caused us to stagger the development of the final phase. The first
of these buildings comprising 8,900sq.ft was completed and let in January 2002.
A second building of 8,700sq.ft. was let in April 2002. Both were let at #27.50
per sq.ft. on standard institutional leases with a 1 year rental deposit or bank
guarantee. We have interest in the remaining buildings and expect to complete
construction by the end of 2002.
ACQUISITIONS
In the last twelve months Comland has acquired #24million of offices, retail and
industrial space.
In July 2001 we acquired 85-87 Holtspur Lane, Wooburn Green, Bucks for #3.72
million. This building is let to a single tenant for a further seven years. The
site has redevelopment potential and planning permission is being sought for the
redevelopment of 50,000sq.ft. of offices. On 15 March 2002 we purchased 49-51
Dean Street, Marlow for #1.6million. This building is let to Lloyds Bank until
2009.
We have purchased several properties since the year end. On 1 May 2002 we
acquired Wethered House, High Street, Marlow for #2.925million. This property is
well located on Marlow High Street and includes office space let to Tornado
Virtue Plc, a shop let to a subsidiary of Coats plc and a public house sold off
on a long lease to The Laurel Pub Company Limited. We are investigating future
development potential.
On 24 May 2002 we purchased Prospect House, Farnham Common, Bucks for
#2.3million. This is a parade of shops with office accommodation above let to
ADT Plc. We consider this to be a strategic acquisition on the main road through
Farnham Common. There is scope to purchase more property, redevelop and raise
the profile of this area.
On 24 June 2002 we acquired Plover House, Aviary Court, Wade Road, Basingstoke
for #835,000. This property consists of three terraced offices let to AVIVA plc,
Boeing Defence Limited and Data Translation Limited. The site has development
and break up potential.
On 1 July 2002 Comland acquired Janico Limited, Latham Investments Limited,
Anglers Court Limited and Copystation Limited following the approval given at an
Extraordinary General Meeting. These acquisitions allowed Comland to secure a
mix of office, retail and industrial space including redevelopment opportunities
with an aggregate open market value of #12.7million. These companies were
acquired for net asset value by the issue of 849,161 Comland shares. On 1 July
2002 747,073 shares were issued and following agreement of the aggregate net
asset values, a further 102,088 shares were issued on 6 August 2002.
DISPOSALS
In July 2001 we sold Hampden House in High Wycombe for #940,000. We completed
this development in 1999.
In August 2001 we sold the subsidiary Farastar Limited which held Verwood
Industrial Estate, Dorset.
BOARD APPOINTMENT
The year also saw an addition to the Board of the Company. Simon Funnell joined
Comland as an Executive Director in February 2002. Simon is a Chartered Surveyor
who prior to joining Comland was a partner at Brown & Merry Commercial where he
specialised in property development and investment consultancy. His appointment
will strengthen the management team and in particular his experience will help
in seeking new acquisitions.
THE FUTURE
We continue to seek new acquisition opportunities in good locations. The current
portfolio is mixed in both use and location with a strong weighting to office
and industrial in the M40 corridor. Comland now owns over 420,000sq.ft. of
lettable space and 11 acres of land with development potential. Planning
permission has been obtained for the redevelopment of 83,000sq.ft. of offices
and is currently being sort for a further 56,000sq.ft. For the moment secure
income is the main target of our efforts.
SJ Crossley
8th August 2002
CONSOLIDATED PROFIT & LOSS ACCOUNT
Year ended
Year ended
March 31
March 31
Notes 2002
2001
#'000
#'000
TURNOVER 940
-
Cost of sales (920)
-
--------
--------
GROSS PROFIT 20
-
Administrative expenses (1,239)
(1,468)
Other operating income 3,177
2,497
--------
--------
OPERATING PROFIT 1,958
1,029
Profit on disposal of subsidiary 1,076
-
Loss on disposal of fixed assets (6)
-
Interest payable and similar charges (1,413)
(1,314)
--------
--------
Profit/(loss) on ordinary activities before taxation 1,615
(285)
Tax on profit/(loss) on ordinary activities (151)
(33)
--------
--------
Profit/(loss) on ordinary activities after tax 1,464
(318)
Ordinary dividend 4 -
-
--------
--------
RETAINED PROFIT/(LOSS) FOR THE YEAR 1,464
(318)
========
========
BASIC AND FULLY DILUTED EARNINGS/(LOSS) PER SHARE 5 39.5p
(8.6p)
All of the above results derive from continuing activities and there were no
material acquisitions in the year.
CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES
The Group has no recognised gains or losses other than the results for each
year.
CONSOLIDATED BALANCE SHEET
As
at As at
March
31 March 31
Notes
2002 2001
#'000 #'000
FIXED ASSETS
Tangible assets
136 272
-------- --------
CURRENT ASSETS
Stocks
30,598 24,135
Debtors
1,935 2,298
Cash at bank and in hand
2,959 3,050
-------- --------
35,492 29,483
CREDITORS: Amounts falling due within one year
(10,203) (11,544)
-------- --------
NET CURRENT ASSETS
25,289 17,939
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES
25,425 18,211
CREDITORS: Amounts falling due after more than one year
(19,670) (13,920)
-------- --------
NET ASSETS
5,755 4,291
======== ========
CAPITAL AND RESERVES
Called-up share capital
371 371
Capital redemption reserve
25 25
Profit and loss account
5,359 3,895
-------- --------
EQUITY SHAREHOLDERS' FUNDS 6
5,755 4,291
======== ========
CONSOLIDATED CASHFLOW STATEMENT
Year ended
Year ended
March 31
March 31
2002
2001
#'000
#'000
Net cash outflow from operating activities (3,809)
(1,565)
Returns on investment and servicing of finance (1,413)
(1,156)
Taxation -
(83)
Capital expenditure and financial investment 1,146
(79)
--------
--------
Net cash outflow before financing (4,076)
(2,883)
Financing 3,774
7,881
--------
--------
(Decrease)/increase in cash in the year (302)
4,998
========
========
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 summarised financial information has been extracted from the
un-audited accounts of the Group for the year ended 31 March 2002. 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 2001 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 2002, 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 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 3,707,359 ordinary shares
in issue during the period to 31 March 2002 (3,717,366 ordinary shares during
the period 31 March 2001).
6. The movement in shareholders' funds is analysed as follows:-
#'000
Shareholders' funds as at 1 April 2001
4,291
Profit for the period
1,464
---------
Shareholders' funds as at 31 March 2002
5,755
=========
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