Interim Results
23 Dezember 2002 - 4:44PM
UK Regulatory
RNS Number:5290F
Comland Commercial PLC
23 December 2002
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you the interim results for the six months ended
30 September 2002.
Results
In the six month period to 30 September 2002, operating income, which is
primarily rental income, has increased by 32% to #2.03 million from #1.54
million for the same period to 30 September 2001. Operating profit has increased
by 77% to #1.44 million from #0.81 million for the six months to 30 September
2001. Pre tax profits for the six months to 30 September 2002 were #0.31 million
(six months ended 30 September 2001 - #1.62 million).
Development
During the period to 30 September 2002 we have continued with the final phase of
the development at Mercury Park, Wooburn Green. In October 2002 we let a 7,600
sq.ft. building to Compass Group UK and Ireland Limited. This letting was at #28
per sq.ft. on a standard institutional lease.
The development is approaching completion. We have two buildings totalling just
over 13,000 sq.ft. which remain unlet. The uncertain economic environment is
affecting tenant demand; however we hope to secure tenants for these buildings
in 2003 when they are completed.
Acquisitions
In the 31 March 2002 Report & Accounts I reported on the acquisitions we made
during the first four months of this financial year. Since the beginning of
September we have acquired:
1) A vacant shop on Marlow High Street for #620,000. We have applied for
planning permission to extend the shop, renovate the flat above and build a
second flat over the extension;
2) Market House, Wokingham, for #3.52 million. This property has 15,000 sq.ft.
of prime retail space in Wokingham with 10,000 sq.ft. of offices above. The
office space offers scope for extension and change of use to residential as
supported by the Adopted Local Plan. The rear car park provides further office,
retail and residential development potential;
3) 14 High Street, Windsor for #1.2 million. This property includes a shop let
to the National Trust and a suite of small offices; and
4) 22-24 King Street, Maidenhead for #865,000. This property is let to the
Government for a further five years.
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
The Future
Economic and political uncertainties continue to have an effect on the economy,
our business and on our tenants.
We are now focusing on well located town centre opportunities and hope that the
future will present us with a more favourable environment in which to expand our
business.
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Note Six months ended Six months ended Year
30 September 2002 30 September 2001 ended
(Unaudited) (Unaudited) 31 March
#'000 #'000 2002
(Audited)
#'000
TURNOVER - 940 940
--------- -------- --------
GROSS PROFIT - 20 20
Administrative costs (591) (745) (1,240)
Other operating income 2,032 1,537 3,178
-------- -------- --------
OPERATING PROFIT 1,441 812 1,958
-------- -------- --------
Profit on disposal of subsidiary - 1,076 1,076
Loss on disposal of fixed assets - - (6)
Interest (1,110) (705) (1,413)
-------- -------- --------
PROFIT ON ORDINARY ACTIVITIES BEFORE 331 1,183 1,615
TAXATION
Taxation (99) (65) (151)
-------- -------- --------
PROFIT ON ORDINARY ACTIVITIES AFTER 232 1,118 1,464
TAXATION
Dividend 3 - - -
PROFIT FOR THE PERIOD 232 1,118 1,464
======== ======== ========
Earnings per share 4 5.6p 30.1p 39.5p
======== ======== ========
Dividend per share 3 - - -
======== ======== ========
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 2002
CONSOLIDATED BALANCE SHEET
As at As at As at
30 September 30 September 31 March
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
FIXED ASSETS
Tangible 118 236 136
-------- --------- ---------
CURRENT ASSETS
Stock 55,673 27,205 30,598
Debtors 2,526 2,469 1,935
Cash at bank and in hand 3,852 1,333 2,959
-------- -------- --------
62,051 31,007 35,492
CREDITORS: Amounts falling due within one (20,849) (5,595) (10,203)
year
-------- -------- --------
NET CURRENT ASSETS 41,202 25,412 25,289
-------- -------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 41,320 25,648 25,425
CREDITORS:Amounts falling due after more (32,368) (20,239) (19,670)
than one year
-------- -------- --------
NET ASSETS 8,952 5,409 5,755
========= ========= =========
CAPITAL AND RESERVES
Called-up share capital 456 371 371
Capital redemption reserve 25 25 25
Other reserve 2,880 - 2,880
Profit and loss account 5,591 5,013 5,359
-------- -------- --------
EQUITY SHAREHOLDERS' FUNDS 8,952 5,409 5,755
======== ======== ========
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
CONSOLIDATED CASH FLOW STATEMENT
Six months ended Six months Year
30 September ended ended
2002 30 September 31 March
(Unaudited) 2001 2002
#'000 (Unaudited) (Audited)
#'000 #'000
Net cash outflow from operating (23,635) (1,937) (3,809)
activities
Return on investment and servicing of
finance
Interest paid (1,110) (705) (1,413)
UK Corporation Tax - - -
Capital expenditure and financial - - 70
investment
Net cash inflow from subsidiary disposal - 1,076 1,076
-------- -------- --------
Net cash outflow before financing (24,745) (1,566) (4,076)
-------- -------- --------
Financing 20,478 4,279 3,774
-------- -------- --------
(Decrease)/increase in cash in the period (4,267) 2,713 (302)
======== ======== ========
Notes:
1. The accounting policies adopted are consistent with those in
the most recently published set of financial statements dated 31 March 2002.
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 2002 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 2001 - nil).
4. Earnings per share have been calculated based on 4,114,177
ordinary shares in issue during the period to 30 September 2002 (3,707,359
ordinary shares during the period 30 September 2001).
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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