Comland Commercial - Interim Results
22 Dezember 1998 - 6:44PM
UK Regulatory
RNS No 4232a
COMLAND COMMERCIAL PLC
22nd December 1998
COMLAND COMMERCIAL PLC - INTERIM RESULTS FOR THE 6 MONTHS
ENDED 30 SEPTEMBER 1998
CHAIRMAN'S STATEMENT
In the six months under review, turnover was #955,000 (1997
- #nil) which produced a profit after tax of #288,000 (1997
- loss #41,000). No dividend will be payable.
DISPOSALS
During the period, we disposed of Isis House at a profit
since the anticipated cost of refurbishing the building did
not justify the expenditure and the risk.
CURRENT DEVELOPMENTS
Corporation Street, High Wycombe
Construction is now well advanced, and we believe that when
the building is completed it will attract interest from
both owner/occupiers and local tenants.
Mercury Centre, Wooburn Green, Bucks
Phase I has been let and work has commenced on Phase II.
The letting is to a satisfactory covenant for 15 years at a
rent of around #21 per square foot. Phase II should be
completed in July 1999.
In November, we disposed of Marlow House. Again, the
speculative refurbishment did not appear to justify the
exposure and a satisfactory profit was taken.
TRADING
Our business is management intensive. Economic
uncertainties discourage us from embarking upon any new
speculative projects and we shall look for solid
investments with reliable yields.
S J Crossley
Chairman
22 December 1998
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Note Half year ended Period ended
30 September 1998 31 March 1998
(Unaudited) (Audited)
#'000 #'000
Turnover 955 -
======= =======
Gross profit 302
Administration costs (137) (60)
Other operating income 591 304
Other operating (10) (6)
expenses
Exceptional item 2 (10) (96)
------- -------
Operating profit 736 142
Interest (323) (153)
------- -------
Profit/(loss) before 413 (11)
tax
Taxation (125) (30)
------- -------
Profit/(loss) after tax 288 (41)
Ordinary dividend 3 - -
------- -------
Retained profit/(loss) 288 (41)
======= =======
Earnings per share 4 7.4p (1.0)p
======= =======
Dividend per share 3 - -
======= =======
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
Note As at 30 September As at 31
1998 (Unaudited) March 1998
(Audited)
#'000 #'000
FIXED ASSETS
Tangible 19 21
------- -------
CURRENT ASSETS
Stocks 12,306 10,829
Debtors 227 229
Bank 44 44
------- -------
12,577 11,102
Creditors amounts
falling due in less (2,538) (2,714)
than one year
------- -------
Net current assets 10,039 8,388
Total assets less
current liabilities 10,058 8,409
Creditors amounts
falling due after more (5,588) (4,227)
than one year
Provisions for
liabilities and charges - -
------- -------
Net assets 4,470 4,182
======= =======
CAPITAL AND RESERVES
Share capital 389 389
Capital redemption 7 7
reserve
Profit and loss account 4,074 3,786
------- -------
Shareholders' funds 5 4,470 4,182
======= =======
CONSOLIDATED CASHFLOW STATEMENT
Half year Period ended
ended 30 31 March
September 1998
1998 (Audited)
(Unaudited)
#'000 #'000
Net cash inflow from
operating activities (652) (186)
Return on investments
and servicing of (323) (153)
finance
Taxation (103) -
Net cash
(outflow)/inflow from - (117)
investing activities
Equity dividends paid - -
Net cash outflow from
acquisitions and - -
disposals
------- -------
Net cash inflow before
management of liquid
resources (1,078) (456)
Sale of liquid - -
resources
Financing 1,361 413
------- -------
Increase in cash in the
period 283 (43)
======= =======
Notes
1. The comparative for the period ending 31 March 1998
represents the period from 9 December 1997 to 31 March
1998. There is no comparative for the 6 months ended 30
September 1997. The above information does not amount to
statutory accounts within the meaning of the Companies Act
1985.
2. The exceptional charge relates to additional demerger
costs.
3. No interim dividend will be payable.
4. Earnings per share has been calculated based on
3,890,580 ordinary shares in issue during the period to 30
September 1998 (3,920,547 during the period to 31 March
1998).
5. The movement in shareholders' funds is analysed as
follows:
#'000
Shareholders' funds as at 1 April 4,182
1998
Profit for the period 288
------
4,470
======
6. Copies of the interim report are being sent to
shareholders in January 1999. Further copies of this
interim report are available from the company's registered
office: Riverside House, Riverside, Holtspur Lane, Wooburn
Green, Buckinghamshire, HP10 0TJ.
7. Statutory accounts for the year ended 31 March 1998
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.
END
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