Comland Commercial - Final Results
29 Juni 1999 - 9:31AM
UK Regulatory
RNS No 5226c
COMLAND COMMERCIAL PLC
29 June 1999
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 1999
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you on the year ended 31
March 1999.
RESULTS
In the year under review, the turnover of the Group was
#2,055,000 (1998-#nil), other operating income was
#1,269,000 (1998-#304,000) and the profit after tax was
#481,000 (1998:loss - #41,000). No dividend will be paid
in view of the company's requirement for cash to fund
future developments.
ACQUISITIONS
During the year, we have made several acquisitions since
we consider that commercial property currently represents
good value against a background of prospective low
inflation and low interest rates. Two of the acquisitions
we believe have re-development potential.
CURRENT DEVELOPMENTS
CORPORATION STREET, HIGH WYCOMBE, BUCKS
This office development is complete. We continue to
market the accommodation on a freehold sale or to let
basis.
MERCURY CENTRE, WOOBURN GREEN, BUCKS
Phase II is due for completion in August this year and
comprises two buildings totalling 13,350 square feet.
Some interest has been shown, although a letting to a
suitable tenant has not yet been secured. We are in the
process of completing the acquisition of a further 4.5
acres of adjoining land. Marketing will commence shortly
in an effort to secure pre-lets on this site which we
hope will accommodate an additional 75,000 square feet of
office, warehouse and industrial space.
DISPOSALS
During the first half of the year, we disposed of both
Isis House in Henley and Marlow House in Marlow at a
profit. Closer examination of refurbishment costs made
disposal of the properties more attractive than
speculative re-development.
BOARD APPOINTMENTS
I am pleased to formally welcome Andrew Ilsley to the
position of Managing Director. Andrew is a Chartered
Surveyor who joined us from Helical Bar Plc in April 1998
and was appointed to the Board in February 1999. I am
confident he will bring great skills and direction to
your Board.
Chris Martin also joined the Board in May 1999 as Finance
Director from PricewaterhouseCoopers.
THE FUTURE
With greater financial stability, the prospect of
windfall gains resulting largely from inflation recedes.
We shall pursue a cautious risk averse strategy with the
prime objective of protecting shareholders' funds.
S J Crossley
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 1999
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Note Year Ended Period Ended
31 March 31 March
1999 1998
#'000 #'000
Turnover 2,055 -
Cost of Sales (1,459) -
---------- ----------
Gross profit 596 -
Administration costs (317) (60)
Other operating 1,269 304
income
Other operating (10) (6)
expenses
Exceptional item 4 (10) (96)
---------- ----------
Operating profit 1,528 142
Interest payable and
similar charges (757) (153)
---------- ----------
Profit/(loss) before 771 (11)
tax
Taxation (290) (30)
---------- ----------
Profit/(loss) after 481 (41)
tax
Ordinary dividend 5 - -
---------- ----------
Retained 481 (41)
profit/(loss)
========== ==========
Earnings/(loss) per 6 12.4p (1.0p)
share
========== ==========
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.
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 1999
CONSOLIDATED BALANCE SHEET
Notes As at As at
31 March 31 March
1999 1998
#'000 #'000
FIXED ASSETS
Tangible assets 108 21
---------- ----------
CURRENT ASSETS
Stocks 14,784 10,829
Debtors 415 229
Cash at bank and in 67 44
hand
---------- ----------
15,266 11,102
Creditors amounts
falling due within one (3,365) (2,714)
year
---------- ----------
Net current assets 11,901 8,388
---------- ----------
Total assets less
current liabilities 12,009 8,409
Creditors amounts
falling due after more (7,346) (4,227)
than one year
---------- ----------
Net assets 4,663 4,182
========== ==========
CAPITAL AND RESERVES
Called up share capital 389 389
Capital redemption 7 7
reserve
Profit and loss account 4,267 3,786
---------- ----------
Equity Shareholders' 7 4,663 4,182
funds
========== ==========
COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 1999
CONSOLIDATED CASHFLOW STATEMENT
Year Ended Period
31 March Ended
1999 31 March
1998
#'000 #'000
Net cash outflow from
operating activities (2,554) (186)
Return on investments and
servicing of finance (582) (153)
Taxation (183) -
Capital expenditure and
financial investment (96) (117)
---------- ----------
Net cash outflow before (3,415) (456)
financing
Financing 3,118 413
---------- ----------
Decrease in cash in the (297) (43)
period
========== ==========
Notes
1) The accounting policies adopted are consistent with
those in the most recently published set of financial
statements dated 31 March 1998.
2) The summarised financial information has been
extracted from the un-audited accounts of the Group for
the year ended 31 March 1999. The comparative for the
period ending 31 March 1998 represents the period from 4
November 1997 to 31 March 1998. The above information
does not amount to statutory accounts within the meaning
of the Companies Act 1985.
3) Copies of the annual report and accounts will be
posted to shareholders in July 1999 and will be available
from the Company's Head Office, 35 Wycombe End,
Beaconsfield, Bucks HP9 1LZ
4) The exceptional charges relates to additional costs
in respect of the demerger of the business from Banner
Homes Group Plc and obtaining admission to the
Alternative Investment Market of the London Stock
Exchange.
5) No final dividend will be payable.
6) Earnings per share has been calculated based on
3,890,696 ordinary shares in issue during the period to
31 March 1999 (3,920,547 ordinary shares during the
period 31 March 1998).
7) The movement in shareholders' funds is analysed as
follows:-
#'000
Shareholders' funds as at 1 4,182
April 1998
Profit for the period 481
---------
4,663
=========
END
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