Interim Results
22 Dezember 2004 - 12:07PM
UK Regulatory
RNS Number:7252G
Comland Commercial PLC
22 December 2004
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
22 DECEMBER 2004
CHAIRMAN'S STATEMENT
I have pleasure in reporting to you the interim results for the six months ended
30 September 2004.
Results
In the six month period to 30 September 2004 the turnover of the Group was #6.38
million (2003: #0.04 million). Included in this figure is revenue from property
disposals, the private medical practice and the activities of our public house.
Gross profit was #2.27 million (2003: gross loss #0.03 million). Other operating
income, which is primarily rental income, has increased to #3.73 million from
#3.47 million for the same period last year. Operating profit has increased to
#4.98 million from #2.56 million for the six months to 30 September 2004. Pre
tax profits for the six months have increased to #3.43 million from #1.24
million. No dividend will be paid.
PROPERTY DISPOSALS
As reported in the last annual report and accounts for the year to 31 March
2004, we completed the sale of two properties in April 2004. We sold Vantage
Point in Hemel Hempstead for #2.5 million and Unit 1, Thomas Road, Wooburn Green
for #3.44 million.
Acquisitions
With the exception of the acquisition of The Hollywood Arms in April 2004, as
reported in the last annual report and accounts, we made no acquisitions during
the six months to 30 September 2004.
DOCTORnow
Whilst I continue to believe this concept provides a platform for general
practice to supplement the services of the NHS, we have found it difficult to
grow revenues quickly enough to make this business viable in a reasonable
timescale. Therefore at the end of October 2004 we disposed of our interest in
this business to its management for a nominal sum. The business will continue to
operate from its Mercury Park location into 2005 until we find a tenant for the
space.
THE HOLLYWOOD ARMS
This freehold pub is in an excellent location and we are comfortable with its
trading performance thus far. We shall decide next year whether it is to be the
forerunner of further acquisitions into the licensed industry.
MERCURY PARK
A single first floor unit of 3,047 sq. ft. remains our only vacant space at
Mercury Park. We continue to market this and the DOCTORnow accommodation. There
is some current interest and we hope to secure lettings in the near future.
DEVELOPMENTS
We have no projects currently under development although we have eleven future
developments in various stages of the planning process.
FUTURE
Clearly total returns from commercial property are affected by interest rates
and the growth in the economy. We remain positive and continue to look for well
located opportunities with alternative/enhanced use potential. In addition, we
continue to monitor the situation in relation to the new proposals for REITs and
PIFs.
Stuart Crossley
22 December 2004
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
Consolidated Profit and Loss Account
Note Six months ended Six months ended Year
30
30 September 2004 September 2003 ended
(Unaudited) (Unaudited) 31 March
#'000 #'000 2004
(Audited)
#'000
Turnover 3 6,381 40 131
__________ __________ __________
Gross profit/(loss) 3 2,274 (32) (408)
Administrative costs (1,018) (878) (1,708)
Other operating income 3,728 3,471 6,864
__________ __________ __________
Operating profit 4,984 2,561 4,748
Profit on disposal of fixed assets - 4 5
Interest (1,555) (1,323) (2,407)
__________ __________ __________
Profit on ordinary activities before taxation 3,429 1,242 2,346
Taxation (1,028) (373) (747)
__________ __________ __________
Profit on ordinary activities after taxation 2,401 869 1,599
Dividend 4 - - -
Profit for the period 2,401 869 1,599
__________ __________ __________
Earnings per share 5 52.7p 19.1p 35.1p
__________ __________ __________
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 2004
Consolidated Balance Sheet
As at As at As at
30 September 30 September 31 March
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Tangible 2,945 388 356
__________ __________ __________
Current Assets
Stock 64,857 59,406 68,314
Debtors 3,533 3,848 3,990
Cash at bank and in hand 22,298 363 24,367
__________ __________ __________
90,688 63,617 96,671
Creditors: Amounts falling due within one year (31,694) (14,922) (36,112)
__________ __________ __________
Net Current Assets 58,994 48,695 60,559
__________ __________ __________
Total assets less current liabilities 61,939 49,083 60,915
Creditors: Amounts falling due after more than (49,191) (39,466) (50,568)
one year
__________ __________ __________
Net Assets 12,748 9,617 10,347
__________ __________ __________
Capital and Reserves
Called-up share capital 456 456 456
Capital redemption reserve 25 25 25
Other reserve 2,880 2,880 2,880
Profit and loss account 9,387 6,256 6,986
__________ __________ __________
Equity Shareholders' Funds 12,748 9,617 10,347
__________ __________ __________
COMLAND COMMERCIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
Consolidated Cash flow Statement
Six months ended Six months Year
30 September ended ended
2004 30 September 31 March
(Unaudited) 2003 2004
#'000 (Unaudited) (Audited)
#'000 #'000
Net cash inflow/(outflow) from operating activities 7,934 744 (5,413)
Return on investment and servicing of finance
Interest paid (1,496) (871) (2,470)
UK Corporation Tax (9) - (53)
Capital expenditure and financial investment (2,643) (78) (101)
__________ __________ __________
Net cash inflow/(outflow) before financing 3,786 (205) (8,037)
__________ __________ __________
Net cash (outflow)/inflow from financing (3,230) 291 8,329
__________ __________ __________
Increase in cash in the period 556 86 292
__________ __________ __________
Notes:
1. The accounting policies adopted are consistent with those in the most
recently published set of financial statements dated 31 March 2004.
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 2004 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. Turnover from the sale of land and development properties is #5.94 million
(2003: nil).The gross profit from the sale of land and development properties is
#2.13 million (2003:nil). Turnover from the provision of medical services by
DOCTORnow Limited is #0.11 million (2003: #0.04 million). These medical services
were provided at a gross profit of #0.04 million (2003: gross loss #0.03
million). Turnover from the public house activities is #0.33 million (2003: nil)
at a gross profit of #0.10 million (2003:nil).
4. No interim dividend will be payable (six months ended 30 September 2003 -
nil).
5. Earnings per share have been calculated based on 4,556,520 ordinary shares
in issue during the period to 30 September 2004 (4,556,520 ordinary shares
during the period 30 September 2003).
6. 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: Lunar House, Mercury Park, Wooburn Green, High Wycombe, Buckinghamshire
HP10 0HH.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEWFSESLSELE
Comptoir (LSE:COM)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Comptoir (LSE:COM)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
