Final Results
June 26 2003 - 10:05AM
UK Regulatory
RNS Number:8300M
ComProp Limited
26 June 2003
ComProp Limited ("ComProp" or "the Company")
Chairman's statement
I am pleased to address you in this second year of trading as an AIM Listed
Property Company.
Last year I advised you that ComProp had successfully streamlined its activities
in order to concentrate on its core aim as a property development and investment
vehicle. The last year has been one of laying the foundations for significant
development of the company. We have set out our plans for the development of
our key site at Admiral Park in Guernsey.
A masterplan has now been developed for the entire Admiral Park site. Specific
sites having been identified for office, retail, leisure and residential
development. The coastal part of the site has been earmarked for extensive
office and residential development to take full advantage of the spectacular
scenery towards the other Channel Islands and to provide a suitable development
as the gateway to Admiral Park.
I am pleased to advise that planning permission has been secured for two
prestigious office buildings, each offering 45,000 sq.ft. of accommodation. To
facilitate this development we have secured a pre-lease agreement for one
building, which will be developed to provide headquarter facilities for
Kleinwort Benson. Terms have been agreed with a prospective tenant for the
second building. It is anticipated that the development of both buildings will
be scheduled for completion by mid 2005.
The residential element of the scheme has planning approval for extensive
development of up to ninety luxury apartments and will be provided in a phased
development.
We have also submitted our plans to the Island Development Committee for a mixed
development of retail and leisure use adjacent to the existing Sydney Vane
office block. This will provide a complementary and alternative use to those
already on the Admiral Park site.
At Admiral Park we are shortly to conclude the development of a new facility for
B & Q. In my last report I advised that we had just received planning
permission in principle and I am pleased to advise that during the last twelve
months we have entered into a pre-lease agreement. The unit extends to
approximately 50,000 sq.ft. and will provide a major DIY and Garden Centre
facility for B & Q. Not only is this letting an important part of our
investment portfolio but it will provide an excellent balance of retailing
activities with the adjacent Checkers superstore.
We have commenced development of a town centre site adjacent to the Old
Government House Hotel. The site had been prepared for development and a
planning consent was in place with a tenant contracted to a pre-lease agreement.
We acquired the site and immediately reviewed the development scheme, adding
more than 10% to the lettable floor area of the proposed building. A revised
planning approval was obtained and the tenant has agreed to our amendments,
which also allowed for enhancement of the appearance of the building and
improved efficiency of space and thus maximizing our return on the development.
The steel frame is being erected and completion of the building is scheduled to
occur in the spring of next year. The tenant, Generali Worldwide Insurance,
will occupy this 20,000 sq.ft. building in the heart of St Peter Port as their
Guernsey headquarters.
The portfolio of properties continues to perform well under intensive management
from Jones & Partners. We have experienced significant improvement in lease
structures and enhanced rentals. We therefore felt it appropriate to review the
current value of the investment portfolio at this time, employing the services
of Cushman & Wakefield Healey & Baker who are our retained valuers. I am
pleased to report that these properties have seen a net gain of #6.4 million,
representing growth in capital value of approximately 17%.
There have been three changes in the composition of the Board.
Edward Potter, who first joined the Board in 1991, retired on 23 June 2003.
Edward has been a valued member of the Board providing wise counsel over the
years. I wish him well in the years to come.
Charles Day, Finance Director, resigned on 24 September 2002. His contribution
to the company during its period as a media business is appreciated.
Our decision to centralize the accountancy function involved the re-location of
this facility to Guernsey. I am delighted to welcome Stephen Down as our
Finance Director. Stephen, a Chartered Accountant with extensive experience in
the finance sector, has already made valuable contributions to the running of
the business.
This company is demonstrating its ability to be dynamic in the development of
its existing sites and is able to respond to other development opportunities
that arise. We need to have the financial ability to take advantage of such
opportunities and accordingly we are committed to reinvesting profit into
further projects. This being the case your Board is not recommending the
payment of a dividend in respect of this financial year.
I am pleased to advise that during the year the net asset value per share has
increased by 18.9p from 91.0p at 31 March 2002 to 109.9p at the year end, an
increase of 21%.
Tom Scott
Chairman
25th June 2003
Consolidated profit and loss account
for the year ended 31st March 2003
2003 2002
#'000 #'000
Turnover
Continuing operations 4,055 2,338
Discontinued operations - 1,976
---------- ----------
Total turnover 4,055 4,314
Operating expenses (1,786) (4,202)
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Operating profit / (loss)
Continuing operations 2,269 (521)
Discontinued operations - 633
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Total operating profit 2,269 112
Exceptional items
Profit on disposal of businesses - 1,284
---------- ----------
Profit on ordinary activities before interest 2,269 1,396
Net interest payable
(1,763) (910)
---------- ----------
Profit on ordinary activities before taxation 506 486
Tax on profit on ordinary activities (1) (57)
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Profit on ordinary activities after taxation 505 429
Dividends - -
---------- ----------
Retained profit for the financial year 505 429
---------- ----------
Earnings per share
Basic 1.4p 1.6p
Diluted 1.4p 1.5p
---------- ----------
Consolidated balance sheet at 31st March 2003
2003 2002
#'000 #'000
Fixed assets
Tangible fixed assets 72,845 59,662
Investment in group undertakings - -
Investments 172 172
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73,017 59,834
---------- ----------
Current assets
Stocks 20 35
Debtors 764 3,118
Cash at bank and in hand 55 2,183
---------- ----------
839 5.336
Creditors
Amounts falling due within one year (3,242) (3,276)
---------- ----------
Net current (liabilities)/assets (2,403) 2,060
---------- ----------
Total assets less current liabilities 70,614 61,894
Creditors
Amounts falling due after more than one year (31,350) (29,637)
Deferred Tax (87) -
---------- ----------
Net assets 39,177 32,257
---------- ----------
Capital and reserves
Share capital 1,782 1,772
Reserves 37,395 30,485
---------- ----------
Equity shareholders' funds 39,177 32,257
---------- ----------
The financial statements were approved by the Board on 25th June 2003 and signed
on its behalf by :
T.H. Scott
S.H. Down
Consolidated cash flow statement
for the year ended 31st March 2003
2003 2002
#'000 #'000
Net cash inflow from operating activities 2,579 1,652
---------- ----------
Returns on investments and servicing of finance
Interest received 64 340
Interest paid (1,822) (888)
---------- ----------
Net cash outflow from investments and servicing of finance (1,758) (548)
---------- ----------
Taxation
Jersey and Guernsey income tax paid (268) (274)
---------- ----------
Capital expenditure and financial investment
Purchase of tangible fixed assets (8,084) (4,327)
Sale of tangible fixed assets 618 56
---------- ----------
Net cash outflow from capital expenditure and financial investment (7,466) (4,271)
---------- ----------
Acquisitions and disposals
Sale of subsidiary businesses net of selling expenses and cash balances 1,650 100
Purchase of subsidiary undertakings plus costs - (33,448)
Cash acquired with subsidiary companies - 23
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1,650 (33,325)
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Equity dividend paid - -
---------- ----------
Financing
Bank loans 3,446 30,000
Loans repaid (321) (83)
Issue of ordinary shares 10 5
Issue costs - (514)
---------- ----------
Net cash inflow from financing 3,135 29,408
---------- ----------
Decrease in cash in the period (2,128) (7,358)
---------- ----------
Statement of total recognised gains and losses
for the year ended 31st March 2003
2003 2002
#'000 #'000
Profit for the financial year 505 429
Surplus on revaluation of properties 6,405 2,821
---------- ----------
Total gains and losses recognised since last annual report 6,910 3,250
---------- ----------
Note of historical cost, profits and losses
There are no material differences between reported profits and historical
profits of the Company.
Notes
1. Dividends
The Board is not recommending a dividend to be paid in respect of the year ended
31 March 2003.
2. Earnings per share
The calculation of earnings per share is based on the profit of #505,000 (2002:
#429,000) and on the weighted average of 35,467,940 (2002: 27,630,864) ordinary
shares in issue during the year. The dilutive potential ordinary shares under
options amounted to 266,675 (2002: 307,223).
3. Financial information
The financial information set out in this document does not constitute the
Company's statutory financial statements for the years ended 31 March 2003 and
2002. The auditors have given an unqualified audit report on the accounts for
the year ended 31 March 2003.
5. Annual General Meeting
The Annual General Meeting will be held on 6 August 2003 at 12.00 noon at The
Atlantic Hotel, Le Mont de la Pulente, St Brelade, Jersey.
6. Annual Report
The Annual Report will be sent to shareholders in due course. Once issued,
further copies can be obtained from the Company's registered office at La Rue
Fondon, St Peter, Jersey JE3 7BF.
Contacts:
Tom Scott /Steve Down ComProp Limited 01534 83 55 00
This information is provided by RNS
The company news service from the London Stock Exchange
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