RNS Number:7843K
Cardiff Property PLC
18 May 2000
THE CARDIFF PROPERTY PLC
(The company's property activities are primarily
located close to Heathrow Airport
and to the west of London along the M25, M4 and M3
motorway network)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000
Summary
* Turnover #6.6m (1999: #1.1m)* + 484%
* Pre-tax profits #1.9m (1999: #0.4m) + 370%
* Earnings 65p per share (1999: 12.2p) +433%
* Interim dividend 1.4p per share +12%
(1999: 1.25p)
* Property portfolio #28m**
* Net assets per share 531p
(properties not re-valued at half-year)
* Includes the group's share of Campmoss
** Includes 100% of Campmoss
Richard Wollenberg, chairman, commented:
"Institutional and tenant demand for new, high
quality, prime office space remains high. Supply
constraints have led to competition amongst
investors. Rental levels for commercial property have
moved marginally higher over the last six months.
Planning policies in the counties of Surrey and
Berkshire continue to restrict the availability of
land for development and demand for new residential
property remains strong."
For further information
The Cardiff Property Plc 01784 437444
Richard Wollenberg
Old Mutual Securities Ltd 020 7489 4653
Will Martin
Binns & Co Public Relations 020 7786 9600
Brian Coleman-Smith
THE CARDIFF PROPERTY PLC(The company's property
activities are primarily located close to Heathrow
Airport and to the west of London along the M25, M4
and M3 motorway network)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000
CHAIRMAN'S INTERIM STATEMENT
For the six months ending 31 March 2000 the group, including
Campmoss, achieved a profit on ordinary activities of #1.9m
against #0.4m for the comparable period last year. Turnover
totalled #6.6m (1999: #1.1m). The sale of our new office
development at Brookwood, Surrey and a new executive house
at Thames Ditton contributed substantially to both turnover
and profit. Gross rental income amounted to #0.7m (1999:
#0.8m).
The group's share of profits from its 47.62% joint venture
undertaking, Campmoss Property Company Ltd, amounted to
#0.1m (1999: #0.2m).
Earnings per share rose to 65p (1999: 12.2p). Your board has
declared an interim dividend of 1.4p (1999: 1.25p) an
increase of 12% which will be paid on 28 July 2000 to
shareholders on the register on 30 June 2000.
Net assets at the half year, based on 30 September 1999
property values and including our share of Campmoss,
totalled #14.8m (1999: #12.2m) equivalent to 531p per share.
The group has renewed its borrowing facilities and,
following disposals in the first half of the year, currently
retains substantial cash balances which are placed on
deposit. The cash, together with bank facilities, will be
used to fund the group's development programme and further
acquisitions.
As a result of surplus cash deposits, after accounting for
the company's long-term loans of #3.2m, gearing was nil at
the half-year (1999: 33%) against 16% at 30 September 1999.
The long-term loans continue to be linked to base rate.
Heathrow west of London, the M25, M4 and M3 motorways
Institutional and private investor demand for new, high
quality, prime office space remains high. Supply constraints
have led to competition amongst investors with particular
interest being shown towards long-term leases and strong
covenants.
Rental levels for commercial property have moved marginally
higher over the last six months. Strong tenant demand should
continue to underpin current rental levels.
Planning policies in the counties of Surrey and Berkshire
continue to restrict the availability of land for
development. Demand for new residential property remains
strong and values have, therefore, been maintained despite
increases in interest rates.
The Investment and Development Portfolio
Our investment portfolio includes commercial property in
Windsor, Egham and Hatton Cross which continue to return a
secure source of rental income amounting to just over #0.5m
pa.
During the first half we disposed of our new office scheme
at Brookwood, Surrey. Part of the original site has been
retained and a residential unit is in course of development.
At the Windsor Business Centre, Windsor, 6 individual
business units totalling 20,000 sq ft continue to be
marketed. 2 units currently remain available for letting.
At Clarence Road, Windsor, we await the outcome of a
planning application for 9 flats. This property is adjacent
to a site with planning permission for 21 flats, part of
which was sold by the group last year to a national house-
builder.
At Hambledon, Surrey, our 7,000 sq ft new country house set
in 7 acres is nearing completion. Marketing through national
and local agents will commence shortly.
Campmoss Property Company Ltd
Campmoss currently receives gross rental income in excess of
#1.6m per annum. This income is primarily from three
recently developed properties in Woking, Burnham and
Bracknell.
The company also retains a number of properties located in
Maidenhead, Bracknell and Worplesdon, all of which are
capable of major re-development, subject to obtaining the
necessary planning permissions.
Quoted Investments
We retain shareholdings in: Grantchester Holdings PLC, a
company specialising in the UK retail warehouse market;
HACAS Group PLC, the UK's leading social housing consultancy
group; and General Industries plc, a cash shell. Other
investments offering the prospect for capital growth will
continue to be considered by your board.
Outlook
The group, including Campmoss, continues to focus its
activities towards increasing secure rental income and
achieving capital growth by developing its portfolio
following the grant of planning consents.
Campmoss has recently acquired, at a total cost of #2.8m,
two commercial properties at Maidenhead, Berkshire, and
Worplesdon, Surrey. Both properties are the subject of
planning applications for new office buildings.
The group is in a strong position to achieve further rental
and asset growth in the current year and I look forward to
reporting to you again in December with the year end
figures.
J Richard Wollenberg
Chairman
18 May 2000
Consolidated Profit and Loss Account
FOR THE SIX MONTHS ENDED 31 MARCH 2000
Six Six Year
months months 30
31 March 31 March September
2000 1999 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover
Group and share of joint
venture undertaking 6,576 1,127 3,413
Less: share of joint venture
undertaking (386) (396) (769)
--------- --------- ---------
Group turnover 6,190 731 2,644
Cost of sales (4,092) (395) (1,109)
--------- --------- ---------
Gross profit 2,098 336 1,535
Administrative expenses (363) (303) (507)
Other operating income 105 54 105
--------- --------- ---------
Operating profit
Group 1,840 87 1,133
Share of operating profit in
joint venture undertaking 287 374 689
--------- --------- ---------
Total 2,127 461 1,822
Profit on sale of investment
property (group) - 135 307
Profit on sale of other
investments (group) - 105 112
--------- --------- ---------
Profit on ordinary activities
before interest 2,127 701 2,241
Interest receivable and similar
income
Group 21 62 102
Share of joint venture
undertaking 1 2 6
Interest payable
Group (109) (189) (297)
Share of joint venture
undertaking (185) (181) (363)
--------- --------- ---------
Profit on ordinary activities
before taxation 1,855 395 1,689
Tax on profit on ordinary
activities - - (13)
--------- --------- ---------
Profit after taxation for the
period 1,855 395 1,676
Dividends (35) (39) (117)
--------- --------- ---------
Retained profit for the period 1,820 356 1,559
--------- --------- ---------
Earnings per share - pence
Basic 65.0 12.2 53.3
Fully diluted 64.3 12.1 53.0
--------- --------- ---------
Consolidated Balance Sheet
AT 31 MARCH 2000
31 March 31 March 30 September
2000 1999 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Tangible assets:
Investment properties 6,613 7,469 6,600
Other 24 36 31
--------- ---------- ---------
6,637 7,505 6,631
--------- ---------- ---------
Investments:
Investment in joint venture
undertaking
Share of gross assets 9,317 7,699 9,274
Share of gross liabilities (5,256) (4,321) (5,316)
--------- ---------- ---------
4,061 3,378 3,958
Other investments 468 307 468
--------- ---------- ---------
4,529 3,685 4,426
--------- ---------- ---------
Total fixed assets 11,166 11,190 11,057
--------- ---------- ---------
Current assets
Stock and work in progress 2,990 3,687 5,004
Debtors 176 2,385 389
Cash at bank and in hand 5,613 147 1,179
--------- ---------- ---------
8,779 6,219 6,572
Creditors: amounts falling due
within one year (1,759) (1,966) (798)
--------- ---------- ---------
Net current assets 7,020 4,253 5,774
--------- ---------- ---------
Total assets less current 18,186 15,443 16,831
liabilities
Creditors: amounts falling due
after more than one year (3,200) (3,200) (3,200)
Provisions for liabilities and
charges (140) - (75)
--------- ---------- ---------
Net assets 14,846 12,243 13,556
--------- ---------- ---------
Capital and reserves
Called up share capital 559 620 587
Share premium account 4,815 4,810 4,810
Investment property 3,629 3,099 3,629
revaluation reserve
Other reserves 2,075 2,012 2,046
Profit and loss account 3,768 1,702 2,484
------------ ---------- ---------
Shareholders' funds -
equity 14,846 12,243 13,556
------------ ---------- ---------
Consolidated Cash Flow Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2000
Six months Six months Year
31 March 31 March 30 September
2000 1999 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Cash inflow from 5,175 58 1,412
operating activities
Returns on investment and
servicing of finance (86) (144) (213)
Taxation (3) - (17)
Capital expenditure and
financial investment (13) 2,435 3,618
Equity dividends paid (82) - (113)
------------ ---------- ----------
Cash inflow before financing 4,991 2,349 4,687
Financing (531) (583) (2,403)
------------ ---------- ----------
Increase in cash 4,460 1,766 2,284
------------ ---------- ----------
Notes to the Financial Statements
1 Basis of preparation
The figures for the half-year ended 31 March 2000 are prepared
on the same basis of accounting as for the year ended 30
September 1999 and are unaudited.
The figures for the year ended 30 September 1999 are extracted
from the statutory financial statements for that year which have
been filed with the Registrar of Companies and on which the
auditors gave an unqualified report, without any statement under
section 237(2) or (3) of the Companies Act 1985.
2 Analysis of turnover, profit on ordinary activities before
taxation and net operating assets
Six months Six months Year
31 March 31 March 30 September
2000 1999 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover (wholly in the United
Kingdom):
Gross rents receivable
Group 308 366 648
Share of joint venture
undertaking 386 396 769
Sale of development properties
Group 5,882 365 1,996
Share of joint venture
undertaking - - -
--------- ---------- ----------
6,576 1,127 3,413
--------- ---------- ---------
Profit on ordinary activities
before interest and taxation:
Property and other
investment
Group 36 386 611
Share of joint venture
undertaking 287 374 689
Property development
Group 1,804 (59) 941
Share of joint venture
undertaking - - -
--------- ---------- ----------
2,127 701 2,241
--------- ---------- ----------
Net operating assets:
Property and other
investment 11,115 8,401 8,950
Property development 3,731 3,842 4,606
--------- ---------- ----------
14,846 12,243 13,556
--------- ---------- ----------
3 Taxation
The tax position for the half-year is estimated on the basis
of the anticipated tax rates applying for the full year.
4 Dividends
Year Year
30 30
September September
2000 1999
#'000 #'000
Interim 1.4p per share 39 Interim 1.25p per share 39
Final - Final 2.85p per share 84
Reduction in 1999 final Reduction in 1998 final
dividend following dividend following
redemption of own redemption of own
shares (4) shares (6)
----------- -----------
35 117
----------- -----------
The interim dividend of 1.4p per share will be paid on 28
July 2000 to shareholders on the register on 30 June 2000.
5 Earnings per share
Earnings per share have been calculated in accordance with
Financial Reporting Standard 14 - "Earnings per share" using
the profit for the period of #1,855,000 (March 1999:
#395,000; September 1999: #1,676,000) and the weighted
average number of shares as follows:
Weighted average number of shares
31 March 31 March 30 September
2000 1999 1999
Basic 2,851,648 3,234,324 3,143,482
Adjustment to basic for bonus
element of shares to be issued
on exercise of options 32,499 17,039 20,574
--------- --------- ----------
Fully diluted 2,884,147 3,251,363 3,164,056
--------- --------- ----------
Financial Calendar
2000 18 May Interim results for 1999/2000
announced
26 June Ex-dividend date
30 June Record date for interim
dividend
28 July Interim dividend to be paid
30 September End of accounting year
December Final results for 1999/2000
announced
2001 January Annual general meeting
February Final dividend to be paid
Directors and Advisers
Directors Auditors
J Richard Wollenberg, KPMG Audit Plc
chairman and chief executive
David A Whitaker FCA
Nigel D Jamieson BSc, ARICS, MSI Stockbrokers and financial
(Dip), advisers
independent non-executive director Old Mutual Securities Limited
Secretary Bankers
David A Whitaker FCA HSBC Bank plc
Non-executive director of wholly Solicitors
owned subsidiary
First Choice Estates plc Charles Russell
Derek M Joseph BCom, FCIS, MIMC, Morgan Cole
MBIM
Head office Public relations
56 Station Road Binns & Co Public Relations Limited
Egham
Surrey TW20 9LF
Telephone: 01784 437444 Registrar and transfer office
Fax: 01784 439157 Computershare Services plc
E-mail: PO Box 82
webmaster@cardiff-property.com The Pavilions
Web: www.cardiff-property.com Bridgewater Road
Bristol BS99 7NH
Registered office Telephone: 0870 702 0001
Marlborough House
Fitzalan Court
Fitzalan Road
Cardiff CF24 0TE
Registered number
22705
END
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