Final Results

Cardiff Property PLC
30 November 2005


                  THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
                              AND ITS SUBSIDIARIES

FOR RELEASE                         7.00 AM                     30 NOVEMBER 2005

The group, including Campmoss, specialises in property investment and
development in the Thames Valley. The portfolio, valued in excess of £33m, is
primarily located to the west of London, close to Heathrow Airport and in Surrey
and Berkshire.

            PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005
                          AND DETAILS OF RULE 9 WAIVER

HIGHLIGHTS

Group turnover £2.7m (2004: £2.7m)
Development property sales £1.1m (2004: £nil)
Net asset value per share 1,025p (2004: 895p)                            + 15%
Profit before tax £3.3m (2004: £1.8m)                                    + 85%
Earnings per share 143.6p (2004: 80.2p)                                  + 79%
Total dividend for the year 9.0p per share (2004: 8.0p)                  + 13%
Final dividend 6.5p per share (2004: 5.8p)
Gearing nil (2004: nil)

Richard Wollenberg, chairman, commented:

'Tenant demand for new Grade A office space located in the Thames Valley
continued to be disappointing. In specific locations, completed lettings during
the last quarter indicate a rise in headline rents and a reduction in landlords'
incentives. There is still an overall reluctance of large corporates to commit
to new space. The market is improving in some areas, but a sustained recovery in
the demand for new office space in the Thames Valley is unlikely in the short
term.'

For further information:

The Cardiff Property plc       Richard Wollenberg      01784 437444
Arbuthnot Securities           Richard Dunn            020 7012 2000


THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES

The group, including Campmoss, specialises in property investment and
development in the Thames Valley. The portfolio, valued in excess of £33m, is
primarily located to the west of London, close to Heathrow Airport and in Surrey
and Berkshire.

            PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005

Chairman's Statement

During the year under review, tenant demand for new Grade A office space located
in the Thames Valley continued to be disappointing. Interestingly, however, in
specific locations such as Maidenhead, completed lettings during the last
quarter indicate a rise in headline rents and a reduction in landlords'
incentives as part of the overall letting package. This recent take up has
dramatically reduced the supply of high-grade office space in such areas, aided
by a reduction in the number of new speculative office development schemes over
the past few years. The town of Maidenhead is sometimes considered a barometer
of the Thames Valley office rental market, but I would add a note of caution
that, despite this encouraging rental evidence, there is still an overall
reluctance of large corporates to commit to new space. The market is improving
in some areas, but a sustained recovery in the demand for new office space in
the Thames Valley is unlikely in the short term.

The demand for new business units, located within close proximity to the M4 and
M25 motorways and Heathrow Airport, which offer a mixture of office and
industrial space has remained buoyant. These units are principally for the small
to medium sized business user where the market has also been encouraged by new
legislation making it particularly attractive to owner occupiers who prefer to
acquire a freehold rather than paying rent. Interest remains high but over the
year rental levels have not improved.

As a marked contrast, the level of investment activity in the freehold
commercial property market remains remarkably high. The anticipation of rental
growth in the Thames Valley and lower rates of return available from competing
investments, have led both pension and private funds to increase their exposure
to the commercial property market. The demand is primarily towards new
high-grade commercial property let on medium to long term leases. Competition
for such investments have reduced yields and increased capital values. As
indicated later in this report, your directors have taken advantage of this
upturn in the investment market.

In Surrey and Berkshire the residential market remains subdued. On the evidence
of completed sales, property values have not declined further. The number of
enquiries has certainly increased over recent months, but transactions, compared
to last year, are taking much longer to complete.

Despite the difficult market conditions the group, including Campmoss Property
Company Limited our 47.62% joint venture undertaking, has performed well over
the year resulting in a further increase in the net asset value.

For the year to 30 September 2005 profit on ordinary activity before tax was
£3.26m (2004: £1.76m) including a contribution from Campmoss of £2.36m (2004:
£0.81m). The contribution from Campmoss included a profit of £2.32m (2004:
£0.03m) from the sale of investment properties, gross proceeds of which amounted
to £14.68m. Turnover totalled £2.72m (2004: £2.68m) representing gross rental
income of £1.61m (2004: £2.68m) and sales of development properties of £1.11m
(2004: £nil).

During the year Campmoss disposed of two freehold buildings at York Road and
Clivemont Road, Maidenhead. Both properties were sold to a leading UK Pension
Fund. In the case of York Road, sale proceeds amounted to £3.58m. The property
was let on a 10 year full repairing and insuring lease earlier this year at an
annual rental of £0.20m. Cannon Court, Clivemont Road, sale proceeds amounted to
£11.1m. The property, let on a 15 year institutional lease, produced an average
annual rental of £0.66m over the first five years. These buildings, both
developed by the group, returned a substantial annual gross rental income but
your directors felt that the sales levels achieved were very attractive. The
proceeds have been utilised to reduce borrowings and residual funds are held on
short term deposit.

Net group profit attributable to shareholders amounted to £2.55m (2004: £1.54m).
Earnings per share was 143.6p (2004: 80.2p).

Dividend

The directors recommend a final dividend of 6.5p per share (2004: 5.8p) making a
total dividend for the year of 9.0p (2004: 8.0p) an increase of 12.5%. The final
dividend will be paid on 9 February 2006 to shareholders on the register on 20
January 2006.

Financial

The commercial and residential investment portfolio, valued annually by Cushman
& Wakefield Healey and Baker and Aitchison & Raffety respectively totalled
£5.44m. This figure includes property being developed at the Cordwallis Estate,
Maidenhead, shown as a fixed asset in the balance sheet. Property under
development and held for resale includes Ashleigh House, Virginia Water, three
houses at Rusham Road, Egham and The Windsor Business Centre, Windsor, all of
which are included in stock and work in progress.

Gross assets of the group totalled £19.36m (2004: £16.88m) including our share
of the net assets of Campmoss of £7.23m (2004: £5.49m). The total property
portfolio under management at the year end, including Campmoss, was valued at
£33.86m. Net assets of the group were £18.19m (2004: £15.55m) equivalent to
1,025p per share (2004: 895p), an increase over the year of 14.5%.

The group has retained its existing bank borrowing facilities of up to £3.27m,
whilst cash balances are placed on short term deposit pending completion of the
existing development projects and to enable further suitable acquisitions to be
considered. The borrowing facilities were not utilised during the year under
review.

During the year the company purchased for cancellation 8,000 ordinary shares for
a total consideration of £76,031. The directors are proposing the annual renewal
of their authority to continue the policy of acquiring shares and this will be
placed before shareholders at the annual general meeting to be held on 12
January 2006. If this authority was to be used, or if I should exercise share
options previously granted to me, the combined holdings of my immediate family
and myself may exceed 30% of the issued share capital of the company. Under the
rules of the City Code on Takeovers and Mergers, we should then be required to
make a cash offer for the remaining issued share capital of the company. The
Panel on Takeovers and Mergers has agreed, subject to the consent of
shareholders, to waive the requirement to make an offer in either of these
circumstances and an extraordinary general meeting will be held immediately
after the AGM to request such consent from shareholders. Full details are set
out in a circular to be sent to shareholders.

Commercial investments

The investment portfolio comprises a range of office, industrial and retail
buildings located in Windsor, Egham, Cardiff and Maidenhead.

In the first half of the year, one of the freehold units at The Windsor Business
Centre was sold to an owner occupier and the remaining five units are currently
let on short to medium term leases.

The White House and Heritage Court, Egham, comprise a mixture of office and
retail units. A lease of one of the smaller retail units at Heritage Court was
surrendered recently and negotiations are currently in hand for a new letting.
The remaining units are let on medium term leases.

At Cowbridge Road, Cardiff, the property is occupied by The Royal Mail on a 15
year lease expiring in 2019.

In Maidenhead, planning permission has been achieved for a 14,000 sq ft
industrial and office development. Construction commenced earlier in the year
and is expected to complete by the end of the calendar year. The building will
be divided into individual business units of between 2,000 and 5,000 sq ft
offering industrial use on the ground floor and office use on the first floor.
These properties are currently being placed on the market for letting. A
freehold sale may be considered.

The year end valuation for the company's properties, excluding new build, has
shown an increase in capital value of 5.7%.

Residential

At Egham, one of the four recently developed residential houses has been sold,
one remains available for sale and the remaining two units are let on short term
tenancies. At Ashleigh House, Virginia Water, the new 5 bedroom property remains
available for sale. Houses in Windsor and Egham continue to be held as
investments and are let on yearly agreements.

Campmoss Property Company Limited

During the year, our joint venture undertaking, Campmoss, took advantage of the
strong investment market and disposed of two, recently developed, office
buildings located in Maidenhead, achieving a substantial surplus over book
value. Some borrowings have been repaid and residual cash has been placed on
short term deposit which will be used to further the company's development
programme and allow suitable acquisitions.

The existing investment portfolio located in the Thames Valley and to the west
of London and Heathrow Airport includes freehold offices and land earmarked for
residential development at Maidenhead, Woking, Burnham, Worplesdon, Bracknell
and Datchet.

At the year end the portfolio has been valued by the directors, taking into
account external advice where available, and assessed at a current market value
of £25.71m (2004: £32.74m). The reduction over the year is as a result of the
two freehold sales referred to earlier. The group's share of the rental income
received from 22 established tenants was £1.05m (2004: £1.95m) per annum.

Datchet Meadows (formerly Jubilee Court), located on the outskirts of Datchet,
Berkshire and close to the M4 motorway was acquired in the early part of the
year. Planning permission has now been obtained for 24 residential units.
Further discussions to potentially increase the number of residential units at
this location are currently taking place with the Planning Department. At Market
Street, Bracknell and Tangley Place, Worplesdon, lengthy consultations with the
appropriate Planning Authorities continue. Progress is slow and it has taken
time to be able to move to the submission of new revised planning applications.
At Market Street, Bracknell, our proposals, as part of the Bracknell
regeneration scheme, include provision for residential, retail and office space.
At Worplesdon, plans are being prepared for a residential scheme rather than the
previous office proposal.

At Highway House, Maidenhead, plans have been prepared for a new high-grade
office scheme and a planning application is expected to be submitted shortly.

At the year end Campmoss had net borrowings totalling £7.07m (2004: £17.41m).
Gearing was 47% (2004: 151%).

Quoted investments
The company's small equity portfolio includes Tribal Group plc, The Celltalk
Group plc, IFX Group plc and General Industries plc. The market value of these
investments has increased over the year and is in excess of carrying value. I
remain a director of Celltalk and General Industries both of which are quoted on
AIM.

Management and staff

Despite the difficult property market the group has been able to report another
successful year, and I wish to take this opportunity of thanking my fellow board
members, our joint venture partners and our small management team in Egham for
their support and achievements over the current year.

Shareholders telephone dealing service

This low commission share dealing facility provided by the company's registrars,
Computershare Investor Services Plc, and used by a number of shareholders during
the year has been renewed. The company is continuing to offer its free share
sale service to those shareholders who wish to dispose of holdings of 1,000
shares or less. Shareholders should be aware that this service should not be
construed as an encouragement to buy or sell the company's shares. If in any
doubt shareholders should contact their own financial advisors. Computershare
can be contacted on 0870 703 0084.

Outlook

Many market commentators are currently forecasting an upturn in activity.
However, the number of new lettings reported remains below expectations.
Headline rents for Grade A office space in specific Thames Valley locations have
seen small increases, but this uplift has not been applicable to the Thames
Valley market as a whole. Whilst interest rates remain at a low level and the
overall economic outlook appears stable, there is potential for rental growth. I
am of the opinion that this optimism will take some time to percolate through to
the market place. Commercial property continues to offer attractive long term
income and capital growth opportunities and I therefore expect the investment
market to remain firm.

Shareholders should appreciate that this year's figures have been influenced by
our share of the disposal of two freehold properties. These disposals have
placed the group in a strong financial position together with the benefit of a
property portfolio which should benefit from any sustained recovery in Thames
Valley located commercial property rents. The planning process is not becoming
any easier as evidenced in this report. However, the group's office and
residential properties, which are the subject of planning discussions, are all
well located and once planning permission has been achieved they remain exciting
projects for the future.

J Richard Wollenberg
Chairman

29 November 2005


THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES

Consolidated profit and loss account
for the year ended 30 September 2005

                                                               2005      2004
                                                              £'000     £'000
Turnover
  Group and share of joint venture undertaking                2,719     2,679
  Less: share of joint venture undertaking                   (1,047)   (1,948)
                                                              ______    ______
Group turnover                                                1,672       731
Cost of sales                                                  (722)      (93)
                                                              ______    ______
Gross profit                                                    950       638
Administrative expenses                                        (523)     (471)
Other operating income                                          282       316
                                                              ______    ______
Operating profit
  Group                                                         709       483
  Share of operating profit in joint venture undertaking        639     1,387
                                                              ______    ______
Total: group and share of joint venture undertaking           1,348     1,870

Profit on sale of investment property (group)                     -       460
Profit on sale of investment property (share of joint
venture undertaking)                                          2,322        31
Profit on sale of other investments (group)                       1         -
Amounts written off investments (group)                           -       (86)
                                                              ______    ______
Profit on ordinary activities before interest                 3,671     2,275

Interest receivable and similar income
  Group                                                         197       240
  Share of joint venture undertaking                             11         3
Interest payable
  Group                                                          (5)     (152)
  Share of joint venture undertaking                           (614)     (608)
                                                              ______    ______
Profit on ordinary activities before taxation                 3,260     1,758
Tax on profit on ordinary activities
  Group                                                         (88)      (86)
  Share of joint venture undertaking                           (625)     (132)
                                                              ______    ______
Profit on ordinary activities after taxation being profit     2,547     1,540
for the financial year
Dividends                                                      (163)     (140)
                                                              ______    ______
Retained profit for the financial year                        2,384     1,400
                                                              ______    ______
                                                      
The above results relate entirely to continuing activities. There were no
acquisitions or disposals of businesses during the year.


THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES

Consolidated profit and loss account
for the year ended 30 September 2005 (continued)

Earnings per share                                       2005             2004
                                                    Pence per        Pence per
                                                        share            share
On profit for the financial year
  Basic                                                 143.6            80.2
  Diluted                                               142.4            78.7
                                                          ===             ===

Dividends                                                2005            2004
                                                        £'000           £'000

Interim paid 2.5p (2004: 2.2p)                             45              46
Reduction in interim dividend following                    
  redemption of own shares                                  -              (7)
Increase in 2004 final dividend following  
  Exercise of options                                       3               -
Final proposed 6.5p (2004: 5.8p)                          115             101
                                                          ---             ---
Total per share 9.0p (2004: 8.0p)                         163             140
                                                          ===             ===


Consolidated statement of total recognised gains and losses
for the year ended 30 September 2005

                                                                2005      2004
                                                               £'000     £'000

Profit for the financial year                                  2,547     1,540
Unrealised surplus on revaluation of investment properties
in the year                                                      
  Group                                                          225       450
  Share of joint venture undertaking                               -         -
                                                              ______    ______
Total recognised gains and losses relating to the 
  financial year                                               2,772     1,990
                                                              ______    ______
                                

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES

Consolidated balance sheet
at 30 September 2005

                                                       2005               2004
                                             £'000    £'000     £'000    £'000

Fixed assets:
Tangible assets:
  Investment properties                               5,444              3,935
  Other                                                   4                  5
                                                     ______             ______
                                                      5,448              3,940
Investments:
  Investment in joint venture undertaking
    Share of gross assets                            12,903             16,651
    Share of gross liabilities                       (5,678)           (11,159)
                                             ______            ______
                                             7,225              5,492
Other investments                              303                311
                                             ______            ______
                                                      7,528              5,803
                                                     ______             ______
                                                     12,976              9,743
Current assets
Stock and work in progress                   2,701              3,423
Debtors                                        328              2,369
Cash at bank and in hand                     3,356              1,349
                                            ______             ______
                                             6,385              7,141

Creditors: amounts falling due within one 
  year                                        (890)              (923)
                                             ______             ______

Net current assets                                    5,495              6,218
                                                     ______             ______
Total assets less current liabilities                18,471             15,961
Provisions for liabilities and charges                 (285)              (413)
                                                     ______             ______
Net assets                                           18,186             15,548
                                                     ______             ______

Capital and reserves
Called up share capital                                 355                347
Share premium account                                 4,946              4,850
Investment property revaluation reserve               4,486              4,261
Other reserves                                        2,292              2,291
Profit and loss account                               6,107              3,799
                                                     ______             ______
Shareholders' funds - equity                         18,186             15,548
                                                     ______             ______


THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES

Consolidated balance sheet
at 30 September 2005 (continued)
                                                   2005                  2004
                                              Pence per             Pence per
                                                  share                 share

Net assets per share                              1,025                   895
                                                    ===                   ===


THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES


Consolidated cash flow statement
for the year ended 30 September 2005

                                                                 2005     2004
                                                                £'000    £'000

Cash inflow/(outflow) from operating activities                 3,423     (512)
Returns on investment and servicing of finance                    150      127
Taxation                                                         (132)    (361)
Capital expenditure and financial investment                   (1,277)   3,010
Equity dividends paid                                            (149)    (142)
                                                               ______   ______
Cash inflow before financing                                    2,015    2,122
Financing                                                          29   (5,168)
                                                               ______   ______
Increase/(decrease) in cash in the year                         2,044   (3,046)
                                                               ______   ______


Reconciliation of net cash flow to movement in net funds

Increase/(decrease) in cash in the year                         2,044   (3,046)
Bank loan repaid                                                    -    3,200
                                                               ______   ______
Increase in net funds                                           2,044      154
Net funds at beginning of year                                  1,312    1,158
                                                               ______   ______
Net funds at end of year                                        3,356    1,312
                                                               ______   ______


Reconciliation of operating profit to net cash inflow/(outflow) 
  from operating activities

Operating profit - group                                          709      483
Depreciation charges                                                3        2
Decrease/(increase) in stock and work in progress                 722     (529)
Decrease/(increase) in debtors                                  1,986     (454)
Increase/(decrease) in creditors and provisions                     3      (14)
                                                               ______   ______
Net cash inflow/(outflow) from operating activities             3,423     (512)
                                                               ______   ______
  

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES

Summary preliminary results
for the year ended 30 September 2005

                                                              2005        2004
                                                             £'000       £'000

Turnover                                                     2,719       2,679

Profit on ordinary activities before taxation                3,260       1,758

Taxation                                                      (713)       (218)

Profit for the financial year attributable to shareholders   2,547       1,540

Dividend:            Interim 2.5p (2004: 2.2p) per share        45          46
 
                     Final 6.5p (2004: 5.8p) per share         115         101

Earnings per share:  Basic                                   143.6        80.2

                     Diluted                                 142.4        78.7


Notes

1) Basic earnings per share has been calculated using the weighted average
   number of ordinary shares in issue during the year of 1,773,706 (2004:
   1,920,304). Diluted earnings per share has been calculated in accordance with
   FRS 14.

2) The taxation charge represents tax on profits of the year. The basis is
   consistent with the financial statements for the year ended 30 September 
   2004. Full provision is made for deferred tax.

3) The board recommends that the final dividend be increased to 6.5p
   (2004: 5.8p) payable on 9 February 2006 to shareholders on the register at 20
   January 2006, giving a total increase for the year of 12.5%.

4) The annual general meeting will be held on 12 January 2006.

5) The financial information set out above does not constitute the company's 
   statutory accounts for the years ended 30 September 2005 or 2004.
   Statutory accounts for 2004 have been delivered to the Registrar of Companies
   and those for 2005 will be delivered following the company's annual general
   meeting. The financial information for 2005 has been prepared under the same
   accounting policies as those used in 2004. The auditor has reported on those
   accounts; their reports were unqualified and did not contain statements under
   section 237(2) or (3) of the Companies Act 1985.

6) A copy of the report and accounts will be submitted to the document viewing 
   facility at the Financial Services Authority.

7) This statement was approved by the directors on 29 November 2005.





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