Final Results

Comland Commercial PLC 09 August 2004 Comland Commercial PLC ('Comland' or the 'Company') Preliminary results for the year ended 31 March 2004 Chairman's Statement I have pleasure in reporting to you on the year ended 31 March 2004. Results In the year to 31 March 2004, other operating income, which is primarily rental income, has increased by 27% to £6.86 million (2003: £5.41 million). Operating profit has increased by 61% to £4.75 million (2003: £2.95 million). Pre-tax profits are £2.35 million (2003: £0.08 million) after finance costs of £2.41 million (2003: £2.85 million). No dividend will be paid. Acquisitions During the year ended 31 March 2004 Comland has acquired a further £10 million of property suitable for development and future trading. Developments We have just one development project in progress, a retail scheme in Marlow High Street, where completion is imminent and the letting of the retail unit is in solicitors' hands. The remainder of our development activity is currently confined to progressing scheme proposals and the planning process. These include: Parade Court, Bourne End A planning application for a mixed use residential and office scheme is awaiting determination. Market House, Wokingham A planning application has been submitted for 33 residential units to the rear of and over the existing units. Prospect House, Farnham Common An application has been lodged for additional retail units and flats. Premium House, Farnham Common An application is awaiting determination for demolition of the existing building and construction of a larger replacement retail unit with offices and residential space above. Red Lion House, High Wycombe Pre application meetings and discussions are in hand with the Local Planning Authority and initial discussions are taking place with a potential end user for the site above the existing Woolworth's retail outlet. Wethered House, Marlow Pre application discussions and submissions are being progressed for alternative office and residential proposals on the surplus of the car park. Holtspur Lane, Wooburn Green The terms of a Section 106 Agreement are being negotiated in relation to a proposed 50,000 sq ft office scheme. Plover House, Basingstoke A resolution to grant planning permission for a new office building has been obtained. The permission is subject to a Section 106 Agreement being concluded. Jacksons Industrial Estate, Bourne End A planning application is awaiting determination for an additional industrial unit. Wye Estate, High Wycombe An application has been submitted to extend the time limit for the implementation of an office scheme. Wessex Road, Bourne End An application is being prepared for the extension of the time limit in respect of a planning permission for an office scheme. Mercury Park Since reporting on the interim results in December 2003 we have secured a further tenant for a 3,433 sq ft first floor unit on a five year lease at £23.91 per sq ft. This is an increase in rent of 14% on the previous letting at Mercury Park last summer and reflects the improvement in the general market. We now have a single first floor unit of approximately 3,000 sq ft which remains vacant. The development is now almost completely let with good covenants and rental deposits and/or bank guarantees for up to 18 months. Disposals Shortly after the year end we completed the sale of two properties. We sold Vantage Point in Hemel Hempstead for £2,500,000. This reflected a yield of approximately 9%. The property had been marketed for some time and as we had just over 3 years remaining of the lease the sale price was attractive. We also sold Unit 1, Thomas Road, Wooburn Green for £3,444,782. This reflected a yield of 7%. We had secured a rental increase of 26% at the previous rent review and felt it was the appropriate time to crystallise our return on the property. DOCTORnow This business has now been operating for over a year and revenues continue to grow month on month. The income from the practice is approaching the point where it covers direct operating overheads. In addition to DOCTORnow's business, we have recently marketed the additional space in The Clinic to alternative medical service providers. We have received initial interest from a number of parties and hope to increase income in order to support the viability of the practice. Post Year End In April 2004 we completed the acquisition of The Hollywood Arms public house for £2,500,000 in Fulham. We have installed new management and have grown revenues since acquisition. The property, which had undergone a recent major refurbishment, is approximately 6,000 sq ft, including basement and residential flat above and dates back to the 1860's. The strength of the local residential market underpins the value of the premises and we hope, with active management, to increase revenues and profitability further. I am delighted to announce that we have recently recruited a new property development manager. Peter Lowe will join us in October from Taylor Woodrow where he spent 3 years as Commercial Development Manager specialising in the acquisition and project management of commercial developments in and around London. This addition to our team should allow us to broaden our experience and contacts to create and exploit an increasing number of opportunities. The Future We will continue to focus on acquisitions which have refurbishment and/or development potential in the medium term where the shorter term position is covered by existing buildings generating rental income. The majority of the Group's borrowings are at floating rates and therefore we continue to review our position with regard to interest rate hedging as interest rates rise. Our interest cover is, however, strong and we therefore believe any increase in rates will not have a significant negative effect on our business. An economy with rising borrowing costs should be one which also provides rental growth and increased demand for new commercial space. We will continue to watch the effect of interest rate rises across our portfolio and our market place. SJ Crossley Chairman 9 August 2004 Consolidated Profit & Loss Account Year ended Year ended March 31 March 31 Notes 2004 2003 £'000 £'000 Turnover 131 - Cost of sales (539) (1,005) -------- -------- Gross loss (408) (1,005) Administrative expenses (1,708) (1,453) Other operating income 6,864 5,410 -------- -------- Operating profit 4,748 2,952 Profit/(Loss) on disposal of fixed assets 5 (25) Interest payable and similar charges (2,407) (2,845) -------- -------- Profit on ordinary activities before taxation 2,346 82 Tax on profit on ordinary activities (747) (54) -------- -------- Profit on ordinary activities after tax 1,599 28 Ordinary dividend 4 - - -------- -------- Retained profit for the year 1,599 28 ======== ======== Basic and fully diluted earnings per share 5 35.1p 0.6p All of the above results derive from continuing activities. Consolidated statement of recognised gains and losses The Group has no recognised gains or losses other than the results for each year. Consolidated Balance Sheet As at As at March 31 March 31 Notes 2004 2003 £'000 £'000 Fixed assets Tangible assets 356 363 -------- -------- Current assets Stocks 68,314 57,830 Debtors 3,990 3,733 Cash at bank and in hand 24,367 4,995 -------- -------- 96,671 66,558 Creditors: amounts falling due within one year (36,112) (15,511) -------- -------- Net current assets 60,559 51,047 -------- -------- Total assets less current liabilities 60,915 51,410 Creditors: amounts falling due after more than one year (50,568) (42,662) -------- -------- Net assets 10,347 8,748 ======== ======== Capital and reserves Called-up share capital 456 456 Capital redemption reserve 25 25 Other reserve 2,880 2,880 Profit and loss account 6,986 5,387 -------- -------- Equity shareholders' funds 6 10,347 8,748 ======== ======== Consolidated Cashflow Statement Year ended Year ended March 31 March 31 2004 2003 £'000 £'000 Net cash outflow from operating activities (5,413) (12,364) Returns on investment and servicing of finance (2,470) (2,077) Taxation (53) (223) Capital expenditure and financial investment (101) (307) -------- -------- Net cash outflow before financing (8,037) (14,971) Financing 8,329 16,465 -------- -------- Increase in cash in the year 292 1,494 ======== ======== Notes 1. The accounting policies adopted are consistent with those in the most recently published set of financial statements for the year ended 31 March 2003. 2. The summarised financial information has been extracted from the unaudited accounts of the Group for the year ended 31 March 2004. The above information does not amount to statutory accounts within the meaning of the Companies Act 1985. Statutory Accounts for the previous financial year ended 31 March 2003 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain any statement under S237(2) or (3) of the Companies Act 1985. The auditors have not reported on accounts for the year ended 31 March 2004, nor have any such accounts been delivered to the Registrar of Companies. 3. Copies of the annual report and accounts will be posted to shareholders in September 2004 and will be available from the Company's Head Office at Lunar House, Mercury Park, Wooburn Green, High Wycombe, Bucks, HP10 0HH. 4. No final dividend will be payable. 5. Earnings per share have been calculated based on a weighted average of 4,556,520 ordinary shares being in issue during the period to 31 March 2004 (4,334,742 ordinary shares during the period to 31 March 2003). 6. The movement in shareholders' funds is analysed as follows:- £'000 Shareholders' funds as at 1 April 2003 8,748 Profit for the period 1,599 ------- Shareholders' funds as at 31 March 2004 10,347 ======= This information is provided by RNS The company news service from the London Stock Exchange

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