Interim Results

Comland Commercial PLC 24 December 2001 COMLAND COMMERCIAL PLC 24 DECEMBER 2001 COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001 CHAIRMAN'S STATEMENT In the six months under review, the turnover of the Group was £940,000 (six months ended 30 September 2000 - £Nil). Other operating income was £1,536,000 (six months ended 30 September 2000 - £1,066,000) and the profit after tax was £1,183,000 (six months ended 30 September 2000 - loss - £133,000). No dividend will be payable. ACQUISITIONS On 10 July 2001 we acquired a property in Wooburn Green, Bucks for £3,720,000. This property is currently let to a single tenant and has future redevelopment potential for which planning is currently being sought. DISPOSALS On 10 July 2001 we sold Hampden House in High Wycombe for £940,000. We completed the development of this property in 1999. On 1 August 2001 we sold the subsidiary Farastar Limited, which held Verwood Industrial Estate, Dorset for a total consideration of £3,210,000. Following the acquisition of this industrial estate in December 1999 a number of the leases were restructured and vacant units let. The long-term redevelopment potential of the site was explored but we concluded it was better to concentrate on other opportunities and sell this estate. DEVELOPMENTS We continue with the speculative development of the final phase of Mercury Park comprising a further six office buildings of 52,000 sq. ft. However, the recent downturn in market conditions has caused us to delay some of the construction until tenants are found, at least in part, for the two buildings which are due for completion in January 2002. THE FUTURE Economic uncertainties have affected tenant demand in recent months. We continue to work closely with our existing tenants to ensure we are meeting their changing needs. We are seeking new development opportunities with considerable caution since we remain unconvinced that inflation is permanently under control. S J Crossley 24 December 2001 Consolidated Profit and Loss Account Note Six months Six months Year ended 31 ended ended March 30 30 2001 September September 2001 2000 (Audited) (Unaudited) (Unaudited) £'000 £'000 £'000 Turnover 940 - - --------- --------- --------- Gross Profit 20 - - Administrative costs (745) (569) (1,468) Other operating income 1,537 1,066 2,497 --------- --------- --------- Operating Profit 812 497 1,029 Profit on disposal of subsidiary 1,076 - - Loss on disposal of fixed assets - (6) (6) Interest (705) (624) (1,308) --------- --------- --------- Profit/(loss) on ordinary activities before taxation 1,183 (133) (285) Taxation (65) - (33) --------- --------- --------- Profit/(loss) on ordinary activities after taxation 1,118 (133) (318) Dividend 3 - - - Profit/(loss) for the period 1,118 (133) (318) ========= ========= ========= Earnings/(loss) per share 4 30.1p (3.6p) (8.6p) ========= ========= ========= Dividend per share 3 - - - ========= ========= ========= The Group has no recognised gains or losses other than the profit or loss for the period. Consolidated Balance Sheet As at As at As at 30 30 31 September September March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Fixed Assets Tangible 236 202 272 --------- --------- --------- Current Assets Stock 27,205 21,513 24,135 Debtors 2,469 897 2,298 Cash at bank and in hand 1,333 883 3,050 --------- --------- --------- 31,007 23,293 29,483 Creditors: Amounts falling due within one year (5,595) (4,779) (11,544) --------- --------- --------- Net Current Assets 25,412 18,514 17,939 Total assets less current liabilities 25,648 18,716 18,211 Creditors: Amounts falling due after more than one year (20,239) (14,240) (13,920) --------- --------- --------- Net Assets 5,409 4,476 4,291 ========= ========= ========= Capital and Reserves Called-up share capital 371 371 371 Capital redemption reserve 25 25 25 Profit and loss account 5,013 4,080 3,895 --------- --------- --------- Equity Shareholders' Funds 5,409 4,476 4,291 ========= ========= ========= Consolidated Cash flow Statement Six months Six months Year ended ended ended 30 30 31 September September March 2001 2000 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Net cash (outflow) / inflow from operating activities (1,937) 31 (1,565) Return on investment and servicing of finance Interest paid (705) (623) (1,156) UK Corporation Tax - (24) (83) Capital expenditure and financial investment 26 (78) Net cash inflow from subsidiary disposal 1,076 - - ---------- ---------- ---------- Financing 4,279 6,001 7,881 ---------- ---------- ---------- Increase/(decrease) in cash in the period 2,713 5,411 4,999 ========== ========== ========== Notes: 1. The accounting policies adopted are consistent with those in the most recently published set of financial statements dated 31 March 2001. 2. The above information does not comprise statutory accounts within the meaning of the Companies Act 1985. Financial information in respect of the year end 31 March 2001 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. No interim dividend will be payable. (six months ended 30 September 2000 - nil). 4. Earnings per share have been calculated based on 3,707,359 ordinary shares in issue during the period to 30 September 2001 (3,727,319 ordinary shares during the period 30 September 2000). 5. 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: 35 Wycombe End, Beaconsfield, Bucks, HP9 1LZ. END

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