Interim Results

Comland Commercial PLC 23 December 2002 COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 CHAIRMAN'S STATEMENT I have pleasure in reporting to you the interim results for the six months ended 30 September 2002. Results In the six month period to 30 September 2002, operating income, which is primarily rental income, has increased by 32% to £2.03 million from £1.54 million for the same period to 30 September 2001. Operating profit has increased by 77% to £1.44 million from £0.81 million for the six months to 30 September 2001. Pre tax profits for the six months to 30 September 2002 were £0.31 million (six months ended 30 September 2001 - £1.62 million). Development During the period to 30 September 2002 we have continued with the final phase of the development at Mercury Park, Wooburn Green. In October 2002 we let a 7,600 sq.ft. building to Compass Group UK and Ireland Limited. This letting was at £28 per sq.ft. on a standard institutional lease. The development is approaching completion. We have two buildings totalling just over 13,000 sq.ft. which remain unlet. The uncertain economic environment is affecting tenant demand; however we hope to secure tenants for these buildings in 2003 when they are completed. Acquisitions In the 31 March 2002 Report & Accounts I reported on the acquisitions we made during the first four months of this financial year. Since the beginning of September we have acquired: 1) A vacant shop on Marlow High Street for £620,000. We have applied for planning permission to extend the shop, renovate the flat above and build a second flat over the extension; 2) Market House, Wokingham, for £3.52 million. This property has 15,000 sq.ft. of prime retail space in Wokingham with 10,000 sq.ft. of offices above. The office space offers scope for extension and change of use to residential as supported by the Adopted Local Plan. The rear car park provides further office, retail and residential development potential; 3) 14 High Street, Windsor for £1.2 million. This property includes a shop let to the National Trust and a suite of small offices; and 4) 22-24 King Street, Maidenhead for £865,000. This property is let to the Government for a further five years. COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 The Future Economic and political uncertainties continue to have an effect on the economy, our business and on our tenants. We are now focusing on well located town centre opportunities and hope that the future will present us with a more favourable environment in which to expand our business. COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT Note Six months ended Six months ended Year 30 September 2002 30 September 2001 ended (Unaudited) (Unaudited) 31 March £'000 £'000 2002 (Audited) £'000 TURNOVER - 940 940 --------- -------- -------- GROSS PROFIT - 20 20 Administrative costs (591) (745) (1,240) Other operating income 2,032 1,537 3,178 -------- -------- -------- OPERATING PROFIT 1,441 812 1,958 -------- -------- -------- Profit on disposal of subsidiary - 1,076 1,076 Loss on disposal of fixed assets - - (6) Interest (1,110) (705) (1,413) -------- -------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE 331 1,183 1,615 TAXATION Taxation (99) (65) (151) -------- -------- -------- PROFIT ON ORDINARY ACTIVITIES AFTER 232 1,118 1,464 TAXATION Dividend 3 - - - PROFIT FOR THE PERIOD 232 1,118 1,464 ======== ======== ======== Earnings per share 4 5.6p 30.1p 39.5p ======== ======== ======== Dividend per share 3 - - - ======== ======== ======== The Group has no recognised gains or losses other than the profit or loss for the period. COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 CONSOLIDATED BALANCE SHEET As at As at As at 30 September 30 September 31 March 2002 2001 2002 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 FIXED ASSETS Tangible 118 236 136 -------- --------- --------- CURRENT ASSETS Stock 55,673 27,205 30,598 Debtors 2,526 2,469 1,935 Cash at bank and in hand 3,852 1,333 2,959 -------- -------- -------- 62,051 31,007 35,492 CREDITORS: Amounts falling due within one (20,849) (5,595) (10,203) year -------- -------- -------- NET CURRENT ASSETS 41,202 25,412 25,289 -------- -------- -------- TOTAL ASSETS LESS CURRENT LIABILITIES 41,320 25,648 25,425 CREDITORS:Amounts falling due after more (32,368) (20,239) (19,670) than one year -------- -------- -------- NET ASSETS 8,952 5,409 5,755 ========= ========= ========= CAPITAL AND RESERVES Called-up share capital 456 371 371 Capital redemption reserve 25 25 25 Other reserve 2,880 - 2,880 Profit and loss account 5,591 5,013 5,359 -------- -------- -------- EQUITY SHAREHOLDERS' FUNDS 8,952 5,409 5,755 ======== ======== ======== COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 CONSOLIDATED CASH FLOW STATEMENT Six months ended Six months Year 30 September ended ended 2002 30 September 31 March (Unaudited) 2001 2002 £'000 (Unaudited) (Audited) £'000 £'000 Net cash outflow from operating (23,635) (1,937) (3,809) activities Return on investment and servicing of finance Interest paid (1,110) (705) (1,413) UK Corporation Tax - - - Capital expenditure and financial - - 70 investment Net cash inflow from subsidiary disposal - 1,076 1,076 -------- -------- -------- Net cash outflow before financing (24,745) (1,566) (4,076) -------- -------- -------- Financing 20,478 4,279 3,774 -------- -------- -------- (Decrease)/increase in cash in the period (4,267) 2,713 (302) ======== ======== ======== Notes: 1. The accounting policies adopted are consistent with those in the most recently published set of financial statements dated 31 March 2002. 2. The above information does not comprise statutory accounts within the meaning of the Companies Act 1985. Financial information in respect of the year ended 31 March 2002 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 2001 - nil). 4. Earnings per share have been calculated based on 4,114,177 ordinary shares in issue during the period to 30 September 2002 (3,707,359 ordinary shares during the period 30 September 2001). 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. This information is provided by RNS The company news service from the London Stock Exchange

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