Interim Results

Comland Commercial PLC 23 December 2003 COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 CHAIRMAN'S STATEMENT I have pleasure in reporting to you the interim results for the six months ended 30 September 2003. Results In the six month period to 30 September 2003, operating income, which is primarily rental income, has increased to £3.47 million from £2.03 million for the same period last year. Operating profit has increased to £2.56 million from £1.44 million for the six months to 30 September 2003. Pre tax profits for the six months have increased to £1.24 million from £0.33 million. No dividend will be paid. MERCURY PARK We now have two first floor units of 3,047 sq ft and 3,433 sq ft to let and continue to offer incentives including short-term lettings in an attempt to find tenants for the space. Rents have fallen by approximately 20% since their peak in 2002. DEVELOPMENTS We have started the redevelopment of 62 High Street in Marlow. This involves the extension and refurbishment of the retail unit, refurbishment of a residential flat and construction of a new flat. We currently have no tenant for the retail unit but hope given the strong location that upon completion we will be able to let the 1,500 square feet available. ACQUISITIONS In April 2003 we completed the acquisition of Premium House on the Broadway in Farnham Common for £805,000. This is a medium to long term redevelopment opportunity which benefits from short-term income of 7.4% on cost. In September 2003 we completed the acquisition of Parade Court, Bourne End for £600,000. This acquisition has good site area and has redevelopment potential for residential use. We are currently reviewing possible schemes for the site for which we will seek planning permission. The property generates good short-term income of 7.3% on cost. In December 2003 we exchanged contracts on the £8,270,000 acquisition of Red Lion House in High Wycombe. We are due to complete the purchase in early January 2004. This town centre acquisition includes a 62,000 sq. ft unit let to Woolworths Plc until 2026 and a car park let to National Car Parks Limited for 12 1/2 years. We have options to break the car park lease and believe that this location offers a variety of alternative uses for the future. DISPOSALS We continue to be patient in attempting to maximise the return from the disposal of properties within our portfolio. We have accepted an offer for one of our properties and hope to complete at least two disposals prior to the end of this financial year. DOCTORnow This private general practice commenced trading in April 2003. Whilst revenues have grown month on month since April this business is still some way from viability, currently losing between £20,000 and £30,000 per month. The take-up of this service has been slower than first anticipated and in the New Year we are going to embark on a more comprehensive marketing campaign. I receive many positive comments about the service and I continue to believe this concept is the way forward for general practice to supplement the services of the NHS. FUTURE Since the summer we have seen some positive signs for the commercial property market. We have managed to secure three new tenants at Mercury Park, albeit on less attractive terms than those achieved 18 months ago. We now have less than 10,000 sq ft of vacant office and industrial space. We continue to look for well located acquisitions, particularly in town centres. Our acquisition strategy is enabling us to build a portfolio of short and long term development opportunities whilst maintaining an income stream to cover holding and management costs. COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Consolidated Profit and Loss Account Note Six months ended Six months ended 30 Year 30 September 2003 September 2002 ended (Unaudited) (Unaudited) 31 March £'000 £'000 2003 (Audited) £'000 Turnover 3 40 - - -------- -------- -------- Gross Loss 3 (32) - (1,005) Administrative costs (878) (591) (1,453) Other operating income 3,471 2,032 5,410 -------- -------- -------- Operating Profit 2,561 1,441 2,952 Profit/(Loss) on disposal of fixed assets 4 - (25) Interest (1,323) (1,110) (2,845) -------- -------- -------- Profit on ordinary activities before 1,242 331 82 taxation Taxation (373) (99) (54) -------- -------- -------- Profit on ordinary activities after 869 232 28 taxation Dividend 4 - - - Profit for the period 869 232 28 ========= ======== ========= Earnings per share 5 19.1p 5.6p 0.6p ========= ======== ========= Dividend per share 4 - - - ========= ======== ========= 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 2003 Consolidated Balance Sheet As at As at As at 30 September 30 September 31 March 2003 2002 2003 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Fixed Assets Tangible 388 118 363 --------- --------- --------- Current Assets Stock 59,406 55,673 57,830 Debtors 3,848 2,526 3,733 Cash at bank and in hand 363 3,852 4,995 --------- --------- --------- 63,617 62,051 66,558 Creditors: Amounts falling due within one year (14,922) (20,849) (15,511) --------- --------- --------- Net Current Assets 48,695 41,202 51,047 --------- --------- --------- Total assets less current liabilities 49,083 41,320 51,410 Creditors: Amounts falling due after more than (39,466) (32,368) (42,662) one year --------- --------- --------- Net Assets 9,617 8,952 8,748 ========= ========= ========= Capital and Reserves Called-up share capital 456 456 456 Capital redemption reserve 25 25 25 Other reserve 2,880 2,880 2,880 Profit and loss account 6,256 5,591 5,387 __________ __________ __________ Equity Shareholders' Funds 9,617 8,952 8,748 __________ __________ __________ COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Consolidated Cash flow Statement Six months ended Six months Year 30 September ended ended 2003 30 September 31 March (Unaudited) 2002 2003 £'000 (Unaudited) (Audited) £'000 £'000 Net cash inflow/(outflow) from operating 744 (23,635) (12,364) activities Return on investment and servicing of finance Interest paid (871) (1,110) (2,077) UK Corporation Tax - - (223) Capital expenditure and financial (78) - (307) investment --------- --------- --------- Net cash outflow before financing (205) (24,745) (14,971) --------- --------- --------- Financing 291 20,478 16,465 --------- --------- --------- Increase/(decrease) in cash in the period 86 (4,267) 1,494 ========= ========= ========= Notes: 1. The accounting policies adopted are consistent with those in the most recently published set of financial statements dated 31 March 2003. 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 2003 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. Turnover from the sales of land and development properties is nil (2002: nil). Turnover from the provision of medical services by DOCTORnow Limited is £40,000 (2002: nil). These medicals services were provided at a gross loss of £32,000 (2002: nil). 4. No interim dividend will be payable (six months ended 30 September 2002 - nil). 5. Earnings per share have been calculated based on 4,556,520 ordinary shares in issue during the period to 30 September 2003 (4,114,177 ordinary shares during the period 30 September 2002). 6. 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: Lunar House, Mercury Park, Wooburn Green, High Wycombe, Buckinghamshire HP10 0HH. This information is provided by RNS The company news service from the London Stock Exchange

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