Preliminary Results

Comland Commercial PLC 25 July 2001 COMLAND COMMERCIAL PLC 25 JULY 2001 COMLAND COMMERCIAL PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2001 CHAIRMAN'S STATEMENT I have pleasure in reporting to you on the year ended 31st March 2001. Results In the year under review the turnover of the group was £nil (2000 : £nil), other operating income was £2,497,000 (2000 : £1,854,000). The loss after tax was £319,000 (2000 : profit after tax £114,000). No dividend will be paid. Rental Income Rental income received in the year has increased by over 30% compared to last year and on an annualised basis is now in excess of £3 million. Current Office Developments We have recently commenced the speculative development of the final phase of 52,000 sq. ft. at Mercury Park, having let a total of 59,000 sq. ft. at rents of between £21.00 and £27.50 per sq. ft. Our experience with this project indicates we are unlikely to find tenants until the buildings are substantially complete. This is currently the Group's only development in progress. Disposals We have not sold any properties during the year but currently have two properties under offer. A substantial part of the remainder of our portfolio remains available for sale although we are conscious that property should not be overexposed to the market. Property Management As from the June quarter day this year we will take in house the day to day management of our properties from local managing agents. This step should achieve marginal savings but will bring us closer to our tenants for whom we hope to continue to provide accommodation in the future. The Future We continue to seek new opportunities where we can add value. Interest rates and inflation are subdued, and in spite of ever increasing transaction costs, we believe that the demand for well located and well presented property will remain strong. S J Crossley 25 July 2001 CONSOLIDATED PROFIT & LOSS ACCOUNT Note Year Ended Year Ended 31 March 31 March 2001 2000 £'000 £'000 Turnover - - Cost of Sales - - ---------- ---------- Gross profit - - Administration costs (1,497) (937) Other operating income 2,497 1,854 Other operating expenses - - ---------- ---------- Operating profit 1,000 917 Interest payable and similar charges (1,286) (903) ---------- ---------- (Loss)/Profit on ordinary activities before taxation (286) 14 Taxation (33) 100 ---------- ---------- (Loss)/Profit on ordinary activities after taxation (319) 114 Ordinary dividend 4 - - ---------- ---------- Retained (loss)/profit (319) 114 ========== ========== (Loss)/Earnings per share 5 (8.6p) 2.9p ========== ========== Dividends per share - - ========== ========== CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES The Group has no recognised gains or losses other than the result for the period CONSOLIDATED BALANCE SHEET Notes As at As at 31 March 31 March 2001 2000 £'000 £'000 FIXED ASSETS Tangible assets 272 266 ---------- ---------- CURRENT ASSETS Stocks 24,135 21,091 Debtors 2,294 785 Cash at bank and in hand 3,050 328 ---------- ---------- 29,479 22,204 Creditors amounts falling due within one year (11,540) (13,442) ---------- ---------- Net current assets 17,939 8,762 ---------- ---------- Total assets less current liabilities 18,211 9,028 Creditors amounts falling due after more than one year (13,920) (4,360) ---------- ---------- Net assets 4,291 4,668 ========== ========== CAPITAL AND RESERVES Called up share capital 371 376 Capital redemption reserve 25 20 Profit and loss account 3,895 4,272 ---------- ---------- Equity Shareholders' funds 6 4,291 4,668 ========== ========== CONSOLIDATED CASH FLOW STATEMENT Year Ended Period Ended 31 March 2001 31 March 2000 £'000 £'000 Net cash inflow/(outflow) from operating activities 594 (5,510) Return on investments and servicing of finance (1,314) (903) Taxation (83) (243) Capital expenditure and financial investment (79) (223) ---------- ---------- Net cash outflow before financing (882) (6,879) Financing 5,881 596 ---------- ---------- Decrease in cash in the period 4,999 (6,283) ========== ========== Notes 1) The accounting policies adopted are consistent with those in the most recently published set of financial statements dated 31 March 2000. 2) The summarised financial information has been extracted from the un-audited accounts of the Group for the year ended 31 March 2001. 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 2000 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 2001, 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 August 2001 and will be available from the Company's Head Office, 35 Wycombe End, Beaconsfield, Bucks HP9 1LZ. 4) No final dividend will be payable. 5) Earnings per share has been calculated based on 3,717,366 ordinary shares in issue during the period to 31 March 2001 (3,875,065 ordinary shares during the period 31 March 2000). 6) The movement in shareholders' funds is analysed as follows:- £'000 Shareholders' funds as at 1 April 2000 4,668 Purchase of own shares (58) Loss for the period (319) --------- Shareholders' funds as at 31 March 2001 4,291 ========= END

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