Final Results

Cardiff Property PLC
29 November 2007

                  THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
                              AND ITS SUBSIDIARIES

FOR RELEASE 7.00 AM 29 NOVEMBER 2007

                            THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and
development in the Thames Valley. The portfolio, valued in excess of £35m, is
primarily located to the west of London, close to Heathrow Airport and in 
Surrey and Berkshire.)

            PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007

Highlights:
                                     2007      2006
Revenue                 £'000         700     2,442
Property sales          £'000         196     1,927
Net assets per share    pence       1,189     1,123      + 6%
Profit before tax       £'000       1,475     2,549     - 42%
Earnings per share      pence        74.5     137.6     - 46%
Dividend per share -
  paid and proposed     pence       11.25     10.05     + 12%
Gearing                 %             nil       nil

Richard Wollenberg, Chairman, commented:

'The improvement in take up of new office space in the M4 corridor, forecast for
the latter part of 2007, has not materialised. The majority of property
professionals remain optimistic of an improvement in the letting market but I am
not convinced that this will happen. Investment values for commercial, as well
as residential property, will, no doubt, come under further pressure. The Thames
Valley, by virtue of its proximity to Heathrow Airport, will remain an important
trading and commercial location and be attractive to a range of occupiers.'

For further information:

The Cardiff Property plc      Richard Wollenberg            01784 437444
Arbuthnot Securities          Richard Wood                  020 7012 2000


THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY AND ITS SUBSIDIARIES

(The group, including Campmoss, specialises in property investment and
development in the Thames Valley. The portfolio, valued in excess of £35m, is
primarily located to the west of London, close to Heathrow Airport and in Surrey
and Berkshire.)

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007

Chairman's statement

Dear shareholder

The improvement in take up of new office space in the M4 corridor, forecast for
the latter part of 2007, has not materialised and, although some new office
lettings have taken place, the Thames Valley market remains subdued. The strong
letting market in Central London and the City of London had expected to benefit
the M4 corridor but to date the number of reported transactions has been
disappointing.

Grade A headline office rents remain firm, although supported by incentives such
as rent free periods and landlords accepting tenant breaks at 5 and 10 year
intervals. The majority of property professionals remain optimistic of an
improvement in the letting market but I am not convinced that this will happen
in the short term. There is a lack of new grade A office space currently
available within the Thames Valley and new office schemes have commenced in
towns close to Heathrow such as Reading, Slough and Maidenhead. It will,
however, be important that the letting of this new space is completed to sustain
the current optimistic mood.

Uncertainty in the financial markets, the rise in interest rates and the real
possibility of a slow down in the UK economy has inevitably led to caution and
delayed activity in the commercial property sector. The removal in March next
year of void rates relief on empty commercial buildings has added an additional
cost factor to speculative development projects and will play a significant role
in determining whether or not new developments are commenced without securing a
tenant.

As a result of recent increases in interest rates the property investment market
has seen a decline in values of around 5% during the last quarter. Institutional
and private investors are awaiting clarity in the financial markets and signs of
improving liquidity in the debt market. I do not expect a major collapse as some
market operators seem to suggest but a further 5% fall in commercial property
values is likely.

In the residential market, although here again Central London has defied the
trend, asking prices have seen a decline of just over 5%. The tightening of
lending conditions and worries surrounding the UK economy will inevitably lead
to a further period of uncertainty. Surrey and Berkshire are not immune to these
market movements and I am of the opinion that this market will experience a
further fall in values. I do not subscribe to the view that the housing market
will suffer a major decline in values. The financial market indicates that a
fall in interest rates may occur in the short term but I am sceptical that this
will lead to any increase in values or activity over the next year. The
residential market has seen a remarkable growth rate over the past few years and
it should come as no surprise that the market will experience a reverse.
Obtaining planning permissions for new detached homes within the region
continues to prove a long and difficult process and the lack of new projects
coming to the market will always provide a supportive base for values.

Despite this uncertainty in the market the group, including Campmoss Property
Company Limited, our 47.62% jointly controlled entity, has achieved a further
increase in asset value per share, whilst operating profit has reduced as a
result of lower development property sales.

Financial

For the year to 30 September 2007 profit before tax was £1.48m (2006: £2.55m)
including an after tax contribution from Campmoss of £0.66m (2006: £0.96m).
Revenue totalled £0.70m (2006: £2.44m) which represented gross rental income of
£0.50m (2006: £0.52m) and sales of development property of £0.20m (2006:
£1.92m). The group's share of gross rental income of Campmoss amounted to £0.91m
(2006: £0.93m). It should be noted, however, that these revenue figures are not
included in group revenue under IFRS rules. Profit after tax attributable to
shareholders for the financial year amounted to £1.30m (2006: £2.43m). Earnings
per share was 74.5p (2006: 137.6p).

The company's commercial and residential investment portfolio, which is valued
annually by Cushman & Wakefield and Aitchison Raffety respectively totalled
£5.91m (2006: £5.73m). The portfolio excludes property under development or
refurbishment and held for re-sale which is held as stock on the balance sheet
at the lower of cost or market value. At the year end, stock included commercial
property at The Windsor Business Centre, Windsor. The group's property portfolio
under management at the year end, including the Campmoss investment and
development portfolio was valued at £35.85m (2006: £34.46m). The company's share
of the net assets of Campmoss amounted to £8.62m (2006: £7.96m).

Net assets were £20.64m (2006: £19.56m) equivalent to 1,189p per share (2006:
1,123p) an increase of 5.9% over the year (2006: 13.4%).

The group, including Campmoss, has adequate resources to complete the current
development programme. Certain facilities were repaid over the last two years
following sales of investment property. Cash balances are placed on short term
deposit.

During the year the company purchased for cancellation 5,500 ordinary shares for
a total consideration of £51,626. The directors are proposing the annual renewal
of their authority to acquire shares and the rule 9 authority both of which will
be included in the resolutions to be placed before shareholders at the Annual
General Meeting and Extraordinary General Meeting respectively to be held on 10
January 2008.

Dividend

The directors are recommending a final dividend of 8.25p per share (2006: 7.30p)
making a total dividend for the year of 11.25p (2006: 10.05p) an increase of
11.9%. The final dividend will be paid on 7 February 2008 to shareholders on the
register on 18 January 2008.

The Property Portfolio

The group's investment portfolio continues to be primarily located to the west
of London, close to Heathrow Airport and in the counties of Surrey and
Berkshire.

At The Maidenhead Enterprise Centre, Maidenhead, three units are now let and
negotiations continue for two further units. The development totals 14,000 sq ft
and comprises six business units which offer fully carpeted offices on the first
floor with industrial workspace on the ground floor.

At The Windsor Business Centre, Windsor, one vacant unit has been re-let
following refurbishment. This is a similar development to that at Maidenhead and
comprises 5 business units totalling 15,600 sq ft. The remaining units are let
on medium term leases.

At The White House, Egham, a lease surrender for one of the retail units and
subsequent re-letting to a new tenant has been completed. A higher rental value
was achieved and this should assist rent reviews on the remaining units which
are currently under negotiation.

The group retains two houses in Egham, Surrey, which have been let on assured
shorthold tenancies.

Campmoss Property

Campmoss continues to retain freehold property located at Woking, Burnham,
Bracknell, Maidenhead, Worplesdon and Slough.

At Datchet Meadows, Slough, the vacant office building has been demolished
following the grant of planning permission earlier in the year for 35 new
residential units. Development of the new scheme has now commenced and
completion is expected during the middle of next year. A sales and marketing
campaign is currently in preparation.

Obtaining planning permissions continues to involve long and detailed
discussions with the relevant authorities. It is therefore pleasing to report
that at Highway House, Maidenhead, permission was granted for a new 46,000 sq ft
headquarters office building. It is the intention to seek a forward letting
before commencing this development.

At Clivemont House, Maidenhead, planning permission was granted last year for a
new 50,000 sq ft headquarters office building on the existing office site.
Discussions with new and existing tenants are taking place whilst the
development programme is being formulated. The property has been partially let
on a short term lease.

At Bracknell, an outline planning permission for the New Town Centre Scheme has
been granted and our three properties at Market Street are included in the Town
Plan. Discussions continue for our proposed retail, office and residential
development and a revised planning application is expected to be submitted this
year.

At Tangley Place, Worplesdon revised planning applications for a new 19,000 sq
ft headquarters office building and, as an alternative, a 70 room Care Home have
been submitted. We await further meetings with the planning department to
achieve a successful outcome.

At the year end the portfolio, which include the above freehold properties, has
been valued by the directors, taking account of external advice where available
and assessed at a current market value of £28.88m (2006: £27.53m). Rental income
from the portfolio totals £1.91m (2006: £1.95m) and is received from twenty four
tenants. At the year end net borrowings totalled £6.71m (2006: £7.00m) and
gearing was 36% (2006: 40%).

Quoted Investments

The group holds a small equity portfolio which includes Tribal Group Plc,
ImmuPharma Plc, Kiwara Plc and General Industries Plc. The fair value of these
investments is currently in excess of cost. I remain a director of Kiwara Plc
and General Industries Plc, quoted on AIM and Plus Markets respectively.

Management & Staff

The achievements in planning, letting and management of the group's properties
are due to the dedication and hard work of our small team based in Egham and our
joint venture partner.

On behalf of shareholders I would wish to take this opportunity of thanking them
for their effort and support during the year.

Shareholders Telephone Dealing Service

The company continues to offer its free share sale service to those shareholders
who wish to dispose of holdings of 500 shares or less. This facility is provided
by our registrars, Computershare Investor Services Plc. Shareholders should be
aware that this service should not be construed as an encouragement to buy or
sell the company shares. If in any doubt shareholders should contact their own
financial advisors. Computershare can be contacted on 0870 703 0084.

Outlook

Investment values for commercial and residential property will no doubt come
under further pressure. The removal of relief for rates on empty commercial
property, even if a tenant is being actively sought, will place a greater
emphasis on finding occupiers for existing buildings and reduce the willingness
for development ahead of securing a letting.

The Thames Valley by virtue of its communications network, motorway access and
close proximity to Heathrow Airport will remain an important trading and
commercial location and be attractive to a range of occupiers. Location, quality
of space and available car parking facilities are important considerations.

The group retains a portfolio of well located freehold property which provides 
a secure stream of rental income as well as the potential for a sizeable future
development programme. Key planning permissions have been secured during the
year and I remain confident that further successes will be achieved. I look
forward to reporting progress at the interim stage.

J Richard Wollenberg
Chairman
28 November 2007


Consolidated Income Statement
FOR THE YEAR ENDED 30 SEPTEMBER 2007
                                                          2007           2006
                                                         £'000          £'000
Revenue                                                    700          2,442
Cost of sales                                             (175)        (1,467)
                                                        ______         ______
Gross profit                                               525            975
Administrative expenses                                   (463)          (493)
Other operating income                                     250            337
                                                        ______         ______
Operating profit before gains on investment
properties and other investments                           312            819
Profit on sale of investment property                        -            139
(Loss)/profit on sale of other investments                  (7)            34
Surplus on revaluation of investment properties            167            391
                                                        ______         ______
Operating profit                                           472          1,383

Financing:
Interest receivable and similar income                     347            203
Interest payable                                             -              -
Share of results of jointly controlled entity              656            963
                                                        ______         ______
Profit before taxation                                   1,475          2,549

Taxation                                                  (178)          (121)
                                                        ______         ______
Profit for the financial year attributable to            1,297          2,428
equity holders                                          ______         ______

Earnings per share on profit for the
financial year - pence
Basic                                                     74.5          137.6
Diluted                                                   73.8          136.4
                                                        ______         ______

Dividends
Final 2006 paid 7.30p (2005: 6.30p)                        127            115
Interim 2007 paid 3.00p (2006: 2.75p)                       52             48
                                                        ______         ______
                                                           179            163
                                                        ______         ______

Final 2007 proposed 8.25p (2006: 7.30p)                    143            127
                                                        ______         ______


The above results relate entirely to continuing activities. There were no
acquisitions or disposals of businesses during the period.


Consolidated Balance Sheet
AT 3O SEPTEMBER 2007
                                                          2007           2006
                                                         £'000          £'000
Non-current assets
Investment properties                                    5,905          5,730
Investment in jointly controlled entity                  8,615          7,959
Property, plant and equipment                                2              4
Other financial assets                                     340            357
Deferred tax asset                                          22             37
                                                        ______         ______
Total non-current assets                                14,884         14,087
                                                        ______         ______
Current assets
Stock and work in progress                                 992          1,132
Trade and other receivables                              1,983          1,497
Cash and cash equivalents                                3,765          3,990
                                                        ______         ______
                                                         6,740          6,619
                                                        ______         ______

Total assets                                            21,624         20,706
                                                        ______         ______
Current liabilities
Corporation tax                                           (148)          (316)
Trade and other payables                                  (482)          (447)
                                                        ______         ______
                                                          (630)          (763)
                                                        ______         ______
Non-current liabilities
Provisions                                                 (65)          (115)
Deferred tax liability                                    (288)          (272)
                                                        ______         ______

                                                          (353)          (387)
                                                        ______         ______
Total liabilities                                         (983)        (1,150)
                                                        ______         ______
Net assets                                              20,641         19,556
                                                        ______         ______
Capital and reserves

Called up share capital                                    347            348
Share premium account                                    4,946          4,946
Other reserves                                           2,300          2,299
Investment property revaluation reserve                  5,365          4,892
Retained earnings                                        7,683          7,071
                                                        ______         ______
Shareholders' funds attributable to                     20,641         19,556
equity holders                                          ______         ______

Net assets per share                                     1,189p         1,123p
                                                        ______         ______

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 SEPTEMBER 2007
                                                          2007           2006
                                                         £'000          £'000
Cash flows from operating activities
Profit for the year                                      1,297          2,428
Adjustments for:
Depreciation, amortisation and impairment                    2              3
Financial income                                          (347)          (203)
Share of profit of jointly controlled entity              (656)          (963)
Profit on sale of investment property                        -           (139)
Loss/(profit) on sale of other investments                   7            (34)
Loss/(profit) on disposal of fixed assets                    1              -
Surplus on revaluation of investment properties           (167)          (391)
Fair value of options granted                                -             50
Taxation                                                   178            121
Decrease in provisions                                     (50)          (162)
                                                        ______         ______
Cash flows from operations before changes in
working capital                                            265            710
Decrease in stock                                          140          1,569
Increase in trade and other receivables                   (486)        (1,283)
Increase/(decrease) in trade and other payables             35           (212)
                                                        ______         ______
Cash (absorbed by)/generated from operations               (46)           784
Tax paid                                                  (315)           (81)
                                                        ______         ______
Net cash (out)/inflows from operating activities          (361)           703
                                                        ______         ______

Cash flows from investing activities
Interest received                                          347            209
Acquisition of property, investments and
plant and equipment                                         (9)          (238)
Proceeds of disposal of property, investments
and plant and equipment                                     29            458
                                                        ______         ______
Net cash flows from investing activities                   367            429
                                                        ______         ______

Cash flows from financing activities
Purchase of own shares                                     (52)          (335)
Dividends paid                                            (179)          (163)
                                                        ______          ______
Net cash flows from financing activities                  (231)          (498)
                                                        ______          ______

Net (decrease)/increase in cash and                       (225)           634
cash equivalents
Cash and cash equivalents brought forward                3,990          3,356
                                                        ______         ______
Cash and cash equivalents at year end                    3,765          3,990
                                                        ______         ______

Other Primary Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2007

Consolidated statement of recognised income and 
expense
                                                          2007          2006
                                                         £'000         £'000
Net change in fair value of available for sale
financial assets recognised directly in equity              19            -
Profit for year                                          1,297         2,428
                                                        ______        ______
Total recognised income and expense for the
year attributable to the equity holders of the           1,316         2,428
parent company                                          ______        ______


Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2007

1. International Financial Reporting Standards

The consolidated results for the year ended 30 September 2007 and 2006 are
prepared by the group under applicable International Financial Reporting
Standards adopted by the European Union ('adopted IFRS') which have been adopted
and incorporated into the principal accounting policies.

2. Segmental Analysis

The primary format used for segmental analysis is by business segment, as the
group operates in only one geographical segment. Segment results, assets and
liabilities include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis.
                                                           2007          2006
                                                          £'000         £'000
Revenue (wholly in the United Kingdom):
Property and other investment being                         504           515
gross rents receivable
Property development being sale of                          196         1,927
development properties                                   ______        ______
                                                            700         2,442
                                                         ______        ______
Profit before taxation:
Property and other investment                             1,424         1,886
Property development                                         51           663
                                                         ______        ______
                                                          1,475         2,549
                                                         ______        ______
Net operating assets:
Assets
Property and other investment                            20,871        19,845
Property development                                      2,905         2,869
Eliminations                                             (2,152)       (2,008)
                                                         ______        ______
Total assets                                             21,624        20,706
                                                         ______        ______
Liabilities
Property and other investment                             2,405         2,111
Property development                                        318           483
Eliminations                                             (1,740)       (1,444)
                                                         ______        ______
Total liabilities                                           983         1,150
                                                         ______        ______

Net operating assets                                     20,641        19,556
                                                         ______        ______


3. Earnings per share

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per
Share using the profit after tax for the financial year of £1,297,000 (2006:
£2,428,000) and the weighted average number of shares as follows:

                                              Weighted average number of shares
                                                           2007          2006
Basic                                                 1,740,839     1,763,962
Adjustment to basic for bonus element
of shares to be issued on exercise of options            17,814        16,046
                                                      _________     _________
Diluted                                               1,758,653     1,780,008
                                                      _________     _________

Financial Calendar

2007       29 November      Final results for 2007 announced
2008       10 January       Annual General Meeting
           16 January       Ex dividend date for final dividend
           18 January       Record date for final dividend
           7 February       Final dividend to be paid
           May              Interim results for 2008 announced
           30 September     End of accounting year

Directors and Advisers

Directors                                   Auditor
J Richard Wollenberg,                       KPMG Audit Plc
Chairman and chief executive

David A Whitaker FCA
Finance director                            Stockbrokers and financial advisers
Nigel D Jamieson BSc, MRICS, FSI,           Arbuthnot Securities Ltd
Independent non-executive director

Secretary                                   Bankers
David A Whitaker FCA                        HSBC Bank Plc

Non-executive director of wholly owned       
subsidiary                                  Solicitors
First Choice Estates plc                    Charles Russell
Derek M Joseph BCom, FCIS, MSII             Morgan Cole

Head office                                 Registrar and transfer office
56 Station Road                             Computershare Investor Services Plc
Egham                                       PO Box 82
Surrey TW20 9LF                             The Pavilions
Telephone: [phone]                     Bridgwater Road
Fax: [phone]                           Bristol BS99 7NH
E-mail: [e-mail]      Telephone: [phone]
Web: www.cardiff-property.com               Dealing line: 0870 703 0084

Registered office                           Registered number
Marlborough House                           22705
Fitzalan Court
Fitzalan Road
Cardiff CF24 0TE







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