Final Results

Comland Commercial PLC 07 August 2003 COMLAND COMMERCIAL PLC 7 AUGUST 2003 - EMBARGOED FOR 7AM COMLAND COMMERCIAL PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2003 CHAIRMAN'S STATEMENT I have pleasure in reporting to you on the year ended 31 March 2003. RESULTS In the year to 31 March 2003, operating income, which is primarily rental income, has increased by 70% to £5.41 million (2002: £3.18 million). Operating profit has increased by 102% to £3.96 million before the provisions of £1.01 million against our property stock and by 51% after these provisions to £2.95 million (2002: £1.96 million). Pre-tax profits are £0.08 million (2002: £1.62 million) after finance costs of £2.85 million (2002: £1.41 million). No dividend will be paid. DEVELOPMENTS During the year the development of the final buildings of Mercury Park, Wooburn Green was substantially completed. Mercury Park is a thirteen building development of approximately 95,000 square feet of lettable space. In October 2002 we let a 7,600 square foot building to Compass Group UK and Ireland Limited at £28 per square foot on a fifteen year lease. We relocated our Head Office to Lunar House, Mercury Park in February 2003. In June 2003 we completed a ground floor lease of Solar House of 2,560 square feet at £28.50 per square foot to Yokogawa on a five year lease. We have a further building of 7,600 square feet plus the first floor of Solar House of some 2,836 square feet remaining to be let. The interest in this remaining space has been limited during the first half of 2003. Market conditions have improved a little recently and with the use of letting incentives we hope to find tenants for this space soon. ACQUISTIONS During the year ended 31 March 2003 Comland has acquired approximately £25 million of property suitable for development and future trading: Wethered House, High Street, Marlow Prospect House, The Broadway, Farnham Common Plover House, Wode Road, Basingstoke Units A, B, C & Unit 4, Wessex Road, Bourne End St. John's Court, Easton Street, High Wycombe Anglers Court, Spittal Street, Marlow Unit 1, Thomas Road, Wooburn Green 62 High Street, Marlow Market House, Market Place, Windsor 14 High Street, Windsor 22-24 King Street, Maidenhead DISPOSALS Market conditions in the second half of the year deteriorated and whilst we continue to seek purchasers for a number of our properties, there is a need to be patient in an attempt to maximise the return. BOARD CHANGES On 19 May 2003 Andrew Ilsley's contract of employment as Managing Director was terminated by mutual agreement. I would like to thank him for his contribution during his five years with Comland. I do not intend to replace him in the foreseeable future. DOCTORNOW In April 2003 we started this new business. We have invested approximately £500,000 in the start up of this new subsidiary. DOCTORnow Limited is a private medical company providing general practice services of an extremely high quality to patients unhappy with the National Health Service in our area. This company trades from Mercury Park in 3,000 square feet of accommodation which has been equipped to a high standard. It may be some time before this venture is profitable but I have confidence in the concept and we have installed excellent management. THE FUTURE The fragile and uncertain economy is affecting confidence in the commercial property market. We currently only have vacant space at Mercury Park and in one industrial unit. This accounts for less than 3% of our lettable space. However, we continue to keep a careful watch on the activities of our current tenants. We remain acquisitive for well-located opportunities and continue to be well placed to exploit better business conditions in the future and continue our development programme. SJ Crossley Chairman 7 August 2003 CONSOLIDATED PROFIT & LOSS ACCOUNT for the year ended 31 March 2003 Year ended Year ended March 31 March 31 Notes 2003 2002 £'000 £'000 Turnover - 940 Cost of sales (1,005) (920) Gross profit (1,005) 20 Administrative expenses (1,453) (1,239) Other operating income 5,410 3,177 Operating profit 2,952 1,958 Profit on disposal of subsidiary - 1,076 Loss on disposal of fixed assets (25) (6) Interest payable and similar charges (2,845) (1,413) Profit on ordinary activities before taxation 82 1,615 Tax on profit on ordinary activities (54) (151) Profit on ordinary activities after tax 28 1,464 Ordinary dividend 4 - - Retained profit for the year 28 1,464 Basic and fully diluted earnings per share 5 0.6p 39.5p All of the above results derive from continuing activities. CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES The Group has no recognised gains or losses other than the results for each year. CONSOLIDATED BALANCE SHEET as at the year ended 31 March 2003 As at As at March 31 March 31 Notes 2003 2002 £'000 £'000 FIXED ASSETS Tangible assets 363 136 CURRENT ASSETS Stocks 57,830 30,598 Debtors 3,733 1,935 Cash at bank and in hand 4,995 2,959 66,558 35,492 CREDITORS: Amounts falling due within one year (15,511) (10,203) NET CURRENT ASSETS 51,047 25,289 TOTAL ASSETS LESS CURRENT LIABILITIES 51,410 25,425 CREDITORS: Amounts falling due after more than one year (42,662) (19,670) NET ASSETS 8,748 5,755 CAPITAL AND RESERVES Called-up share capital 456 371 Capital redemption reserve 25 25 Other reserve 2,880 - Profit and loss account 5,387 5,359 EQUITY SHAREHOLDERS' FUNDS 6 8,748 5,755 CONSOLIDATED CASHFLOW STATEMENT for the year ended 31 March 2003 Year ended Year ended March 31 March 31 2003 2002 £'000 £'000 Net cash outflow from operating activities (12,364) (3,809) Returns on investment and servicing of finance (2,077) (1,413) Taxation (223) - Capital expenditure and financial investment (307) 1,146 __________ __________ Net cash outflow before financing (14,971) (4,076) Financing 16,465 3,774 __________ __________ Increase/(decrease) in cash in the year 1,494 (302) __________ __________ NOTES 1. The accounting policies adopted are consistent with those in the most recently published set of financial statements for the year ended 31 March 2002. 2. The summarised financial information has been extracted from the unaudited accounts of the Group for the year ended 31 March 2003. 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 2002 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 2003, 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 2003 and will be available from the Company's Head Office, Lunar House, Mercury Park, Wooburn Green, High Wycombe, Bucks, HP10 0HH. 4. No final dividend will be payable. 5. Earnings per share have been calculated based on a weighted average of 4,334,742 ordinary shares being in issue during the period to 31 March 2003 (3,707,359 ordinary shares during the period 31 March 2002). 6. The movement in shareholders' funds is analysed as follows:- £'000 Shareholders' funds as at 1 April 2002 5,755 Issue of ordinary shares 85 Reserve created on the acquisition of Janico Limited, Latham Investments Limited, Anglers Court 2,880 Limited and Copystation Limited Profit for the period 28 ------ Shareholders' funds as at 31 March 2003 8,748 ===== This information is provided by RNS The company news service from the London Stock Exchange

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