Interim Results

Comland Commercial PLC 22 December 2004 COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 22 DECEMBER 2004 CHAIRMAN'S STATEMENT I have pleasure in reporting to you the interim results for the six months ended 30 September 2004. Results In the six month period to 30 September 2004 the turnover of the Group was £6.38 million (2003: £0.04 million). Included in this figure is revenue from property disposals, the private medical practice and the activities of our public house. Gross profit was £2.27 million (2003: gross loss £0.03 million). Other operating income, which is primarily rental income, has increased to £3.73 million from £3.47 million for the same period last year. Operating profit has increased to £4.98 million from £2.56 million for the six months to 30 September 2004. Pre tax profits for the six months have increased to £3.43 million from £1.24 million. No dividend will be paid. PROPERTY DISPOSALS As reported in the last annual report and accounts for the year to 31 March 2004, we completed the sale of two properties in April 2004. We sold Vantage Point in Hemel Hempstead for £2.5 million and Unit 1, Thomas Road, Wooburn Green for £3.44 million. Acquisitions With the exception of the acquisition of The Hollywood Arms in April 2004, as reported in the last annual report and accounts, we made no acquisitions during the six months to 30 September 2004. DOCTORnow Whilst I continue to believe this concept provides a platform for general practice to supplement the services of the NHS, we have found it difficult to grow revenues quickly enough to make this business viable in a reasonable timescale. Therefore at the end of October 2004 we disposed of our interest in this business to its management for a nominal sum. The business will continue to operate from its Mercury Park location into 2005 until we find a tenant for the space. THE HOLLYWOOD ARMS This freehold pub is in an excellent location and we are comfortable with its trading performance thus far. We shall decide next year whether it is to be the forerunner of further acquisitions into the licensed industry. MERCURY PARK A single first floor unit of 3,047 sq. ft. remains our only vacant space at Mercury Park. We continue to market this and the DOCTORnow accommodation. There is some current interest and we hope to secure lettings in the near future. DEVELOPMENTS We have no projects currently under development although we have eleven future developments in various stages of the planning process. FUTURE Clearly total returns from commercial property are affected by interest rates and the growth in the economy. We remain positive and continue to look for well located opportunities with alternative/enhanced use potential. In addition, we continue to monitor the situation in relation to the new proposals for REITs and PIFs. Stuart Crossley 22 December 2004 COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 Consolidated Profit and Loss Account Note Six months ended Six months ended Year 30 30 September 2004 September 2003 ended (Unaudited) (Unaudited) 31 March £'000 £'000 2004 (Audited) £'000 Turnover 3 6,381 40 131 __________ __________ __________ Gross profit/(loss) 3 2,274 (32) (408) Administrative costs (1,018) (878) (1,708) Other operating income 3,728 3,471 6,864 __________ __________ __________ Operating profit 4,984 2,561 4,748 Profit on disposal of fixed assets - 4 5 Interest (1,555) (1,323) (2,407) __________ __________ __________ Profit on ordinary activities before taxation 3,429 1,242 2,346 Taxation (1,028) (373) (747) __________ __________ __________ Profit on ordinary activities after taxation 2,401 869 1,599 Dividend 4 - - - Profit for the period 2,401 869 1,599 __________ __________ __________ Earnings per share 5 52.7p 19.1p 35.1p __________ __________ __________ 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 2004 Consolidated Balance Sheet As at As at As at 30 September 30 September 31 March 2004 2003 2004 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Fixed Assets Tangible 2,945 388 356 __________ __________ __________ Current Assets Stock 64,857 59,406 68,314 Debtors 3,533 3,848 3,990 Cash at bank and in hand 22,298 363 24,367 __________ __________ __________ 90,688 63,617 96,671 Creditors: Amounts falling due within one year (31,694) (14,922) (36,112) __________ __________ __________ Net Current Assets 58,994 48,695 60,559 __________ __________ __________ Total assets less current liabilities 61,939 49,083 60,915 Creditors: Amounts falling due after more than (49,191) (39,466) (50,568) one year __________ __________ __________ Net Assets 12,748 9,617 10,347 __________ __________ __________ 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 9,387 6,256 6,986 __________ __________ __________ Equity Shareholders' Funds 12,748 9,617 10,347 __________ __________ __________ COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 Consolidated Cash flow Statement Six months ended Six months Year 30 September ended ended 2004 30 September 31 March (Unaudited) 2003 2004 £'000 (Unaudited) (Audited) £'000 £'000 Net cash inflow/(outflow) from operating activities 7,934 744 (5,413) Return on investment and servicing of finance Interest paid (1,496) (871) (2,470) UK Corporation Tax (9) - (53) Capital expenditure and financial investment (2,643) (78) (101) __________ __________ __________ Net cash inflow/(outflow) before financing 3,786 (205) (8,037) __________ __________ __________ Net cash (outflow)/inflow from financing (3,230) 291 8,329 __________ __________ __________ Increase in cash in the period 556 86 292 __________ __________ __________ Notes: 1. The accounting policies adopted are consistent with those in the most recently published set of financial statements dated 31 March 2004. 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 2004 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 sale of land and development properties is £5.94 million (2003: nil).The gross profit from the sale of land and development properties is £2.13 million (2003:nil). Turnover from the provision of medical services by DOCTORnow Limited is £0.11 million (2003: £0.04 million). These medical services were provided at a gross profit of £0.04 million (2003: gross loss £0.03 million). Turnover from the public house activities is £0.33 million (2003: nil) at a gross profit of £0.10 million (2003:nil). 4. No interim dividend will be payable (six months ended 30 September 2003 - nil). 5. Earnings per share have been calculated based on 4,556,520 ordinary shares in issue during the period to 30 September 2004 (4,556,520 ordinary shares during the period 30 September 2003). 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 LSELE

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