Results to 31st March 2000

Channel Television Group Ld
10 August 2000


Chairmans Statement
 
Results
 
Profit before taxation for the financial year ended 31st March 2000 was
£1,193,000 (1999: £721,000) an increase of 65% over the prior year. Turnover
for the year was £12,043,000 (1999: £12,110,000). Earnings per share are
6.82p (1999 4.92p).
 
The headline results reflect a strong trading performance by Channel
Television and the benefits of rationalisation elsewhere.
 
Channel Televisions airtime sales grew 8% and enjoyed a particularly strong
second half-year. The Independent Television Commission reported favourably
on the companys programme performance for 1999. The Board decided to delay
licence renewal until the latest possible date. After further investment
without beneficial results it was decided no more funds would be put into
programme production.
 
Channel Publications moved the centre of its operations to Guernsey in a
cost-cutting exercise which also provided a fresh impetus for Guernsey
Homefinder. Perry's performance was in line with the prior year.
 
Channel Technology performed poorly overall after a promising start and it
was decided to seek a buyer for the business as a going concern. Unable to
secure a satisfactory deal the Board resolved to withdraw from retail and
third party servicing and concentrate on the profitable rental business.
 
Post Reporting Period Events
 
Following a period of negotiation Channel Television and its production
subsidiary Creative Channel were sold to Media Holdings Limited in June for
£16.3 million in cash. The purchaser also entered into a ten year lease for
part of the Group's premises at an annual rent of £0.6 million.
 
Measures designed to improve the performance of Bourne Training failed to
bring the business into profit and it was sold to the management for an
initial sum of £50,000 in cash and a future profit share provision.
 
The relocation of Channel Television and other internal moves have left the
Group with significant vacant office accommodation which it is offering on
the market.
 
Channel Technology withdrew from third party service operations in May,
retail in Jersey in June and will cease Guernsey retailing in August.
 
Dividend
 
Your Board has decided not to recommend the payment of a final dividend.
However, it is proposing the payment of a special dividend of 125p per share.
The special dividend will be posted on 13th October 2000 to shareholders on
the register at 29th September 2000.
 
Name Change
 
Under the terms of the sale of Channel Television we undertook to seek
approval for a change of name from Channel Television Group. A proposal for a
name ComProp Limited, which better reflects the new direction of your company
will be put before shareholders at the annual general meeting.
 
AGM
 
The Annual General Meeting will take place at the Hotel de France, St Helier,
Jersey at 12 noon on Tuesday, 12th September 2000.
 
Tom Scott
Chairman
 
 

CHANNEL TELEVISION GROUP LIMITED
PRELIMINARY STATEMENT OF RESULTS
FOR THE YEAR ENDED 31ST MARCH 2000
 
 

                                                                
                                                2000     1999   
                                                £000s    £000s  
                Turnover                                        
                Discontinued operations                         
                Broadcasting                    5,930    5,598  
                Production                      543      446    
                Retail                          2,384    2,378  
                Servicing                       539      339    
                Training                        574      998    
                Other activities                41       340    
                Total                           10,011   10,099 
                Less retail adjustment          (960)    (863)  
                Total discontinued activities                   
                Continuing operations                           
                Rental                          1,351    1,351  
                Publishing                      529      530    
                Other activities                152      130    
                Total                           2,032    2,011  
                Add retail adjustment           960      863    
                Total continuing activities     2,992    2,874  
                Total sales                     12,043   12,110 
 
Retail adjustment - Retail sales in Guernsey continued after 30th June 2000
therefore under FRS3 are treated as continuing activities.
 

                                                                             
    Profit on ordinary activities before interest                            
    Continuing operations                                      5       143   
    Discontinued operations                                    1,133   583   
    Total operating profit                                     1,138   726   
    Net interest receivable/payable                            55      (5)   
    Profit on ordinary activities before taxation                            
                                                               1,193   721   
    Tax on profit on ordinary activities                       (271)   (236) 
    Profit on ordinary activities after taxation               922     485   
    Minority interests                                         -       180   
    Profit for the financial year                              922     665   
    Dividends                                                  (176)   (446) 
    Retained profit for the financial year                     746     219   
    Earnings per share - basic and fully diluted                             
                                                               6.82p   4.92p 
    Dividends per share after deduction of Jersey income tax                 
    Interim paid                                               1.30p   1.30p 
    Final proposed                                             -       2.00p 
 
The Board will propose the payment of a special dividend of 125p per share at
the annual general meeting.
 
Consolidated balance sheet at 31st March 2000
 

                                                                         
                                                       2000      1999    
                                                       £000s     £000s   
        Fixed assets                                                     
        Tangible fixed assets                          8,742     8,943   
        Current assets                                                   
        Stocks                                         677       630     
        Debtors                                        1,666     1,736   
        Cash at bank and in hand                       721       -       
                                                       3,064     2,366   
        Creditors                                                        
        Amounts falling due within one year            (1,879)   (2,306) 
        Net current assets/(liabilities)               1,185     60      
        Total assets less current liabilities          9,927     9,003   
        Creditors                                                        
        Amounts falling due after more than one year                     
                                                       (244)     (318)   
        Net assets                                     9,683     8,685   
        Capital and reserves                                             
        Share capital                                  676       675     
        Reserves                                       9,007     8,237   
        Equity shareholders' funds                     9,683     8,912   
        Minority interests - equity                    -         (277)   
                                                       9,683     8,685   
  
 
Consolidated cash flow statement

                                                                              
                                                              2000    1999    
                                                              £000s   £000s   
  Net cash flow from operating activities                     1,889   1,801   
  Returns on investment and servicing of finance                              
                                                              55      (5)     
  Taxation                                                    (163)   (94)    
  Net cash outflow from capital expenditure and financial                     
  investment                                                  (801)   (1,088) 
  Acquisitions and disposals                                  -       -       
  Equity dividends paid                                       (446)   (446)   
  Net cash inflow from financing                              252     12      
  Increase/(decrease) in cash in the period                   786     180     
 
Statement of total recognised gains and losses
 
There are no recognised gains or losses in any of the above periods other
than those set out in the profit and loss account.
 
Basis of preparation
 
The preliminary financial information has been prepared on the basis of the
accounting policies set out in the Company's report and accounts for the year
ended 31st March 1999 and any subsequently issued financial reporting
standards.
 
The financial information contained within this preliminary announcement is
extracted from the completed audited financial statements for the year ended
31st March 2000.
 
Taxation

Income tax has been provided for at 20% (1999 - 20%).