Comptoir Grp Regulatory News (COM)

21 Dec 2005 07:00

Comland Commercial PLC21 December 2005 COMLAND COMMERCIAL PLC ("the Company") 21 December 2005 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005 CHAIRMAN'S STATEMENT I have pleasure in reporting to you the interim results for the six months ended30 September 2005. RESULTS In the six month period to 30 September 2005 the turnover of the Group was £1.12million (2004: £6.38 million). Included in this figure is revenue from propertydisposals and the activities of The Hollywood Arms. Gross profit for the sixmonths to 30 September 2005 was £0.45 million (2004: gross profit £2.27million). Other operating income, which is primarily rental income, was £3.12million (2004: £3.73 million). Operating profit was £2.79 million (2004: £4.98million). Pre tax profits for the six months were £1.19 million (2004: £3.43million). No interim dividend will be paid. PROPERTY DISPOSALS As reported in the annual report and accounts for the year to 31 March 2005, wecompleted the sale of 22-24 King Street, Maidenhead in June 2005. We have agreedterms on the sale of another property in High Wycombe which we hope to exchangeon prior to Christmas and complete in the New Year. In addition we have tworesidential units in Marlow and one of our office units in Basingstoke underoffer. ACQUISITIONS During the six month period to 30 September 2005 our only acquisition has beenthe site just off the High Street in Marlow which has planning permission forapproximately 10,000 square feet of office space. We have submitted a revisedscheme for this site and await approval prior to starting clearance of the siteand construction work. We recently completed the acquisition of a 12,000 square feet office building inthe centre of Windsor for £3.78 million plus costs. This property has short termincome under the current lease until the middle of next year. In the New Year wewill review our options following negotiations with the existing tenant. Giventhe strong location of this building and its flexible design we expect there tobe a number of possibilities for future use. DEVELOPMENTS In October we started work on a small retail and residential flat development atProspect House, Farnham Common. This is due to be completed in June 2006.Subject to planning, we hope to start at least two further developments during2006. FUTURE Property yields and therefore relative returns continue to fall in a commercialproperty market where the demand to acquire commercial property is being fuelledby an increasing number of well funded buyers chasing fewer qualityopportunities. As always, interest rates hold the key to the future of the property market. Inthe absence of any significant change in rates we remain positive about theoutlook for our business and are comfortable with its level of gearing. As inthe past, any significant future acquisitions will be financed from disposalproceeds. Stuart Crossley 21 December 2005 COMLAND COMMERCIAL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005 Consolidated Profit and Loss Account Note Six months Six months Year ended ended ended 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Turnover 3 1,117 6,381 6,697 __________ __________ __________Gross profit 3 445 2,274 2,618 Administrative costs (782) (1,018) (1,863)Other operating income 3,124 3,728 7,048 __________ __________ __________Operating profit 2,787 4,984 7,803 Profit on disposal of trade - - 8Loss on disposal of fixed assets (6) - (27)Interest (1,588) (1,555) (3,119) __________ __________ __________Profit on ordinary activities before 1,193 3,429 4,665taxation Taxation (357) (1,028) (1,359) __________ __________ __________Profit on ordinary activities after 836 2,401 3,306taxation Dividend 4 - - - Profit for the period 836 2,401 3,306 __________ __________ __________ Basic and diluted earnings per share of 5 18.3p 52.6p 73.0pcontinuing operations __________ __________ __________Basic and diluted earnings per share of 5 - 0.1p (0.4p)discontinued operations __________ __________ __________Basic and diluted earnings per share based 5 18.3p 52.7p 72.6pon profit for the period __________ __________ __________ The Group has no recognised gains or losses other than the profit or loss for the period. Consolidated Balance Sheet As at As at As at 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Fixed AssetsTangible 2,669 2,945 2,736Investments 92 - 92 __________ __________ __________ 2,761 2,945 2,828 __________ __________ __________ Current AssetsStock 65,962 64,857 65,082Debtors 3,302 3,533 3,313Cash at bank and in hand 25,718 22,298 24.811 __________ __________ __________ 94,982 90,688 93,206 Creditors: Amounts falling due within one year (31,425) (31,694) (30,260) __________ __________ __________Net Current Assets 63,557 58,994 62,946 __________ __________ __________Total assets less current liabilities 66,318 61,939 65,774 Creditors: Amounts falling due after more than (51,829) (49,191) (52,121)one year __________ __________ __________Net Assets 14,489 12,748 13,653 __________ __________ __________ Capital and ReservesCalled-up share capital 456 456 456Capital redemption reserve 25 25 25Other reserve 2,880 2,880 2,880Profit and loss account 11,128 9,387 10,292 __________ __________ __________Equity Shareholders' Funds 14,489 12,748 13,653 __________ __________ __________ Consolidated Cash flow Statement Six months Six months Year ended ended ended 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Net cash inflow from operating activities 1,768 7,934 11,093 Return on investment and servicing offinanceInterest paid (1,584) (1,496) (3,079) UK Corporation Tax (666) (9) (1,431)Capital expenditure and financial 14 (2,643) (2,690)investmentAcquisitions and disposals - - 8 __________ __________ __________Net cash (outflow)/inflow before (468) 3,786 3,901financing __________ __________ __________ Net cash outflow from financing (286) (3,230) (1,872) __________ __________ __________(Decrease)/increase in cash in the period (754) 556 2,029 __________ __________ __________ Notes: 1. The accounting policies adopted are consistent with those in the mostrecently published set of financial statements dated 31 March 2005. 2. The above information does not comprise statutory accounts within themeaning of the Companies Act 1985. Financial information in respect of the yearended 31 March 2005 has been extracted from the statutory accounts which havebeen delivered to the Registrar of Companies; the auditors' opinion on theseaccounts was unqualified and did not contain any statement under section 237 ofthe Companies Act 1985. 3. Turnover from the sale of land and development properties is £0.76 million(2004: £5.94 million). The gross profit from the sale of land and developmentproperties is £0.30 million (2004: £2.13 million). Turnover from the provisionof medical services by DOCTORnow Limited is £nil (2004: £0.11 million). Thesemedical services were provided at a gross profit of £nil (2004: gross profit£0.04 million). Turnover from the public house activities is £0.36 million(2004: £0.33 million) at a gross profit of £0.15 million (2004: £0.10 million). 4. No interim dividend will be payable (six months ended 30 September 2004 -nil). 5. Basic and diluted earnings per share have been calculated based on4,556,520 ordinary shares in issue during the period to 30 September 2005(4,556,520 ordinary shares during the periods to 31 March 2005 and 30 September2004). Basic and diluted earnings per share have been calculated using profit after taxresults as follows: Six months Six months Year ended ended ended 30 September 30 September 31 March 2005 2004 2005 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Profit after tax of continuing 836 2,397 3,326operations Profit/(loss) after tax of discontinued - 4 (20)operations __________ __________ __________Profit after tax 836 2,401 3,306 __________ __________ __________ 6. Copies of the interim report will be sent to shareholders shortly.Further copies of the interim report will be available from the Company'sregistered 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