Final Results

Cardiff Property PLC
30 November 2001


                           The Cardiff Property plc

                   56 Station Road, Egham, Surrey TW20 9LF
                    Tel: [phone]    Fax: [phone]
                    E-mail: [e-mail]
                        Web: www.cardiff-property.com


FOR RELEASE                 7.00 AM                            30 NOVEMBER 2001

(The group, including Campmoss, specialises in property investment and
development in the Thames Valley. The portfolio, valued at £30m, 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 2001

HIGHLIGHTS

Group turnover £5.8m (2000: £8.0m)
Property sales £4.2m (2000: £6.6m)
Net asset value per share 652p (2000: 575p)                              + 13%
Profit before tax £2.3m (2000: £2.6m)                                    - 12%
Earnings per share 76.4p (2000: 90.7p)                                   - 15%
Total dividend for the year 5.6p per share (2000: 4.8p)                  + 17%
Final dividend 4.0p per share (2000: 3.4p)
Gearing nil (2000: nil)

Richard Wollenberg, chairman commented:

'The group, including Campmoss, has performed well over the year. The sale of
completed developments realised substantial profits and has placed the group
in a good position to benefit from any uncertainty in the property market.

The directors continue to take a cautious view of the market and it is,
therefore, likely that profit from development will be reduced in the current
year.'

For further information
The Cardiff Property plc             Richard Wollenberg       01784 437444
Old Mutual Securities Ltd            Kevin Wilson             0161 819 2110
Binns & Co Public Relations Ltd      Brian Coleman-Smith      020 7786 9600



Chairman's statement

Dear shareholder

The group, including Campmoss Property, has performed well over the year. The
sale of completed developments realised substantial profits and the cash
generated has placed the group in a good position to benefit from any
uncertainty in the residential or commercial property market.

For the year under review pre-tax profits for the year to 30 September 2001
totalled £2.26m (2000: £2.56m) on a turnover of £5.8m (2000: £8.0m). These
figures include gross rental income of £1.64m (2000: £1.45m) and the sale of
completed development property totalling £4.2m (2000: £6.6m). The contribution
from Campmoss Property, our 47.62% joint venture undertaking, amounted to £
0.20m (2000: £0.15m).

The sale of completed developments relates to the disposal of a substantial
country house at Hambledon and a recently completed residential property at
Brookwood, both located in Surrey. In the second half of the year two
investment properties were sold namely, Strathclyde House, Hatton Cross,
Hounslow, and, a residential property located in Reading.

Net profits attributable to shareholders amounted to £2.11m (2000: £2.56m) and
earnings per share were 76.4p (2000: 90.7p).

Dividend
The directors recommend a final dividend of 4.0p per share (2000: 3.4p) making
a total dividend for the year of 5.6p per share (2000: 4.8p) an increase of
17%. The final dividend will be paid on 15 February 2002 to shareholders on
the register on 18 January 2002.

Financial
The group's balance sheet remains strong. At the year end our commercial and
residential investment portfolio, valued annually by Healey & Baker and
Aitchison Raffety respectively, produced a value of £6.21m (2000: £7.03m). The
reduced figure for this year reflects the two investment sales referred to
earlier but excludes property awaiting either planning permission or in the
course of development, which is included as stock in the balance sheet at
cost.

Net assets of the group increased to £17.0m (2000: £16.1m) equivalent to 652p
per share (2000: 575p) an increase of 13.4% over the year. Included in this
figure is £4.6m (2000: £4.4m) relating to our share of the net assets of
Campmoss.

The group has long-term borrowings of £3.2m (2000: £3.2m) and additional bank
borrowing facilities linked to base rate. At the balance sheet date, cash
balances on deposit exceeded borrowings leading to nil gearing (2000: nil).

The Thames Valley, Heathrow, the M25, M4 and M3 motorways
Your board remains committed to investing in and developing property within
the Thames Valley but, as stated at the half-year stage, is taking a cautious
view when appraising new projects.

Concerns relating to the slow down in the US and UK economies have inevitably
influenced expansion plans for the telecom, media and technology sectors.
Historically, this sector has accounted for probably half of the total office
take up in the M25 area, and although the number of new office schemes under
construction remains relatively low, the availability of previously let modern
office space has increased. The prospects of rental growth in the short term
have therefore been very much diminished; indeed the trend will be for
prospective tenants to be offered lease flexibility and other incentives.

Institutional and private investors are adopting a more conservative view in
their rental projections yet property yields remain extremely attractive when
compared with other forms of income producing investments. Whilst yields may
harden, property located within the Thames Valley will continue to have a
place in the majority of institutional and private portfolios. Office rents
within the southwestern sector of the M25 have shown consistent growth over
the last five years, therefore some softening in the market place is to be
expected.

The majority of our group's property acquisitions revolve around the obtaining
of planning consents which if successful should result in additional space
being obtained and the opportunity to develop new buildings to a high and
modern standard. Premium rents are usually achieved for new property although
location and good parking facilities have historically also been important
factors. As shareholders are aware this is our preferred route of investment
which if successful can create substantial value.

Residential values in Surrey and Berkshire have seen some reductions but
demand for new homes in this environmentally pleasant area remains high. Low
interest rates and the continued difficulty and lengthy process of obtaining
planning permission for new homes should limit any further downward movement.

Commercial investments
We disposed of one commercial property investment during the year. The
majority of our investment portfolio is located to the west of Heathrow
Airport, at Windsor and Egham. We also retain a commercial property in Cardiff
where we hope to agree a new lease with the current tenant, Consignia plc
(formerly The Royal Mail).

These properties, primarily let to good covenants on long term institutional
leases, produce an annual gross rental income of £451,000.

Commercial developments
The Windsor Business Centre totalling 20,000 sq ft is now fully let. The six
individual business units produce an annual gross rental income of £210,000.
Upgrading works at one of the units have now been completed and similar works
at a further unit are being negotiated with the tenant.

At the White House, High Street, Egham, rent reviews are due to take place in
March 2002. The current annual rental totals just over £160,000.

Residential
During the year we completed the sales of an investment property in Reading
and of our major residential project at Hambledon, Surrey. At Clarence Road,
Windsor, planning permission has been granted for the development of eight
apartments and discussions are currently taking place with regard to a sale of
the property.

In August this year, we completed the purchase of two residential properties
located in Virginia Water, Surrey. Planning applications have been submitted
for either one new substantial house, or two replacement houses. The existing
properties are situated within the Green Belt in approximately two acres of
land.

Campmoss Property Company Limited
Campmoss retains a number of commercial property investments, all developed by
the company, located in Woking, Burnham and Bracknell. The annual rental
income from these investments is in excess of £1.7m.

At Maidenhead, planning consents for two separate buildings totalling 41,000
sq ft net B1 office space were granted during the year. Development of the
first 30,000 sq ft building commenced in July and should be available for
letting in Summer 2002. Demolition of the second building and construction of
a new 11,000 sq ft high-grade office building is expected to commence in the
New Year.

At Tangley Place, Worplesdon, Surrey and Gowring House, Bracknell, Berkshire,
discussions continue with the local planning authority to obtain new office
planning consents. Whilst these discussions continue, Gowring House remains
let on short-term leases.

Campmoss has recently finalised additional borrowing facilities, which,
together with cash balances, will fund the current development programme. At
the year-end net borrowings totalled £10.9m (2000: £10.8m). Gearing was 113%
(2000: 117%).

The directors of Campmoss value the company's investment property portfolio
annually, taking into account external advice where required and market
conditions. Property in the course of development is valued at cost. The total
portfolio at 30 September 2001 was valued at £21.6m (2000: £20.7m). I remain a
director of Campmoss.

Quoted investments
We have retained our shareholdings in HACAS Group PLC, The Celltalk Group plc
and Grantchester Holdings PLC. The latter holding was reduced following a
capital reorganisation and cash payment to shareholders in January this year.
The market value of our quoted portfolio remains in excess of cost, despite
current market conditions. I remain a director of HACAS and Celltalk, both of
which are quoted on the AIM market.

Management and staff
It is a tribute to our small management team that we have again achieved
another successful year. On behalf of shareholders I wish to take this
opportunity of thanking all members of the group, including our joint venture
partners, for their support and hard work over the year.

Post-balance sheet events and outlook
At Ashleigh Lodge, Virginia Water, Surrey, further detailed discussions have
taken place with the local authority and I am optimistic of an early planning
permission being granted. A number of offers have been made for residential
properties and we currently await the outcome of these proposals. At
Maidenhead, the construction of our new 30,000 sq ft office building is ahead
of schedule and within budget.

Your directors continue to take a cautious view of the market and it is
likely, therefore, that profit from development will be reduced in the current
year. Rental income, excluding new projects, is expected to be similar to the
year under review.

It is important to note that the fundamental aspects of office and residential
property located in the western sector of the M25 motorway and to the west of
London remains resilient to the many uncertainties that currently surround
financial markets. The strong financial base will allow the group to select
its opportunities carefully and I look forward with cautious optimism to a
challenging market over the next 12 months.

J Richard Wollenberg
Chairman



Consolidated profit and loss account
for the year ended 30 September 2001
                                                                   2001    2000
                                                                  £'000   £'000
Turnover
          Group and share of joint venture undertaking            5,822   8,012
          Less: share of joint venture undertaking                (820)   (785)
                                                                 ______  ______
          Group turnover                                          5,002   7,227
Cost of sales                                                   (2,993) (4,357)
                                                                 ______  ______
Gross profit                                                      2,009   2,870
Administrative expenses                                           (473)   (512)
Other operating income                                              184     167
                                                                 ______  ______
Operating profit
          Group                                                   1,720   2,525
          Share of operating profit in joint venture                615     570
          undertaking
                                                                 ______  ______
 Total                                                            2,335   3,095
Profit on sale of investment property (group)                       247       -
Profit on sale of other investments (group)                         141       -
Amounts written off investments (group)                           (208)    (50)
                                                                 ______  ______
Profit on ordinary activities before interest                     2,515   3,045
Interest receivable and similar income
          Group                                                     398     174
          Share of joint venture undertaking                         14       2
Interest payable
          Group                                                   (229)   (242)
          Share of joint venture undertaking                      (434)   (420)
                                                                 ______  ______
Profit on ordinary activities before taxation                     2,264   2,559
Tax on profit on ordinary activities                              (148)       -
                                                                 ______  ______
Profit on ordinary activities after taxation being profit for     2,116   2,559
the financial year attributable to shareholders
Dividends                                                         (148)   (134)
                                                                 ______  ______
Retained profit for the financial year                            1,968   2,425
                                                                  =====   =====
Earnings per share - pence
   Basic                                                           76.4    90.7
   Diluted                                                         75.2    89.6
                                                                 ______  ______

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



Consolidated statement of total recognised gains and losses
for the year ended 30 September 2001
                                                                    2001   2000
                                                                   £'000  £'000
Profit for the financial year                                      2,116  2,559
Unrealised (deficit)/surplus on revaluation of investment           (90)    327
properties in the year
Share of unrealised surplus on revaluation of investment               -    286
properties in joint venture undertaking
                                                                  ______ ______
Total recognised gains and losses relating to the financial year   2,026  3,172
                                                                   =====  =====



Consolidated balance sheet
at 30 September 2001

                                                  2001              2000
                                               £'000    £'000    £'000    £'000
Fixed assets:
Tangible assets:
          Investment properties                         6,210             7,025
          Other                                             7                18
                                                       ______            ______
                                                        6,217             7,043
Investments:
Investment in joint venture undertaking
          Share of gross assets               11,377            10,401
          Share of gross liabilities         (6,786)           (6,005)
                                              ______            ______
                                               4,591             4,396
Other investments                                608               748
                                              ______            ______
                                                        5,199             5,144
                                                       ______            ______
                                                       11,416            12,187
Current assets
Stock and work in progress                     2,106             3,290
Debtors                                          394             1,825
Cash at bank and in hand                       7,964             3,464
                                              ______            ______
                                              10,464             8,579
Creditors: amounts falling due within one    (1,008)           (1,301)
year                                          ______            ______
Net current assets                                      9,456             7,278
                                                       ______            ______
Total assets less current liabilities                  20,872            19,465
Creditors: amounts falling due after more             (3,200)           (3,200)
than one year
Provisions for liabilities and charges                  (640)             (205)
                                                       ______            ______
Net assets                                             17,032            16,060
                                                        =====             =====
Capital and reserves
Called up share capital                                   523               559
Share premium account                                   4,815             4,815
Investment property revaluation reserve                 4,162             4,242
Other reserves                                          2,111             2,075
Profit and loss account                                 5,421             4,369
                                                       ______            ______
Shareholders' funds - equity                           17,032            16,060
                                                        =====             =====



Consolidated cash flow statement
for the year ended 30 September 2001
                                                                   2001    2000
                                                                  £'000   £'000
Cash inflow from operating activities                             4,572   3,272
Returns on investment and servicing of finance                      157    (44)
Taxation                                                              -     (5)
Capital expenditure and financial investment                        995   (428)
Equity dividends paid                                             (139)   (123)
                                                                 ______  ______
Cash inflow before financing                                      5,585   2,672
Financing                                                         (805)   (534)
                                                                 ______  ______
Increase in cash in the year                                      4,780   2,138
                                                                  =====   =====

Reconciliation of net cash flow to movement in net funds/(debt)
Increase in cash and movement in net funds/(debt) in the year     4,780   2,138
resulting from cash
   flows
Net debt at beginning of year                                      (50) (2,188)
                                                                 ______  ______
Net funds/(debt) at end of year                                   4,730    (50)
                                                                  =====   =====
Reconciliation of operating profit to net cash inflow from
operating activities
Operating profit - group                                          1.720   2,525
Depreciation charges                                                 11      13
Decrease in stock and work in progress                            1,184   1,714
Decrease/(increase) in debtors                                    1,473 (1,425)
Increase in creditors and provisions                                184     445
                                                                 ______  ______
Net cash inflow from operating activities                         4,572   3,272
                                                                  =====   =====



Summary preliminary results
for the year ended 30 September 2001
                                                                     2001  2000
                                                                    £'000 £'000
Turnover                                                            5,822 8,012
Gross rental income                                                 1,637 1,454
Profit on ordinary activities before taxation                       2,264 2,559
Taxation                                                            (148)     -
Profit for the financial year attributable to shareholders          2,116 2,559
Dividend:             Interim    1.6p (2000: 1.4p) per share           44    39
                      Final      4.0p (2000: 3.4p) per share          104    95

Earnings per share:   Basic                                          76.4  90.7
                      Diluted                                        75.2  89.6

Notes

i)   Basic earnings per share has been calculated using the weighted average
     number of ordinary shares in issue during the year of 2,769,889 (2000:
     2,822,242). Diluted earnings per share has been calculated in accordance
     with FRS14.

ii)  The taxation charge represents tax on profits of the year less management
     expenses brought forward.

iii) The board recommends that the final dividend be increased to 4.0p (2000:
     3.4p) payable on 15 February 2002 to shareholders on the register at 18
     January 2002, giving a total increase for the year of 17%.

iv)  The annual general meeting will be held on 15 January 2001.

v)   The financial information for the year ended 30 September 2000 has been
     extracted from the audited financial statements which have been filed with
     The Registrar of Companies. The auditor's report on these financial
     statements was unqualified.

vi)  The financial information for the year ended 30 September 2001 has been
     extracted from the audited financial statements which will shortly be sent
     to shareholders and filed with The Registrar of Companies. The auditor's
     report on these financial statements is unqualified.

vii) The financial information contained in this preliminary announcement does
     not constitute statutory accounts within the meaning of S240 of the
     Companies Act 1985.