Final Results

Comland Commercial PLC
04 August 2005


Chairman's Statement

I have pleasure in reporting to you on the year ended 31 March 2005.

Results

In the year to 31 March 2005 the turnover of the Group was £6.70 million (2004:
£0.13 million).  This figure includes the revenue from property disposals and
from trading in DOCTORnow and The Hollywood Arms.  Gross profit was £2.62
million (2004: gross loss £0.41 million).  Other operating income, which is
primarily rental income, has increased to £7.05 million (2004: £6.86 million).
Operating profit has increased to £7.80 million (2004: £4.75 million).  Pre-tax
profits are £4.67 million (2004: £2.35 million) after finance costs of £3.12
million (2004: £2.41 million).  No dividend will be paid.

Property Disposals

During the year we sold Vantage Point in Hemel Hempstead for £2.5 million and
Unit 1, Thomas Road, Wooburn Green for £3.44 million.

Future Developments and Planning

We continue to focus on alternative and enhanced uses for our sites. We are
suffering from the usual frustrations with the planning process but we are
currently working with the various planning authorities on ten future
development schemes.

Mercury Park

Since the year end we have carried out works on the former DOCTORnow premises to
enable us to re-let the space. A new tenant moved into this 3,430 square foot
ground floor office in May 2005 on a five year lease. A five year letting for
the remaining vacant 3,000 square foot first floor office has also been
completed since the year end.

Chairman's Statement (continued)

DOCTORnow

We discontinued this business during the year. The NHS is still very deeply
engrained in the British culture and we were very disappointed at the public
response to what we believed was an excellent service.

Acquisitions

During this financial year we acquired The Hollywood Arms, London.

In June 2005 we completed the acquisition of a site just off the high street in
Marlow which has planning permission for approximately 10,000 square feet of
office space. We intend to submit a revised scheme for this site and subject to
gaining approval we intend to start the construction of this building on a
speculative basis as soon as possible.

The Future

In a low inflation atmosphere, with the expectation of falling interest rates,
we maintain our belief that commercial property is an attractive asset class. We
shall continue to develop our interest in locations well known to us where there
is high rental demand. Against this background we remain positive about the
prospects for our business. We are comfortable with our level of gearing and
thus any further significant acquisitions are likely to be financed from
realisations.

SJ Crossley

Chairman


Consolidated Profit & Loss Account

                                  Notes       Continuing Operations     Discontinued      
                                                       Acquisitions       Operations             Total       Total      
                                              2005             2005             2005              2005        2004
                                             £'000            £'000            £'000             £'000       £'000

Turnover                                     5,945              613              139             6,697         131
Cost of sales                               (3,614)            (390)             (75)           (4,079)       (539)
                                         ___________      ___________      ___________      ___________  ___________
                                         
Gross profit/(loss)                          2,331              223               64             2,618        (408)

Administrative expenses                     (1,397)            (252)            (214)           (1,863)     (1,708)
Other operating income                       7,048                -                -             7,048       6,864
                                         ___________      ___________      ___________      ___________  ___________
                                         
Operating profit                             7,982              (29)            (150)            7,803       4,748
Profit on disposal of trade                      -                -                8                 8           -
(Loss)/profit on disposal of                   (25)               -               (2)              (27)          5
fixed assets
                                         
Profit/(loss) on ordinary                    7,957              (29)             (144)           7,784       4,753
activities before interest
                                         ___________      ___________      ___________      ___________  ___________
Interest receivable and similar                                                                      3           -
income
Interest payable and similar                                                                    (3,122)     (2,407)
charges                                                                                     ___________  ___________
                                         
Profit on ordinary activities                                                                    4,665       2,346
before taxation
Tax on profit on ordinary                                                                       (1,359)       (747)
activities                                                                                  ___________  ___________

Profit on ordinary activities                                                                    3,306       1,599
after taxation
Ordinary Dividend                   4                                                                -           -
Retained profit for the  year                                                                    3,306       1,599
                                                                                            ___________  ___________
Basic and fully diluted earnings    5                                                            72.6p       35.1p
per share


The Group has no recognised gains or losses other than the results for each
year.


Consolidated Balance Sheet


                                                                             March 31          March 31
                                                                     Notes       2005              2004
                                                                                £'000             £'000
Fixed assets
Tangible assets                                                                 2,736               356
Investments                                                                        92                 -
                                                                           ___________       ___________
                                                                                2,828               356
Current assets
Stocks                                                                         65,082            68,314
Debtors                                                                         3,313             3,990
Cash at bank and in hand                                                       24,811            24,367
                                                                           ___________       ___________
                                                                               93,206            96,671

Creditors: Amounts falling due within one year                                (30,260)          (36,112)
                                                                           ___________       ___________
Net current assets                                                             62,946            60,559
                                                                           ___________       ___________
Total assets less current liabilities                                          65,774            60,915
Creditors: Amounts falling due after more than one year                       (52,121)          (50,568)

                                                                           ___________       ___________
Net assets                                                                     13,653            10,347
                                                                           ___________       ___________

Capital and reserves
Called-up share capital                                                           456               456
Capital redemption reserve                                                         25                25
Other reserve                                                                   2,880             2,880
Profit and loss account                                                        10,292             6,986
                                                                           ___________       ___________
Equity shareholders' funds                                             6       13,653            10,347
                                                                           ___________       ___________
                                                                             


                                                                          Notes     2005             2004
                                                                                   £'000            £'000
Net cash inflow/(outflow) from operating activities                         7     11,093           (5,413)
Returns on investments and servicing of finance
- Interest received                                                                    3                -
- Interest paid                                                                   (3,082)          (2,470)
                                                                              ___________      ___________
Net cash outflow from returns on investments and servicing of finance             (3,079)          (2,470)

Taxation                                                                          (1,431)             (53)


Capital expenditure
- Payments to acquire tangible fixed assets                                       (2,640)            (169)
- Payments to acquire fixed asset investments                                        (92)
- Receipts from sale of tangible fixed assets                                         42               68
                                                                              ___________      ___________
                                                                                   
                                                                                  (2,690)            (101)
Acquisitions and disposals
Receipts from sale of trade                                                            8                -

Net cash inflow/(outflow) before financing                                         3,901           (8,037)
Financing
- New bank loans                                                                   7,580            17,513
- Repayment of bank loans                                                         (3,863)           (3,741)
- Repayment of other loans                                                        (5,589)           (5,443)
                                                                              ___________      ___________
Net cash (outflow)/inflow from financing                                          (1,872)            8,329
                                                                              ___________      ___________
Increase in cash in the year                                                8      2,029               292
                                                                              ___________      ___________
                                                                                   

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 
     2004.
     
2.   The summarised financial information has been extracted from the unaudited
     accounts of the Group for the year ended 31 March 2005.  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 2004 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 2005, 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
     September 2005 and will be available from the Company's Head Office at 
     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
     4,556,520 ordinary shares being in issue during the period to 31 March 2005
     (4,556,520 ordinary shares during the period to 31 March 2004).

6.   The movement in shareholders' funds is analysed as follows:-
                                                                                2005            2004
                                                                               £'000           £'000

Shareholders' funds at 1 April                                                10,347           8,748
Profit for the year                                                            3,306           1,599
                                                                         ___________     ___________
Shareholders' funds at 31 March                                               13,653          10,347
                                                                         ___________     ___________
                                                                              
     
7.   Reconciliation of operating profit to net operating cash outflow
                                                                                     2005            2004
                                                                                    £'000           £'000
Operating profit                                                                    7,803           4,748
Decrease/(increase) in stocks                                                       3,232         (10,484)
Decrease/(increase)  in debtors                                                       691            (263)
(Decrease)/increase in creditors                                                     (809)            472
Depreciation                                                                          176             114
                                                                              ___________     ___________
Net cash inflow/(outflow) from operating activities                                11,093          (5,413)
                                                                              ___________     ___________
                                                                              



8.    Analysis and reconciliation of net debt
                                              31 March                         Non cash      31 March
                                                  2004         Cashflow       movements          2005
                                                 £'000            £'000           £'000         £'000
                                                                               
Cash in hand and at bank                        24,361              444              6         24,811
Bank overdraft                                 (25,875)           1,585              -        (24,290)
                                             __________       __________      __________    __________
Net cash                                        (1,514)           2,029              6            521

Bank loans due within one year                  (3,977)           3,863           (460)          (574)
Bank loans due after one year                  (45,001)          (7,580)           460        (52,121)
Other loans due after one year                  (5,567)           5,589            (22)             -
                                             __________       __________      __________    __________
Net debt                                       (56,059)           3,901            (16)       (52,174)
                                             __________       __________      __________    __________


                                                                          2005              2004
                                                                         £'000             £'000

Increase in cash in the year                                             2,029               292
Cash inflow/(outflow) from debt financing                                1,872            (8,329)
                                                                     __________        __________
Change in net debt resulting from cash flows in the year                 3,901            (8,037)
Exchange (loss)/gain on other loans                                        (22)              151
Other non cash movements                                                     6                 -
Net debt at 1 April                                                    (56,059)          (48,173)
                                                                     __________        __________
Net debt at 31 March                                                   (52,174)          (56,059)
                                                                     __________        __________


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