Interim Results

Comland Commercial PLC 21 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 ended 30 September 2005. RESULTS In the six month period to 30 September 2005 the turnover of the Group was £1.12 million (2004: £6.38 million). Included in this figure is revenue from property disposals and the activities of The Hollywood Arms. Gross profit for the six months to 30 September 2005 was £0.45 million (2004: gross profit £2.27 million). Other operating income, which is primarily rental income, was £3.12 million (2004: £3.73 million). Operating profit was £2.79 million (2004: £4.98 million). Pre tax profits for the six months were £1.19 million (2004: £3.43 million). No interim dividend will be paid. PROPERTY DISPOSALS As reported in the annual report and accounts for the year to 31 March 2005, we completed the sale of 22-24 King Street, Maidenhead in June 2005. We have agreed terms on the sale of another property in High Wycombe which we hope to exchange on prior to Christmas and complete in the New Year. In addition we have two residential units in Marlow and one of our office units in Basingstoke under offer. ACQUISITIONS During the six month period to 30 September 2005 our only acquisition has been the site just off the High Street in Marlow which has planning permission for approximately 10,000 square feet of office space. We have submitted a revised scheme for this site and await approval prior to starting clearance of the site and construction work. We recently completed the acquisition of a 12,000 square feet office building in the centre of Windsor for £3.78 million plus costs. This property has short term income under the current lease until the middle of next year. In the New Year we will review our options following negotiations with the existing tenant. Given the strong location of this building and its flexible design we expect there to be a number of possibilities for future use. DEVELOPMENTS In October we started work on a small retail and residential flat development at Prospect House, Farnham Common. This is due to be completed in June 2006. Subject to planning, we hope to start at least two further developments during 2006. FUTURE Property yields and therefore relative returns continue to fall in a commercial property market where the demand to acquire commercial property is being fuelled by an increasing number of well funded buyers chasing fewer quality opportunities. As always, interest rates hold the key to the future of the property market. In the absence of any significant change in rates we remain positive about the outlook for our business and are comfortable with its level of gearing. As in the past, any significant future acquisitions will be financed from disposal proceeds. 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 - - 8 Loss on disposal of fixed assets (6) - (27) Interest (1,588) (1,555) (3,119) __________ __________ __________ Profit on ordinary activities before 1,193 3,429 4,665 taxation Taxation (357) (1,028) (1,359) __________ __________ __________ Profit on ordinary activities after 836 2,401 3,306 taxation Dividend 4 - - - Profit for the period 836 2,401 3,306 __________ __________ __________ Basic and diluted earnings per share of 5 18.3p 52.6p 73.0p continuing 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 72.6p on 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 Assets Tangible 2,669 2,945 2,736 Investments 92 - 92 __________ __________ __________ 2,761 2,945 2,828 __________ __________ __________ Current Assets Stock 65,962 64,857 65,082 Debtors 3,302 3,533 3,313 Cash 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 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 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 of finance Interest paid (1,584) (1,496) (3,079) UK Corporation Tax (666) (9) (1,431) Capital expenditure and financial 14 (2,643) (2,690) investment Acquisitions and disposals - - 8 __________ __________ __________ Net cash (outflow)/inflow before (468) 3,786 3,901 financing __________ __________ __________ 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 most recently published set of financial statements dated 31 March 2005. 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 2005 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 £0.76 million (2004: £5.94 million). The gross profit from the sale of land and development properties is £0.30 million (2004: £2.13 million). Turnover from the provision of medical services by DOCTORnow Limited is £nil (2004: £0.11 million). These medical 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 on 4,556,520 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 September 2004). Basic and diluted earnings per share have been calculated using profit after tax results 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 3,326 operations 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'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

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