Interim Results

Comprop Limited 28 December 2001 ComProp Limited Interim statement For the half year to 30th September 2001 Financial highlights (unaudited) Half year to30th Half year to30th September2001£ '000s September2000£ '000s Operating profit 439 119 (Loss) / Profit (1,040) 14,718 before tax Earnings per share (4.7)p 107.5p Interim dividend per nil nil share Net assets per share 77.7p 78.2p Chairman's Statement Performance The Company made an operating profit of £439,000 (2000 : £119,000) in the six months to 30th September 2001. Exceptional items amounted to £1,405,000 which related to the costs of the acquisitions of IEG Properties Limited and Jones & Partners Limited. Property IEG Properties Limited, subsequently renamed ComProp Guernsey Limited was acquired on 10th August 2001 for £50.1 million. Jones & Partners Limited, a property management company, was acquired on the same date for £0.2 million. A significant proportion of the property portfolio acquired was represented by Admiral Park in St Peter Port, Guernsey. Development has continued and I am pleased to report that the new Checkers supermarket was completed in September, and opened to the public the following month. Plans are well advanced for further developing the site. Publishing The Publishing Division continued to perform well in what was a tight market for advertising spend, particularly in the tourist industry. Guernsey Finder has successfully been established alongside Guernsey Homefinder. Rental The rental business had its most successful trading period in over a decade in terms of profitability. This shows the benefit of the actions implemented by the Board last year in withdrawing from retail and third party servicing. The rental market has continued to decline; however the costs have also been further reduced Financing The Company issued 21.6 million shares raising £18.4 million and entered into borrowing arrangements for £31 million with its bankers during the period. Le Riche Group Limited became a substantial shareholder acquiring 7.5% of the Company's issued share capital. Dividends As has been previously stated it is not your Board's intention to recommend the payment of dividends for the foreseeable future. Therefore the Board has decided not to pay an interim dividend. Looking forward This has been yet another period of intense activity and in the next two to three years will see significant investment in Admiral Park. It is appropriate that we should pause, consolidate and take stock before embarking on the next phase of the development of your company. Directors I am pleased to welcome to your Board Nigel Jones as chief executiveand Martin Bralsford as a non-executive director. Nigel, a chartered surveyor, has been operating a very successful commercial property practice in Guernsey which had started and was heavily committed to the Admiral Park development. Martin is chief executive of Le Riche Group Ltd, owners of Checkers, was previously managing director of Premier Brands Ltd, and is also a director of several local companies. His knowledge and experience will be most useful. Tom Scott Chairman 28th December 2001 ComProp Directors T Scott (Executive Chairman) D M Bralsford (appointed 25th September 2001) C R Day (Finance Director) J P Henwood N H Jones (Chief Executive appointed 10th August 2001) E J M Potter J C Rowe Company secretary C R Day Auditors Burnett Swayne Charter Court Third Avenue Southampton SO19 0AP Bankers HSBC Bank plc PO Box 14 Library Place St Helier Jersey JE4 8NJ NatWest Offshore Limited PO Box 55 35 High Street St Peter Port Guernsey GY1 4BE Legal advisors Latham & Watkins 99 Bishopsgate London EC2M 3XF Bedell Cristin PO Box 75 26 New Street St Helier Jersey JE4 8PP Carey Langlois PO Box 98 7 New Street St Peter Port Guernsey GY1 4BZ Nominated advisor - AIM Collins Stewart Ltd. 9th Floor 88 Wood Street London EC2V 7QR Nominated broker Collins Stewart (CI) Ltd. PO Box 8 St Peter Port Guernsey GY1 4AZ Registered office Group Centre Television Centre La Pouquelaye St Helier Jersey JE2 3TP Telephone 01534 835500 E-mail charlesd@comprop.co.je Registrar Capita IRG (Jersey) Ltd. PO Box 3 44 Esplanade St Helier Jersey JE4 0XQ Transfer agent Capita IRG Ltd. Bourne House 34 Beckenham Road Beckenham Kent BR3 4TU Unaudited consolidated profit and loss account for the half year to 30th September 2001 Half year to Half year to Year to 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s Turnover Continuing operations 1,192 1,186 2,079 Acquisitions 311 - - Discontinued operations - 2,015 2,015 Total turnover 1,503 3,201 4,094 Cost of sales (357) (709) (846) Gross profit 1,146 2,492 3,248 Operating expenses (707) (2,373) (4,037) Operating profit Continuing operations 205 293 (243) Acquisitions 234 - - Discontinued operations - (174) (546) Total operating profit 439 119 (789) Exceptional items (1,405) 14,300 14,252 Profit on ordinary activities (966) 14,419 13,463 before interest and taxation Net interest (payable) / receivable (74) 299 598 (Loss) / Profit on ordinary activities (1,040) 14,718 14,061 before tax Tax on profit on ordinary activities 101 (61) (58) Profit on ordinary activities after (939) 14,657 14,003 taxation Dividends - (17,167) (17,167) Retained (loss) / profit for the period (939) (2,510) (3,164) Earnings per share (4.7)p 107.5p 102.6p Unaudited cosolidated balance sheet at 30th September 2001 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s Fixed assets Tangible fixed assets 53,496 997 1,485 Investments 172 - - Total fixed assets 53,668 997 1,485 Current assets Stocks & work in progress 45 21 34 Debtors 948 915 450 Cash at bank 4,585 27,531 9,541 5,578 28,467 10,025 Creditors Bank borrowings (10,315) - - Amounts falling due within one year (2,452) (1,439) (1,463) Dividends payable - (17,167) - Net current assets (7,189) 9,861 8,562 Total assets less current liabilities 46,479 10,858 10,047 Creditors Amount falling due after more than one (19,000) (160) (3) year Net assets 27,479 10,698 10,044 Capital and reserves Share capital 1,767 687 687 Reserves 25,712 10,011 9,357 Equity shareholders' funds 27,479 10,698 10,044 Net assets per 5p of share capital 77.7p 78.2p 73.1p Unaudited consolidated cash flow statement Half year to Half year to Year to 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s Net cash flow from operating 537 795 1,208 activities Returns on investment & servicing of 237 299 527 finance Taxation 1 (348) (350) Capital expenditue & financial (1,985) 10,010 9,710 investment Acquisitions and disposals (51,225) 15,720 14,558 Dividends paid - - (17,167) Financing 37,364 334 334 (Decrease) / increase in cash (15,071) 26,810 8,820 balances Statement of total recognised gains and losses There are no recognised gains and losses in any of the above periods other than those set out in the profit and loss account. Reconciliation of movement in shareholders' funds Half year to Half year to Year to 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s (Loss) / profit for the financial (939) 14,657 14,003 period Dividends - (17,167) (17,167) Goodwill written back - 3,291 3,291 New share capital issued 18,374 234 234 Net movement in shareholders' funds 17,435 1,015 361 Opening shareholders' funds 10,044 9,683 9,683 Closing shareholders' funds 27,479 10,698 10,044 Notes to the interim statement 1 Basis of preparation The interim financial information has been prepared on the basis of the accounting policies set out in the Company's 31st March 2001 Report and Accounts. The results and balance sheet relating to the year ended 31st March 2001 have been extracted from the Company's full accounts on which there was an unqualified audit report. 2 Segmental information Half year to Half year to Year to 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s Turnover - continuing operations Property 121 204 219 Publishing 381 282 537 Rental 602 644 1,255 Other 88 36 68 1,192 1,166 2,079 Turnover - acquisitions Property 311 - - Turnover - discontinued activities Broadcast - 1,287 1,287 Production - 110 110 Retail and service - 618 618 - 2,015 2,015 Turnover - total 1,503 3,181 4,094 3 Net interest payable Half year to Half year to Year to 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s Interest payable on borrowings (266) (3) (17) Interest receivable on loans 192 302 615 advanced (74) 299 598 Notes on the interim statement 4 Exceptional items Half year to Half year to Year to 30th September 30th September 31st March 2001 2000 2001 £ '000s £ '000s £ '000s IEG Properties acquisition costs (1,235) - - Jones & Partners goodwill write off (170) - - Channel Television profit on - 14,281 14,386 disposal Bourne Group loss on disposal - (1,225) (1,252) Gain on sale of properties - 3,765 3,730 Head office restructuring costs - (25) (26) Channel Rentals restructuring costs - (419) (509) Rediffusion Channel Island goodwill - (2,077) (2,077) (1,405) 14,300 14,252 IEG Properties Limited, subsequently renamed ComProp Guernsey Limited, was acquired on 10th August 2001. Included in the costs are £27,000 fees paid to BGL Reads Limited in respect of services provided by John Rowe. Jones & Partners Limited was acquired on 10th August 2001. Channel Television Limited was sold in June 2000. No claim has been received in respect of warranties. The warranty period expired on 13th December 2001. Bourne Group Limited was sold in May 2000. The freehold properties Television Centre and Television House were sold in September 2000. Head office was restructured as a result of the sale of Channel Television. Channel Rentals withdrew from retailing and third party servicing in the summer of 2000. These activities had been transferred from Rediffusion Channel Islands Limited several years ago, goodwill having previously been written off to reserves. 5 Taxation Jersey and Guernsey income tax is provided at 20% on the relevant taxable profits. Deferred tax provided in accordance with FRS19.

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