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CW Residential PLC (CWE)

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Friday 15 August, 2003

CW Residential PLC

Interim Results

CW Residential PLC
15 August 2003


Chairman's Interim Statement

Trading results

For the six month period to 30 June 2003 the Group made a profit before taxation
of £162,144 (2002: £377,715).


Encouraged by your Group's continuing strong financial position, your Directors
have therefore declared an increased interim dividend of 1.5 pence per share
(2002: 1.35 pence per share).  The dividend will be payable on 16 September
2003, to shareholders on the register on 29 August 2003.


In the six months to 30 June 2003, your Group has completed the sale of two
investment properties totalling £180,500.  Both were in excess of their 2002
year end valuation.  In the recent past, your Directors have found it difficult
to acquire further investment properties at what they regard as sensible prices.
However, as levels of expectation of house price inflation fall, your
Directors believe that this situation may now be altering, and intend to take
full advantage of any such change.  As in previous years, it is intended to
re-value your Group's investment portfolio at the end of the year.

Turning to our house building division, since 31 December 2002 our three
remaining houses in Wells were sold at satisfactory prices.  Our Grade II listed
8 flat development in Edgbaston is on schedule to be completed this Autumn,
following which marketing will begin.  At Rochester we are finalising the plans
for our 23 flat development and will then go to tender.  In Maidstone we have
submitted an application for a small flat development on land over which we hold

As previously advised to shareholders, due to the timing of our development
programme and to the slow down in house prices increases, shareholders should
not expect a significant increase in profitability levels in the second half of
the year compared with the first half of 2003.  However, your company continues
to progress its development programme and is well placed to take advantage of
any interesting development opportunities that may present themselves.

Robert Dory

15 August 2003


                                           Note         30 June 2003          30 June 2002        31 December 2002
                                                        £                     £                   £

Turnover                                      1         528,020               1,553,188           3,610,110
Cost of sales                                           (323,938)             (1,067,285)         (2,631,625)
                                                        -----------           -----------         -----------

Gross profit                                            204,082               485,903             978,485
Administrative expenses                                 (104,866)             (126,854)           (255,343)
                                                        -----------           -----------         -----------
Operating profit                                        99,216                359,049             723,142
Profit on sale of investment properties                 8,781                 36,315              76,115
Interest receivable/(payable) and similar               47,480                (19,316)            6,502
Income from other fixed asset investments               6,667                 1,667               1,667
                                                        -----------           -----------         -----------

Profit on ordinary activities before                    162,144               377,715             807,426

Taxation on profit from ordinary                        (32,100)              (99,700)            (205,046)

Profit on ordinary activities after                     130,044               278,015             602,380
                                                        -----------           -----------         -----------
Dividends                                     2         (57,825)              (55,586)            (110,092)

                                                        -----------           -----------         -----------
Retained profit for the period                          72,219                222,429             492,288
                                                        ===========           ===========         ===========
Earnings per share                                      3.25p                 6.64p               14.58p
Dividends per share                                     1.50p                 1.35p               2.70p


                                                     30 June 2003         30 June 2002         31 December 2002
                                                     £                    £                    £
Fixed assets
Investment properties                                2,980,138            3,121,496            3,146,889
Other tangible fixed assets                          4,165                7,374                4,771
Investments                                          267,249              267,249              267,249
                                                     ----------           ----------           ---------

                                                     3,251,552            3,396,119            3,418,909
Current assets
Development properties                               1,458,534            2,014,600            1,309,294
Debtors                                              177,624              160,877              104,904
Cash at bank                                         1,500,030            237,476              1,635,646
                                                     ----------           ----------           ---------

                                                     3,136,188            2,412,953            3,049,844

Amounts falling due within one year                  (520,579)            (529,312)            (476,461)
                                                     ----------           ----------           ---------
Net current assets                                   2,615,609            1,883,641            2,573,383
                                                     ----------           ----------           ---------
Net assets                                           5,867,161            5,279,760            5,992,292
                                                     ==========           ==========           =========

Capital and reserves
Called up share capital                              1,927,500            2,058,750            2,018,750
Share premium                                        535,207              535,207              535,207
Profit and loss account                              1,813,577            1,422,080            1,886,231
Revaluation reserve                                  1,339,627            1,143,723            1,392,104
Capital redemption reserve                           251,250              120,000              160,000
                                                     ----------           ----------           ---------
                                                     5,867,161            5,279,760            5,992,292
                                                     ==========           ==========           =========

Net asset value per share                            152.2p               128.2p               148.4p

The financial information contained in this announcement does not constitute
statutory financial statements within the meaning of s.240 of the Companies Act



1    Turnover and profit recognition

     Turnover comprises rent receivable on investment properties and gross 
     proceeds from sales of development properties.  Turnover is derived 
     entirely from the Group's principal activities and arose wholly within the 
     United Kingdom.  Direct expenses on rental income include letting fees, 
     maintenance and property insurance.

                                                      30 June 2003        30 June 2002         31 December 2002
                                                      £                   £                    £

       Rent receivable                                93,230              111,502              189,620
       Gross proceeds on sales of development         434,790             1,441,686            3,420,490
       properties                                     ----------          ----------           ---------
                                                      528,020             1,553,188            3,610,110
                                                      ==========          ==========           =========
       Cost of sales
       Direct expenses on rental income               58,374              76,175               132,980
       Cost of sales of development                   265,564             991,110              2,498,645
       properties                                     ----------          ----------           ---------
                                                      323,938             1,067,285            2,631,625
                                                      ==========          ==========           =========
       Gross profit
       Rental income profit                           34,856              35,327               56,640
       Profit on sales of development                 169,226             450,576              921,845
       properties                                     ----------          ----------           ---------
                                                      204,082             485,903              978,485
                                                      ==========          ==========           =========
2    Dividends

     The directors have declared an interim dividend of 1.5 pence (2002: 1.35 
     pence per share) per ordinary share payable on 16 September 2003 to 
     shareholders registered on 29 August 2003 with an ex-dividend date of 27 
     August 2003.


Copies of the interim accounts will be sent to shareholders.  Further copies
will be available from the Company's registered office at No 1 Riding House
Street, London W1A 3AS for one month from this date.

15 August 2003

                      This information is provided by RNS
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