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RNS
Cardiff Property PLC  -  CDFF   

Final Results

Released 07:00 27-Nov-2018

RNS Number : 5450I
Cardiff Property PLC
27 November 2018
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

 

 

FOR RELEASE                           7.00 AM                                    27 November 2018

 

THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of £26m, 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 2018

 

 

Highlights:

 

 

 

2018

2017

 

 

 

 

 

 

Rental income

£'000

650

552

 

Profit before tax

£'000

1,114

3,359

 

Earnings per share

pence

80.6

253.7

 

Dividend per share 

   paid and proposed

 

pence

 

16.6

 

15.5

 

 

Net assets per share

pence

2,178

2,126

 

Gearing

%

Nil

Nil

 

 

 

Richard Wollenberg, Chairman, commented:

 

"A more cautious mood has been noticeable in the Thames Valley commercial property market over the last six months. Continued nervousness on the outcome of the Brexit negotiations, political uncertainty and increasing world-wide trade barriers have affected the willingness to commit to longer term contractual arrangements.

 

Despite the lower level of activity commercial property rental levels remain unchanged aided by a shortage of modern office space and small/medium sized industrial units with good parking and facilities. New Grade A office developments in certain Thames Valley locations continue to achieve high headline rents although leases are usually limited to a ten-year period. Future take up levels will however be important in determining rental growth."

 

 

For further information:

 

The Cardiff Property plc

Richard Wollenberg

01784 437444

Stockdale Securities

       Richard Johnson

020 7601 6100

       
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

 

 

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

 

Chairman's Statement and Property Review

 

 

Dear Shareholder,

A more cautious mood has been noticeable in the Thames Valley commercial property market over the last six months. Continued nervousness on the outcome of the Brexit negotiations, political uncertainty and increasing world-wide trade barriers have affected the willingness to commit to longer term contractual arrangements.

 

Despite the lower level of activity commercial property rental levels remain unchanged aided by a shortage of modern office space and small/medium sized industrial units with good parking and facilities. New Grade A office developments in certain Thames Valley locations continue to achieve high headline rents although leases are usually limited to a ten-year period. Future take up levels will however be important in determining rental growth.

 

The commercial property investment market particularly for larger units with good covenants and long term leases remains firm with private, overseas and institutional investors attracted to the high rates of income return currently available.

 

Residential sales in Surrey and Berkshire, the group's main location of activity, have experienced a slow-down and asking prices have in some cases reduced by up to 10%. Low interest rates, the availability of mortgage finance and government incentive schemes continue to assist first time buyers and are particularly important to the group's development activities. Letting enquiries remain very positive.

 

FINANCIAL

For the year to 30 September 2018 the group profit before tax was £1.11m (2017: £3.36m). This figure includes a revaluation decrease of £0.025m (2017: £0.90m) for the group and a profit of £0.34m (2017: £1.84m) in respect of our post tax profit share of Campmoss Property Company Limited, our 47.62% owned joint venture. Last year's group profit included £1.36m, being Cardiff's share from the sale of Tangley Place, Worplesdon.

 

Revenue for the year which represented gross rental income, excluding Campmoss, totalled £0.65m (2017: £0.55m).

 

The profit after tax attributable to shareholders for the financial year was £1.01m (2017: £3.22m) and the earnings per share was 80.6p (2017: 253.7p).

 

At the year-end, the company's commercial and residential portfolio, valued by Kempton Carr Croft and Nevin & Wells, totalled £5.91m (2017: £5.79m). This value excludes own use freehold property, which is included under property, plant and equipment in the balance sheet and held at valuation.

 

Property when completed and held for re-sale is shown in the balance sheet as inventory at the lower of cost or net realisable value. At the year-end this represented commercial property at The Windsor Business Centre.

 

The group's total property portfolio, including own use freehold property and the Campmoss investment and development portfolio in total, was valued at £26.8m (2017: £25.6m). The company's share of the net assets of Campmoss was £15.20m (2017: £14.86m). During the year Campmoss obtained vacant possession of its office building in Woking, Surrey with a view to planning and re-development, further details are included in the Campmoss section of this report. 

 

The group's net assets as at the year-end were £27.29m (2017: £26.86m) equivalent to £21.78 per share (2017: £21.26) an increase of 2.5% over the year (2017: 13.3%). The group, including Campmoss, has adequate financial facilities and resources to complete works in progress and both the proposed and potential development programme. Cash balances are held on short term deposit. At the year-end the company had nil gearing (2017: nil). During the year the company purchased and cancelled 10,809 ordinary shares at a total cost of £194,175.

 

Your directors are proposing the annual renewal of their authority to acquire shares and the approval of the Rule 9 Waiver. Both will be included in the resolutions being placed before shareholders at the Annual General Meeting and General Meeting respectively to be convened on 17 January 2019. Full details of the Rule 9 Waiver are set out in the document accompanying this report and are also available on the company's website www.cardiff-property.com.

 

Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties and quoted investments held and their current market value. However, IFRS accounting does not require the same treatment in respect of the group's unquoted investment in Campmoss Property, our 47.62% owned joint venture. The investment in Campmoss is a substantial part of the company's net assets and for indicative purposes a disposal of this investment based on the value in the company's balance sheet at the year-end would realise a tax liability of £2.58m (2017: £2.53m) equivalent to £2.06 (2017: £2.00) per share calculated using a tax rate of 17%. This information is provided to shareholders as an additional non-statutory disclosure.

 

DIVIDEND

The directors recommend a final dividend of 12.2p per share (2017: 11.5p) making a total dividend for the year of 16.6p (2017: 15.5p) an increase of 7.1%. The final dividend will be paid on 14 February 2019 to shareholders on the register at 25 January 2019.

 

THE PROPERTY PORTFOLIO

The group's investment and development activities are primarily concentrated in the Thames Valley to the west of London, close to Heathrow Airport, and in Surrey and Berkshire.

 

The White House, Egham, consists of 5 ground floor retail units and 5,100 sq. ft. net of air-conditioned office space on the upper floor. One of the office leases is due to expire at the end of the calendar year and following extensive refurbishment, discussions with a new tenant are currently in hand. The remainder of the retail and office space are let on a number of separate medium term leases.

 

The Windsor Business Centre, Windsor, comprises 4 business units totalling 9,500 sq. ft. A further planning permission was recently granted to increase the useable office area within 3 of the units.  One unit was extensively refurbished prior to securing a new letting. The 4 business units are all let on medium term leases.

 

The Maidenhead Enterprise Centre, Maidenhead, comprises 6 business units totalling 14,000 sq. ft. Two lease renewals have been achieved at higher rental levels and discussions are in hand with an existing tenant to renew their lease. The majority of leases are for 3-5 year periods.

 

At Heritage Court, Egham, adjacent to the company's offices the building comprises 4 retail units on the ground floor with 8 residential apartments on the upper three floors. The apartments were previously sold on long leaseholds. Negotiations are currently in hand for the renewal of a lease on one of the retail units with the remainder let on medium term leases. 

 

Cowbridge Road, Cardiff, comprises a 14,650 sq. ft. commercial property on 2 floors and let to Royal Mail for use as a mail sorting centre. The lease expires next year and we are in discussion with the tenant for a renewal of their lease. A planning application to extend the upper floor has recently been submitted.

 

The company occupies its own freehold office in Egham and retains a nearby freehold residential property which is currently undergoing extensive improvement works. A decision to either let on an Assured Shorthold Tenancy or dispose of the property will be taken when the works have been completed.

 

At Tilehurst, Reading, an outline residential planning application for 14 apartments was refused earlier in the year. Further discussions are taking place with a view to progressing an amended application. 

 

CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARIES

 

During the year Campmoss continued to implement its development programme and work towards achieving important planning permissions for existing assets in the portfolio. This has affected annual rental income as vacant possession of a major property in Woking has been obtained and lettings in Burnham are being restricted to short term.

 

The portfolio comprises freehold office, retail and residential property in Bracknell, Burnham, Slough, Maidenhead and Woking some of which are undergoing extensive plans for development.

 

The company's current development programme primarily involves a new retail and residential development in Market Street, Bracknell.

 

Gowring House, Market Street, Bracknell, previously an office building on ground and five upper floors, was converted over the last few years into 30 residential units on the upper floors with three retail units on the ground floor. Sales of 25 apartments on long leases have now been completed of which 8 took place during the current year. Four apartments are let on an Assured Shorthold Tenancy basis and one unit is currently available. The three retail units are all let on medium term leases.

 

At Westview, Market Street, the recently completed development of 8 retail units on ground and first floor is fully let on medium to long term leases. Further along Market Street (1-10), the company retains 12 retails units on ground and first floor all of which are currently let to local businesses on medium term leases.

 

The development of 10 new retail units on ground and first floor and 12 residential units on second and third floors, known as Alston House, Market Street, Bracknell, is expected to complete at the end of the calendar year. Considerable interest has been shown by prospective tenants for the retail units and two leases have already exchanged. Agents have been appointed for both the residential apartments and retail units.

 

At Britannia Wharf, Woking, as referred to earlier, vacant possession was achieved last year, and the building has now been demolished. Planning permission for an 82-bedroom care home was successfully achieved in July 2017 and an alternative residential scheme for 52 apartments has been recommended for approval subject to various conditions. Discussions with a care home management group are taking place whilst final planning conditions for the residential scheme are being agreed with the Local Authority.

 

At Clivemont House and Highway House, Maidenhead planning permissions were previously granted for separate office schemes of 48,000 sq. ft. net and 45,000 sq. ft. net. Commencement of these developments will only proceed when a significant pre-letting is achieved. We are currently awaiting the outcome of a revised residential planning application at Clivemont House.

 

The Priory, Burnham consists of new office premises on three floors totalling 17,000 sq. ft. and an adjoining grade II Listed Office Building of 9,000 sq. ft. which is used as a business centre. Part of the offices and business centre are currently available on a short-term basis. The company is preparing a planning application for re-development of the property.

 

At the year end the Campmoss investment portfolio was valued by its directors taking into account external advice, where available, and at current market value of £19.3m (2017: £17.4m). This figure includes property under development but excludes inventory.

 

Total revenue for Campmoss for the year amounted to £2.9m (2017: £2.6m) representing gross rental income of £1.0m (2017: £2.1m) and sales of property held as inventory of £1.9m (2017: £0.5m). As explained earlier, rental income for the year was primarily lower due to obtaining vacant possession of Britannia Wharf, Woking prior to commencing any development. At the year-end the company's substantial cash balances are held on short term deposit. At the year-end the company had nil gearing (2017: nil).

 

 

QUOTED INVESTMENTS

The company retains a small quoted equity and retail bond portfolio the latter producing a short to medium term attractive income stream.  The value of the equity holdings reduced over the year although the portfolio value at year-end exceeds the original cost. The equity investments include Galileo Resources plc and Aquila Services Group plc both of which I remain as a non-executive director.

 

 

RELATIONSHIP AGREEMENT

The company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AR of the Listing Rules.

 

MANAGEMENT AND TEAM

It has been another busy year and on behalf of shareholders I wish to take this opportunity of thanking our small management team and joint venture partner for all their effort, achievements and support. The intense day to day management of the group's portfolio remains essential in achieving continued success.

 

OUTLOOK

The UK economy continues to report growth despite uncertainties surrounding the future trading position of the UK and world-wide trade. It will be important that activity in the commercial and residential markets over the forthcoming months remains at a sustainable level.

 

The group should benefit from its current development and planning programme and I therefore look forward to reporting further at the half year.

 

J. Richard Wollenberg

Chairman

 

26 November 2018

 

 

Consolidated Income Statement

FOR THE YEAR ENDED 30 SEPTEMBER 2018

 

 

 

2018

 

2017

 

 

 

£'000

 

£'000

 

 

 

 

 

 

Revenue

 

 

650

 

552

Cost of sales

 

 

(30)

 

(57)

 

 

 

              

 

              

Gross profit

 

 

620

 

495

Administrative expenses

 

 

(536)

 

(511)

Other operating income

 

 

671

 

577

 

 

 

              

 

              

Operating profit before gains on

   investment properties and other

   properties

 

 

 

 

755

 

 

 

561

(Deficit)/surplus on revaluation of investment properties

 

 

(25)

 

905

 

 

 

              

 

              

Operating profit

 

 

730

 

1,466

Financial income

 

 

48

 

54

Share of results of joint venture

 

 

336

 

1,839

 

 

 

              

 

              

Profit before taxation

 

 

1,114

 

3,359

Taxation

 

 

(101)

 

(141)

 

 

 

              

 

              

Profit for the financial year attributable to equity holders

 

 

 

1,013

 

 

3,218

 

 

 

              

 

              

 

 

Earnings per share on profit for the

 

 

 

 

 

   financial year - pence

 

 

 

 

 

Basic and diluted

 

 

80.6

 

253.7

 

 

 

              

 

              

 

 

Dividends

 

 

 

 

 

Final 2017 paid 11.5p (2016: 10.4p)

 

 

145

 

132

Interim 2018 paid 4.4p (2017: 4.0p)

 

 

55

 

51

 

 

 

              

 

              

 

 

 

200

 

183

 

 

 

              

 

              

Final 2018 proposed 12.2p (2017: 11.5p)

 

 

153

 

145

 

 

 

              

 

              

These results relate entirely to continuing operations. There were no acquisitions or disposals in either year.

 

 

Consolidated statement of comprehensive income and expense

FOR THE YEAR ENDED 30 SEPTEMBER 2018

 

 

 

 

 

 

 

 

2018

2017

 

 

£'000

£'000

 

 

 

 

Profit for the financial year

 

1,013

3,218

 

 

                

                

Items that may be reclassified subsequently to profit or loss

 

 

 

Net change in fair value of available for sale financial assets

 

(185)

72

Net change in fair value of other properties

 

(4)

30

 

 

                

                

Total comprehensive income and expense for the year

  attributable to the equity holders of the parent company

 

 

824

 

3,320

 

 

                

                

 

 

 

Consolidated Balance Sheet

AT 30 SEPTEMBER 2018

 

 

              2018

                2017    

 

 

£'000

£'000

£'000

£'000

Non-current assets

 

 

 

 

 

Freehold investment properties

 

 

5,927

 

5,792

Property, plant and equipment

 

 

298

 

303

Investment in joint venture

 

 

15,200

 

14,864

Other financial assets

 

 

886

 

1,071

Deferred tax asset

 

 

-

 

5

 

 

 

               

 

               

 

 

 

22,311

 

22,035

 

 

 

 

 

 

Current assets

 

 

 

 

 

Inventory and work in progress

 

672

 

668

 

Trade and other receivables

 

142

 

91

 

Financial assets

 

200

 

1,370

 

Cash and cash equivalents

 

4,718

 

3,485

 

 

 

               

 

5,732

               

 

5,614

 

 

 

               

 

               

Total assets

 

 

28,043

 

27,649

 

 

 

               

 

               

Current liabilities

 

 

 

 

 

Trade and other payables

 

(645)

 

(629)

 

 

 

               

 

(645)

               

 

(629)

Non-current liabilities

 

 

 

 

 

Deferred tax liability

 

 

(108)

 

(160)

 

 

 

               

 

               

Total liabilities

 

 

(753)

 

(789)

 

 

 

               

 

               

Net assets

 

 

27,290

 

26,860

 

 

 

                

 

                

Equity

 

 

 

 

 

Called up share capital

 

 

251

 

253

Share premium account

 

 

5,076

 

5,076

Other reserves

 

 

2,585

 

2,772

Investment property revaluation reserve

 

 

827

 

997

Retained earnings

 

 

18,551

 

17,762

 

 

 

                

 

                

Total equity

 

 

 

27,290

 

 

26,860

 

 

 

                

 

                

 

 

 

 

 

 

Net assets per share

 

 

2,178p

 

2,126p

 

 

 

                

 

                

 

 

 

 

 

 

 

Consolidated Cash Flow Statement

FOR THE YEAR ENDED 30 SEPTEMBER 2018

 

 

 

2018

2017

 

 

£'000

£'000

 

 

 

 

Cash flows from operating activities

 

 

 

   Profit for the year

 

1,013

3,218

   Adjustments for:

 

 

 

      Depreciation

 

5

5

      Financial income

 

(48)

(54)

      Share of profit of joint venture

 

(336)

(1,839)

      Deficit/(surplus) on revaluation of investment properties

 

25

(905)

      Taxation

 

101

141

 

 

                

                

Cash flows from operations before changes in working capital

 

760

566

  (Increase)/decrease in trade and other receivables

 

(51)

1

  (Decrease)/increase in trade and other payables

 

(19)

57

 

 

                

                

Cash generated from operations

 

690

624

   Tax paid

 

(112)

(107)

 

 

                

                

Net cash flows from operating activities

 

578

517

 

 

                

                

 

 

 

 

Cash flows from investing activities

 

 

 

   Interest received

 

47

56

   Acquisition of investments, investment property and property, plant and equipment

 

(168)

(164)

   Decrease/(increase) in held to maturity deposits

 

1,170

(323)

 

 

                

                

Net cash flows from investing activities

 

1,049

(431)

 

 

                

                

 

 

 

 

Cash flows from financing activities

 

 

 

   Purchase of own shares

 

(194)

(116)

   Dividends paid

 

(200)

(183)

Repayment of loan from Joint Venture

 

-

1,500

 

 

                

                

Net cash flows (used in)/from financing activities

 

(394)

1,201

 

 

                

                

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

 

1,233

1,287

   Cash and cash equivalents at beginning of year

 

3,485

2,198

 

 

                

                

Cash and cash equivalents at end of year

 

4,718

3,485

 

 

                

                

 

Consolidated statement of changes in equity

FOR THE YEAR ENDED 30 SEPTEMBER 2018

 

 

Consolidated statement of changes in equity

 

 

 

 

 

Share
capital

 

 

    £'000

Share
premium
account

 

£'000

Other
reserves

 

 

£'000

Investment
property
revaluation
reserve

    £'000

Retained
earnings

 

 

£'000

Total
equity

 

 

£'000

At 1 October 2016

254

5,076

2,669

3,749

12,091

23,839

Profit for the year

-

-

-

-

3,218

3,218

Other comprehensive income -        revaluation of investments

revaluation of other property


-
-


-
-


72
30


-
-


-
-


72
30

 

 

 

 

 

 

 

 

Transactions with equity holders

 

 

 

 

 

 

Dividends

-

-

-

-

(183)

(183)

Purchase of own shares

(1)

-

1

-

(116)

(116)

 

                

                

                

                

                

                

Total transactions with equity holders

(1)

-

1

-

(299)

(299)

 

                

                

                

                

                

                

Realisation of investment reserve

-

-

-

(3,950)

3,950

-

Transfer on revaluation of investment properties - Cardiff

-

-

-

905

(905)

-

Transfer on revaluation of investment properties - Campmoss

-

-

-

293

(293)

-

 

             

                

                

            

                

                

At 30 September 2017 and 1 October 2017

253

5,076

2,772

997

17,762

26,860

Profit for the year

-

-

-

-

1,013

1,013

Other comprehensive income - revaluation of investments

revaluation of other property


-
-


-
-


(185)
(4)


-
-


-
-


(185)
(4)

 

 

 

 

 

 

 

 

Transactions with equity holders

 

 

 

 

 

 

Dividends

-

-

-

-

(200)

(200)

Purchase of own shares

(2)

-

2

-

(194)

(194)

 

                

                

                

                

                

                

Total transactions with equity holders

(2)

-

2

-

(394)

(394)

 

                

                

                

                

                

                

Transfer on revaluation of investment properties - Cardiff

-

-

-

(25)

25

-

Transfer on revaluation of investment properties - Campmoss

-

-

-

(145)

145

-

 

             

                

                

            

                

                

At 30 September 2018

251

5,076

2,585

827

18,551

27,290

 

 

 

 

 

 

 

 

______

______

______

______

______

______

       

 

Notes to the Financial Statements

FOR THE YEAR ENDED 30 SEPTEMBER 2017

 

1.     Basis of preparation

 

The consolidated results for the year ended 30 September 2018 and 2017 are prepared by the group under applicable International Financial Reporting Standards adopted by the EU ("adopted IFRS") and applicable law.

 

The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2018 or 30 September 2017 but is derived from those financial statements. Statutory financial statements for 2017 have been delivered to the Registrar of Companies and those for 2018 will be delivered in due course. The auditor has reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the financial statements for 2017 nor 2018.

 

Going concern

 

The group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. As a consequence, the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

 

New, revised or changes to existing financial reporting standards

 

Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

 

IFRS

The following accounting standards and interpretations, issued by the IASB and endorsed by the EU or International Financial Reporting Interpretations Committee (IFRIC), are effective for the first time in the current financial year and have been adopted by the group with no significant impact on the consolidated results or financial position:

·      Amendments to IAS 7 - Disclosure Initiative

·      Amendments to IAS 12 - Recognition of Deferred Tax for Unrealised Losses

·      Annual Improvements 2014-2016 cycle

 

The IASB and the IFRIC have also issued the following standards and interpretations with an effective date after the date of these Financial Statements:

 

·      IFRS 9 Financial instruments (Effective date 1 January 2018)

·      IFRS 15 Revenue from contracts with Customers including amendments to IFRS 15: (Effective date 1 January 2018)

·      IFRS 2 (amendments) - Classification and Measurement of Share-based Payment Transactions (Effective date 1 January 2018)

·      IFRS 4 (amendments) - Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Effective date 1 January 2018)

·      IFRIC Interpretation 22 - Foreign Currency Transactions and Advance Consideration (Effective date 1 January 2018)

·      Amendments to IAS 40 - Transfers of Investment Property (Effective date 1 January 2018)

·      IFRS 16 Leases (Effective date 1 January 2019)

·      IFRIC 23 - Uncertainty over Income Tax Treatments (Effective date 1 January 2019)

·      Amendments to IFRS 9 - Prepayment Features with Negative Compensation (Effective date 1 January 2019)

·      Amendments to IAS 28 - Long-term Interests in Associates and Joint Ventures (Effective date 1 January 2019)

·      Annual improvements 2015-2017 cycle (Effective date 1 January 2019)

·      Amendments to IAS 19: Plan amendment, Curtailment or Settlement (Effective date 1 January 2019)

·      Amendments to References to the Conceptual Framework in IFRS Standards (Effective date 1 January 2020)

·      IFRS 17 - Insurance Contracts (Effective date 1 January 2021)

 

Notes to the Financial Statements

FOR THE YEAR ENDED 30 SEPTEMBER 2018 (continued)

While the board is continuing to assess the effects of these standards and interpretations, none of them when applied, are expected to have a material impact upon the consolidated results of financial position of the group.

 

2.     Segmental analysis

 

The group manages its operations in two segments, being property and other investment and property development. The results of these segments are regularly reviewed by the board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

 

2018

2017

 

£'000

£'000

Revenue (wholly in the United Kingdom):

 

 

   Property and other investment being gross rents receivable

650

552

 

              

              

 

650

552

 

              

              

Profit before taxation:

 

 

   Property and other investment

416

3,211

   Property development

698

148

 

              

              

 

1,114

3,359

 

              

              

Net operating assets:

 

 

   Assets

 

 

      Property and other investment

26,719

26,885

      Property development

4,335

4,175

      Eliminations

(3,011)

(3,411)

 

                

                

Total assets

28,043

27,649

 

                

                

   Liabilities

 

 

      Property and other investment

(3,524)

(3,957)

      Property development

(240)

(243)

      Eliminations

3,011

3,411

 

                

                

Total liabilities

(753)

(789)

 

                

                

Net operating assets

27,290

26,860

 

                

                

Of the group's share of the profit in its joint venture of £336,000 (2017: £1,839,000), £498,000 (2017: £1,824,000) relates to property development and a loss of £162,000 (2017: profit £15,000) relates to property investment. The interest income of £48,000 (2017: £1,000) relates entirely to property investment. Of the income tax income of £21,000 (2017: expense £303,000), £21,000 (2017: £295,000) relates to property investment and £nil (2017: £8,000) to property development. Due to the reportable segments being accounted for in separate legal entities it is possible to directly allocate the group results and net assets to the reportable segments.

 

3. Earnings per share

 

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of £1,013,000 (2017: £3,218,000) and the weighted average number of shares as follows:

 

Weighted average

number of shares

 

2018

 2017

 

 

 

Basic and diluted basis

1,258,139

1,268,420

 

 

                 

                

 

         

Financial Calendar

 

 

2018

27 November

Final results for 2018 announced

2019

17 January

Annual General Meeting/General Meeting

 

24 January

Ex-dividend date for the final dividend

 

25 January

Record date for the final dividend

 

14 February

Final dividend to be paid

 

May

Interim results for 2019 to be announced

 

July

Interim dividend for 2019 to be paid

 

30 September

Year end

 

 

 

 

Directors and Advisers

 

 

Directors

Auditor

J Richard Wollenberg

Saffery Champness LLP

Chairman and chief executive

 

 

 

Karen L Chandler FCA

 

Finance director

Stockbrokers and financial advisers

 

Stockdale Securities Ltd

Nigel D Jamieson BSc, FCSI

 

Independent non-executive director

 

 

 

Secretary

Bankers

Karen L Chandler FCA

HSBC Bank Plc

 

 

 

 

Non-executive director of wholly owned subsidiary

Solicitors

First Choice Estates plc

Blake Morgan LLP

Derek M Joseph BCom, FCIS

 

 

 

 

 

Head office

Registrar and transfer office

56 Station Road

Neville Registrars Ltd

Egham

Neville House

Surrey TW20 9LF

Steelpark Road

Telephone: 01784 437444

Halesowen

Fax: 01784 439157

B62 8HD

E-mail: webmaster@cardiff-property.com

Telephone: 0121 585 1131

Web: www.cardiff-property.com

 

 

 

 

 

Registered office

Registered number

56 Station Road

00022705

Egham

 

Surrey TW20 9LF

 

 

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Final Results - RNS