RNS Number : 5135H
Cardiff Property PLC
06 May 2025
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
FOR IMMEDIATE RELEASE 6 May 2025
THE CARDIFF PROPERTY PLC
LEI: 213800GE3FA4C52CIN05
The Group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of £22m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Highlights:
Six months 31 March 2025 (Unaudited)
Six months 31 March 2024 (Unaudited)
Year 30 September 2024 (Audited)
Net assets
£'000
30,523
30,026
30,423
Net assets per share
£
29.72
28.93
29.31
Profit before tax
£'000
756
780
1,385
Earnings per share (basic and diluted)
pence
57.80
58.38
102.76
Interim/total dividend proposed per share
pence
7.5
6.5
23.5
Gearing
%
Nil
Nil
Nil
Richard Wollenberg, Chairman, commented:
Uncertainty in the UK economy together with recent international events has disrupted the return of confidence to the UK commercial letting and investment property market, including the Thames Valley.
The Group's commercial investment property portfolio including Campmoss Property "Campmoss" is primarily let and income producing. All residential apartments are let on Assured Tenancy Agreements.
For further information:
The Cardiff Property plc
Richard Wollenberg
01784 437444
Shore Capital
Patrick Castle
020 7468 7923
THE CARDIFF PROPERTY PLC
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
INTERIM MANAGEMENT REPORT
Dear Shareholder,
Uncertainty in the UK economy together with recent international events has disrupted the return of confidence to the UK commercial letting and investment property market, including the Thames Valley.
The Group's commercial investment property portfolio including Campmoss Property "Campmoss" is primarily let and income producing. All residential apartments are let on Assured Tenancy Agreements.
At Campmoss, our 47.62% owned Joint Venture, discussions continue with the respective Council Planning Departments in respect of planning applications at The Priory Burnham, Highway House Maidenhead and Tangley Place Guildford. Further details are given below. As previously reported these negotiations have been taking place over several years incurring additional expensive planning reports and surveys adding substantially to the overall cost of planning applications. We continue to be hopeful of achieving positive outcomes.
Management of the Group's retail portfolio remains a priority. We continue to liaise closely with all our tenants and assist where deemed necessary.
The sale of certain freehold property assets held by Campmoss are under consideration and in order to facilitate possible disposals prior to obtaining suitable planning approvals, re-letting some of the vacant office suites has been placed on hold enabling vacant possession to be achieved when necessary.
FINANCIALS
For the 6 months ending 31 March 2025 Group profit before tax amounted to £0.76m (March 2024: £0.78m; September 2024; £1.4m). This figure includes an after-tax profit from Campmoss Property Company Limited ("Campmoss") our 47.62% joint venture of £0.13m (March 2024: £0.10m; September 2024: £0.14m). A dividend of £1.5m was received from the Company's investment in Campmoss (March 2024: £nil; September 2024: £1.0m).
Revenue for the 6 months to 31 March 2025 represented by rental income, excluding Campmoss, totalled £0.35m (March 2024: £0.36m; September 2024; £0.68m). The Group's share of revenue from Campmoss was £0.30m (March 2024: £0.32m; September 2024: £0.63m), represented by rental income of £0.30m (March 2024: £0.28m; September 2024; £0.59m). No property sales were completed during the 6 months to March 2025 (March 2024 £0.04m; September 2024: £0.04m).
Net assets of the Group as at 31 March 2025 were £30.52m (March 2024: £30.03m; September 2024: £30.42m), equivalent to £29.72 per share (March 2024: £28.93; September 2024: £29.31). The Company's share of net assets in Campmoss, included in the Group balance sheet, amounted to £10.05m. (March 2024: £12.39m; September 2024: £11.43m).
Cash balances held by Cardiff and Campmoss are placed on short-term deposit. At the half year the Company had £nil gearing (March 2024: £nil; September 2024: £nil).
The Directors are of the opinion, other than as mentioned in this report, that no material events or material changes in assets, liabilities or related party relationships since 30 September 2024 have occurred.
The Company may hold in treasury any of its own shares purchased which gives the Company the ability to re-issue treasury shares and provide greater flexibility in the management of its capital base.
During the 6 months to 31 March 2025 the company purchased 10,600 ordinary shares (March 2024: 16,034 ordinary shares; September 2024: 16,034 ordinary shares). All shares purchased by the Company not held in treasury have been cancelled and the number of shares in issue reduced accordingly.
IFRS accounting requires that deferred tax is recognised on the difference between the indexed cost of properties and quoted investments and their current market value. However, IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss, our 47.62% owned Joint Venture, which represents a substantial part of the Company's net assets. Provision is made in Campmoss accounts for deferred tax, should Cardiff dispose of the shares held in Campmoss, for indicative purposes only, based on the net asset value in the company's balance sheet as at 31 March 2025 this would result in a tax liability of £2.5m (March 2024: £3.1m; September 2024: £2.86m). This information is provided to shareholders as an additional, non-statutory, disclosure.
DIVIDEND
The Directors have declared an interim dividend of 7.5p (interim March 2024: 6.5p; final September 2024: 17.0p) an increase of 15.4% which will be paid on 26 June 2025 to shareholders on the register at 23 May 2025.
THE PROPERTY PORTFOLIO
The Group's freehold property portfolio, including those held by Campmoss, remains located in the Thames Valley and in the adjoining counties of Surrey, Berkshire and Buckinghamshire.
During the half year, following lease expiries, new lettings were agreed at The Windsor Business Centre, Windsor, Maidenhead Enterprise Centre, Maidenhead and The White House, Egham. Marginal increases in rental were achieved. One unit at Windsor and one at Maidenhead remain available for letting. Both units have been extensively refurbished to meet market requirements.
At The White House Egham and Heritage Court, Egham, all office and retail units are let on full insuring and repairing leases.
As mentioned earlier within the Campmoss portfolio planning applications are being pursued including a care home development at Tangley Place, Guildford, a revised care home scheme at The Priory, Burnham and separate residential and care home schemes at Highway House, Maidenhead.
At Market Street, Bracknell the retail and residential portfolio is fully occupied except one unit recently becoming available following a lease expiry. Refurbishment work is being finalised to achieve an early letting.
FOCUS ON ENVIRONMENTAL SOCIAL GOVERNANCE ("ESG")
No development or major refurbishment projects have been undertaken during the half year although all aspects of ESG together with related Health and Safety issues are very much in consideration both in the management of the existing investment portfolio and when preparing and discussing planning applications. Our emphasis includes modern design, sustainability and green policies as well as being energy efficient.
MANAGEMENT AND TEAM
Management of both our investment portfolio and pursuing our development priorities remains an important factor. I would like to take this opportunity of thanking our small team based in Egham, Surrey and our Joint Venture partner for their dedication, commitment and continuing support.
RELATIONSHIP AGREEMENT
The Company has entered into a written and legally binding Relationship Agreement with myself, its controlling shareholder, to address the requirements of LR5.3.1 of the Listing Rules.
OUTLOOK
The recent recovery in financial markets is welcome and will hopefully revitalise interest and confidence in the commercial and residential property markets. If this is coupled with the possibility of a further minor but early interest rate reduction and no further tax rises this could lead to a return to sustainable growth
I look forward to reporting further at the year end.
J R Wollenberg
Chairman
6 May 2025
Condensed Consolidated Interim Income Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Six months 31 March 2025 (Unaudited) £'000
Six months 31 March 2024 (Unaudited) £'000
Year 30 September 2024 (Audited) £'000
Revenue
350
355
683
Cost of sales
(136)
(32)
(98)
______
______
______
Gross profit
214
323
585
Administrative expenses
(205)
(305)
(594)
Other operating income
306
341
676
______
______
______
Operating profit before gains on investment properties and other investments
315
359
667
Fair value (loss)/gain on revaluation of investment properties
-
-
(23)
______
______
______
Operating profit
315
359
644
Financial income
319
323
608
Financial expense
(3)
(4)
(7)
Share of results of Joint Venture
125
102
140
______
______
______
Profit before taxation
756
780
1,385
Taxation
(158)
(168)
(314)
______
______
______
Profit for the period attributable to equity holders
598
612
1,071
______
______
______
Earnings per share on profit for the period - pence
Basic and diluted
57.80
58.38
102.76
_-_____
______
______
Dividends
Final 2024 paid 17.0p (2023: 16.0p)
176
168
168
Interim 2024 paid 6.5p
-
-
67
______
______
______
176
168
235
______
______
______
Final 2024 proposed 17.0p
-
-
178
Interim 2025 proposed 7.5p (2024: 6.5p)
77
67
-
______
______
______
77
67
178
______
______
______
These results relate entirely to continuing operations. There were no acquisitions or disposals during these periods.
Condensed Consolidated Interim Statement of Comprehensive Income and Expense
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Six months 31 March 2025 (Unaudited) £'000
Six months 31 March 2024 (Unaudited) £'000
Year 30 September 2024 (Audited) £'000
Profit for the financial period
598
612
1,071
Items that cannot be reclassified subsequently to profit or loss
Net change in fair value of other properties
-
-
(5)
Net change in fair value of investments
(51)
(25)
(15)
______
______
______
Total comprehensive income and expense for the period attributable to equity holders of the parent company
547
587
1,051
______
______
______
Condensed Consolidated Interim Balance Sheet
AT 31 MARCH 2025
31 March 2025 (Unaudited) £'000
31 March 2024 (Unaudited) £'000
30 September 2024 (Audited) £'000
Non-current assets
Freehold investment properties
5,640
5,660
5,640
Property, plant and equipment
287
290
287
Right of use asset
120
130
125
Investment in Joint Venture
10,048
12,385
11,433
Other financial assets
514
655
664
______
______
______
Total non-current assets
16,609
19,120
18,139
_____
_____
______
Current assets
Stock and work in progress
723
720
722
Trade and other receivables
130
270
317
Held to maturity cash deposits
5,786
8,847
10,235
Cash and cash equivalents
8,324
2,063
2,014
______
______
______
Total current assets
14,963
11,900
13,288
______
______
______
Total assets
31,572
31,020
31,427
______
______
______
Current liabilities
Trade and other payables
(609)
(515)
(587)
Corporation tax
(209)
(241)
(182)
______
______
______
Total current liabilities
(818)
(756)
(769)
______
______
______
Non-current liabilities
Lease liability
(154)
(161)
(158)
Deferred tax liability
(77)
(77)
(77)
______
______
______
Total non-current liabilities
(231)
(238)
(235)
______
______
______
Total liabilities
(1,049)
(994)
(1,004)
______
______
______
Net assets
30,523
30,026
30,423
______
______
______
Equity
Called up share capital
205
208
208
Share premium account
5,076
5,076
5,076
Other reserves
2,343
2,386
2,391
Investment property revaluation reserve
2,049
2,193
2,049
Retained earnings
20,850
20,163
20,699
______
______
______
Shareholders' funds attributable to equity holders
30,523
30,026
30,423
______
______
______
Net assets per share
£29.72
£28.93
£29.31
______
______
______
Condensed Consolidated Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Six months 31 March 2025 (Unaudited) £'000
Six months 31 March 2024 (Unaudited) £'000
Year 30 September 2024 (Audited) £'000
Cash flows from operating activities
Profit for the period
598
612
1,071
Adjustments for:
Depreciation right of use assets
5
5
10
Financial income
(319)
(323)
(608)
Financial expense
3
4
7
Profit on sale of investment property
-
-
-
Profit on sale of investment
-
-
-
Share of profit of Joint Venture
(125)
(102)
(140)
Fair value loss/(gain) on revaluation on of investment properties
-
-
23
Taxation
158
168
314
______
______
______
Cash flows from operations before changes in working capital
320
364
677
Acquisition of inventory and work in progress
(1)
(6)
(7)
Decrease/(increase) in trade and other receivables
3
4
(43)
Increase/(decrease) in trade and other payables
22
(26)
47
______
______
______
Cash generated from operations
344
336
674
Tax paid
(131)
(89)
(293)
______
______
______
Net cash flows from operating activities
213
247
381
______
______
______
Cash flows from investing activities
Interest received
502
324
593
Dividend from Joint Venture
1,500
-
1,000
Proceeds from sale of investment property
-
-
-
Proceeds from bond redemption
100
98
-
Acquisition of investment property
-
(5)
(8)
Acquisition of property, plant and equipment
-
-
(2)
Proceeds from sale of investments
-
-
99
Decrease in held to maturity term deposits
4,449
1,537
149
______
______
______
Net cash flows from investing activities
6,551
1,954
1,831
______
______
______
Cash flows from financing activities
Purchase of own shares
(271)
(368)
(368)
Lease payments
(7)
(7)
-
Dividends paid
(176)
(168)
(235)
______
______
______
Net cash flows from financing activities
(454)
(543)
(603)
______
______
______
Net increase in cash and cash equivalents
6,310
1,658
1,609
Cash and cash equivalents at beginning of period
2,014
405
405
______
______
______
Cash and cash equivalents at end of period
8,324
2,063
2,014
______
______
______
Condensed Consolidated Interim Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Share capital £'000
Share premium account £'000
Other reserves £'000
Investment property revaluation reserve £'000
Retained earnings £'000
Total equity £'000
At 30 September 2023
210
5,076
2,409
2,193
20,087
29,975
Profit for the period
-
-
-
-
612
612
Other comprehensive income - revaluation of investments
-
-
(25)
-
-
(25)
Transactions with equity holders Dividends
-
-
-
-
(168)
(168)
Purchase of own shares
(2)
-
2
-
(368)
(368)
______
______
______
______
______
______
Total transactions with equity holders
(2)
-
2
-
(536)
(536)
______
______
______
______
______
______
At 31 March 2024
208
5,076
2,386
2,193
20,163
30,026
Profit for the period
-
-
-
-
459
459
Other comprehensive income - revaluation of investments
-
-
10
-
-
10
Net change in fair value of own use freehold property
-
-
(5)
-
-
(5)
Transactions with equity holders Dividends
-
-
-
-
(67)
(67)
______
______
______
______
______
______
Total transactions with equity holders
-
-
-
-
(67)
(67)
______
______
______
______
______
______
Fair value movement on investment properties - Cardiff
-
-
-
(23)
23
-
Fair value movement on investment properties - Campmoss Group
-
-
-
(121)
121
-
______
______
______
______
______
______
At 30 September 2024
208
5,076
2,391
2,049
20,699
30,423
Profit for the period
-
-
-
-
598
598
Other comprehensive income - revaluation of investments
-
-
(51)
-
-
(50)
Transactions with equity holders Dividends
-
-
-
-
(176)
(176)
Purchase of own shares
(3)
-
3
-
(271)
(271)
______
______
______
______
______
______
Total transactions with equity holders
(3)
-
3
-
(447)
(447)
______
______
______
______
______
______
At 31 March 2025
205
5,076
2,343
2,049
20,850
30,523
______
______
______
______
______
______
Statement of Responsibility
FOR THE SIX MONTHS ENDED 31 MARCH 2025
The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2025 and they confirm, to the best of their knowledge and belief, that:
· the condensed consolidated set of interim financial statements for the six months ended 31 March 2025 have been prepared in accordance with IAS 34 - Interim Financial Reporting and in accordance with the requirements of UK adopted international accounting standards and The Companies Act 2006;
· the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the group during that period; and any changes in the related party transactions described in the last annual report that could do so.
J Richard Wollenberg, Chairman
Karen L Chandler, Finance director
Nigel D Jamieson, Independent non-executive director
6 May 2025
Notes to the Condensed Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2024
1. Basis of preparation
This condensed set of financial statements has been prepared in accordance with IAS 34 - Interim Financial Reporting in conformity with the requirements of The Companies Act 2006. The condensed set of financial statements are unaudited.
The annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 30 September 2024.
The comparative figures for the financial year ended 30 September 2024 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's auditor and delivered to the registrar of companies. The report of the auditor was: unqualified; did not give any reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.
Accounting policies
The condensed consolidated interim financial statements have been prepared applying the accounting policies that will be applied in the preparation of the Group's financial statements for the year ended 30 September 2025.
Use of estimates and judgement
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key areas in which estimates have been used and the assumptions applied are in valuing investment properties and properties in the joint venture, in valuing available for sale assets, in classifying properties and in the calculating of provisions.
An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the company's property portfolio at the end of each financial year. The directors of the joint venture value its portfolio each year; such valuation takes into account yields on similar properties in the area, vacant space and covenant strength. The directors of the group and joint venture review the valuations for the interim financial statements.
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Going concern
The Group has sufficient financial resources to enable it to continue in operational existence for the foreseeable future, to complete the current maintenance and development programme and meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing these interim financial statements.
Notes to the Condensed Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2024 (continued)
2. Segmental analysis
The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relate to the results for The Cardiff Property Company Limited where properties are held as investment property with property development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. 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:
Property and other investment
Property Development
Eliminations
Six months 31 March 2025 (Unaudited) Total
£'000
£'000
£'000
£'000
Rental income (wholly in the UK)
248
102
-
350
Profit before taxation
667
89
-
756
Net operating assets
Assets
30,688
5,439
(4,555)
31,572
Liabilities
(5,385)
(219)
4,555
(1,049)
Net assets
25,303
5,220
-
30,523
Property and other investment
Property Development
Eliminations
Six months 31 March 2024 (Unaudited) Total
£'000
£'000
£'000
£'000
Revenue (wholly in the UK)
239
116
-
355
Profit before taxation
592
188
-
780
Net operating assets
Assets
29,953
5,390
(4,323)
31,020
Liabilities
(5,042)
(275)
4,323
(994)
Net assets
24,911
5,115
-
30,026
Property and other investment
Property Development
Eliminations
Year September 2024 (Audited) Total
£'000
£'000
£'000
£'000
Rental income (wholly in the UK)
460
223
-
683
Profit before taxation
1,073
312
-
1,385
Net operating assets
Assets
30,504
5,388
(4,465)
31,427
Liabilities
(5,259)
(210)
4,465
(1,004)
Net assets
25,245
5,178
-
30,423
"Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.
The operations of the Group are not seasonal.
3. Taxation
The tax position for the six-month period is estimated on the basis of the anticipated tax rates applying for the full year.
4. Dividends
The interim dividend of 7.5p per share will be paid on 26 June 2025 to shareholders on the register on 23 May 2025. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2025.
5. Earnings per share
Earnings per share has been calculated using the profit after tax for the period of £598,000 (March 2024: £612,000, year ended September 2024: £1,071,000) and the weighted average number of shares as follows:
Weighted average number of shares
31 March 2025
31 March 2024
30 September 2024
(Unaudited)
(Unaudited)
(Audited)
Basic and diluted
1,035,312
1,048,399
1,043,087
_________
_________
_________
Earnings per share (p)
57.80
58.38
102.76
_________
_________
_________
Directors and Advisers
Directors
Auditor
J Richard Wollenberg
MHA
Chairman and chief executive
Karen L Chandler FCA
Finance director
Stockbrokers and financial advisers
Nigel D Jamieson BSc, FCSI
Shore Capital
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 Charsley Harrison LLP
Derek M Joseph BCom, FCIS
Head office
Registrar and transfer office
56 Station Road
Neville Registrars Limited
Egham, TW20 9LF
Neville House
Telephone: 01784 437444
Steelpark Road
Fax: 01784 439157
Halesowen
E-mail: webmaster@cardiff-property.com
B62 8HD
Web: www.cardiff-property.com
Telephone: 0121 585 1131
Registered office
Registered number
56 Station Road
00022705
Egham, TW20 9LF
Financial Calendar
2025
6 May
Interim results for 2025 announced
22 May
Ex-dividend date for interim dividend
23 May
Record date for interim dividend
26 June
Interim dividend to be paid
30 September
End of accounting year
December
Final results for 2025 announced
2026
January
Annual General Meeting
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