REG - Cardiff Property PLC - Final Results
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RNS Number : 2566J Cardiff Property PLC 27 November 2025
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
LEI: 213800GE3FA4C52C1N05
FOR RELEASE 7.00 AM 27 November 2025
THE CARDIFF PROPERTY PLC
(The Group, including Campmoss, specialises in property investment and
development in the Thames Valley. The total portfolio including the jointly
controlled Campmoss investment and development portfolio, valued in excess of
£22m, 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 2025
Highlights:
2025 2024
Net Assets £'000 30,664 30,423
Net Assets Per Share £ 30.53 29.31
Profit Before Tax £'000 1,679 1,385
Earnings Per Share - Basic and diluted pence 132.90 102.75
Dividend Per Share pence 27.5 23.5
Gearing % Nil Nil
Richard Wollenberg, Chairman, commented:
"The Thames Valley commercial and residential property market has remained
quiet over the year. Until investors see consistent signs of stability and
credible growth prospects the market will remain subdued.
Whilst I can report new lettings to the Group's portfolio confidence in the
property market is at a low ebb as investors continue to be buffeted by
ongoing concerns over the economic trajectory for the UK.
The Group including Campmoss Property, our 47.62% owned Joint Venture partner,
has made good progress in respect of planning permissions.
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Shore Capital Patrick Castle 020 7468 7923
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Chairman's Statement
Dear Shareholder,
The Thames Valley commercial and residential property market has remained
quiet over the year. Until investors see consistent signs of stability and
credible growth prospects the market will remain subdued.
Whilst I can report new lettings to the Group's portfolio confidence in the
property market is at a low ebb as investors continue to be buffeted by
ongoing concerns over the economic trajectory for the UK.
The Group, including Campmoss Property, our 47.62% owned Joint Venture
partner, has made good progress in respect of planning permissions details of
which appear later in this report.
A number of office rental and residential lettings have been achieved
throughout the Group's portfolio with minor increases in rental. The majority
of lease expiries resulted in new leases being agreed with existing tenants
for terms in the range of 3-5 years usually with an RPI increase. The Campmoss
Group's residential apartments in Bracknell are let on annual agreements and
again minor increases in line with RPI have been achieved.
FINANCIAL
For the year to 30 September 2025 the Group profit before tax was £1.7m
(2024: £1.4m). This includes a minor decrease in Company property values of
£0.005m (2024: £0.02m). Our share of profit after tax in Campmoss and its
subsidiary which, in accordance with IAS 40, includes an increase in property
values of £0.21m amounted to £0.38m (2024: £0.14m).
For the year ended 30 September 2025, the Company received a dividend of
£2.5m. from its investment in Campmoss.
Revenue for the year which represented gross rental income, excluding
Campmoss, totalled £0.7m (2024: £0.7m).
The profit after tax attributable to shareholders for the financial year was
£1.36m (2024: £1.07m) and the earnings per share was 132.90p (2024:
102.76p).
At the year-end, the Company's commercial portfolio was valued by Kempton Carr
Croft at a total of £5.64m (2024: £5.63m). This valuation excludes the
company's freehold office property which was also valued by Kempton Carr Croft
and is included in the balance sheet at valuation and classified as property,
plant and equipment.
Property when completed and retained for re-sale is held as inventory at the
lower of cost or net realisable value. At the year-end this related to
commercial property at The Windsor Business Centre owned by First Choice
Estates plc, the Company's fully owned subsidiary and residential apartments
held by Campmoss Developments Limited.
The Group's total property portfolio, including the jointly controlled
Campmoss group, was valued at £23.4m (2024: £22.9m).
The Company's share of the net assets of Campmoss group was £9.30m (2024:
£11.42m). The reduction in value is due to dividends received from Campmoss
of £2.5m (2024: £1.0m)
The Group's total net assets as at the year-end were £30.66m (2024: £30.42m)
equivalent to £30.53 per share (2024: £29.31) an increase of 4.1% over the
year (2024: 3.1%). The Group, including Campmoss, has adequate financial
facilities and resources to complete works in progress. Cash balances are held
on instant or short-term deposit. At the year-end, the Company had nil gearing
(2024: nil).
During the year the Company purchased and cancelled 33,356 (2024: 16,034)
ordinary shares at a total cost of £0.85m (2024: £0.37m).
The Company may hold in treasury any of its own shares purchased. This gives
the Company the ability to reissue treasury shares and provides great
flexibility in the management of its capital base. At the year end the Company
held nil (2024: nil) shares in treasury. Any shares purchased by the Company
not held in treasury will be cancelled and the number of shares in
issue reduced accordingly.
The Company proposes to continue its policy of purchasing its own shares,
whether to be held in treasury or to be cancelled, and a resolution renewing
the directors' authority will be placed before the forthcoming Annual General
Meeting to be held on 15 January 2026. This authority will only be exercised
in circumstances where the directors regard such purchases to be in the best
interests of shareholders as a whole. Full details of the AGM is available on
the Company's website www.cardiff-property.com
(https://protect.checkpoint.com/v2/r02/___http:/www.cardiff-property.com___.YXAxZTpzaG9yZWNhcDpjOm86MTBlMTUzMWQ2Y2JjZjljYjExMDI0ZjY2ZDU4MjY2YTU6NzoxNGZhOmY1ZGY1ZjU3MmQxNmI2ZWQ0NWUxYzk5MDhmNjZiNGViM2U0MzQyMDA3MmUzYzdhNjdhYmVlNzlmZTFlODllOWY6cDpUOk4)
.
IFRS accounting requires that deferred tax is recognised on the difference
between the cost of properties including applicable indexation 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, which represents a substantial part of the Company's net assets.
Whilst provision is made in the Campmoss accounts for deferred tax should
Cardiff dispose of its shareholding in Campmoss, for indicative purposes only
and based on the value in the Company's balance sheet at the year-end this
would result in a tax liability of £2.33m (2024 : £2.86m) equivalent
£2.26 (2024: £2.75) per share calculated using a tax rate of 25% (2024:
25%). This information is provided to shareholders as an additional
non-statutory disclosure.
DIVIDEND
The directors recommend a final dividend of 20.0p per share (2024: 17.0p)
making a total dividend for the year of 27.5p (2024: 23.5p), an increase of
17.0%. The final dividend will be paid on 30 January 2026 to shareholders on
the register at 16 January 2026.
THE PROPERTY PORTFOLIO
The Group continues to manage its property portfolio located in the Thames
Valley and the surrounding counties of Surrey, Berkshire and Buckinghamshire
close to Heathrow Airport.
During the year the Company achieved new lettings at The Windsor Business
Centre, Windsor, (following refurbishment and lease expiry) at the White
House, Egham (1st floor office and ground floor retail unit) and at Maidenhead
Enterprise Centre, Maidenhead (ground floor warehouse). In the Campmoss
portfolio one retail unit remains available (now under offer) at Market
Street, Bracknell.
At The Priory, Burnham, Campmoss was recently granted a further planning
approval for a 75 bedroom care home which now allows the building to be
separated from the existing Grade II Listed office building known as The
Business Centre. On 10 October, after the year end, contracts were exchanged
with a developer and operator to dispose of the Property. Further details
are given at the end of this report under "Post Balance Sheet Events"
At Highway House, Maidenhead, planning for a 76 apartment residential scheme
including affordable housing was granted subject to a Section 106 agreement
which has now been completed. A Care Home scheme was refused although an
appeal is being considered.
At Tangley Place, Worplesdon, an application for a 64 bedroom Care Home has
been lodged and discussions with the Local Authority are in progress.
As pointed out in previous years the cost of planning applications including a
multitude of associated reports, has risen substantially. It should be noted
that the above planning applications have taken upwards of 2 years to
progress. Governments have continually stated that this process will be
simplified but to date no changes have been evident.
The Group's portfolio including stock and Campmoss covers 43% retail, 6%
business units, 13% residential and 38% office/care home.
FOCUS ON ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")
The Group has a strategy of providing environmentally sustainable, energy
efficient and functionable buildings consistent with physical and financial
constraints. Close liaison with its tenants remains an important policy.
During the year no re-development has been undertaken whilst refurbishment
projects have given consideration towards ESG as well as related Health and
Safety issues.
Our planning applications emphasise sustainability and modern design as well
as green policies and being energy efficient. Our aim is to create a good
working environment and achieve a BREEAM rating of Very Good.
We continue to take appropriate action where necessary to reduce carbon
emissions and the impact on the environment. We view our properties as both
contributing to the local economy and providing householders with decent
living facilities.
QUOTED INVESTMENTS
The Company retains a small portfolio of short-term retail bonds and equity
investments. The value has marginally decreased over the year with the former
providing a steady income stream.
The equity investments include Aquila Services Group plc (the UK's largest
affordable housing consultancy group) and Galileo Resources plc (a mining
exploration company with assets primarily in Zambia). I remain a non-executive
director of both companies.
MANAGEMENT AND TEAM
The property market continues to require intensive and challenging management
and I would therefore take this opportunity to thank all members of our small
property team and our Joint Venture partner for their support, enthusiasm and
achievements over the year.
OUTLOOK
As I write this report the investment community will be assessing the effects
of the recent budget statement. This will inevitably take time as the business
community and investors evaluate and form their own conclusions. The prospect
of any further major decreases in interest rates appears to now be placed on
hold.
POST BALANCE SHEET EVENTS
As detailed earlier at The Priory, Burnham planning permission was granted in
early October for a Care Home. Subsequently Campmoss has exchanged a
conditional contract for the freehold sale. I anticipate that the conditions
will be met over the next 4-6 months.
The year ahead will have its challenges and I look forward to reporting
further at the half year.
J. Richard Wollenberg
Chairman
26 November 2025
Consolidated Income Statement
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2025 2024
£'000 £'000
Revenue 680 683
Cost of sales (222) (98)
Gross profit 458 585
Administrative expenses (470) (594)
Other operating income 641 676
Operating profit before fair value movement on investment
properties 629 667
Fair value (loss)/gain on investment properties (5) (23)
Operating profit 624 644
Financial income 685 608
Financial expense (6) (7)
Profit on the sale of investments (4) -
Share of profit of Joint Venture 380 140
Profit before taxation 1,679 1,385
Taxation (321) (314)
Profit for the financial year attributable to equity holders
1,358 1,071
Earnings per share on profit for the
financial year - pence
Basic and diluted 132.90 102.76
Dividends
Final 2024 paid 17.0p (2023: 16.0p) 176 168
Interim 2025 paid 7.5p (2024 6.5p) 76 67
252 235
Final 2025 proposed 20.0p (2024: 17.0p) 201 178
These results relate entirely to continuing operations.
Consolidated statement of comprehensive income and expense
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2025 2024
£'000 £'000
Profit for the financial year 1,358
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 at fair value through comprehensive (14) (15)
income
Total comprehensive income and expense for the year attributable to the equity
holders of the Parent Company
1,344 1,051
Consolidated Balance Sheet
AT 30 SEPTEMBER 2025
2025 2025 2024 2024
£'000 £'000 £'000 £'000
Non-current assets
Freehold investment properties 5,636 5,640
Property, plant, and equipment 286 287
Right of use asset 115 125
Investment in Joint Venture 9,303 11,423
Other financial assets 538 664
15,878 18,139
Current assets
Inventory and work in progress 723 722
Trade and other receivables 586 317
Term deposits 4,032 10,235
Cash and cash equivalents 10,496 2,014
15,837 13,288
Total assets 31,715 31,427
Current liabilities
Trade and other payables (652) (587)
Lease liability (8) (7)
Corporation tax (171) (182)
(831) (776)
Non-current liabilities
Lease liability (142) (151)
Deferred tax liability (78) (77)
Total liabilities (1,051) (1,004)
Net assets 30,664 30,423
Equity
Called up share capital 201 208
Share premium account 5,076 5,076
Other reserves 2,384 2,391
Investment property fair value reserve 2,165 2,170
Retained earnings 20,838 20,578
Total equity 30,664 30,423
Net assets per share £30.53 £29.31
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2025 2024
£'000
£'000
Cash flows from operating activities
Profit for the year 1,358 1,071
Adjustments for:
Depreciation right of use assets 10 10
Depreciation fixed assets 1
Financial income (685) (608)
Financial expense 6 7
Profit on sale of investments 4 -
Share of profit of Joint Venture (380) (140)
Fair value (loss)/gain on investment properties 5 23
Taxation 321 314
Cash flows from operations before changes in working capital 640 677
Acquisition of inventory and work in progress (1) (7)
Increase in trade and other receivables (132) (43)
Increase/(decrease) in trade and other payables 66 47
Cash generated from operations 573 674
Tax paid (330) (293)
Net cash flows from operating activities 243 381
Cash flows from investing activities
Interest received 551 593
Dividend from Joint Venture (6) 1,000
Proceeds from bond redemption 2,500 -
Acquisition of investment property 100 (8)
Acquisition of plant and equipment (1) (2)
Proceeds from sale of investments - 99
Decrease/(increase) in held term deposits 9 149
Net cash flows from investing activities 9,356 1,831
Cash flows from financing activities
Purchase of own shares (851) (368)
Lease payments (14) -
Dividends paid (252) (235)
Net cash flows (used in)/from financing activities (1,117) (603)
Net increase/(decrease) in cash and cash equivalents 8,482 1,609
Cash and cash equivalents at beginning of year 2,014 405
Cash and cash equivalents at end of year 10,496 2,014
Consolidated statement of changes in equity
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Called up share Share Other Investment Retained Total
capital
premium
reserves
property
earnings
equity
account
fair value
reserve*
£'000
£'000
£'000
£'000 £'000 £'000
At 30 September 2023 210 5,076 2,409 2,193 20,087 29,975
Profit for the year - - - - 1,071 1,071
Other comprehensive income - revaluation of investments - - (15) - - (15)
Net change in fair value of own use freehold property
-
-
(5)
-
-
(5)
Transactions with equity holders
Dividends - - - - (235) (235)
Purchase of own shares (2) - 2 - (368) (368)
Total transactions with equity holders (2) - 2 - (603) (603)
Fair value movements on investment properties - Cardiff - - - (23) 23 -
At 30 September 2024 208 5,076 2,391 2,170 20,578 30,423
Profit for the year - - - - 1,358 1,358
Other comprehensive income - revaluation of investments
- - (14) - - (14)
Transactions with equity holders
Dividends - - - - (252) (252)
Purchase of own shares (7) - 7 - (851) (851)
Total transactions with equity holders (7) - 7 - (1,103) (1,103)
Fair value movements on investment properties - Cardiff - - - (5) 5 -
At 30 September 2025 201 5,076 2,384 2,165 20,838 30,664
______ __ ____ ______ ______ ______ ___ ___
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. Basis of preparation
The consolidated results for the year ended 30 September 2025 and 2024 are
prepared in accordance with UK-adopted international accounting standards
("UK-adopted IAS") and those parts of the Companies Act 2006 applicable to
companies reporting under IFRS and have been incorporated into the principal
accounting policies.
The financial information set out above does not constitute the company's
statutory financial statements for the years ended 30 September 2025 or 30
September 2024 but is derived from those financial statements. Statutory
financial statements for 2024 have been delivered to the Registrar of
Companies and those for 2025 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 2025 nor 2024.
Going concern
The financial statements have been prepared on a going concern basis, which
assumes that the Group will continue to meet its liabilities as they fall due.
The Group's activities, together with the factors likely to affect its future
development, performance and position are set out in the Chairman's Statement
and Strategic Report. The financial position of the Group, its property
portfolio under management, asset base, liquidity and key performance
indicators.
The Group has sufficient financial resources to enable it to continue to trade
and to complete the current maintenance and development programme. The Group
is ungeared, and the cash flow forecasts do not assume any debt being
required. Therefore, the Directors believe that the Group is well placed to
manage its business risks successfully.
The Group has significant cash balances at 30 September 2025, the Cardiff
Group had cash balances of £10.5m and a further £4.0m term deposits (with
maturity dates of 95 days), in addition the Company has investments of £0.5m
of which £0.4m are readily marketable. The Group has an operating cost base
including tax and dividends of under £1.0m per annum so even with no income
for several years the Group would remain solvent. The impact of external
environment factors including inflation and unemployment is therefore not
critical to the going concern position of the Group or Company.
The Cardiff Group receives a management fee from Campmoss of around £0.5m per
annum, there is no reason to assume this income would not be received as the
Campmoss Group had cash balances at 30 September 2025, of £3.7m and a further
£1.0m term deposits (with maturity dates of 95 days). Campmoss have an
annual operating cost base excluding development but including the Cardiff
management fee of under £1.5m, so Campmoss Group similarly has a strong
balance sheet.
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
A number of new standards and amendments to standards and interpretations have
been issued but are not yet effective for the current accounting period.
None are expected to have a material impact on the consolidated financial
statements of the Group.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)
2. Segmental analysis
The Group manages its operations in two segments, being property and other
investment and property development. Property and other investment relates 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 2025
Total
£'000 £'000 £'000 £'000
Rental income (wholly in the UK) 493 187 - 680
Financial income 684 1 - 685
Share of profit of Joint Venture 306 74 - 380
Profit before taxation 1,482 197 - 1,679
Net operating assets
Assets 30,826 5,475 (4,586) 31,715
Liabilities (5,431) (206) 4,586 (1,051)
Net assets 25,395 5,269 - 30,664
Property and other investment Property Development Eliminations 2024
Total
£'000 £'000 £'000 £'000
Rental income (wholly in the UK) 460 223 - 683
Property sales
Financial income 602 6 - 608
Share of profit of Joint Venture 62 78 - 140
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.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)
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 £1,358,000
(2024: £1,071,000) and the weighted average number of shares as follows:
Weighted average
number of shares
2025 2024
Basic and diluted shares 1,022,289 1,043,087
132.90 102.76
Earnings per share (p)
There is no difference between basic and diluted shares as the Company has no
potentially dilutive instruments in issue.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)
Financial Calendar
27 November 2025 Results announced for the year ended 30
September 2025
15 January 2026 Annual General Meeting
15 January 2026 Ex-dividend date for the final
dividend
16 January 2026 Record date for the final dividend
30 January 2026 Final dividend to be paid
May 2026 Interim results
for 2026 to be announced
Directors and Advisers
Directors Statutory Auditor
J Richard Wollenberg MHA
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial adviser
Shore Capital
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
Charsley Harrison LLP
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
Website: www.cardiff-property.com
Registered office Registered number
56 Station Road 00022705
Egham
Surrey TW20 9LF
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