REG - Cardiff Property PLC - Half-year Report

Cardiff PropertyAnnouncement

04/05/2021 07:06

RNS Number : 2998X
  
Cardiff Property PLC
  
04 May 2021
  
 

 
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
 
FOR RELEASE                                    7.00 AM                                 4 May 2021
 
                                        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 £31m, 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 2021
 
Highlights:
 




 


 


Six months
31 March
2021
(Unaudited)


Six months
31 March
2020
(Unaudited)


Year
30 September
2020
(Audited)


 




Net assets


£'000


28,818


28,135


29,099


 




Net assets per share


£


24.45


23.03


24.36


 




Profit before tax


£'000


365


387


1,959


 




Earnings per share (basic and diluted)


pence


25.96


24.90


148.20


 




Interim/total dividend
   proposed per share


 
pence




5.0




4.8




17.6


 




Gearing


%


Nil


Nil


Nil


 




 
Richard Wollenberg, Chairman, commented:
 
The Thames Valley property market continues to be affected by the strict but necessary Government measures imposed as a result of Covid-19.
 
Working from home and the closure of many retail outlets has led to a marked reduction in letting and investment activity. Office rental levels within the Thames Valley experienced a decline as Landlords preferred to retain occupation of buildings. New lettings inevitably included incentives with shorter lease terms reflecting current uncertainty as to future occupation and trading.
 
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 2021
 
 
 
INTERIM MANAGEMENT REPORT
 
 
Dear Shareholder,
 
The Thames Valley property market continues to be affected by the strict but necessary Government measures imposed as a result of Covid-19.
 
Working from home and the closure of many retail outlets has led to a marked reduction in letting and investment activity. Office rental levels within the Thames Valley experienced a decline as a number of Landlords offered existing tenants concessionary terms. New lettings inevitably included incentives with shorter lease terms reflecting current uncertainty as to future occupation and trading.
 
The Group's  policy of meeting with tenants and where necessary agreeing deferment of rental, assisted many to remain in business and occupation. Business rates relief, furlough and VAT deferment measures provided much needed support to those retailers either unable to trade or having to deal with significant reductions in turnover. The Group, including Campmoss, received the majority of its rental income due at the half year, with only one small retail unit being vacated.
 
Excluding development properties by value, 44% of the Group's portfolio relates to the retail sector, 8% industrial premises, 15%  residential and 33% offices. The Group's retail portfolio includes a number of food outlets and other essential businesses that continued to trade during the lockdown periods. The majority of business and office tenants continued trading with staff working from home.
 
During the current financial year, a number of retail and business unit leases have or are due to expire. It is encouraging to note that,  the success of the vaccine programme and with the gradual easing of lockdown, these units have been re-let to existing or new tenants at similar rental levels. The number of enquiries received have been more than expected.
 
Overall, I expect group rental income for the current year to be lower than last year with the eventual figure being influenced by the imposition of any further lockdowns.
 
The Thames Valley residential market showed signs of slowing down although at the half year all the Group's apartments were fully let on Annual Assured Tenancy Agreements with rents remaining similar to last year.
 
FINANCIALS
For the six months ending 31 March 2021, profit before tax amounted to £0.37m (March 2020: £0.39m; September 2020: £1.96m). This figure includes an after-tax profit from Campmoss Property Company Limited ("Campmoss"), our 47.62% Joint Venture of £0.04m (March 2020 after tax loss £0.03m; September 2020 after tax profit £1.36m).
 
Revenue for the six months to 31 March 2021 represented by rental income, totalled £0.32m (March 2020: £0.34m; September 2020: £0.65m). The Group's share of revenue from Campmoss was £0.29m (March 2020: £0.32m; September 2020: £0.60m), represented by rental income of £0.29m (March 2020: £0.32m; September 2020: £0.60m). Rental income and sales figures for Campmoss are not included in Group revenue.
 
Net assets of the Group as at 31 March 2021 were £28.82m (March 2020: £28.14m; September 2020: £29.10m) equivalent to £24.45 per share (March 2020: £23.03; September 2020: £24.36). The Company's share of net assets in Campmoss included on the Group balance sheet amounted to £16.36m. (March 2020: £14.93m; September 2020: £16.32m). The directors have taken into account recent RICS guidance and whilst there is currently a greater level of uncertainty due to COVID-19 on balance, there are no material changes in the investment value of the Group's property portfolio as at 31 March 2021. The freehold investment properties held by Cardiff will be professionally valued at 30 September 2021.
 
During the six months to 31 March 2021 the company purchased for cancellation 22,750 Ordinary Shares (March 2020: 18,362 Ordinary Shares;  September 2020: 45,694 Ordinary Shares). There have been no material events or material changes in assets liabilities or related party relationships since 30 September 2020.
 
Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties and quoted investments and their current market value. However, current IFRS does not require the same treatment in respect of the group's unquoted investments in Campmoss, the 47.62% owned joint venture, which represents a substantial part of the company's net assets.
 
Whilst provision is made in Campmoss accounts for deferred tax, should the shares held in Campmoss be disposed of, for indicative purposes, based on the value in the company's balance sheet at 31 March 2021 this would result in a tax liability of £3.11m (March 2020: £2.84m; September 2020: £3.10m) equivalent to £2.65 per share (March 2020: £2.29; September 2020 £2.60) calculated using a tax rate of 19% (March 2020: 19%; September 2020: 19%). This information is provided to shareholders as an additional, non-statutory, disclosure.
 
DIVIDEND
The directors have declared an interim dividend of 5.0p (interim March 2020: 4.8p; final September 2020: 12.8p) an increase of 4.2% which will be paid on 1 July 2021 to shareholders on the register at 28 May 2021.
 
THE INVESTMENT & DEVELOPMENT PORTFOLIO
The Group's freehold property portfolio, including those held by Campmoss, continues to be concentrated in the Thames Valley close to Heathrow Airport and to the west of London.
 
Maidenhead Enterprise Centre, Maidenhead, comprises six individual business units totalling 14,000 sq. ft. and remains fully let on a mixture of short and medium term leases. Over the next 18 months a number of rent reviews and lease expiries will take place and it is encouraging to note that recent lettings have been completed at higher rental levels.
 
The Windsor Business Centre, Windsor, comprises four business units two of which are available for letting or freehold sale following the expiry of leases. The Business Centre is located close to the town centre and our agents are reporting a reasonable flow of enquiries. Planning permission to replace the existing building with an office scheme totalling 20,000 sq. ft. gross was granted last year and implementation will be subject to achieving a pre-letting. 
 
The White House, Egham, comprises five ground floor retail units with air-conditioned offices on the upper floor. Following the expiry of leases, two of the retail units and part of the upper floor offices are available for letting.
 
At Cowbridge Road, Cardiff, a new short-term lease has been agreed with The Royal Mail, the current tenant. Following negotiations with a local Housing Association a residential planning application has been submitted with a decision targeted by the end of the financial year.
 
Heritage Court, Egham, comprises four retail units all of which are let. The upper floor residential units were previously sold. The adjoining freehold office is occupied by the company and following extensive refurbishment work, a residential property, at 14 Runnymede Road, Egham was sold during the period.
 
 
CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARIES
The Campmoss portfolio provides a range of office, retail and residential properties in Burnham, Bracknell, Maidenhead and Woking.
 
As mentioned earlier, a number of retail tenants remained open during lockdown and it is encouraging  that at the time of preparing this report all are now open for trading.
 
At Britannia Wharf, Woking, the development of 52 high specification apartments is on budget and timetable. Completion is anticipated towards the end of the year and it is worth mentioning that just under 50% of the apartments are under offer at asking levels. The development is being undertaken through a joint venture with an established Surrey based developer.
 
At Market Street, Bracknell, four adjacent buildings known as 1-10 Market Street, Alston House, Westview and Gowring House comprise a mixture of ground and first floor retail units with residential on the upper floors at Gowring House and Alston House. The majority of apartments at Gowring House were previously sold and the five remaining together with 12 apartments on the upper floors at Alston House are all let on Assured Shorthold tenancies. Three of the first-floor retail units at Alston House are available for letting. As mentioned earlier the deferment of rent to a number of the retail tenants has allowed their businesses to continue.
 
At Highway House, Maidenhead an updated planning application for a 48,000 sq. ft. gross new Grade A office scheme is being prepared and expected to be submitted shortly. Agents are seeking a partial pre-letting. The site is let on a short-term basis for car parking.
 
At The Priory, Stomp Road, Burnham, the 26,000 sq. ft. building comprises 17,000 sq. ft. new office space over three floors and an adjoining Business Centre occupying 9,000 sq. ft.  Part of the offices and Business Centre have been let on short term leases pending the outcome of a planning application for a new care home.
 
MANAGEMENT AND TEAM
In these unprecedented times management of the Group's portfolio has been particularly challenging and I would take this opportunity of thanking the team and our Joint Venture partner, Campmoss for their 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 LR9.2.2AR of the Listing Rules.
 
OUTLOOK
The Group has successfully navigated the recent challenges in the property market and is well positioned to return to its previous growth strategy, market conditions permitting.
 
A return to office working and visiting retail outlets will take time to recover and in some locations, there may be permanent changes. There is no doubt that the property market will need to adjust to these new realities.
 
I look forward to reporting further at the year end.
 
J Richard Wollenberg
Chairman
30 April 2021
 
 
 
Condensed Consolidated Interim Income Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2021
 




 
 
 
 
 


Six months
31 March
2021

(Unaudited)
£'000


Six months
31 March
2020

(Unaudited)
£'000


Year
30 September
2020
(Audited)
£'000




Revenue


322


338


650




Cost of sales


(48)


(45)


(115)




 


______


______


______




Gross profit


274


293


535




Administrative expenses


(258)


(275)


(497)




Other operating income


280


290


579




 


______


______


______




Operating profit before gains on investment properties and other investments




296




308


 
617




Fair value movement on revaluation of investment properties


-


-


(148)




 


______


______


______




Operating profit


296


308


469




Financial income


28


34


54




Profit on sale of investment


-


74


74




Share of results of Joint Venture


41


(29)


1,362




 


______


______


______




Profit before taxation


365


387


1,959




Taxation


(57)


(78)


(148)




 


______


______


______




Profit for the period attributable to equity holders


308


309


1,811




 


______


______


______




 


 


 


 




Earnings per share on profit for the period - pence


 


 


 




Basic and diluted


26.0


24.9


148.2




 


______


______


______




 


 


 


 




Dividends


 


 


 




Final 2020 paid 12.8p (2019: 12.5p)


152


155


155




Interim 2020 paid 4.8p


-


-


58




 


______


______


______




 


152


155


213




 


______


______


______




Final 2020 proposed 12.8p 


-


-


153




Interim 2021 proposed 5.0p (2020: 4.8p)


59


59


-




 


______


______


______




 


59


59


153




 


______


______


______




 
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 2021
 
 




 
 
 
 
 


Six months
31 March
2021

(Unaudited)

£'000


Six months
31 March
2020

(Unaudited)
£'000


Year
30 September
2020

(Audited) 
£'000




 


 


 


 




Profit for the financial period


308


309


1,811




 


 


 


 




Items that cannot be reclassified subsequently to profit or loss


 


 


 




Revaluation of investments


(19)


(52)


(55)




Items that may be reclassified subsequently to profit or loss


 


 


 




Revaluation of other properties


-


-


(14)




 


______


______


______




Total comprehensive income and expense for the period attributable to equity holders of the parent company


 
289


 
257


 
1,742




 


______


______


______




 
Condensed Consolidated Interim Balance Sheet
AT 31 MARCH 2021




 
 
 
 


31 March
2021
(Unaudited)

£'000


31 March
2020

(Unaudited)

£'000


30 September
2020
(Audited)
£'000




Non-current assets


 


 


 




Freehold investment properties


5,410


6,000


5,857




Property, plant and equipment


230


282


228




Investment in Joint Venture


16,364


14,932


16,323




Other financial assets


1,076


886


925




 


______


______


______




Total non-current assets


23,080


22,100


23,333




 


_____


_____


______




Current assets


 


 


 




Stock and work in progress


688


683


688




Trade and other receivables


234


183


238




Held to maturity cash deposits


1,054


2,714


1,748




Cash and cash equivalents


4,696


3,274


3,773




 


______


______


______




Total current assets


6,672


6,854


6,447




 


______


______


______




Total assets


29,752


28,954


29,780




 


______


______


______




Current liabilities


 


 


 




Trade and other payables


(635)


(613)


(529)




Corporation tax


(236)


(111)


(50)




 


______


______


______




Total current liabilities


(871)


(724)


(579)




 


______


______


______




Non-current liabilities


 


 


 




Deferred tax liability


(63)


(95)


(102)




 


______


______


______




Total non-current liabilities


(63)


(95)


(102)




 


______


______


______




Total liabilities


(934)


(819)


(681)




 


______


______


______




Net assets


28,818


28,135


29,099




 


______


______


______




 


 


 


 




Equity


 


 


 




Called up share capital


234


244


239




Share premium account


5,076


5,076


5,076




Other reserves


2,461


2,487


2,475




Investment property revaluation reserve


1,273


1,814


3,139




Retained earnings


19,774


18,514


18,170




 


______


______


______




Shareholders' funds attributable to equity holders


28,818


28,135


29,099




 


______


______


______




 


 


 


 




Net assets per share


£24.45


£23.03


£24.36




 


______


______


______




 
 
Condensed Consolidated Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 MARCH 2021




 
 
 
 
 


Six months
31 March
2021

(Unaudited)

£'000


Six months
31 March
2020

(Unaudited)
£'000


Year
30 September
2020

(Audited)
£'000




 


 


 


 




Cash flows from operating activities


 


 


 




Profit for the period


308


309


1,811




Adjustments for:


 


 


 




Depreciation


-


2


3




Financial income


(28)


(34)


(54)




Share of loss/(profit) of Joint Venture


(41)


29


(1,362)




Profit on the sale of investments


-


(74)


(74)




Fair value movement on revaluation on of investment properties


-


-


148




Taxation


57


78


148




 


______


______


______




Cash flows from operations before changes in
working capital




296




310


 
620




Acquisition of inventory and work in progress


-


(8)


(14)




Decrease/(increase) in trade and other receivables


4


(44)


(98)




Increase/(decrease) in trade and other payables


106


(26)


1




 


______


______


______




Cash generated from operations


406


232


509




Tax paid


97


(97)


(228)




 


______


______


______




Net cash flows from operating activities


503


135


281




 


______


______


______




 


 


 


 




Cash flows from investing activities


 


 


 




Interest received


22


34


61




Dividend from Joint Venture


-


643


643




Acquisition of investments, and property, plant and equipment


(19)


(5)


(13)




Acquisition of investments


(169)


(100)


(100)




Proceeds from the sale of investments


-


78


78




Proceeds from sale of investment property


462


-


-




Decrease in financial assets


694


370


1,336




 


______


______


______




Net cash flows from investing activities


990


1,020


2,005




 


______


______


______




 


 


 


 




Cash flows from financing activities


 


 


 




Purchase of own shares


(418)


(199)


(773)




Dividends paid


(152)


(155)


(213)




 


______


______


______




Net cash flows from financing activities


(570)


(354)


(986)




 


______


______


______




 


 


 


 




Net increase in cash and cash equivalents


923


801


1,300




Cash and cash equivalents at beginning of period


3,773


2,473


2,473




 


______


______


______




Cash and cash equivalents at end of period


4,696


3,274


3,773




 


______


______


______



 
 
 
 
 



 
 
 

Condensed Consolidated Interim Statement of Changes in Equity

FOR THE SIX MONTHS ENDED 31 MARCH 2021
 
 




 
 
 
 
 


 
 
Share

capital
    £'000 


 
Share

premium

account
£'000


 
 
Other

reserves
£'000


Investment

property

revaluation

reserve
    £'000


 
 
Retained

earnings
£'000


 
 
Total

equity
£'000




 


 


 


 


 


 


 




At 1 October 2019


248


5,076


2,535


1,814


18,670


28,343




Profit for the period


-


-


-


-


309


309




Other comprehensive income - revaluation of investments




-




-




(52)




-




-




(52)




Transactions with equity holders
Dividends




-




-




-




-




(155)




(155)




Purchase of own shares


(4)


-


4


-


(310)


(310)




 


______


______


______


______


______


______




Total transactions with equity holders


(4)


-


4


-


(465)


(465)




 


______


______


______


______


______


______




At 31 March 2020


244


5,076


2,487


1,814


18,514


28,135




Profit for the period


-


-


-


-


1,502


1,502




Other comprehensive income - revaluation of investments




-




-




38




-




-




38




Revaluation of other property


-


-


(55)


-


-


(55)




Transactions with equity holders
Dividends




-




-




-




-




(58)




(58)




Purchase of own shares


(5)


-


5


-


(463)


(463)




 


______


______


______


______


______


______




Total transactions with equity holders


(5)


-


5


-


(521)


(521)




 


______


______


______


______


______


______




Transfer on revaluation of investment properties - Cardiff




-




-




-




(148)




148




-




Transfer on revaluation of investment properties - Campmoss




-




-




-




1,473




(1,473)




-




 


______


______


______


______


______


______




At 30 September 2020


239


5,076


2,475


3,139


18,170


29,099




Profit for the period


-


-


-


-


308


308




Other comprehensive income - revaluation of investments




-




-




(19)




-




-




(19)




Transactions with equity holders
Dividends




-




-




-




-




(152)




(152)




Purchase of own shares


(5)


-


5


-


(418)


(418)




 


______


______


______


______


______


______




Total transactions with equity holders


(5)


-


5


-


(570)


(570)




 


______


______


______


______


______


______




Transfer on revaluation of investment properties - Cardiff




-




-




-




(266)




266




-




Transfer on revaluation of investment properties - Campmoss




-




-




-




(1,600)




1,600




-




 


______


______


______


______


______


______




 


 


 


 


 


 


 




At 31 March 2021


234


5,076


2,461


1,273


19,774


28,818




 


______


______


______


______


______


______



 
 
 
 
 
 
 
 
 



 
 
 
Statement of Responsibility
FOR THE SIX MONTHS ENDED 31 MARCH 2021
 
The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2021 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 2021 have been prepared in accordance with IAS 34 - Interim Financial Reporting and in accordance with the requirements of 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
 
30 April 2021
 
 
 
Notes to the Condensed Consolidated Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2021
 
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 International Financial Reporting Standards (IFRSs)in conformity with the requirements 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 2020.
 
The comparative figures for the financial year ended 30 September 2020 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 2021.
 
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 2021 (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 2021
(Unaudited)

Total


 




 


£'000


£'000


£'000


£'000




 


 


 


 


 




Rental income (wholly in the UK)


230


92


-


322




 


 


 


 


 




Profit before taxation


260


105


-


365




 


 


 


 


 




Net operating assets


 


 


 


 




Assets


26,913


4,808


(1,969)


29,752




Liabilities


(2,648)


(255)


1,969


(934)




 


              


              


              


              




Net assets


24,265


4,553


-


28,818




 


              


              


              


              




 
 
 




 


Property and other investment


Property Development


Eliminations


Six months 31 March 2020
Total


 




 


 


 


 


2020




 


£'000


£'000


£'000


£'000




 


 


 


 


 




Revenue (wholly in the UK)


245


93


-


338




 


 


 


 


 




Profit before taxation


202


185


-


387




 


 


 


 


 




Net operating assets


 


 


 


 




Assets


26,385


4,670


(2,101)


28,954




Liabilities


(2,631)


(289)


2,101


(819)




 


              


              


              


              




Net assets


23,754


4,381


-


28,135




 


              


              


              


              




 




 


Property and other investment


Property Development


Eliminations


Year September 2020
(Audited)

Total


 




 


 


 


 


2020




 


£'000


£'000


£'000


£'000




 


 


 


 


 




Rental income (wholly in the UK)


468


182


-


650




Profit before taxation


1,686


273


-


1,959




 


 


 


 


 




Net operating assets


 


 


 


 




Assets


26,974


4,718


(1,912)


29,780




Liabilities


(2,329)


(264)


1,912


(681)




 


              


              


              


              




Net assets


24,645


4,454


-


29,099




 


              


              


              


              




 
 
"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 5.0p per share will be paid on 1 July 2021 to shareholders on the register on 28 May 2021. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2021.
 
5. Earnings per share
Earnings per share has been calculated using the profit after tax for the period of £308,000 (March 2020: £309,000; September 2020: £1,811,000) and the weighted average number of shares as follows:
 




 


Weighted average number of shares
 




 
 


31 March
2021


31 March
2020


30 September
2020




 


(Unaudited)


(Unaudited)


(Audited)




 


 


 


 




Basic and diluted


1,188,434


1,238,595


1,221,929




 


_________


_________


_________




 
 
 
 
 
 
Directors and Advisers
 
 




Directors


Auditor




J Richard Wollenberg


PKF Littlejohn LLP




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
 
 




2021


4 May


Interim results for 2021 announced




 


27 May


Ex-dividend date for interim dividend




 


28 May


Record date for interim dividend




 


1 July


Interim dividend to be paid




 


30 September


End of accounting year




 


December


Final results for 2021 announced




2022


January


Annual General Meeting




 


February


Final dividend to be paid




 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
IR BLGDSGGXDGBG