REG - Cardiff Property PLC - Half-year Report
25/04/2024 13:15
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RNS Number : 0780M Cardiff Property PLC 25 April 2024
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
FOR IMMEDIATE RELEASE 25 April 2024
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 2024
Highlights:
Six months Six months Year
31 March 31 March 30 September
2024 2023 2023
(Unaudited)
(Audited)
(Unaudited)
Net assets £'000 30,026 29,657 29,975
Net assets per share £ 28.93 28.00 28.44
Profit before tax £'000 780 653 1,262
Earnings per share (basic and diluted) pence 58.38 49.42 104.62
Interim/total dividend 6.5 6.0 22.0
proposed per share pence
Gearing % Nil Nil Nil
Richard Wollenberg, Chairman, commented:
New lettings and investment activity in the Thames Valley commercial and
residential property sectors marginally increased over the first six months of
the financial year. The prospect of lower interest rates has certainly
inspired a return of confidence in the property market although current
indications are that an early reduction in the base rate is unlikely.
Rental levels in the retail and industrial sectors have stabilised, whilst
office rents remain under pressure as many corporate tenants continue to
accommodate employees' preference to work from home.
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 2024
INTERIM MANAGEMENT REPORT
Dear Shareholder,
New lettings and investment activity in the Thames Valley commercial and
residential property sectors marginally increased over the first six months of
the financial year. The prospect of lower interest rates has certainly
inspired a return of confidence in the property market although current
indications are that an early reduction in the base rate is unlikely.
Rental levels in the retail and industrial sectors have stabilised, whilst
office rents remain under pressure as many corporate tenants continue to
accommodate employees' preference to work from home.
The commercial property investment market has seen a number of transactions
indicating the first signs of a recovery in capital values. With the prospects
of future, albeit marginal, rental growth, commercial agents and investors are
looking forward to further gains in the sector.
Residential values in the Thames Valley have improved reflecting recent
reductions in mortgage rates. Rental values have remained firm.
In respect of the Group's portfolio, we await the outcome of a number of
planning applications. The planning system remains complex and unpredictable
with continuing delays inevitably increasing costs.
Management and liaison with the Group's mixture of tenants remains a priority.
The financial health of our tenants is important and where necessary cash flow
assistance such as monthly rather than quarterly rentals in advance has been
agreed.
FINANCIALS
For the 6 months ending 31 March 2024 Group profit before tax amounted to
£0.78m (March 2023: £0.65m; September 2023; £1.26m). This figure includes
an after-tax profit from Campmoss Property Company Limited ("Campmoss") our
47.62% joint venture of £0.10m (March 2023: £0.12m; September 2023:
£0.53m). No dividends were received from the Company's investment in Campmoss
(March 2023: nil; September 2023: £2m).
Revenue for the 6 months to 31 March 2024 represented by rental income,
totalled £0.36m (March 2023: £0.34m; September 2023; £0.66m). The Group's
share of revenue from Campmoss was £0.32m (March 2023: £0.29m; September
2023: £0.59m), represented by rental income of £0.28m (March 2023: £0.29m;
September 2023; £0.59m) and a property sale completed during the 6 months to
March 2024 of £0.04m (March 2023 nil; September 2023: £nil). Rental income
and sales figures for Campmoss are not included in Group revenue.
Net assets of the Group as at 31 March 2024 were £30.03m (March 2023:
£29.66m; September 2023: £29.98m), equivalent to £28.93 per share (March
2023: £28.00; September 2023: £28.44). The Company's share of net assets in
Campmoss, included on the Group balance sheet, amounted to £12.38m. (March
2023: £13.88m; September 2023: £12.28m).
Cash balances held by Cardiff and Campmoss are placed on short-term deposit.
At the half year the Company had £nil gearing (March 2023: £nil; September
2023: £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 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 2024 the Company purchased 16,034 ordinary
shares (March 2023: 22,577 ordinary shares; September 2023: 27,977 ordinary
shares). All shares purchased by the Company not held in treasury have been
cancelled and the number of shares in issue reduced accordingly.
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 accounting does not require
the same treatment in respect of the Group's unquoted investment in Campmoss
Property, 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 only, based on
the value in the company's balance sheet at 31 March 2024 this would result in
a tax liability of £3.10m (March 2023: £3.47m; September 2023: £3.07m)
equivalent to £2.98 per share calculated using a tax rate of 25% (March
2023: £3.28 per share ; September 2023 £2.91 per share). This information is
provided to shareholders as an additional, non-statutory, disclosure.
DIVIDEND
The directors have declared an interim dividend of 6.5p (interim March 2023:
6.0p; final September 2023: 16.0p) an increase of 8.3% which will be paid on
27 June 2024 to shareholders on the register at 24 May 2024.
THE INVESTMENT & DEVELOPMENT PORTFOLIO
The Group's freehold property portfolio, including those held by Campmoss, is
located in the Thames Valley and in the counties of Surrey, Berkshire and
Buckinghamshire.
The Windsor Business Centre, Windsor, comprises 4 business units all of which
are let on leases inclusive of a development break clause. The outcome of a
planning application for the renewal of an existing consent for a new 21,000
sq. ft. office scheme is awaited. Commencement of this development will depend
on securing suitable lettings. The individual units remain available for sale.
Maidenhead Enterprise Centre, Maidenhead, comprises 6 individual business
units totalling 14,000 sq. ft. The units include industrial use on the
ground floor with offices above. An increase in rental was recently achieved
following a rent review. One unit is currently available to lease.
The White House, Egham, comprises 5 ground floor retail units with
air-conditioned offices on the upper floor. All retail units are let with part
of the upper floor offices available for letting.
Heritage Court, Egham, comprises 4 retail units let on medium term Leases.
All residential apartments on the upper floors have previously been sold on
long leaseholds. The adjoining freehold office is occupied by the company.
CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARIES
The Campmoss portfolio provides a range of office, retail and residential
properties in Burnham, Bracknell and Maidenhead.
The Priory, Stomp Road, Burnham, comprises 17,000 sq. ft. of office space and
an adjoining business centre occupying 9,000 sq. ft. Planning permission has
been granted for a new 75-bedroom care home whilst retaining the existing
Business Centre. Negotiations to achieve a leasing commitment or a freehold
sale are currently in hand.
Highway House, Maidenhead retains an extant planning permission for a new
48,000 sq. ft. gross Grade A office scheme. Minor works have taken place, but
any major construction work will be subject to achieving sufficient
pre-lettings. The outcome of alternative use planning applications for either
a care home or residential scheme is awaited. The cleared site is currently
used as a car park let to an adjoining office user.
Market Street, Bracknell, includes 4 adjacent buildings divided into
thirty-three retail units primarily let on medium-term leases. Seventeen
apartments on the upper floors of two of the buildings have been retained and
are let on Assured Shorthold Tenancy Agreements. The apartments are also
available for sale.
Tangley Place, Worplesdon, is approximately 2.5 acres of land in the greenbelt
and adjacent to a previously developed care home subsequently sold to the
operator. A planning application for an adjacent specialist care home has
recently been submitted.
MANAGEMENT AND TEAM
Management of the Group's portfolio remains a priority and I wish to take this
opportunity of thanking our team based in Egham, Surrey and our joint venture
partner for their dedication and continued 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
As mentioned earlier the prospect of lower interest rates has encouraged a
return of confidence to the Thames Valley Property market which should assist
a recovery in capital values and occupancy levels. Future growth prospects for
the Group are primarily dependent on achieving beneficial planning permissions
which are subject to the current complexity of the planning system which
remains a frustrating, time consuming and costly exercise. As indicated in
this half year report there are a number of projects in progress, and I look
forward to reporting further at the year end.
J Richard Wollenberg
Chairman
25 April 2024
Condensed Consolidated Interim Income Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2024
Six months Six months Year
31 March 31 March 30 September
2024 2023 2023
(Unaudited)
(Unaudited)
(Audited)
£'000 £'000
£'000
Revenue 355 339 662
Cost of sales (32) (16) (52)
______ ______ ______
Gross profit 323 323 610
Administrative expenses (305) (300) (569)
Other operating income 341 322 646
______ ______ ______
Operating profit before gains on investment properties and other investments 359 345
687
Fair value (loss)/gain on revaluation of investment properties - - (332)
______ ______ ______
Operating profit 359 345 355
Financial income 323 114 314
Financial expense (4) (3) (6)
Profit on sale of investments - 75 74
Profit on sale of investment properties - - -
Share of results of Joint Venture 102 122 525
______ ______ ______
Profit before taxation 780 653 1,262
Taxation (168) (123) (148)
______ ______ ______
Profit for the period attributable to equity holders 612 530 1,114
______ ______ ______
Earnings per share on profit for the period - pence
Basic and diluted 58.38 49.42 104.62
______ ______ ______
Dividends
Final 2023 paid 16.0p (2022: 15.0p) 168 161 161
Interim 2023 paid 6.0p - - 64
______ ______ ______
168 161 225
______ ______ ______
Final 2023 proposed 16.0p - - 169
Interim 2024 proposed 6.5p (2023: 6.0p) 67 64 -
______ ______ ______
67 64 169
______ ______ ______
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 2024
Six months Six months Year
31 March 31 March 30 September
2024 2023 2023
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000 £'000
Profit for the financial period 612 530 1,114
Items that cannot be reclassified subsequently to profit or loss
Net change in fair value of other properties - - (10)
Net change in fair value of investments (25) 22 (37)
______ ______ ______
Total comprehensive income and expense for the period attributable to equity holders of the parent company 1,067
587 552
______ ______ ______
Condensed Consolidated Interim Balance Sheet
AT 31 MARCH 2024
31 March 31 March 30 September
2024 2023 2023
(Unaudited)
(Unaudited)
£'000 (Audited)
£'000
£'000
Non-current assets
Freehold investment properties 5,660 5,985 5,655
Property, plant and equipment 290 300 290
Right of use asset 130 140 135
Investment in Joint Venture 12,385 13,880 12,283
Other financial assets 655 837 778
______ ______ ______
Total non-current assets 19,120 21,142 19,141
_____ _____ ______
Current assets
Stock and work in progress 720 704 715
Trade and other receivables 270 244 274
Held to maturity cash deposits 8,847 8,263 10,384
Cash and cash equivalents 2,063 444 405
______ ______ ______
Total current assets 11,900 9,655 11,778
______ ______ ______
Total assets 31,020 30,797 30,919
______ ______ ______
Current liabilities
Trade and other payables (515) (581) (540)
Corporation tax (241) (215) (162)
______ ______ ______
Total current liabilities (756) (796) (702)
______ ______ ______
Non-current liabilities
Lease liability (161) (168) (165)
Deferred tax liability (77) (176) (77)
______ ______ ______
Total non-current liabilities (238) (344) (242)
______ ______ ______
Total liabilities (994) (1,140) (944)
______ ______ ______
Net assets 30,026 29,657 29,975
______ ______ ______
Equity
Called up share capital 207 212 210
Share premium account 5,076 5,076 5,076
Other reserves 2,387 2,476 2,409
Investment property revaluation reserve 2,193 2,095 2,193
Retained earnings 20,163 19,798 20,087
______ ______ ______
Shareholders' funds attributable to equity holders 30,026 29,657 29,975
______ ______ ______
Net assets per share 28.93 £28.00 £28.44
______ ______ ______
Condensed Consolidated Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 MARCH 2024
Six months Six months Year
31 March 31 March 30 September
2024 2023 2023
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000 £'000
Cash flows from operating activities
Profit for the period 612 530 1,114
Adjustments for:
Depreciation right of use assets 5 5 10
Financial income (323) (114) (314)
Financial expense 4 3 6
Profit on sale of investment property - - -
Profit on sale of investment - (75) (74)
Share of profit of Joint Venture (102) (122) (525)
Fair value loss/(gain) on revaluation on of investment properties - - 332
Taxation 168 123 148
______ ______ ______
Cash flows from operations before changes in 364 350 697
working capital
Acquisition of inventory and work in progress (6) (10) (21)
(Increase)/decrease in trade and other receivables 4 (28) (67)
(Decrease)/increase in trade and other payables (26) (18) (58)
______ ______ ______
Cash generated from operations 336 294 551
Tax paid (89) (98) (268)
______ ______ ______
Net cash flows from operating activities 247 196 283
______ ______ ______
Cash flows from investing activities
Interest received 324 114 314
Dividend from Joint Venture - - 2,000
Proceeds from sale of investment property - - -
Proceeds from bond redemption 98 - 80
Acquisition of investments, and property, plant and equipment (5) - (2)
Proceeds from sale of investments - 158 79
(Increase)/decrease in held term deposits 1,537 (4,222) (6,343)
______ ______ ______
Net cash flows from investing activities 1,954 (3,950) (3,872)
______ ______ ______
Cash flows from financing activities
Purchase of own shares (368) (546) (679)
Lease payments (7) (7) (14)
Dividends paid (168) (161) (225)
______ ______ ______
Net cash flows from financing activities (543) (714) (918)
______ ______ ______
Net increase/(decrease) in cash and cash equivalents 1,658 (4,468) (4,507)
Cash and cash equivalents at beginning of period 405 4,912 4,912
______ ______ ______
Cash and cash equivalents at end of period 2,063 444 405
______ ______ ______
Condensed Consolidated Interim Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 MARCH 2024
Investment
property
Share
revaluation
premium
reserve
Share
account Other
Retained Total
capital
reserves £'000
earnings
equity
£'000
£'000 £'000 £'000 £'000
At 30 September 2022 216 5,076 2,450 2,095 19,975 29,812
Profit for the period - - - - 530 530
Other comprehensive income - revaluation of investments - - 22 - - 22
Transactions with equity holders - - - - (161) (161)
Dividends
Purchase of own shares (4) - 4 - (546) (546)
______ ______ ______ ______ ______ ______
Total transactions with equity holders (4) - 4 - (707) (707)
______ ______ ______ ______ ______ ______
At 31 March 2023 212 5,076 2,476 2,095 19,798 29,657
Profit for the period - - - - 584 584
Other comprehensive income - revaluation of investments - - (59) - - (59)
Net change in fair value of own use freehold property - - (10) - - (100
Transactions with equity holders - - - - (64) (64)
Dividends
Purchase of own shares (2) - 2 - (133) 133)
______ ______ ______ ______ ______ ______
Total transactions with equity holders (2) - 2 - (197) (197)
______ ______ ______ ______ ______ ______
Fair value movement on investment properties - Cardiff - - - (332) 332 -
Deferred taxation on fair value movements in investment properties - Cardiff - - - 98 (98) -
Fair value movement on investment properties - Campmoss Group - - - 332 (332) -
______ ______ ______ ______ ______ ______
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 - - - - (168) (168)
Dividends
Purchase of own shares (3) - 3 - (368) (368)
______ ______ ______ ______ ______ ______
Total transactions with equity holders (3) - 3 - (536) (536)
______ ______ ______ ______ ______ ______
At 31 March 2024 207 5,076 2,387 2,193 20,163 30,026
______ ______ ______ ______ ______ ______
Statement of Responsibility
FOR THE SIX MONTHS ENDED 31 MARCH 2024
The directors are responsible for preparing the condensed consolidated interim
financial statements for the six months ended 31 March 2024 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 2024 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
25 April 2024
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 2023.
The comparative figures for the financial year ended 30 September 2023 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 2024.
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 2024
(Unaudited)
Total
£'000 £'000 £'000 £'000
Rental income (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 Six months 31 March 2023
(Unaudited)
Total
£'000 £'000 £'000 £'000
Revenue (wholly in the UK) 223 116 - 339
Profit before taxation 376 277 - 653
Net operating assets
Assets 28,665 5,154 (3,022) 30,797
Liabilities (3,916) (246) 3,022 (1,140)
Net assets 24,749 4,908 - 29,657
Property and other investment Property Development Eliminations Year September 2023
(Audited)
Total
£'000 £'000 £'000 £'000
Rental income (wholly in the UK) 436 226 - 662
Property sales - - - -
Profit before taxation 829 433 - 1,262
Net operating assets
Assets 28,854 5,246 (3,181) 30,919
Liabilities (3,882) (243) 3,181 (944)
Net assets 24,972 5,003 - 29,975
"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 6.5p per share will be paid on 27 June 2024 to
shareholders on the register on 24 May 2024. Under accounting standards this
dividend is not included in the condensed consolidated interim financial
statements for the six months ended 31 March 2024.
5. Earnings per share
Earnings per share has been calculated using the profit after tax for the
period of £612,000 (March 2023: £530,000, year ended September 2023:
£1,114,000) and the weighted average number of shares as follows:
Weighted average number of shares
31 March 31 March 30 September
2024 2023 2023
(Unaudited) (Unaudited) (Audited)
Basic and diluted 1,048,399 1,072,675 1,064,204
_________ _________ _________
Earnings per share (p) 58.38 49.42 104.62
_________ _________ _________
Directors and Advisers
Directors Auditor
J Richard Wollenberg MHA
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial advisers
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
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
2024 25 Apr Interim results for 2024 announced
23 May Ex-dividend date for interim dividend
24 May Record date for interim dividend
27 June Interim dividend to be paid
30 September End of accounting year
December Final results for 2024 announced
2025 January Annual General Meeting
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