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REG - Cardiff Property PLC - Half-year Report

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RNS Number : 6972C  Cardiff Property PLC  01 May 2026

 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

 

FOR IMMEDIATE RELEASE                                                               1 May 2026

 

                                        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 £23m, 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 2026

 

Highlights:

 

                                                 Six months    Six months    Year

                                                 31 March      31 March      30 September

                                                 2026          2025          2025

(Audited)
                                                 (Unaudited)   (Unaudited)
 Net assets                              £'000   30,678        30,523        30,664
 Net assets per share                    £       30.92         29.72         30.53
 Profit before tax                       £'000   726           756           1,679
 Earnings per share (basic and diluted)  pence   57.28         57.80         132.90
 Interim/total dividend                          10.0          7.5           27.5

    proposed per share                   pence
 Gearing                                 %       Nil           Nil           Nil

 

Richard Wollenberg, Chairman, commented:

 

During the first quarter of the financial year the Thames Valley property
market indicated signs of recovery. The second quarter has inevitably been
affected by current world events and the possibility of an increase rather
than decrease in interest rates.

 

The Group, including Campmoss Property our 47.62% owned joint venture,
successfully completed a number of lease renewals and 2 new lettings at
retail, industrial and business units, located in Windsor, Bracknell and
Maidenhead. Increases in rental in line with the Retail Price Index were
achieved. The majority of the Group's commercial property is let and occupied
on a variety of short, medium and long-term commercial leases.

 

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 2026

 

INTERIM MANAGEMENT REPORT

 

 

Dear Shareholder,

 

During the first quarter of the financial year the Thames Valley property
market indicated signs of recovery. The second quarter has inevitably been
affected by current world events and the possibility of an increase rather
than decrease in interest rates.

 

The Group, including Campmoss Property our 47.62% owned joint venture,
successfully completed a number of lease renewals and 2 new lettings at
retail, industrial and business units, located in Windsor, Bracknell and
Maidenhead. Increases in rental in line with the Retail Price Index were
achieved. The majority of the Group's commercial property is let and occupied
on a variety of short, medium and long-term commercial leases.

 

At the time of writing the Thames Valley commercial property investment market
remains subdued. Acquisitions in specific locations show minor increases in
capital values but the confidence factor remains limited.

 

The Thames Valley has always been regarded as a prime area for occupiers and
investors and the Group is benefitting from its commercial property portfolio
being entirely based in this location.

 

The Thames Valley residential market especially leasehold apartments has
suffered a reduction in capital values despite the easing of mortgage interest
rates. Campmoss holds a number of apartments, all of which are let and
occupied under Assured Shorthold Tenancies soon to be changed to Periodic
Tenancies. Rental levels remain firm bolstered by a shortage of available
properties to rent following recent government controls.

 

A considerable proportion of the Group's management time, including Campmoss,
is directed towards achieving enhanced value in the commercial portfolio by
negotiating and achieving planning approvals often involving a change of use.

 

As reported in September last year following the grant of a further approval
for a 75-bedroom care home at The Priory, Burnham, conditional contracts were
exchanged to dispose of the property. I am pleased to report that these
conditions have now been met and as set out in the post balance sheet event
paragraph at the end of this report, completion was finalised at the end of
April this year.

 

At Highway House, Maidenhead planning approval for a 76-apartment scheme was
granted last year but with the expiration of time in achieving the approval,
building costs rose exponentially resulting in a reduced site value. An
amended application for a residential scheme has recently been lodged which we
anticipate will result in a higher site value. Plans for a 68-bedroom care
home scheme on the same property was refused and we await the outcome of an
appeal.

 

We continue to await the outcome of our planning application for a 64-bedroom
care home at Tangley Place, Worplesdon, near Guildford.

 

It is of continuing concern that the planning process remains tortuous and
costly without any guarantees of a positive final outcome. The process
involves an increasing multitude of specialist reports which are now required
as part of a planning application submission. The government's stated intent
to simplify the planning process has not been evident.

 

FINANCIALS

For the 6 months ending 31 March 2026 Group profit before tax amounted to
£0.73m (March 2025: £0.76m; September 2025; £1.7m). This figure includes an
after-tax profit from Campmoss Property Company Limited ("Campmoss") our
47.62% joint venture of £0.10m (March 2025: £0.13m; September 2025:
£0.38m). No dividends were received from the Company's investment in Campmoss
(March 2025: £1.5m; September 2025: £2.5m).

 

Revenue for the 6 months to 31 March 2026 represented by rental income,
excluding Campmoss, totalled £0.38m (March 2025: £0.35m; September 2025;
£0.68m). The Group's share of revenue from Campmoss was £0.30m (March 2025:
£0.30m; September 2025: £0.58m). No property sales were completed during the
6 months to March 2026 with completion of the sale of The Priory being after
the period end (March 2025 nil; September 2025: nil).

 

Net assets of the Group as at 31 March 2026 were £30.68m (March 2025:
£30.52m; September 2025: £30.66m), equivalent to £30.92 per share (March
2025: £29.72; September 2025: £30.53). The Company's share of net assets in
Campmoss, included in the Group balance sheet, amounted to £9.40m. (March
2025: £10.05m; September 2025: £9.30m).

 

Cash balances held by Cardiff and Campmoss are placed on short-term deposit.
At the half year the Company had £nil gearing (March 2025: £nil; September
2025: £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 2025 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 provides greater
flexibility in the management of its capital base. During the 6 months to 31
March 2026 the company purchased 12,220 ordinary shares (March 2025: 10,600
ordinary shares; September 2025: 33,356 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 2026 this would result in a tax liability of £2.35m (March 2025:
£2.50m; September 2025: £2.33m). This information is provided to
shareholders as an additional, non-statutory, disclosure.

 

DIVIDEND

The directors have declared an interim dividend of 10.0p (interim March 2025:
7.5p; final September 2025: 20.0p) an increase of 33.3% which will be paid on
25 June 2026 to shareholders on the register at 22 May 2026.

 

THE INVESTMENT AND DEVELOPMENT PORTFOLIO

The Group's freehold property portfolio, including those held by Campmoss,
remains located in the Thames Valley and in the adjoining counties of
Berkshire, Surrey and Buckinghamshire.

 

The Windsor Business Centre, Windsor, Maidenhead Enterprise Centre, Maidenhead
and The White House, Egham collectively include industrial warehousing,
business units and office premises with retail on the ground floor. At The
White House, Egham a planning application for additional residential use at
the rear of the premises is currently under preparation.

 

Planning applications for individual residential and care home schemes as
mentioned earlier are being discussed with the relevant Local Authority and we
are hopeful of decisions being received by the end of this financial year.

 

The Group's portfolio including stock and Campmoss cover 42.5% retail, 6.4%
business units, 13.0% residential and 38.1% office/care home.

 

FOCUS ON ENVIRONMENTAL SOCIAL GOVERNANCE ("ESG")

No development or major refurbishment projects have been undertaken during the
half year although in respect of ongoing planning applications all aspects of
ESG together with related Health and Safety issues are very much a relevant
consideration.

 

We continue to take appropriate action where necessary to reduce carbon
emissions and the impact on the environment. Our emphasis includes modern
design, sustainability and green policies as well as being energy efficient.

 

MANAGEMENT AND TEAM

Management of our existing portfolio and close liaison with all Tenants is
extremely important to the success of the Group. I would therefore like to
take this opportunity of thanking our small team based in Egham, Surrey and
our joint venture partner for their support and achievements during the period
under review.

 

RELATIONSHIP AGREEMENT

The Company has entered into a written and legally binding Relationship
Agreement with myself, its controlling shareholder, to address the
requirements of LR6.3.2R of the Listing Rules

 

OUTLOOK

The past few months have been difficult to forecast movements in the property
market. The consequences of world events as well as potential changes in UK
Bank of England interest rate policy, now suggesting an increase rather than a
gradual decrease in rates, will continue to place the market in limbo.

 

Liaison with our tenants remains a priority as well as investing in our
existing portfolio where viable opportunities arise.

 

The Group has significant cash balances which are currently placed on short
term deposit.

 

POST BALANCE SHEET EVENTS

As mentioned earlier the sale of The Priory, Burnham, completed at the end of
April 2026. The sale consideration totalling £6.2m was added to the cash
resources of Campmoss and will be reflected in the consolidated figures for
the year end to 30 September 2026. The cash has been placed on short term
deposit.

 

I look forward to updating Shareholders at the year end

 

J R Wollenberg

Chairman

30 April 2026

 

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHS ENDED 31 MARCH 2026

 

                                                                               Six months    Six months    Year

                                                                               31 March      31 March      30 September

                                                                               2026          2025          2025

(Unaudited)
(Unaudited)

             (Audited)

                                                                             £'000         £'000

                                                                                                           £'000
 Revenue                                                                       380           350           680
 Cost of sales                                                                 (58)          (136)         (222)
                                                                               ______        ______        ______
 Gross profit                                                                  322           214           458
 Administrative expenses                                                       (328)         (205)         (470)
 Other operating income                                                        323           306           641
                                                                               ______        ______        ______
 Operating profit before gains on investment properties and other investments  317           315

                                                                                                           629
 Fair value (loss)/gain on revaluation of investment properties                -             -             (5)
                                                                               ______        ______        ______
 Operating profit                                                              317           315           624
 Financial income                                                              313           319           685
 Financial expense                                                             (3)           (3)           (6)
 Profit on the sale of investments                                             -             -             (4)
 Share of results of Joint Venture                                             99            125           380
                                                                               ______        ______        ______
 Profit before taxation                                                        726           756           1,679
 Taxation                                                                      (155)         (158)         (321)
                                                                               ______        ______        ______
 Profit for the period attributable to equity holders                          571           598           1,358
                                                                               ______        ______        ______

 Earnings per share on profit for the period - pence
 Basic and diluted                                                             57.28         57.80         132.90
                                                                               _____         _____         ______

 Dividends
 Final 2025 paid 20.0p (2024: 17.0p)                                           198           176           176
 Interim 2025 paid 7.5p                                                        -             -             76
                                                                               ______        ______        ______
                                                                               198           176           252
                                                                               ______        ______        ______
 Final 2025 proposed 20.0p                                                     -             -             201
 Interim 2026 proposed 10.0p (2025: 7.5p)                                      99            77            -
                                                                               ______        ______        ______
                                                                               99            77            201
                                                                               ______        ______        ______

 

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 2026

 

 

                                                                                                             Six months    Six months    Year

                                                                                                             31 March      31 March      30 September

                                                                                                             2026          2025          2025

(Unaudited)
(Unaudited)
(Audited)

£'000

                                                                                                                         £'000         £'000

 Profit for the financial period                                                                             571           598           1,358

 Items that cannot be reclassified subsequently to profit or loss
 Net change in fair value of other properties                                                                -             -             -
 Net change in fair value of investments                                                                     (40)          (51)          (14)
                                                                                                             ______        ______        ______
 Total comprehensive income and expense for the period attributable to equity holders of the parent company                              1,344

                                                                                                             531           547
                                                                                                             ______        ______        ______

Condensed Consolidated Interim Balance Sheet

AT 31 MARCH 2026

                                                     31 March      31 March      30 September

                                                     2026          2025          2025

(Unaudited)

                                                     (Unaudited)
£'000        (Audited)

£'000

                                                                                 £'000
 Non-current assets
 Freehold investment properties                      5,642         5,640         5,636
 Property, plant and equipment                       286           287           286
 Right of use asset                                  110           120           115
 Investment in Joint Venture                         9,402         10,048        9,303
 Other financial assets                              498           514           538
                                                     ______        ______        ______
 Total non-current assets                            15,938        16,609        15,878
                                                     _____         _____         ______
 Current assets
 Stock and work in progress                          723           723           723
 Trade and other receivables                         221           130           586
 Term deposits                                       4,349         5,786         4,032
 Cash and cash equivalents                           10,518        8,324         10,496
                                                     ______        ______        ______
 Total current assets                                15,811        14,963        15,837
                                                     ______        ______        ______
 Total assets                                        31,749        31,572        31,715
                                                     ______        ______        ______
 Current liabilities
 Trade and other payables                            (661)         (609)         (652)
 Lease liability                                     (8)           -             (8)
 Corporation tax                                     (186)         (209)         (171)
                                                     ______        ______        ______
 Total current liabilities                           (855)         (818)         (831)
                                                     ______        ______        ______
 Non-current liabilities
 Lease liability                                     (138)         (154)         (142)
 Deferred tax liability                              (78)          (77)          (78)
                                                     ______        ______        ______
 Total non-current liabilities                       (216)         (231)         (220)
                                                     ______        ______        ______
 Total liabilities                                   (1,071)       (1,049)       (1,051)
                                                     ______        ______        ______
 Net assets                                          30,678        30,523        30,664
                                                     ______        ______        ______

 Equity
 Called up share capital                             198           205           201
 Share premium account                               5,076         5,076         5,076
 Other reserves                                      2,347         2,343         2,384
 Investment property revaluation reserve             2,165         2,049         2,165
 Retained earnings                                   20,892        20,850        20,838
                                                     ______        ______        ______
 Shareholders' funds attributable to equity holders  30,678        30,523        30,664
                                                     ______        ______        ______

 Net assets per share                                £30.92        £29.72        £30.53
                                                     ______        ______        ______

 

Condensed Consolidated Interim Statement of Cash Flows

FOR THE SIX MONTHS ENDED 31 MARCH 2026

                                                                    Six months    Six months    Year

                                                                    31 March      31 March      30 September

                                                                    2026          2025          2025

(Unaudited)
(Unaudited)
(Audited)

£'000

                                                                                £'000         £'000

 Cash flows from operating activities
 Profit for the period                                              571           598           1,358
 Adjustments for:
 Depreciation right of use assets                                   5             5             10
 Depreciation of fixed assets                                       -             -             1
 Financial income                                                   (313)         (319)         (685)
 Financial expense                                                  3             3             6
 Profit on sale of investment                                       -             -             4
 Share of profit of Joint Venture                                   (99)          (125)         (380)
 Fair value loss/(gain) on revaluation on of investment properties  -             -             5
 Taxation                                                           155           158           321
                                                                    ______        ______        ______
 Cash flows from operations before changes in                       322           320           640

 working capital
 Acquisition of inventory and work in progress                      -             (1)           (1)
 Decrease/(increase) in trade and other receivables                 125           3             (132)
 Increase/(decrease) in trade and other payables                    9             22            66
                                                                    ______        ______        ______
 Cash generated from operations                                     456           344           573
 Tax paid                                                           (140)         (131)         (330)
                                                                    ______        ______        ______
 Net cash flows from operating activities                           316           213           243
                                                                    ______        ______        ______

 Cash flows from investing activities
 Interest received                                                  552           502           551
 Finance expense                                                    -             -             (6)
 Dividend from Joint Venture                                        -             1,500         2,500
 Proceeds from bond redemption                                      -             100           -
 Acquisition of investment property                                 (6)           -             (1)
 Proceeds from bond redemption                                      -             -             100
 Proceeds from sale of investments                                  -             -             9
 (Increase)/decrease in held to maturity term deposits              (316)         4,449         6,203
                                                                    ______        ______        ______
 Net cash flows from investing activities                           230           6,551         9,356
                                                                    ______        ______        ______

 Cash flows from financing activities
 Purchase of own shares                                             (319)         (271)         (851)
 Lease payments                                                     (7)           (7)           (14)
 Dividends paid                                                     (198)         (176)         (252)
                                                                    ______        ______        ______
 Net cash flows from financing activities                           (524)         (454)         (1,117)
                                                                    ______        ______        ______

 Net increase in cash and cash equivalents                          22            6,310         8,482
 Cash and cash equivalents at beginning of period                   10,496        2,014         2,014
                                                                    ______        ______        ______
 Cash and cash equivalents at end of period                         10,518        8,324         10,496
                                                                    ______        ______        ______

 

Condensed Consolidated Interim Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 MARCH 2026

                                                                                               Investment

property

                                                                          Share
revaluation

premium

reserve

                                                          Share
account  Other
               Retained   Total

capital

reserves      £'000
earnings
equity

               £'000

                                                            £'000                 £'000                      £'000      £'000

 At 30 September 2024                                     208             5,076     2,391      2,170           20,578     30,423
 Profit for the period                                    -               -         -          -               598        598
 Other comprehensive income - revaluation of investments  -               -         (51)                       -          (50)
 Transactions with equity holders                         -               -         -          -               (176)      (176)

 Dividends
 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      2,170           20,729     30,523

 Profit for the period                                    -               -         -          -               760        760
 Other comprehensive income - revaluation of investments  -               -         37         -               -          37
 Transactions with equity holders                         -               -         -          -               (76)       (76)

 Dividends
 Purchase of own shares                                   (4)             -         4          -               (580)      (580)
                                                          ______          ______    ______     ______          ______     ______
 Total transactions with equity holders                   (4)             -         4          -               (656)      (656)
                                                          ______          ______    ______     ______          ______     ______
 Fair value movement on investment properties - Cardiff   -               -         -          (5)             5          -
                                                          ______          ______    ______     ______          ______     ______
 At 30 September 2025                                     201             5,076     2,384      2,165           20,838     30,664
 Profit for the period                                    -               -         -          -               571        571
 Other comprehensive income - revaluation of investments  -               -         (40)       -               -          (40)
 Transactions with equity holders                         -               -         -          -               (198)      (198)

 Dividends
 Purchase of own shares                                   (3)             -         3          -               (319)      (319)
                                                          ______          ______    ______     ______          ______     ______
 Total transactions with equity holders                   (3)             -         3          -               (517)      (517)
                                                          ______          ______    ______     ______          ______     ______
 At 31 March 2026                                         198             5,076     2,347      2,165           20,892     30,678
                                                          ______          ______    ______     ______          ______     ______

Statement of Responsibility

FOR THE SIX MONTHS ENDED 31 MARCH 2026

 

The directors are responsible for preparing the condensed consolidated interim
financial statements for the six months ended 31 March 2026 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

 

30 April 2026

 

 

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2026

 

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 2025.

 

The comparative figures for the financial year ended 30 September 2025 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 2026.

 

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 2026 (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 2026

                                                                                                                                 (Unaudited)

Total
                                      £'000                          £'000                         £'000                         £'000

   Rental income (wholly in the UK)   272                            108                           -                             380

 Profit before taxation               592                            134                           -                             726

 Net operating assets
 Assets                               30,922                         5,581                         (4,754)                       31,749
 Liabilities                          (5,596)                        (229)                         4,754                         (1,071)

 Net assets                           25,326                         5,352                         -                             30,678

 

 

 

                             Property and other investment  Property Development          Eliminations                  Six months 31 March 2025

(Unaudited)

                                                                                                                        Total

                             £'000                          £'000                         £'000                         £'000

 Revenue (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                  Year September 2025

                                                                                                                              (Audited)

Total

                                   £'000                          £'000                         £'000                         £'000
 Rental income (wholly in the UK)  493                            187                           -                             680
 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

 

 

"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 10.0p per share will be paid on 25 June 2026 to
shareholders on the register on 22 May 2026. Under accounting standards this
dividend is not included in the condensed consolidated interim financial
statements for the six months ended 31 March 2026.

 

5. Earnings per share

Earnings per share has been calculated using the profit after tax for the
period of £571,000 (March 2025: £598,000, year ended September 2025:
£1,358,000) and the weighted average number of shares as follows:

 

                         Weighted average number of shares

                         31 March      31 March      30 September

                         2026          2025          2025
                         (Unaudited)   (Unaudited)   (Audited)

 Basic and diluted       996,617       1,035,312     1,022,289
                         _________     _________     _________
 Earnings per share (p)  57.28         57.80         132.90
                         _________     _________     _________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 2026  1 May         Interim results for 2026 announced
       21 May        Ex-dividend date for interim dividend
       22 May        Record date for interim dividend
       25 June       Interim dividend to be paid
       30 September  End of accounting year
       December      Final results for 2026 announced
 2027  January       Annual General Meeting

 

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