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CDFF Cardiff Property Plc

2,300.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cardiff Property Plc LSE:CDFF London Ordinary Share GB0001754257 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2,300.00 2,200.00 2,400.00 2,300.00 2,300.00 2,300.00 1 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 1.29M 1.11M 1.0571 21.76 24.24M

Cardiff Property PLC Final Results (6522X)

28/11/2017 7:00am

UK Regulatory


Cardiff Property (LSE:CDFF)
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TIDMCDFF

RNS Number : 6522X

Cardiff Property PLC

28 November 2017

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

   FOR RELEASE                           7.00 AM                                    28 November 2017 

THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of GBP25m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2017

Highlights:

 
                                   2017    2016 
 
 Rental income         GBP'000      552     580 
 Profit before 
  tax                  GBP'000    3,359   2,673 
 Earnings per share    pence      253.7   195.3 
 Dividend per share 
  paid and proposed     pence      15.5    14.0 
 Net assets per 
  share                pence      2,126   1,876 
 Gearing               %            Nil     Nil 
 

Richard Wollenberg, Chairman, commented:

"Despite the economic and political uncertainty surrounding Brexit negotiations and government policy, the Thames Valley commercial property market has remained very active. Enquiries for commercial lettings, whilst initially easing in the early part of the calendar year, have recently improved. The investment market continues to attract interest from income driven investors."

For further information:

 
       The Cardiff Property plc          Richard Wollenberg    01784 437444 
       Stockdale Securities              Richard Johnson       020 7601 6100 
 
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of GBP25m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2017

Chairman's Statement and Property Review

Dear Shareholder

Despite the economic and political uncertainty surrounding Brexit negotiations and government policy, activity in the Thames Valley commercial property market has remained very active. Enquiries for commercial lettings, whilst initially easing in the early part of the calendar year, have recently improved. The investment market continues to attract interest from income driven investors.

Commercial property rental levels in some Thames Valley locations marginally increased during the year, partly due to a substantial increase in the permitted conversion of existing commercial buildings into residential use. Lease terms generally continue to be between 3 to 5 years reflecting an element of tenant uncertainty and caution.

The residential market in Surrey and Berkshire, the group's main area of activity, has experienced a slow-down in sales especially at the lower end, although there are signs of increasing activity. The government's various Help to Buy equity and saving schemes continue to encourage first time buyers and has assisted a number of our residential sales.

FINANCIAL

For the year to 30 September 2017 the group profit before tax was GBP3.36m (2016: GBP2.67m). This figure includes a revaluation increase of GBP0.90m (2016: GBP0.25m) for the group and a profit of GBP1.84m (2016: GBP1.87m) in respect of our post tax profit share of Campmoss Property Company Limited, our 47.62% owned joint venture.

Revenue for the year which represented gross rental income, excluding Campmoss, totalled GBP0.55m (2016: GBP0.58m).

The group's share of revenue from Campmoss was GBP1.22m (2016: GBP2.54m) represented by gross rental income of GBP0.98m (2016: GBP1.23m) and property sales of GBP0.24m (2016: GBP1.31m). These figures are not included in group revenue.

The profit after tax attributable to shareholders for the financial year was GBP3.22m (2016: GBP2.49m) and the earnings per share was 253.7p (2016: 195.3p).

At the year-end, the group's commercial and residential portfolio, valued by Kempton Carr Croft and Nevin & Wells, totalled GBP5.79m (2016: GBP4.88m). This value excludes own use freehold property, which is included under property, plant and equipment in the balance sheet and held at valuation.

Property when completed and held for re-sale is shown in the balance sheet as stock at the lower of cost or net realisable value. At the year end this represented commercial property at The Windsor Business Centre.

The group's total property portfolio, including own use freehold property and the Campmoss investment and development portfolio, was valued at GBP25.6m (2016: GBP39.1m). The company's share of the net assets of Campmoss was GBP14.86m (2016: GBP13.03m). During the year Campmoss completed the sale of Worplesdon View, Guildford. Further details are included in the Campmoss section of this report.

The group's net assets as at the year-end were GBP26.86m (2016: GBP23.84m) equivalent to GBP21.26 per share (2016: GBP18.76p), an increase of 13.3% over the year (2016: 11.4%). The group, including Campmoss, has adequate financial facilities and resources to complete works in progress and the proposed development programme. Cash balances are held on short term deposit. At the year-end the company had nil gearing (2016: nil). During the year the company purchased and cancelled 7,128 ordinary shares at a total cost of GBP115,773.

Your directors are proposing the annual renewal of their authority to acquire shares and the approval of the Rule 9 Waiver. Both will be included in the resolutions being placed before shareholders at the Annual General Meeting and General Meeting respectively to be held on 18 January 2018. Full details of the Rule 9 Waiver are set out in the document accompanying this report and are also available on the company's website www.cardiff-property.com.

Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties and quoted investments held 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, our 47.62% owned joint venture. The investment in Campmoss is a substantial part of the company's net assets and for indicative purposes a disposal of this investment based on the value in the company's balance sheet at the year-end could require a tax liability that would equate to GBP2.53m (2016: GBP2.34m) equivalent to 200p (2016: 185p) per share. I have provided this information to shareholders as an additional non-statutory disclosure.

DIVID

The directors recommend a final dividend of 11.5p per share (2016: 10.4p) making a total dividend for the year of 15.5p (2016: 14.0p) an increase of 10.7%. The final dividend will be paid on 15 February 2018 to shareholders on the register at 26 January 2018.

THE PROPERTY PORTFOLIO

The group continues to concentrate its development activities in the Thames Valley, primarily to the west of London and close to Heathrow Airport, principally in Berkshire and Surrey.

The Windsor Business Centre, Windsor, comprises 4 business units totalling 9,500 sq. ft. Following the expiry of leases during the year 2 new lettings were achieved at increased rents. The property is now fully let.

The Maidenhead Enterprise Centre, Maidenhead, comprises 6 individual business units totalling 14,000 sq. ft. Following the expiry of 3 leases new lettings have been finalised at higher annual rents and all business units are now occupied on medium term leases.

The White House, Egham, includes 5 ground floor retail units with 5,100 sq ft air conditioned offices on the two upper floors. The property is fully let. One of the office leases expires next year.

Heritage Court, Egham, comprises 4 retail units with 8 residential apartments on the upper floors. The apartments were previously sold on long leaseholds. The retail units are all occupied with one lease expiring next year. Negotiations are currently in hand for re-letting the unit.

At Cowbridge Road, Cardiff, the mail sorting and receiving centre, totalling 14,650 sq. ft. is let on a medium term lease to Royal Mail. A planning application to increase the working area is currently being prepared.

The company occupies its own freehold office in Egham and retains a freehold residential property in Egham which has recently received planning approval for an extension and loft conversion works. These works are expected to commence early next year.

At Tilehurst, Reading, an outline application for a small residential scheme has been submitted and discussions with the Local Authority are being progressed.

CAMPMOSS PROPERTY COMPANY LIMITED

Campmoss continues to actively manage its portfolio, achieving new planning permissions and progressing its development and sales programme. The company retains freehold office, retail and residential property in Bracknell, Burnham, Slough, Maidenhead and Woking.

As reported last year Campmoss exchanged conditional contracts for the sale of Worplesdon View, Guildford at price of GBP15.85m. The sale was completed in August this year and the transaction is reflected in this year's figures. The 78-bedroom care home was previously let on a 35-year institutional lease with annualised RPI increases. The residual part of the site covering approximately 2.5 acres has been retained and, subject to planning, may be available to develop, for other medical uses.

The development at Westview, Market Street, Bracknell, completed last year comprises 8 retail units on ground and first floor all of which are fully occupied on medium to long term leases.

At Alston House, Bracknell, adjacent to Westview, additional residential planning permission was granted during the year. The development now comprises 10 retail units on ground and first floors together with 12, one and two-bedroom apartments on the third and fourth floors. The new scheme is expected to complete in the summer of next year and it is encouraging that negotiations to pre-let a number of the retail units are at an advanced stage.

At the north-eastern end of Market Street, Bracknell, the company retains 12 retails units all of which are currently let to local businesses on medium term leases.

It is interesting to note that Bracknell has recently completed its major town centre shopping scheme known as the Lexicon Centre which has encouraged numerous well-known retailers into the town. Furthermore, the increase in employment to service the shopping centre has encouraged lettings and sales activities in the local residential market.

At Gowring House, Market Street, Bracknell the conversion of the first and second floors to provide a further 12 apartments was recently completed, resulting in 15 apartments available. 2 sales were completed during the year, 5 of the units are currently let on either Assured Shorthold Tenancies or commercial agreements and 6 of the remaining 8 units are under offer. The ground floor continues to have 3 retail units let on medium term leases.

At Britannia Wharf, Woking, planning permission was granted in July this year for a 82-bedroom care home. Vacant possession of the building has now been achieved and proposals from care home operators are currently being assessed. A second planning application has been submitted for residential use, the outcome of which is expected early next year.

A planning application for a residential scheme at Clivemont House, Maidenhead has been submitted and detailed discussions with the local authority are in progress.

Planning permission was previously granted for a 49,000 sq ft net office building with underground car parking and although extensively marketed no viable pre-letting has been achieved. The proposed residential scheme is currently a more advantageous use of the site.

At Highway House, Maidenhead, planning for a 45,000 sq ft net new office scheme with underground parking was previously granted but the commencement of this new office scheme will be dependent upon securing a viable pre-letting. Plans are currently being prepared for alternative uses.

At The Priory, Burnham the new office is fully let with part of the business centre available.

At the year end the investment portfolio was valued by the directors of Campmoss, taking into account external advice, where available, and assessed at a current market value of GBP17.4m (2016: GBP32.8m). This figure includes property under development but excludes stock. The sale of Worplesdon View, Guildford and Brickfields, Bracknell for GBP19.6m, took place during the year both previously held as investment property.

Total revenue for Campmoss for the year amounted to GBP2.6m (2016: GBP5.3m) representing gross rental income of GBP2.1m (2016: GBP2.6m) and sales of property held as stock of GBP0.5m (2016: GBP2.7m). At the year-end the company had nil gearing (2016: GBP2.9m).

QUOTED INVESTMENTS

The company retains a small quoted equity and retail bond portfolio including; The Renewables Infrastructure Group Limited, A2D Funding plc, Places for People, ImmuPharma plc, Galileo Resources plc and Aquila Services Group plc. I remain a director of Galileo Resources plc and Aquila Services Group plc. The value of the portfolio at the year-end exceeds the original cost.

MANAGEMENT AND TEAM

The group has again experienced a busy year and on behalf of shareholders I would like to take this opportunity of thanking our small management team and joint venture partner for all their efforts and achievements during the year. The intensive day to day management of the group's portfolio remains essential in achieving continued success.

OUTLOOK

The group retains an extensive retail and residential development programme at Bracknell and it is encouraging to note the interest already received for this project.

Whilst uncertainties surround the property market the group should benefit from its current development programme and a successful outcome of recently submitted planning applications. I therefore look forward to reporting further progress at the half year stage.

J. Richard Wollenberg

Chairman

27 November 2017

Consolidated Income Statement

FOR THE YEARED 30 SEPTEMBER 2017

 
                                      2017      2016 
                                   GBP'000   GBP'000 
 
 Revenue                               552       580 
 Cost of sales                        (57)      (47) 
 
 Gross profit                          495       533 
 Administrative expenses             (511)     (526) 
 Other operating income                577       473 
 
 Operating profit before 
  gains on 
  investment properties and 
  other 
  properties                           561       480 
 Surplus on revaluation of 
  investment properties                905       220 
 Surplus on revaluation of 
  other properties                       -        25 
 
 Operating profit                    1,466       725 
 Financial income                       54        79 
 Share of results of joint 
  venture                            1,839     1,869 
 
 Profit before taxation              3,359     2,673 
 Taxation                            (141)     (179) 
 
 Profit for the financial 
  year attributable to equity 
  holders                            3,218     2,494 
 
 
 
 Earnings per share on profit 
  for the 
   financial year - pence 
 Basic and diluted                 253.7   195.3 
 
 
 
 Dividends 
 Final 2016 paid 10.4p (2015: 
  10.0p)                            132   128 
 Interim 2017 paid 4.0p (2016: 
  3.6p)                              51    46 
 
                                    183   174 
 
 Final 2017 proposed 11.5p 
  (2016: 10.4p)                     145   132 
 
 

These results relate entirely to continuing operations. There were no acquisitions or disposals in either year.

Consolidated statement of comprehensive income and expense

FOR THE YEARED 30 SEPTEMBER 2017

 
 
                                               2017      2016 
                                            GBP'000   GBP'000 
 
 Profit for the financial year                3,218     2,494 
 
 Other items recognised directly in 
  equity 
 Net change in fair value of available 
  for sale financial assets                      72        98 
 Net change in fair value of other               30         - 
  properties 
 
 Total comprehensive income and expense 
  for the year 
  attributable to the equity holders 
  of the parent company                       3,320     2,592 
 
 

Consolidated Balance Sheet

AT 30 SEPTEMBER 2017

 
                                                   2017                   2016 
                                     GBP'000    GBP'000    GBP'000     GBP'000 
Non-current assets 
Freehold investment properties                    5,792                  4,880 
Property, plant and equipment                       303                    278 
Investment in joint venture                      14,864                 13,025 
Other financial assets                            1,071                    842 
Deferred tax asset                                    5                      5 
 
                                                 22,035                 19,030 
 
Current assets 
Stock and work in progress               668                   668 
Trade and other receivables               91                 1,594 
Financial assets                       1,370                 1,047 
Cash and cash equivalents              3,485                 2,198 
 
                                                  5,614                  5,507 
 
Total assets                                     27,649                 24,537 
 
Current liabilities 
Trade and other payables               (629)                 (564) 
 
                                                  (629)                  (564) 
Non-current liabilities 
Deferred tax liability                            (160)                  (134) 
 
Total liabilities                                 (789)                  (698) 
 
Net assets                                       26,860                 23,839 
 
Equity 
Called up share capital                             253                    254 
Share premium account                             5,076                  5,076 
Other reserves                                    2,772                  2,699 
Investment property revaluation 
 reserve                                            997                  3,749 
Retained earnings                                17,762                 12,091 
 
Shareholders' funds attributable 
 to equity holders                               26,860                 23,839 
 
 
Net assets per share                             2,126p                 1,876p 
 
 
 

Consolidated Cash Flow Statement

FOR THE YEARED 30 SEPTEMBER 2016

 
                                                  2017      2016 
                                               GBP'000   GBP'000 
 
 Cash flows from operating activities 
   Profit for the year                           3,218     2,494 
   Adjustments for: 
      Depreciation                                   5         2 
      Financial income                            (54)      (79) 
      Share of profit of joint venture         (1,839)   (1,869) 
      Surplus on revaluation of investment 
       properties                                (905)     (220) 
      Surplus on revaluation of other 
       properties                                    -      (25) 
      Taxation                                     141       179 
 
 Cash flows from operations before 
  changes in working capital                       566       482 
   Decrease in trade and other receivables           1        38 
   Increase in trade and other payables             57      (57) 
 
 Cash generated from operations                    624       463 
   Tax paid                                      (107)      (97) 
 
 Net cash flows from operating activities          517       366 
 
 
 Cash flows from investing activities 
   Interest received                                56        77 
   Acquisition of investments and 
    property, plant and equipment                (164)      (17) 
   (Increase)/decrease in held to 
    maturity deposits                            (323)         3 
 
 Net cash flows from investing activities        (431)        63 
 
 
 Cash flows from financing activities 
   Purchase of own shares                        (116)     (136) 
   Dividends paid                                (183)     (174) 
  Loan to Joint Venture repayment/(issue)        1,500   (1,500) 
 
 Net cash flows from financing activities        1,201   (1,810) 
 
 
 Net increase/(decrease) in cash 
  and cash equivalents                           1,287   (1,381) 
   Cash and cash equivalents at beginning 
    of year                                      2,198     3,579 
 
 Cash and cash equivalents at end 
  of year                                        3,485     2,198 
 
 

Consolidated statement of changes in equity

FOR THE YEARED 30 SEPTEMBER 2017

 
                                 Share      Share       Other     Investment    Retained          Total 
                               capital    premium    reserves       property    earnings         equity 
                                          account                revaluation 
                                                                     reserve 
                               GBP'000    GBP'000     GBP'000        GBP'000     GBP'000        GBP'000 
 At 1 October 2015                 256      5,076       2,544          2,158      11,523         21,557 
 Profit for the year                 -          -           -              -       2,494          2,494 
 Other comprehensive 
  income - revaluation 
  of investments                     -          -          98              -           -             98 
 
   Transactions with 
   equity holders 
 Dividends                           -          -           -              -       (174)          (174) 
 Purchase of own shares            (2)          -           2              -       (136)          (136) 
 
 Total transactions 
  with equity holders              (2)          -           2              -       (310)          (310) 
 
 Realisation of investment 
  reserve                            -          -           -           (41)          41              - 
 Transfer on revaluation 
  of investment properties 
  - Cardiff                       -             -           -            220       (220)              - 
 Transfer on revaluation 
  of investment properties 
  - Campmoss                         -          -           -          1,412     (1,412)              - 
 Transfer on revaluation 
  of other properties                -          -          25              -        (25)              - 
 
 At 30 September 2016 
  and 
  1 October 2016                   254      5,076       2,669          3,749      12,091         23,839 
 Profit for the year                 -          -           -              -       3,218          3,218 
 Other comprehensive 
  income - revaluation 
  of investments 
  revaluation of other 
   property                          -          -          72              -           -             72 
                                     -          -          30              -           -             30 
 
 
   Transactions with 
   equity holders 
 Dividends                           -          -           -              -       (183)          (183) 
 Purchase of own shares            (1)          -           1              -       (116)          (116) 
 
 Total transactions 
  with equity holders              (1)          -           1              -       (299)          (299) 
 
 Realisation of investment 
  reserve                            -          -           -        (3,950)       3,950              - 
 Transfer on revaluation 
  of investment properties 
  - Cardiff                          -          -           -            905       (905)              - 
 Transfer on revaluation 
  of investment properties 
  - Campmoss                         -          -           -            293       (293)              - 
 
 At 30 September 2017              253      5,076       2,772            997      17,762         26,860 
 
                                ______     ______      ______         ______      ______         ______ 
 

Notes to the Financial Statements

FOR THE YEARED 30 SEPTEMBER 2017

   1.     Basis of preparation 

The consolidated results for the year ended 30 September 2017 and 2016 are prepared by the group under applicable International Financial Reporting Standards adopted by the EU ("adopted IFRS") and applicable law.

The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2017 or 30 September 2016 but is derived from those financial statements. Statutory financial statements for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered in due course. The auditor has reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the financial statements for 2016 nor 2017.

Going concern

The group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. As a consequence, the directors believe that the group is well placed to manage its business risks successfully.

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

New, revised or changes to existing financial reporting standards

Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

IFRS

The following accounting standards and interpretations, issued by the IASB and endorsed by the EU or International Financial Reporting Interpretations Committee (IFRIC), are effective for the first time in the current financial year and have been adopted by the group with no significant impact on the consolidated results or financial position:

   --    IFRS 14 Regulatory Deferral Accounts 
   --    Accounting for Acquisitions of Interests in Joint Operations - Amendments to IFRS 11 

-- Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38.

   --    Agriculture: Bearer Plants - Amendments to IAS 16 and IAS 41 
   --    Equity Method in Separate Financial Statements - Amendments to IAS 27 
   --    Annual Improvements to IFRSs - 2012-2014 Cycle 

-- Investment entities: Applying the Consolidation Exception - Amendments to IFRS 10, IFRS 12 and IAS 28

   --    Disclosure Initiative - Amendments to IAS 1 

The IASB and the IFRIC have also issued the following standards and interpretations with an effective date after the date of these Financial Statements:

New standards and interpretations endorsed but not yet effective:

-- Recognition of Deferred Tax Assets for Unrealised Losses - Amendments to IAS 12 (effective date 1 January 2017)

   --    Disclosure Initiative - Amendments to IAS 7 (effective date 1 January 2017) 
   --    IFRS 9 Financial Instruments (effective date 1 January 2018) 
   --    IFRS 15 Revenue from Contracts with Customers (effective date 1 January 2018) 

-- Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts - Amendments to IFRS 4 (effective date 1 January 2018)

   --    IFRS 16 Leases (effective date 1 January 2019) 

New standards and interpretations not yet endorsed and not yet effective:

   --    Annual Improvements to IFRSs - 2014-2016 Cycle 
   --    Classification and Measurement of Share-based Payment Transactions - Amendments to IFRS 2 
   --    IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration 
   --    Amendments to IAS 40 Investment Property 
   --    IFRIC 23 Uncertainty over Income Tax Treatments 
   --    Amendments to IFRS 9 Financial Instruments 
   --    Amendments to IAS 28 Investments in Associates and Joint Ventures 
   --    IFRS 17 Insurance contracts 

While the board is continuing to assess the effects of these standards and interpretations, none of them when applied, are expected to have a material impact upon the consolidated results of financial position of the group (other than in relation to disclosures or presentation), except for IFRS 16 "Leases". This standard requires lessees to recognise a lease liability reflecting future lease payments and a "right-of-use asset" for virtually all lease contracts. For lessors, the accounting stays almost the same. However, as the IASB has updated the guidance on the definition of a lease (as well as the guidance on the combination and separation of contracts), lessors will also be affected by the new standard. At the very least, the new accounting model for lessees is expected to impact negotiation between lessors and lessees. The group has not yet assessed the full impact of this standard.

   2.     Segmental analysis 

The group manages its operations in two segments, being property and other investment and property development. 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:

 
                                               2017      2016 
                                            GBP'000   GBP'000 
 Revenue (wholly in the United Kingdom): 
   Property and other investment being 
    gross rents receivable                      552       580 
   Property development being sales of            -         - 
    development properties 
 
                                                552       580 
 
 Profit before taxation: 
   Property and other investment              3,211     2,511 
   Property development                         148       162 
 
                                              3,359     2,673 
 
 Net operating assets: 
   Assets 
   Property and other investment             26,885    23,783 
   Property development                       4,175     4,033 
   Eliminations                             (3,411)   (3,279) 
 
 Total assets                                27,649    24,537 
 
   Liabilities 
   Property and other investment            (3,957)   (3,760) 
   Property development                       (243)     (217) 
   Eliminations                               3,411     3,279 
 
 Total liabilities                            (789)     (698) 
 
 Net operating assets                        26,860    23,839 
 
 

Of the group's share of the profit in its joint venture of GBP1,839,000 (2016: GBP1,869,000), GBP1,824,000 (2016: GBP450,000) relates to property development and GBP15,000 (2016: GBP1,419,000) relates to property investment. The interest income of GBP1,000 (2016: GBP4,000) relates entirely to property investment. Of the income tax expense of GBP303,000 (2016: GBP395,000), GBP295,000 (2016: GBP282,000) relates to property investment and GBP8,000 (2016: GBP113,000) to property development. Due to the reportable segments being accounted for in separate legal entities it is possible to directly allocate the group results and net assets to the reportable segments.

3. Earnings per share

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of GBP3,218,000 (2016: GBP2,494,000) and the weighted average number of shares as follows:

 
                                                 Weighted average 
                                                 number of shares 
                                         2017              2016 
 
 Basic and diluted basis            1,268,420         1,276,736 
 
 
 

Financial Calendar

 
 2017   28 November    Final results for 2017 announced 
 2018   18 January     Annual General Meeting/General Meeting 
        25 January     Ex-dividend date for the final dividend 
        26 January     Record date for the final dividend 
        15 February    Final dividend to be paid 
        May            Interim results for 2017 to be announced 
        July           Interim dividend for 2017 to be paid 
        30 September   Year end 
 

Directors and Advisers

 
 Directors                                 Auditor 
 J Richard Wollenberg                      KPMG LLP 
 Chairman and chief executive 
 
 Karen L Chandler FCA 
 Finance director                          Stockbrokers and financial advisers 
                                           Stockdale Securities Ltd 
 Nigel D Jamieson BSc, FCSI 
 Independent non-executive director 
 
 Secretary                                 Bankers 
 Karen L Chandler FCA                      HSBC Bank Plc 
 
 
 Non-executive director of wholly owned    Solicitors 
  subsidiary 
 First Choice Estates plc                  Blake Morgan LLP 
 Derek M Joseph BCom, FCIS 
 
 
 Head office                               Registrar and transfer office 
 56 Station Road                           Neville Registrars Ltd 
 Egham                                     Neville House 
 Surrey TW20 9LF                           18 Laurel Lane 
 Telephone: 01784 437444                   Halesowen 
 Fax: 01784 439157                         B63 3DA 
 E-mail: webmaster@cardiff-property.com    Telephone: 0121 585 1131 
 Web: www.cardiff-property.com 
 
 
 Registered office                         Registered number 
 56 Station Road                           000227050 
 Egham 
 Surrey TW20 9LF 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 28, 2017 02:00 ET (07:00 GMT)

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