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| 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 | 0.00 | 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 |
From May 2022 to May 2024
TIDMCDFF
RNS Number : 2742H
Cardiff Property PLC
23 November 2022
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
LEI: 213800GE3FA4C52C1N05
FOR RELEASE 7.00 AM 23 November 2022
THE CARDIFF PROPERTY PLC
(The Group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio including the jointly controlled Campmoss investment and development portfolio, valued in excess of GBP22m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2022
Highlights:
Hot Features
Premium
2022 2021
Net Assets GBP'000 29,812 28,442
Net Assets Per Share GBP 27.56 25.49
Profit Before Tax GBP'000 2,697 1,259
Earnings Per Share
- Basic and diluted pence 218.23 91.91
Dividend Per Share pence 20.5 18.5
Gearing % Nil Nil
Richard Wollenberg, Chairman, commented:
" During the financial year under review the Thames Valley property market saw a marked upturn in activity with new lettings and investment sales reaching pre-pandemic levels. The last few months have however, seen a downturn in confidence following rising inflation worries and increases in interest rates and building costs.
In the current economic climate, the property market will be sensitive to economic and fiscal projections. Whilst the Thames Valley has historically remained resilient compared to the general market, the impact of current uncertainties cannot be underestimated."
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444 Shore Capital Patrick Castle 020 7468 7923
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2022
Chairman's Statement
Dear Shareholder,
During the financial year under review the Thames Valley property market saw a marked upturn in activity with new lettings and investment sales reaching pre-pandemic levels. The last few months have however, seen a downturn in confidence following rising inflation worries and increases in interest rates and building costs.
In the current economic climate, the property market will be sensitive to economic and fiscal projections. Whilst the Thames Valley has historically remained resilient compared to the general market, the impact of current uncertainties cannot be underestimated.
The Group, including Campmoss Property Company Limited "Campmoss" our 47.62% joint venture, completed a number of new lettings and agreed rent increases as a result of rent reviews.
Office rental levels remained firm over the year with lease terms on new leases being agreed for periods of between 5-10 years. A number of our leases include increases in rent and service charges linked to the Retail Price Index.
The majority of our retail tenants in Bracknell and Egham remained open during the pandemic and during the year new and existing lettings achieved marginal increases.
The Thames Valley residential market remained firm as evidenced by the successful sale of all apartments at Britannia Wharf, Surrey. Residential rental levels have also benefitted from increased demand over the year.
The Company's business units at Maidenhead, which offer ground floor industrial use with first floor offices, achieved small rental increases as leases expired or rents were reviewed. Business and warehouse space in the Thames Valley remained in demand although it should be remembered that the trend of working from home continues to place a strain on the office rental market.
Business units at the Windsor Business Centre, Windsor are let on a short-term basis whilst detailed plans are being prepared for submission.
Following the grant of planning for Affordable Housing, the Company's freehold property at Cowbridge Road, Cardiff, was sold to a local Housing Association in excess of book value.
At Burnham and Maidenhead, commercial property owned by Campmoss is let on a short-term basis whilst development proposals are discussed with the Local Authority.
FINANCIAL
For the year to 30 September 2022, the Group profit before tax was GBP2.70m (2021: GBP1.26m). This figure includes an investment property value increase of GBP0.30m (2021: GBP0.53m) for the Group and an after tax profit of GBP0.87m (2021: GBP0.07m) from our share in Campmoss and its subsidiary. The major contribution to the increase in Campmoss profit resulted from the sale of all apartments at the recently completed residential development at Britannia Wharf, Woking. The Company also received a dividend of GBP3.0m (2021: GBP0.50m) from its investment in Campmoss.
Revenue for the year, which represented gross rental income, excluding Campmoss, totalled GBP0.70m (2021: GBP0.60m). The sale of property in Cowbridge Road, Cardiff realised GBP1.02m.
The profit after tax attributable to shareholders for the financial year was GBP2.41m (2021: GBP1.08m) and the earnings per share was 218.23p (2021: 91.91p).
At the year-end, the Company's commercial portfolio was valued by Kempton Carr Croft at a total of GBP5.97m (2021: GBP5.92m) this valuation excludes the Company's freehold office property which was also valued by Kempton Carr Croft and is included in the balance sheet at valuation classified as property, plant and equipment.
The increase in the value of the commercial portfolio results from the increase in valuation less the carrying value of our investment property at Cowbridge Road, Cardiff, as mentioned earlier.
Property when completed and retained for re-sale is held as stock at the lower of cost or net realisable value. At the year-end this related to commercial property at The Windsor Business Centre owned by First Choice Estates plc, the Company's wholly owned subsidiary.
The Group's total property portfolio, including the jointly controlled Campmoss Group, was valued at GBP22.3m (2021: GBP34.8m). The majority of the reduction in value relates to the sale of Britannia Wharf, Woking by Campmoss.
The Company's share of the net assets of Campmoss Group, after receipt of the GBP3.0m dividend from Campmoss group, was GBP13.76m (2021: GBP15.9m).
The Group's total net assets as at the year-end were GBP29.81m (2021: GBP28.44m) equivalent to GBP27.56 per share (2021: GBP25.49) an increase of 8.1% over the year (2021: 4.7%). The Group, including Campmoss, has adequate financial facilities and resources to complete works in progress as well as the envisaged development programme. Cash balances are held on instant access or short-term deposit. At the year-end, the Company had nil gearing (2021: nil). During the year the Company purchased and cancelled 34,199 (2021: 78,525) ordinary shares at a total cost of GBP0.79m (2021: GBP1.49m).
The Company may hold in treasury any of its own shares purchased. This gives the Company the ability to reissue treasury shares and provides greater flexibility in the management of its capital base. At the year end the Company held nil (2021 : nil) shares in treasury. Any shares purchased by the Company not held in treasury will be cancelled and the number of shares in issue reduced accordingly.
The Company proposes to continue its policy of purchasing its own shares, whether to be held in treasury or to be cancelled, and a resolution renewing the directors' authority will be placed before the forthcoming Annual General Meeting to be held on 19 January 2023. This authority will only be exercised in circumstances where the directors regard such purchases to be in the best interests of shareholders as a whole. Full details are available on the Company's website www.cardiff-property.com .
Current IFRS accounting requires that deferred tax is recognised on the difference between, the cost of properties, including applicable indexation and quoted investments and their current market value. However, IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss, our 47.62% owned joint venture, which represents a substantial part of the Company's net assets. Whilst provision is made in Campmoss accounts for deferred tax, should the shares held in Campmoss be disposed of, for indicative purposes, based on the value in the Company's balance sheet at the year-end this would result in a tax liability of GBP3.44m (2021 : GBP3.9m) equivalent to GBP3.18 (2021: GBP3.56) per share calculated using a tax rate of 25% (2021: 25%). This information is provided to shareholders as an additional non-statutory disclosure.
DIVID
The Directors recommend a final dividend of 15.0p per share (2021: 13.5p) making a total dividend for the year of 20.5p (2021: 18.5p), an increase of 10.8%. The final dividend will be paid on 3 February 2023 to shareholders on the register at 20 January 2023.
THE PROPERTY PORTFOLIO
The Group including Campmoss continues to concentrate its property activities in the Thames Valley, to the west of London, close to Heathrow Airport and in Surrey, Berkshire and Buckinghamshire.
During the year the Company completed lettings at Egham and Maidenhead whilst progressing development plans at Windsor.
Campmoss achieved new lettings at Burnham and Bracknell whilst planning applications are being prepared in respect of The Priory, Burnham and Highway House, Maidenhead.
Close liaison with our tenants remains a priority and continuing arrangements allowing some of our retail tenants to pay rental monthly rather than quarterly will remain in place. Most of the rental invoiced over the last two quarters has been received.
The Group (including Campmoss) total property portfolio contains: 43% retail sector, 8% business units, 14% residential and 35% offices (by value).
A number of property acquisitions in the Thames Valley were considered but not progressed as asking prices were considered to be unviable.
QUOTED INVESTMENTS
The Company retains a small portfolio of quoted short-term retail bonds and equity investments, with the former providing an attractive income stream. The value of the portfolio marginally decreased over the year primarily due to a number of bond holdings approaching their maturity date and increases in interest rates.
The equity investments include Aquila Services Group plc (the largest UK based affordable housing consultancy group) and Galileo Resources plc (a mining exploration company). I remain a Non-Executive Director of both.
RELATIONSHIP AGREEMENT
The Company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AD of the Listing Rules.
MANAGEMENT AND TEAM
In a challenging environment the Group's continued success is dependent upon our small management team and our joint venture partner. I therefore wish to take this opportunity to thank them all for their support and achievements over the year.
OUTLOOK
P olitical and economic uncertainty together with rising inflation and increased interest rates will inevitably affect the property market. In the short-term activity in the property market will be limited as companies will not commit to investment decisions until clarity can be given. The fall in the value of the pound against other currencies will certainly attract some overseas investors but current uncertainties will limit their interest.
The next few months will prove challenging with events in the UK economy eagerly watched by investors.
I look forward to reporting to you further at the half year.
J. Richard Wollenberg
Chairman
22 November 2022
Consolidated Income Statement
FOR THE YEARED 30 SEPTEMBER 2022
2022 2021
GBP'000 GBP'000
Revenue 703 596
Cost of sales (64) (33)
Gross profit 639 563
Administrative expenses (461) (502)
Other operating income 574 553
Operating profit before
fair value movement on investment
properties 752 614
Fair value movement on investment
properties 299 533
Operating profit 1,051 1,147
Financial income 80 54
Financial expense (8) (9)
Profit on sale of investment 706 -
properties
Share of profit of Joint
Venture 868 67
Profit before taxation 2,697 1,259
Taxation (291) (181)
Profit for the financial
year attributable to equity
holders 2,406 1,078
Earnings per share on profit
for the
financial year - pence
Basic and diluted 218.23 91.91
Dividends
Final 2021 paid 13.5p (2020:
12.8p) 150 152
Interim 2022 paid 5.5p (2021
5.0p) 60 59
210 211
Final 2022 proposed 15.0p
(2021: 13.5p) 162 151
These results relate entirely to continuing operations.
Consolidated statement of comprehensive income and expense
FOR THE YEARED 30 SEPTEMBER 2022
2022 2021
GBP'000 GBP'000
Profit for the financial year 2,406 1,078
Items that cannot be reclassified
subsequently to profit or loss
Net change in fair value of other
properties 59 8
Net change in fair value of investments
at fair value through comprehensive
income (94) (21)
Total comprehensive income and expense
for the year attributable
to the equity holders of the Parent
Company 2,371 1,065
Consolidated Balance Sheet
AT 30 SEPTEMBER 2022
2022 2022 2021 2021
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Freehold investment properties 5,985 5,968
Property, plant, and equipment 300 240
Right of use asset 145 155
Investment in Joint Venture 13,758 15,890
Other financial assets 898 1,073
21,086 23,326
Current assets
Inventory and work in progress 694 689
Trade and other receivables 223 140
Term deposits 4,041 1,907
Cash and cash equivalents 4,912 3,594
9,870 6,330
Total assets 30,956 29,656
Current liabilities
Trade and other payables (599) (752)
Corporation tax (198) (158)
(797) (910)
Non-current liabilities
Lease liability (172) (178)
Deferred tax liability (175) (126)
Total liabilities (1,144) (1,214)
Net assets 29,812 28,442
Equity
Called up share capital 216 223
Share premium account 5,076 5,076
Other reserves 2,450 2,478
Investment property fair
value reserve 2,095 1,814
Retained earnings 19,975 18,851
Total equity 29,812 28,442
Net assets per share GBP27.56 GBP25.49
Consolidated Cash Flow Statement
FOR THE YEARED 30 SEPTEMBER 2022
2022 2021
GBP'000 GBP'000
Cash flows from operating activities
Profit for the year 2,406 1,078
Adjustments for:
Depreciation right of use assets 10 10
Financial income (80) (54)
Financial expense 8 9
Profit on sale of investments (706) -
Share of profit of Joint Venture (868) (67)
Fair value movement on investment
properties (299) (533)
Taxation 291 181
Cash flows from operations before
changes in working capital 762 624
Acquisition of inventory and work
in progress (5) (1)
(Increase)/decrease in trade and
other receivables (67) 97
(Decrease)/increase in trade and
other payables (128) 223
Cash generated from operations 562 943
Tax paid (218) (43)
Net cash flows from operating activities 344 900
Cash flows from investing activities
Interest received 81 49
Dividend from Joint Venture 3,000 500
Proceeds from sale of investment property 1,000 462
Acquisition of investment property,
and plant and equipment (39) (45)
Acquisition of investments - (169)
Proceeds from sale of investments 81 -
Increase in held term deposits (2,134) (159)
Net cash flows from investing activities 1,989 638
Cash flows from financing activities
Purchase of own shares (791) (1,492)
Lease payments (14) (14)
Dividends paid (210) (211)
Net cash flows (used in)/from financing
activities (1,015) (1,717)
Net increase/(decrease) in cash and
cash equivalents 1,318 (179)
Cash and cash equivalents at beginning
of year 3,594 3,773
Cash and cash equivalents at end
of year 4,912 3,594
Consolidated statement of changes in equity
FOR THE YEARED 30 SEPTEMBER 2022
Called Share Other Investment Retained Total
up share premium reserves property earnings equity
capital account fair value
reserve*
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2020 239 5,076 2,475 3,139 18,151 29,080
Profit for the year - - - - 1,078 1,078
Other comprehensive
income - revaluation
of investments
Net change in fair - - (21) - - (21)
value of own use
freehold property - - 8 - - 8
Transactions with
equity holders
Dividends - - - - (211) (211)
Purchase of own shares (16) - 16 - (1,492) (1,492)
Total transactions
with equity holders (16) - 16 - (1,703) (1,703)
Fair value movements
on investment properties
- Cardiff - - - 526 (526) -
Disposal of property
- Cardiff - - - (259) 259 -
Fair value movements
on investment properties
- Campmoss Group - - - (1,592) 1,592 -
At 30 September 2021 223 5,076 2,478 1,814 18,851 28,442
Profit for the year - - - - 2,406 2,406
Other comprehensive
income - revaluation
of investments
Net change in fair - - (94) - - (94)
value of own use
freehold property - - 59 - - 59
Transactions with
equity holders
Dividends - - - - (210) (210)
Purchase of own shares (7) - 7 - (791) (791)
Total transactions
with equity holders (7) - 7 - (1,001) (1,001)
Fair value movements
on investment properties
- Cardiff - - - 299 (299) -
Disposal of property
- Cardiff - - - (171) 171 -
Fair value movements
on investment properties
- Campmoss Group - - - 153 (153) -
At 30 September 2022 216 5,076 2,450 2,095 19,975 29,812
______ __ ____ ______ ______ ______ ___ ___
* - Includes fair value movements on investment properties held by Campmoss Group, our Joint Venture, which are presented in investment property fair value reserve to demonstrate these are unrealised.
Notes to the Financial Statements
FOR THE YEARED 30 SEPTEMBER 2022
1. Basis of preparation
The consolidated results for the year ended 30 September 2022 and 2021 are prepared in accordance with UK-adopted international accounting standards ("UK-adopted IAS") and those parts of the Companies Act 2006 applicable to companies reporting under IFRS and have been incorporated into the principal accounting policies.
The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2022 or 30 September 2021 but is derived from those financial statements. Statutory financial statements for 2021 have been delivered to the Registrar of Companies and those for 2022 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 2022 nor 2021.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the Group will continue to meet its liabilities as they fall due. The Group's activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement and Strategic Report. The financial position of the Group, its property portfolio under management, asset base, liquidity and key performance indicators.
The Group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. The Group is ungeared, and the cash flow forecasts do not assume any debt being required. Therefore, the Directors believe that the Group is well placed to manage its business risks successfully despite the current economic uncertainty.
The Group is in the enviable position of having significant cash balances at 30 September 2022, the Cardiff Group had cash balances of GBP4.9m and a further GBP4.0m term deposits (with maturity dates of 95 days), in addition the Company has investments of GBP0.9m of which GBP0.8m are readily marketable. The Group has an operating cost base including tax and dividends of under GBP1m per annum so even with no income for several years the Group would remain solvent.
Notes to the Financial Statements
FOR THE YEARED 30 SEPTEMBER 2022 (continued)
The Cardiff Group receives a management fee from Campmoss of around GBP0.5m per annum, there is no reason to assume this income would not be received as the Campmoss Group had cash balances at 30 September 2022, of GBP6.6m and a further GBP9.6m term deposits (with maturity dates of 95 days). Campmoss have an annual operating cost base excluding development but including the Cardiff management fee of under GBP1.5m, so Campmoss Group similarly has a strong balance sheet.
New, revised or changes to existing financial reporting standards
Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.
IFRS
A number of new standards and amendments to standards and interpretations have been issued but are not yet effective for the current accounting period. None are expected to have a material impact on the consolidated financial statements of the Group.
2. Segmental analysis
The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relates to the results for The Cardiff Property Company Limited where properties are held as investment property with Property Development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:
Property Property Eliminations 2022
and other Development Total
investment
GBP'000 GBP'000 GBP'000 GBP'000
Rental income (wholly
in the UK) 494 209 - 703
Property sales 706 - - 706
Profit before taxation 2,433 264 - 2,697
Net operating
assets
Assets 27,006 5,038 (1,088) 30,956
Liabilities (1,936) (296) 1,088 (1,144)
Net assets 25,070 4,742 - 29,812
Notes to the Financial Statements
FOR THE YEARED 30 SEPTEMBER 2022 (continued)
Property Property Eliminations 2021
and other Development
investment Total
GBP'000 GBP'000 GBP'000 GBP'000
Rental income (wholly
in the UK) 434 162 - 596
Property sales 462 - - 462
Profit before taxation 1,096 163 - 1,259
Net operating
assets
Assets 26,607 4,851 (1,802) 29,656
Liabilities (2,765) (251) 1,802 (1,214)
Net assets 23,842 4,600 - 28,442
"Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.
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 GBP2,406,000 (2021 : GBP1,078,000) and the weighted average number of shares as follows:
Weighted average
number of shares
2022 2021
Basic and diluted shares 1,102,357 1,172,532
218.23 91.91
Earnings per share (p)
There is no difference between basic and diluted shares as the Company has no potentially dilutive instruments in issue.
Financial Calendar
23 November 2022 Results announced for the year ended 30 September 2022 19 January 2023 Annual General Meeting/General Meeting 19 January 2023 Ex-dividend date for the final dividend 20 January 2023 Record date for the final dividend 3 February 2023 Final dividend to be paid May 2023 Interim results for 2023 to be announced 30 September 2023 Year end
Directors and Advisers
Directors Statutory Auditor
J Richard Wollenberg PKF Littlejohn. LLP
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial adviser
Shore Capital
Nigel D Jamieson BSc, FCSI
Independent non-executive director
Secretary Bankers
Karen L Chandler FCA HSBC Bank Plc
Non-executive director of wholly owned Solicitors
subsidiary
First Choice Estates plc Blake Morgan LLP
Derek M Joseph BCom, FCIS Charsley Harrison LLP
Head office Registrar and transfer office
56 Station Road Neville Registrars Ltd
Egham Neville House
Surrey TW20 9LF Steelpark Road
Telephone: 01784 437444 Halesowen
Fax: 01784 439157 B62 8HD
E-mail: webmaster@cardiff-property.com Telephone: 0121 585 1131
Website: www.cardiff-property.com
Registered office Registered number
56 Station Road 00022705
Egham
Surrey TW20 9LF
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END
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November 23, 2022 02:00 ET (07:00 GMT)
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