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CDFF Cardiff Property Plc

2,300.00
0.00 (0.00%)
03 May 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 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

Cardiff Property PLC Half-year Report (6504E)

10/05/2017 7:00am

UK Regulatory


Cardiff Property (LSE:CDFF)
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TIDMCDFF

RNS Number : 6504E

Cardiff Property PLC

10 May 2017

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

FOR RELEASE 7.00 AM 10 May 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 GBP36m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 31 MARCH 2017

Highlights:

 
                                    Six months     Six months            Year 
                                      31 March       31 March    30 September 
                                          2017           2016            2016 
                                   (Unaudited)    (Unaudited)       (Audited) 
 
 
 Revenue                   GBP'000      284     300     580 
 Net assets per share      GBP        19.07   17.93   18.76 
 Profit before tax         GBP'000      561   1,541   2,673 
 Earnings per share 
  (basic and diluted)      pence       39.2   117.1   195.3 
 Interim/total dividend 
  per share                  pence     4.00    3.60    14.0 
 Gearing                   %            Nil     Nil     Nil 
 

Richard Wollenberg, Chairman, commented:

During the first half of the financial year tenant enquiries for Thames Valley based commercial property remained active with office and industrial rental levels retaining increases achieved over the past few years.

The investment market continued to experience high levels of interest from institutional and private investors, taking advantage of attractive yields at a time of record low interest rates. In recent months there has been some indication of nervousness as concerns remain over the UK's exit from the European Union. The calling of a General Election may have a further unsettling effect in the short term but could provide a positive background over the longer term.

The residential property market for mid-range homes was similarly active in the first half supported by high employment, low interest rates and increased mortgage availability.

For further information:

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

THE CARDIFF PROPERTY PLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 31 MARCH 2017

INTERIM MANAGEMENT REPORT

During the first half of the financial year tenant enquiries for Thames Valley based commercial property remained active with office and industrial rental levels retaining increases achieved over the past few years.

The investment market continued to experience high levels of interest from institutional and private investors, taking advantage of attractive yields at a time of record low interest rates. In recent months there has been some indication of nervousness as concerns remain over the UK's exit from the European Union. The calling of a General Election may have a further unsettling effect in the short term but could provide a positive background over the longer term.

The residential property market for mid-range homes was similarly active in the first half supported by high employment, low interest rates and increased mortgage availability. Government schemes offering equity loans and related savings accounts continue to support demand, although with the prospect of house price inflation slowing down the level of demand is expected to reduce.

Financial

For the half year ending 31 March 2017 profit before tax amounted to GBP0.56m (March 2016: GBP1.54m; September 2016: GBP2.67m). This figure includes an after-tax profit from Campmoss Property Company Limited, our 47.62% joint venture, of GBP0.27m (March 2016: GBP1.29m; September 2016: GBP1.87m).

Revenue for the six months to 31 March 2017 represented by gross rental income, totalled GBP0.28m (March 2016: GBP0.30m; September 2016: GBP0.58m). The group's share of revenue from Campmoss was GBP0.53m (March 2016: GBP1.84m; September 2016: GBP2.54m) represented by rental income of GBP0.53m (March 2016: GBP0.63m; September 2016: GBP1.23m) and property sales of GBPnil (March 2016: GBP1.21m; September 2016: GBP1.31m). Rental income and sales figures for Campmoss are not included in group revenue.

The freehold sale by Campmoss of Brickfields Industrial Estate, Bracknell for GBP3.7m, reported at the last year end as a post balance sheet event, completed on 9 December 2016.

As previously reported Campmoss has exchanged contracts for the sale of Worplesdon View, Guildford, for a cash consideration of GBP15.85m. The terms of the sale allowed completion to take place at any time prior to August 2017. In accordance with the company's accounting policy the sale will be recognised on receipt of notice to complete.

Net assets of the group as at 31 March 2017 were GBP24.23m (March 2016: GBP22.95m; September 2016: GBP23.84m) equivalent to GBP19.07 per share (March 2016: GBP17.93; September 2016: GBP18.76). The company's share of net assets of Campmoss amounted to GBP13.29m (March 2016: GBP12.45m; September 2016: GBP13.03m).

Your directors are of the opinion that, other than as mentioned in this report, there is no material change in the value of the group's property portfolio as at 31 March 2017.

During the 6 months to 31 March 2017 the company purchased none of its own shares (March 2016: none; September 2016: 9,037). There have been no material events or material changes in assets, liabilities or related party relationships since 30 September 2016.

Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties, and quoted investments and their current market value. However current IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss Property, 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 31 March 2017 could generate a tax liability of GBP2.26m (March 2016: GBP2.24m, September 2016: GBP2.34m) equivalent to 178p per share (March 2016: 175p, September 2016: 185p). This information is provided to shareholders as an additional, non-statutory disclosure.

Dividend

Your directors have declared an interim dividend of 4p (March 2016: 3.6p; September 2016: 10.4p) an increase of 11% which will be paid on 6 July 2017 to shareholders on the register at 2 June 2017.

Investment and Development Portfolio

The group's freehold property portfolio, including Campmoss, continues to be concentrated in the Thames Valley region close to Heathrow Airport and the West of London.

The office and retail investment at the White House, Egham comprising 5 ground floor retail units with offices above is fully occupied on medium term leases, three of which include annual rental increases.

The Maidenhead Enterprise Centre, Maidenhead, comprises 6 business units totalling 14,000 sq ft. which offer industrial use on the ground floor with offices above. Three of the units are occupied and following the expiry of three leases dilapidation works have been finalised and the units are available for letting with one unit currently under offer.

The Windsor Business Centre, Windsor, comprises 4 business units totalling 9,500 sq. ft. all of which are let. Planning permission was recently granted to increase the useable office area within one of the units and during the period one unit has been re-let at a higher rental.

The premises at Cowbridge Road, Cardiff, comprise a 14,650 sq. ft. commercial property on two floors and let on a medium-term lease to Royal Mail for use as a mail sorting office. Plans to increase the useable floor space have been submitted to the Local Authority.

The company occupies its own freehold office in Egham and retains a freehold residential property in Egham which is let on an Assured Shorthold Tenancy Agreement. A planning application has been submitted to extend the residential property.

At Tilehurst, Reading, detailed discussions are taking place with the Local Planning Authority to obtain a residential planning permission use on part of the site.

Campmoss Property Company Limited and subsidiaries

Campmoss continues with its extensive programme of re-development, letting and re-planning.

In May last year contracts were exchanged for the sale of Worplesdon View, Guildford, at GBP15.85m. The 78 bedroom care home is let on a 35 year institutional lease with annualised RPI increases. Rental income will be received until completion which is expected to take place by August 2017. Following the sale Campmoss will continue to own an adjacent 2 acre site which, subject to planning, may be available for other uses.

At Westview, Market Street, Bracknell the development of 8 retail units on ground and first floor was completed last year and are all let on medium to long term leases.

Alston House, adjacent to Westview, is now undergoing construction of 10 new retail units on ground and first floor and 12 residential units on the second and third floors. The development is expected to complete by early 2018 and a marketing strategy is currently in preparation.

Gowring House, Market Street, Bracknell, previously an office building on ground and 5 upper floors now provides for 3 retail units on the ground floor, all let on medium term leases. Conversion of the 3 upper floors to 18 residential apartments was completed last year and similar work is well advanced to provide a further 12 apartments on the first and second floors. Sales of 15 apartments have completed of which 12 took place last year and 3 in the previous year. The remaining 15 units include a show apartment and 2 apartments let on yearly lease agreements. At the time of this report 20 per cent of the units for sale are under offer.

Planning applications have been submitted for the re-development of Britannia Wharf, Woking for either a care home or residential scheme. The building comprises four floors of offices totaling 27,743 sq. ft. Following negotiations and expiry of leases, vacant possession of the whole building has been achieved. Comprehensive proposals from a number of care home operators have been received. The outcome of our care home planning application is expected shortly. The residential scheme remains under detailed discussion with the Local Authority.

At Clivemont House and Highway House, Maidenhead, planning permissions were previously granted for separate office schemes together totalling over 90,000 sq. ft. In view of the uncertain local office market, commencement of these developments has been postponed until a significant pre-letting is achieved. In the meantime at Clivemont House a planning application has been submitted for a new residential scheme.

At The Priory, Burnham, the 26,000 sq. ft. building comprises new office premises on 3 floors totalling 17,000 sq ft and an adjoining grade II Listed office building of 9,000 sq. ft. which is used as a Business Centre. The new building is fully let to 4 tenants on medium-term leases whilst the Business Centre is partly let on short term leases expiring over the next 2 years. Further lettings at the Business Centre have recently been completed.

Quoted Investments

The company retains a small portfolio of quoted retail bonds and equity investments. The portfolio has achieved a small increase in value over 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 LR9.2.2AR of the Listing Rules.

Outlook

The group continues to progress planning applications in Woking and Maidenhead as referred to in this report. The new retail and residential development at Alston House, Bracknell has commenced enabling a marketing campaign to be finalised. The eventual letting and sales will add to the groups rental income and cash resources.

Completion of the investment sale of Worplesdon View, Guildford is expected at the end of the current financial year.

I anticipate a softening of demand in the Thames Valley commercial letting and residential markets. However the group's strategies should ensure further progress over the second half of the financial year.

J Richard Wollenberg

Chairman

9 May 2017

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHSED 31 MARCH 2017

 
                                            Six months                    Six months            Year 
                                              31 March                      31 March    30 September 
                                                  2017                          2016            2016 
                                           (Unaudited)                   (Unaudited)       (Audited) 
                                               GBP'000                       GBP'000         GBP'000 
 Revenue                                           284                           300             580 
 Cost of sales                                     (9)                           (5)            (47) 
                                                ______                        ______          ______ 
 Gross profit                                      275                           295             533 
 Administrative expenses                         (272)                         (305)           (526) 
 Other operating income                            261                           217             473 
                                                ______                        ______          ______ 
 Operating profit before gains 
  on investment properties and other 
  investments                                      264                           207             480 
 Surplus on revaluation of investment 
  properties                                         -                             -             220 
 Surplus on revaluation of other 
  properties                                         -                             -              25 
                                                ______                        ______          ______ 
 Operating profit                                  264                           207             725 
 Financial income                                   27                            42              79 
 Share of results of joint venture                 269                       1,292             1,869 
                                                ______                        ______          ______ 
 Profit before taxation                            561                       1,541             2,673 
 Taxation                                         (62)                          (43)           (179) 
                                                ______                        ______          ______ 
 Profit for the period attributable 
  to equity holders                                498                       1,498             2,494 
                                                ______                        ______          ______ 
 
 Earnings per share on profit for 
  the period - pence 
 Basic and diluted                                39.2                       117.1             195.3 
                                                ______                        ______          ______ 
 
 Dividends 
 Final 2016 paid 10.4p (2015: 10.0p)               132                           128             128 
 Interim 2016 paid 3.6p (2015: 
  3.4p)                                              -                             -              46 
                                                ______                        ______          ______ 
                                                   132                           128             174 
                                                ______                        ______          ______ 
 Final 2016 proposed 10.4p                           -                             -             132 
 Interim 2017 proposed 4.0p (2016: 
  3.6p)                                             51                            46               - 
                                                ______                        ______          ______ 
                                                    51                            46             132 
                                                ______                        ______          ______ 
 

These results relate entirely to continuing operations. There were no acquisitions or disposals during these periods.

Condensed Consolidated Interim Balance Sheet

AT 31 MARCH 2017

 
                                         31 March        31 March   30 September 
                                             2017            2016           2016 
                                      (Unaudited)     (Unaudited)      (Audited) 
                                          GBP'000         GBP'000        GBP'000 
 Non-current assets 
 Freehold investment properties             4,880           4,660          4,880 
 Investment in joint venture               13,294          12,448         13,025 
 Property, plant and equipment                275             238            278 
 Other financial assets                       969             769            842 
 Deferred tax asset                             2               5              5 
                                           ______          ______         ______ 
 Total non-current assets                  19,420          18,120         19,030 
                                           ______          ______         ______ 
 Current assets 
 Stock and work in progress                   668             668            668 
 Trade and other receivables                  405           1,130          1,594 
 Financial assets                           1,070           1,350          1,047 
 Cash and cash equivalents                  3,405           2,374          2,198 
                                           ______          ______         ______ 
 Total current assets                       5,548           5,522          5,507 
                                           ______          ______         ______ 
 Total assets                              24,968          23,642         24,537 
                                           ______          ______         ______ 
 Current liabilities 
 Corporation tax                            (160)           (141)          (103) 
 Trade and other payables                   (439)           (491)          (461) 
                                           ______          ______         ______ 
 Total current liabilities                  (599)           (632)          (564) 
                                           ______          ______         ______ 
 Non-current liabilities 
 Deferred tax liability                     (137)            (58)          (134) 
                                           ______          ______         ______ 
 Total non-current liabilities              (137)            (58)          (134) 
                                           ______          ______         ______ 
 Total liabilities                          (736)           (690)          (698) 
                                           ______          ______         ______ 
 Net assets                                24,232          22,952         23,839 
                                           ______          ______         ______ 
 
 Equity 
 Called up share capital                      254             256            254 
 Share premium account                      5,076           5,076          5,076 
 Other reserves                             2,696           2,569          2,669 
 Investment property revaluation 
  reserve                                   2,935           2,117          3,749 
 Retained earnings                         13,271          12,934         12,091 
                                           ______          ______         ______ 
 Shareholders' funds attributable 
  to equity holders                        24,232          22,952         23,839 
                                           ______          ______         ______ 
 
 Net assets per share                    GBP19.07        GBP17.93       GBP18.76 
                                           ______          ______         ______ 
 

Condensed Consolidated Interim Statement of Cash Flows

FOR THE SIX MONTHSED 31 MARCH 2017

 
                                             Six months      Six months            Year 
                                               31 March        31 March    30 September 
                                                   2017            2016            2016 
                                            (Unaudited)     (Unaudited)       (Audited) 
                                                GBP'000         GBP'000         GBP'000 
 
 Cash flows from operating activities 
 Profit for the period                              498           1,498           2,494 
 Adjustments for: 
 Depreciation                                         3               -               2 
 Financial income                                  (27)            (42)            (79) 
 Share of profit of joint venture                 (269)         (1,292)         (1,869) 
 Surplus on revaluation of investment 
  properties                                          -               -           (220) 
 Surplus on revaluation of other 
  properties                                          -               -            (25) 
 Taxation                                            62              43             179 
                                                 ______          ______          ______ 
 Cash flows from operations before 
  changes in 
  working capital                                   267             207             482 
 (Increase)/decrease in trade 
  and other receivables                            (61)           (998)              38 
 (Decrease)/increase in trade 
  and other payables                               (21)            (25)            (57) 
                                                 ______          ______          ______ 
 Cash generated/(used) from operations              185           (816)             463 
 Tax paid                                           (1)             (3)            (97) 
                                                 ______          ______          ______ 
 Net cash flows from operating 
  activities                                        184           (819)             366 
                                                 ______          ______          ______ 
 
 Cash flows from investing activities 
 Interest received                                   28              42              77 
 Acquisition of investments, and 
  property, plant and equipment                   (100)               -            (17) 
 (Increase)/decrease in held to 
  maturity deposits                                (23)           (300)               3 
                                                 ______          ______          ______ 
 Net cash flows from investing 
  activities                                       (95)           (258)              63 
                                                 ______          ______          ______ 
 
 Cash flows from financing activities 
 Purchase of own shares                               -               -           (136) 
 Dividends paid                                   (132)           (128)           (174) 
 Loan to Joint Venture                            1,250               -         (1,500) 
                                                 ______          ______          ______ 
 Net cash flows from financing 
  activities                                      1,118           (128)         (1,810) 
                                                 ______          ______          ______ 
 
 Net increase/(decrease) in cash 
  and cash equivalents                            1,207         (1,205)         (1,381) 
 Cash and cash equivalents at 
  beginning of period                             2,198           3,579           3,579 
                                                 ______          ______          ______ 
 Cash and cash equivalents at 
  end of period                                   3,405           2,374           2,198 
                                                 ______          ______          ______ 
 
 

Other Primary Statements

FOR THE SIX MONTHSED 31 MARCH 2017

Condensed Consolidated Interim Statement of Comprehensive Income and Expense

 
                                              Six months      Six months            Year 
                                                31 March        31 March    30 September 
                                                    2017            2016            2016 
                                             (Unaudited)     (Unaudited)       (Audited) 
                                                 GBP'000         GBP'000         GBP'000 
 
 Profit for the financial period                     498           1,498           2,494 
 
 Other items recognised directly 
  in equity 
 Net change in fair value of available 
  for sale assets                                     27              25              98 
                                                  ______          ______          ______ 
 Total comprehensive income and expense 
  for the period attributable to equity 
  holders of the parent company                      525           1,523           2,592 
                                                  ______          ______          ______ 
 
 

Other Primary Statements

FOR THE SIX MONTHSED 31 MARCH 2017 (continued)

Condensed Consolidated Interim Statement of Changes in Equity

 
                                                                         Investment 
                                                  Share                    property 
                                      Share     premium        Other    revaluation     Retained       Total 
                                    capital     account     reserves        reserve     earnings      equity 
                                    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 period                    -           -            -              -        1,498       1,498 
 Other comprehensive income 
  - revaluation of investments            -           -           25              -            -          25 
 Transactions with equity 
  holders 
  Dividends                               -           -            -              -        (128)       (128) 
                                     ______      ______       ______         ______       ______      ______ 
 Total transactions with 
  equity holders                          -           -            -              -        (128)       (128) 
                                     ______      ______       ______         ______       ______      ______ 
 Realisation of revaluation 
  reserve                                 -           -            -           (41)           41           - 
                                     ______      ______       ______         ______       ______      ______ 
 At 31 March 2016                       256       5,076        2,569          2,117       12,934      22,952 
 Profit for the period 
 Other comprehensive income 
  - revaluation of investments            -           -            -              -          996         996 
                                          -           -           73              -            -          73 
 Transactions with equity 
  holders 
  Dividends                               -           -            -              -         (46)        (46) 
 Purchase of own shares                 (2)           -            2              -        (136)       (136) 
                                     ______      ______       ______         ______       ______      ______ 
 Total transactions with 
  equity holders                        (2)           -            2              -        (182)       (182) 
                                     ______      ______       ______         ______       ______      ______ 
 Transfer on revaluation 
  of investment properties                -           -            -          1,632      (1,632)           - 
 Transfer on revaluation 
  of other properties                     -           -           25              -         (25)           - 
                                     ______      ______       ______         ______       ______      ______ 
 At 30 September 2016                   254       5,076        2,669          3,749       12,091      23,839 
 Profit for the period                    -           -            -              -          498         498 
 Other comprehensive income 
  - revaluation of investments            -           -           27              -            -          27 
 Transactions with equity 
  holders 
  Dividends                               -           -            -              -        (132)           (132) 
                                     ______      ______       ______         ______       ______          ______ 
 Total transactions with 
  equity holders                          -           -            -              -        (132)           (132) 
                                     ______      ______       ______         ______       ______          ______ 
 Realisation of revaluation 
  reserve                                 -           -            -          (814)          814               - 
                                     ______      ______       ______         ______       ______          ______ 
 At 31 March 2017                       254       5,076        2,696          2,935       13,271          24,232 
                                     ______      ______       ______         ______       ______          ______ 
 
 

Statement of Responsibility

FOR THE SIX MONTHSED 31 MARCH 2017

The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2017 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 2017 has been prepared in accordance with IAS 34 - Interim Financial Reporting, as adopted by the EU;

   --      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

9 May 2017

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHSED 31 MARCH 2017

1. Basis of preparation

This condensed set of financial statements has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU.

The annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. 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 2016.

The comparative figures for the financial year ended 30 September 2016 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 were applied in the preparation of the group's published financial statements for the year ended 30 September 2016.

There are no IFRSs and Interpretations have been endorsed in the period to 31 March 2017 which have had a material impact on these interim financial statements.

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 program 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 MONTHSED 31 MARCH 2017 (continued)

2. Segmental analysis

The group manages its operations in two segments, being property and other investments 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 revenue and profit before taxation for each reportable segment is set out below:

 
                                     Six months      Six months            Year 
                                       31 March        31 March    30 September 
                                           2017            2016            2016 
                                    (Unaudited)     (Unaudited)       (Audited) 
                                        GBP'000         GBP'000         GBP'000 
 
 Revenue (wholly in the United 
  Kingdom) 
 Property and other investments 
  being gross rents 
  receivable                                284             300             580 
                                         ______          ______          ______ 
 
 
 Profit before taxation 
 Property and other investments             472           1,052           2,511 
 Property development                        89             489             162 
                                         ______          ______          ______ 
                                            561           1,541           2,673 
                                         ______          ______          ______ 
 
 

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 4p per share will be paid on 6 July 2017 to shareholders on the register on 2 June 2017. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2017.

5. Earnings per share

Earnings per share has been calculated using the profit after tax for the period of GBP498,000 (March 2016: GBP1,498,000; September 2016: GBP2,494,000) and the weighted average number of shares as follows:

 
                                Weighted average number of shares 
                             31 March       31 March      30 September 
                                 2017           2016              2016 
 
    Basic and diluted       1,270,709      1,279,746         1,276,736 
                            _________      _________         _________ 
 

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 Limited 
   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 Limited 
 Egham, TW20 9LF                           Neville House 
 Telephone: 01784 437444                   18 Laurel Lane 
 Fax: 01784 439157                         Halesowen 
 E-mail: webmaster@cardiff-property.com    B63 3DA 
 Web: www.cardiff-property.com             Telephone: 0121 585 1131 
 
 
 Registered office                         Registered number 
 3 Assembly Square                         227050 
 Britannia Quay 
 Cardiff Bay, CF10 4AX 
 
 

Financial Calendar

 
 2017   10 May         Interim results for 2017 announced 
        1 June         Ex-dividend date for interim dividend 
        2 June         Record date for interim dividend 
        6 July         Interim dividend to be paid 
        30 September   End of accounting year 
        December       Final results for 2017 announced 
 2018   January        Annual general meeting 
        February       Final dividend to be paid 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BUGDUCXGBGRC

(END) Dow Jones Newswires

May 10, 2017 02:00 ET (06:00 GMT)

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