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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cityblock | LSE:CLK | London | Ordinary Share | GB0033272237 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9750O
CityBlock PLC
18 July 2005
CityBlock plc
("CityBlock" or "the Group")
Financial Results Year Ended 31 March 2005
Highlights
* Net assets per share up by 86% to 17.24p
* EBITDA of #79,396 (2004 loss #25,740)
* Investment properties valued at #5.16m - up 146%
* Lettings for current academic year at 98.3%
* Pre-Lettings from September 2005 currently at 91%
* New developments in 2005/06 in Manchester and Huddersfield
MANAGING DIRECTORS REPORT
Introduction
These are the second annual results since the shares of the company were
admitted to AIM. I would like to take this opportunity to thank our existing
shareholders for their continuing support and welcome all of our new
shareholders. Our mission is to be the preferred choice for student living in
our chosen locations. We seek to provide excellent value and great customer
service in upmarket, city-based student blocks. We are committed to developing
new innovative ideas into this fragmented market.
Financial Performance
Excluding goodwill amortisation the Group made an operating profit of #64,775 in
the year ended 31 March 2005 (period ended 31 March 2004 - operating loss of
#31,556).
Including revaluation gains the return achieved on capital employed in the year
was 86.2% (2004 - 0.2%). The net assets of the group increased by #1,743,977 to
#3,766,345. At the end of the year the gross rental yield from properties stood
at 7.2% (2004 - 6.4%).
Customer Focus
We recognise that students have a choice.
CityBlock continues to place customers at the centre of our thinking and
differentiates itself from larger volume players in the student housing market.
We continue to build excellent relationships with our student residents. Our
attention to managing our properties together with 24-7 welfare support and our
student privilege card provides high levels of customer satisfaction with some
80% of lettings for September 2005 originating from CityBlock resident
referrals.
Lettings
Occupancy throughout the financial year averaged 98.3%. We are confident of full
occupancy for the academic year starting September 2005 with pre-bookings
already at 91%. Our new studio concept, identified through student research, has
proved very popular especially with international and post graduate students.
Development
We have now secured sites in Manchester and Huddersfield in prime city centre
locations for development in 2005/06. These developments will create a further
200 rooms. We are working closely in collaboration with our selected partners to
identify potential sites, design and build new sites, convert new buildings from
alternative use and maintain existing buildings. This is against CityBlock
criteria for development and acquisition to enhance rental and capital values
and not just to accumulate assets for their own sake but to achieve value for
our shareholders.
The Future
We continue to seek interesting opportunities in new developments, building
conversion and acquisitions of existing student accommodation. Together with our
selected partners and management team we are well placed to grow our customer
base and be the preferred choice for student living in our developed locations.
J T Bargh
Managing Director
14 July 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 March 2005
Year ended Period ended
31 March 31 March
2005 2004
# #
Notes
Turnover 272,100 56,103
Administrative expenses (207,325) (87,659)
Amortisation of goodwill (55,933) (37,288)
Operating profit/(loss) 8,842 (68,844)
Interest receivable 22,114 11,337
Interest payable and similar charges (151,482) (41,525)
Loss on ordinary activities before taxation (120,526) (99,032)
Tax on loss on ordinary activities - -
Loss for the financial year (120,526) (99,032)
Loss per share (pence) 3.
Basic (0.55p) (0.60p)
Adjusted basic (0.30p) (0.37p)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
For the year ended 31 March 2005
Year ended Period ended
31 March 31 March
2005 2004
# #
Loss for the financial year (120,526) (99,032)
Unrealised surplus on revaluation of 1,864,503 103,181
properties
Total recognised gains and losses relating to the year 1,743,977 4,149
CONSOLIDATED BALANCE SHEET
At 31 March 2005
2005 2004
# #
Fixed assets
Intangible assets 1,025,432 1,081,365
Tangible assets 4. 5,350,825 2,150,912
6,376,257 3,232,277
Current assets
Debtors 5. 197,250
49,130
Cash at bank and in hand 528,744 291,134
725,994 340,264
Creditors: amounts falling due within one year 6. (359,436) (361,656)
Net current assets/(liabilities) 366,558 (21,392)
Total assets less current liabilities 6,742,815 3,210,885
Creditors: amounts falling due after more than one year 7. (2,976,470) (1,188,517)
Net assets 3,766,345 2,022,368
Capital and reserves
Called up share capital 8. 109,210 109,210
Share premium account 8. 1,909,009 1,909,009
Revaluation reserve 8. 1,967,684 103,181
Profit and loss account 8. (219,558) (99,032)
Shareholders' funds 8. 3,766,345 2,022,368
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2005
Year ended Period ended
31 March 31 March
2005 2004
# #
Net cash (outflow)/inflow from operating activities (122,297) 195,250
Returns on investments and servicing of finance
Interest received 22,114 11,337
Interest paid (150,422) (41,525)
Net cash outflow for returns on investments and servicing (128,308) (30,188)
of finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,350,031) (1,014,419)
Net cash outflow for capital expenditure and financial (1,350,031) (1,014,419)
investment
Acquisitions and disposals
Cash acquired with subsidiary undertakings - 4,798
Net cash inflow from acquisitions and disposals - 4,798
Financing
Issue of ordinary share capital - 827,666
Share issue costs - (174,741)
New bank loans in the year 1,820,720 519,280
Repayment of bank loans (795) (36,512)
Net cash inflow from financing 1,819,925 1,135,693
Increase in cash in the year 219,289 291,134
Reconciliation of net cash flow to movement in net debt
Increase in cash in the year 219,289 291,134
Net cash inflow from increase in bank loans (1,819,925) (482,768)
Loans acquired with subsidiaries - (725,000)
Movement in net debt in the year (1,600,636) (916,634)
Net debt at 1 April 2004 (916,634) -
Net debt at 31 March 2005 (2,517,270) (916,634)
NOTES
1. Basis of accounting
The financial statements have been prepared in accordance with applicable United
Kingdom accounting standards and under the historical cost convention as
modified by the revaluation of certain fixed assets.
2. Dividends
There were no dividends paid or payable during the year.
3. Loss per share
The calculation of basic loss per share is based on the loss attributable to
ordinary shareholders of #120,526 (2004 - #99,032) divided by the weighted
average of 21,842,097 (2004 - 16,551,362) ordinary shares in issue during the
year.
The adjusted basic loss per share is calculated as the loss attributable to
ordinary shareholders, after adding back goodwill amortisation of #55,933 (2004
- #37,288) divided by the weighted average of 21,842,097 (2004 - 16,551,362)
ordinary shares in issue during the year.
4. Tangible fixed assets
Freehold Fixtures,
Investment Capital Work fittings and
In Progress
Property equipment Total
#
# # #
Group
Cost or valuation
At 1 April 2004 1,122,657 975,913 58,158 2,156,728
Additions - 1,197,472 152,559 1,350,031
Transfers on completion 2,173,385 (2,173,385) - -
Revaluation 1,864,503 - - 1,864,503
At 31 March 2005 5,160,545 - 210,717 5,371,262
Depreciation
At 1 April 2004 - - 5,816 5,816
Charge for the year - - 14,621 14,621
At 31 March 2005 - - 20,437 20,437
Net Book Value
At 31 March 2005 5,160,545 - 190,280 5,350,825
At 31 March 2004 1,122,657 975,913 52,342 2,150,912
5. Debtors
31 March 31 March
2005 2004
Group Group
# #
Trade debtors 139,373 1,100
Amounts owed by group undertakings - -
Other debtors 24,305 39,586
Prepayments and accrued income 33,572 8,444
197,250 49,130
The debtors above include the following which falls due for payment after more than
one year:
Amounts owed by group undertakings - -
Prepayments and accrued income 10,608 7,743
6. Creditors: amounts falling due within one year
31 March 31 March
2005 2004
Group Group
# #
Bank loans and overdrafts 69,544 19,251
Trade creditors 44,412 262,530
Other creditors 36,659 5,520
Accruals and deferred income 208,821 74,355
359,436 361,656
7. Creditors: amounts falling due after more than one year
31 March 31 March
2005 2004
Group Group
# #
Bank loans and overdrafts 2,976,470 1,188,517
Bank loans and overdrafts are repayable as follows:
31 March 31 March
2005 2004
Group Group
# #
Within one year 69,544 19,251
Between one and two years 38,765 49,936
Between two and five years 594,644 199,348
After five years 2,343,061 939,233
3,046,014 1,207,768
8. Reserves and reconciliation of movements in shareholders' funds
Share
Share premium Revaluation Profit and
capital account Reserve loss account Total
# # # # #
Group
At 1 April 2004 109,210 1,909,009 103,181 (99,032) 2,022,368
Revaluation in the year - - 1,864,503 - 1,864,503
Loss for the year - - - (120,526) (120,526)
At 31 March 2005 109,210 1,909,009 1,967,684 (219,558) 3,766,345
This information is provided by RNS
The company news service from the London Stock Exchange
END
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