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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:1550H
CityBlock PLC
02 August 2006
CITYBLOCK PLC
("CityBlock" or "the Group")
FINANCIAL RESULTS
YEAR ENDED 31 MARCH 2006
Highlights
* Net assets per share up by 13.4% to 19.5p.
* EBITDA of #458,901 (2005 - #79,396).
* Investment Properties valued at #5,785,000 (2005 - #5,350,000) including
fixtures.
* Purchase of new sites in Leicester and Carlisle.
* Planning Applications now submitted for Huddersfield, Leicester and
Carlisle for 412 student rooms, 24 apartments and 7,400 sq.ft of commercial
space.
* All commercial space now let.
* Lettings for current academic year at 100%.
* Pre Lettings for September 2006 currently at 89%.
MANAGING DIRECTORS REPORT
Introduction
These are the third annual results since the shares of the Company were admitted
to trading AIM. I would like to take this opportunity to thank our existing
shareholders for their continuing support and welcome all of our new
shareholders. We have had a successful year and the student accommodation sector
remains an attractive growth investment opportunity (according to a 2006 Student
Accommodation Review by Knight Frank). Location and quality of product and
service are vital in determining the overall performance of our student
accommodation concept and we believe our existing and new sites occupy excellent
positions in student focused areas of city centres.
Financial Performance
Excluding goodwill amortisation the Group made an operating profit for the year
of #437,619 (2005 - #64,775).
Including revaluation gains the return achieved on capital employed in the year
was 13.4% (2005 - 86.2%). The net assets of the group increased by #503,157 to
#4,269,502. At the end of the year the gross rental yield from properties stood
at 7.1% (2005 - 7.2%).
Market and Lettings
The 2006 Student Accommodation Review by Knight Frank also indicates rising
demand, by way of a growing student population, and Unite predicts student rents
will rise by 7% in 2006.
CityBlock offers varied types of accommodation to students, as the Company
recognises that students have different accommodation requirements.
Occupancy throughout the financial year was 100%, with pre-bookings for the
academic year starting September 2006 at 89% as at the year end.
Our Customers
We strive to create a unique customer experience. Recent customer comments
include:-
'There is a great atmosphere. The living areas and bedrooms are well presented
and the staff are professional and helpful'
'Thank you! I have really enjoyed my stay at CityBlock this year. See you all in
September.'
'CityBlock offers the best accommodation for students'
'New accommodation, clean and well maintained. Felt well supported by the
staff'.
Development
During the financial year the Board of Directors of City Block resolved to sell
the Manchester Bloom Street site, realising value uplift and reinvesting the
proceeds from the sale in new sites in Leicester and Carlisle. Since the initial
purchase in Carlisle an adjacent site has also now been secured. Planning
applications have been submitted in Huddersfield, Leicester and Carlisle for a
total of 412 rooms, 24 apartments and 7,400 sq. ft of commercial space. Other
sites continue to be identified and appraised.
Next
The CityBlock concept is undoubtedly popular with students. Our efforts will be
focused on identifying and securing key sites in selected towns and cities and
developing exciting, inspiring environments for our customers.
J T Bargh
Managing Director
2 August 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 March 2006
Year ended Year ended
31 March 31 March
2006 2005
Note # #
Turnover 413,075 272,100
Administrative expenses (405,690) (207,325)
Amortisation of goodwill (55,933) (55,933)
Other operating income 430,234 -
Operating profit 381,686 8,842
Interest receivable 13,512 22,114
Interest payable and similar charges (283,936) (151,482)
Profit/(loss) on ordinary activities before taxation 111,262 (120,526)
Tax on profit/(loss) on ordinary activities (15,192) -
Profit/(loss) for the financial year 96,070 (120,526)
Earnings/(loss) per share (pence) 3
Basic 0.44p (0.55p)
Diluted 0.44p (0.55p)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
For the year ended 31 March 2006
Year ended Year ended
31 March 31 March
2006 2005
# #
Profit/(loss) for the financial year 96,070 (120,526)
Unrealised surplus on revaluation of properties 407,087 1,864,503
Total recognised gains and losses relating to the year 503,157 1,743,977
CONSOLIDATED BALANCE SHEET
At 31 March 2006
2006 2005
Note # #
Fixed assets
Intangible assets 969,499 1,025,432
Tangible assets 4 8,246,022 5,350,825
9,215,521 6,376,257
Current assets
Debtors 5 143,116 197,250
Cash at bank and in hand 1,246,364 528,744
1,389,480 725,994
Creditors: amounts falling due within one year 6 (1,842,806) (359,436)
Net current assets/(liabilities) (453,326) 366,558
Total assets less current liabilities 8,762,195 6,742,815
Creditors: amounts falling due after more than one year 7 (4,492,693) (2,976,470)
Net assets 4,269,502 3,766,345
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 2,374,771 1,967,684
Profit and loss account 8 (123,488) (219,558)
Shareholders' funds 4,269,502 3,766,345
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2006
Year ended Year ended
31 March 31 March
2006 2005
# #
Net cash inflow/(outflow) from operating activities 1,550,552 (122,297)
Returns on investments and servicing of finance
Interest received 13,512 22,114
Interest paid (283,965) (150,422)
Net cash outflow for returns on investments and (270,453) (128,308)
servicing of finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (4,204,080) (1,350,031)
Receipts from sales of tangible fixed assets 2,194,922 -
Net cash outflow for capital expenditure and financial (2,009,158) (1,350,031)
investment
Financing
New bank loans in the year 1,465,000 1,820,720
Repayment of bank loans - (795)
Net cash inflow from financing 1,465,000 1,819,925
Increase in cash in the year 735,941 219,289
Reconciliation of net cash flow to movement in net debt
Increase in cash in the year 735,941 219,289
Net cash inflow from increase in bank loans (1,465,000) (1,819,925)
Movement in net debt in the year (729,059) (1,600,636)
Net debt at 1 April 2005 (2,517,270) (916,634)
Net debt at 31 March 2006 (3,246,329) (2,517,270)
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 during the year.
3. Earnings/(loss) per share
The calculation of basic earnings/(loss) per share is based on the profit
attributable to ordinary shareholders of #96,070 (2005 - loss of #120,526)
divided by the weighted average of 21,842,097 (2005 - 21,842,097) 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 (2005
- #55,933) divided by the weighted average of 21,842,097 (2005 - 21,842,097)
ordinary shares in issue during the year.
4. Tangible fixed assets
Freehold Fixtures,
Investment Capital Work fittings and
Property In Progress equipment Total
# # # #
Group
Cost or valuation
At 1 April 2005 5,160,545 - 210,717 5,371,262
Additions 1,813,583 2,460,497 - 4,274,080
Disposals (1,764,688) - - (1,764,688)
Revaluation 407,087 - - 407,087
At 31 March 2006 5,616,527 2,460,497 210,717 8,287,741
Depreciation
At 1 April 2005 - - 20,437 20,437
Charge for the year - - 21,282 21,282
At 31 March 2006 - - 41,719 41,719
Net Book Value
At 31 March 2006 5,616,527 2,460,497 168,998 8,246,022
At 31 March 2005 5,160,545 - 190,280 5,350,825
5. Debtors
31 March 31 March
2006 2005
Group Group
# #
Trade debtors 127,023 139,373
Other debtors - 24,305
Prepayments and accrued income 16,093 33,572
143,116 197,250
The debtors above include the following which falls due for payment after more
than one year:
Prepayments and accrued income 9,950 10,608
6. Creditors: amounts falling due within one year
31 March 31 March
2006 2005
Group Group
# #
Bank loans and overdrafts - 69,544
Trade creditors 51,030 44,412
Corporation tax 15,192 -
Other taxes and social security 382,641 -
Other creditors 915,277 36,659
Accruals and deferred income 478,666 208,821
1,842,806 359,436
7. Creditors: amounts falling due after more than one year
31 March 31 March
2006 2005
Group Group
# #
Bank loans and overdrafts 4,492,693 2,976,470
Bank loans and overdrafts are repayable as follows:
31 March 31 March
2006 2005
Group Group
# #
Within one year - 69,544
Between one and two years - 38,765
Between two and five years - 594,644
After five years 4,492,693 2,343,061
4,492,693 3,046,014
8. Reserves and reconciliation of movements in shareholders' funds
Share Profit and
Share premium Revaluation loss
capital account Reserve account Total
# # # # #
Group
At 1 April 2005 109,210 1,909,009 1,967,684 (219,558) 3,766,345
Revaluation in the year - - 407,087 - 407,087
Profit for the year - - - 96,070 96,070
At 31 March 2006 109,210 1,909,009 2,374,771 (123,488) 4,269,502
9. Post balance sheet events
On 31 July 2006 the group purchased a new site for development in Carlisle at a
cost of #680,983.
________________________________________________________________________________
The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 March 2005 or 2006. The statutory
accounts for the year ended 31 March 2005 have been filed with the Registrar of
Companies and contained an unqualified audit report. The audited results for
2006 have been approved by the Board of Directors and have been agreed with the
auditors.
10. Copies of the annual report for the period will be dispatched to
shareholders in September. Additional copies will be available to the public,
free of charge, from the Company's registered office, 21 Castle Hill, Lancaster,
LA1 1YN.
11. A notice convening the annual general meeting together with a proxy form
is included in the annual report posted to shareholders . The AGM will be held
at 1pm on 29 September 2006 at the Company's registered office, 21 Castle Hill,
Lancaster, LA1 1YN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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