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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:7447A
CityBlock PLC
24 July 2007
CITYBLOCK PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2007
CHAIRMAN'S STATEMENT
Highlights
* Net assets per share down by 8.2% to 17.9p.
* EBITDA of #79,747 (2006 - #458,901).
* Freehold Investment Property valued at #5,766,000 (2006 - #5,785,000)
including fixtures.
* Lettings for current academic year at 100% of available rooms.
* Pre-lettings for September 2007 currently at 83% of available rooms.
Introduction
These are the fourth annual results since the shares of the Company were
admitted to trading on AIM. I would like to take this opportunity to thank our
existing shareholders for their continued support and welcome all of our new
shareholders.
Financial Performance
2007 2006
Lettings for current academic year 100% 100%
Pre-Lettings for next academic year beginning September 83% 89%
Commercial space let 100% 100%
EBITDA #79,747 #458,901
Gross rental yield 8.2% 7.1%
Net assets per share 17.9p 19.5p
Lettings on CityBlock's developed sites in Lancaster are performing well with
100% of rooms let in this current year and 83% for this coming academic year
against increasing University provision. However, the holding of three
development sites in Huddersfield, Leicester and Carlisle, which did not
generate any turnover has had a detrimental effect on cash flow and profits.
Excluding goodwill amortisation the Group made an operating profit for the year
of #58,281 (2006 - #437,619). The net assets of the group decreased by #352,908
to #3,916,594. At the end of the year the gross rental yield from properties
stood at 8.2% (2006 - 7.1%).
Development sites
The development of the Groups' sites at Huddersfield, Carlisle and Leicester is
challenging. Obtaining planning permission for these sites remains difficult
(although recently our appeal at Carlisle was successful) and, together with
rising construction costs and interest rates, provides a difficult environment
in which to operate. The Board believes that these issues represent the main
risks to the Group and has therefore decided to review all options in regard to
the development of these sites.
Post balance sheet events
On 15 June 2007 the company announced the acquisition of Springdoo Limited, a
video communications company, together with the appointment to the board of
directors of Lee Dudack (Chief Financial Officer) and Adam Freeman (Chief
Operating Officer).
M J Higginson
Non Executive Chairman
23 July 2007
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 March 2007
Year ended Year ended
31 March 31 March
2007 2006
Note # #
Turnover 473,056 413,075
Administrative expenses (424,115) (405,690)
Amortisation of goodwill (55,933) (55,933)
Other operating income 9,340 430,234
Operating profit 2,348 381,686
Interest receivable 20,963 13,512
Interest payable and similar charges (376,219) (283,936)
(Loss)/profit on ordinary activities before taxation (352,908) 111,262
Tax on (loss)/profit on ordinary activities - (15,192)
(Loss)/profit for the financial year (352,908) 96,070
(Loss)/earnings per share (pence) 1
Basic (1.62)p 0.44p
Diluted (1.62)p 0.44p
All of the activities of the Group are classed as continuing.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
For the year ended 31 March 2007
Year ended Year ended
31 March 31 March
2007 2006
# #
(Loss)/profit for the financial year (352,908) 96,070
Unrealised surplus on revaluation of properties - 407,087
Total recognised gains and losses relating to the year (352,908) 503,157
CONSOLIDATED BALANCE SHEET
At 31 March 2007
2007 2006
Note # #
Fixed assets
Intangible assets 913,566 969,499
Tangible assets 2 9,840,829 8,246,022
10,754,395 9,215,521
Current assets
Debtors 3 55,876 143,116
Cash at bank and in hand 465,411 1,246,364
521,287 1,389,480
Creditors: amounts falling due within one year 4 (265,086) (1,842,806)
Net current assets/(liabilities) 256,201 (453,326)
Total assets less current liabilities 11,010,596 8,762,195
Creditors: amounts falling due after more than one year 5 (7,094,002) (4,492,693)
Net assets 3,916,594 4,269,502
Capital and reserves
Called up share capital 109,210 109,210
Share premium account 1,909,009 1,909,009
Revaluation reserve 2,374,771 2,374,771
Profit and loss account (476,396) (123,488)
Shareholders' funds 3,916,594 4,269,502
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2007
Year ended Year ended
31 March 31 March
2007 2006
# #
Net cash (outflow)/inflow from operating activities (1,366,359) 1,550,552
Returns on investments and servicing of finance
Interest received 20,963 13,512
Interest paid (349,993) (283,965)
Net cash outflow for returns on investments and servicing (329,030) (270,453)
of finance
Taxation (15,192) -
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,671,681) (4,204,080)
Receipts from sales of tangible fixed assets - 2,194,922
Net cash outflow for capital expenditure and financial (1,671,681) (2,009,158)
investment
Financing
New bank loans in the year 2,601,309 1,465,000
Net cash inflow from financing 2,601,309 1,465,000
(Decrease)/Increase in cash in the year (780,953) 735,941
Reconciliation of net cash flow to movement in net debt
(Decrease)/Increase in cash in the year (780,953) 735,941
Net cash inflow from increase in bank loans (2,601,309) (1,465,000)
Movement in net debt in the year (3,382,262) (729,059)
Net debt at 1 April 2006 (3,246,329) (2,517,270)
Net debt at 31 March 2007 (6,628,591) (3,246,329)
NOTES
1. Earnings/(loss) per share
The calculation of basic earnings/(loss) per share is based on the loss
attributable to ordinary shareholders of #352,908 (2006 - profit of #96,070)
divided by the weighted average of 21,842,097 (2006 - 21,842,097) ordinary
shares in issue during the year.
The adjusted basic earnings/(loss) per share is calculated as the profit/(loss)
attributable to ordinary shareholders, after adding back goodwill amortisation
of #55,933 (2006 - #55,933) divided by the weighted average of 21,842,097 (2006
- 21,842,097) ordinary shares in issue during the year.
The Directors have chosen to present the adjusted earnings/(loss) per share as
they believe it will present a better indicator of the performance of the Group.
Year ended Year ended
31 March 31 March
2007 2006
pence per share pence per share
Basic earnings/(loss) per share (1.62) 0.44
Amortisation of goodwill 0.26 0.25
Adjusted basic earnings/(loss) per share (1.36) 0.69
There are no options or warrants that are potentially dilutive, and hence the
basic and diluted earnings/(loss) per share are the same (on both an adjusted
and unadjusted basis).
2. Tangible fixed assets
Freehold Fixtures,
Investment Capital Work In fittings and
Property Progress equipment Total
# # # #
Group
Cost or valuation
At 1 April 2006 5,616,527 2,460,497 210,717 8,287,741
Additions - 1,614,593 1,680 1,616,273
At 31 March 2007 5,616,527 4,075,090 212,397 9,904,014
Depreciation
At 1 April 2006 - - 41,719 41,719
Charge for the year - - 21,466 21,466
At 31 March 2007 - - 63,185 63,185
Net Book Value
At 31 March 2007 5,616,527 4,075,090 149,212 9,840,829
At 31 March 2006 5,616,527 2,460,497 168,998 8,246,022
The freehold investment properties were formally valued on 21 March 2006 by
Atisreal Limited, Chartered Surveyors. In the opinion of the Directors the
valuation at 31 March 2007 would not have been materially different than at the
date of the last valuation.
Properties completed at the accounting date are included in the accounts at
their open market value. Properties in the course of construction at the
accounting date are included at cost.
3. Debtors
31 March 31 March 31 March 31 March
2007 2006 2007 2006
Group Group Company Company
# # # #
Trade debtors 5,054 127,023 - -
Amounts owed by group undertakings - - 207,871 663,146
Other debtors - - - 2,847
Prepayments and accrued income 50,822 16,093 1,875 1,875
55,876 143,116 209,746 667868
The debtors above include the following which falls due for payment after more than one year:
Amounts owed by group undertakings - - 207,871 663,146
Prepayments and accrued income 9,292 9,950 - -
4. Creditors: amounts falling due within one year
31 March 31 March 31 March 31 March
2007 2006 2007 2006
Group Group Company Company
# # # #
Bank loans and overdrafts - - - -
Trade creditors 72,535 51,030 473 27,941
Corporation tax - 15,192 - -
Other taxes and social security 4,165 382,641 - -
Other creditors 41,459 915,277 - -
Accruals and deferred income 146,927 478,666 6,000 152,583
265,086 1,842,806 6,473 180,524
5. Creditors: amounts falling due after more than one year
31 March 31 March 31 March 31 March
2007 2006 2007 2006
Group Group Company Company
# # # #
Bank loans and overdrafts 7,094,002 4,492,693 - -
Bank loans and overdrafts are repayable as follows:
31 March 31 March 31 March 31 March
2007 2006 2007 2006
Group Group Company Company
# # # #
After five years 7,094,002 4,492,693 - -
The Group negotiates facilities from Yorkshire Bank plc on a project by project
basis. Funds are advanced as overdrafts whilst properties are in the course of
construction. During the year all loans were converted to interest only loans.
Interest is charged on bank borrowings at the Yorkshire Bank plc base rate plus
1.25%.
Bank loans are secured as follows:
- Legal mortgages over the Group's freehold land and buildings.
- Debentures giving a fixed and floating charge over the assets of all the Group companies.
- A cash set off given by CityBlock plc of not less than #450,000.
- Unlimited cross guarantees from all Group companies.
- Collateral warranties from all members of the professional team.
6. Post balance sheet events
Purchase of Springdoo Limited (New Zealand)
On 15 June 2007 the company acquired the entire share capital of Springdoo
Limited, a company incorporated in New Zealand whose principal activity is that
of video communications. The consideration was satisfied by the issue of
3,200,000 new ordinary shares of 0.5p each in Cityblock plc.
7. Basis of preparation
The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 March 2007 or 2006. The statutory
accounts for the year ended 31 March 2006 have been filed with the Registrar of
Companies and contained an unqualified audit report. The audited results for
2007 have been approved by the Board of Directors and have been agreed with the
auditors.
8. Board approval
The preliminary announcement was approved by the Board of Directors on 23 July
2007.
9. Availability of Accounts
Copies of the report and accounts will be dispatched shareholders in due course.
Additional copies will be available from the Company's registered office: Fleet
House, New Road, Lancaster, Lancaster, LA1 1EZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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