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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:1069W
CityBlock PLC
22 December 2005
CITYBLOCK PLC
INTERIM REPORT TO 30 SEPTEMBER 2005
HIGHLIGHTS
* Turnover for the period was #182,722 (2004 - #55,178)
* Operating profit, excluding goodwill amortisation, of #42,817 (2004 - #722
loss)
* Lettings for 2005/06 academic year at 98%, and currently at 63% for 2006/07
academic year
CHIEF EXECUTIVE'S STATEMENT
For the majority of students, the freedom to live how they want is one of the
key elements of the student experience (Unite/Mori Student Experience Report
2005 - 66% of students agreed with this statement). The nature of the
accommodation available to students will therefore form an important part of
this experience.
CityBlock's student living concept remains popular with its customers in
Lancaster (98% let 2005/06 academic year with pre-lets currently at 63% for 2006
/07 academic year). Whilst this is important in proving our concept, we are now
developing acquired sites in Manchester and Huddersfield, as well as negotiating
on sites in several other cities and towns across the UK.
This progression is set against a background of 1.362 million full time students
in UK Universities, an increase of 44,000 since 2004.
According to a recent report by King Sturge, student numbers in University Halls
have fallen slightly, reflecting a continuing trend for new university
residencies to be 'outsourced'. Most new university halls tend to replace
existing obsolete accommodation.
The report also reveals that growth in student numbers is most significant among
women. Security is a greater issue for female students (and their parents) and
may therefore be the principal reason that female students suggest a preference
for either university halls or modern, commercially operated halls rather than
shared houses. Some 88% of CityBlock's bookings for 2006/07 are from female
students.
Our development partner, Alfred McAlpine Capital Projects Limited, continues to
support our development plans, and with the site opportunities available to us,
together with the market dynamics, we remain convinced that CityBlock will
position itself as the preferred choice for student living in our developed
locations.
Trevor Bargh
CEO
21 December 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six month period ended 30 September 2005
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
Note (unaudited) (unaudited) (audited)
#000 #000 #000
Turnover 183 55 272
Administrative expenses (140) (56) (207)
Amortisation of goodwill (28) (28) (56)
Operating profit 15 (29) 9
Interest receivable 8 10 22
Interest payable (117) (62) (152)
Loss on ordinary activities before taxation (94) (81) (121)
Tax on loss on ordinary activities 4 - - -
Loss for the financial period (94) (81) (121)
Pence per Pence per Pence per
share share share
Loss per share 5
Basic and diluted (0.43) (0.37) (0.55)
Adjusted basic and diluted (0.30) (0.24) (0.30)
All of the activities of the group are classed as continuing.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six month period ended 30 September 2005
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Loss for the financial period (94) (81) (121)
Unrealised surplus on revaluation of properties - 540 1,865
Total recognised gains and losses relating to the period (94) 459 1,744
CONSOLIDATED BALANCE SHEET
As at 30 September 2005
As at 30 As at 30 As at
September September 31 March
2005 2004 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Note
Fixed assets
Intangible assets 997 1,053 1,025
Tangible assets 8,452 4,018 5,351
9,449 5,071 6,376
Current assets
Debtors 274 148 197
Cash at bank and in hand 356 586 529
630 734 726
Creditors: amounts falling due
within one year (323) (526) (360)
Net current assets 307 208 366
Total assets less current liabilities 9,756 5,279 6,742
Creditors: amounts falling due
after more than one year (6,084) (2,798) (2,976)
Net assets 3,672 2,481 3,766
Capital and reserves
Called up share capital 6 109 109 109
Share premium account 1,909 1,909 1,909
Revaluation reserve 1,968 643 1,968
Profit and loss account (314) (180) (220)
Shareholders' funds - equity interests 7 3,672 2,481 3,766
CONSOLIDATED CASH FLOW STATEMENT
For the six month period ended 30 September 2005
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
Note (unaudited) (unaudited) (audited)
#000 #000 #000
Net cash (outflow)/inflow from operating 8a (75) 49 (122)
activities
Returns on investments and servicing of finance
Interest received 8 10 22
Interest paid (91) (62) (150)
Net cash outflow for returns on investments and (83) (52) (128)
servicing of finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (3,112) (1,330) (1,350)
Net cash outflow for capital expenditure and (3,112) (1,330) (1,350)
financial investment
Net cash outflow before financing (3,270) (1,333) (1,600)
Financing
New bank loans 3,056 1,628 1,820
Net cash inflow from financing 3,056 1,628 1,820
(Decrease)/Increase in cash for the period (214) 295 220
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2005
1 Basis of preparation
Basis of accounting
The interim financial information has been prepared on the basis of the
accounting policies set out in the audited statutory accounts for the year ended
31 March 2005 and are unaudited. The statutory accounts for the year ended 31
March 2005 upon which the auditors issued an unqualified report have been filed
with the Registrar of Companies. The interim financial information does not
constitute statutory financial statements within the meaning of section 240 of
the Companies Act 1985.
2 Consolidation
The 2005 financial information represents the results of CityBlock plc and all
of its subsidiaries.
3 Turnover
The company's turnover was derived from its principal activity undertaken wholly
in the United Kingdom.
4 Taxation
On the basis of the results and reliefs available in the six months ended 30
September 2005 no provision for taxation on the results for the period is
considered necessary.
5 Loss per share
Basic loss per share has been calculated by dividing the loss for the
period of #94,220 (2004 - #80,809) by the weighted average number of shares in
issue during the period. During the period the weighted average number of
shares in issue was 21,842,097 (2004 - 21,842,097).
The adjusted basic loss per share is calculated as the loss for the
period after adding back goodwill amortisation of #27,966 (2004 - #27,966)
divided by the weighted average number of shares in issue during the period.
There is no dilution as a result of outstanding options.
6 Called up share capital
As at 30 As at 30 As at
September September 31 March
2005 2004 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Authorised
40,105,400 Ordinary shares of 0.5p each 201 201 201
49,473 Redeemable preference shares of #1 each 49 49 49
250 250 250
Allotted, called up and fully paid
21,842,097 Ordinary shares of 0.5p each 109 109 109
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2005
7 Reconciliation of movements in shareholders' funds
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Loss for the period (94) (81) (121)
Revaluation of tangible fixed assets - 540 1,865
(94) 459 1,744
Opening shareholders' funds 3,766 2,022 2,022
Closing shareholders' funds 3,672 2,481 3,766
8 Notes to the Cash Flow Statement
a Reconciliation of operating profit/(loss) to operating cashflows
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2005 2004 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Operating profit/(loss) 15 (29) 9
Depreciation 11 3 15
Amortisation of goodwill 28 28 56
Increase in debtors (77) (99) (148)
(Decrease)/Increase in creditors (52) 146 (54)
Net cash (outflow)/inflow from operating activities (75) 49 (122)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2005
8 Notes to the Cash Flow Statement (continued)
b Analysis of changes in net debt
At 1 April At 30 Sept 2005
2005 Cash flow #000
#000 #000 #000
Cash at bank and in hand 529 (173) 356
Bank overdrafts (18) (41) (59)
511 (214) 297
Debt due within one year (52) 52 -
Debt due after more than one year (2,976) (3,108) (6,084)
(3,028) (3,056) (6,084)
Net debt (2,517) (3,270) (5,787)
9 Board approval
The interim financial statements set out on pages 4 to 10 were approved by the
directors on 21 December 2005.
10 Report copies
Copies of this interim report can be obtained from the company's registered
office at 21 Castle Hill, Lancaster, LA1 1YN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUGCAPUPAGGP
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