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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:2774O
CityBlock PLC
19 December 2006
CITYBLOCK PLC
INTERIM REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2006
HIGHLIGHTS
* Turnover for the period was #216,822 (2005 - #182,722) an
increase of 19% on 2005
* Operating loss, excluding goodwill amortisation, of #2,413 due
to direct costs on 3 new sites (2005 - profit of #42,817).
* Lettings for 2006/2007 academic year at 100%, and currently at
50% for 2007/08 academic year
MANAGING DIRECTOR'S STATEMENT
The CityBlock concept remains popular with its target market. We recognise that
students are free to live how they choose and CityBlocks' offer forms an
important part of the student living experience.
Occupancy levels continue to remain at 100% with pre-lets for the academic year
2007/08 already at 50%. We continue to develop very positive direct
relationships with students. Our hands on management style results in high
student satisfaction levels with a correspondingly low level of repairs. All
commercial space is also fully let.
Planning on our new sites is challenging. Whilst the Carlisle scheme was
recommended for acceptance by Planners, the committee turned down the scheme.
CityBlock are currently appealing this decision. A meeting with Planners is to
be convened before Christmas to explore whether an amendment to the design for
the Carlisle scheme will satisfy the council without having to let the appeal
run its course. CityBlock's scheme at Leicester is currently being amended to
reflect the Planners most recent requirements. The CityBlock Board remain
optimistic regarding the outcome. Dialogue continues with Huddersfield's City
Council and Planners regarding the future of CityBlock's high profile site. We
expect to agree a clear way forward early in the New Year.
We are currently focused on maximising the value of our new sites and in
continuously improving the CityBlock living experience.
Trevor Bargh
Managing Director
18 December 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six month period ended 30 September 2006
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
Note (unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover 217 183 413
Administrative expenses (219) (140) (405)
Amortisation of goodwill (28) (28) (56)
Other operating income - - 430
Operating (loss)/profit (30) 15 382
Interest receivable 10 8 13
Interest payable (170) (117) (284)
(Loss)/profit on ordinary activities before (190) (94) 111
taxation
Tax on loss/(profit) on ordinary activities 4 - - (15)
(Loss)/profit for the financial period (190) (94) 96
Pence per Pence per Pence per
share share share
(Loss)/earnings per share in the period 5
Basic (0.87) (0.43) 0.44
Diluted (0.87) (0.43) 0.44
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 2006
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
(Loss)/profit for the financial period (190) (94) 96
Unrealised surplus on revaluation of properties - - 407
Total recognised gains and losses relating to the period (190) (94) 503
CONSOLIDATED BALANCE SHEET
As at 30 September 2006
As at 30 As at 30 As at
September September 31 March
2006 2005 2006
(unaudited) (unaudited) (audited)
Note #'000 #'000 #'000
Fixed assets
Intangible assets 942 997 970
Tangible assets 9,117 8,452 8,246
10,059 9,449 9,216
Current assets
Debtors 56 274 143
Cash at bank and in hand 646 356 1,246
702 630 1,389
Creditors: amounts falling due
within one year (461) (323) (1,843)
Net current assets/(liabilities) 241 307 (454)
Total assets less current liabilities 10,300 9,756 8,762
Creditors: amounts falling due
after more than one year (6,221) (6,084) (4,493)
Net assets 4,079 3,672 4,269
Capital and reserves
Called up share capital 6 109 109 109
Share premium account 1,909 1,909 1,909
Revaluation reserve 2,375 1,968 2,375
Profit and loss account (314) (314) (124)
Shareholders' funds 7 4,079 3,672 4,269
CONSOLIDATED CASH FLOW STATEMENT
For the six month period ended 30 September 2006
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
Note (unaudited) (unaudited) (audited)
#'000 #'000 #'000
Net cash (outflow)/inflow from operating 8a (1,233) (75) 1,551
activities
Returns on investments and servicing of finance
Interest received 10 8 13
Interest paid (153) (91) (284)
Net cash outflow for returns on investments and (143) (83) (271)
servicing of finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (952) (3,112) (4,204)
Receipts from sales of tangible fixed assets - - 2,195
Net cash outflow for capital expenditure and
financial investment (952) (3,112) (2,009)
Net cash outflow before financing (2,328) (3,270) (729)
Financing
New bank loans 1,728 3,056 1,465
Net cash inflow from financing 1,728 3,056 1,465
(Decrease)/increase in cash for the period (600) (214) 736
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2006
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 2006 and is unaudited. The statutory accounts for the year ended 31
March 2006 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 2006 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 2006 no provision for taxation on the results for the period is
considered necessary.
5 (Loss)/earnings per share
Basic (loss)/earning per share has been calculated by dividing the
(loss)/profit for the period of #190,318 (2005 - #94,220) 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 (2005 - 21,842,097).
The adjusted basic (loss)/earning per share, calculated on the (loss)/
profit for the period after adding back goodwill amortisation of #27,966 (2005 -
#27,966) is:
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
(unaudited) (unaudited) (audited)
Pence per share Pence per share Pence per share
(Loss)/earnings per share
Adjusted basic and diluted (0.74) (0.30) 0.70
There is no dilution as a result of outstanding options.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2006
6 Called up share capital
As at 30 As at 30 As at
September September 31 March
2006 2005 2006
(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
7 Reconciliation of movements in shareholders' funds
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
(Loss)/profit for the period (190) (94) 96
Revaluation of tangible fixed assets - - 407
(190) (94) 503
Opening shareholders' funds 4,269 3,766 3,766
Closing shareholders' funds 4,079 3,672 4,269
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six month period ended 30 September 2006
8 Notes to the Cash Flow Statement
a Reconciliation of operating (loss)/profit to operating cashflows
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Operating (loss)/profit (30) 15 382
Depreciation 11 11 21
Amortisation of goodwill 28 28 56
Profit on disposal of fixed assets - - (430)
(Decrease)/increase in debtors 87 (77) 54
(Decrease)/increase in creditors (1,329) (52) 1,468
Net cash (outflow)/inflow from operating activities (1,233) (75) 1,551
b Analysis of changes in net debt
At 1 April At 30 Sept 2006
2006 Cash flow #'000
#'000 #'000 #000
Cash at bank and in hand 1,246 (600) 646
1,246 (600) 646
Debt due within one year - - -
Debt due after more than one year (4,493) (1,728) (6,221)
(4,493) (1,728) (6,221)
Net debt (3,247) (2,328) (5,575)
9 Board approval
The interim financial statements were approved by the directors on 18 December
2006.
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
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