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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:6903G
CityBlock PLC
21 December 2004
CityBlock plc
Interim Report for the six months ended 30 September 2004
Highlights
The Board of CityBlock plc announces its interim results for the six months
ended 30 September 2004. The main points are:
* turnover for the period was #55,178 (2003: #Nil)
* the operating loss, before interest and goodwill amortisation,
was #722 (2003: #10,270)
* a surplus of #540,047 arose on property revaluations
* net assets rose to #2.481M (2003: #2.004M)
* cash at bank at the period end was #585,876 (2003: #697,069)
* long term borrowings represented 70 per cent of property values
(2003: 68.9 per cent)
Non-executive Chairman, Martin Higginson, said
"The results are in line with expectations. Only one property generated income
in the period. As further properties are completed and let, the trading
performance is expected to improve. The directors recommend that no interim
dividend will be paid."
Chief Executive's Statement
I am delighted to present CityBlock's Interim Report for the six months ended 30
September 2004.
This period has been an important phase in establishing the company's
foundations with the completion on time and budget of CityBlock 2, and obtaining
100% occupancy in the two completed CityBlock developments.
By continuing to place our customers at the centre of our thinking we are able
to differentiate ourselves from larger volume players and independent landlords
in the student housing market.
The second CityBlock of 52 en-suite rooms and 25 studios was fully let by mid
September and was five times over-subscribed. CityBlock 1 was also fully let by
mid September. Average room revenue obtained was #70 per week (for 50 weeks) per
student which is about 30% above the local average. New commercial space at
CityBlock has been leased to Subway Realty Ltd, the largest international
sandwich franchise with more than 22,000 outlets in over 70 countries.
This level of demand proves the CityBlock concept, that of innovative,
up-market, secure, off-campus student accommodation. Importantly, our available
rooms are now 75% let for the next academic year starting October 2005.
We are continuing to develop links with the housing departments of local
universities. We are also developing opportunities with a range of
universities, colleges and NHS Trusts. Many potential sites are at feasibility
stage, not just intended for direct lets with individual customers but also
through nominated agreements.
We are also continuing to partner with preferred building contractors for site
feasibility studies and acquisitions, property development and facilities
management.
We are continually developing ideas and improvements, not just in the design of
our properties but also in student support, customer marketing and added value
student concessions. Our Privilege Card (essentially a concessions card) allows
students to obtain discounts and privileges on a number of services ranging from
books and meals to VIP entry into night clubs.
These added benefits have given us an ideal platform upon which to develop the
CityBlock name as a student lifestyle brand.
We continue to see CityBlock as synonymous not only with student living but with
student life.
Trevor Bargh
CEO
21 December, 2004
For further information contact:
Trevor Bargh Chief Executive Officer 01524 541274
David Youngman W.H. Ireland 0161 832 6644
CITYBLOCK PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2004
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Note (unaudited) (unaudited) (audited)
#000 #000 #000
Turnover 55 - 56
Administrative expenses (56) (16) (88)
Amortisation of goodwill (28) - (37)
Operating loss (29) (16) (69)
Interest receivable 10 6 11
Interest payable (62) - (41)
Loss on ordinary activities before taxation (81) (10) (99)
Tax on loss on ordinary activities 4 - - -
Loss for the financial period (81) (10) (99)
Pence per Pence per Pence per
share share share
Loss per share 5
Basic and diluted (0.37) (0.08) (0.60)
Adjusted basic and diluted (0.24) (0.08) (0.37)
All of the activities of the group are classed as continuing.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 September 2004
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Loss for the financial period (81) (10) (99)
Unrealised surplus on revaluation of properties 540 - 103
Total recognised gains and losses relating to the period 459 (10) 4
CONSOLIDATED BALANCE SHEET
As at 30 September 2004
As at 30 As at 30 As at
September September 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
Note #000 #000 #000
Fixed assets
Intangible assets 1,053 1,119 1,081
Tangible assets 4,018 1,520 2,151
5,071 2,639 3,232
Current assets
Debtors 148 41 49
Cash at bank and in hand 586 697 291
734 738 340
Creditors: amounts falling due
within one year (526) (1,329) (361)
Net current assets/(liabilities) 208 (591) (21)
Total assets less current liabilities 5,279 2,048 3,211
Creditors: amounts falling due
after more than one year (2,798) (44) (1,189)
Net assets 2,481 2,004 2,022
Capital and reserves
Called up share capital 6 109 109 109
Share premium account 7 1,909 1,905 1,909
Revaluation reserve 643 - 103
Profit and loss account (180) (10) (99)
Shareholders' funds - equity interests 8 2,481 2,004 2,022
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2004
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Note (unaudited) (unaudited) (audited)
#000 #000 #000
Net cash inflow from operating activities 9a 49 15 195
Returns on investments and servicing of finance
Interest received 10 6 11
Interest paid (62) (3) (41)
Net cash inflow/(outflow) from returns on
investments and servicing of finance (52) 3 (30)
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,330) (311) (1,014)
Less capitalised loan interest - 3 -
Net cash outflow for capital expenditure and
financial investment (1,330) (308) (1,014)
Acquisitions and disposals
Cash acquired with subsidiary undertakings - 5 5
Net cash inflow from acquisitions and disposals - 5 5
Net cash outflow before financing (1,333) (285) (844)
Financing
Issue of shares - 805 827
Issue and flotation costs - (145) (175)
New bank loans 1,628 322 483
Net cash inflow from financing 1,628 982 1,135
Increase in cash in the period 9b 295 697 291
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2004
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 2004 and are unaudited. The statutory accounts for the year ended 31
March 2004 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 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 2004 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
#80,809 (2003 - #10,270) 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 (2003 - 12,144,553).
The adjusted basic loss per share is calculated as the loss for the period after
adding back goodwill amortisation of #27,966 (2003 - #Nil) 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
2004 2003 2004
(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 months ended 30 September 2004
7 Share premium
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Balance brought forward 1,909 - -
Premium received from share issues in the period - 2,133 2,133
Share issue costs and listing costs - (179) (175)
Bonus issue - (49) (49)
Balance carried forward 1,909 1,905 1,909
8 Reconciliation of movements in shareholders' funds
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Loss for the period (81) (10) (99)
New shares issued (net of issue costs) - 2,014 2,018
Revaluation of tangible fixed assets 540 - 103
459 2,004 2,022
Opening shareholders' funds 2,022 - -
Closing shareholders' funds 2,481 2,004 2,022
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2004
9 Notes to the Cash Flow Statement
a Reconciliation of operating loss to operating cashflows
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Operating loss (29) (16) (69)
Depreciation 3 - 6
Amortisation of goodwill 28 - 37
Increase in debtors (99) (17) (9)
Increase in creditors 146 48 230
Net cash inflow from operating activities 49 15 195
b Analysis of changes in net debt
At 1 April At 30 Sept
2004 Cash flow 2004
#000 #000 #000
Cash at bank and in hand 291 295 586
Debt due within one year (19) (19) (38)
Debt due after more than one year (1,189) (1,609) (2,798)
(1,208) (1,628) (2,836)
Net debt (917) (1,333) (2,250)
10 Board approval
The interim financial statements set out on pages 1 to 7 were approved by the
directors on 21 December 2004.
11 Report copies
A copy of the Interim Report will be posted to shareholders and will also be
available from the Company's registered office at 21 Castle Hill, Lancaster, LA1
1YN.
CITYBLOCK PLC
Registered Office: 21 Castle Hill
Lancaster
LA1 1YN
Registration number: 4686494
Website: www.cityblock.co.uk
Nominated Adviser and Broker: W H Ireland Limited
St. James's Square
Manchester
M2 6WH
Principal Bankers: Yorkshire Bank
1 Tustin Court
Portway
Preston Riversway
Preston
PR2 2YQ
Auditors: CLB
Chartered Accountants
Fleet House
New Road
Lancaster
LA1 1EZ
Solicitors: Halliwells LLP
St James's Court
Brown Street
Manchester
M2 2JF
Registrars: Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 OLA
CityBlock plc
21 Castle Hill
Lancaster
LA1 1YN
Tel: 01524 541251
Fax: 01524 846836
info@cityblock.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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