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CDFF Cardiff Property Plc

2,300.00
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cardiff Property Plc LSE:CDFF London Ordinary Share GB0001754257 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2,300.00 2,200.00 2,400.00 2,350.00 2,300.00 2,350.00 0.00 08:00:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 1.29M 1.11M 1.0571 21.76 24.24M

Cardiff Property PLC Final Results (5450I)

27/11/2018 7:00am

UK Regulatory


Cardiff Property (LSE:CDFF)
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TIDMCDFF

RNS Number : 5450I

Cardiff Property PLC

27 November 2018

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

LEI: 213800GE3FA4C52C1N05

   FOR RELEASE                           7.00 AM                                    27 November 2018 

THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of GBP26m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2018

Highlights:

 
                                   2018    2017 
 
 Rental income         GBP'000      650     552 
 Profit before 
  tax                  GBP'000    1,114   3,359 
 Earnings per share    pence       80.6   253.7 
 Dividend per share 
  paid and proposed     pence      16.6    15.5 
 Net assets per 
  share                pence      2,178   2,126 
 Gearing               %            Nil     Nil 
 

Richard Wollenberg, Chairman, commented:

"A more cautious mood has been noticeable in the Thames Valley commercial property market over the last six months. Continued nervousness on the outcome of the Brexit negotiations, political uncertainty and increasing world-wide trade barriers have affected the willingness to commit to longer term contractual arrangements.

Despite the lower level of activity commercial property rental levels remain unchanged aided by a shortage of modern office space and small/medium sized industrial units with good parking and facilities. New Grade A office developments in certain Thames Valley locations continue to achieve high headline rents although leases are usually limited to a ten-year period. Future take up levels will however be important in determining rental growth."

For further information:

 
       The Cardiff Property plc          Richard Wollenberg    01784 437444 
       Stockdale Securities              Richard Johnson       020 7601 6100 
 
 

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2018

Chairman's Statement and Property Review

Dear Shareholder,

A more cautious mood has been noticeable in the Thames Valley commercial property market over the last six months. Continued nervousness on the outcome of the Brexit negotiations, political uncertainty and increasing world-wide trade barriers have affected the willingness to commit to longer term contractual arrangements.

Despite the lower level of activity commercial property rental levels remain unchanged aided by a shortage of modern office space and small/medium sized industrial units with good parking and facilities. New Grade A office developments in certain Thames Valley locations continue to achieve high headline rents although leases are usually limited to a ten-year period. Future take up levels will however be important in determining rental growth.

The commercial property investment market particularly for larger units with good covenants and long term leases remains firm with private, overseas and institutional investors attracted to the high rates of income return currently available.

Residential sales in Surrey and Berkshire, the group's main location of activity, have experienced a slow-down and asking prices have in some cases reduced by up to 10%. Low interest rates, the availability of mortgage finance and government incentive schemes continue to assist first time buyers and are particularly important to the group's development activities. Letting enquiries remain very positive.

FINANCIAL

For the year to 30 September 2018 the group profit before tax was GBP1.11m (2017: GBP3.36m). This figure includes a revaluation decrease of GBP0.025m (2017: GBP0.90m) for the group and a profit of GBP0.34m (2017: GBP1.84m) in respect of our post tax profit share of Campmoss Property Company Limited, our 47.62% owned joint venture. Last year's group profit included GBP1.36m, being Cardiff's share from the sale of Tangley Place, Worplesdon.

Revenue for the year which represented gross rental income, excluding Campmoss, totalled GBP0.65m (2017: GBP0.55m).

The profit after tax attributable to shareholders for the financial year was GBP1.01m (2017: GBP3.22m) and the earnings per share was 80.6p (2017: 253.7p).

At the year-end, the company's commercial and residential portfolio, valued by Kempton Carr Croft and Nevin & Wells, totalled GBP5.91m (2017: GBP5.79m). This value excludes own use freehold property, which is included under property, plant and equipment in the balance sheet and held at valuation.

Property when completed and held for re-sale is shown in the balance sheet as inventory at the lower of cost or net realisable value. At the year-end this represented commercial property at The Windsor Business Centre.

The group's total property portfolio, including own use freehold property and the Campmoss investment and development portfolio in total, was valued at GBP26.8m (2017: GBP25.6m). The company's share of the net assets of Campmoss was GBP15.20m (2017: GBP14.86m). During the year Campmoss obtained vacant possession of its office building in Woking, Surrey with a view to planning and re-development, further details are included in the Campmoss section of this report.

The group's net assets as at the year-end were GBP27.29m (2017: GBP26.86m) equivalent to GBP21.78 per share (2017: GBP21.26) an increase of 2.5% over the year (2017: 13.3%). The group, including Campmoss, has adequate financial facilities and resources to complete works in progress and both the proposed and potential development programme. Cash balances are held on short term deposit. At the year-end the company had nil gearing (2017: nil). During the year the company purchased and cancelled 10,809 ordinary shares at a total cost of GBP194,175.

Your directors are proposing the annual renewal of their authority to acquire shares and the approval of the Rule 9 Waiver. Both will be included in the resolutions being placed before shareholders at the Annual General Meeting and General Meeting respectively to be convened on 17 January 2019. Full details of the Rule 9 Waiver are set out in the document accompanying this report and are also available on the company's website www.cardiff-property.com.

Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties and quoted investments held and their current market value. However, IFRS accounting does not require the same treatment in respect of the group's unquoted investment in Campmoss Property, our 47.62% owned joint venture. The investment in Campmoss is a substantial part of the company's net assets and for indicative purposes a disposal of this investment based on the value in the company's balance sheet at the year-end would realise a tax liability of GBP2.58m (2017: GBP2.53m) equivalent to GBP2.06 (2017: GBP2.00) per share calculated using a tax rate of 17%. This information is provided to shareholders as an additional non-statutory disclosure.

DIVID

The directors recommend a final dividend of 12.2p per share (2017: 11.5p) making a total dividend for the year of 16.6p (2017: 15.5p) an increase of 7.1%. The final dividend will be paid on 14 February 2019 to shareholders on the register at 25 January 2019.

THE PROPERTY PORTFOLIO

The group's investment and development activities are primarily concentrated in the Thames Valley to the west of London, close to Heathrow Airport, and in Surrey and Berkshire.

The White House, Egham, consists of 5 ground floor retail units and 5,100 sq. ft. net of air-conditioned office space on the upper floor. One of the office leases is due to expire at the end of the calendar year and following extensive refurbishment, discussions with a new tenant are currently in hand. The remainder of the retail and office space are let on a number of separate medium term leases.

The Windsor Business Centre, Windsor, comprises 4 business units totalling 9,500 sq. ft. A further planning permission was recently granted to increase the useable office area within 3 of the units. One unit was extensively refurbished prior to securing a new letting. The 4 business units are all let on medium term leases.

The Maidenhead Enterprise Centre, Maidenhead, comprises 6 business units totalling 14,000 sq. ft. Two lease renewals have been achieved at higher rental levels and discussions are in hand with an existing tenant to renew their lease. The majority of leases are for 3-5 year periods.

At Heritage Court, Egham, adjacent to the company's offices the building comprises 4 retail units on the ground floor with 8 residential apartments on the upper three floors. The apartments were previously sold on long leaseholds. Negotiations are currently in hand for the renewal of a lease on one of the retail units with the remainder let on medium term leases.

Cowbridge Road, Cardiff, comprises a 14,650 sq. ft. commercial property on 2 floors and let to Royal Mail for use as a mail sorting centre. The lease expires next year and we are in discussion with the tenant for a renewal of their lease. A planning application to extend the upper floor has recently been submitted.

The company occupies its own freehold office in Egham and retains a nearby freehold residential property which is currently undergoing extensive improvement works. A decision to either let on an Assured Shorthold Tenancy or dispose of the property will be taken when the works have been completed.

At Tilehurst, Reading, an outline residential planning application for 14 apartments was refused earlier in the year. Further discussions are taking place with a view to progressing an amended application.

CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARIES

During the year Campmoss continued to implement its development programme and work towards achieving important planning permissions for existing assets in the portfolio. This has affected annual rental income as vacant possession of a major property in Woking has been obtained and lettings in Burnham are being restricted to short term.

The portfolio comprises freehold office, retail and residential property in Bracknell, Burnham, Slough, Maidenhead and Woking some of which are undergoing extensive plans for development.

The company's current development programme primarily involves a new retail and residential development in Market Street, Bracknell.

Gowring House, Market Street, Bracknell, previously an office building on ground and five upper floors, was converted over the last few years into 30 residential units on the upper floors with three retail units on the ground floor. Sales of 25 apartments on long leases have now been completed of which 8 took place during the current year. Four apartments are let on an Assured Shorthold Tenancy basis and one unit is currently available. The three retail units are all let on medium term leases.

At Westview, Market Street, the recently completed development of 8 retail units on ground and first floor is fully let on medium to long term leases. Further along Market Street (1-10), the company retains 12 retails units on ground and first floor all of which are currently let to local businesses on medium term leases.

The development of 10 new retail units on ground and first floor and 12 residential units on second and third floors, known as Alston House, Market Street, Bracknell, is expected to complete at the end of the calendar year. Considerable interest has been shown by prospective tenants for the retail units and two leases have already exchanged. Agents have been appointed for both the residential apartments and retail units.

At Britannia Wharf, Woking, as referred to earlier, vacant possession was achieved last year, and the building has now been demolished. Planning permission for an 82-bedroom care home was successfully achieved in July 2017 and an alternative residential scheme for 52 apartments has been recommended for approval subject to various conditions. Discussions with a care home management group are taking place whilst final planning conditions for the residential scheme are being agreed with the Local Authority.

At Clivemont House and Highway House, Maidenhead planning permissions were previously granted for separate office schemes of 48,000 sq. ft. net and 45,000 sq. ft. net. Commencement of these developments will only proceed when a significant pre-letting is achieved. We are currently awaiting the outcome of a revised residential planning application at Clivemont House.

The Priory, Burnham consists of new office premises on three floors totalling 17,000 sq. ft. and an adjoining grade II Listed Office Building of 9,000 sq. ft. which is used as a business centre. Part of the offices and business centre are currently available on a short-term basis. The company is preparing a planning application for re-development of the property.

At the year end the Campmoss investment portfolio was valued by its directors taking into account external advice, where available, and at current market value of GBP19.3m (2017: GBP17.4m). This figure includes property under development but excludes inventory.

Total revenue for Campmoss for the year amounted to GBP2.9m (2017: GBP2.6m) representing gross rental income of GBP1.0m (2017: GBP2.1m) and sales of property held as inventory of GBP1.9m (2017: GBP0.5m). As explained earlier, rental income for the year was primarily lower due to obtaining vacant possession of Britannia Wharf, Woking prior to commencing any development. At the year-end the company's substantial cash balances are held on short term deposit. At the year-end the company had nil gearing (2017: nil).

QUOTED INVESTMENTS

The company retains a small quoted equity and retail bond portfolio the latter producing a short to medium term attractive income stream. The value of the equity holdings reduced over the year although the portfolio value at year-end exceeds the original cost. The equity investments include Galileo Resources plc and Aquila Services Group plc both of which I remain as a non-executive director.

RELATIONSHIP AGREEMENT

The company has entered into a written and legally binding relationship agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AR of the Listing Rules.

MANAGEMENT AND TEAM

It has been another busy year and on behalf of shareholders I wish to take this opportunity of thanking our small management team and joint venture partner for all their effort, achievements and support. The intense day to day management of the group's portfolio remains essential in achieving continued success.

OUTLOOK

The UK economy continues to report growth despite uncertainties surrounding the future trading position of the UK and world-wide trade. It will be important that activity in the commercial and residential markets over the forthcoming months remains at a sustainable level.

The group should benefit from its current development and planning programme and I therefore look forward to reporting further at the half year.

J. Richard Wollenberg

Chairman

26 November 2018

Consolidated Income Statement

FOR THE YEARED 30 SEPTEMBER 2018

 
                                          2018      2017 
                                       GBP'000   GBP'000 
 
 Revenue                                   650       552 
 Cost of sales                            (30)      (57) 
 
 Gross profit                              620       495 
 Administrative expenses                 (536)     (511) 
 Other operating income                    671       577 
 
 Operating profit before 
  gains on 
  investment properties and 
  other 
  properties                               755       561 
 (Deficit)/surplus on revaluation 
  of investment properties                (25)       905 
 
 Operating profit                          730     1,466 
 Financial income                           48        54 
 Share of results of joint 
  venture                                  336     1,839 
 
 Profit before taxation                  1,114     3,359 
 Taxation                                (101)     (141) 
 
 Profit for the financial 
  year attributable to equity 
  holders                                1,013     3,218 
 
 
 
 Earnings per share on profit 
  for the 
   financial year - pence 
 Basic and diluted                 80.6   253.7 
 
 
 
 Dividends 
 Final 2017 paid 11.5p (2016: 
  10.4p)                            145   132 
 Interim 2018 paid 4.4p (2017: 
  4.0p)                              55    51 
 
                                    200   183 
 
 Final 2018 proposed 12.2p 
  (2017: 11.5p)                     153   145 
 
 

These results relate entirely to continuing operations. There were no acquisitions or disposals in either year.

Consolidated statement of comprehensive income and expense

FOR THE YEARED 30 SEPTEMBER 2018

 
 
                                                    2018      2017 
                                                 GBP'000   GBP'000 
 
 Profit for the financial year                     1,013     3,218 
 
 Items that may be reclassified subsequently 
  to profit or loss 
 Net change in fair value of available 
  for sale financial assets                       (185)         72 
 Net change in fair value of other 
  properties                                         (4)        30 
 
 Total comprehensive income and expense 
  for the year 
  attributable to the equity holders 
  of the parent company                              824     3,320 
 
 

Consolidated Balance Sheet

AT 30 SEPTEMBER 2018

 
                                                  2018                   2017 
                                    GBP'000    GBP'000    GBP'000     GBP'000 
Non-current assets 
Freehold investment properties                   5,927                  5,792 
Property, plant and equipment                      298                    303 
Investment in joint venture                     15,200                 14,864 
Other financial assets                             886                  1,071 
Deferred tax asset                                   -                      5 
 
                                                22,311                 22,035 
 
Current assets 
Inventory and work in 
 progress                               672                   668 
Trade and other receivables             142                    91 
Financial assets                        200                 1,370 
Cash and cash equivalents             4,718                 3,485 
 
                                                 5,732                  5,614 
 
Total assets                                    28,043                 27,649 
 
Current liabilities 
Trade and other payables              (645)                 (629) 
 
                                                 (645)                  (629) 
Non-current liabilities 
Deferred tax liability                           (108)                  (160) 
 
Total liabilities                                (753)                  (789) 
 
Net assets                                      27,290                 26,860 
 
Equity 
Called up share capital                            251                    253 
Share premium account                            5,076                  5,076 
Other reserves                                   2,585                  2,772 
Investment property revaluation 
 reserve                                           827                    997 
Retained earnings                               18,551                 17,762 
 
 
Total equity                                    27,290                 26,860 
 
 
Net assets per share                            2,178p                 2,126p 
 
 
 

Consolidated Cash Flow Statement

FOR THE YEARED 30 SEPTEMBER 2018

 
                                                 2018      2017 
                                              GBP'000   GBP'000 
 
 Cash flows from operating activities 
   Profit for the year                          1,013     3,218 
   Adjustments for: 
      Depreciation                                  5         5 
      Financial income                           (48)      (54) 
      Share of profit of joint venture          (336)   (1,839) 
      Deficit/(surplus) on revaluation 
       of investment properties                    25     (905) 
      Taxation                                    101       141 
 
 Cash flows from operations before 
  changes in working capital                      760       566 
  (Increase)/decrease in trade and 
   other receivables                             (51)         1 
  (Decrease)/increase in trade and 
   other payables                              (19)          57 
 
 Cash generated from operations                   690       624 
   Tax paid                                     (112)     (107) 
 
 Net cash flows from operating activities         578       517 
 
 
 Cash flows from investing activities 
   Interest received                               47        56 
   Acquisition of investments, investment 
    property and property, plant and 
    equipment                                   (168)     (164) 
   Decrease/(increase) in held to 
    maturity deposits                           1,170     (323) 
 
 Net cash flows from investing activities       1,049     (431) 
 
 
 Cash flows from financing activities 
   Purchase of own shares                       (194)     (116) 
   Dividends paid                               (200)     (183) 
 Repayment of loan from Joint Venture               -     1,500 
 
 Net cash flows (used in)/from financing 
  activities                                    (394)     1,201 
 
 
 Net increase/(decrease) in cash 
  and cash equivalents                          1,233     1,287 
   Cash and cash equivalents at beginning 
    of year                                     3,485     2,198 
 
 Cash and cash equivalents at end 
  of year                                       4,718     3,485 
 
 

Consolidated statement of changes in equity

FOR THE YEARED 30 SEPTEMBER 2018

Consolidated statement of changes in equity

 
                                 Share      Share       Other     Investment    Retained      Total 
                               capital    premium    reserves       property    earnings     equity 
                                          account                revaluation 
                                                                     reserve 
                               GBP'000    GBP'000     GBP'000        GBP'000     GBP'000    GBP'000 
 At 1 October 2016                 254      5,076       2,669          3,749      12,091     23,839 
 Profit for the year                 -          -           -              -       3,218      3,218 
 Other comprehensive 
  income - revaluation 
  of investments 
  revaluation of other 
   property                          -          -          72              -           -         72 
                                     -          -          30              -           -         30 
 
 
   Transactions with 
   equity holders 
 Dividends                           -          -           -              -       (183)      (183) 
 Purchase of own shares            (1)          -           1              -       (116)      (116) 
 
 Total transactions 
  with equity holders              (1)          -           1              -       (299)      (299) 
 
 Realisation of investment 
  reserve                            -          -           -        (3,950)       3,950          - 
 Transfer on revaluation 
  of investment properties 
  - Cardiff                          -          -           -            905       (905)          - 
 Transfer on revaluation 
  of investment properties 
  - Campmoss                         -          -           -            293       (293)          - 
 
 At 30 September 2017 
  and 1 October 2017               253      5,076       2,772            997      17,762     26,860 
 Profit for the year                 -          -           -              -       1,013      1,013 
 Other comprehensive 
  income - revaluation 
  of investments 
  revaluation of other 
   property                          -          -       (185)              -           -      (185) 
                                     -          -         (4)              -           -        (4) 
 
 
   Transactions with 
   equity holders 
 Dividends                           -          -           -              -       (200)      (200) 
 Purchase of own shares            (2)          -           2              -       (194)      (194) 
 
 Total transactions 
  with equity holders              (2)          -           2              -       (394)      (394) 
 
 Transfer on revaluation 
  of investment properties 
  - Cardiff                          -          -           -           (25)          25          - 
 Transfer on revaluation 
  of investment properties 
  - Campmoss                         -          -           -          (145)         145          - 
 
 At 30 September 2018              251      5,076       2,585            827      18,551     27,290 
 
                                ______     ______      ______         ______      ______     ______ 
 

Notes to the Financial Statements

FOR THE YEARED 30 SEPTEMBER 2017

   1.     Basis of preparation 

The consolidated results for the year ended 30 September 2018 and 2017 are prepared by the group under applicable International Financial Reporting Standards adopted by the EU ("adopted IFRS") and applicable law.

The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2018 or 30 September 2017 but is derived from those financial statements. Statutory financial statements for 2017 have been delivered to the Registrar of Companies and those for 2018 will be delivered in due course. The auditor has reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the financial statements for 2017 nor 2018.

Going concern

The group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. As a consequence, the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

New, revised or changes to existing financial reporting standards

Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

IFRS

The following accounting standards and interpretations, issued by the IASB and endorsed by the EU or International Financial Reporting Interpretations Committee (IFRIC), are effective for the first time in the current financial year and have been adopted by the group with no significant impact on the consolidated results or financial position:

   --      Amendments to IAS 7 - Disclosure Initiative 
   --      Amendments to IAS 12 - Recognition of Deferred Tax for Unrealised Losses 
   --      Annual Improvements 2014-2016 cycle 

The IASB and the IFRIC have also issued the following standards and interpretations with an effective date after the date of these Financial Statements:

   --      IFRS 9 Financial instruments (Effective date 1 January 2018) 

-- IFRS 15 Revenue from contracts with Customers including amendments to IFRS 15: (Effective date 1 January 2018)

-- IFRS 2 (amendments) - Classification and Measurement of Share-based Payment Transactions (Effective date 1 January 2018)

-- IFRS 4 (amendments) - Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Effective date 1 January 2018)

-- IFRIC Interpretation 22 - Foreign Currency Transactions and Advance Consideration (Effective date 1 January 2018)

   --      Amendments to IAS 40 - Transfers of Investment Property (Effective date 1 January 2018) 
   --      IFRS 16 Leases (Effective date 1 January 2019) 
   --      IFRIC 23 - Uncertainty over Income Tax Treatments (Effective date 1 January 2019) 

-- Amendments to IFRS 9 - Prepayment Features with Negative Compensation (Effective date 1 January 2019)

-- Amendments to IAS 28 - Long-term Interests in Associates and Joint Ventures (Effective date 1 January 2019)

   --      Annual improvements 2015-2017 cycle (Effective date 1 January 2019) 

-- Amendments to IAS 19: Plan amendment, Curtailment or Settlement (Effective date 1 January 2019)

-- Amendments to References to the Conceptual Framework in IFRS Standards (Effective date 1 January 2020)

   --      IFRS 17 - Insurance Contracts (Effective date 1 January 2021) 

Notes to the Financial Statements

FOR THE YEARED 30 SEPTEMBER 2018 (continued)

While the board is continuing to assess the effects of these standards and interpretations, none of them when applied, are expected to have a material impact upon the consolidated results of financial position of the group.

   2.     Segmental analysis 

The group manages its operations in two segments, being property and other investment and property development. The results of these segments are regularly reviewed by the board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

 
                                               2018      2017 
                                            GBP'000   GBP'000 
 Revenue (wholly in the United Kingdom): 
   Property and other investment being 
    gross rents receivable                      650       552 
 
                                                650       552 
 
 Profit before taxation: 
   Property and other investment                416     3,211 
   Property development                         698       148 
 
                                              1,114     3,359 
 
 Net operating assets: 
   Assets 
   Property and other investment             26,719    26,885 
   Property development                       4,335     4,175 
   Eliminations                             (3,011)   (3,411) 
 
 Total assets                                28,043    27,649 
 
   Liabilities 
   Property and other investment            (3,524)   (3,957) 
   Property development                       (240)     (243) 
   Eliminations                               3,011     3,411 
 
 Total liabilities                            (753)     (789) 
 
 Net operating assets                        27,290    26,860 
 
 

Of the group's share of the profit in its joint venture of GBP336,000 (2017: GBP1,839,000), GBP498,000 (2017: GBP1,824,000) relates to property development and a loss of GBP162,000 (2017: profit GBP15,000) relates to property investment. The interest income of GBP48,000 (2017: GBP1,000) relates entirely to property investment. Of the income tax income of GBP21,000 (2017: expense GBP303,000), GBP21,000 (2017: GBP295,000) relates to property investment and GBPnil (2017: GBP8,000) to property development. Due to the reportable segments being accounted for in separate legal entities it is possible to directly allocate the group results and net assets to the reportable segments.

3. Earnings per share

Earnings per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of GBP1,013,000 (2017: GBP3,218,000) and the weighted average number of shares as follows:

 
                                                 Weighted average 
                                                 number of shares 
                                         2018              2017 
 
 Basic and diluted basis            1,258,139         1,268,420 
 
 
 

Financial Calendar

 
 2018   27 November    Final results for 2018 announced 
 2019   17 January     Annual General Meeting/General Meeting 
        24 January     Ex-dividend date for the final dividend 
        25 January     Record date for the final dividend 
        14 February    Final dividend to be paid 
        May            Interim results for 2019 to be announced 
        July           Interim dividend for 2019 to be paid 
        30 September   Year end 
 

Directors and Advisers

 
 Directors                                 Auditor 
 J Richard Wollenberg                      Saffery Champness LLP 
 Chairman and chief executive 
 
 Karen L Chandler FCA 
 Finance director                          Stockbrokers and financial advisers 
                                           Stockdale Securities Ltd 
 Nigel D Jamieson BSc, FCSI 
 Independent non-executive director 
 
 Secretary                                 Bankers 
 Karen L Chandler FCA                      HSBC Bank Plc 
 
 
 Non-executive director of wholly owned    Solicitors 
  subsidiary 
 First Choice Estates plc                  Blake Morgan LLP 
 Derek M Joseph BCom, FCIS 
 
 
 Head office                               Registrar and transfer office 
 56 Station Road                           Neville Registrars Ltd 
 Egham                                     Neville House 
 Surrey TW20 9LF                           Steelpark Road 
 Telephone: 01784 437444                   Halesowen 
 Fax: 01784 439157                         B62 8HD 
 E-mail: webmaster@cardiff-property.com    Telephone: 0121 585 1131 
 Web: www.cardiff-property.com 
 
 
 Registered office                         Registered number 
 56 Station Road                           00022705 
 Egham 
 Surrey TW20 9LF 
 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 27, 2018 02:00 ET (07:00 GMT)

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