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CDFF Cardiff Property Plc

2,300.00
0.00 (0.00%)
26 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 2,300.00 2,300.00 2,300.00 0.00 08:00:00
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 Half-year Report (3910L)

30/04/2020 7:00am

UK Regulatory


Cardiff Property (LSE:CDFF)
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From Apr 2019 to Apr 2024

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TIDMCDFF

RNS Number : 3910L

Cardiff Property PLC

30 April 2020

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

FOR RELEASE 7.00 AM 30 April 2020

THE CARDIFF PROPERTY PLC

LEI: 213800GE3FA4C52CIN05

The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of GBP30m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 31 MARCH 2020

Highlights:

 
                                    Six months     Six months            Year 
                                      31 March       31 March    30 September 
                                          2020           2019            2019 
                                   (Unaudited)    (Unaudited)       (Audited) 
 
 
 Net assets                   GBP'000    28,135   27,204   28,343 
 Net assets per share         GBP         23.03    21.84    22.85 
 Profit before tax            GBP'000       387      304    1,653 
 Earnings per share (basic 
  and diluted)                pence        24.9     20.1    123.1 
 Interim/total dividend 
  per share                    Pence        4.8      4.6     17.1 
 Gearing                      %             Nil      Nil      Nil 
 

Richard Wollenberg, Chairman, commented:

We are experiencing unprecedented and uncertain times. The property market endured three years of protracted Brexit negotiations and now the physical restrictions and economic concerns surrounding the Covid-19 pandemic. The Thames Valley property market has historically proved resilient to fluctuations in the wider UK market and whilst I expect this to remain it is extremely concerning to view the potential long-term damage caused to growth and stability by the necessary and important government lockdown measures.

For further information:

 
 The Cardiff Property plc          Richard Wollenberg     01784 437444 
 Shore Capital                     Patrick Castle        020 7468 7923 
 
 
 

THE CARDIFF PROPERTY PLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 31 MARCH 2020

INTERIM MANAGEMENT REPORT

Dear Shareholder,

We are experiencing unprecedented and uncertain times. The property market endured three years of protracted Brexit negotiations and now the physical restrictions and economic concerns surrounding the Covid-19 pandemic. The Thames Valley property market has historically proved resilient to fluctuations in the wider UK market and whilst I expect this to remain it is extremely concerning to view the potential long-term damage caused to growth and stability by the necessary and important government lockdown measures.

In the first quarter, September to December 2019, commercial property lettings and rent reviews were successfully completed. Residential lettings were similarly active with rental values remaining unchanged. Inevitably since early January activity in all sectors of the property market has been placed on hold. The commercial property investment market has slowed down albeit investors continue to search for income as benchmark interest rates have again moved lower.

In the current environment across the group we are liaising and assisting tenants who have requested a deferment of rent, these include agreeing to monthly payments in arrears rather than quarterly in advance and part payment allowed from rental deposits held.

The waiving of business rates, deferral of VAT payments, salary support and business grants should assist a number of our tenants. We are not proposing to accommodate a waiver of rent preferring to assist with cash flow where possible.

FINANCIALS

For the six months ending 31 March 2020 profit before tax amounted to GBP0.39m (March 2019: GBP0.30m; September 2019: GBP1.65m). This figure includes an after-tax loss from Campmoss Property Company Limited ("Campmoss") our 47.62% joint venture of GBP0.03m (March 2019 after tax loss GBP0.05m; September 2019 after tax profit GBP0.90m).

Revenue for the six months to 31 March 2020 represented by rental income totalled GBP0.34m (March 2019: GBP0.32m; September 2019: GBP0.65m). The Groups share of revenue from Campmoss was GBP0.32m (March 2019: GBP0.27m; September 2019: GBP0.53m), represented by rental income of GBP0.32m (March 2019: GBP0.27m; September 2019: GBP0.53m) and property sales of nil (March 2019: nil; September 2019: nil). Rental income and sales figures for Campmoss are not included in group revenue.

Net assets of the group as at 31 March 2020 were GBP28.14m (March 2019: GBP27.20m; September 2019: GBP28.34m) equivalent to GBP22.99 per share (March 2019: GBP21.84; September 2019: GBP22.85). The Company's share of net assets in Campmoss included on the group balance sheet amounted to GBP14.93m. (March 2019: GBP15.15m; September 2019: GBP15.60m). The directors have taken into account recent RICS guidance and whilst there is currently a greater level of uncertainty due to COVID-19 on balance ,as mentioned, there are no material change in the investment value of the group's property portfolio as at 31 March 2020. The freehold investment properties held by Cardiff will be professionally valued at 30 September 2020.

During the six months to 31 March 2020 the company purchased for cancellation 18,362 Ordinary Shares (March 2019: 6,950 Ordinary Shares; September 2019: 12,567 Ordinary Shares). There have been no material events or material changes in assets liabilities or related party relationships since 30 September 2019.

Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties and quoted investments and their current market value. However, current IFRS does not require the same treatment in respect of the group's unquoted investments in Campmoss, the 47.62% owned joint venture, which represents a substantial part of the company's net assets.

Whilst provision is made in Campmoss accounts for deferred tax, should the shares held in Campmoss be disposed of, for indicative purposes, based on the value in the company's balance sheet at 31 March 2020 this would result in a tax liability of GBP2.84m (March 2019: GBP2.58m; September 2019: GBP2.65m) equivalent to GBP2.29 per share (March 2019: GBP2.07; September 2019 GBP2.14) calculated using a tax rate of 19% (March 2019: 17%; September 2019: 17%). This information is provided to shareholders as an additional, non-statutory, disclosure.

DIVID

The directors have declared an interim dividend of 4.8p (interim March 2019: 4.6p; final September 2019: 12.5p) an increase of 4.3% which will be paid on 2 July 2020 to shareholders on the register at 29 May 2020.

THE INVESTMENT & DEVELOPMENT PORTFOLIO

The group's freehold property portfolio including those held by Campmoss, continues to be concentrated in the Thames Valley close to Heathrow Airport and to the west of London.

The Windsor Business Centre, Windsor, comprises of four business units totalling 9,500 sq. ft. and is fully let currently on short term leases. Planning permission to increase the existing space to a total of 19,000 sq. ft. was recently obtained and detailed plans are currently being prepared.

Office rents in Windsor have risen substantially over the past few years and any development decision will depend on market factors. In the meantime, the existing units remain available for sale.

Maidenhead Enterprise Centre, Maidenhead, comprises of six individual business units totalling 14,000 sq. ft. and is fully let. A new letting was recently agreed at an increased rental.

At The White House, Egham, the five ground floor retail units are all let. Part of the upper floor office space, which recently underwent extensive refurbishment, is available for let. The Property is centrally located in the High Street and benefits from excellent parking facilities.

Heritage Court, Egham, comprises of four retail units all of which are let. The upper residential floors were previously sold on a long leasehold basis.

At Cowbridge Road, Cardiff, the lease to Royal Mail for use as a Sorting Centre has expired and negotiations for a new short-term lease are in progress. A revised planning application for a new retail and residential building is currently being prepared.

The company occupies its own freehold offices in Egham. Following extensive refurbishment of a residential freehold property in Egham agents have been appointed to market for sale.

CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARIES

During the first half of the financial year Campmoss continued to actively manage their property portfolio including new lettings, preparation of new planning applications to existing freehold buildings, completion of development projects and sales and lettings of the residential portfolio.

The majority of retail tenants are those located at Market Street Bracknell, Berkshire close to the main railway station and adjacent to the recently developed Lexicon Shopping Centre. Whilst a number of essential retail outlets remain open for business those that have closed their operations should be eligible to access Government Grants and other Business support packages.

Alston House, Market Street, Bracknell, comprises of ten retail units on ground and first floor and twelve residential units on the second and third floor. Six retail units are now let to local businesses leaving four currently available. Six of the residential units have been let on Assured Shorthold Tenancy Agreements with the remaining six apartments available for sale or letting.

I would draw shareholders attention to my earlier comments regarding the group's ongoing contact with retail tenants and practical measures to assist with cash flow where necessary.

At Britannia Wharf, Woking, development of the recently approved 52 residential apartment scheme has commenced with completion, subject to any further government measures, expected by the end of 2021. The construction, funded by Campmoss, is being undertaken as a joint venture with a well-known Surrey based construction and development company.

At Clivemont House, Clivemont Road, Maidenhead, planning permission was recently granted for a residential scheme totalling 80 apartments. Discussions are currently in progress to ascertain the group's future plans for this site.

At The Priory, Stomp Road, Burnham, the 26,000 sq. ft. building comprises 17,000 sq. ft. new office space over three floors and an adjoining Business Centre occupying 9,000 sq. ft. The new offices are let on medium term leases with break clauses whilst part of the Business Centre is available. Alternative uses for the property are currently being considered.

STAFF

I wish to take this opportunity on behalf of shareholders to thank our small management team for their support in these challenging and unprecedented times. Liaising and managing our tenant portfolio and actively responding to the fast changing environment is vital to the continued success of the group.

RELATIONSHIP AGREEMENT

The Company has entered into a written and legally binding Relationship Agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AD of the Listing Rules.

OUTLOOK

Allowing partial or total release from current lockdown measures will be vitally important in restoring business confidence and encouraging a return to a growing and vibrant economy.

The group's development programme is funded from our own existing resources and it will be important for the government to implement measures as soon as practically possible to encourage activity in the residential and commercial property market.

In these unpredictable times I look forward to reporting further at the year end.

J Richard Wollenberg

Chairman

30 April 2020

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHSED 31 MARCH 2020

 
                                           Six months      Six months            Year 
                                             31 March        31 March    30 September 
                                                 2020            2019            2019 
                                          (Unaudited)     (Unaudited)       (Audited) 
                                              GBP'000         GBP'000         GBP'000 
 Revenue                                          338             320             647 
 Cost of sales                                   (45)            (25)            (70) 
                                               ______          ______          ______ 
 Gross profit                                     293             295             577 
 Administrative expenses                        (275)           (256)           (488) 
 Other operating income                           290             287             577 
                                               ______          ______          ______ 
 Operating profit before gains 
  on investment properties and other 
  investments                                     308             326             666 
 Fair value movement on revaluation 
  of investment properties                          -               -              22 
                                               ______          ______          ______ 
 Operating profit                                 308             326             688 
 Financial income                                  34              29              61 
 Profit on sale of investment                      74               -               - 
 Share of results of joint venture               (29)            (51)             904 
                                               ______          ______          ______ 
 Profit before taxation                           387             304           1,653 
 Taxation                                        (78)            (53)           (117) 
                                               ______          ______          ______ 
 Profit for the period attributable 
  to equity holders                               309             251           1,536 
                                               ______          ______          ______ 
 
 Earnings per share on profit for 
  the period - pence 
 Basic and diluted                               24.9            20.1           123.1 
                                               ______          ______          ______ 
 
 Dividends 
 Final 2019 paid 12.5p (2018: 12.2p)              155             153             153 
 Interim 2019 paid 4.6p                             -               -              57 
                                               ______          ______          ______ 
                                                  155             153             210 
                                               ______          ______          ______ 
 Final 2019 proposed 12.5p                          -               -             155 
 Interim 2020 proposed 4.8p (2019: 
  4.6p)                                            59              57               - 
                                               ______          ______          ______ 
                                                   59              57             155 
                                               ______          ______          ______ 
 

These results relate entirely to continuing operations. There were no acquisitions or disposals during these periods.

Condensed Consolidated Interim Statement of Comprehensive Income and Expense

FOR THE SIX MONTHSED 31 MARCH 2020

 
                                                   Six months      Six months            Year 
                                                     31 March        31 March    30 September 
                                                         2020            2019            2019 
                                                  (Unaudited)     (Unaudited)       (Audited) 
                                                      GBP'000         GBP'000         GBP'000 
 
 Profit for the financial period                          309             251           1,536 
 
 Items that cannot be reclassified 
  subsequently to profit or loss 
 Net change in fair value of available 
  for sale assets                                        (52)            (62)            (43) 
 Items that may be reclassified subsequently 
  to profit or loss 
 Net change in fair value of other 
  properties                                                -               -            (10) 
                                                       ______          ______          ______ 
 Total comprehensive income and expense 
  for the period attributable to equity 
  holders of the parent company                           257             189           1,483 
                                                       ______          ______          ______ 
 

Condensed Consolidated Interim Balance Sheet

AT 31 MARCH 2020

 
                                         31 March        31 March   30 September 
                                             2020            2019           2019 
                                      (Unaudited)     (Unaudited)      (Audited) 
                                          GBP'000         GBP'000        GBP'000 
 Non-current assets 
 Freehold investment properties             6,000           5,962          5,995 
 Property, plant and equipment                282             296            284 
 Investment in joint venture               14,932          15,150         15,604 
 Other financial assets                       886             824            843 
                                           ______          ______         ______ 
 Total non-current assets                  22,100          22,232         22,726 
                                            _____          ______         ______ 
 Current assets 
 Stock and work in progress                   683             675            674 
 Trade and other receivables                  183             108            139 
 Held to maturity cash deposits             2,714           3,597          3,084 
 Cash and cash equivalents                  3,274           1,375          2,473 
                                           ______          ______         ______ 
 Total current assets                       6,854           5,755          6,370 
                                           ______          ______         ______ 
 Total assets                              28,954          27,987         29,096 
                                           ______          ______         ______ 
 Current liabilities 
 Trade and other payables                   (613)           (474)          (528) 
 Corporation tax                            (111)           (211)          (131) 
                                           ______          ______         ______ 
 Total current liabilities                  (724)           (685)          (659) 
                                           ______          ______         ______ 
 Non-current liabilities 
 Deferred tax liability                      (95)            (98)           (94) 
                                           ______          ______         ______ 
 Total non-current liabilities               (95)            (98)           (94) 
                                           ______          ______         ______ 
 Total liabilities                          (819)           (783)          (753) 
                                           ______          ______         ______ 
 Net assets                                28,135          27,204         28,343 
                                           ______          ______         ______ 
 
 Equity 
 Called up share capital                      244             249            248 
 Share premium account                      5,076           5,076          5,076 
 Other reserves                             2,487           2,525          2,535 
 Investment property revaluation 
  reserve                                   1,814             827          1,814 
 Retained earnings                         18,514          18,527         18,670 
                                           ______          ______         ______ 
 Shareholders' funds attributable 
  to equity holders                        28,135          27,204         28,343 
                                           ______          ______         ______ 
 
 Net assets per share                    GBP23.03        GBP21.84       GBP22.85 
                                           ______          ______         ______ 
 

Condensed Consolidated Interim Statement of Cash Flows

FOR THE SIX MONTHSED 31 MARCH 2020

 
                                             Six months      Six months            Year 
                                               31 March        31 March    30 September 
                                                   2020            2019            2019 
                                            (Unaudited)     (Unaudited)       (Audited) 
                                                GBP'000         GBP'000         GBP'000 
 
 Cash flows from operating activities 
 Profit for the period                              309             251           1,536 
 Adjustments for: 
 Depreciation                                         2               2               5 
 Financial income                                  (34)            (29)            (61) 
 Share of loss/(profit) of joint 
  venture                                            29              51           (904) 
 Profit on the sale of investments                 (74)               -               - 
 Fair value movement on revaluation 
  on of investment properties                         -               -            (22) 
 Taxation                                            78              53             117 
                                                 ______          ______          ______ 
 Cash flows from operations before 
  changes in 
  working capital                                   310             328             671 
 Acquisition of inventory and 
  work in progress                                  (8)               -             (2) 
 (Increase)/decrease in trade 
  and other receivables                            (44)              36               4 
 (Decrease)/increase in trade 
  and other payables                               (26)            (24)              30 
                                                 ______          ______          ______ 
 Cash generated from operations                     232             340             703 
 Tax paid                                          (97)               -           (147) 
                                                 ______          ______          ______ 
 Net cash flows from operating 
  activities                                        135             340             556 
                                                 ______          ______          ______ 
 
 Cash flows from investing activities 
 Interest received                                   34              28              62 
 Dividend from Joint Venture                        643               -             500 
 Acquisition of investments, and 
  property, plant and equipment                     (5)            (39)            (49) 
 Acquisition of investments                       (100)               -               - 
 Proceeds from the sale of investments               78               -               - 
 Decrease/(increase) in financial 
  assets                                            370         (3,397)         (2,884) 
                                                 ______          ______          ______ 
 Net cash flows from investing 
  activities                                      1,020         (3,408)         (2,371) 
                                                 ______          ______          ______ 
 
 Cash flows from financing activities 
 Purchase of own shares                           (199)           (122)           (220) 
 Dividends paid                                   (155)           (153)           (210) 
                                                 ______          ______          ______ 
 Net cash flows from financing 
  activities                                      (354)           (275)           (430) 
                                                 ______          ______          ______ 
 
 Net increase/(decrease) in cash 
  and cash equivalents                              801         (3,343)         (2,245) 
 Cash and cash equivalents at 
  beginning of period                             2,473           4,718           4,718 
                                                 ______          ______          ______ 
 Cash and cash equivalents at 
  end of period                                   3,274           1,375           2,473 
                                                 ______          ______          ______ 
 
 
 
 
 

Condensed Consolidated Interim Statement of Changes in Equity

FOR THE SIX MONTHSED 31 MARCH 2020

 
                                                                     Investment 
                                              Share                    property 
                                  Share     premium        Other    revaluation     Retained       Total 
                                capital     account     reserves        reserve     earnings      equity 
                                GBP'000     GBP'000      GBP'000        GBP'000      GBP'000     GBP'000 
 
 At 1 October 2018                  251       5,076        2,585            827       18,551      27,290 
 Profit for the period                -           -            -              -          251         251 
 Other comprehensive 
  income - revaluation 
  of investments                      -           -         (62)              -            -        (62) 
 Transactions with equity 
  holders 
  Dividends                           -           -            -              -        (153)       (153) 
 Purchase of own shares             (2)           -            2              -        (122)       (122) 
                                 ______      ______       ______         ______       ______      ______ 
 Total transactions with 
  equity holders                    (2)           -            2              -        (275)       (275) 
                                 ______      ______       ______         ______       ______      ______ 
 At 31 March 2019                   249       5,076        2,525            827       18,527      27,204 
 Profit for the period                -           -            -              -        1,285       1,285 
 Other comprehensive 
  income - revaluation 
  of investments                      -           -           19              -            -          19 
 Revaluation of other 
  property                            -           -         (10)              -            -        (10) 
 Transactions with equity 
  holders 
  Dividends                           -           -            -              -         (57)        (57) 
 Purchase of own shares             (1)           -            1              -         (98)        (98) 
                                 ______      ______       ______         ______       ______      ______ 
 Total transactions with 
  equity holders                    (1)           -            1              -        (155)       (155) 
                                 ______      ______       ______         ______       ______      ______ 
 Transfer on revaluation 
  of investment properties 
  - Cardiff                           -           -            -             22         (22)           - 
 Transfer on revaluation 
  of investment properties 
  - Campmoss                          -           -            -            965        (965)           - 
                                 ______      ______       ______         ______       ______      ______ 
 At 30 September 2019               248       5,076        2,535          1,814       18,670      28,343 
 Profit for the period                -           -            -              -          309         309 
 Other comprehensive 
  income - revaluation 
  of investments                      -           -         (52)              -            -        (52) 
 Transactions with equity 
  holders 
  Dividends                           -           -            -              -        (155)       (155) 
 Purchase of own shares             (4)           -            4              -        (310)       (310) 
                                 ______      ______       ______         ______       ______      ______ 
 Total transactions with 
  equity holders                    (4)           -            4              -        (465)       (465) 
                                 ______      ______       ______         ______       ______      ______ 
 At 31 March 2020                   244       5,076        2,487          1,814       18,514      28,135 
                                 ______      ______       ______         ______       ______      ______ 
 
 

Statement of Responsibility

FOR THE SIX MONTHSED 31 MARCH 2020

The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2020 and they confirm, to the best of their knowledge and belief, that:

-- the condensed consolidated set of interim financial statements for the six months ended 31 March 2020 has been prepared in accordance with IAS 34 - Interim Financial Reporting, as adopted by the EU;

   --      the interim management report includes a fair review of the information required by: 

a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and

b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the group during that period; and any changes in the related party transactions described in the last annual report that could do so.

J Richard Wollenberg, Chairman

Karen L Chandler, Finance director

Nigel D Jamieson, Independent non-executive director

30 April 2020

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2020

1. Basis of preparation

This condensed set of financial statements has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU.

The annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the group's published consolidated financial statements for the year ended 30 September 2019.

The comparative figures for the financial year ended 30 September 2019 are not the group's statutory accounts for that financial year. Those accounts have been reported on by the group's auditor and delivered to the registrar of companies. The report of the auditor was: unqualified; did not give any reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.

Accounting policies

The condensed consolidated interim financial statements have been prepared applying the accounting policies that will be applied in the preparation of the group's financial statements for the year ended 30 September 2020.

The only change to International Financial Reporting Standards which is relevant to the group which have arisen since the last year end is the implementation of IFRS 16 (Leases). The directors have concluded that the impact of this new Standards is unlikely to be material to the Group and, consequently, in all other respects these condensed consolidated interim financial statements have been prepared on the same basis as the group's financial statements for the year ended 30 September 2020.

Use of estimates and judgement

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key areas in which estimates have been used and the assumptions applied are in valuing investment properties and properties in the joint venture, in valuing available for sale assets, in classifying properties and in the calculating of provisions.

An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the company's property portfolio at the end of each financial year. The directors of the joint venture value its portfolio each year; such valuation takes into account yields on similar properties in the area, vacant space and covenant strength. The directors of the group and joint venture review the valuations for the interim financial statements.

A provision is recognised in the balance sheet when the group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

Going concern

The group has sufficient financial resources to enable it to continue in operational existence for the foreseeable future, to complete the current maintenance and development programme and meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing these interim financial statements.

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2020 (continued)

2. Segmental analysis

The group manages its operations in two segments, being property and other investments 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 revenue and profit before taxation for each reportable segment is set out below:

 
                                     Six months      Six months            Year 
                                       31 March        31 March    30 September 
                                           2020            2019            2019 
                                    (Unaudited)     (Unaudited)       (Audited) 
                                        GBP'000         GBP'000         GBP'000 
 
 Revenue (wholly in the United 
  Kingdom) 
 Property and other investments 
  being gross rents 
  Receivable                                338             320             647 
                                         ______          ______          ______ 
 
 
 Profit before taxation 
 Property and other investments             202             206           1,462 
 Property development                       185              98             191 
                                         ______          ______          ______ 
                                            387             304           1,653 
                                         ______          ______          ______ 
 
 

The operations of the group are not seasonal.

3. Taxation

The tax position for the six-month period is estimated on the basis of the anticipated tax rates applying for the full year.

4. Dividends

The interim dividend of 4.8p per share will be paid on 2 July 2020 to shareholders on the register on 29 May 2020. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2020.

5. Earnings per share

Earnings per share has been calculated using the profit after tax for the period of GBP309,000 (March 2019: GBP251,000; September 2019: GBP1,013,000) and the weighted average number of shares as follows:

 
                                 Weighted average number of shares 
                             31 March         31 March      30 September 
                                 2020             2019              2019 
                          (Unaudited)      (Unaudited)         (Audited) 
 
    Basic and diluted       1,238,595        1,250,872         1,247,277 
                            _________        _________         _________ 
 

Directors and Advisers

 
 Directors                                 Auditor 
 J Richard Wollenberg                      Crowe U.K. LLP 
 Chairman and chief executive 
 
   Karen L Chandler FCA 
 Finance director                          Stockbrokers and financial advisers 
                                           Shore Capital 
   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 
                                            Charsley Harrison LLP 
 Derek M Joseph BCom, FCIS 
 
 Head office                               Registrar and transfer office 
 56 Station Road                           Neville Registrars Limited 
 Egham, TW20 9LF                           Neville House 
 Telephone: 01784 437444                   Steelpark Road 
 Fax: 01784 439157                         Halesowen 
 E-mail: webmaster@cardiff-property.com    B62 8HD 
 Web: www.cardiff-property.com             Telephone: 0121 585 1131 
 
 
 Registered office                         Registered number 
 56 Station Road                           00022705 
 Egham, TW20 9LF 
 
 
 

Financial Calendar

 
 2020   30 April       Interim results for 2020 announced 
        28 May         Ex-dividend date for interim dividend 
        29 May         Record date for interim dividend 
        2 July         Interim dividend to be paid 
        30 September   End of accounting year 
        December       Final results for 2020 announced 
 2021   January        Annual General Meeting 
        February       Final dividend to be paid 
 

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.

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