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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cppgroup Plc | LSE:CPP | London | Ordinary Share | GB00BMDX5Z93 | ORD GBP1.00 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.00 | -0.62% | 161.00 | 156.00 | 166.00 | 0.00 | 16:35:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Systems Service | 193.04M | -8.66M | -0.9783 | -1.66 | 14.33M |
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RNS Number:8797X
Comprop Limited
28 June 2002
ComProp Limited ("ComProp" or "the Company")
Chairman's statement
This year has seen great change and development of the Company. Last August we
received your support to acquire the property portfolio of International Energy
Group. The acquisition marked the first step of progressing to a property
investment group. This portfolio gave the Company a solid base of mixed-use
properties principally located in Guernsey. We have an investment in Jersey and
will seek to extend our investments in that Island when the right opportunity
arises.
In addition to income producing investments we also own key sites for future
development. We successfully concluded the development of Checkers, the flagship
store of Le Riche at Admiral Park. This unit is the largest food outlet in both
Islands and has a ground floor sales area of 52,500 sq.ft. with extensive car
parking facilities offering in excess of five hundred visitor spaces. The unit
is leased on full repairing and insuring terms for thirty-five years.
In March of this year we concluded the sale of our non-core businesses. Channel
Rentals, Perry's and TABS were sold for £1,750,000. These businesses had
remained part of the Group following our disposal of the media business of
Channel Television. Whilst providing profit to the Company it was the Board's
view that these companies did not have a part to play in a long-term plan for
the future of the Company. We thank all the staff for their service and wish
them all the best under the leadership of the Le Riche Group.
The property portfolio is managed by the staff of Jones & Partners. This is
Guernsey's principal commercial agency and chartered surveyors, which was
acquired as a result of our appointment of Nigel Jones as Chief Executive
Officer. We have seen a good level of rental increase through the portfolio. In
addition we have effected movement of tenants within the portfolio to facilitate
an early development of sites within Admiral Park. This is evidenced by the
termination of all leases at the former Retort House site which will now pave
the way for the construction of our second store on Admiral Park extending to
approximately 50,000 sq.ft.
Planning Permission in Principle has been granted and we are in active
discussions with a major tenant whilst awaiting detailed planning approval.
Other sections of Admiral Park are being considered for development and plans
are either being prepared or are currently lodged with the Island Development
Committee for their consideration.
We were pleased to be given the opportunity of naming the new estate road
serving Admiral Park, as Elizabeth Way, in recognition of the Queen's Golden
Jubilee.
Following the significant changes in our business structure over the last twelve
months I feel we can focus on the future. We have the experience and commitment
to benefit from the opportunities that our existing portfolio offers and are
well placed to expand our property interests.
As previously advised the board is not recommending the payment of a dividend
this year.
John Rowe, who first joined the board in 1983 resigned on his emigration to
Australia. John has made a most valuable contribution not only through his
special financial skills, but also his wise counsel on a range of issues that
have faced the group over many years of great change. I thank him and wish him
success in his new life on behalf of his colleagues and shareholders.
I am pleased to welcome three new directors to the board. Nigel Jones joined in
August last year as chief executive, having run a successful commercial agents
and chartered surveyors business. Martin Bralsford, chief executive of Le Riche
Group, and Tom R Scott, a chartered accountant,
both joined as a non-executive directors. I am sure that all three will make
valuable contributions to the board's deliberations in the future.
I would like to thank all our staff who have served during the year for their
contribution, loyalty and efforts on behalf of the group.
Tom Scott
Chairman
27th June 2002
Consolidated profit and loss account
for the year ended 31st March 2002
2002 2001
£'000 £'000
Turnover
Continuing operations 143 219
Acquisitions 2,195 -
---------- ----------
2,338 219
Discontinued operations 1,976 3,875
---------- ----------
Total turnover 4,314 4,094
Operating expenses (4,202) (4,883)
---------- ----------
Operating profit / (loss)
Continuing operations (452) (164)
Acquisitions (69) -
---------- ----------
(521) (164)
Discontinued operations 633 (625)
---------- ----------
Total operating profit / (loss) 112 (789)
Exceptional items
Profit on disposal of businesses 1,284 -
Gain on sale of subsidiaries - 13,134
Gain on sale of properties - 3,730
Cost of business restructuring - (2,612)
---------- ----------
Profit on ordinary activities before interest 1,396 13,463
Net interest (payable) / receivable (910) 598
---------- ----------
Profit on ordinary activities before taxation 486 14,061
Tax on profit on ordinary activities (57) (58)
---------- ----------
Profit on ordinary activities after taxation 429 14,003
Dividends - (17,167)
---------- ----------
Retained profit / (loss) for the financial year 429 (3,164)
---------- ----------
Earnings per share
Basic 1.6p 102.6p
Diluted 1.5p 102.6p
---------- ----------
Consolidated balance sheet at 31st March 2002
2002 2001
£'000 £'000
Fixed assets
Tangible fixed assets 59,662 1,485
Investment in group undertakings - -
Investments 172 -
---------- ----------
59,834 1,485
---------- ----------
Current assets
Stocks 35 34
Debtors 3,118 450
Cash at bank and in hand 2,183 9,541
---------- ----------
5,336 10,025
Creditors
Amounts falling due within one year (3,276) (1,463)
---------- ----------
Net current assets 2,060 8,562
---------- ----------
Total assets less current liabilities 61,894 10,047
Creditors
Amounts falling due after more than one year (29,637) (3)
---------- ----------
Net assets 32,257 10,044
---------- ----------
Capital and reserves
Share capital 1,772 687
Reserves 30,485 9,357
---------- ----------
Equity shareholders' funds 32,257 10,044
---------- ----------
The accounts were approved by the Board on 27th June 2002 and signed on its
behalf by :
T.H. Scott
C.R. Day
Consolidated cash flow statement
for the year ended 31st March 2002
2002 2001
£'000 £'000
Net cash inflow from operating activities 1,652 1,208
--------- ----------
Returns on investments and servicing of finance
Interest received 340 527
Interest paid (888) -
--------- ----------
Net cash (outflow) / inflow from investments and servicing of finance (548) 527
--------- ----------
Taxation
Jersey and Guernsey income tax paid (274) (350)
---------- ----------
Capital expenditure and financial investment
Purchase of tangible fixed assets (4,327) (844)
Sale of tangible fixed assets 56 10,554
---------- ----------
Net cash outflow from capital expenditure and financial investment (4,271) 9,710
---------- ----------
Acquisitions and disposals
Sale of subsidiary businesses net of selling expenses and cash balances 100 15,708
Purchase of subsidiary undertakings plus costs (33,448) (1,150)
Cash acquired with subsidiary companies 23 -
---------- ----------
(33,325) 14,558
---------- ----------
Equity dividend paid
Dividends paid - (17,167)
---------- ----------
Financing
Bank loans 30,000 -
Loan notes issued - 110
Loans repaid (83) (10)
Issue of ordinary shares 5 234
Issue costs (514) -
---------- ----------
Net cash inflow from financing 29,408 334
--------- ----------
(Decrease) / increase in cash in the period (7,358) 8,820
--------- ----------
Statement of total recognised gains and losses
for the year ended 31st March 2002
2002 2001
£'000 £'000
Profit for the financial year 429 14,003
Surplus on revaluation of properties 2,821 -
---------- ----------
Total gains and losses recognised since last annual report 3,250 14,003
---------- ----------
Note of historical cost profits and losses
There are no material differences between reported profits and historical
profits of the Company.
Notes
1. Dividends
The Board is not recommending a dividend to be paid in respect of the year ended
31 March 2002.
2. Earnings per share
The calculation of earnings per share is based on the profit of £429,000 (2001:
£14,003,000) and on the weighted average of 27,630,864 (2001: 13,647,039)
ordinary shares in issue during the year. The dilutive potential ordinary shares
under options amounted to 307,223.
3. Exceptional items
Gain on sale of subsidiaries
On 30 March 2002 the Company sold its rental, publications and credit vetting
businesses to Le Riche Group Limited. Details of the transaction are shown
below:
£'000
Sale proceeds to be settled in cash 1,750
Value of the assets sold (207)
Costs associated with the transaction (25)
Goodwill previously written off direct to reserves (234)
-----------
Profit on disposal 1,284
-----------
4. Financial information
The financial information set out in this document does not constitute the
Company's statutory financial statements for the years ended 31 March 2002 and
2001. The auditors have given an unqualified audit report on the accounts for
the year ended 31 March 2002.
5. Annual General Meeting
The Annual General Meeting will be held on 31 July 2002 at 12.00 noon at The
Atlantic Hotel, Le Mont de la Pulente, St Brelade, Jersey.
6. Annual Report
The Annual Report will be sent to shareholders in due course. Once issued,
further copies can be obtained from the Company's registered office at La Rue
Fondon, St Peter, Jersey JE3 7BF.
Contacts:
Tom Scott / Charles Day ComProp Limited 01534 83 55 00
This information is provided by RNS
The company news service from the London Stock Exchange
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