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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:5854W
Comprop Limited
3 January 2001
ComProp Limited
Interim Statement
For the Half Year to 30th September 2000
Financial highlights (unaudited)
Half year to Half year to
30th September 30th September
2000 1999
#'000s #'000s
Operating profit 119 455
Profit on ordinary
activities before tax 14,718 484
Earnings per share 107.52p 2.86p
Interim dividend (net) per share - 1.30p
Capital dividend per share 125.00p -
Chairman's Statement
Performance
In a very untypical six months, the profit for the period to 30th September
2000 was #14,718,000 (1999: #484,000) including exceptional items amounting to
#14,300,000 (1999: nil).
During the half year a number of activities were discontinued.
* Channel Television Limited and Creative Channel Limited were sold on 13th
June to Media Holdings Limited. The business performed well during the ten
weeks of trading included in these results.
* Bourne Group Limited was sold on 5th May to its management. The business
traded at a loss during the period.
* In brown goods, we withdrew from retailing and third party servicing, which
traded at a loss.
Continuing activities include our TV and video rental business, re-branded
under its original name of Channel Rentals, which traded at a profit in the
half-year; Channel Publications which registered particularly good
performances with Guernsey Homefinder and Perry's Jersey Pathfinder; TABS, our
company search and credit database, which also traded profitably.
Property
On 29th September the Company sold its freehold property in St Helier, Jersey
and shortly after the freehold property in St Sampson, Guernsey was also sold.
The purchaser of both was Walter Property Limited and the total consideration
was #10.5 million, generating a profit of #3.8 million.
Change
The development referred to above has triggered the need for considerable
change within the company. Head office has reduced significantly in size and,
as a consequence of the sale of Channel Television, we have had to purchase
new computer hardware and software and new telephone systems to support our
ongoing undertakings. We have entered satisfactory leasing arrangements with
Walter Property to accommodate those businesses which necessitated some
internal reconstruction of accommodation. On 12th September the Company's
name was changed to ComProp Limited.
Looking forward
This has been a period of intense activity and it is appropriate that we
should now pause, consolidate and take stock before embarking on the next
phase of the development of your company. We are considering a number of
opportunities about which it is too soon to make further comment at this time.
Dividend
In October we paid out #17.1 million by way of capital dividend of 125p per
share. Your board has decided not to pay an interim dividend.
Directors
Michael Lucas resigned from the Board in June when Channel Television Limited
was sold. He was appointed to the Board in 1990 as Director of Television and
became Managing Director of Channel Television in 1997. Michael made a very
valuable contribution throughout his time on the Board for which, on behalf of
colleagues and shareholders, I thank him and wish him success in his important
role with Channel Television.
Farewell
John Henwood, Chief Executive since 1987 having started his career with the
company as a trainee in 1962, will retire from all executive duties at the end
of December. In thanking him for his efforts over all those years I wish him
well for the future.
Tom Scott
Chairman Date: 3rd January 2001
Unaudited consolidated profit and loss account
For the half year to 30th September 2000
Half year to Half year to Year to 31st
30th September 30th September March
2000 1999 2000
#'000s #'000s #000's
Turnover
Continuing operations 1,245 974 2,032
Discontinued operations 2,078 4,641 10,011
Total turnover 3,323 5,615 12,043
Cost of sales (709) (1,683) (2,963)
Gross profit 2,614 3,932 9,080
Operating expenses (2,495) (3,477) (7,942)
Operating profit
Continuing operations 293 (217) 138
Discontinued operations (174) 672 1,000
Total operating profit 119 455 1,138
Exceptional items
Gain on sale of
subsidiaries 13,056 - -
Gain on sale of
properties 3,765 - -
Cost of business
restructuring (2,521) - -
Profit on ordinary
activities
before interest and
taxation 14,419 455 1,138
Net interest receivable 299 29 55
Profit on ordinary
activities
before taxation 14,718 484 1,193
Tax on profit on
ordinary activities (61) (98) (271)
Profit on ordinary
activities
after taxation 14,657 386 922
Dividends (17,127) (176) (176)
Retained (loss)/profit
for the
financial period (2,470) 210 746
Earnings per share 107.52p 2.86p 6.82p
Unaudited consolidated balance sheet
at 30th September 2000
30th September 30th September 31st March
2000 1999 2000
#'000s #'000s #000's
Fixed assets
Tangible fixed assets 997 8,870 8,742
Current assets
Stocks 21 762 677
Debtors 915 1,732 1,666
Cash at bank 27,531 - 721
28,467 2,494 3,064
Creditors
Amounts falling due
within one year (1,399) (1,697) (1,879)
Dividends payable (17,167) (176) -
Bank borrowings - (218) -
Net current assets 9,901 403 1,185
Total assets less current
liabilities 10,898 9,273 9,927
Creditors
Amounts falling due after
more than one year (160) (318) (244)
Net assets 10,738 8,955 9,683
Capital and reserves
Share capital 687 675 676
Reserves 10,051 8,449 9,007
Equity shareholders'
funds 10,738 9,124 9,683
Minority interests
- equity - (169) -
10,738 8,955 9,683
Net assets of 5p of
share capital 78.2p 66.3p 71.6p
Unaudited consolidated cash flow statement
Half year to Half year to Year to 31st
30th September 30th September March
2000 1999 2000
#'000s #'000s #000's
Net cash flow from
operating activities 795 563 1,889
Returns on investment
& servicing of finance 299 29 55
Taxation (348) (156) (163)
Capital expenditure &
financial investment 10,010 (391) (801)
Acquisitions and
disposals 15,720 58 -
Dividends paid - (270) (446)
Financing 334 14 252
Increase/(decrease)
in cash balances 26,810 (153) 786
Statement of total recognised gains and losses
There are no recognised gains and losses in any of the above periods other
than those set out in the profit and loss account.
Reconciliation of movement in shareholders' funds
Half year to Half year to Year to 31st
30th September 30th September March
2000 1999 2000
#'000s #'000s #000's
Profit for the financial
period 14,657 386 922
Dividends (17,127) (176) (176)
Goodwill written back 3,291 - 25
New share capital issued 234 2 -
Net movement in shareholders'
funds 1,055 212 771
Opening shareholders' funds 9,683 8,912 8,912
Closing shareholders' funds 10,738 9,124 9,683
Notes to the interim statement
1. Basis of preparation
The interim financial information has been prepared on the basis of the
accounting policies set out in the Company's 31st March 2000 statutory
accounts.
The results and balance sheet relating to the year ended 31st March 2000 have
been extracted from the Company's full accounts on which there was an
unqualified audit report.
2. Segmental information
Half year to Half year to Year to 31st
30th September 30th September March
2000 1999 2000
#'000s #'000s #000's
Turnover - continuing operations
Publishing 282 289 529
Brown goods rental 644 610 1,351
Other activities 319 75 152
1,245 974 2,032
Turnover - discontinued operations
Broadcast activities 1,292 2,739 5,930
Production 110 269 543
Retail and service 676 1,278 2,923
Training - 355 574
Other activities - - 41
2,078 4,641 10,011
Turnover - total 3,323 5,615 12,043
Discontinued operations include the results from Bourne Group Limited, Channel
Television Limited and Creative Channel Limited which have all been sold (see
note 4), as well as the retail and service activities of Channel Rentals
Guernsey, which were discontinued by the end of July 2000, and Channel
Technology Group Limited, which were discontinued in June 2000.
Turnover from other activities (continuing operations) is mainly third part
rental income from properties which have recently been sold. However, as it
is the Company's intention to concentrate its activities on property
development, the rental income is considered part of the Company's continuing
operations.
Operating profit from brown goods rental will, in the future, bear costs which
have been previously allocated between rental, retail and service activities,
the latter two of which are now discontinued. The Company estimates that
brown goods rental benefited by approximately #75,000 in the period.
3. Net interest receivable
Half year to Half year to Year to 31st
30th September 30th September March
2000 1999 2000
#'000s #'000s #000's
Interest receivable on
loans advanced 302 33 59
Interest payable on
borrowings (3) (4) (4)
299 29 55
4. Exception items
a) Gain on sale of subsidiaries
In May 2000, Bourne Group Limited was sold to its management for #50,000
giving rise to a net loss of #1,225,000, including goodwill which was
previously written off to reserves.
In June 2000, Channel Television Limited and its subsidiary Creative Channel
Limited were sold to a management buy-in team for #16,310,000.
Proceeds Goodwill Fees & Carrying (Loss)/
write-off expenses value gain
#'000s #'000s #'000s #'000s #'000s
Bourne Group Limited 50 (1,214) (5) (56) (1,225)
Channel Television
Limited 16,310 - (615) (1,414) 14,281
16,360 (1,214) (620) (1,470) 13,056
Fees on the sale of Channel Television Limited include #320,000 paid to T.
Scott (Chairman).
The Company has given certain warranties in respect of the sale of Channel
Television. Claims under the warranties must be notified within 18 months of
completion of the sale. The maximum claimable is #5 million and only the
excess over #250,000 in the aggregate may be claimed.
b) Gain on sale of properties
All freehold property was sold at 30th September 2000. The gain represents
the difference between the sale proceeds and the net carrying amount of the
land and buildings.
c) Cost of business restructuring
Cash spend Asset write-off Total
#'000s #'000s #'000s
Head office - 25 25
Channel Technology
Group Ltd and
Channel Rentals
Guernsey Ltd 35 384 419
Rediffusion
Channel Islands Ltd - 2,077 2,077
35 2,486 2,521
The background to the business restructuring costs is set out in the
Chairman's statement on page 2.
The activities of Rediffusion Channel Islands Limited were transferable to
Channel Technology Group Limited and Channel Rentals Guernsey Limited several
years ago. The restructuring of the business leads to the need to write-off
goodwill which was previously written off to reserves.
5. Taxation
Jersey and Guernsey income tax is provided at 20% on the relevant taxable
profits. United Kingdom corporation tax is provided on the relevant taxable
profits.
6. Change of name
The Company changed its name from Channel Television Group Limited to ComProp
Limited on 12th September 2000.
7. Reconciliation of profit on ordinary activities to net cash inflow from
operating activities
Half year to Half year to Year to 31st
30th September 30th September March
2000 1999 2000
#'000s #'000s #000's
Profit on ordinary
activities before
exceptional items & interest 119 455 1,138
Depreciation charge 291 462 992
Write-off of tangible
fixed assets 343 - -
(Profit)/loss on sale of
tangible fixed assets - (16) 10
Decrease/(increase) in stocks 519 (132) (47)
(Increase)/decrease in debtors (107) 4 70
Decrease/(increase) in creditors 74 (210) (274)
Restructuring costs (444) - -
795 563 1,889
Independent review report to ComProp Limited
Introduction
We have been instructed by the Company to review the financial information set
out on pages 3 to 8 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority and applicable United
Kingdom Accounting Standards. The Listing Rules of the London Stock Exchange
require that the accounting policies and presentation applied to interim
figures should be consistent with those applied in preparing the preceding
annual accounts except where changes and the reasons for them are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued in the United Kingdom by the Accounting Practices Board and with
our profession's ethical guidance. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on
the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th September 2000.
Arthur Andersen
Chartered Accountants
Forum House
Grenville Street
St Helier
Jersey Date: 3rd January 2001
ComProp
Directors
T Scott (Chairman)
C R Day (Finance Director)
J P Henwood (Chief Executive)
M C Lucas (resigned 13th June 2000)
E J M Potter
J C Rowe
Company Secretary
C R Day
Auditors Bankers
Arthur Andersen HSBC Bank plc
Forum House PO Box 14
Grenville Street Library Place
St Helier St Helier
Jersey Jersey
JE3 4UF JE4 8NJ
Nominated Advisor Nominated broker
Collins Stewart Ltd Collins Stewart (C.I.) Ltd
21 New Street PO Box 8
Bishopsgate St Peter Port
London Guernsey
EC2M 4HR GY1 4AZ
Registered office Registrar
Television Centre Company Secretary
St Helier Television Centre
Jersey St Helier
JE2 3TP Jersey
JE2 3TP
Telephone: 01534 835500
E-mail: charlesd@comprop.co.je
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