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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cityblock | LSE:CLK | London | Ordinary Share | GB0033272237 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:6126T
CityBlock PLC
23 December 2003
The following announcement has been replaced to include a PDF link to
the Interim Results announcement released today at 13:08 under RNS No 6106T.
CityBlock plc
Interim Report and Accounts
For the Six Months to 30 September 2003
CONTENTS
3 HIGHLIGHTS
4 CHAIRMAN'S STATEMENT
4 CITYBLOCK ETHOS
5 CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 CONSOLIDATED BALANCE SHEET
7 CONSOLIDATED CASH FLOW STATEMENT
9 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
11 NOTES TO THE CONSOLIDATED BALANCE SHEET
12 COMPANY INFORMATION
HIGHLIGHTS
"We want CityBlock to be to student accommodation what Harvey Nichols is to
London shopping"
Trevor Bargh, CEO CityBlock
''It's a fantastic location because we are at the centre of everything.''
''We don't have to worry about bills and the TV licence because that's all
included in the rent.''
''CityBlock has been fantastic to live in and the contemporary design offers
style with comfort.''
''CityBlock provides innovative, upmarket, secure, off-campus, student
accommodation in the very heart of historic Lancaster city centre.''
Martin Higginson, Chairman, CityBlock
The net assets as at 30th September 2003 are #2,003,962
"Without exception both students and parents have been impressed by the quality
of fittings and the layout of the accommodation," Trevor Bargh
CHAIRMAN'S STATEMENT
A whole new concept in student living has been introduced to the North West this
year.
CityBlock provides innovative, upmarket, secure, off-campus, student
accommodation in the very heart of historic Lancaster city centre. The company
has achieved significant growth in the year to September 30, 2003, in line with
forecasts.
The first 'CityBlock' of 30 en-suite rooms was snapped up as soon as the
apartments became available. This 'build' was achieved within deadline and on
budget. Retail space, on the ground floor of the block, has also been let to a
Printing.com Limited. The first students moved in ready for the start of the
October 2003 term.
Martin Higginson
Chairman,
CityBlock
The company has now acquired a second site in Lancaster and obtained planning
permission to build CityBlock 2, a development of 77 letting rooms,
comprising 52 single en-suite rooms, 25 studio apartments and two retail
units. Construction is now underway and will be completed by mid-September
2004.
The directors believe the Company, which puts its customers at the centre of its
thinking, has been really successful in differentiating itself from the large
volume players and independent landlords by offering modern construction
management and methods with functional yet contemporary design and student
support, as well as added-value student concessions such as the CityBlock
Privilege Card.
The CityBlock Privilege Card is essentially a concessions card allowing students
to obtain discounts and privileges on a number of services ranging from
discounts on books and meals to VIP entry into night clubs. These added benefits
help Cityblock to establish itself as a brand within its target audience. The
high level of customer satisfaction is testament to the success of this
initiative. Furthermore, the recruitment of a facilities manager, responsible
for the day-to-day management of the accommodation, has helped the company
achieve this early success.
The company, which floated on Aim in July, reported a group loss for the period
of #10,270. Net assets of the business stand at #2,003,962. The company will not
pay a dividend.
Current Trading
Cityblock 2 will be ready for September 2004. In addition, the directors are
investigating a number of key sites in pre-selected locations. The level of
enquiries is high and the directors are confident they will achieve 100%
occupancy in the 2004 academic year. Bookings are already being taken for
CityBlock 2.
CITYBLOCK ETHOS
The thinking behind the CityBlock scheme came after a gap was identified in the
market for more discerning students who wanted contemporary, secure living space
where they could study in peace.
This followed the Government's drive to achieve a target of 50% of 18 to
30-year-olds in higher education by 2010 which would result in the recruitment
of an additional one million students. Research has shown universities and
private landlords will struggle to meet this demand.
Trevor Bargh
CEO, CityBlock
Students' biggest gripes about their accommodation include poor quality
maintenance and repair; crime and security; low standards of cleanliness;
excessive noise; the stresses of communal living and other students' behaviour;
and accommodation in inter city areas.
Thirty students now live in the newly completed CityBlock 1, a five-storey
soundproofed building close to the hustle and bustle of city life. Each
apartment has en-suite facilities, data connection points and free broadband
internet access. Each floor has a communal living space complete with leather
sofas, colour TV, and open plan kitchen with dishwasher.
This is chic, contemporary styling at its best - far removed from the
traditional image of down-trodden, back street, student housing. The market is
mixed - drawing in both freshers and postgraduates.
CityBlock provides a niche-focused approach to city centre living where
contemporary design and superb facilities aid learning and fun.
The ambition for CityBlock is to become a student lifetstyle brand.
CityBlock plc
INTERIM RESULTS
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2003
Unaudited
6 months ended
30.09.03
Income #
Interest received 5,451
Less: expenditure
Administrative expenses (15,721)
Group loss for the period (10,270)
CityBlock plc
INTERIM RESULTS
CONSOLIDATED BALANCE SHEET
As at 30th September 2003
Unaudited
30 Sept
Note 2003
#
Fixed assets
Intangible assets 1 1,118,653
Tangible assets 2 1,520,392
2,639,045
Current assets
Debtors 3 41,173
Cash at bank 697,069
738,242
Creditors due within one year 4 1,328,703
Net current liabilities (590,461)
Total assets less current 2,048,584
liabilities
Creditors due in more than one 5 (44,622)
year
Net assets 2,003,962
Capital and reserves
Called up share capital 6 109,210
Share premium 7 1,905,022
Profit and loss account (10,270)
Shareholders' funds 2,003,962
CityBlock plc
INTERIM RESULTS
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2003
Unaudited
6 months ended
30.09.03
#
Cash flow from operating activities 14,541
(note 1)
Returns on investments and servicing of finance (note 2) 2,498
Capital expenditure (note 2) (307,529)
Acquisitions (note 2) 4,798
Cash outflow before use of liquid resources and financing (285,692)
Financing
Net proceeds from share issues (note 659,808
2)
Increase in bank loan 322,953
982,761
Increase in cash in the period 697,069
Reconciliation of net cash flow to movement in net debt (note 3)
Increase in cash in the period 697,069
Cash inflow from increase in debt (322,953)
Change in net debt arising from cash (322,953)
flows
Loans acquired with subsidiary undertakings (725,000)
Net debt at 30 September 2003 (350,884)
CityBlock plc
INTERIM RESULTS
For the six months ended 30 September 2003
Unaudited
Note 1 6 months ended
30.09.03
Reconciliation of operating loss to net cash flow from operating activities: #
Administrative expenses (15,721)
Increase in debtors (17,370)
Increase in creditors 47,632
Net cash inflow from operating 14,541
activities
Note 2 - analysis of cash flows for headings netted in the Cash Flow Statement
Returns on investments and servicing of finance
Interest received 5,451
Interest paid (2,953)
Net cash inflow for returns on investments and servicing of 2,498
finance
Capital expenditure
Purchase of tangible fixed assets 310,482
Less: capitalised loan interest (2,953)
Net capital expenditure 307,529
Acquisitions and disposals
Bank balances acquired 4,798
Financing
Issue of shares 805,000
Issue and flotation costs (145,192)
Increase in bank loan 322,953
Net cash inflow from financing 982,761
CityBlock plc
INTERIM RESULTS
At 1 At 30 Sept
April
Note 3 - analysis of net debt
2003 Cash flow Acquisition 2003
# # # #
Cash at bank - 697,069 - 697,069
Debt due within one year - (322,953) (725,000) (1,047,953)
Total - 374,116 (725,000) (350,884)
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2003
Major non-cash transactions
The consideration for the purchase of the subsidiary undertakings that occurred during the
period comprised shares in the company. Further details of the acquisition are set out below.
Net assets acquired #
Tangible fixed assets 1,039,128
Debtors 40,204
Cash at bank and in hand 4,798
Creditors (112,489)
Bank loans (725,000)
246,641
Goodwill 1,118,653
1,365,294
Satisfied by:
Shares allotted - 11,377,447 ordinary shares of 0.5p valued at 12p each 1,365,294
CityBlock plc
INTERIM RESULTS
NOTES TO THE CONSOLIDATED BALANCE SHEET
As at 30th September 2003
1 Intangible assets #
Goodwill on consolidation 1,118,653
2 Tangible assets
81, Penny Street, Lancaster
Purchase of property 115,000
Stamp duty 1,150
Legal fees on purchase 1,219
Architect fees 15,000
Other professional fees 12,456
Planning fees 4,170
Main contract 898,348
Furniture and fittings 3,832
Party wall costs 7,716
Loan interest 6,845
1,065,736
99/101, Penny Street, Lancaster
Deposit on purchase 17,500
Bank charges 22
Balance of purchase price 332,500
Stamp duty 10,500
Legal fees on purchase 1,605
Interest on late completion 494
Professional fees 200
Rates 225
Main contract 85,838
Loan interest 5,772
454,656
Total at 30 September 2003 1,520,392
3 Debtors
VAT recoverable 40,768
Other debtors 405
41,173
NOTES TO THE CONSOLIDATED GROUP BALANCE SHEET
As at 30th September 2003
4 Creditors #
Development costs 216,877
Income received in advance 39,365
Accruals 13,637
Share issue costs 10,871
Bank loans - Yorkshire Bank 1,047,953
1,328,703
5 Creditors due in more than one
year
Cityblock 1 retention 44,622
6 Share capital
Issued capital
21,842,097 ordinary shares of 0.5p 109,210
each
7 Share premium
Share premium received 2,132,831
Less: share issue and listing (178,729)
costs
Less: used to pay for bonus issue 20 May 2003 (49,080)
1,905,022
COMPANY INFORMATION
CityBlock plc
Head Office:
CityBlock plc
21, Castle Hill,
Lancaster,
LA11YN
01524 541251
info@cityblock.co.uk
www.cityblock.co.uk
Registered Office: CityBlock plc
Fleet House,
Lancaster,
LA1 1EZ
Registered Number: 4686494
Auditors: CLB
Fleet House,
New Road,
Lancaster,
LA1 1EZ.
Nominated Adviser and Broker: W H Ireland Ltd
11 St James's Square
Manchester
M2 6WH
Registrars: Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Paste the following link into your web browser to download the PDF document
related to this announcement:
http://www.rns-pdf.londonstockexchange.com/rns/6126t_cityblockinterimreport-2003-12-23.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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