RNS Number:3005P
Comprop Limited
28 December 2001
ComProp Limited
Interim statement
For the half year to 30th September 2001
Financial highlights (unaudited)
Half year to30th Half year to30th
September2001# '000s September2000# '000s
Operating profit 439 119
(Loss) / Profit (1,040) 14,718
before tax
Earnings per share (4.7)p 107.5p
Interim dividend per nil nil
share
Net assets per share 77.7p 78.2p
Chairman's Statement
Performance
The Company made an operating profit of #439,000 (2000 : #119,000) in the six
months to 30th September 2001. Exceptional items amounted to #1,405,000 which
related to the costs of the acquisitions of IEG Properties Limited and Jones &
Partners Limited.
Property
IEG Properties Limited, subsequently renamed ComProp Guernsey Limited was
acquired on 10th August 2001 for #50.1 million. Jones & Partners Limited, a
property management company, was acquired on the same date for #0.2 million.
A significant proportion of the property portfolio acquired was represented by
Admiral Park in St Peter Port, Guernsey. Development has continued and I am
pleased to report that the new Checkers supermarket was completed in
September, and opened to the public the following month. Plans are well
advanced for further developing the site.
Publishing
The Publishing Division continued to perform well in what was a tight market
for advertising spend, particularly in the tourist industry. Guernsey Finder
has successfully been established alongside Guernsey Homefinder.
Rental
The rental business had its most successful trading period in over a decade in
terms of profitability. This shows the benefit of the actions implemented by
the Board last year in withdrawing from retail and third party servicing.
The rental market has continued to decline; however the costs have also been
further reduced
Financing
The Company issued 21.6 million shares raising #18.4 million and entered into
borrowing arrangements for #31 million with its bankers during the period. Le
Riche Group Limited became a substantial shareholder acquiring 7.5% of the
Company's issued share capital.
Dividends
As has been previously stated it is not your Board's intention to recommend
the payment of dividends for the foreseeable future. Therefore the Board has
decided not to pay an interim dividend.
Looking forward
This has been yet another period of intense activity and in the next two to
three years will see significant investment in Admiral Park. It is appropriate
that we should pause, consolidate and take stock before embarking on the next
phase of the development of your company.
Directors
I am pleased to welcome to your Board Nigel Jones as chief executiveand Martin
Bralsford as a non-executive director.
Nigel, a chartered surveyor, has been operating a very successful commercial
property practice in Guernsey which had started and was heavily committed to
the Admiral Park development.
Martin is chief executive of Le Riche Group Ltd, owners of Checkers, was
previously managing director of Premier Brands Ltd, and is also a director of
several local companies. His knowledge and experience will be most useful.
Tom Scott
Chairman 28th December 2001
ComProp
Directors
T Scott (Executive Chairman)
D M Bralsford (appointed 25th September 2001)
C R Day (Finance Director)
J P Henwood
N H Jones (Chief Executive appointed 10th August 2001)
E J M Potter
J C Rowe
Company secretary
C R Day
Auditors
Burnett Swayne
Charter Court
Third Avenue
Southampton
SO19 0AP
Bankers
HSBC Bank plc
PO Box 14
Library Place
St Helier
Jersey
JE4 8NJ
NatWest Offshore Limited
PO Box 55
35 High Street
St Peter Port
Guernsey
GY1 4BE
Legal advisors
Latham & Watkins
99 Bishopsgate
London
EC2M 3XF
Bedell Cristin
PO Box 75
26 New Street
St Helier
Jersey
JE4 8PP
Carey Langlois
PO Box 98
7 New Street
St Peter Port
Guernsey
GY1 4BZ
Nominated advisor - AIM
Collins Stewart Ltd.
9th Floor
88 Wood Street
London
EC2V 7QR
Nominated broker
Collins Stewart (CI) Ltd.
PO Box 8
St Peter Port
Guernsey
GY1 4AZ
Registered office
Group Centre
Television Centre
La Pouquelaye
St Helier
Jersey
JE2 3TP
Telephone 01534 835500
E-mail charlesd@comprop.co.je
Registrar
Capita IRG (Jersey) Ltd.
PO Box 3
44 Esplanade
St Helier
Jersey
JE4 0XQ
Transfer agent
Capita IRG Ltd.
Bourne House
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Unaudited consolidated profit and loss account
for the half year to 30th September
2001
Half year to Half year to Year to
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
Turnover
Continuing operations 1,192 1,186 2,079
Acquisitions 311 - -
Discontinued operations - 2,015 2,015
Total turnover 1,503 3,201 4,094
Cost of sales (357) (709) (846)
Gross profit 1,146 2,492 3,248
Operating expenses (707) (2,373) (4,037)
Operating profit
Continuing operations 205 293 (243)
Acquisitions 234 - -
Discontinued operations - (174) (546)
Total operating profit 439 119 (789)
Exceptional items (1,405) 14,300 14,252
Profit on ordinary activities (966) 14,419 13,463
before interest and taxation
Net interest (payable) / receivable (74) 299 598
(Loss) / Profit on ordinary activities (1,040) 14,718 14,061
before tax
Tax on profit on ordinary activities 101 (61) (58)
Profit on ordinary activities after (939) 14,657 14,003
taxation
Dividends - (17,167) (17,167)
Retained (loss) / profit for the period (939) (2,510) (3,164)
Earnings per share (4.7)p 107.5p 102.6p
Unaudited cosolidated balance sheet
at 30th September 2001
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
Fixed assets
Tangible fixed assets 53,496 997 1,485
Investments 172 - -
Total fixed assets 53,668 997 1,485
Current assets
Stocks & work in progress 45 21 34
Debtors 948 915 450
Cash at bank 4,585 27,531 9,541
5,578 28,467 10,025
Creditors
Bank borrowings (10,315) - -
Amounts falling due within one year (2,452) (1,439) (1,463)
Dividends payable - (17,167) -
Net current assets (7,189) 9,861 8,562
Total assets less current liabilities 46,479 10,858 10,047
Creditors
Amount falling due after more than one (19,000) (160) (3)
year
Net assets 27,479 10,698 10,044
Capital and reserves
Share capital 1,767 687 687
Reserves 25,712 10,011 9,357
Equity shareholders' funds 27,479 10,698 10,044
Net assets per 5p of share capital 77.7p 78.2p 73.1p
Unaudited consolidated cash flow statement
Half year to Half year to Year to
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
Net cash flow from operating 537 795 1,208
activities
Returns on investment & servicing of 237 299 527
finance
Taxation 1 (348) (350)
Capital expenditue & financial (1,985) 10,010 9,710
investment
Acquisitions and disposals (51,225) 15,720 14,558
Dividends paid - - (17,167)
Financing 37,364 334 334
(Decrease) / increase in cash (15,071) 26,810 8,820
balances
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
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
(Loss) / profit for the financial (939) 14,657 14,003
period
Dividends - (17,167) (17,167)
Goodwill written back - 3,291 3,291
New share capital issued 18,374 234 234
Net movement in shareholders' funds 17,435 1,015 361
Opening shareholders' funds 10,044 9,683 9,683
Closing shareholders' funds 27,479 10,698 10,044
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
2001 Report and Accounts.
The results and balance sheet relating to the year ended 31st
March 2001 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
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
Turnover - continuing operations
Property 121 204 219
Publishing 381 282 537
Rental 602 644 1,255
Other 88 36 68
1,192 1,166 2,079
Turnover - acquisitions
Property 311 - -
Turnover - discontinued activities
Broadcast - 1,287 1,287
Production - 110 110
Retail and service - 618 618
- 2,015 2,015
Turnover - total 1,503 3,181 4,094
3 Net interest payable
Half year to Half year to Year to
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
Interest payable on borrowings (266) (3) (17)
Interest receivable on loans 192 302 615
advanced
(74) 299 598
Notes on the interim statement
4 Exceptional items
Half year to Half year to Year to
30th September 30th September 31st
March
2001 2000 2001
# '000s # '000s # '000s
IEG Properties acquisition costs (1,235) - -
Jones & Partners goodwill write off (170) - -
Channel Television profit on - 14,281 14,386
disposal
Bourne Group loss on disposal - (1,225) (1,252)
Gain on sale of properties - 3,765 3,730
Head office restructuring costs - (25) (26)
Channel Rentals restructuring costs - (419) (509)
Rediffusion Channel Island goodwill - (2,077) (2,077)
(1,405) 14,300 14,252
IEG Properties Limited, subsequently renamed ComProp Guernsey Limited, was
acquired on 10th August 2001. Included in the costs are #27,000 fees paid to
BGL Reads Limited in respect of services provided by John Rowe.
Jones & Partners Limited was acquired on 10th August
2001.
Channel Television Limited was sold in June 2000. No claim has been received in
respect of warranties. The warranty period expired on 13th December 2001.
Bourne Group Limited was sold in May 2000.
The freehold properties Television Centre and Television House were sold in
September 2000.
Head office was restructured as a result of the sale of Channel
Television.
Channel Rentals withdrew from retailing and third party servicing in the summer
of 2000. These activities had been transferred from Rediffusion Channel Islands
Limited several years ago, goodwill having previously been written off to
reserves.
5 Taxation
Jersey and Guernsey income tax is provided at 20% on the relevant taxable
profits. Deferred tax provided in accordance with FRS19.
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