30th Apr 2008 07:01
Cardiff Property PLC30 April 2008 THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY AND ITS SUBSIDIARIES FOR RELEASE 7.00 AM 30 April 2008 THE CARDIFF PROPERTY PLC The group, including Campmoss, specialises in property investment and development in the Thames Valley. The portfolio, valued in excess of £36m, isprimarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 MARCH 2008 Highlights: Six months Six months Year 31 March 31 March 30 September 2008 2007 2007 (Unaudited) (Unaudited) (Audited) Revenue £'000 281 433 700Property sales £'000 - 196 196Net assets per share pence 1,219 1,140 1,189Profit before tax £'000 531 464 1,475Earnings per share pence 25.1 23.0 74.5Interim/final dividend per share pence 3.30 3.00 8.25Gearing % Nil Nil Nil Richard Wollenberg, Chairman, commented: "The investment market faces challenging times. Reductions in bank base rate andthe willingness of the Bank of England to provide liquidity to the financialmarkets should ease further pressures on property valuations. The recentlyreported reduced level of sales by commercial property funds indicates areturning of confidence in the market place but this will take time to workthrough. Shareholders need to remember that the property development process,involving acquisition, planning and development takes a number of years and, assuch, must be viewed on a long term investment basis." For further information: The Cardiff Property plc Richard Wollenberg 01784 437444Arbuthnot Securities Richard Johnson 020 7012 2000 THE CARDIFF PROPERTY PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 MARCH 2008 INTERIM MANAGEMENT REPORT Current uncertainty in the economy and financial markets has inevitably led toboth a slow down in the number of new office lettings being completed and toinstitutional and investor funds becoming net sellers of commercial property. The property market located to the west of Heathrow has not been immune fromthese factors, yet it is interesting to note that rents for the Thames Valleybased Grade A office market remain extremely attractive compared to similarpremises in central London. Many property professionals continue to forecast rental growth for 2008 withinthe Thames Valley but I remain sceptical. The supply of new Grade A office spaceis constrained in some Thames Valley locations and the current preference istowards town centre schemes. However, in the current environment, it isimportant to secure at least a partial letting before commencing a development. The key to achieving performance will, as always, primarily revolve aroundlocation, quality of building, adequate parking facilities and design. Road andrail communications within the Thames Valley play an important role in thedecision process for the relocation of staff and offices as well as newbusinesses. A positive factor for the area, especially for the town ofMaidenhead where the group has received planning approval for two major officeprojects, is the recent government decision to proceed with Crossrail, improvingrail access links from the Thames Valley to London and further to the City andCanary Wharf. The project is expected to commence in 2010, two years before theLondon Olympics. The investment market faces challenging times. Lower interest rates areanticipated, yet the shortage of funding facilities and lack of rental growth islikely to lead to a further decline in values. It will be, therefore, some timebefore stability returns to the market. Shareholders need to remember that theproperty development process, involving acquisition, planning and developmenttakes a number of years and, as such, must be viewed on a long term investmentbasis. Residential values in the Thames Valley and in the Counties of Berkshire andSurrey have, as expected, seen a decline of approximately 5% over the period.Any further movement will primarily depend on the cost and availability ofmortgage funding as well as confidence in the sector. DividendYour directors have declared an interim dividend of 3.30p (2007: 3.00p), anincrease of 10%, which will be paid on 4 July 2008 to shareholders on theregister on 6 June 2008. FinancialFor the half year ended 31 March 2008 profit before tax amounted to £0.53m(March 2007: £0.46m; September 2007: £1.48m) which included an after taxcontribution from Campmoss Property Company Limited, our 47.62% jointlycontrolled entity, of £0.18m (March 2007: £0.19m; September 2007: £0.66m).Revenue totalled £0.28m (March 2007: £0.43m; September 2007: £0.70m)representing gross rental income of £0.28m (March 2007: £0.24m; September 2007:£0.50m). No sales of development property took place during the half year (March2007: £0.19m; September 2007: £0.19m). Under IFRS rules the Campmoss revenuefigures are not included in the group revenue totals. Total gross rental incomeof Campmoss amounted to £0.87m (March 2007: £0.94m; September 2007: £1.91m). Profit after tax attributable to shareholders for the 6 month period amounted to£0.43m (March 2007: £0.40m; September 2007: £1.30m). Earnings per share were25.1p (March 2007: 23.0p; September 2007: 74.5p). Total assets of the group as at 31 March 2008 were £20.57m (March 2007: £19.86m;September 2007: £20.64m). The company's share of the net assets of Campmossamounted to £8.79m (March 2007: £8.15m; September 2007: £8.62m). Net assets wereequivalent to 1,219p per share (March 2007: 1,140p; September 2007: 1,189p).Gearing for Cardiff was nil (March 2007: nil; September 2007: nil) and forCampmoss 42% (March 2007: 38%; September 2007: 36%). There have been no material events subsequent to the date of these financialstatements and no material changes in contingent assets/liabilities or relatedparty relationships since 30 September 2007. The value of the group's property portfolio has been considered and thedirectors are of the opinion that, whilst there may be a marginal decline overthe whole financial year, any change at the half year would not be material. Thedecline in residential values referred to previously has little impact on thegroup as the residential portfolio is small. Investment and development portfolioThe commercial property investment portfolio includes a range of retail, officeand business and industrial units located in Egham, Windsor, Maidenhead andCardiff. These properties are primarily let on medium term institutional leases. At the Maidenhead Enterprise Centre, 4 units are now let with interest beingshown in the remaining 2 units. The development, completed last year, totals14,000 sq ft. At the Windsor Business Centre all 5 business units are let on medium termleases and discussions with one of the occupiers for a freehold sale arecurrently taking place. The development totals 15,600 sq ft. At the White House, Egham, which includes 5 retail units on the ground floorwith offices on the upper floor, all space is let and recent rent reviewnegotiations indicate an increase of around 30% over the past five years. Two residential properties are retained in Egham, both of which have been let onAssured Shorthold Tenancies. Campmoss Property Company LimitedCampmoss continues to focus its investment and development portfolio in the M4corridor, to the west of London and close to Heathrow Airport. The companyretains freehold office property at Woking and Burnham and business units atBracknell. Property under development or in the course of planning is located atMaidenhead (2 buildings) and Worplesdon. At Datchet Meadows, Slough, following the grant of planning permission last yearfor 35 apartments the development commenced in August 2007 and is expected tocomplete during the summer months in accordance with timetable and budget. Asales and marketing campaign is currently underway and a show flat has beenestablished on site. Details can be found at www.datchetmeadows.com. At Clivemont House, Maidenhead the existing building is being demolished as adirect result of the government's decision to remove void rates relief on emptycommercial buildings. The benefits of any short term letting would have beenoutweighed by the additional rating costs. A planning approval for a new 3storey 50,000 sq ft B1 office building has been granted. Agents have beenappointed to seek tenants for the proposed building which could be let either asa single entity or on a floor by floor basis. At The Priory, Burnham, part of the building was upgraded last year to providemodern business centre facilities and I am pleased to report that most of theavailable space has now been let. The remainder of the building is fully let. Shareholders dealing facilityThe share dealing facility provided by the company's registrar ComputershareInvestor Services Plc has been extended. This offers a free share sales serviceto those shareholders who wish to dispose of holdings of 1,000 shares or less.Shareholders should be aware that this service should not be construed as anencouragement to buy or sell the company's shares. If in any doubt shareholdersshould contact their own financial advisors. Computershare can be contacted on0870 703 0084. OutlookReductions in bank base rate and the willingness of the Bank of England toprovide liquidity to the financial markets should ease further pressures onproperty valuations. The recently reported reduced level of sales by commercialproperty funds indicates a returning of confidence in the market place but thiswill take time to work through. I anticipate that the value of the group's portfolio at the year end will show amarginal reduction in line with the market place. No properties were acquiredduring the current half year and a number of sales and joint venture developmentschemes are currently under discussion. The group has sufficient cash andborrowing facilities to complete its current development programme. The group has secured a number of important planning permissions and it will beimportant to secure at least partial lettings before development takes place.The successful outcome of our development at Datchet Meadows is important to thegroup as well as securing further planning approvals at our properties atWorplesdon, Guildford and Market Street, Bracknell. The group continues to experience a high level of activity and I look forward toreporting further progress with the year end results. J Richard WollenbergChairman29 April 2008 Condensed Consolidated Interim Income StatementFOR THE SIX MONTHS ENDED 31 MARCH 2008 Six months Six months Year 31 March 31 March 30 September 2008 2007 2007 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000Revenue 281 433 700Cost of sales (34) (189) (175) ______ ______ ______Gross profit 247 244 525Administrative expenses (196) (253) (463)Other operating income 121 120 250 ______ ______ ______Operating profit before gains on investment properties and other investments 172 111 312 Profit on sale of investment property - - -Loss on sale of other investments - - (7)Surplus on revaluation of investment properties - - 167 ______ ______ ______Operating profit 172 111 472Financing: Interest receivable and similar income 181 161 347 Interest payable - - - Share of results of jointly controlled entity 178 192 656 ______ ______ ______Profit before taxation 531 464 1,475Taxation (102) (63) (178) ______ ______ ______Profit for the period attributable to equity holders 429 401 1,297 ______ ______ ______ Earnings per share on profit for the period - penceBasic 25.1 23.0 74.5Diluted 25.0 22.8 73.8 ______ ______ ______ DividendsFinal 2007 paid 8.25p (2006: 7.30p)* 139 127 127Interim 2007 paid 3.00p (2006: 2.75p) - - 52 ______ ______ ______ 139 127 179 ______ ______ ______ Final 2007 proposed 8.25p - - 143Interim 2008 proposed 3.30p (2007: 3.00p) 56 52 - ______ ______ ______ 56 52 143 ______ ______ ______ * The reduction in the amount paid from that proposed, results from purchases ofthe company's own shares for cancellation. The above results relate entirely to continuing activities. There were noacquisitions or disposals of businesses during the period. Condensed Consolidated Interim Balance SheetAT 31 MARCH 2008 31 March 31 March 30 September 2008 2007 2007 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000Non-current assetsInvestment properties 5,916 5,738 5,905Investment in jointly controlled entity 8,794 8,151 8,615Property, plant and equipment 5 3 2Other financial assets 340 357 340Deferred tax asset 20 37 22 ______ ______ ______Total non-current assets 15,075 14,286 14,884 ______ ______ ______ Current assetsStock and work in progress 992 992 992Trade and other receivables 1,749 1,545 1,983Cash and cash equivalents 3,783 4,219 3,765 ______ ______ ______Total current assets 6,524 6,756 6,740 ______ ______ ______Total assets 21,599 21,042 21,624 ______ ______ ______ Current liabilitiesCorporation tax (252) (384) (148)Trade and other payables (433) (422) (482) ______ ______ ______Total current liabilities (685) (806) (630) ______ ______ ______ Non-current liabilitiesProvisions (65) (115) (65)Deferred tax liability (284) (266) (288) ______ ______ ______Total non-current liabilities (349) (381) (353) ______ ______ ______Total liabilities (1,034) (1,187) (983) ______ ______ ______Net assets 20,565 19,855 20,641 ______ ______ ______ Capital and reservesCalled up share capital 337 348 347Share premium account 4,946 4,946 4,946Other reserves 2,310 2,299 2,300Investment property revaluation reserve 5,460 4,892 5,365Retained earnings 7,512 7,370 7,683 ______ ______ ______Shareholders' funds attributable to equity holders 20,565 19,855 20,641 ______ ______ ______ Net assets per share 1,219p 1,140p 1,189p ______ ______ ______ Condensed Consolidated Interim Statement of Cash FlowsFOR THE SIX MONTHS ENDED 31 MARCH 2008 Six months Six months Year 31 March 31 March 30 September 2008 2007 2007 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Cash flows from operating activities Profit for the period 429 401 1,297 Adjustments for: Depreciation, amortisation and impairment 1 1 2 Financial incom (181) (161) (347) Share of profit of jointly controlled entity (178) (192) (656) Profit on sale of investment property - - - Profit on sale of other investments - - 7 Loss on disposal of fixed assets - - 1 Surplus on revaluation of investment properties - - (167) Fair value of share options granted - 25 - Taxation 102 63 178 Decrease in provisions - - (50) ______ ______ ______Cash flows from operations before changes in working capital 173 137 265 Decrease in stock - 140 140 Decrease/(increase) in trade and other receivables 234 (34) (486) (Decrease)/increase in trade and other payables (49) (27) 35 ______ ______ ______Cash generated from/(absorbed) by operations 358 216 (46) Tax paid - - (315) ______ ______ ______Net cash inflows/(outflows) from operating activities 358 216 (361) ______ ______ ______ Cash flows from investing activities Interest received 181 148 347 Acquisition of property, investments and plant and equipment (16) (9) (9) Proceeds of disposals of property, investments and plant and equipment - 1 29 ______ ______ ______Net cash flows from investing activities 165 140 367 ______ ______ ______ Cash flows from financing activities Purchase of own shares (366) - (52) Dividends paid (139) (127) (179) ______ ______ ______Net cash flows from financing activities (505) (127) (231) ______ ______ ______ Net increase/(decrease) in cash and cash equivalents 18 229 (225) Cash and cash equivalents at beginning of period 3,765 3,990 3,990 ______ ______ ______Cash and cash equivalents at end of period 3,783 4,219 3,765 ______ ______ ______ Other Primary StatementsFOR THE SIX MONTHS ENDED 31 MARCH 2008 Condensed consolidated interim statement of recognised income and expense Six months Six months Year 31 March 31 March 30 September 2008 2007 2007 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Net change in fair value of available for sale financial assets recognised directly in equity - - 19Profit for the period 429 401 1,297 ______ ______ ______ Total recognised income and expense for the period attributable to the equity holders of the parent company 429 401 1,316 ______ ______ ______ Statement of responsibility The directors are responsible for preparing the condensed consolidated financialstatements for the 6 months ended 31 March 2008 and they acknowledge, to thebest of their knowledge and belief, that: • the condensed consolidated financial statements for the 6 months ended 31 March 2008 have 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 financial statements; a description of the principal risks and their impact on the condensed set of 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, ChairmanDavid A Whitaker, Finance DirectorNigel D Jamieson, Independent Non-Executive Director29 April 2008 Notes to the Financial StatementsFOR THE SIX MONTHS ENDED 31 MARCH 2008 1. International Financial Reporting StandardsThe condensed consolidated financial statements for the six months ended 31March 2008 have been prepared using applicable International Financial ReportingStandards adopted by the European Union ("IFRS"), which includes InternationalAccounting Standard 34 ("IAS 34") and interpretations issued by theInternational Accounting Standards Board ("IASB") and its committees, which areexpected to be endorsed by the European Union. The unaudited interim financialinformation has been prepared in accordance with the Listing Rules of theFinancial Services Authority. The results, which were approved by the board on29 April 2008, are prepared by the group on the same basis as for the year ended30 September 2007, are unaudited and do not comprise statutory accounts withinthe meaning of section 240 of the Companies Act 1985. The comparative figures for the financial year ended 30 September 2007 are notthe company's statutory accounts for that financial year. Those accounts havebeen reported on by the company's auditors and delivered to the registrar ofcompanies. The report of the auditors was: unqualified; did not give anyreference to any matters to which the auditors drew attention by way of emphasiswithout qualifying their report; and did not contain a statement under section237 (2) or (3) of the Companies Act 1985. 2. Accounting policies Basis of preparationThe following principal accounting policies have been applied consistently indealing with items which are considered material in relation to the group'sfinancial statements. The financial statements have been prepared on thehistorical cost basis except that the following assets and liabilities arestated at their fair value: financial instruments classified as available forsale; and investment properties. These accounting policies have been appliedconsistently across the group for the purposes of these consolidated financialstatements. Basis of consolidationThe group's financial statements consolidate those of the company and itssubsidiaries and equity account for the interest in the jointly controlledentity. Subsidiary companies are those entities under the control of thecompany, where control means the power to govern the financial and operatingpolicies of the entity so as to obtain benefit from its activities. The resultsof subsidiary undertakings acquired or disposed of in the year are included inthe consolidated income statement from the date control is obtained or up to thedate when control is lost. Intra-group transactions are eliminated onconsolidation. Jointly controlled entities are those entities over whose activities the grouphas joint control, established by contractual agreement and requiring unanimousconsent for strategic financial and operating decisions. The group's investmentin the jointly controlled entity is accounted for using the equity method, hencethe group's share of the gains and losses of the jointly controlled entity isincluded in the consolidated income statement and its interest in the net assetsis included in investments in the consolidated balance sheet. Use of estimates and judgementThe preparation of financial statements in conformity with IFRS requiresmanagement to make judgements, estimates and assumptions that affect theapplication 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. Revisionsto accounting estimates are recognised in the period in which the estimates arerevised and in any future periods affected. The key areas in which estimateshave been used and the assumptions applied are in valuing investment properties(see note below) and in calculating of provisions. GoodwillGoodwill represents amounts arising on acquisition of subsidiaries and jointlycontrolled entities. Goodwill represents the difference between the cost of theacquisition and the fair value of the assets, liabilities and contingentliabilities acquired. Identifiable assets include intangible assets which can besold separately or which arise from legal rights regardless of whether thoserights are separable. Goodwill is stated at cost less any accumulated impairment losses. Goodwill isallocated to cash-generating units and is not amortised but is tested annuallyat the balance sheet date for impairment. In respect of associates and jointlycontrolled entities, the carrying amount of goodwill is included in the carryingamount of the investment in that associate or jointly controlled entity. ImpairmentThe annual impairment review involves comparing the carrying amount to theestimated recoverable amount (by allocating the goodwill to cash-generatingunits) and recognising an impairment loss, if the recoverable amount is lower.Impairment losses are recognised through the income statement. Investment propertiesInvestment properties are properties which are held either to earn rental incomeor for capital appreciation or both. Investment properties are stated at fairvalues which are based on market values. Design, construction and management expenses together with interest incurred inrespect of investment properties in the course of development are capitaliseduntil the building is effectively completed and available for letting along withthe costs directly attributable to the initial letting of newly developedproperties. Thereafter they are charged to the income statement. Whilst underdevelopment such properties are classified as assets in the course ofconstruction and any accumulated revaluation surpluses or deficits arerecognised in the income statement. These properties are revalued at the yearend and surpluses or deficits recognised in the income statement. An external, independent valuer, having an appropriate recognised professionalqualification and recent experience in the location and category of propertybeing valued, values the company portfolio each year. The directors of thejointly controlled entity value its portfolio each year; such valuation takesinto account yields on similar properties in the area, vacant space and covenantstrength. The directors of the group and jointly controlled entity review thevaluations for the interim financial statements. Property, plant and equipment and depreciationProperty and plant and equipment are stated at cost less accumulateddepreciation and impairment losses. Provision is made for depreciation on property, plant and equipment so as towrite off their cost less the estimated residual value on a straight line basisover their expected useful lives as follows: • motor vehicles - 4 years; and • fixtures, fittings and equipment - 4 years. ImpairmentThe carrying amounts of the group's assets, other than investment propertiesmeasured at fair value, are reviewed at each balance sheet date to determinewhether there is any indication of impairment. If any such indication exists,the asset's recoverable amount is estimated and an impairment loss recognisedwhere the recoverable amount is less than the carrying value of the asset. Stocks and work in progressStocks, being properties under development intended for resale, are stated atthe lower of cost, including attributable overheads, and net realisable value. RevenueRevenue consists of rental income, earned under operating leases granted, fromproperties held for investment purposes, together with the proceeds from thesale of development properties. Rental income is recognised in the incomestatement on a straight-line basis over the total lease period. Payments due onearly terminations of lease agreements are recognised in the income statementwithin revenue. Proceeds from the sale of investment properties are not included in revenue, butin profit on sale of investment property. The profit or loss on disposal iscalculated with reference to the carrying amount in the balance sheet. Purchasesand sales of investment properties are accounted for when exchanged contractsbecome unconditional. Financial assetsInvestments in equity securities are classified as assets available for sale andare stated at fair value with any resultant gain or loss being recogniseddirectly in equity except for any impairment loss. When these investments arederecognised, the cumulative gain or loss previously recognised directly inequity is recognised in the income statement. Trade and other receivablesTrade and other receivables are stated at their historic cost (discounted ifmaterial) less impairment. Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Bankoverdrafts that are repayable on demand and form an integral part of the group'scash management, are included as a component of cash and cash equivalents forthe purpose only of the statement of cash flows. Share based paymentsThe share option programme allows group employees to acquire shares of theparent company; these awards are granted by the parent. The fair value ofoptions granted is recognised as an employee expense with a correspondingincrease in equity. The fair value is measured at the date of grant and spreadover the period during which the employees become unconditionally entitled tothe options using an option valuation model, taking into account the terms andconditions upon which options were granted. The amount recognised as an expenseis adjusted to reflect the actual number of share options that vest except whereforfeiture is due only to share prices not achieving the threshold for vesting. DividendsDividends are recognised as a liability in the period in which they areapproved. ProvisionsA provision is recognised in the balance sheet when the group has a presentlegal or constructive obligation as a result of a past event and it is probablethat an outflow of economic benefit will be required to settle the obligation.If the effect is material, provisions are determined by discounting the expectedfuture cash flows at a pre-tax rate that reflects current market assessments ofthe time value of money and, where appropriate, the risks specific to theliability. TaxationTax on the profit or loss for the period comprises current and deferred tax. Taxis recognised in the income statement except to the extent that it relates toitems recognised directly in equity, in which case it is recognised in equity. Current tax is expected tax payable on the taxable income for the period, usingtax rates enacted or substantively enacted at the balance sheet date and anyadjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amountsof assets and liabilities for financial reporting purposes and the amounts usedfor taxation purposes. The following temporary differences are not provided for:the initial recognition of goodwill; the initial recognition of assets orliabilities that affect neither accounting nor taxable profit other than in abusiness combination; and differences relating to investments in subsidiaries tothe extent that they will probably not reverse in the foreseeable future. Theamount of deferred tax provided is based on the expected manner of realisationor settlement of the carrying amount of assets and liabilities, using tax ratesenacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable thatfuture taxable profits will be available against which the asset can beutilised. Adopted IFRS not yet applied The following adopted IFRSs were available for early adoption but have not beenapplied by the group in these financial statements: • IFRS 7 - Financial Instruments: Disclosure; • IFRS 8 - Operating Segments; • IAS 1 (amended) - Presentation of Financial Statements: Capital Disclosure; and • IFRIC 11 and IFRS 2 - Group and Treasury Share Transactions. It is not anticipated that the application of these standards will have anysignificant impact on the financial statements. The group plans to adopt thesestandards in the year ended 30 September 2009. 3. Segmental analysis Six months Six months Year 31 March 31 March 30 September 2008 2007 2007 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Revenue (wholly in the United Kingdom)Property and other investments being gross rents receivable 281 237 504Property development being sale of development properties - 196 196 ______ ______ ______ 281 433 700 ______ ______ ______Profit before taxation Property and other investment 345 413 1,424 Property development 84 51 51 ______ ______ ______ 429 464 1,475 ______ ______ ______ 4. Taxation The tax position for the six months is estimated on the basis of the anticipatedtax rates applying for the full year. 5. Dividends The interim dividend of 3.3p per share will be paid on 4 July 2008 toshareholders on the register on 6 June 2008. Under accounting standards thisdividend is not included in the condensed consolidated interim financialstatements for the six months ended 31 March 2008. 6. Earnings per share Earnings per share has been calculated using the profit after tax for the periodof £429,000 (six months to 31 March 2007: £401,000; year to 30 September 2007:£1,297,000) and the weighted average number of shares as follows: Weighted average number of shares 31 March 31 March 30 September 2008 2007 2007 Basic 1,707,714 1,741,080 1,740,839Adjustment to basic for bonus element of shares to be issued on exercise of options 6,111 18,114 17,814 _________ _________ _________Diluted 1,713,825 1,759,194 1,758,653 _________ _________ _________ 7. Purchase of own shares for cancellation During the period 48,900 ordinary shares of 20 pence each with a nominal valueof £9,780 were purchased at a total cost of £365,773 and cancelled (March 2007:nil; September 2007: 5,500 shares, nominal value £1,100 and cost £51,626). 8. Seasonality The operations of the group are not seasonal. Directors and Advisers Directors AuditorJ Richard Wollenberg, KPMG Audit PlcChairman and chief executiveDavid A Whitaker FCAFinance director Stockbrokers and financial advisersNigel D Jamieson BSc, MRICS, FSI, Arbuthnot Securities LimitedIndependent non-executive director Secretary BankersDavid A Whitaker FCA HSBC Bank plc Non-executive director of wholly owned Solicitorssubsidiary Morgan Cole First Choice Estates plc Derek M Joseph BCom, FCIS, MSII Head office Registrar and transfer office56 Station Road Computershare Investor Services PLCEgham PO Box 82Surrey TW20 9LF The PavilionsTelephone: 01784 437444 Bridgwater RoadFax: 01784 439157 Bristol BS99 7NHE-mail: [email protected] Telephone: 0870 702 0001Web: www.cardiff-property.com Dealing line: 0870 703 0084 Registered office Registered numberMarlborough House 22705Fitzalan CourtFitzalan RoadCardiff CF24 0TE Financial Calendar 2008 30 April Interim results for 2008 announced 4 June Ex dividend date for interim dividend 6 June Record date for interim dividend 4 July Interim dividend to be paid 30 September End of accounting year December Final results for 2008 announced2009 January Annual general meeting February Final dividend to be paid This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Cardiff Property