RNS Number:7065O
CW Residential PLC
15 August 2003
CW RESIDENTIAL PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2003
Chairman's Interim Statement
Trading results
For the six month period to 30 June 2003 the Group made a profit before taxation
of #162,144 (2002: #377,715).
Dividends
Encouraged by your Group's continuing strong financial position, your Directors
have therefore declared an increased interim dividend of 1.5 pence per share
(2002: 1.35 pence per share). The dividend will be payable on 16 September
2003, to shareholders on the register on 29 August 2003.
Properties
In the six months to 30 June 2003, your Group has completed the sale of two
investment properties totalling #180,500. Both were in excess of their 2002
year end valuation. In the recent past, your Directors have found it difficult
to acquire further investment properties at what they regard as sensible prices.
However, as levels of expectation of house price inflation fall, your
Directors believe that this situation may now be altering, and intend to take
full advantage of any such change. As in previous years, it is intended to
re-value your Group's investment portfolio at the end of the year.
Turning to our house building division, since 31 December 2002 our three
remaining houses in Wells were sold at satisfactory prices. Our Grade II listed
8 flat development in Edgbaston is on schedule to be completed this Autumn,
following which marketing will begin. At Rochester we are finalising the plans
for our 23 flat development and will then go to tender. In Maidstone we have
submitted an application for a small flat development on land over which we hold
options.
As previously advised to shareholders, due to the timing of our development
programme and to the slow down in house prices increases, shareholders should
not expect a significant increase in profitability levels in the second half of
the year compared with the first half of 2003. However, your company continues
to progress its development programme and is well placed to take advantage of
any interesting development opportunities that may present themselves.
Robert Dory
Chairman
15 August 2003
CONSOLIDATED UNAUDITED INTERIM RESULTS
Note 30 June 2003 30 June 2002 31 December 2002
# # #
Turnover 1 528,020 1,553,188 3,610,110
Cost of sales (323,938) (1,067,285) (2,631,625)
----------- ----------- -----------
Gross profit 204,082 485,903 978,485
Administrative expenses (104,866) (126,854) (255,343)
----------- ----------- -----------
Operating profit 99,216 359,049 723,142
Profit on sale of investment properties 8,781 36,315 76,115
Interest receivable/(payable) and similar 47,480 (19,316) 6,502
income
Income from other fixed asset investments 6,667 1,667 1,667
----------- ----------- -----------
Profit on ordinary activities before 162,144 377,715 807,426
taxation
Taxation on profit from ordinary (32,100) (99,700) (205,046)
activities
Profit on ordinary activities after 130,044 278,015 602,380
taxation
----------- ----------- -----------
Dividends 2 (57,825) (55,586) (110,092)
----------- ----------- -----------
Retained profit for the period 72,219 222,429 492,288
=========== =========== ===========
Earnings per share 3.25p 6.64p 14.58p
Dividends per share 1.50p 1.35p 2.70p
CONSOLIDATED UNAUDITED BALANCE SHEET
30 June 2003 30 June 2002 31 December 2002
# # #
Fixed assets
Investment properties 2,980,138 3,121,496 3,146,889
Other tangible fixed assets 4,165 7,374 4,771
Investments 267,249 267,249 267,249
---------- ---------- ---------
3,251,552 3,396,119 3,418,909
Current assets
Development properties 1,458,534 2,014,600 1,309,294
Debtors 177,624 160,877 104,904
Cash at bank 1,500,030 237,476 1,635,646
---------- ---------- ---------
3,136,188 2,412,953 3,049,844
Creditors
Amounts falling due within one year (520,579) (529,312) (476,461)
---------- ---------- ---------
Net current assets 2,615,609 1,883,641 2,573,383
---------- ---------- ---------
Net assets 5,867,161 5,279,760 5,992,292
========== ========== =========
Capital and reserves
Called up share capital 1,927,500 2,058,750 2,018,750
Share premium 535,207 535,207 535,207
Profit and loss account 1,813,577 1,422,080 1,886,231
Revaluation reserve 1,339,627 1,143,723 1,392,104
Capital redemption reserve 251,250 120,000 160,000
---------- ---------- ---------
5,867,161 5,279,760 5,992,292
========== ========== =========
Net asset value per share 152.2p 128.2p 148.4p
The financial information contained in this announcement does not constitute
statutory financial statements within the meaning of s.240 of the Companies Act
1985.
CONSOLIDATED UNAUDITED INTERIM RESULTS
NOTES:
1 Turnover and profit recognition
Turnover comprises rent receivable on investment properties and gross
proceeds from sales of development properties. Turnover is derived
entirely from the Group's principal activities and arose wholly within the
United Kingdom. Direct expenses on rental income include letting fees,
maintenance and property insurance.
30 June 2003 30 June 2002 31 December 2002
# # #
Turnover
Rent receivable 93,230 111,502 189,620
Gross proceeds on sales of development 434,790 1,441,686 3,420,490
properties ---------- ---------- ---------
528,020 1,553,188 3,610,110
========== ========== =========
Cost of sales
Direct expenses on rental income 58,374 76,175 132,980
Cost of sales of development 265,564 991,110 2,498,645
properties ---------- ---------- ---------
323,938 1,067,285 2,631,625
========== ========== =========
Gross profit
Rental income profit 34,856 35,327 56,640
Profit on sales of development 169,226 450,576 921,845
properties ---------- ---------- ---------
204,082 485,903 978,485
========== ========== =========
2 Dividends
The directors have declared an interim dividend of 1.5 pence (2002: 1.35
pence per share) per ordinary share payable on 16 September 2003 to
shareholders registered on 29 August 2003 with an ex-dividend date of 27
August 2003.
COPIES OF THE INTERIM ACCOUNTS
Copies of the interim accounts will be sent to shareholders. Further copies
will be available from the Company's registered office at No 1 Riding House
Street, London W1A 3AS for one month from this date.
15 August 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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