Final Results
11 July 2001 - 8:17PM
UK Regulatory
RNS Number:7237G
Comprop Limited
11 July 2001
ComProp Limited ("the Company" or "ComProp")
Preliminary announcement of audited results for year ended 31 March 2001
Chairman's Statement
Result
The profit before taxation for the year was #14,061,000 (2000 : #1,193,000).
This major advance can be attributed to the profit on the sale of Channel
Television along with the freehold properties Television Centre and Television
House offset partially by the losses on the sale of Bourne Group, the write
off of goodwill and business restructuring costs incurred on the
discontinuation of retail and servicing.
Change
This was a year of continuous change. Starting with the negotiation of the
sale of Bourne Group and then Channel Television.
Dividend
In October 2000 the Company paid an interim capital dividend of 125p per share
amounting to #17,167,000. Your board has therefore decided not to recommend
the payment of a final dividend. At last year's annual general meeting I
stated that I did not see the company paying dividends for the foreseeable
future and I can presently see no reason to vary that statement.
Directors
John Henwood, chief executive since 1987, having started his career as a
trainee in 1962, retired from executive duties in December 2000. I am glad to
tell you that John has willingly remained on the board as a non-executive
director, but I would like to thank John publicly again for all his unstinting
efforts over the years.
Michael Lucas, managing director of Channel Television, retired from this
company's board at the time of the sale of Channel Television. Michael. He
joined our board in 1990 as Director of Television. Throughout his time on the
board he has made a valuable contribution, not only to the broadcasting
business but also across the group, for which I would like to thank him on
behalf of shareholders and colleagues alike.
Rosie Matthew who has worked for the Company first as company secretary and
more recently as personal assistant to John Henwood, decided to retire at the
same time as him. Rosie has worked closely with the board in an organisational
capacity. I would like to personally thank Rosie for her help during the time
I have been chairman.
Post Balance Sheet Events
The Board has also today announced our proposed acquisition of a portfolio of
properties. Your board believes that this deal puts the Company well on course
to becoming a significant Channel Island property company.
And Finally
As I have already mentioned this has been a year of significant change. There
has been a parting of the ways with some staff and new opportunities for
others. I would like to thank our staff who served during the year for their
loyalty and efforts on behalf of the group.
Tom Scott
Chairman
11th July 2001
Consolidated profit and loss account for the year ended 31 March 2001
2001 2000
#'000 #'000
Turnover
Continuing operations 2,079 2,032
Discontinued operations 2,015 10,011
Total turnover 4,094 12,043
Cost of sales (846) (2,963)
Gross profit 3,248 9,080
Net operating expenses (4,037) (7,942)
Operating (loss)/profit
Continuing operations (243) (193)
Discontinued operations (546) 1,331
Total operating (loss)/profit (789) 1,138
Exceptional items
Gain on sale of subsidiaries 13,134
Gain on sale of properties 3,730
Cost of business restructuring (2,612)
14,252 -
Profit on ordinary activities before interest 13,463 1,138
Net interest receivable 598 55
Profit on ordinary activities before taxation 14,061 1,193
Tax on profit on ordinary activities (58) (271)
Profit on ordinary activities after taxation 14,003 922
Dividends (17,167) (176)
Retained (loss)/profit for the financial year (3,164) 746
Earnings per share - basic & diluted 102.6p 6.8p
Consolidated Balance sheets at 31 March 2001
Group Group
2001 2000
#'000 #'000
Fixed assets
Tangible fixed assets 1,485 8,742
Investment in group undertakings - -
1,485 8,742
Current assets
Stocks 34 677
Debtors 450 1,666
Cash at bank and in hand 9,541 721
10,025 3,064
Creditors
Amounts falling due within one year (1,463) (1,879)
Net current assets/(liabilities) 8,562 1,185
Total assets less current liabilities 10,047 9,927
Creditors
Amounts falling due after more than one year (3) (244)
Net assets 10,044 9,683
Capital and reserves
Share capital 687 676
Reserves 9,357 9,007
Equity shareholders' funds 10,044 9,683
The accounts were approved by the Board on 11 July 2001 and signed on its
behalf by:
T.H. Scott
C.R. Day
Consolidated cash flow statement for the year ended 31 March 2001
2001 2000
#'000 #'000
Net cash inflow from operating activities 1,208 1,889
Returns on investments and servicing of finance
Interest received 527 55
Taxation
Jersey and Guernsey income tax paid (350) (81)
UK Corporation tax paid - (82)
(350) (163)
Capital expenditure and financial investment
Purchase of tangible fixed assets (844) (881)
Sale of tangible fixed assets 10,554 80
Net cash outflow from capital expenditure & financial investment 9,710 (801)
Acquisitions and disposals
Sale of subsidiary undertakings net of selling expenses and cash 15,708 -
balances
Purchase of subsidiary undertakings - net of cash acquired (1,150) -
14,558 -
Equity dividend paid
Dividends paid (17,167) (446)
Financing
Loan notes issued 110 -
Loans repaid (10) -
Issue of ordinary shares 234 25
Minority interest investment - 227
Net cash inflow from financing 334 252
Increase in cash in the period 8,820 786
Statement of total recognised gains and losses
The group has no recognised gains or losses other than those stated in the
profit and loss account, therefore no statement of total recognised gains and
losses is presented.
Notes
1. Dividends
2001 2000 2001 2000
Pence Pence #'000 #'000
Interim dividend - 1.3 - 176
Capital dividend paid 13 October 2000 125.0 - 17,167 -
Proposed final dividend - - - -
125.0 1.3 17,167 176
The dividends expressed in pence per share are stated after deduction of
Jersey income tax. The total amounts of the dividends are shown net of Jersey
income tax. The Capital dividend was paid gross without deduction of income
tax at source. The taxation authorities in both Jersey and Guernsey advised
the Company that this distribution would not be subject to taxation in their
respective jurisdictions.
2. Earnings per share
The calculation of earnings per share is based on the profit of #14,003,000
(2000: #922,000) and on the weighted average of 13,647,039 (2000: 13,512,663)
ordinary shares in issue during the year. The share options had no dilutive
potential in the current or preceding year and as a result the fully diluted
earnings per share is the same as the basic earnings per share.
3. Exceptional 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 #1,252,000, including goodwill 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
(all
cash) #'000 #'000 #'000 #'000
#'000
Bourne Group Limited 50 (1,214) (32) (56) (1,252)
Channel Television 16,310 - (603) (1,321) 14,386
Limited
16,360 (1,214) (635) (1,377) 13,134
Fees on the sale of Channel Television Limited include #320,000 paid to CI
Investments Limited a company owned by T Scott (Chairman).
The Company has given certain warranties in respect of the sale of Channel
Television. Claims under the warranties must be notified by 13 December 2001.
The maximum claimable is #5 million and only the excess over #250,000 in
aggregate may be claimed.
(b) Gain on sale of properties
The freehold properties Television Centre, Jersey and Television House,
Guernsey were sold in September 2000 for #10,500,000. The gain represents the
difference between the sale proceeds and the carrying value of the land and
buildings net of selling expenses.
(c) Cost of business restructuring
Cash spend Asset Total
#'000 write-off #'000
#'000
Head office - 26 26
Channel Rentals 125 384 509
Rediffusion Channel Islands - 2,077 2,077
125 2,487 2,612
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, resulting in the need to restructure the business.
The activities of Rediffusion Channel Islands were transferred to Channel
Rentals several years ago. The restructuring of the business leads to the need
to write-off goodwill which was previously written off to reserves.
4. Post Balance Sheet Events
The Company has entered into negotiations to buy development/investment
properties in the Channel Islands for circa #50 million. The consideration is
to be settled by the issue of about #18 million in shares of the Company and
the balance in cash.
The Company will be entering into long term borrowing arrangements of
approximately #30 million. The transaction will require the company to relist
on AIM.
5. Financial information
The financial information set out in this document does not constitute the
Company's statutory financial statements for the years ended 31 March 2001 and
2000. The auditors have given an unqualified audit report on the accounts for
the year ended 31 March 2001.
6. Annual General Meeting
The Annual General Meeting will be held on 8 August 2001 at 11.30 am at The
Atlantic Hotel, St Brelade, Jersey.
7. Annual Report
The Annual Report will be sent to shareholders in due course. Once issued,
further copies can be obtained from the Company's registered office at
Television Centre, La Pouquelaye, St Helier, Jersey JE2 3TP.
Contacts:
Tom Scott / Charles Day ComProp Limited 01534 83 55 00
Cppgroup (LSE:CPP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cppgroup (LSE:CPP)
Historical Stock Chart
From Jul 2023 to Jul 2024
