CARDIFF PROPERTY PLC

Quarterly Report • Apr 28, 2022

National Storage Mechanism | Additional information

RNS Number : 7207J

Cardiff Property PLC

28 April 2022

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

FOR RELEASE                                    11.00 AM                                 28 April 2022

THE CARDIFF PROPERTY PLC

LEI: 213800GE3FA4C52CIN05

The Group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of £22m, is primarily 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 2022

Highlights:

		Six months 31 March 2022 (Unaudited)	Six months 31 March 2021 (Unaudited)	Year 30 September 2021 (Audited)
Net assets	£'000	29,059	28,818	28,442
Net assets per share	£	26.30	24.43	25.49
Profit before tax	£'000	1,083	365	1,259
Earnings per share (basic and diluted)	pence	91.03	25.96	91.91
Interim/total dividend    proposed per share	pence	5.5	5.0	18.5
Gearing	%	Nil	Nil	Nil

Richard Wollenberg, Chairman, commented:

Confidence has returned to the Thames Valley property market with a marked increase in new letting enquiries.

Business and Warehouse space has been particularly sought after as distributors and suppliers change their method of product delivery to the marketplace. For the last six months rentals in this sector have seen an increase of up to 10%.

Small business units, typically with industrial warehouse use on the ground floor and offices on the upper floor, have also attracted renewed interest.

For further information:

The Cardiff Property plc	Richard Wollenberg	01784 437444
Shore Capital	Patrick Castle		020 7468 7923

THE CARDIFF PROPERTY PLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 MARCH 2022

INTERIM MANAGEMENT REPORT

Dear Shareholder,

Confidence has returned to the Thames Valley property market with a marked increase in new letting enquiries.

Business and Warehouse space has been particularly sought after as distributors and suppliers change their method of product delivery to the marketplace. For the last six months rentals in this sector have seen an increase of up to 10%.

Small business units, typically with industrial warehouse use on the ground floor and offices on the upper floor, have also attracted renewed interest.

Demand for retail space remains subject to the evolving change in shopping habits and the continuing advance in internet shopping. Despite all these difficulties, well-known high street food outlets have performed well over the past two years.

As tenants return to their offices, enquiries have increased over recent months and several new office leases have been completed. Rental levels have remained unchanged with the lease term being between 3 and 7 years occasionally including a tenant's break and with rental linked to increases in the Retail Price Index.

The Group's policy of maintaining a close liaison with tenants has proved successful. Where necessary a deferment of rent was agreed together with monthly rather than quarterly payments.

During the year several commercial leases due to expire were renewed and as at the time of writing this report a number of new lettings are in solicitors' hands.

The Thames Valley residential sales market remains buoyant as indicated by the Group's development of 52 luxury apartments at Woking 90% of which are now sold achieving levels above those originally budgeted for. The residential lettings market remains firm.

FINANCIALS

For the 6 months ending 31 March 2022 profit before tax amounted to £1.08m (March 2021: £0.37m; year ended September 2021: £1.26m). This figure includes an after-tax profit from Campmoss Property Company Limited ("Campmoss") our 47.62% joint venture of £0.66m (March 2021: £0.04m; year ended September 2021: £0.07m). During the first half of the year the company received a dividend of £1.0m  (March 2021: £nil; September 2021 £0.50m) from its investment in Campmoss.

Revenue for the 6 months to 31 March 2022 represented by rental income, totalled £0.35m (March 2021: £0.32m : September 2021: £0.60m). The Group's share of revenue from Campmoss was £7.75m (March 2021: £0.29m; September 2021: £0.60m), represented by rental income of £0.28m (March 2021: £0.29m; September 2021: £0.60m) and property sales of £7.47m (March 2021: £nil, September 2021: £nil). Rental income and sales figures for Campmoss are not included in Group revenue.

Net assets of the group as at 31 March 2022 were £29.06m (March 2021: £28.82m; September 2021: £28.44m), equivalent to £26.30 per share (March 2021: £24.45; September 2021: £25.49). The Company's share of net assets in Campmoss, included on the Group balance sheet, amounted to £15.55m (March 2021: £16.36m; September 2021: £15.90m).  Cash balances are held on short term deposit and at the half year the company had nil gearing (March 2021: £nil, September 2021: £nil).

The directors are of the opinion that on balance, other than as mentioned in this report, there are no material changes in the investment value of the Group's portfolio as at 31 March 2022.

The freehold investment properties held by Cardiff will be professionally valued at 30 September 2022.

During the 6 months to 31 March 2022 the company purchased 10,969 ordinary shares (March 2021:  22,750 ordinary shares;  year ended September 2021: 78,525 ordinary shares) for cancellation. There have been no material events or material changes in assets, liabilities, or related party relationships since 30 September 2021.

Current IFRS accounting recommends that deferred tax is chargeable on the difference between the indexed cost of properties and quoted investments and their current market value. However, current IFRS accounting does not require the same treatment in respect of the group's unquoted investments in Campmoss Property, the 47.62% owned joint venture, which represent a substantial part of the company's net assets.

Whilst provision is made in Campmoss accounts for deferred tax, should the shares held in Campmoss be disposed of, for indicative purposes, based on the value in the company's balance sheet at 31 March 2022 this would result in a tax liability of £3.89m (March 2021: £3.11m; September 2021: £3.9m) equivalent to £3.52 per share (March 2021: £2.65; September 2021: £3.56) calculated using a tax rate of 25% (March 2021: 19%; September 2021: 25%). This information is provided to shareholders as an additional, non-statutory, disclosure.

DIVIDEND

The directors have declared an interim dividend of 5.5p (interim March 2021: 5.0p; final September 2021: 13.5p) an increase of 10% which will be paid on 30 June 2022 to shareholders on the register at 27 May 2022.

THE INVESTMENT & DEVELOPMENT PORTFOLIO

The Group's freehold property portfolio, including those held by Campmoss, is primarily located in the Thames Valley and the counties of Surrey, Berkshire and Buckinghamshire.

The Windsor Business Centre, Windsor, comprises 4 business units all of which are let on medium term leases inclusive of a development break clause. The property recently received planning consent for a new 20,000 sq. ft. office scheme. Agents have been retained to seek pre-lettings with the final scheme currently under further discussion with our architects. Commencement of this development will depend on securing suitable lettings.

Maidenhead Enterprise Centre, Maidenhead, comprises 6 individual business units totalling 14,000 sq. ft. All units are let on a mixture of short and medium term leases. One lease is due to expire at the end of the financial year.

The White House, Egham, comprises 5 ground floor retail units with air-conditioned offices on the first floor. The building is located in the historical town of Egham, Surrey with a prominent location on the High Street. A vacant retail unit was recently let achieving a small increase in rental and a new lease completed for part of the upper floor offices. Agents are retained to market the remaining space.

Cowbridge Road, Cardiff, comprises a commercial property on 2 floors and is currently let on a short term lease to the Royal Mail, for use as a sorting centre. Planning permission has been granted for a new 20 apartment residential building with retail on the ground floor and negotiations for a freehold sale are currently in progress.

Heritage Court, Egham, comprises 4 fully let retail units. The upper floor residential units were previously sold on long leaseholds. The adjoining freehold office is occupied by the company.

CAMPMOSS PROPERTY COMPANY LIMITED & SUBSIDIARIES

The Campmoss portfolio provides a range of office, retail and residential properties in Burnham, Bracknell and Maidenhead.

The development of 52 luxury apartments at Britannia Wharf, Woking has recently completed with 47 apartments sold at the half year. Gross sales revenues are expected to be higher than originally targeted. The scheme was undertaken through a joint venture with a local Surrey based developer.

Market Street, Bracknell, comprises 4 adjacent buildings which include a total of 33 retail units and 17 individual apartments on the upper floors of two of the buildings. The majority of retail units are let on medium term leases and the retained apartments are all let on Assured Shorthold Tenancy Agreements which are also available for sale.

Highway House, Maidenhead retains planning permission for a new 48,000 sq. ft. gross Grade A office scheme. The commencement of construction will be subject to achieving pre-lettings which have so far proved unsuccessful. An updated office scheme is currently being prepared and separately a residential scheme is under discussion with the local authority. The cleared site is currently let as a car park to an adjoining office user.

The Priory Business Centre, Stomp Road, Burnham, comprising 9,000 sq. ft. has recently achieved a number of new lettings. The adjacent office block of 17,000 sq. ft. is partly occupied, and agents have been appointed to market the unoccupied space. A planning application for a care home, retaining the existing Business Centre, was recently refused and new plans are being prepared for further submission.

MANAGEMENT AND TEAM

The management of our buildings and tenants is very important to the Group's ongoing success and I would take this opportunity of thanking our small management team and Joint Venture partner for their hard work and continued support.

RELATIONSHIP AGREEMENT

The Company has entered into a written and legally binding Relationship Agreement with myself, its controlling shareholder, to address the requirements of LR9.2.2AR of the Listing Rules.

OUTLOOK

As mentioned in this report the Thames Valley property market continues to improve although the prospect of high inflation and a squeeze on real incomes should not be overlooked. Concerns remain as to the size of government debt and the effect on the market and the economy of further increases in interest rates.

The Group will continue to manage and develop its existing portfolio and seek new opportunities.

I look forward to reporting further at the year end.

J Richard Wollenberg

Chairman

28 April 2022

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHS ENDED 31 MARCH 2022

	Six months 31 March 2022 (Unaudited) £'000	Six months 31 March 2021 (Unaudited) £'000	Year 30 September 2021 (Audited) £'000
# Revenue	348	322	596
# Cost of sales	(22)	(48)	(33)
	______	______	______
# Gross profit	326	274	563
Administrative expenses	(274)	(258)	(502)
Other operating income	346	280	553
	______	______	______
Operating profit before gains on investment properties and other investments	398	296	614
Fair value movement on revaluation of investment properties	-	-	513
	______	______	______
# Operating profit	398	296	1,147
Financial income	25	28	54
Financial expense	(4)	-	(9)
Share of results of Joint Venture	664	41	67
	______	______	______
# Profit before taxation	1,083	365	1,259
Taxation	(73)	(57)	(181)
	______	______	______
# Profit for the period attributable to equity holders	1,010	308	1,078
	______	______	______
# Earnings per share on profit for the period - pence
# Basic and diluted	91.03	26.0	91.91
	______	______	______
# Dividends
# Final 2021 paid 13.5p (2020: 12.8p)	149	152	152
# Interim 2021 paid 5.0p	-	-	59
	______	______	______
	149	152	211
	______	______	______
# Final 2021 proposed 13.5p	-	-	151
# Interim 2022 proposed 5.5p (2021: 5.0p)	61	59	-
	______	______	______
	61	59	151
	______	______	______

These results relate entirely to continuing operations. There were no acquisitions or disposals during these periods.

Condensed Consolidated Interim Statement of Comprehensive Income and Expense

FOR THE SIX MONTHS ENDED 31 MARCH 2022

	Six months 31 March 2022 (Unaudited) £'000	Six months 31 March 2021 (Unaudited) £'000	Year 30 September 2021 (Audited) £'000
# Profit for the financial period	1,010	308	1,078
# Items that cannot be reclassified subsequently to profit or loss
# Revaluation of investments	(19)	(19)	8
# Items that may be reclassified subsequently to profit or loss
# Revaluation of other properties	-	-	(21)
	______	______	______
# Total comprehensive income and expense for the period attributable to equity holders of the parent company	991	289	1,065
	______	______	______

Condensed Consolidated Interim Balance Sheet

AT 31 MARCH 2022

	31 March 2022 (Unaudited) £'000	31 March 2021 restated (Unaudited) £'000	30 September 2021 (Audited) £'000
# Non-current assets
Freehold investment properties	5,956	5,410	5,968
Property, plant and equipment	241	230	240
Right of use asset	150	165	155
Investment in Joint Venture	15,554	16,364	15,890
Other financial assets	1,054	1,076	1,073
	______	______	______
## Total non-current assets	22,955	23,245	23,326
	_____	_____	______
## Current assets
Stock and work in progress	689	688	689
Trade and other receivables	182	234	140
Held to maturity cash deposits	1,088	1,054	1,907
Cash and cash equivalents	5,192	4,696	3,594
	______	______	______
## Total current assets	7,151	6,672	6,330
	______	______	______
# Total assets	30,106	29,917	29,656
	______	______	______
Current liabilities
Trade and other payables	(511)	(635)	(752)
Corporation tax	(240)	(236)	(158)
	______	______	______
Total current liabilities	(751)	(871)	(910)
	______	______	______
Non-current liabilities
## Lease liability	(175)	(184)	(178)
## Deferred tax liability	(121)	(63)	(126)
	______	______	______
## Total non-current liabilities	(296)	(247)	(1,214)
	______	______	______
Total liabilities	(1,047)	(1,118)	(1,214)
	______	______	______
## Net assets	29,059	28,799	28,442
	______	______	______
# Equity
Called up share capital	221	234	223
# Share premium account	5,076	5,076	5,076
# Other reserves	2,461	2,461	2,478
Investment property revaluation reserve	1,814	1,273	1,814
Retained earnings	19,487	19,755	18,851
	______	______	______
# Shareholders' funds attributable to equity holders	29,059	28,799	28,442
	______	______	______
Net assets per share	£26.30	£24.43	£25.49
	______	______	______

Condensed Consolidated Interim Statement of Cash Flows

FOR THE SIX MONTHS ENDED 31 MARCH 2022

	Six months 31 March 2022 (Unaudited) £'000	Six months 31 March 2021 (Unaudited) £'000	Year 30 September 2021 (Audited) £'000
# Cash flows from operating activities
Profit for the period	1,010	308	1,078
Adjustments for:
Depreciation right of use assets	5	-	10
Financial income	(25)	(28)	(54)
Financial expense	4	-	9
Share of profit of Joint Venture	(664)	(41)	(67)
Fair value movement on revaluation on of investment properties	-	-	(533)
Taxation	73	57	181
	______	______	______
Cash flows from operations before changes in working capital	403	296	624
Acquisition of inventory and work in progress	-	-	(1)
(Increase)/decrease in trade and other receivables	(42)	4	97
(Decrease)/increase in trade and other payables	(241)	106	223
	______	______	______
Cash generated from operations	120	406	943
Tax paid	-	97	(43)
	______	______	______
Net cash flows from operating activities	120	503	900
	______	______	______
Cash flows from investing activities
Interest received	30	22	49
Dividend from Joint Venture	1,000	-	500
Acquisition/(write down) of investments, and property, plant and equipment	11	(19)	(45)
Acquisition of investments	-	(169)	(169)
Proceeds from sale of investment property	-	462	462
Decrease/(increase) in held term deposits	818	694	(159)
	______	______	______
Net cash flows from investing activities	1,859	990	638
	______	______	______
Cash flows from financing activities
Purchase of own shares	(225)	(418)	(1,492)
Lease payments	(7)	-	(14)
Dividends paid	(149)	(152)	(211)
	______	______	______
Net cash flows from financing activities	(381)	(570)	(1,717)
	______	______	______
Net increase/(decrease) in cash and cash equivalents	1,598	923	(179)
Cash and cash equivalents at beginning of period	3,594	3,773	3,773
	______	______	______
Cash and cash equivalents at end of period	5,192	4,696	3,594
	______	______	______

Condensed Consolidated Interim Statement of Changes in Equity

FOR THE SIX MONTHS ENDED 31 MARCH 2022

	Share capital     £'000	Share premium account £'000	Other reserves £'000	Investment property revaluation reserve     £'000	Retained earnings £'000		Total equity £'000
# At 1 October 2020 as previously stated	239	5,076	2,475	3,139	18,170		29,099
# Prior year adjustment	-	-	-	-	(19)		(19)
	______	______	______	______	______		______
# At 1 October 2020 restated	239	5,076	2,475	3,139	18,151		29,080
# Profit for the period	-	-	-	-	308		308
Other comprehensive income - revaluation of investments	-	-	(19)	-	-		(19)
Transactions with equity holders Dividends	-	-	-	-	(152)		(152)
Purchase of own shares	(5)	-	5	-	(418)		(418)
	______	______	______	______	______		______
# Total transactions with equity holders	(5)	-	5	-	(570)		(570)
	______	______	______	______	______		______
# Transfer on revaluation of investment properties - Cardiff	-	-	-	(266)	266		-
# Transfer on revaluation of investment properties - Campmoss	-	-	-	(1,600)	1,600		-
	______	______	______	______	______		______
# At 31 March 2021restated	234	5,076	2,461	1,273	19,755		28,799
# Profit for the period	-	-	-	-	770		770
Other comprehensive income - revaluation of investments	-	-	(2)	-	-		(2)
Revaluation of other property	-	-	8	-	-		8
Transactions with equity holders Dividends	-	-	-	-	(59)		(59)
Purchase of own shares	(11)	-	11	-	(1,074)		(1,074)
	______	______	______	______	______		______
# Total transactions with equity holders	(11)	-	11	-	(1,133)		(1,133)
	______	______	______	______	______		______
# Transfer on revaluation of investment properties - Cardiff	-	-	-	533	(533)		-
# Transfer on revaluation of investment properties - Campmoss	-	-	-	8	(8)		-
	______	______	______	______	______		______
# At 30 September 2021	223	5,076	2,478	1,814	18,851		28,442
# Profit for the period	-	-	-	-	1,010		1,010
Other comprehensive income - revaluation of investments	-	-	(19)	-	-		(19)
Transactions with equity holders Dividends	-	-	-	-		(149)		(149)
Purchase of own shares	(2)	-	2	-		(225)		(225)
	______	______	______	______		______		______
# Total transactions with equity holders	(2)	-	2	-		(374)		(374)
	______	______	______	______		______		______
	______	______	______	______		______		______
# At 31 March 2022	221	5,076	2,461	1,814		19,487		29,059
	______	______	______	______		______		______

Statement of Responsibility

FOR THE SIX MONTHS ENDED 31 MARCH 2022

The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2022 and they confirm, to the best of their knowledge and belief, that:

·      the condensed consolidated set of interim financial statements for the six months ended 31 March 2022 have been prepared in accordance with IAS 34 - Interim Financial Reporting and in accordance with the requirements of UK adopted international accounting standards and The Companies Act 2006;

·      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 interim 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, Chairman

Karen L Chandler, Finance director

Nigel D Jamieson, Independent non-executive director

28 April 2022

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2022

1. Basis of preparation

This condensed set of financial statements has been prepared in accordance with IAS 34 - Interim Financial Reporting in conformity with the requirements of The Companies Act 2006. The condensed set of financial statements are unaudited.

The annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 30 September 2021.

The comparative figures for the financial year ended 30 September 2021 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's auditor and delivered to the registrar of companies. The report of the auditor was: unqualified; did not give any reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.

Accounting policies

The condensed consolidated interim financial statements have been prepared applying the accounting policies that will be applied in the preparation of the Group's financial statements for the year ended 30 September 2022.

Use of estimates and judgement

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application 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. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key areas in which estimates have been used and the assumptions applied are in valuing investment properties and properties in the joint venture, in valuing available for sale assets, in classifying properties and in the calculating of provisions.

An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the company's property portfolio at the end of each financial year. The directors of the joint venture value its portfolio each year; such valuation takes into account yields on similar properties in the area, vacant space and covenant strength. The directors of the group and joint venture review the valuations for the interim financial statements.

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

Going concern

The Group has sufficient financial resources to enable it to continue in operational existence for the foreseeable future, to complete the current maintenance and development programme and meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing these interim financial statements.

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2021 (continued)

2. Segmental analysis

The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relate to the results for The Cardiff Property Company Limited where properties are held as investment property with property development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

	Property and other investment	Property Development	Eliminations	Six months 31 March 2022 (Unaudited) Total
	£'000	£'000	£'000	£'000
Rental income (wholly in the UK)	241	107	-	348
Profit before taxation	962	121	-	1,083
Net operating assets
Assets	27,074	4,882	(1,850)	30,106
Liabilities	(2,680)	(217)	1,850	(1,047)
Net assets	24,304	4,665	-	29,059

	Property and other investment	Property Development	Eliminations	Six months 31 March 2021 (Unaudited) Total
	£'000	£'000	£'000	£'000
Revenue (wholly in the UK)	230	92	-	322
Profit before taxation	260	105	-	365
Net operating assets
Assets	26,913	4,808	(1,969)	29,752
Liabilities	(2,648)	(255)	1,969	(934)
				2
Net assets	24,265	4,553	-	28,818

	Property and other investment	Property Development	Eliminations	Year September 2021 (Audited) Total
	£'000	£'000	£'000	£'000
Rental income (wholly in the UK)	434	162	-	596
Property sales	462	-	-	462
Profit before taxation	1,096	163	-	1,259
Net operating assets
Assets	26,607	4,851	(1,802)	29,656
Liabilities	(2,765)	(251)	1,802	(1,214)
Net assets	26,607	4,851	(1,802)	29,656

"Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.

The operations of the Group are not seasonal.

3. Taxation

The tax position for the six-month period is estimated on the basis of the anticipated tax rates applying for the full year.

4. Dividends

The interim dividend of 5.5p per share will be paid on 30 June 2022 to shareholders on the register on 27 May 2022. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2022.

5. Earnings per share

Earnings per share has been calculated using the profit after tax for the period of £1,010,000 (March 2021: £308,000; year ended September 2021: £1,078,000) and the weighted average number of shares as follows:

	Weighted average number of shares
	31 March 2022	31 March 2021	30 September 2021
	(Unaudited)	(Unaudited)	(Audited)
Basic and diluted	1,109,477	1,188,434	1,172,532
	_________	_________	_________
Earnings per share (p)	91.03	25.96	91.91
	_________	_________	_________

Directors and Advisers

## Directors	## Auditor
J Richard Wollenberg	PKF Littlejohn LLP
Chairman and chief executive
Karen L Chandler FCA
Finance director	## Stockbrokers and financial advisers
Nigel D Jamieson BSc, FCSI	Shore Capital
Independent non-executive director
## Secretary	## Bankers
Karen L Chandler FCA	HSBC Bank plc
## Non-executive director of wholly owned subsidiary	## Solicitors
##### First Choice Estates plc	Blake Morgan LLP Charsley Harrison LLP
Derek M Joseph BCom, FCIS
## Head office	## Registrar and transfer office
56 Station Road	Neville Registrars Limited
Egham, TW20 9LF	Neville House
Telephone: 01784 437444	Steelpark Road
Fax: 01784 439157	Halesowen
E-mail: webmaster@cardiff-property.com	B62 8HD
Web: www.cardiff-property.com	Telephone: 0121 585 1131
## Registered office	## Registered number
56 Station Road	00022705
Egham, TW20 9LF

Financial Calendar

2022	28 April	Interim results for 2022 announced
	26 May	Ex-dividend date for interim dividend
	27 May	Record date for interim dividend
	30 June	Interim dividend to be paid
	30 September	End of accounting year
	December	Final results for 2022 announced
2023	January	Annual General Meeting
	February	Final dividend to be paid

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