THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

FOR IMMEDIATE RELEASE                                                               6 May 2025

                                        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 2025

Highlights:

Richard Wollenberg, Chairman, commented:

Uncertainty in the UK economy together with recent international events has disrupted the return of confidence to the UK commercial letting and investment property market, including the Thames Valley.

The Group's commercial investment property portfolio including Campmoss Property "Campmoss" is primarily let and income producing. All residential apartments are let on Assured Tenancy Agreements.

For further information:

THE CARDIFF PROPERTY PLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 MARCH 2025

INTERIM MANAGEMENT REPORT

Dear Shareholder,

Uncertainty in the UK economy together with recent international events has disrupted the return of confidence to the UK commercial letting and investment property market, including the Thames Valley.

The Group's commercial investment property portfolio including Campmoss Property "Campmoss" is primarily let and income producing. All residential apartments are let on Assured Tenancy Agreements.

At Campmoss, our 47.62% owned Joint Venture, discussions continue with the respective Council Planning Departments in respect of planning applications at The Priory Burnham, Highway House Maidenhead and Tangley Place Guildford. Further details are given below. As previously reported these negotiations have been taking place over several years incurring additional expensive planning reports and surveys adding substantially to the overall cost of planning applications. We continue to be hopeful of achieving positive outcomes.

Management of the Group's retail portfolio remains a priority. We continue to liaise closely with all our tenants and assist where deemed necessary.

The sale of certain freehold property assets held by Campmoss are under consideration and in order to facilitate possible disposals prior to obtaining suitable planning approvals, re-letting some of the vacant office suites has been placed on hold enabling vacant possession to be achieved when necessary.

FINANCIALS

For the 6 months ending 31 March 2025 Group profit before tax amounted to £0.76m (March 2024: £0.78m; September 2024; £1.4m). This figure includes an after-tax profit from Campmoss Property Company Limited ("Campmoss") our 47.62% joint venture of £0.13m (March 2024: £0.10m; September 2024: £0.14m). A dividend of £1.5m was received from the Company's investment in Campmoss (March 2024: £nil; September 2024: £1.0m).

Revenue for the 6 months to 31 March 2025 represented by rental income, excluding Campmoss, totalled £0.35m (March 2024: £0.36m; September 2024; £0.68m). The Group's share of revenue from Campmoss was £0.30m (March 2024: £0.32m; September 2024: £0.63m), represented by rental income of £0.30m (March 2024: £0.28m; September 2024; £0.59m). No property sales were completed during the 6 months to March 2025 (March 2024 £0.04m; September 2024: £0.04m).

Net assets of the Group as at 31 March 2025 were £30.52m (March 2024: £30.03m; September 2024: £30.42m), equivalent to £29.72 per share (March 2024: £28.93; September 2024: £29.31). The Company's share of net assets in Campmoss, included in the Group balance sheet, amounted to £10.05m. (March 2024: £12.39m; September 2024: £11.43m). 

Cash balances held by Cardiff and Campmoss are placed on short-term deposit. At the half year the Company had £nil gearing (March 2024: £nil; September 2024: £nil).

The Directors are of the opinion, other than as mentioned in this report, that no material events or material changes in assets, liabilities or related party relationships since 30 September 2024 have occurred.

The Company may hold in treasury any of its own shares purchased which gives the Company the ability to re-issue treasury shares and provide greater flexibility in the management of its capital base.

During the 6 months to 31 March 2025 the company purchased 10,600 ordinary shares (March 2024:  16,034 ordinary shares; September 2024: 16,034 ordinary shares). All shares purchased by the Company not held in treasury have been cancelled and the number of shares in issue reduced accordingly.

IFRS accounting requires that deferred tax is recognised on the difference between the indexed cost of properties and quoted investments and their current market value. However, IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss, our 47.62% owned Joint Venture, which represents a substantial part of the Company's net assets. Provision is made in Campmoss accounts for deferred tax, should Cardiff dispose of the shares held in Campmoss, for indicative purposes only, based on the net asset value in the company's balance sheet as at 31 March 2025 this would result in a tax liability of £2.5m (March 2024: £3.1m; September 2024: £2.86m). This information is provided to shareholders as an additional, non-statutory, disclosure.

DIVIDEND

The Directors have declared an interim dividend of 7.5p (interim March 2024: 6.5p; final September 2024: 17.0p) an increase of 15.4% which will be paid on 26 June 2025 to shareholders on the register at 23 May 2025.

THE PROPERTY PORTFOLIO

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

During the half year, following lease expiries, new lettings were agreed at The Windsor Business Centre, Windsor, Maidenhead Enterprise Centre, Maidenhead and The White House, Egham. Marginal increases in rental were achieved. One unit at Windsor and one at Maidenhead remain available for letting. Both units have been extensively refurbished to meet market requirements.

At The White House Egham and Heritage Court, Egham, all office and retail units are let on full insuring and repairing leases.

As mentioned earlier within the Campmoss portfolio planning applications are being pursued including a care home development at Tangley Place, Guildford, a revised care home scheme at The Priory, Burnham and separate residential and care home schemes at Highway House, Maidenhead.

At Market Street, Bracknell the retail and residential portfolio is fully occupied except one unit recently becoming available following a lease expiry. Refurbishment work is being finalised to achieve an early letting.

FOCUS ON ENVIRONMENTAL SOCIAL GOVERNANCE ("ESG")

No development or major refurbishment projects have been undertaken during the half year although all aspects of ESG together with related Health and Safety issues are very much in consideration both in the management of the existing investment portfolio and when preparing and discussing planning applications. Our emphasis includes modern design, sustainability and green policies as well as being energy efficient.

MANAGEMENT AND TEAM

Management of both our investment portfolio and pursuing our development priorities remains an important factor. I would like to take this opportunity of thanking our small team based in Egham, Surrey and our Joint Venture partner for their dedication, commitment and continuing 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 LR5.3.1 of the Listing Rules.

OUTLOOK

The recent recovery in financial markets is welcome and will hopefully revitalise interest and confidence in the commercial and residential property markets. If this is coupled with the possibility of a further minor but early interest rate reduction and no further tax rises this could lead to a return to sustainable growth

I look forward to reporting further at the year end.

J R Wollenberg

Chairman

6 May 2025

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHS ENDED 31 MARCH 2025

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 2025

Condensed Consolidated Interim Balance Sheet

AT 31 MARCH 2025

Condensed Consolidated Interim Statement of Cash Flows

FOR THE SIX MONTHS ENDED 31 MARCH 2025

Condensed Consolidated Interim Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 MARCH 2025

Statement of Responsibility

FOR THE SIX MONTHS ENDED 31 MARCH 2025

The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2025 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 2025 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

6 May 2025

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2024

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 2024.

The comparative figures for the financial year ended 30 September 2024 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 2025.

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 2024 (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:

"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 7.5p per share will be paid on 26 June 2025 to shareholders on the register on 23 May 2025. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2025.

5. Earnings per share

Earnings per share has been calculated using the profit after tax for the period of £598,000 (March 2024: £612,000, year ended September 2024: £1,071,000) and the weighted average number of shares as follows:

Directors and Advisers

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