Comland Commercial - Final Results

RNS No 4836t
COMLAND COMMERCIAL PLC
26th June 1998


CHAIRMAN'S STATEMENT

This is my first report to shareholders since the commercial property business
was demerged last December from Banner Homes Group PLC.

The results cover the period from demerger to 31st March 1998.  The Group's
operating income was #304,000 which produced a loss of #41,000 after tax and
exceptional charges.  No dividend will be paid.

The exceptional charges related to costs associated with the demerger of the
business and the Company's admission to the Alternative Investment Market.

This business is exclusively devoted to commercial property development and
trading.

Current Developments
The properties currently under development or where development is about to
commence comprise:-

Corporation Street,  High Wycombe
Speculative office development in the centre of High Wycombe of around 4,800 sq
ft.
Completion due: March 1999.

Mercury Centre, Wooburn Green, Bucks
Speculative office development of 25,000 sq ft in four blocks.
Completion due: June 1999.

Marlow House,  Institute Road, Marlow
Refurbishment of office building of some 5,400 sq ft.
Completion anticipated in 1999.

Trading 
Our trading activities are concentrated in areas known intimately to us. We
maintain a conservative approach to the selection of every opportunity. Our
resources are deployed in a variety of locations to spread risk, and the quality
of tenants' covenants varies in proportion to the yields on which a let property
is acquired. 

We hold property whilst we manage the opportunity to maximise the underlying
value.

Rents are returning to levels achieved in the early nineties.  Where rents go
from here in our business will be determined by the health and strength of the
small to medium sized businesses in our area.  Certainly, yields from secondary
properties compared with inflation and current interest rates (in spite of
interest rate rises under this government) still seem attractive.

The Future 
We intend to run a tight and risk averse operation.  We focus on a prosperous
business locality close to our office in Wooburn Green and I am confident that
the value of the business will grow progressively over the longer term.


S J Crossley
26th June 1998


COMLAND COMMERCIAL PLC
PRELIMINARY RESULTS FOR THE PERIOD 4 NOVEMBER 1997
TO 31 MARCH 1998

CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                        Note                 #000

ADMINISTRATION EXPENSES                                      (60)
OTHER OPERATING INCOME                                       304
OTHER OPERATING EXPENSES                                      (5)
EXCEPTIONAL ITEM                          3                  (96)
                                                            _____
OPERATING PROFIT                                             142
INTEREST                                                    (153)
                                                            _____
LOSS ON ORDINARY ACTIVITIES BEFORE 
     TAXATION                                                (11)
TAXATION                                                     (30)
                                                            _____

RETAINED LOSS                                                (41)
                                                            _____

LOSS PER SHARE                            4                 (1.0)p
                                                            _____
DIVIDEND PER SHARE                                            -
                                                            _____

CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES

The Group has no recognised gains or losses other than the loss in the period.



PRELIMINARY RESULTS FOR THE PERIOD 4 NOVEMBER 1997
TO 31 MARCH 1998

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 1998

                                                            #000

FIXED ASSETS                                                  22

CURRENT ASSETS
  Stock                                  10,829
  Debtors                                   229
  Cash                                       44
                                         11,102

CREDITORS amounts falling due
in less than 1 year                      (2,714)

NET CURRENT ASSETS                                         8,388

TOTAL ASSETS LESS CURRENT
LIABILITIES                                                8,410

CREDITORS amounts falling due
in more than 1 year                                       (4,228)

NET ASSETS                                                 4,182

SHARE CAPITAL                                                389
CAPITAL REDEMPTION RESERVE                                     7
PROFIT AND LOSS ACCOUNT                                    3,786
                                                           4,182


PRELIMINARY RESULTS FOR THE PERIOD 4 NOVEMBER 1997
TO 31 MARCH 1998

CONSOLIDATED CASH FLOW                                      #000

NET CASH OUTFLOW PROM OPERATING ACTIVITIES                  (282)

RETURN ON INVESTMENTS AND SERVICING
OF FINANCE                                                  (153)

NET CASH OUTFLOW FROM INVESTING ACTIVITIES                   (21)

MANAGEMENT OF LIQUID RESOURCES                              (456)

FINANCING                                                    413

DECREASE IN CASH IN THE PERIOD                               (43)


NOTES

1.The summarised financial information has been extracted from the unaudited 
  accounts of the Group for the period ended 31 March 1998.  The above 
  information does not amount to statutory accounts within the meaning of
  the Companies Act 1985.

2.Copies of the annual report and accounts will be posted to shareholders in 
  July 1998 and will be available from the company's head office, 
  Riverside House, Riverside Holtspur Lane, Wooburn Green, High Wycombe, Bucks
  HP10 0TJ.

3.During the period the Group incurred exceptional costs of #96,000 in respect
  of the acquisition of the commercial property business of Banner Homes Goup
  PLC and obtaining admission to the Alternative Investment Market of the
  London Stock Exchange.

4.The loss per share has been calculated based on 3,920,547 shares in issue 
  during the period ended 31 March 1998.

5.The Company was incorporated on 4th November 1997 and commenced trading on 
  9th December 1997 with the acquisition of the commercial property business of
  Banner Homes Group PLC.


END

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