REG - Cardiff Property PLC - Half-year Report
06/05/2025 11:45
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250506:nRSF5135Ha&default-theme=true
RNS Number : 5135H Cardiff Property PLC 06 May 2025
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:
Six months Six months Year
31 March 31 March 30 September
2025 2024 2024
(Audited)
(Unaudited) (Unaudited)
Net assets £'000 30,523 30,026 30,423
Net assets per share £ 29.72 28.93 29.31
Profit before tax £'000 756 780 1,385
Earnings per share (basic and diluted) pence 57.80 58.38 102.76
Interim/total dividend 7.5 6.5 23.5
proposed per share pence
Gearing % Nil Nil Nil
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 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 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
Six months Six months Year
31 March 31 March 30 September
2025 2024 2024
(Unaudited)
(Unaudited)
(Audited)
£'000 £'000
£'000
Revenue 350 355 683
Cost of sales (136) (32) (98)
______ ______ ______
Gross profit 214 323 585
Administrative expenses (205) (305) (594)
Other operating income 306 341 676
______ ______ ______
Operating profit before gains on investment properties and other investments 315 359
667
Fair value (loss)/gain on revaluation of investment properties - - (23)
______ ______ ______
Operating profit 315 359 644
Financial income 319 323 608
Financial expense (3) (4) (7)
Share of results of Joint Venture 125 102 140
______ ______ ______
Profit before taxation 756 780 1,385
Taxation (158) (168) (314)
______ ______ ______
Profit for the period attributable to equity holders 598 612 1,071
______ ______ ______
Earnings per share on profit for the period - pence
Basic and diluted 57.80 58.38 102.76
_-_____ ______ ______
Dividends
Final 2024 paid 17.0p (2023: 16.0p) 176 168 168
Interim 2024 paid 6.5p - - 67
______ ______ ______
176 168 235
______ ______ ______
Final 2024 proposed 17.0p - - 178
Interim 2025 proposed 7.5p (2024: 6.5p) 77 67 -
______ ______ ______
77 67 178
______ ______ ______
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
Six months Six months Year
31 March 31 March 30 September
2025 2024 2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000 £'000
Profit for the financial period 598 612 1,071
Items that cannot be reclassified subsequently to profit or loss
Net change in fair value of other properties - - (5)
Net change in fair value of investments (51) (25) (15)
______ ______ ______
Total comprehensive income and expense for the period attributable to equity holders of the parent company 1,051
547 587
______ ______ ______
Condensed Consolidated Interim Balance Sheet
AT 31 MARCH 2025
31 March 31 March 30 September
2025 2024 2024
(Unaudited)
(Unaudited)
£'000 (Audited)
£'000
£'000
Non-current assets
Freehold investment properties 5,640 5,660 5,640
Property, plant and equipment 287 290 287
Right of use asset 120 130 125
Investment in Joint Venture 10,048 12,385 11,433
Other financial assets 514 655 664
______ ______ ______
Total non-current assets 16,609 19,120 18,139
_____ _____ ______
Current assets
Stock and work in progress 723 720 722
Trade and other receivables 130 270 317
Held to maturity cash deposits 5,786 8,847 10,235
Cash and cash equivalents 8,324 2,063 2,014
______ ______ ______
Total current assets 14,963 11,900 13,288
______ ______ ______
Total assets 31,572 31,020 31,427
______ ______ ______
Current liabilities
Trade and other payables (609) (515) (587)
Corporation tax (209) (241) (182)
______ ______ ______
Total current liabilities (818) (756) (769)
______ ______ ______
Non-current liabilities
Lease liability (154) (161) (158)
Deferred tax liability (77) (77) (77)
______ ______ ______
Total non-current liabilities (231) (238) (235)
______ ______ ______
Total liabilities (1,049) (994) (1,004)
______ ______ ______
Net assets 30,523 30,026 30,423
______ ______ ______
Equity
Called up share capital 205 208 208
Share premium account 5,076 5,076 5,076
Other reserves 2,343 2,386 2,391
Investment property revaluation reserve 2,049 2,193 2,049
Retained earnings 20,850 20,163 20,699
______ ______ ______
Shareholders' funds attributable to equity holders 30,523 30,026 30,423
______ ______ ______
Net assets per share £29.72 £28.93 £29.31
______ ______ ______
Condensed Consolidated Interim Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Six months Six months Year
31 March 31 March 30 September
2025 2024 2024
(Unaudited)
(Unaudited)
(Audited)
£'000
£'000 £'000
Cash flows from operating activities
Profit for the period 598 612 1,071
Adjustments for:
Depreciation right of use assets 5 5 10
Financial income (319) (323) (608)
Financial expense 3 4 7
Profit on sale of investment property - - -
Profit on sale of investment - - -
Share of profit of Joint Venture (125) (102) (140)
Fair value loss/(gain) on revaluation on of investment properties - - 23
Taxation 158 168 314
______ ______ ______
Cash flows from operations before changes in 320 364 677
working capital
Acquisition of inventory and work in progress (1) (6) (7)
Decrease/(increase) in trade and other receivables 3 4 (43)
Increase/(decrease) in trade and other payables 22 (26) 47
______ ______ ______
Cash generated from operations 344 336 674
Tax paid (131) (89) (293)
______ ______ ______
Net cash flows from operating activities 213 247 381
______ ______ ______
Cash flows from investing activities
Interest received 502 324 593
Dividend from Joint Venture 1,500 - 1,000
Proceeds from sale of investment property - - -
Proceeds from bond redemption 100 98 -
Acquisition of investment property - (5) (8)
Acquisition of property, plant and equipment - - (2)
Proceeds from sale of investments - - 99
Decrease in held to maturity term deposits 4,449 1,537 149
______ ______ ______
Net cash flows from investing activities 6,551 1,954 1,831
______ ______ ______
Cash flows from financing activities
Purchase of own shares (271) (368) (368)
Lease payments (7) (7) -
Dividends paid (176) (168) (235)
______ ______ ______
Net cash flows from financing activities (454) (543) (603)
______ ______ ______
Net increase in cash and cash equivalents 6,310 1,658 1,609
Cash and cash equivalents at beginning of period 2,014 405 405
______ ______ ______
Cash and cash equivalents at end of period 8,324 2,063 2,014
______ ______ ______
Condensed Consolidated Interim Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 31 MARCH 2025
Investment
property
Share
revaluation
premium
reserve
Share
account Other
Retained Total
capital
reserves £'000
earnings
equity
£'000
£'000 £'000 £'000 £'000
At 30 September 2023 210 5,076 2,409 2,193 20,087 29,975
Profit for the period - - - - 612 612
Other comprehensive income - revaluation of investments - - (25) - - (25)
Transactions with equity holders - - - - (168) (168)
Dividends
Purchase of own shares (2) - 2 - (368) (368)
______ ______ ______ ______ ______ ______
Total transactions with equity holders (2) - 2 - (536) (536)
______ ______ ______ ______ ______ ______
At 31 March 2024 208 5,076 2,386 2,193 20,163 30,026
Profit for the period - - - - 459 459
Other comprehensive income - revaluation of investments - - 10 - - 10
Net change in fair value of own use freehold property - - (5) - - (5)
Transactions with equity holders - - - - (67) (67)
Dividends
______ ______ ______ ______ ______ ______
Total transactions with equity holders - - - - (67) (67)
______ ______ ______ ______ ______ ______
Fair value movement on investment properties - Cardiff - - - (23) 23 -
Fair value movement on investment properties - Campmoss Group - - - (121) 121 -
______ ______ ______ ______ ______ ______
At 30 September 2024 208 5,076 2,391 2,049 20,699 30,423
Profit for the period - - - - 598 598
Other comprehensive income - revaluation of investments - - (51) - - (50)
Transactions with equity holders - - - - (176) (176)
Dividends
Purchase of own shares (3) - 3 - (271) (271)
______ ______ ______ ______ ______ ______
Total transactions with equity holders (3) - 3 - (447) (447)
______ ______ ______ ______ ______ ______
At 31 March 2025 205 5,076 2,343 2,049 20,850 30,523
______ ______ ______ ______ ______ ______
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:
Property and other investment Property Development Eliminations Six months 31 March 2025
(Unaudited)
Total
£'000 £'000 £'000 £'000
Rental income (wholly in the UK) 248 102 - 350
Profit before taxation 667 89 - 756
Net operating assets
Assets 30,688 5,439 (4,555) 31,572
Liabilities (5,385) (219) 4,555 (1,049)
Net assets 25,303 5,220 - 30,523
Property and other investment Property Development Eliminations Six months 31 March 2024
(Unaudited)
Total
£'000 £'000 £'000 £'000
Revenue (wholly in the UK) 239 116 - 355
Profit before taxation 592 188 - 780
Net operating assets
Assets 29,953 5,390 (4,323) 31,020
Liabilities (5,042) (275) 4,323 (994)
Net assets 24,911 5,115 - 30,026
Property and other investment Property Development Eliminations Year September 2024
(Audited)
Total
£'000 £'000 £'000 £'000
Rental income (wholly in the UK) 460 223 - 683
Profit before taxation 1,073 312 - 1,385
Net operating assets
Assets 30,504 5,388 (4,465) 31,427
Liabilities (5,259) (210) 4,465 (1,004)
Net assets 25,245 5,178 - 30,423
"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:
Weighted average number of shares
31 March 31 March 30 September
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
Basic and diluted 1,035,312 1,048,399 1,043,087
_________ _________ _________
Earnings per share (p) 57.80 58.38 102.76
_________ _________ _________
Directors and Advisers
Directors Auditor
J Richard Wollenberg MHA
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial advisers
Shore Capital
Nigel D Jamieson BSc, FCSI
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
2025 6 May Interim results for 2025 announced
22 May Ex-dividend date for interim dividend
23 May Record date for interim dividend
26 June Interim dividend to be paid
30 September End of accounting year
December Final results for 2025 announced
2026 January Annual General Meeting
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BGGDULDGDGULRecent news on Cardiff Property
See all newsREG - Cardiff Property PLC - Transaction in Own Shares
AnnouncementREG - Cardiff Property PLC - Half-year Report
AnnouncementREG - Cardiff Property PLC - Transaction in Own Shares
AnnouncementREG - Cardiff Property PLC - Transaction in Own Shares
AnnouncementREG - Cardiff Property PLC - Transaction in Own Shares
Announcement