Cardiff Property PLC 2025 prelims: profit up, dividend up, cash up
Cardiff Property has posted a tidy set of preliminary results for the year to 30 September 2025. Profit before tax rose, earnings per share jumped, the dividend was lifted by 17.0%, and the balance sheet remains rock solid with nil gearing. In a subdued Thames Valley property market, that’s not nothing.
Below are the headline numbers that matter for shareholders.
| Metric | 2025 | 2024 |
|---|---|---|
| Profit before tax | £1,679,000 | £1,385,000 |
| Earnings per share | 132.90p | Noted as 102.76p in the financial statements |
| Total dividend per share | 27.5p | 23.5p |
| Net assets | £30,664,000 | £30,423,000 |
| Net assets per share | £30.53 | £29.31 |
| Gearing | Nil | Nil |
| Cash and cash equivalents | £10,496,000 | £2,014,000 |
| Term deposits | £4,032,000 | £10,235,000 |
| Share buybacks | 33,356 shares for £0.85m | 16,034 shares for £0.37m |
| Share of profit from Campmoss JV | £380,000 | £140,000 |
Earnings, NAV and cash: quality of growth
Profit before tax increased to £1,679,000, helped by higher financial income (£685,000) and a stronger contribution from the 47.62%-owned joint venture, Campmoss (£380,000). Revenue from the Group’s own rental assets was steady at £680,000. Property revaluations were largely flat, with a small fair value loss of £5,000.
Net assets edged up to £30,664,000, or £30.53 per share, a 4.1% increase year-on-year. Importantly, this is growth with no leverage: gearing remains nil. Liquidity is strong, with £10,496,000 of cash and another £4,032,000 parked in term deposits at the year-end.
Earnings per share came in at 132.90p. Administrative costs fell to £470,000, and other operating income of £641,000 (including the management fee from Campmoss) provided ballast. The company also received a £2,500,000 dividend from Campmoss during the year, which supported cash but reduced the carrying value of the JV stake.
Dividend increase and ongoing buybacks: tangible returns
The Board recommends a final dividend of 20.0p, taking the total dividend to 27.5p (2024: 23.5p) – up 17.0%. Key dates: ex-dividend 15 January 2026, record date 16 January 2026, and payment on 30 January 2026. For income-minded holders, that’s a meaningful uplift backed by a cash-rich balance sheet.
Cardiff also retired 33,356 shares at a cost of £0.85 million. Buybacks can boost earnings and net asset value per share when done sensibly, and you can see that in the NAV per share moving to £30.53 despite flat external valuations. The company plans to renew the buyback authority at the AGM on 15 January 2026.
Leasing progress: steady occupancy and RPI-linked uplifts
Despite a quiet market, Cardiff completed new lettings at Windsor Business Centre (post-refurbishment), White House in Egham (first floor office and a ground floor retail unit), and a ground floor warehouse at Maidenhead Enterprise Centre. Across the portfolio, lease renewals were typically agreed for 3-5 years with RPI uplifts. RPI-linked rent reviews index lease payments to inflation.
Campmoss’ residential apartments in Bracknell remain on annual lets, again seeing minor increases in line with RPI. One retail unit at Market Street, Bracknell is under offer.
Campmoss JV: planning wins, a conditional sale, and a busier pipeline
Cardiff’s share of Campmoss’ profit after tax was £380,000, which includes a £210,000 uplift in property values. The joint venture is the key value lever for the Group, and there’s been notable planning progress:
- The Priory, Burnham: planning granted for a 75-bedroom care home, enabling separation from the Grade II Listed office. Post year-end, Campmoss exchanged a conditional contract to sell the freehold. Conditions are expected to be met in 4-6 months.
- Highway House, Maidenhead: planning approved for 76 apartments including affordable housing, subject to a Section 106 agreement – now completed. A care home proposal was refused, with an appeal under consideration. A Section 106 agreement is a planning obligation that secures community benefits or mitigations.
- Tangley Place, Worplesdon: application submitted for a 64-bedroom care home; discussions are ongoing with the local authority.
The Group’s total property portfolio, including Campmoss, stands at £23.4 million (2024: £22.9 million). The mix is 43% retail, 6% business units, 13% residential, and 38% office/care home. Cardiff’s own commercial portfolio is valued at £5.64 million, with its freehold office carried separately within property, plant and equipment.
ESG and development: pragmatic progress
No new developments were undertaken this year, but refurbishments factored in sustainability and health and safety. Planning submissions emphasise modern, energy-efficient design with a target BREEAM rating of Very Good. BREEAM is a recognised environmental standard for buildings.
The Chairman again flags the rising cost and long timelines for planning – applications can take upward of two years, with no meaningful simplification yet delivered. That is the operating reality for small-cap property developers today.
Outlook and risks: subdued market, strong balance sheet
Management describes confidence in the Thames Valley market as “at a low ebb”, and notes the prospect of major interest rate cuts is on hold. Even so, Cardiff is well insulated: nil gearing, ample cash, and recurring income from rents, interest, and Campmoss fees/dividends.
One technical footnote worth knowing: if Cardiff were to dispose of its Campmoss stake at balance sheet value, a deferred tax of £2.33 million (equivalent to £2.26 per share) would arise. This is not recognised on Cardiff’s balance sheet and is provided purely as a non-statutory disclosure.
My take: dependable, cash-first execution with optionality
There’s a lot to like here if you value prudence. The company is cash-rich and unlevered, it’s returning capital via dividends and buybacks, and it’s quietly progressing planning that could recycle assets at The Priory and unlock value at Highway House and Tangley Place. The £2.5 million dividend from Campmoss, stronger JV profit, and robust financial income underscore a resilient earnings mix.
On the flip side, market demand remains dull, planning is slow and costly, and revenue from the Group’s own rental assets is flat. Exposure is concentrated in the Thames Valley, and a chunk of value sits within the JV, which naturally adds a layer of complexity. None of that is new, but it’s worth watching.
Net-net, these are good quality results in a tough backdrop. The stronger dividend, ongoing buybacks, and conditional sale at Burnham suggest management is pressing on with sensible capital allocation. If the planning pipeline converts – and the market stabilises – there is optionality for further value creation, all while carrying no debt.
Key dates for your diary
- AGM: 15 January 2026
- Ex-dividend date (final): 15 January 2026
- Record date (final): 16 January 2026
- Final dividend payment: 30 January 2026
