Cardiff Property Plc, the small ungeared Thames Valley-based property business chaired by Richard Wollenberg, reported its H1 results today.

Wollenberg believes that:

"The Thames Valley is one of the few prime commercial property locations in the United Kingdom and any signs of economic growth should be identifiable. It is, therefore, disappointing to note that, whilst some commercial lettings have taken place, the general level of activity is still disappointing."

The commercial property investment portfolio comprises a range of office, retail and industrial units located in Egham, Windsor, Maidenhead and Cardiff. The H1 revenue was up 4% on last year at £279,000. The firm also owns 47.62% of Campmoss Property Company, which develops and redevelops business property. When this is included in the results the pre-tax profit is increased to £335,000.

Campmoss has refurbished a property in Market Street, Bracknell, containing 15 small retail units, all of which are now let or under offer, whilst at Worpleston it is building a 78 bed care home which it has pre-let to Barchester Healthcare for £790,000 per annum. In Slough it has built 37 apartments, selling 10 and letting 14 on AST's.

Shares in Cardiff Property closed last night at 665p which values the firm at £8.9 million. The NAV is 1188p per share.