1st Dec 2015 09:32
LONDON (Alliance News) - Cardiff Property PLC on Tuesday reported lower pretax profit in its last financial year, after lower surpluses were booked on revaluation of its investment properties, and said confidence in the Thames Valley property market continued to improve.
The group, which specialises in property investment and development in the Thames Valley, said it made a GBP2.6 million pretax profit in the year ended September 30, compared with GBP3.2 million the prior year. Revenue increased by 8.0% to GBP577,000, while other operating income was up 14% to GBP406,000. Administrative expenses were down 20% to GBP540,000.
However, surpluses on revaluation of investment properties were down to GBP150,000 from GBP667,000.
"Commercial property agents reported an increase in letting enquiries and subsequent take up from both local and national businesses as well as new corporate clients. Office and industrial rents have generally increased by 5.0% and it is now noticeable that this is being complemented by a growing level of new development," Chairman Richard Wollenberg said in a statement.
The company increased its dividend for the year as a whole to 13.5 pence from 12.95p.
Shares in Cardiff Property were up 7.7% at 1,125.00p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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