19th Feb 2015 10:38
LONDON (Alliance News) - Coalfield Resources PLC Thursday said its pretax profit and net asset value increased during 2014, spurred by growth from its only significant investment.
Coalfield is a property investment holding company whose one significant investment is a 24.9% stake in Harworth Estates Property Group Ltd, a property management company in which Coalfield takes an active investment management role.
For the year ended December 31, Coalfield Resources reported a pretax profit of GBP3.5 million, slightly up from GBP3.3 million in 2013, spurred by an extra GBP306,000 share of profit from Harworth Estates.
Net asset value increased to GBP58.7 million, compared to GBP55.2 million a year earlier, or a net asset value per share of 9.7 pence compared to 9.1 pence.
Coalfield said Harworth reported an increase in net assets in 2014 to GBP249 million from GBP235 million in 2013, and said its property portfolio is valued at GBP290 million, compared to GBP277 million.
"Harworth Estates has benefited from improved confidence in the housing market across the North and the Midlands," said Coalfield.
At the end of December, Coalfield reported a cash balance of GBP1.5 million.
Coalfield shares were down 0.5% to 5.40 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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