8th Dec 2015 10:00
LONDON (Alliance News) - Conygar Investment Company PLC on Tuesday welcomed a "solid" set of results for its last financial year, which followed record profits the prior year.
"We continue to grow net asset value per share and are pleased at the progress being made on both the development projects and the investment property portfolio. We believe that our medium term pipeline of development opportunities, along with our asset management initiatives and realisations of the investment properties will deliver further significant growth," Chief Executive Robert Ware said in a statement.
Conygar said its net asset value per share increased by 2.9% to 203.3 pence in its last financial year.
The company said it made a GBP7.8 million pretax profit in the year ended September 30, compared with GBP20.5 million the prior year.
The valuation of its investment property portfolio was up 3.0% on a like for like basis, the company said, citing an improving property market outside London. "The development portfolio is valued at cost," the company added.
Conygar said it has GBP57.0 million in cash available for acquisitions. Net debt amounted to GBP13.3 million on September 30, a gearing, or borrowing level, of 7.9% against net asset value.
The company counted nine investment property disposals in the year for GBP31.3 million, equivalent to a GBP2.8 million surplus over book value.
Its dividend per share was held at 1.75p.
Shares in Conygar were up 0.7% at 172.67p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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