20th May 2015 09:52
LONDON (Alliance News) - The Conygar Investment Company PLC Wednesday said first-half pretax profit fell because the uplift in the value of its investment properties was higher in the prior year, while its net asset value grew in the six months.
The company said its pretax profit amounted to GBP4.1 million in the six months ended March 31, compared with GBP7.5 million the corresponding period of the prior year. The company said the value of its investment properties increased by GBP1.2 million on a like for like basis in the six months, compared with the GBP4.8 million uplift in the corresponding six months of 2014.
Net property income amounted to GBP5.0 million before financing and overheads, compared with GBP5.7 million for the same period last year, according to the company, which cited asset sales as the reason for the decreased.
"We continue to grow net asset value per share and our carefully managed development projects have the potential to deliver further significant growth over the next few years," Chief Executive Robert Ware said in a statement.
"However, we maintain our disciplined approach to risk management and our balance sheet remains strong. We anticipate increasing our investment and focus onto the development projects whilst, at the same time, continuing to realise value from the investment property portfolio. The outlook is positive and increasingly so, as the economy continues to improve," Ware said.
Steven Vaughan, the company's property director, will step down on May 29, according to Conygar.
"As one of our founding directors and shareholders, he has been instrumental in getting the Company where it is today and we wish him every success in the next stage of his career," Ware said.
Shares in Conygar were down 0.9% at 180.80p on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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