24th Feb 2015 08:37
LONDON (Alliance News) - Development Securities PLC on Tuesday said it is trading in line with expectations for the year and will pay a special dividend to its shareholders, though it announced that its chief executive is to step down.
The property investor said it is on track to hit its expectations for the year, with gains generated from its regeneration, development and trading activities.
As a result of the strong performance, the group said it will pay a special dividend of 8 pence per share, in addition to any dividend it will propose for the financial year to the end of February.
In a separate statement, Development Securities said Chief Executive Michael Marx has decided to step down from his role after 21 years with the company. He will be replaced by Matthew Weiner, currently an executive director, while Richard Upton, also currently an executive director, will become deputy CEO.
Shares in Development Securities were up 3.8% to 246.50 pence on Tuesday morning, one of the best performers in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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