29th May 2018 09:15
LONDON (Alliance News) - Energiser Investments PLC on Tuesday said it swung to profit in 2017 after getting a priority return from the Kingswood project.
The company posted a pretax profit of GBP604,000 for 2017, swinging from a GBP211,000 loss the year before. The result reflects a GBP773,000 priority return received from the mezzanine funding project.
Energiser said its investment in the development funding of 12 residential properties in Kingswood, Surrey was repaid in the prior year. As at the year-end the remaining monies owed via the priority were repaid.
Administrative expenses rose year-on-year to GBP235,000 from GBP110,000 due to increasing investment activity in the year. Finance costs dropped to GBP54,000 from GBP208,000, as a result of lower interest payments.
Meanwhile, revenue from rent fell slightly to GBP138,000 from GBP160,000.
Net assets remain broadly flat year-on-year at GBP1.8 million following disposals and repayment of debt. During the year, the company sold 20 properties in Wellingborough for GBP2.8 million.
Net asset value per share at 2017 end stood at 1.43 pence, up marginally from 1.41p at the end of 2016.
Energiser shares were untraded on Tuesday at 1.15 pence each.
Looking ahead, the company said it intends to "actively" manage its investments and transact in further accretive investment opportunities.
Related Shares:
ENGI.L