22nd Aug 2018 08:50
LONDON (Alliance News) - Hansteen Holdings PLC said Wednesday that its profit for the first half of the year more than doubled mainly due to fall in finance costs.
For the six months to June 30, the property investor posted pretax profit of GBP29.3 million, up from GBP12.6 million a year ago. Finance costs fell by 78% to GBP4.4 million due to absence of costs relating to conversion of bonds.
Meanwhile, normalised income profit dipped to GBP13.6 million from GBP15.5 million and revenue decreased 9% to GBP26.2 million from GBP28.8 million the year prior.
The company said that its property valuation increased by 3.7% to GBP24.1 million.
"The backdrop to our business remains positive. Occupational demand is solid with very limited supply in all our regions. Rents and capital values are growing but at a time when there is no new meaningful supply on the horizon," Joint Chief Executive Officers Ian Watson and Morgan Jones said.
"We remain committed to our buy, work and sell business model and expect to continue to realise investments over the next couple of years. As we have shown with the recent acquisition, if we identify opportunities that fit our model we will keenly pursue them but our expectation is that we will be net sellers for the foreseeable future," they added.
The company proposed an interim dividend of 2.4 pence, up 4.3% year-on-year, from 2.3p.
Shares in the company were trading 0.1% higher at 105.00p each.
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