26th Mar 2015 10:28
LONDON (Alliance News) - Highcroft Investments PLC Thursday said pretax profit rose in 2014 due to higher net rental income, strong net realised gains and net valuation gains on investment property, which more than offset lower net investment income and higher administration expenses.
Highcroft Investments said it made a GBP7.0 million pretax profit in 2014, compared with a GBP4.8 million pretax profit in 2013. It increased its dividend for the year to 36.0 pence per share from 33.75p.
Net rental income increased to GBP2.9 million from GBP2.6 million. Net realised gains on investment property increased to GBP937,000 from GBP415,000, while net valuation gains on investment property rose to GBP3.6 million from GBP1.2 million. Net investment income, a measure of money made and loss on dividend revenue and equity investments, fell to GBP62,000 from GBP1.0 million. Administration expenses rose to GBP432,000 from GBP345,000.
"We are very pleased with the results for the year and remain optimistic that we start 2015 from a position of strength upon which we hope to build through further attractive acquisitions. We will continue to reduce the equity portfolio in line with our strategy," Chairman John Hewitt said in a statement.
Highcroft shares were up 1.8% at 850.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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