24th Sep 2015 09:50
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd on Thursday delivered an improved pretax profit in the first half to the end of July, driven by stability in its portfolio of investments.
Pretax profit for the company was up to GBP3.4 million from GBP3.2 million, as its revenue in the half rose to GBP4.2 million from GBP4.0 million. ICG-Longbow said its revenue performance stabilised in the first half, in line with its expectations, following the investment programme it carried out a year earlier.
The company's investment portfolio remained the same in the half, which it said reflected the stability of the underlying borrowers and the benefits of income protection in its portfolio as a deterrent for borrowers to refinance within a low interest rate environment.
The company's net asset value in the half was up to 100.12 pence per share, up from 99.99p at the end of its last financial year in January.
It declared an interim dividend of 1.5p for the period May 1 to July 31.
Shares in ICG-Longbow were untraded on Thursday, having last traded at 106.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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