30th Apr 2019 14:28
LONDON (Alliance News) - London & Associated Properties PLC said on Tuesday its net asset value fell in 2018 amid a tough year for the retail property market in the UK.
Shares in London & Associated were down 12% at 22.90 pence on Tuesday.
The company's net asset value per share declined to 50.83p from 53.74p the year before, with group net assets standing at GBP55.7 million at the year-end, versus GBP56.7 million in 2017.
"Market sentiment towards retail property is very negative. Our portfolio, while still generating good returns, has been marked down further by valuers," the company explained.
London & Associated recommended a final dividend of 0.18p per share, up 2.9% on last year.
Pretax profit for 2018 totalled GBP1.3 million, versus GBP11.3 million in 2017. In 2018, the company saw a GBP2.6 million profit valuation decrease, compared to a GBP9.4 million uplift in 2017.
"The increasingly difficult retail environment endorses our 2017 decision to sell Brixton Markets for GBP37.25 million," said Chair Michael Heller and Chief Executive John Heller.
"This cash has all been allocated or deployed away from the retail property sector and into non-retail property with greater potential for future growth through asset management or development opportunities," they added.
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London & Associated Properties