24th Jun 2015 09:42
LONDON (Alliance News) - Market Tech Holdings Ltd Wednesday issued its first annual results since listing on AIM in December 2014, saying it wants to develop a hotel at London's Camden Market.
Market Tech, which owns real estate in Camden in north London, said it already has planning permission for a two-storey market at Union Street Market, the open-air market on Camden High Street, and intends to seek planning permission for a boutique hotel. The company said that an urban hotel is a "key step" in regenerating the high street, highlighting the need to attract higher quality tenants.
The company's pretax profit increased to GBP44.1 million from GBP16.9 million in the year ended March 31, as revenue increased to GBP30.1 million from GBP18.4 million, and the net gain from fair value adjustment of investment property increased to GBP60.5 million from GBP22.8 million.
"We have already commenced reinvigorating the unique Camden experience and truly believe that this unique circa 13 acre real estate opportunity, combined with a world-wide integrated e-commerce strategy, has created one of the most exciting opportunities in the UK - for retailers and shareholders alike. Together we have a very exciting future together," Chief Executive Charles Butler said in a statement.
Market Tech raised GBP100 million when it joined AIM, issuing 50.0 million shares at 200 pence each, giving it a market capitalisation of GBP750 million.
Shares in the company were up 0.8% at 253.99 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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