3rd Dec 2015 07:54
LONDON (Alliance News) - Property developer Market Tech Holdings PLC on Thursday posted higher pretax profit and revenue for the first half as the group continues its work redeveloping the main Camden markets in north London.
Market Tech said its pretax profit for the half to the end of September was GBP10.1 million, sharply higher than the GBP3.6 million it made a year earlier as its total revenue increased to GBP62.2 million and it made a GBP16.4 million net gain on the value of its investment portfolio, compared to an GBP8.4 million gain a year earlier.
The group said its net asset value at the close of the half was GBP770.1 million, or 164.4 pence per share, up 11% from the 148.1 pence per share at the end of March.
Its total property portfolio passing rent increased 6.8% in the half to GBP28.3 million, while its average rent per square foot is now at GBP60.80.
"We have delivered a strong financial performance for the six months to September 30, 2015 and continue to make excellent progress in the implementation of our strategy for growth. The value of our property and online assets continues to grow and we have created an effective capital structure for investment as we deliver our vision for Camden," said Charles Butler, Market Tech's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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