26th Jun 2014 10:57
LONDON (Alliance News) - Residential property investor Mountview Estates PLC Thursday reported an increase in profit and revenue for the full year, which it attributed to a "very buoyant" housing market in its core geographical area.
The company, which buys and sells tenanted residential property in London, posted pretax profit of GBP35.4 million for the year ended March 31, up from GBP28.9 million a year, as revenue rose 17% to GBP66.2 million from GBP56.6 million.
On the back of its performance the company increased its final dividend to 150 pence up from 125 pence, making a total dividend of 200 pence compared with 175 pence per share a year earlier.
During the year Mountview said it invested GBP23.9 million in new properties. However, it said the buoyant housing market has brought more players into its core market, and this has resulted in greater competition for new purchases.
Nonetheless the company said it believes it has continued to buy wisely, investing in properties located where it sees good value and potential profits.
Mountview Estates shares were quoted up 0.9% at 8,600.00 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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