22nd Nov 2018 13:43
LONDON (Alliance News) - Mountview Estates PLC on Thursday warned on Brexit doubts affecting the residential property market as its profit dipped in the first half of its current financial year.
The property management company said revenue in the six months to September 30 decreased by 8.5% to GBP30.2 million from GBP33.0 million reported for the same period a year earlier, pushing pretax profit down 14% to GBP15.9 million from GBP18.4 million.
Net assets per share grew by 3.5% to GBP92.2 during the period from GBP89.1 reported a year before.
Mountview maintained its interim payout at 200p per share.
The stock was untraded on Thursday, last closing at 9,650.00 pence a share.
"The uncertainty surrounding Brexit of which I wrote last year will continue until March 29 at the earliest," said Chief Executive Officer Duncan Sinclair.
"Whilst the company conducts its business entirely within the borders of the UK, it cannot escape the overall effect of these uncertainties," added Sinclair.
In the first half, the company said fewer of its properties have come vacant and sales take longer to complete.
Looking forward, Mountview said it intends to continue to acquire the properties to take advantage when the economy settles down and the Brexit uncertainties will have been banished.
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