28th Nov 2013 09:09
LONDON (Alliance News) - Residential property investor Mountview Estates PLC Thursday reported an increase in profit and revenue for the first half, as it made GBP20 million worth of acquisitions.
The company, which buys and sells tenanted residential property, posted pretax profit of GBP13.2 million for the period ended September 30, up from GBP11.9 million a year earlier, while revenue crept up to GBP28.8 million from GBP25.9 million in 2012.
Mountview said its made purchases totaling over GBP20 million during the period, all located in London and the South East.
It said net assets per share rose 7.4% to GBP64.10 from GBP59.71 a year before, while borrowings rose during the six months, but were lower than they were a year ago
Gearing has been kept at a "modest" level, it added.
Going forward, Mountview said it was well equipped to make further purchases.
The interim dividend remained unchanged at 50 pence per share.
Mountview shares were up 0.8% at 7,095.25 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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