14th Jun 2022 12:06
(Alliance News) - Palace Capital PLC reported on Tuesday it swung to an annual profit thanks to the strength of its disposal strategy and announced that its co-founder and chief executive, Neil Sinclair, would step down after 12 years.
Palace Capital is an investor in commercial real estate outside of London. Shares were up 0.8% at 273.76 pence at midday on Tuesday in London.
For the year ended March 31, the company swung to a pretax profit of GBP24.6 million from a loss of GBP5.5 million the previous year. Palace Capital said this was driven by its disposal strategy, revaluation gains and trading profit of GBP3.8 million from residential units.
Revenue more than doubled to GBP49.1 million from GBP22.2 million as net property income rose 28% to GBP19.0 million from GBP14.9 million.
At the end of March, the company's net asset value stood at GBP177.2 million, up 12% from GBP157.8 million at the same time the previous year.
Palace Capital reported 98% rent collection for the 12 months to March 31.
Interim Chair Steven Owen says: "The group has delivered a robust set of results driven by a combination of active operational and financial activity, property revaluation gains and profits arising from the disposal strategy resulting in a total accounting return of 14.8%."
The full-year dividend increased by 26% to 13.25p from 10.50p.
Separately, the company announced that CEO & Co-Founder Neil Sinclair will be stepping down from the board with immediate effect after 12 years of service.
By Heather Rydings; [email protected]
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