25th Apr 2018 13:09
LONDON (Alliance News) - Panther Securities PLC on Wednesday said it anticipates positive future and rental income growth after it swung to a profit in 2017.
The property investment company posted pretax profit of GBP24.8 million for 2017 compared with a pretax loss of GBP2.0 million the year earlier, while revenue, which comes from the rent of its properties, remained broadly flat at GBP13.0 million.
Administrative expenses dropped year-on-year to GBP2.1 million from GBP2.9 million.
The company highlighted a gain in its interest rate swap liability of GBP1.9 million for 2017, compared to a fair value loss of GBP5.3 million last year.
Panther proposed a final dividend of 7.00 pence per share for 2017, down from 9.00p paid the prior year. However, the company said that it will pay a special dividend of 10.00p per share, bringing the total payout to 22.00p.
"We had a very good trading year and the current year has started well," said Chairman Andrew Perloff.
"I therefore expect our prospects for the near future will be positive with a stable but growing rental income with the potential to add value to our portfolio."
Shares in Panther Securities were trading 2.1% higher on Wednesday at 342.00p.
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Panther Securities