26th May 2021 14:43
(Alliance News) - Panther Securites PLC on Wednesday reported a swing to a profit in 2020 after an increase in the value of its property portfolio.
The Hertfordshire-based property investment company made a pretax profit of GBP2.6 million, after a loss in 2019 of GBP5.0 million. Revenue fell 8.4% to GBP13.1 million from GBP14.3 million. Net asset value per share increased 1.7% to 488 pence from 480p.
The company will pay 12p per share in dividends for the year, the same as in 2019.
Shares were up 2.0% to 250.00p in London.
Panther said its industrial properties performed strongly and now make up 30% of its portfolio. Residential properties in southeast England did well, while retail assets were mixed.
The company has agreed a GBP66 million three-year term loan, a reduction from the current GBP75 million facility.
"Our results, to my mind, have shown a remarkable resilience when you consider the year's problem," Chair Andrew Perloff said.
By Ivan Edwards; [email protected]
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