16th Nov 2015 08:46
LONDON (Alliance News) - Property company Safeland PLC on Monday said pretax profit surged in the first half thanks to higher revenue, driven by the completion of some key developments.
Safeland said its pretax profit for the half to the end of September was GBP4.3 million, up from GBP2.2 million a year earlier, as revenue rose to GBP12.5 million from GBP7.8 million.
The company said its results were boosted by the completion of a number of property developments, including two phases of its project in Wimbledon in south west London. Safeland did note the results were in part a symptom of the timing of completions and therefore do not necessarily provide a guide for the second half.
The group said it will pay an interim dividend of 1.5 pence per share, having not paid an interim dividend a year earlier.
Safeland said the property market in the UK is very strong, albeit with the higher prices being resisted in some sectors, which is leading to stagnation in some parts of the market.
"It is difficult to anticipate the true substance of the underlying strength of the market, and whilst the board is confident it has the skills necessary to continue to make opportunistic acquisitions in any market, its current approach is to be very selective in what may prove to be too aggressive an environment," the company said.
Safeland shares were up 8.1% to 60.00p on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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