21st Nov 2016 10:14
LONDON (Alliance News) - Safeland PLC on Monday said it swung to a pretax loss in the first half of its financial year, and said it will not be paying an interim dividend for the period.
The property trading and investment company reported revenue of GBP1.9 million for the six months ended September 30, down from GBP12.5 million the prior year.
The reduced revenue, along with increases in administrative expenses and finance costs, meant Safeland swung to a pretax loss of GBP377,000 from a profit of GBP4.3 million a year earlier.
Safeland noted the property market was constrained by the current economic and political outlook in the UK, which it said was creating a "very cautious environment". Although the company said it was continuing to pursue acquisition opportunities, Safeland noted it will be "extremely selective" until there is further clarity as to the general outlook.
The group's net asset value per share decline to 111.70 pence at the end of September, down from 114.00p at the end of March, but slightly ahead of the 110.70p reported the prior year.
Safeland said it was not paying a dividend for the six-month period, having paid 1.50p per share the prior year.
Shares in Safeland were down 7.9% at 41.00p on Monday morning.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.