11th Jun 2020 12:07
(Alliance News) - Urban&Civic PLC on Thursday said its earnings declined in the first half of its current financial year but it expects improvement going forward.
The property company reported pretax profit of GBP200,000 for the six months to the end of March compared to GBP5.1 million a year earlier.
Urban&Civic said its net asset value per share declined to 335.1 pence as at March 31 from 340.6p a year ago, reflecting valuation uncertainties in light of Covid-19 crisis.
Residential plot completions in the first half were 382 versus 365 a year prior.
Urban&Civic said it will not be declaring a dividend for the first half, having distributed a 1.4p per share payout a year before. It said decision to pay an interim dividend postponed, having regard to the deferral of cash receipts associated with residential sales.
"Whatever the behavioural changes from this awful pandemic, it is hard to see well-planned housing with gardens, good connections, great schools, decent broadband and guaranteed access to green spaces being disadvantaged. Witness four new licences and land sales signed since March," said Chief Executive Nigel Hugill.
AIM-listed Urban&Civic shares were trading 4.1% lower in London on Thursday at 234.10p each.
By Evelina Grecenko; [email protected]
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