2nd Dec 2015 11:17
LONDON (Alliance News) - Urban&Civic PLC on Wednesday reported an increase in net asset value in its last financial year, bolstered by the revaluation of trading property held as current assets.
Net asset value, measured on the European Public Real Estate Association basis, increased to GBP389.9 million on September 30, from GBP347.8 million one year earlier. Pretax profit fell to GBP7.0 million in the same period, down from GBP19.1 million. The company lifted its interim dividend to 2.65 pence from 1.5p.
"The next 18 months are pivotal, in terms of immediate company prospects and the sustained cash monetisations from the larger projects. The signs are all encouraging at present," Executive Chairman Nigel Hugill said in a statement.
"The UK population is projected to rise by 4.4 million to 69 million by 2024, a near 7.0% increase over ten years, but also mostly concentrated in the east and south east of England. Urban&Civic is perfectly positioned to capitalise on those changes," Hugill said.
"Alconbury, Rugby and Waterbeach promise to be three of the most substantial additions to UK housing stock over the next 15 years. The current aggregated project gross development value of over GBP7.0 billion underpins stable predictable long-dated income for the group," the chairman added.
Shares in Urban&Civic were down 0.7% to 274.50 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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