10th Sep 2019 13:37
(Alliance News) - Residential development finance firm Urban Exposure PLC narrowed its interim losses after generating revenue for the first time.
In the six months to June 30, Urban delivered a revenue of GBP5.3 million, in the comparative period, from April 10, 2018 - the company's inception - to the end of June that year, there was no recorded income.
It narrowed its pretax loss to GBP300,000 from GBP1.6 million. Offsetting revenue was GBP5.3 million worth of operating costs, up from GBP1.0 million, and GBP300,000 worth of exceptional items, halved from GBP600,000 last year.
Net tangible assets, which is net asset value minus intangible assets, were GBP135.2 million, down 6.2% year-on-year from GBP144.2 million. Tangible net asset value per share fell by 2.3% to 85.00 pence from 87.00p.
Shares in the company were 2.3% higher at 45.00p apiece.
New committed loans at the end of the first half totalled GBP54.3 million, up from GBP300,000 in in 2018's interim. At September 9, new committed loans totalled GBP97.5 million, Urban added.
The company also said that it has a loan pipeline of GBP1.01 billion, of which GBP666.3 million is in due diligence.
In line with its policy, Urban will pay an interim dividend of 1.67 pence per share and targets an annual payout totalling 5.0p.
Looking ahead, the company's outlook for the UK property industry remains positive, despite Brexit uncertainty.
Urban added that the second half of the year is traditionally busier, so it is confident of meeting market expectations.
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