7th Oct 2019 15:36
(Alliance News) - Property investor Vordere PLC on Monday said it has had a rise in assets so far in the first half of its financial year but predicted that markets are heading toward a downturn in the short to medium term.
In the five months to August 31, net asset value per share rose by 44% to 16.91 pence from 11.67p at the end of March.
Total assets more than trebled to GBP84.5 million from GBP24.2 million helped by the recent acquisition of six new properties.
Vordere added: "The acquisitions completed in the first five months of the financial year mean that the company has made great strides in reaching its near-term objective of EUR100 million of assets with a medium-term expectation that our collateral will expand past EUR250 million."
Vordere said it expects financial markets to dip to a cyclical downturn in the short to medium term.
The company added: "We plan to create value for shareholders by focusing in the near-term on increasing the number and size of our current assets and cash reserves, whilst limiting exposure to debt and management costs. We believe that this approach will position the group to enhance returns throughout challenging financial markets."
Shares in Vordere are currently suspended from trading in London. The company requested for its shares to be temporarily suspended from trading on the Main Market in early July so it could accurately assess its financial position.
By Eric Cunha; [email protected]
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