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LONDON (Alliance News) - Adams PLC on Tuesday said profit grew in the first half of its current financial year, but the company said it remains cautious when considering investment options due to Brexit and the US-China trade dispute.
The real estate investment company said pretax profit grew to GBP517,000 in the six months to the end of September from GBP180,000 reported for the same period a year earlier, helped by higher investment returns.
In the first half, the company said it remained almost fully invested and did not make any new investments or make any investment disposal realisations.
Adams held six investments at September 30, with the total investment value of GBP2.6 million, up 24% from GBP2.1 as at the end of March.
Net assets value per share was 3.18 pence at the end of the period, up 25% from 2.55p reported on March 31.
"There is continued reason for investment caution in the near term, given the many threats to a sustained global recovery, including a trade war between the US and China, rising US interest rates, the tightening of global monetary conditions and ongoing Brexit uncertainties," said Chairman Michael Bretherton.
Adams shares were untraded on Tuesday, last closing at 1.50 pence each.