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LONDON (Alliance News) - Thames Valley-focused property investment company Cardiff Property PLC said on Tuesday it suffered a drop in profit in its recently ended financial year due to a revaluation deficit, despite income growth.
Pretax profit for the year to the end of September was GBP1.1 million, down from GBP3.4 million the year before, due mainly to a deficit in the revaluation of investment properties at GBP25,000, swinging from a GBP905,000 surplus the year before.
There also was a lower share of results from joint ventures at GBP336,000 from GBP1.8 million.
Rental income however increased to GBP650,000 from GBP552,000, on a property portfolio that rose in value to GBP26.8 million from GBP25.6 million the year before.
Net asset value per share as at September 30 was 2,178 pence, up from 2,126p the year before.
Cardiff Property said that despite lower levels of activity due to political uncertainty leading to caution in the UK property market, a shortage of office space and industrial units kept commercial property rental levels stable.
The group recommended a final dividend of 12.2 pence per share, leading to a total payout of 16.6p, up 7.1% from 15.5p the prior year.
"A more cautious mood has been noticeable in the Thames Valley commercial property market over the last six months. Continued nervousness on the outcome of the Brexit negotiations, political uncertainty and increasing world-wide trade barriers have affected the willingness to commit to longer term contractual arrangements," said Chairman Richard Wollenberg.
"Despite the lower level of activity commercial property rental levels remain unchanged aided by a shortage of modern office space and small/medium sized industrial units with good parking and facilities. New Grade A office developments in certain Thames Valley locations continue to achieve high headline rents although leases are usually limited to a ten-year period," Wollenberg added.
Shares in Cardiff Property were untraded on Tuesday, last quoted at 1,845.00 pence.
