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LONDON (Alliance News) - Cardiff Property PLC said Wednesday its pretax profit for the first half of the financial year widened to GBP715,000 from GBP561,000 in the same period last year, amid strong rental demand.
For the six months ending March 31, revenue in the property investment company climbed to GBP336,000 from GBP284,000 year-on-year.
The increase in revenue was mainly driven by a good level of tenant demand in the Thames Valley commercial property market, Cardiff Property said.
However, the company said the anticipated slow down in the UK residential market resulted in lower values in the sector, especially in the high-end market.
The company declared an increase of 10% in its interim dividend, up to 4.4 pence from 4.0p.
"The economy and the property market have performed significantly better than predicted at the time of the Brexit vote and the general election. Interest rates remain low and projected increases are limited. If the economy remains resilient the property market should perform likewise," Chairman Richard Wollenberg said.
Shares in Cardiff Property traded at 1,780.00 pence on Wednesday, up 2.3%.
