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LONDON (Alliance News) - Cardiff Property PLC Thursday reported a slight dip in pretax profit for the first half, but remained upbeat following a good performance from its Campmoss Property business.
The property investment and development company posted pretax profit of GBP635,000 for the six months ended March 31, down from GBP655,000 a year earlier, mainly down to a dip in profit from joint ventures and financial income.
Revenue, which represents gross rental income, crept up to GBP257,000 from GBP254,000 in 2013.
Cardiff Property, which operates in the Thames Valley region, said its net asset value at the period-end stood at GBP17.4 million compared with GBP16.4 million a year earlier.
The firm said its Campmoss business made progress during the year. Campmoss Property Company Ltd has now sold 22 apartments at Datchet Meadows, its residential site located between Datchet and Slough. The development of 37 units comprises one-, two- and three-bedroom apartments.
Cardiff Property said the sale of apartments at Datchet Meadows has enabled Campmoss to reduce its indebtedness and, with completion of a residential scheme at Bracknell and implementation of new planning permissions at Worplesdon and Bracknell, the group is well placed to benefit from improvements in the Thames Valley commercial and residential market.
The firm increased its interim dividend to 3.4 pence from 3.3 pence.
Cardiff Property shares were trading at 1,099.50 pence Thursday afternoon, up 149.50 pence or 16%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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