LONDON (Alliance News) - Property development and project management company Formation Group PLC was trading higher early Wednesday as the group said its results for the year to the end of August will come in ahead of its expectations.
Formation said its pretax profit for the year to the end of August will be more than double the GBP1.8 million target it had in place at the start of the year. This compares to a GBP99,000 loss it made a year earlier, and the company expects its profitability will continue to improve in the current financial year.
The rise was driven by the GBP2.0 million the company got as part of its profit share agreement with Sunbel Development Ltd and Pinacle Developments Ltd on a property on Streatham High Street in south London.
Formation shares were up 30% just after the open on Wednesday to 9.88 pence, the best performer in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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