LONDON (Alliance News) - Residential property developers Northacre PLC reported an increase in profit for the first-half, as it looks to invest in its properties.
The company, which focuses on the London market, posted pretax profit of GBP13.0 million for the period ended August 31, compared with a loss of GBP6,000 a year earlier, attributed to the "profit share stream" from The Lancasters Development a apartment site near Hyde Park.
Revenue, however, declined during the period to GBP0.9 million from GBP1.5 million a year earlier, which Northacre said reflected a reduced level of activity in Intarya, the group's interior design business.
Northacre said it planned to invest GBP10 million in No 1 Palace Street near Buckingham Palace.
Following the payment of a 40 pence dividend in July, the directors do not recommend the payment of a further dividend as the funds of the Company are fully employed.
The stock was trading at 71.00 pence Tuesday afternoon, down 2.50 pence or 3.4%.
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