SSY.L Share News (SSY)

Max Property has increased its net asset value to 103p a share since floating on AIM in May. Nick Leslau's property investment company made its first acquisition of a portfolio of commercial properties in August. The placing in May raised £211.4m at 100p a share. The Industrious property portfolio cost £244.1m in total and two properties were sold for £20.5m before the end of September 2009. That secured a gain of £3.1m. Another property was sold after the end of September for £2.7m. The portfolio was acquired at a £14.9m discount to its net asset value. That helped Max report a pre-tax profit of £17.1m in the five and a half months to the end of September 2009. Pro forma net debt is £14.4m. Max says it committed £96m of its cash to the first deal so it has a further £113m to invest. A 20% fall in Education sales pushed Findel into loss in the six months to September 2009. In the first half of the previous year Findel reported a profit of £6.9m but in the latest six months it made a loss of £8.1m. The timing of international sales and worries about education budgets hit the education division. Home shopping sales were 4% higher but its profits were also well down. KBC Peel Hunt has cut its full year profit forecast from £30.6m to £23.4m. The broker reckons that Findel will sell non-core activities. IT services provider SciSys says that its 2009 results will be ahead of market expectations and 2010 is on course to start positively.David Jones has been appointed as chief operating officer and the operational divisions will report to him.