Conygar Investment posts interim net asset value decline

(Alliance News) - Conygar Investment Co PLC on Friday reported a decline in its interim net asset value per share, as it said it is "optimistic that opportunities will evolve" in the coming years.

The London-based property developer reported a net asset value per share of 91.6 pence at March 31, down 15% from 107.5p a year earlier. Net assets fell to GBP54.3 million from GBP63.8 million.

Conygar posted a pretax profit of GBP13.5 million for the six months ended March 31, multiplying from GBP2.7 million a year prior, as revenue rose 94% to GBP21.1 million from GBP10.9 million.

Rental income improved to GBP2.6 million from GBP1.9 million, while proceeds on sale of development and trading properties more than doubled to GBP18.5 million from GBP6.8 million.

Direct costs grew 55% to GBP4.8 million from GBP3.1 million.

Shares in Conygar Investment were up 9.6% at 25.75p on Friday morning in London

"Given the continuing geopolitical risk and macroeconomic volatility, we anticipate a period of hesitation for UK real estate, the extent of which depends on any further conflict escalation and the resultant longer-term impact on energy costs. However, the 2026 real estate landscape is characterized by resilience, with the industry navigating a 'new normal' of uncertainty," said Chief Executive Robert Ware.

"With investors prioritising high quality and sustainable investments, alternative capital sources filling the funding gap left by traditional institutional investment, and UK residential and commercial property values supported by a softer development pipeline, we are optimistic that opportunities will evolve over the coming years which should enable us to maximise the returns from TIQ."

TIQ is Conygar's Island Quarter development in Nottingham.

By Christopher Ward, Alliance News reporter

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