(Alliance News) - Property management Dukemount Capital PLC on Friday reported that it narrowed its annual loss and said it will increase its focus on the student accommodation and retirement living sectors.
In the year ended April 30, the company made a pretax loss of GBP246,196, down from GBP285,968, on a revenue of GBP621,875. It made no revenue in financial 2018.
It did incur costs of sales of GBP559,317, significantly offsetting revenue, and administrative expenses rose by 32% to GBP480,998 from GBP363,110. Dukemount did gain GBP172,132 from the sale of an investment property, however.
During the period, the company signed a 30-year lease agreement and secured planning permission on the Wavertree project in North West England. It also demolished the West Derby building in order to build a new property which includes 3,200 square feet of retail space and 17 apartments. The development is expected to be completed in July 2020.
Going forward, the company said it will widen its focus within the property sector by adding student accommodation and independent retirement living as potential income streams.
Dukemount has already began talks with universities that are looking to develop their spare land to add extra accommodation, the company said.
Shares in Dukemount closed 9.5% lower at 0.48 pence each in London on Friday.
Dukemount Capi. (DKE)