(Alliance News) - TOC Property Backed Lending Trust PLC on Friday reported a decrease in net asset value for its most recently ended financial year, despite a rise in the value of its property portfolio.
As at November 30, 2019, the trust's net asset value per share stood at 83.75 pence, down 11% from 94.39p the same date the year before. Net assets also dropped to GBP22.5 million from GBP25.4 million over the 12 months to the end of November.
As at November 30, TOC Property's portfolio had 17 projects, with a value of GBP25.2 million, up from GBP24.7 million the same period the year before.
For financial 2019, the trust reported a pretax loss of GBP1.2 million, swinging from a profit of GBP838,000, as a considerable rise in impairments led to total expenses rising to GBP3.5 million from GBP1.3 million.
This was in spite of revenue edging upwards to GBP2.2 million from GBP2.0 million the prior year.
"While uncertainty was moderated, moving into the New Year, by a clear-cut UK General Election result in December 2019, followed by the UK's formalised decision, ratified on 30 January 2020, to depart the European Union, the economic outlook remains, to put it mildly, far from certain. Even before the onset of the global Covid-19 outbreak in late January 2020, market conditions had become extremely hard to call, particularly while the UK government remains in the early stages of protracted negotiations with the European Union," said Chair John Newlands.
"The consequence of these events, as the crisis and ensuing lockdown have taken hold, has been a marked reluctance in the business community and households to make key business or financial transactions," Newlands added.
Shares in TOC Property Backed Lending Trust closed untraded on Friday in London, last quoted at 83.90 pence.
By Dayo Laniyan; firstname.lastname@example.org
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