Interim Results17 Sep 2014 10:01
A good set of results and an increase by 50% on their dividend.
Financial Highlights
· Pre-tax profit £2.6 million (H1 2013: £769,000) up 238%
Includes loss on valuation of interest rate swaps of £68,000 (H1 2013: £1.2 million profit) and revaluation surplus of £2.4 million (H1 2013: £647,000 loss) both non-cash items
· Proposed interim dividend of 0.75p in respect of H1 2014, with an anticipated final dividend of 0.75p for 2014 proposed to be declared in March 2015; annual uplift of 50% on previous year 2013
· Profit before tax, revaluation and loss on valuation interest rate swaps of £384,000 (H1 2013: £205,000)
· £20 million equity fundraising in March 2014 at a price of 50p per share
· Rental income £2.7 million (H1 2013: £2.6m)
· Cash and cash equivalents of £18.5 million (H1 2013: £4.2 million)