11 May 2010 12:00
Highcroft Investments PLC
Interim Management Statement in respect of the period 1 January 2010 to 11 May 2010
The board of Highcroft Investments PLC today approved the following statement in respect of the current trading period which will end on 30 June 2010.
Financial performance
We continue to monitor our tenants, and their payment patterns, very carefully. Since 9 March 2010, when we released our preliminary results for the year ended 31 December 2009, there have not been any commercial bad debts or new voids. Having let the public house in Warrington during the fourth quarter of 2009, we have sought to let the adjacent retail unit and we are hopeful of agreeing heads of terms in the near future. After long negotiations, we are close to agreeing a new lease on the retail unit in Yeovil. If both are successful, then by the end of the second quarter of 2010 the commercial portfolio could return to being fully let.
Dividend income is at a generally lower level in comparison to 2009 because of the reduction in size of the equity portfolio during 2009 and a further reduction in the 2010.
Financial position
Cash flow remains strong as we have been net sellers of equities and have completed the sale of one residential property for £255,000. There are another two residential properties soon to be marketed.
As at 10 May 2010, we had cash balances of £3.3 million while the equity portfolio valuation at the end of last week was £5.3 million. We are starting to see commercial properties coming on to the market of a quality and at a valuation appropriate to the Highcroft portfolio. Our sound financial position means that we should have no difficulty in financing such purchases.
For further information, contact:
Highcroft Investments PLC
John Hewitt 01865 840023
Charles Stanley Securities
Dugald Carlean / Ben Johnston 0207 149 6000
11 May 2010