17 May 2013 07:00
Highcroft Investments PLC
Interim Management Statement in respect of the period 1 January 2013 to 16 May 2013
The board of Highcroft Investments PLC today approved the following statement in respect of the current trading period which will end on 30 June 2013.
Property
Our portfolio continues to perform well. It remains virtually fully let, our debtor days remain low and we are actively managing forthcoming lease events. We have agreed terms with a new lessee to replace an existing tenant that went into administration in the first quarter and we are confident of minimising any bad debts and void costs on this unit. Transactions in the last couple of years have produced some re-balancing of the portfolio away from High Streets towards industrial/warehousing which has spread the risk, improved yields and lengthened the weighted average unexpired lease term. We continue to seek additions to the portfolio which fit our criteria. The Board continues to consider introducing a modest level of gearing when it identifies suitable property assets for acquisition.
Equity Investments
The equity markets in general have had a good first quarter. Our portfolio has performed in line with the market and we have taken the opportunity to take profits in anticipation of future property purchases.
Financial position
At 18 May 2013 our cash balances stood at £3.8m and our equity portfolio was marked to market at £6.3m. The Company has no borrowings.
For further information, contact:
Highcroft Investments PLC
John Hewitt/Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J Carlean / Karri Vuori 0207 149 6000
Highcroft Investments PLC is a Real Estate Investment Trust that has a portfolio of property and equity investments.