London & Stamford Property falls into the red

Property firm London and Stamford Property reported a first half loss compared to a profit a year earlier and said it remains cautious about future trading.

Net asset value per share fell to 118.3p for the six months ended 30 September 2011 from 120.7p a year ago. The company posted a loss before tax of £3.42m compared to the previous year's £23.20m profit.

Operating profit plummeted after a steep rise in administrative costs and losses on revaluation of investment properties.

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Executive chairman Raymond Mould said, "Over the course of the last six months, the economic and financial uncertainty emanating from Europe has cast a shadow over the UK economy. In times such as these, we consider it is necessary to remain cautious."

London and Stamford said it has secured £157.5m of further investment during the six- month period and its existing firepower of around £700m puts it "in a very strong position to take advantage of opportunities as they arise."

Interim dividend increased to 3.5p in respect of the year to 31 March 2012.

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