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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
--
cj
-
LendInvest: a promising fintech firm going cheapOpinion LendInvest has made some mistakes in the past, but it’s now primed for growth, says Rupert Hargreaves
-
What caused the Birmingham bin strike – and what does it mean for British businesses?The Birmingham bin strike is the fallout from an equal-pay claim brought by female cleaners. That bodes ill for the rest of British business
