Mucklow shares fall as NAV drops

Property investor and developer, A and J Mucklow, has seen a sharp decline in its shares after reporting a 2.3 percent drop in its net asset value (NAV).

Mucklow's basic NAV fell from £188.6m in June 2011 to £184.3m by the end of December.

Apart from the NAV fall, other metrics look reasonable, with underlying pre-tax profits rising from £5.7m in the second half of 2010 to £6.8m in the equivalent period of 2011.

MoneyWeek

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Occupancy rates improved to 93.5% by the year's end from 92.7% at the half way stage in 2011.

Rupert Mucklow, Mucklow's Chairman commented: "I am pleased to report good progress being made in the first six months of our financial year, with a 19% improvement in underlying pre-tax profit and a 3% increase in the interim dividend."

The dividend boost amounted to a rise of 0.25p per share to 8.52p.

It wasn't enough to prevent a share price fall of 8.3% by midday though. Nevertheless, over the last 12 months Mucklow is still ahead by 9%.

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