CLS's assets on the up
Property investment company CLS Holdings saw the value of its assets increase in the first half of the year.
Property investment company CLS Holdings saw the value of its assets increase in the first half of the year.
Net assets per share in the six months to June 30th rose 5.6% to 1037.7p from 983.1p at the end of 2011. The aggregate value of net assets rose 3.1% to £458.5m from the year-end figure of £444.9m, as the company enjoyed a boost from receiving planning permission for its Spring Mews mixed-use development and completed the second of its German pre-lets.
Group revenue in the first half of the year edged up to £40.0m from £39.9m the year before, but profit before tax fell to £27.3m from £37.1m, in part because the gain on the revaluation if investment properties was lower this time round at £10.1m versus £14.1m last year.
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
The company prefers to strip out what it sees as one-off items, and on an EPRA (European Platform of Regulatory Authorities) basis, profit before tax moved up to £17.9m from £16.4m the year before.
Rental income at £33.1 million (2011: £32.7 million) was up 3.1% like-for-like in local currencies, helped by the property portfolio's occupancy rate hitting its highest level in over ten years at 96.5%.
Earnings per share (EPS) fell to 47.8p from 69.9p in the first half of 2012. EPRA EPS fell to 30.7p from 37.4p the year before.
"The group continues to be well placed to deliver good returns to shareholders: generating a high income surplus with a very low cost of debt; maintaining low vacancy levels; adding value through selective development; and being well financed with substantial liquid resources," said Executive Chairman Sten Mortstedt.
"I remain confident that the group is in an excellent position to benefit from any attractive investment opportunities in the short to medium term," he added.
No interim dividend was announced.
The shares were up 34.5p to 710p in the afternoon trading session.
JH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Government launches full review of parental leave and pay – what could it mean for you?
The government wants parental leave to be fairer - will its shake-up fix the widespread problem for families?
-
Nationwide: House prices see biggest monthly fall in over two years
UK house prices dropped by 0.8% in June, according to Nationwide. We reveal the top-performing and worst-performing regions