Shares in Safeland, a London property trader, have doubled after the company returned to profit for the year ended March 31st.
Pre-tax profit came in at £0.49m compared to a loss of £0.97m the previous year after the value of its Chandos Tennis Club in Golders Green, London, increased by just over £1m following a detailed review of development opportunities.
The firm warned that although planning permission has been applied for, if no permission is given then the value of the club will fall "substantially".
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Overall the trading portfolio has been reduced by £49,000 (2011: £576,000) and the investment portfolio increased by £1.36m (2011: decreased by £24,000).
Revenue for the year increased from £10.4m to £14.3m, while the cost of sales also climbed, from £9.9m to £12.9m. Basic earnings per share were 2.93p (loss 5.73p).
In a statement the company said: "The market conditions remain as challenging as they have been for the last number of years and your board continues to be very selective in the purchases they make, with a focus on carrying out small developments in North London.
"I am pleased to advise that this strategy is proving to be successful with a number of completed units sold profitably since the year end."
Cash at the end of the year also moved into the black at £0.46m.
The share price leapt 50% to 10.50p by late afternoon.
NR
