Bought recently at prices between 328p and 340p. Net asset value from end of June finals was 445p and gearing below 10%. West Midlands based property developer/investor with good track record. Portfolio of (mainly) industrial and commercial properties looks modern and over 90% occupied.Gross rental incomes over 14M p.a cover all outgoings more than twice and whilst property capital values may well fall over next year or two (after strong rises in the last few) imo the fall in share price from peak around 540p early in 2007 is overdone. Only 17 employees, so main risk looks to be the economy suffering to the point where tenants fail in large numbers. Still an element of the falling knife about the sector, but at these levels I am prepared to buy and wait - believe this share should reward the patient investor. Always DYOR

Partridge - I hold HICL and JLIF for similar reasons.

Skinny- not perhaps very professional, but would not buy anthing run by a bank on principle at the moment. Quick look at JLIF more appealing, although it does look a bit incestuous (buying properties from John Laing and using John Laing Capital Management as Advisor). Wentworth today, but may look closer over the weekend, thanks!

Partridge - HICL is now independent (MArch 2011) of HSBC - have a look here.

Thanks.

Partridge, if you are interested - he is an article on HICL from the telegraph.

Good of you, skinny. Yield certainly attractive and asset quality appears decent. Off to Scotland for a week, will look closer on return.

Final Results.

Financial Summary

for the year ended 30 June 2011


Income statement Year ended Year ended
30 June 2011 30 June 2010
------------------------------ ------------- -------------
Underlying pre-tax profit (1) GBP12.2m GBP11.3m
Gross rental income received GBP18.3m GBP17.0m
Basic EPS 22.43p 60.91p
EPRA EPS (2) 21.36p 20.20p
Ordinary dividend per share 18.51p 17.97p
------------------------------ ------------- -------------


Balance sheet 30 June 2011 30 June 2010
------------------------ ------------- -------------
Net asset value GBP188.6m GBP185.9m
Basic NAV per share 314p 310p
EPRA NAV per share (3) 318p 314p
Net debt GBP67.7m GBP49.7m
Gearing 36% 27%
------------------------ ------------- -------------


Property portfolio 30 June 2011 30 June 2010
---------------------------------------- ------------- -------------
Occupancy rate 92.7% 91.5%
Portfolio value (4) GBP261.3m GBP236.9m
Valuation (deficit)/gain GBP(0.4)m GBP23.5m
Initial yield on investment properties 7.5% 7.4%
Equivalent yield 8.3% 8.4%
---------------------------------------- ------------- -------------

Recommended final dividend of 10.24p per share, making the total in respect of the year ended 30 June 2011 18.51p per share (2010: 17.97p). The final dividend will be paid as a Property Income Distribution (PID).

Solid peformance and increased dividend imo supports holding the shares - yield over 6%.

Interim Management Statement.

A & J Mucklow Group Plc, the Midlands based Real Estate Investment Trust, announces its Interim Management Statement for the period from 1 July 2011 to 7 November 2011, to coincide with its Annual General Meeting this morning.

Rupert Mucklow, Chairman, will comment:

Our occupancy rate has been maintained at around 93%, since our year end on 30 June 2011, while rent collection has remained stable, with over 90% of rent being collected within 7 days of the September quarter day, similar to the same period last year.

There has been very little improvement in occupational demand or letting activity in the Midlands, during the summer months, and we do not anticipate any change for the remainder of our half year to 31 December 2011.

The regional investment market has also been quiet during the first quarter, with few new opportunities becoming available, or transactions being concluded. No new investment properties were acquired during the period.

We expect to see more investment stock being released by Banks and Institutions over the next few months, but remain very selective on acquiring suitable properties and are prepared to bide our time for the right deals.

We sold a farm at Penn, near Wolverhampton, in September 2011 for 1.7m. The property was held as trading stock and comprised a farm house, barn and approximately 270 acres of land. The farm was sold for a profit of around 1.5m.

Following the completion of the farm, our total net borrowings have reduced marginally from 67.7m to 64.7m at 31 October 2011, against total assets of 267m. We still have 23.5m of undrawn banking facilities to utilise, should any suitable opportunities arise.

Other than stated above, there has been no significant change in the Group's financial position since 30 June 2011.

Half Yearly Report.

Thanks Skinny. Fairly telling comment under 50th Anniversary - buy and hold is not a bad strategy if you pick the right ones! Unexciting, but locked away in my portfolio.

Yes its very comforting Partridge - oh to have another 50 years to reap the benefits !

These seem to have broken out of their range.

More dealings of late than usual. Nice to have one of my lot doing well at present. IMS perhaps due soon, but can think of no other reason for current interest.

Interim Management Statement.

Bit predictable, bit dull, my type of share!

Clearly out of the recent range - 4 year high this morning @403p.

Now trading substantially above net asset value, so can see some resistance at 400p. More transactions than usual of late - perhaps something special coming up with results to June 2012 being their 50th as a listed company?

Midlands-based property group A&J Mucklow will be announcing its final results on Wednesday this week. Analysts are expecting minimal earnings growth but a modest uplift of the dividend from 18.5p to 19p, giving a yield of just over 5% at the current share price of 370p.

This £222m small cap is one of the few REITs (real estate investment trusts) that came through the financial crisis with its dividend intact and without having to tap shareholders for cash to shore up its balance sheet.

Property companies typically trade at a discount to NAV (net asset value), but the market rates Mucklow highly on a premium of 20%. That's based on the last reported NAV at 31 December 2011, so I'll be looking to see if the NAV has increased in this week's finals. I'll also be looking to see if the mixed trading picture Mucklow presented in an interim management statement in May is any clearer. Two analysts currently cover Mucklow, one rating the shares a 'sell' and the other a 'strong sell'.

Preliminary Results for the year ended June 2012

Financial Summary

for the year ended 30 June 2012


Statement of comprehensive income Year ended Year ended
.......................................................30 June 2012 30 June 2011
------------------------------------- ------------- -----------
Underlying pre-tax profit (1)................GBP13.4m.....GBP12.2m
Gross rental income received...............GBP20.2m.....GBP18.3m
Basic EPS.......................................... 0.28p........22.43p
EPRA EPS (2).....................................22.59p........21.36p
Ordinary dividend per share...................19.07p........18.51p
----------------------------------- ------------- -----------