|
Palace Capital PLC reported on Tuesday it swung to an annual profit thanks to the strength of its disposal strategy and announced that its co-founder and chief executive, Neil Sinclair, would step down after 12 years.
Palace Capital is an investor in commercial real estate outside of London. Shares were up 0.8% at 273.76 pence at midday on Tuesday in London.
For the year ended March 31, the company swung to a pretax profit of £24.6 million from a loss of £5.5 million the previous year. Palace Capital said this was driven by its disposal strategy, revaluation gains and trading profit of £3.8 million from residential units.
Revenue more than doubled to £49.1 million from £22.2 million as net property income rose 28% to £19.0 million from £14.9 million.
At the end of March, the company's net asset value stood at £177.2 million, up 12% from £157.8 million at the same time the previous year.
Palace Capital reported 98% rent collection for the 12 months to March 31.
Interim Chair Steven Owen says: ‘The group has delivered a robust set of results driven by a combination of active operational and financial activity, property revaluation gains and profits arising from the disposal strategy resulting in a total accounting return of 14.8%.’
The full-year dividend increased by 26% to 13.25p from 10.50p.
Separately, the company announced that CEO & Co-Founder Neil Sinclair will be stepping down from the board with immediate effect after 12 years of service.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
