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Mucklow reports profit rise and increased dividend

By BFN News | 10:03 AM | Wednesday 22 February, 2012


A & J Mucklow Group reports good progress being made in the first six months of its financial year, with a 19% improvement in underlying pre-tax profit and a 3% increase in the interim dividend. The occupancy level has risen to 93.5%, despite the current economic environment; however, property values have started to drift, reflecting a decline in investor appetite for risk and uncertainty in the debt markets. Results for the six months to 31 December 2011 show the underlying pre-tax profit, which excludes revaluation movements and profits from the sale of investment and trading properties, increased by £1.1m during the first six months to £6.8m (2010: £5.7m). Net rental income received from investment properties rose by £1.2m to £9.7m (2010: £8.5m). Pre-tax profit for the half year was lower at £1.9m (2010: £4.8m). The reduction was mainly due to a £6.6m deficit on the revaluation of investment properties and development land at 31 December 2011 (2010: deficit £1.0m). A trading profit of £1.5m was realised in the first six months (2010: £0.0m). EPRA net asset value per share reduced marginally during the half year from 318p to 309p per share as a result of the decline in property values. Shareholders' funds were £184.3m at 31 December 2011 (30 June 2011: £188.6m), while borrowings net of cash amounted to £61.6m, representing 33% of shareholders' funds (30 June 2011: £67.7m and 36%). The directors have declared an interim dividend of 8.52p per Ordinary share, an increase of 3% over last year (31 December 2010: 8.27p), which will be paid as a PID on 29 June 2012 to shareholders on the register at the close of business on 1 June 2012. At 10:03am: (LON:MKLW) Mucklow(A.J) Group share price was -35p at 314p Story provided by StockMarketWire.com