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Property Recycling

  • BY: Andrew Hore |
  • POSTED: 12/03/2010 |

Brownfield land developer Property Recycling reported a rise in its full year loss due to a 975,000 impairment charge.

Revenue rose from 881,000 to 1.16m in 2009 thanks to a 300,000 option fee. This relates to two options over land at Brigg, covering 41.5 hectares of the 50 hectares site. The initial option is not refundable and a further 300,000 option may be paid this year.

There have been no property disposals for two years.

The overall loss increased from 200,000 to 905,000 so there would have been a small profit without the impairment charge. There was a cash inflow of 611,000 during 2009. Net debt was 1.65m at the end of 2009.

Net asset value is 10.8m. At 15p a share, Property Recycling is valued at 5.43m. 

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